Elton S.A.

Annual / Quarterly Financial Statement • Sep 12, 2022

ELTON INTERNATIONAL TRADING COMPANY S.A.

General Commercial Reg.Number: 346001000 Head Office: Avlonas Attiki , Draseza place (Industrial zone Avlona)

FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2022 until 30th June 2022

(pubished according to the decision 4/507/28.4.2009 of the Board of Hellenic Capital Market Commission for companies that issue annual financial statements consolidated and non, according to IAS) The following data and information derived from the financial statements aim to provide general information about the financial position and results of ELTON INTERNATIONAL TRADING COMPANY SA. We advise the reader, before making any investment decision or other transaction with the company, to visit the web site where the financial statements and the report of the auditor where required.

COMPANY INFORMATION					1.3 CASH FLOW STATEMENT (consolidated and company's) Amounts in euro
Website:	http://www.elton-group.com
Board of Directors :	President & CEO: Nestor Papathanasiou,				Operating Activities	1/1-30/06/2022	1/1-30/06/2021
	Executive members: Alkisti N.Papathanasiou, Dimitris Giotopoulos				Profit before taxes	9.734.992	4.640.909
	Independent & not executive members: Antonios Mouzas, Lawrence Alvertis,				Adjustments for :
	Not executive members Christos Poulis,Elektra Ν. Papathanasiou				Depreciation and Amortization	713.884	765.773
Date of Financial Statements' approval by the Board : 6/9/2022					Amortization of grants	(34.551)	(34.551)
Certified Auditor :	Panagiotis Papadopoulos S.O.E.L. 28241				Provisions	412.926	431.207
Audit firm :	SOL AE OE					(834.526)	(128.557)
Type of Audit Review :	Unqualified opinion				Exchange Differences
1.1. STATEMENT OF FINANCIAL POSITION (consolidated and company's) Amounts in euro					Results from Investing activities, (Income, expenses, profit ,loss)	(494)	2.592
					Net financial Results	455.248	322.146
	GROUP		COMPANY		Working capital changes
	30/6/2022	31/12/2021	30/6/2022	31/12/2021	Decrease / (increase) of inventory	(13.184.225)	(2.914.811)
ASSETS					Decrease / (increase) of trade receivables	(17.797.851)	(8.098.505)
Fixed Assets Rights for assets' use	15.214.523 1.598.685	15.385.242 1.530.150	9.394.658 766.395	9.460.097 691.012	(Decrease) / increase of liabilities (except loans)	6.830.374	6.139.276
Intagible Assets	1.304.194	1.374.074	1.251.023	1.309.956	Less :
Other non current Assets	1.610.401	1.592.985	16.340.212	15.674.470	Interest and similar charges paid	(579.348)	(446.811)
Inventories	40.177.246	26.922.376	23.391.868	14.299.297	Tax paid	(936.576)	(196.428)
Trade Receivables	70.579.627	53.601.027	51.898.555	38.333.766	Total cash/ (used in) generated from operating activities (a)	(15.220.147)	482.241
Other current Assets	5.363.256	3.487.129	4.415.947	1.980.404
TOTAL ASSETS	135.847.931	103.892.983	107.458.658	81.749.002	Investing Activities	0	0
EQUITY AND LIABILITIES Share Capital	13.899.697	13.899.697	13.899.697	13.899.697	Acquisition of Subsidiary
minus : purchase of company's own shares	0	0	0	0	Purchase of Intagible Assets, Property	(196.560)	(60.177)
Other net Equity	49.081.206	44.915.617	40.768.008	39.056.989	Sale of fixed and Intagible assets	493	5.000
Equity attributable to the equity holders of the parent (a)	62.980.903	58.815.314	54.667.705	52.956.686	Interest received	156.418	56.346
Minority interest (b)	0	0	0	0	Total cash/ (used in) generated from investing activities (b)	(39.649)	1.169
Total Equity (c)=(a)+(b)	62.980.903	58.815.314	54.667.705	52.956.686	Financing Activities
Long Term Borrowings	10.786.061	9.084.434	9.964.286	7.964.286	Proceeds from Borrowings	23.667.932	1.965.405
Provisions/Other Long Term Liabilities Short Term Borrowings	1.817.904 24.005.696	1.793.318 8.518.327	1.265.343 14.598.579	1.248.323 3.566.263	Repayment of Borrowings	(6.511.252)	(5.143.710)
Other Short Term Liabilities	36.257.368	25.681.590	26.962.745	16.013.444	Payments from issued loans to affiliates	0	0
Total Liabilities (d)	72.867.028	45.077.669	52.790.953	28.792.316	Repayment of Finance Lease Liabilities	(225.461)	(297.947)
TOTAL EQUITY AND LIABILITIES (c)+(d)	135.847.931	103.892.983	107.458.658	81.749.002	Dividends paid	(129.432)	(105.394)
						16.801.787	(3.581.646)
	1.2. INCOME STATEMENT (consolidated and company's) Amounts in euro				Total cash/ (used in) generated from financing activities (c)
	GROUP		COMPANY		Net increase/(decrease) in Cash and Cash equivalents (a)+(b)+(c)	1.541.991	(3.098.236)

	1/1-30/06/2022	1/1-30/06/2021	1/1-30/06/2022	1/1-30/06/2021
Turnover	97.108.746	70.737.670	59.494.440	45.110.301
Gross Profit	19.324.768	12.488.477	10.916.458	7.701.039
Profit/(loss) before taxes,financing & investing results	10.190.240	4.963.055	5.830.364	3.386.878
Profit before taxes	9.734.992	4.640.909	5.627.010	3.232.025
Profit/(loss) after Taxes (Α)	7.605.004	3.661.825	4.384.037	2.509.206
Attributable to: Owners of the parent company	7.605.004	3.661.825	4.384.037	2.509.206
Minority interest	0	0	0	0
Other comprehensive Income after tax (B)	(766.396)	(407.862)	0	(4.140)
Total comprehensive Income after tax (A)+(B)	6.838.608	3.253.963	4.384.037	2.505.066
Attributable to: Owners of the parent company	6.838.608	3.253.963	4.384.037	2.505.066
Minority interest	0	0	0	0
Earnings after taxes per share (€)	0,2845	0,1370	0,1640	0,0939
Profit before taxes, financing & investing results
and depreciation (EBITDA)	10.869.574	5.694.278	6.252.155	3.788.931

1.5 ADDITIONAL DATA AND INFORMATION

1. The companies of the Group with their respective countries of residence and percentage holdings,included in the consolidated financial statements

COMPANY	COUNTRY	PERCENTAGE HOLDING	CONSOLIDATION
METHOD
ELTON INTERNATIONAL TRADING COMPANY SA	GREECE	PARENT
ELTON CORPORATION SA	ROMANIA	100%	FULL
ELTON CORPORATION EOOD	BULGARIA	100%	FULL
ELTON CORPORATION DOO	SERBIA	100%	FULL
ELTON CORPORATION LLC	UKRAINE	100%	FULL
ELTON KIMYA SANAYI VE TICARET AS	TURKEY	100%	FULL

2. The unaudited tax years for the Group subsidiaries are the following: ELTON CORPORATION SA (2010-2021), ELTON COR-PORATION EOOD (2010-2021), ELTON CORPORATION DOO (2010-2021), ELTON CORPORATION LLC (2012-2021). For the year 2021 the company has benefited from the tax audit of Certified Auditors Accountants provided by the provisions of Article 65 A N.4174/2013. This audit is in progress and the related tax certificate will be granted after the publication of the interim financial statements of year 2022.

3. There are encumbrances on the property of the subsidiary in Bulgaria for securing loan obligations at the amount of 1.682.418 euro 4. There is not any litigation or arbitration or administrative court that may have a material effect on the financial position of the Company and its subsidiaries.

5. Number of employees at the end of the current period : Group 254 Company 123 (30/06/2021: Group 262, Company 122). 6. On the above 30/06/2022 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2021. 7. The Group and the Company have made provisions for bad debts up to 30/06/2022 amounting to 7.361.750 and 3.595.059 euros respectively and provisions for discredited inventories at the amount of 413.906 euros for the Group and 377.560 euros for

	GROUP			COMPANY
Operating Activities	1/1-30/06/2022	1/1-30/06/2021	1/1-30/06/2022	1/1-30/06/2021
Profit before taxes	9.734.992	4.640.909	5.627.010	3.232.025
Adjustments for :
Depreciation and Amortization	713.884	765.773	456.342	436.605
Amortization of grants	(34.551)	(34.551)	(34.551)	(34.551)
Provisions	412.926	431.207	200.000	340.000
Exchange Differences	(834.526)	(128.557)	1.860	(10.804)
Results from Investing activities, (Income, expenses, profit ,loss)	(494)	2.592	(493)	2.581
Net financial Results	455.248	322.146	203.354	154.852
Working capital changes
Decrease / (increase) of inventory	(13.184.225)	(2.914.811)	(9.092.571)	(1.295.277)
Decrease / (increase) of trade receivables	(17.797.851)	(8.098.505)	(13.892.090)	(4.762.253)
(Decrease) / increase of liabilities (except loans)	6.830.374	6.139.276	7.329.093	2.915.187
Less :
Interest and similar charges paid	(579.348)	(446.811)	(171.038)	(223.210)
Tax paid	(936.576)	(196.428)	(205.543)	(106.474)
Total cash/ (used in) generated from operating activities (a)	(15.220.147)	482.241	(9.578.628)	648.684
Investing Activities
Acquisition of Subsidiary	0	0	0	0
Purchase of Intagible Assets, Property	(196.560)	(60.177)	(190.304)	(51.222)
Sale of fixed and Intagible assets	493	5.000	493	5.000
Interest received	156.418	56.346	3	38
Total cash/ (used in) generated from investing activities (b)	(39.649)	1.169	(189.808)	(46.183)
Financing Activities
Proceeds from Borrowings	23.667.932	1.965.405	17.500.000	0
Repayment of Borrowings	(6.511.252)	(5.143.710)	(4.500.000)	(3.060.714)
Payments from issued loans to affiliates	0	0	(710.000)	0
Repayment of Finance Lease Liabilities	(225.461)	(297.947)	(142.031)	(109.993)
Dividends paid	(129.432)	(105.394)	(129.432)	(105.394)
Total cash/ (used in) generated from financing activities (c)	16.801.787	(3.581.646)	12.018.537	(3.276.101)
Net increase/(decrease) in Cash and Cash equivalents (a)+(b)+(c)	1.541.991	(3.098.236)	2.250.101	(2.673.601)
Cash and Cash Equivalents at the beginning of the period	2.686.378	6.787.976	1.473.774	5.524.167
Cash and Cash Equivalents at the end of the period	4.228.369	3.689.739	3.723.875	2.850.566
1.4 STATEMENT OF CHANGES IN EQUITY (consolidated and company's) Amounts in euro

	GROUP COMPANY
	30/6/2022	30/6/2021	30/6/2022	30/6/2021
Equity at the beginning of the period (1/1/2022 and 1/1/2021
respectively)	58.815.314	53.877.429	52.956.686	50.080.990
Profit after taxes	7.605.004	3.661.825	4.384.037	2.509.206
Other comprehensive Income	(766.396)	(407.862)	0	(4.140)
Dividends distribution	(2.673.019)	(2.138.415)	(2.673.019)	(2.138.415)
Equity at the end of the period (30/6/2022 and 30/6/2021
respectively)	62.980.903	54.992.977	54.667.705	50.447.641

the Company. Until 30th June 2022 the provision for staff compensation in the Group and the Company was €360.866 8. Cumulative amounts of sales and purchases , since the begining of the year and the balances of receivables and payables of the Group and the Company at the end of the year, resulting from its transactions with associated parties, according to the IFRS

24, are as follows :
	GROUP	COMPANY
	1/1-30/06/2022	1/1-30/06/2022
Sales	0	379.292
Purchases	0	140.612
Receivables from associated parties	0	1.577.100
Payables to associated parties	0	116.059
Directors' and Managers' remuneration	566.440	372.195
Payables to Managers and Directors	0	0

9. The other comprehensive income after tax are:`

		GROUP		COMPANY
			30/6/2022 30/6/2021	30/6/2022 30/6/2021
	Exchange Differences	(766.396)	(403.722)	0	0
	Effect of tax rate change on deffered tax	0	(4.140)	0	(4.140)
	Deffered taxes	0	0	0	0
	Actuarially profit/loss	0	0	0	0
	TOTAL	(766.396)	(407.862)	0	(4.140)

B.O.D. MEMBER AVLONAS ATTICA, 6th September 2022

COMPANY'S FINANCIAL MANAGER

GROUP C.F.O.

NESTOR D. PAPATHANASIOU ID card num. ΑΒ606775

PRESIDENT & CEO

ALKISTI.Ν.PAPATHANASIOU ID card num. ΑΕ105490

STYLIANOS .D.VASILIOU ID card num.Τ 132250

ANTONIS YASSARIS ID card num. AO 630843

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