Quest Holdings S.A.

Quarterly Report • Nov 26, 2020

Condensed Consolidated Interim Financial Statements for the period ended September 30, 2020

(1 January to 30 September 2020)

In accordance with International Financial Reporting Standards («IFRS»)

These financial statements have been translated from the original statutory financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.

Kallithea, November 25th 2020

Quest Holdings S.A. S.A. Reg.No. 121763701000 2a Argyroupoleos Street GR-176 76 Kallithea Athens - Hellas

(Amounts presented in thousand Euro except otherwise stated)

The attached financial statements have been approved by the Board of Directors of Quest Holdings S.A. on November 25th, 2020, and have been set up on the website address www.quest.gr ,where they will remain at the disposal of the investing public for at least 10 years from the date of its publication.

The Chairman The C.E.O. The Deputy C.E.O.

Theodore Fessas Apostolos Georgantzis Markos Bitsakos

The Group Financial Controller The Chief Accountant

Dimitris Papadiamantopoulos Konstantinia Anagnostopoulou

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

	Contents	Page
	Condensed Interim Standalone and Consolidated Statement of Financial Position	3
	Condensed Interim Standalone Statement of Comprehensive Income	5
	Condensed Interim Standalone and consolidated Statement of Changes in Equity	6
	Condensed Interim Standalone and Consolidated Statement of Cash Flows	7
	Notes upon financial information	8
1	General information	8
2	Structure of the Group	9
3	Summary of significant accounting policies	9
4	Critical accounting estimates and judgments	10
5	Critical accounting estimates and assumptions	11
6	Segment information	12
7	Property, plant and equipment	14
8	Goodwill	15
9	Intangible assets	15
10	Investment properties	17
11	Investments in subsidiaries	18
12	Investments in associates	20
13	Financial assets at fair value through profit or loss	20
14	Share capital	21
15	Borrowings	21
16	Contingencies	23
17	Guarantees	24
18	Commitments	25
19	Income tax expense	25
20	Dividends	25
21	Related party transactions	26
22	Earnings per share	27
23	Periods unaudited by the tax authorities	28
24	Number of employees	28
25	Seasonality	29
26	Right-of-use assets	29
27	Lease liabilities	29
28	Business Combination	30
29	Events after the balance sheet date of issuance	38

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Condensed Interim Standalone and Consolidated Statement of Financial Position

		GROUP		COMPANY
	Note	30/9/2020	31/12/2019	30/9/2020	31/12/2019
ASSETS
Non-current assets
Property, plant and equipment	7	78.964	68.426	7.524	7.541
Right-of-use assets	26	21.939	26.033	505	572
Goodwill	8	31.997	31.398	-	-
Other intangible assets	9	19.931	21.067	3	6
Investment Properties	10	2.809	2.816	-	-
Investments in subsidiaries	11	-	-	65.053	67.940
Investments in associates	12	173	173	- -
Financial assets at fair value through P&L	13	4.223	4.145	3.452	3.452
Contract assets		161	130	-	-
Financial lease		2.637	2.505	-	-
Deferred income tax asset		12.269	11.441	-	-
Trade and other receivables		1.055 176.157	1.239 169.373	28 76.565	28 79.538
Current assets
Inventories		32.179	31.495	-	-
Trade and other receivables		129.004	125.093	2.536	330
Contract assets		22.438	14.986	-	-
Receivables from financial leases		506	337	-	-
Financial assets at fair value through P&L	13	1.923	3.226	18	18
Current income tax asset		6.086	3.623	6	5
Cash, cash equivalents and restricted cash		76.564	75.195	12.666	2.748
		268.700	253.955	15.226	3.100
Total assets		444.857	423.327	91.791	82.638
EQUITY
Capital and reserves attributable to the Company's shareholders
Share capital	14	47.536	1.430	47.536	1.430
Share premium			106		106
Other reserves		(113)	5.248	2.198	7.841
Retained earnings		95.739	134.964	19.668	70.878
Own shares		(146)	-	(25)	-
		143.016	141.748	69.377	80.255
Non-controling interests		1.412	1.458	-	-
Total equity		144.427	143.203	69.377	80.255
LIABILITIES
Non-current liabilities
Borrowings	15	60.000	8.105	11.975	-
Deferred tax liabilities		16.894	16.699	800	760
Retirement benefit obligations		10.358	9.778	28	26
Government Grants		447	377	-	-
Contract liabilities		8.274	4.503	-	-
Lease liabilities	29	19.594	22.052	436	500
Trade and other payables		1.999	3.872	58	57
Current liabilities		117.565	65.386	13.298	1.343
Trade and other payables		101.106	148.027	729	959
Contract liabilities Current income tax liability		29.918 16.480	14.786 1.200	- 8.302	- -
Borrowings	15	28.155	42.320	-	-
Government Grants		465	115	-	-
Derivative Financial Instruments		3	61	-	-
Lease liabilities	27	6.507	8.000	85	82
Provisions for other current payables		230	230	-	-
		182.864	214.739	9.117	1.041
Total liabilities		300.429	280.126	22.414	2.383
Total equity and liabilities		444.857	423.327	91.791	82.638

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Condensed Interim Consolidated Statement of Comprehensive income

Note	01/01/2020-30/9/2020	01/01/2019-30/9/2019	01/7/2020-30/9/2020	01/07/2019-30/9/2019
Sales 6	480.961	400.097	177.034	141.919
Cost of sales	(400.101)	(331.228)	(146.312)	(116.586)
Gross profit	80.859	68.869	30.722	25.333
Selling expenses	(27.166)	(20.742)	(9.797)	(7.857)
Administrative expenses	(25.758)	(22.980)	(9.955)	(8.303)
Other operating income / (expenses) net	1.857	1.170	484	4
Other profit / (loss) net	(196)	626	(4)	549
Operating profit	29.596	26.942	11.449	9.727
Finance income	624	465	77	60
Finance costs	(4.697)	(4.230)	(1.658)	(1.776)
Finance costs - net	(4.073)	(3.765)	(1.581)	(1.716)
Share of profit/ (loss) of associates	-	-	-	-
Profit/ (Loss) before income tax	25.523	23.177	9.868	8.011
19 Income tax expense	(17.998)	(7.014)	(13.857)	(2.455)
Profit/ (Loss) after tax for the period from continuing operations	7.525	16.164	(3.989)	5.556
Attributable to :
Controlling interest	7.297	15.669	(4.071)	5.339
Non-controlling interest	228	495	82	214
	7.525	16.164	(3.989)	5.553
Earnings/(Losses) per share attributable to equity holders of the Company (in € per share)
Basic and diluted	0,2043	0,4384	(0,1140)	0,1494
Profit / (Loss) for the period
Other comprehensive income / (loss)
Actuarial gains/(losses) on defined benefit pension plans	-	-	-	-
Provisions for other gain/(loss) that probably influence the income statement	-	-	-	-
Total comprehensive income / (loss) for the period	7.525	16.164	-3.989	5.556
Attributable to:

-Owners of the parent 7.297 15.669 -4.071 5.339 -Non-controlling interest 228 495 82 214

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Condensed Interim Standalone Statement of Comprehensive Income

		COMPANY
	01/01/2020-30/9/2020	01/01/2019-30/9/2019	01/7/2020- 30/9/2020	01/07/2019-30/9/201
Sales	-	-	-	-
Cost of sales	-	-	-	-
Gross profit	-	-	-	-
Selling expenses	-	-	-	-
Administrative expenses	(1.274)	(1.168)	(532)	(418)
Other operating income / (expenses) net	7.582	6.457	434	322
Other profit / (loss) net	(1)	60	-	(1)
Operating profit	6.308	5.349	(97)	(97)
Finance income	0	6	0	-
Finance costs	(69)	(20)	(58)	(6)
Finance costs - net	(69)	(14)	(58)	(7)
Profit/ (Loss) before income tax	6.239	5.335	(155)	(103)
Income tax expense 19	(11.162)	(1)	(11.087)	(11)
Profit/ (Loss) after tax for the period	(4.924)	5.334	(11.242)	(113)
Profit / (Loss) for the period
Other comprehensive income / (loss)
Actuarial gains/(losses) on defined benefit pension plans	-	-	-	-
Provisions for other gain/(loss) that probably influence the income statement	-	-	-	-
Total comprehensive income / (loss) for the period	-4.924	5.334	-11.242	-113

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Condensed Interim Standalone and consolidated Statement of Changes in Equity

	Attributable to equity holders of the Company
	Share capital	Other reserves	Retained earnings	Own shares	Total	Non-controling interests	Total Equity
Balance at 1 January 2019	3.680	7.982	127.708	-	139.371	765	140.133
Profit/ (Loss) for the year	-	-	15.669	-	15.669	495	16.164
Other comprehensive income / (loss) for the year, net of tax	-	-	-	-	-	-	-
Total comprehensive income / (loss)	-	-	15.669	-	15.669	495	16.164
Consolidation of new subsidiaries and increase in stake in existing ones	-	-	(27)	-	(27)	-	(27)
Balance at 30 September 2019	3.680	7.982	143.350	-	155.013	1.260	156.271
Other changes until 31 December 2019	(2.145)	(2.734)	(8.386)	-	(13.265)	198	(13.067)
Balance at 31 December 2019	1.535	5.248	134.964	-	141.748	1.458	143.203
Balance at 1 January 2020	1.535	5.248	134.964	-	141.748	1.458	143.203
Profit/ (Loss) for the period Other comprehensive income / (loss) for the period, net of	- -	- -	7.297 -	- -	7.297 -	228 -	7.525 -
tax Total comprehensive income / (loss) for the period	-	-	7.297	-	7.297	228	7.525
Consolidation of new subsidiaries and increase in stake in existing ones	-	-	(75)	-	(75)	(273)	(348)
Capitalisation of reserves Capitalization of reserves Law 2238/1994 and 2579/98	5.361 210.408	(5.361) -	- (210.408)	- -	- -	- -	- -
Offsetting accumulated losses	(164.408)	-	164.408	-	-	-	-
Share capital return Tax of Capitalization of reserves Share Capital Increase expenses	(5.361) - -	- - -	- (283) (164)	- - -	(5.361) (283) (164)	- - -	(5.361) (283) (164)
Purchase of own shares	-	-	-	(146)	(146)	-	(146)
Balance at 30 September 2020	47.535	(113)	95.739	(146)	143.016	1.412	144.426

	Share capital	Other reserves	Retained eairnings	Own shares	Total Equity
COMPANY
Balance at 1 January 2019	3.680	11.019	78.456	-	93.153
Profit/ (Loss) for the year	-	-	5.448	-	5.448
Other comprehensive income / (loss) for the year, net of tax	-	-	-	-	-
Total comprehensive income / (loss)	-	-	5.448	-	5.448
Balance at 30 September 2019	3.680	11.019	83.904	-	98.601
Other changes until 31 December 2019	(2.145)	(3.177)	(13.026)	-	(18.348)
Balance at 31 December 2019	1.535	7.842	70.878	-	80.255
Balance at 1 January 2020	1.535	7.842	70.878	-	80.255
Profit/ (Loss) for the period	-	-	(4.924)	-	(4.924)
Total comprehensive income / (loss) for the period	-	-	(4.924)	-	(4.924)
Purchase of own shares	-	-	-	(146)	(146)
Capitalisation of reserves	5.361	(5.361)	-	-	-
Capitalization of reserves Law 2238/1994 and 2579/98	210.408	-	(210.408)	-	-
Offsetting accumulated losses	(164.408)	-	164.408	-	-
Share capital return	(5.361)	-	-	-	(5.361)
Tax of Capitalization of reserves	-	(283)	-	-	(283)
Share Capital Increase expenses	-	-	(165)	-	(165)
Balance at 30 September 2020	47.535	2.197	19.789	(146)	69.376

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Condensed Interim Standalone and Consolidated Statement of Cash Flows

		GROUP		COMPANY
	Note	01/01/2020- 30/9/2020	01/01/2019- 30/9/2019	01/01/2020- 30/9/2020	01/01/2019- 30/9/2019
Profit/ (Loss) before tax		25.523	23.177	6.239	5.335
Adjustments for: Depreciation of property, plant and equipment	7	4.848	8.529	26	51
Amortization of investment properties	10	7	7	-	-
Amortization of intangible assets	9	1.927	1.749	3	12
Amortization of right-of-use assets	26	6.443	3.137	68	68
Reversal of impairments of tangible assets Impairments of available for sale financial assets		(762) 3	105 (130)	- -	- -
(Gain) / Loss on sale of subsidiaries		-	-	-	(61)
Interest income		(624)	(465)	(0)	(6)
Interest expense		4.697	4.230	69	20
Dividends proceeds		(476) 41.586	(468) 39.871	(6.266) 138	(5.470) (51)
Changes in working capital
(Increase) / decrease in inventories		(684)	793	-	-
(Increase) / decrease in receivables		(11.602)	(29.957)	(2.206)	1.541
Increase/ (decrease) in liabilities		(29.530)	(12.990)	(229)	(180)
(Increase)/ decrease in derivative financial instruments		-	(78)	-	-
Increase / (decrease) in retirement benefit obligations		580	611	3	3
		(41.236)	(41.621)	(2.433)	1.363
Net cash generated from operating activities		350	(1.749)	(2.295)	1.311
Interest paid		(4.697)	(4.230)	(69)	(20)
Income tax paid		(5.815)	(3.111)	(2.821)	9
Net cash generated from operating activities		(10.162)	(9.090)	(5.185)	1.301
Cash flows from investing activities
Purchase of property, plant and equipment	7	(14.903)	(1.916)	(9)	(7)
Purchase of intangible assets	9	(790)	(1.052)	-	(2)
Purchase of financial assets		(78)	(352)	-	-
Proceeds from sale of property, plant, equipment and intangible assets		278	954	-	-
Proceeds from financial assets availiable for sale		1.301	374	-	435
Acquisition of subsidiaries		-	(22.445)	2.887	-
Share capital decrease of subsidiaries		-	-	-	3.568
Share capital inrcrease of subsidiaries Net cash outflow for the acquisition of a subsidiary company minority interest		- (868)	- -	- -	(7.353) -
Interest received		624	465	-	6
Dividends received		476	468	6.266	5.470
Net cash used in investing activities		(13.960)	(23.504)	9.144	2.118
Cash flows from financing activities Proceeds from borrowings	15	42.554	39.047	-	-
Repayment of borrowings	15	(4.824)	(5.696)	11.975	-
Repayment of lease liabilities		(6.284)	(2.930)	(62)	(61)
Dividends paid to shareholders		(5.644) -		(5.643)	-
Proceeds from sale/ (purchase) of own shares		(146)	-	(146)	-
Share capital inrcrease expenses		(164)	-	(165)	-
Return of Share Capital	22	-	-	-	-
Net cash used in financing activities		25.492	30.422	5.959	(61)
Net increase/ (decrease) in cash and cash equivalents		1.370	(2.172)	9.918	3.358
Cash and cash equivalents at beginning of year		75.195	63.164	2.748	3.611
Cash and cash equivalents of acquired Subsidiaries		-	(2.884)	-	-
Cash, cash equivalents and restricted cash at end of the period		76.564	63.876	12.666	6.969

(Amounts presented in thousand Euro except otherwise stated)

Notes upon financial information

1 General information

Financial statements include the financial statements of Quest Holdings S.A. (the "Company") and the consolidated financial statements of the Company and its subsidiaries (the "Group") for the period ended September 30, 2020, according to International Financial Reporting Standards ("IFRS"). The names of the Group's subsidiaries are presented in Note 23 of this information.

The main activities of the Group are the distribution and trading of information technology and telecommunications products, the design, application and support of integrated systems and technology solutions, courier and postal services, electronic payments and production of electric power from renewable sources.

The Group operates in Greece, Romania, Cyprus, Holland, Belgium, Italy and Luxembourg and the Company's shares are traded in Athens Stock Exchange.

These group consolidated financial statements were authorized for issue by the Board of Directors of Quest Holdings S.A. on November 25th, 2020.

Shareholders composition is as follows:

	Theodore Fessas	50,02%
	Eftichia Koutsoureli	25,25%
	Other investors	24,73%

Total 100%

The address of the Company is Argyroupoleos 2a str., Kallithea Attikis, Greece.

The Board of Director of the Company is as follows:

• 1. Theodore Fessas Chairman, Executive Member
• 1. Eftychia Koutsoureli Vice Chairwoman, Executive Member
• 1. Apostolos Georgantzis CEO, Executive Member
• 1. Markos Bitsakos Deputy CEO,Executive Member
• 1. Maria Damanaki- Independent Non-Executive Member
• 1. Nikolaos Karamouzis Independent Non-Executive Member
• 1. Nikolaos Socrates Lambroukos Executive Member
• 1. Apostolos Papadopoulos Independent Non-Executive Member
• 1. Apostolos Tamvakakis Independent Non-Executive Member
• 1. Phaidon Tamvakakis Independent Non-Executive Member
• 1. Pantelis Tzortzakis- Independent Non-Executive Member

The Audit Company is:

KPMG SA

Stratigou Tompa 3 15342 Ag. Paraskeyi Greece

Company's website address is www.quest.gr.

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

2 Structure of the Group

The structure of the Quest Holdings group is presented as follows:

3 Summary of significant accounting policies

I) Preparation framework of the financial information

This interim financial information covers the nine-month period ended September 30, 2020 and has been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting".

The accounting policies used in the preparation and presentation of this interim financial information are the same as the accounting policies that were used by the Company and the Group for the preparation of the annual financial statements for the year ended December 31st, 2019.

The interim financial information must be considered in conjunction with the annual financial statements for the year ended December 31st, 2019, which are available on the Group's web site at the address www.quest.gr.

(Amounts presented in thousand Euro except otherwise stated)

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, and financial assets and liabilities at fair value through profit or loss.

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Management to exercise its judgement in the process of applying the Group's accounting policies. Moreover, it requires the use of estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of the financial information and the reported income and expense amounts during the reporting period. Although these estimates and judgments are based on the best possible knowledge of the Management with respect to the current conditions and activities, the actual results can eventually differ from these estimates.

Differences between amounts presented in the financial statements and corresponding amounts in the notes results from rounding differences.

The group and the Company fulfill their needs for working capital through cash flows generated, including bank lending.

Current economic conditions continue to limit the demand for the Group's and Company's products, as well as their liquidity for the foreseeable future.

The Group and the Company, taking into account possible changes in their business performance, create a reasonable expectation that the Company and the Group have adequate resources to seamlessly continue their business operations in the near future.

Therefore, the Group and the Company continue to adopt the "principle of business continuity of their activities" during the preparation of the separate and consolidated financial statements for the period from January 1st, to September 30, 2020.

II) New standards, amendments to standards and interpretations:

Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current financial year and subsequent years. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows:

New standards, interpretations and amendments to existing standards and interpretations that were adopted by the Group and the Company

The amendments and interpretations that first applied in 2020 do not have a material effect on the Interim Condensed separate and consolidated Financial Statements for the period ended September 30, 2020. These are also included below.

Standards and Interpretations effective for the current financial year

Conceptual Framework in IFRS standards: The IASB issued the revised Conceptual Framework for Financial Reporting on 29 March 2018. The Conceptual Framework sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. IASB also issued a separate accompanying document, Amendments to References to the Conceptual Framework in IFRS Standards, which sets out the amendments to affected standards in order to update references to the revised Conceptual Framework. Its objective is to support transition to the revised Conceptual Framework for companies that develop accounting policies using the Conceptual Framework when no IFRS Standard applies to a particular transaction.

IFRS 3 Business Combinations (Amendments): The IASB issued amendments in Definition of a Business (Amendments to IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period, with earlier application permitted.

IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of 'material' (Amendments). The Amendments clarify the definition of material and how it should be applied. The new definition states that, 'Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity'. In addition, the explanations accompanying the definition have been improved. The Amendments also ensure that the definition of material is consistent across all IFRS Standards.

IFRS 9, IAS 39 and IFRS 7 (Amendments) "Interest rate benchmark reform": The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.

(Amounts presented in thousand Euro except otherwise stated)

Standards and Interpretations effective for subsequent periods

The Group and the Company has not early adopted any other of the following standards, interpretations or amendments that have been issued but are not yet effective. In addition, the Group and the Company assessed all standards, interpretations and amendments issued but not yet effective, and concluded that, they will not have any significant impact on the consolidated financial statements.

IFRS 10 (Amendment) Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture: The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. The amendments have not yet been endorsed by the EU.

IAS 1 (Amendment) "Classification of liabilities as current or non-current" (annual periods beginning on or after 1 January 2022). 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.

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. The amendment has not yet been endorsed by the EU.

4 Critical accounting estimates and judgments

Estimates and judgments are continually evaluated and are based on historical data, forecasts and expectations of future events that are deemed reasonable under the circumstances.

Spread of the epidemic COVID-19

The pandemic of coronavirus (COVID-19), which also appeared and spread in Greece, is expected to have negative impact on the global economic activity, as well as on the business activities of the Group. The rapid spread of COVID-19 at a global scale has led to the disruption and suspension of operation of many businesses. The Group will possibly face consequences in some of the markets in which the Group is active, due the imposition of quarantine measures, the phenomena of market falling and the changes in the behavior of customers, due to the fear of the pandemic, as well as the impact on the labor force of the Group, if the virus is widely spread. In addition, the customers, the distribution partners, the service providers or the suppliers of the Group may face economic difficulty, file application for bankruptcy, cease their operation or suffer disruption in their business activity due to the pandemic. At the moment, the extent of the hit in the results of the Group due to the pandemic is uncertain. COVID-19 epidemic may have further negative consequences on the global economy in 2020, while, in the future, it may negatively affect the activities of the Group or reduce the demand for its products. Each of these developments may have significant consequences on the economic results of the Group in 2020, and later on. However, given the dynamic nature of the epidemic, the extent to which COVID-19 shall affect the results of the Group shall depend on the future developments, which remain extremely uncertain and cannot be foreseen at the time. Continued spread of COVID-19 may cause economic slow-down or downturn, a fact that will adversely affect the demand for the products of the Group, or cause other unforeseen events, each of which may affect the business activity, operating results or financial situation of the Group.

5 Critical accounting estimates and assumptions

The Company and the Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates and assumptions involving significant risk adjustment to the carrying value of assets and liabilities within the next financial year are addressed below.

Estimates and assumptions are continually reassessed and are based on historical experience as adjusted for current market conditions and other factors, including expectations of future events which are considered reasonable under the circumstances.

(a) Income tax

Judgement is required by the Group in determining the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters

(Amounts presented in thousand Euro except otherwise stated)

is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

(b) Estimated trade receivables impairment

The Company examines the overdue balances of customers and whether exceeding the credit policies. The Company makes impairments of doubtful balances and creates corresponding provisions based on estimations. Estimates are made taking into consideration the timing and amount of repayment of receivables and any collateral of claims received. In particular, when there are guarantees, the Company creates provisions for doubtful debts, with percentage less than 100% of the claim. These statements involve significant degree of subjectivity and require the judgment of management.

(c) Estimation of investments and non-financial assets impairment

The Company examine annually and whether the shareholdings and non-financial assets have suffered any impairment in accordance with accounting practices. The recoverable amounts of cash generating units have been determined based on value in use. These calculations require the use of estimates.

(d) Retirement obligations

The present value of retirement obligations depends on a number of factors that are determined using actuarial methods and assumptions. Such actuarial assumption is the discount rate used to calculate the cost of delivery. Changes in these assumptions will change the present value of the obligations in the balance sheet.

The Group and the Company determine the appropriate discount rate at the end of each year. This is defined as the rate that should be used to determine the present value of future cash flows, which are expected to be required to meet the obligations of the pension plans. Low risk corporate bonds are used to determine the appropriate discount rate, which are converted to the currency in which the benefits will be paid, and whose expiry date is approaching that of the related pension obligation.

(e) Provisions for pending legal cases

The Company has pending legal cases. Management evaluates the outcome of the cases and, if there is a potential negative outcome then the Company makes the necessary provisions. The provisions, when they are required are calculated based on the present value of management's estimation of the expenditure required to settle the obligation at the balance sheet date. This value is based on a number of factors which require the exercise of judgment.

6 Segment information

Primary reporting format – business segments

The Group is organised into five business segments:

• (1) Information Technology Products
• (2) Information Technology Services
• (3) Postal services
• (4) Production of electric power from renewable sources
• (5) Electronic payments

Management monitors the financial results of each business segment separately. These business segments are managed independently. The management making business decisions is responsible for allocating resources and assessing performance of the business areas.

In Unallocated mainly included the Company's activity.

The segment results for the period ended 30 of September 2020 and 30 of September 2019 are analysed as follows:

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

1st January to 30 September 2020

	Information technology products	Information technology services	Postal services	Electronic payments	Production of electric power from renewable sources	Unallocated	Total
Total gross segment sales	297.908	94.784	89.111	25.450	7.640	377	515.270
Inter-segment sales	(31.421)	(1.307)	(1.213)	(110)	(249)	(9)	(34.310)
Net sales	266.487	93.477	87.898	25.340	7.391	368	480.961
Operating profit/ (loss)	7.261	3.945	11.175	2.414	4.183	618	29.596
Finance (costs)/ revenues	(1.557)	(383)	(489)	(488)	(1.086)	(71)	(4.073)
Share of profit/ (loss) of Associates	-	-	-	-	-	-	-
Profit/ (Loss) before income tax	5.704	3.562	10.686	1.926	3.097	548	25.523
Income tax expense (note 19)							(17.998)
Profit/ (Loss) after tax for the period							7.525

1st January to 30 September 2019

	Information technology products	Information technology services	Postal services	Electronic payments	Production of electric power from renewable sources	Unallocated	Total
Total gross segment sales	230.522	85.748	80.184	25.033	5.201	-	426.688
Inter-segment sales	(24.433)	(943)	(980)	(102)	(130)	(4)	(26.591)
Net sales	206.090	84.805	79.204	24.931	5.071	(4)	400.097
Operating profit/ (loss)	5.795	2.440	10.588	5.140	2.632	347	26.942
Finance (costs)/ revenues	(1.482)	(340)	(365)	(722)	(843)	(14)	(3.765)
Share of profit/ (loss) of Associates	-	-	-	-	-	-	-
Profit/ (Loss) before income tax	4.314	2.100	10.224	4.418	1.789	333	23.177
Income tax expense (note 19)							(7.014)
Profit/ (Loss) after tax for the period							16.164

Transfers and transactions between segments are on commercial terms and conditions, according to those that apply to transactions with third parties.

(Amounts presented in thousand Euro except otherwise stated)

7 Property, plant and equipment

Property, plant and equipment of the Group and the Company are analyzed as follows:

	Land and buildings	Vehicles and machinery	Buildings under construction	Furniture and other equipment	Total
GROUP - Cost
1st January 2019	34.163	66.799	3.673	28.908	133.543
Implementation of IFRS 16	-	(24.280)	-	-	(24.280)
Adjusted Balance at 1 January 2019	34.163	42.519	3.673	28.908	109.263
Additions	2.529	706	-	1.570	4.805
Disposals / Write-offs	(406)	(1.934)	-	(5.079)	(7.419)
Acquisition of subsidiaries	2.032	17.916	-	55	20.003
Impairment	-	-	(700)	-	(700)
Reclassifications	-	(189)	-	(13)	(201)
31 December 2019	38.318	59.018	2.973	25.441	125.750
Accumulated depreciation
1st January 2019	(10.922)	(33.250)	-	(23.831)	(68.003)
Implementation of IFRS 16	-	14.980	-	-	14.980
Adjusted Balance at 1 January 2019	(10.922)	(18.270)	-	(23.831)	(53.023)
Depreciation charge	(549)	(3.733)	-	(1.643)	(5.925)
Disposals / Write-offs	54	1.200	-	5.073	6.328
Acquisition of subsidiaries	(159)	(4.819)	-	(27)	(5.006)
Reclassifications	-	291	-	11	302
31 December 2019	(11.575)	(25.332)	-	(20.417)	(57.325)
Net book value at 31 December 2019	26.743	33.687	-	5.023	68.425
1 January 2020	38.318	59.018	2.973	25.441	125.750
Additions	6.664	2.462	-	5.778	14.903
Disposals / Write-offs	-	(654)	-	(27)	(681)
Impairments (reversal)	-	762	-	-	762
Reclassifications	(1.255)	(349)	-	1.665	62
30 September 2020	43.727	61.240	2.973	32.857	140.797
Accumulated depreciation
1 January 2020	(11.575)	(25.332)	-	(20.417)	(57.324)
Depreciation charge	(396)	(3.146)	-	(1.306)	(4.848)
Disposals / Write-offs	-	418	-	24	442
Reclassifications	(215)	86	-	28	(101)
30 September 2020	(12.186)	(27.974)	-	(21.671)	(61.832)
Net book value at 30 September 2020	31.541	33.267	2.973	11.186	78.965

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

	Land and buildings	Vehicles and machinery	Furniture and other equipment	Total
COMPANY - Cost
1st January 2019	12.980	320	1.636	14.935
Additions	-	-	7	7
Disposals / Write-offs	-	-	(1)	-
31 December 2019	12.980	320	1.643	14.943
Accumulated depreciation
1st January 2019	(5.578)	(317)	(1.440)	(7.335)
Depreciation charge	(16)	(1)	(49)	(67)
31 December 2019	(5.595)	(318)	(1.489)	(7.402)
Net book value at 31 December 2019	7.385	2	154	7.542
1 January 2020	12.980	320	1.643	14.943
Additions	-	1	8	9
30 September 2020	12.980	321	1.652	14.952
Accumulated depreciation
1 January 2020	(5.595)	(318)	(1.489)	(7.402)
Depreciation charge	(12)	(1)	(12)	(26)
30 September 2020	(5.608)	(320)	(1.502)	(7.428)
Net book value at 30 September 2020	7.372	1	150	7.525

In 2019, as a result of the first implementation of IFRS 16 (Leases), acquisition cost of the amount of 24,280 thousand euros and accumulated depreciation in the amount of 14,980 thousand euros were reclassified from the item of tangible fixed assets to the item of lease payables (Note 27). The above amounts concern unamortized remaining equipment of the subsidiary Cardlink, which has been acquired through leasing.

The liens and encumbrances on the assets of the Company and the Group are disclosed under Note 18.

8 Goodwill

The Goodwill of the Group are analyzed as follows:

	GROUP
	30/9/2020	31/12/2019
At the beginning of the year	31.398	28.286
Additions	600	3.111
At the end	31.997 31.398

The amount of € 31.997 thousand of goodwill contains € 4.932 thousand for the acquisition of «Rainbow S.A.», which has been absorbed in 2010 by the 100% subsidiary "iSquare SA", € 3.785 thousand from the acquisition of minority interests of the subsidiary "ACS SA", € 16.820 thousand value of the goodwill of the acquired company under trade name "Cardilink SA" and a total amount of €6.461 thousand of temporary and definitive goodwill on acquisitions of indirect subsidiaries and presented in the present financial report of the Group (Note 28 – Business combinations). The calculation of the above goodwill and the financial exposure of the Group is presented in the present Financial Reporting note under number 28 – "Business combinations".

The Group, upon expiry of the closing financial year proceeded, based on IFRS 3 (Business combination), to the finalization of the respective appreciations concerning the acquisition of companies, which are active in the sector or electricity production from RES. The finalization of appreciations is described in note 45 – Business combination.

In previous year the recoverable amount of a CGU is determined according to the value in use calculations. These calculations are pre-tax cash flow projections based on financial budgets approved by the management and cover a five-year period.

(Amounts presented in thousand Euro except otherwise stated)

The key assumptions used for value-in-use calculations are consistent with the external information sources. For the "Apple products distribution" segment, these are: discount rate: 7,1%, sales growth rate: 3%, EBITDA margin: 3,6%, growth rate in perpetuity: 1,5%. Concerning the segment of courier services, the key assumptions are: discount rate: 7,1%, sales growth rate: 5%, EBITDA margin:14,8%, growth rate in perpetuity: 1,5%. Relating to the segment of financial services: discount rate: 7,1%, sales growth rate: 4%, EBITDA margin: 30%, growth rate in perpetuity: 1,5% and relating to the segment of renewable energy discount rate: 6,5%, sales growth rate: 0% and EBITDA margin: 80%.

Budgeted gross margin is based on last year's performance increased by the expected growth rate of return.

9 Intangible assets

The intangible assets of the Group and the Company are analyzed as follows:

	Industrial property rights	Software & Others	Total
GROUP - Cost
1st January 2019	22.313	20.834	43.148
Additions	-	1.893	1.893
Disposals / Write-offs	(739)	(286)	(1.025)
Acquisition of subsidiaries	12.776	-	12.776
31 December 2019	34.350	22.440	56.792
Accumulated depreciation
1st January 2019	(17.610)	(16.460)	(34.071)
Depreciation charge	(879)	(1.801)	(2.679)
Disposals / Write-offs	739	286	1.025
31 December 2019	(17.750)	(17.975)	(35.725)
Net book value at 31 December 2019	16.600	4.467	21.067
1 January 2020	34.350	22.441	56.792
Additions	-	790	790
30 September 2020	34.350	23.231	57.582
Accumulated depreciation
1 January 2020	(17.750)	(17.975)	(35.725)
Depreciation charge	(178)	(1.749)	(1.927)
30 September 2020	(17.928)	(19.723)	(37.652)
Net book value at 30 September 2020	16.422	3.508	19.930

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

	Software & Others	Total
COMPANY - Cost
1st January 2019	46	46
Additions	2	2
31 December 2019	47	47
Accumulated depreciation
1st January 2019	(25)	(25)
Depreciation charge	(16)	(16)
31 December 2019	(42)	(42)
Net book value at 31 December 2019	6	6
1 January 2020	47	47
30 September 2020	47	47
Accumulated depreciation
1 January 2020	(42)	(42)
Depreciation charge	(3)	(3)
30 September 2020	(45)	(45)
Net book value at 30 September 2020	3	3

In the previous year, at the Group, the item "purchase of subsidiaries" of the amount of 12,776 thousand euros in the closing financial year and of the amount of 4,424 thousand euros in the previous financial year concerns the allocation of the purchase price (PPA) of subsidiaries and is shown in note 28 – Business combination. Based on the allocation of the purchase price of the subsidiaries described in this note, intangible assets relating to production and sale rights of electricity from RES with useful life 27 years from the commencement of operation of photovoltaic stations were recognized.

10 Investment properties

The change of investment properties of the Group is as follows:

	GROUP
	30/9/2020	31/12/2019
Balance at the beginning of the year	2.816	2.825
Fair value adjustments	(7)	(10)
Balance at the end of the period	2.809	2.816

The amount of € 2.809 thousand concerns the value of the subsidiary's, "UNISYSTEMS S.A.", land, in Athens, which had been acquired in 2006 with initial plan the construction of offices. In 2007 the management decided not to construct the mentioned offices. Thus, this land is owned for long term investment other than short term disposal, based on the requirements of I.F.R.S. 40 «Investment Properties» and thus has been transferred from Property, plant and equipment to Investment Properties.

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

11 Investments in subsidiaries

The movement of investment in subsidiaries is as follows:

		COMPANY
	30/9/2020	31/12/2019
Balance at the beginning of the year	67.940	64.435
Additions	200	7.352
Capital decrease of subsidiaries	(3.087)	(3.849)
Balance at the end	65.053	67.940

Current period:

The amount of € (3.087) thousand related to the share capital decrease with cash return of Subsidiary «Unisystems S.A.» (€ 2.001 thousand) thousand and of subsidiary Info Quest Technologies (€ 1.086 thousand).

Previous year:

The amount of € 7.352 thousand refers mainly to the share capital increase of the subsidiary «Quest Energy S.A.» The amount of € (3.849) thousand related to the share capital decrease with cash return of Subsidiary «Info Quest Technologies S.A.» and «Unisystems S.A.».

Summarized financial information relating to subsidiaries:

30 September 2020

Name	Country of incorporation	Cost	Carrying Impairment amount		% interest held
UNISYSTEMS SMSA	Greece	62.931	(38.980)	23.951	100,00%
ACS SMSA	Greece	23.713	(21.345)	2.368	100,00%
ISQUARE SMSA	Greece	60	-	60	100,00%
QUEST ΕΝΕRGY S.A.	Greece	17.168	-	17.168	100,00%
QUEST onLINE SMSA	Greece	810	(810)	-	100,00%
INFO QUEST Technologies SMSA	Greece	25.375	(13.431)	11.944	100,00%
ISTORM SMSA	Greece	3.157	-	3.157	100,00%
DIASIMO HOLDINGS LTD	Cyprus	-	-	-	100,00%
CARDLINK S.A.	Greece	5.825	-	5.825	85,00%
CARDLINK ONE S.A.	Greece	281	-	281	85,00%
CLIMA SMSA	Greece	200	-	200	100,00%
Quest international SRL	Belgium	100	-	100	100,00%
		139.619	(74.567)	65.053

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

31 December 2019

Name	Country of incorporation	Cost	Impairment	Carrying amount	% interest held
UNISYSTEMS SMSA	Greece	64.932	(38.980)	25.952	100,00%
ACS SMSA	Greece	23.713	(21.345)	2.368	100,00%
ISQUARE SMSA	Greece	60	-	60	100,00%
QUEST ΕΝΕRGY S.A.	Greece	17.168	-	17.168	100,00%
QUEST onLINE SMSA	Greece	810	(810) -		100,00%
INFO QUEST Technologies SMSA	Greece	26.461	(13.431)	13.030	100,00%
ISTORM SMSA	Greece	3.157	-	3.157	100,00%
DIASIMO HOLDINGS LTD	Cyprus	-	-	-	100,00%
CARDLINK S.A.	Greece	5.825	-	5.825	85,00%
Cardlink one S.A.	Greece	281	-	281	85,00%
Quest international SRL	Belgium	100	-	100	100,00%
		142.506	(74.567)	67.940

In addition to the above subsidiaries, the Group consolidated financial statements also include the indirect investments as they are presented below:

The 100% held subsidiary of "ACS S.A." "GPS" and the 100% subsidiary ACS INVEST UK LIMITED based in Great Britain.

The subsidiaries of "Quest Energy S.A.", "Amalia Wind Farm of Viotia S.Α." (100% subsidiary), "Megalo Plai Wind Farm of Viotia S.Α". (100% subsidiary), "Quest Aioliki Livadiou Larisas Ltd" (98.67% subsidiary), "Quest Aioliki Servion Kozanis Ltd" (98.67% subsidiary), "Quest Aioliki Distomou Megalo Plai Ltd" (98.67% subsidiary), «Quest Solar Viotias ltd» (98,67 subsidiary), "Quest Aioliki Sidirokastrou Hortero Ltd" (98.67% subsidiary), " Aioliko parko Dramas Ltd" (90% subsidiary), Xilades S.A. (100% subsidiary) and Wind Sieben S.A. (100% subsidiary), BETA SUNENERGIA KARVALI S.A. (100% subsidiary), FOS ENERGIA KAVALAS S.A. (100% subsidiary), NUOVO KAVALA PHOTOPOWER S.A. (100% subsidiary), ENERGIA FOTOS BETA XANTHIS S.A. (100% subsidiary), PETROX SOLAR POWER S.A. (100% subsidiary), PHOTOPOWER EVMIRIO BETA S.A. (100% subsidiary) and MILOPOTAMOS FOS 2 S.A. (100% subsidiary) and ADEPIO ltd (100% subsidiary).

• «Unisystems Cyprus Ltd»'s subsidiary «Quest Rom Systems Integration & Services Ltd» had been renamed to «Unisystems information technology systems SLR» and is based in Romania (100% subsidiary).
• The 100% held subsidiary of "iStorm S.A.", "iStorm Cyprus", which is established in Cyprus.
• The 100% held subsidiary of "iSquare S.A.", "iQbility Ltd.".
• The 100% held subsidiary of "Wind Sieben S.A.", "Energiaki Markopoulou S.A.".
• The 100% held subsidiary of "ADEPIO LTD", "Kinigos S.A.".
• The 100% held subsidiary of "Xilades S.A.", "Palaiomilos S.A.".
• The 100% held subsidiary of "Info Quest Technologies S.A.", "Info Quest Technologies Cyprus LTD".

All the subsidiaries (direct & indirect) of the Company as well as the method of their consolidation are also mentioned in the Note under number 23 (Periods unaudited by the tax authorities).

No other significant changes have been realized in "Investments in subsidiaries".

(Amounts presented in thousand Euro except otherwise stated)

12 Investments in associates

The Group has significant influence over the below associates. The Group's interest in these associates is accounted for using the equity method in the consolidated financial statements. The following table illustrates the summarized financial information of the Group's investment in associates:

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Balance at the beginning of the year	173	173	-	-
Balance at the end	173	173	-	-

"NUBIS S.A." (43,26% associate) , and Park Mobile Hellas SA ." (40 % associate) and ACS Cyprus ltd." (20 % associate) are also included as associates of the Company ("Quest Holdings").

13 Financial assets at fair value through profit or loss

		GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Balance at the beginning of the year	7.373	8.447	3.470	3.992
Additions	78	360	-	-
Disposals / Write-offs	(1.301)	(423)	-	(423)
Revaluation at fair value	(3)	(1.012)	-	(100)
Other	-	2	-	2
Balance at the end	6.146	7.373	3.470	3.470
Non-current assets	4.223	4.145	3.452	3.452
Current assets	1.923	3.226	18	17
	6.146	7.373	3.470	3.470

The Financial Assets at fair value through P&L comprise listed shares and bonds. The fair values of listed securities are based on published period-end bid prices on the date of the financial information.

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

14 Share capital

	Number of shares	Ordinary shares Share premium		Treasury shares	Total
1st January 2019	11.913.632	3.574	106	-	3.680
Share Capital decrease	-	(5.004)	-	-	(5.004)
Share Capital Increase	-	2.859	-		2.859
Split	23.827.264	-	-		-
31 December 2019	35.740.896	1.429	106	-	1.535
1 January 2020	35.740.896	1.430	106	-	1.536
Capitalisation of reserves	-	5.361	-	-	5.361
Capitalization of reserves	-	210.514	(106)	-	210.408
Offsetting accumulated losses	-	(164.408)	-	-	(164.408)
Share capital return	-	(5.361)	-	-	(5.361)
30 September 2020	35.740.896	47.536	-	-	47.536

Current period

The Ordinary General Meeting of Shareholders of 26/06/2020 decided to increase the share capital of the company by the amount of 5,361,134.40 euro with an increase in the nominal value of each share per euro 0.15 (from euro 0.04 to euro 0.19) with a capitalization of part of the excess of the obligatory statutory reserve and the simultaneous reduction of the share capital of the Company to 5,361,134.40 euro with a reduction of the nominal value of each share to 0.15 (from euro 0.19 to euro 0,04) with cash return to its shareholders (total amount of euros 5,361,134.40).

In addition, the above Ordinary General Meeting decided to further increase the share capital of the Company as a result of capitalization of reserves formed by specially taxed profits, in accordance with the provisions of Law 2238/1994, the reserve in favor of the premium and part of the full tax reserve. in accordance with the provisions of Law 2579/98, by increasing the nominal value of the shares from euro 0.04 to euro 5.93 per share and reducing the share capital by reducing the nominal value of the shares by euro 4.60 to offset accumulated losses. Following the above corporate transactions, the share capital amounts to euro 47,535,391.68 and will be divided into 35,740,896 intangible common registered shares with a nominal value of euro 1.33 each.

Previous year

The Ordinary General Meeting of shareholders of the Company, which was held on June 25th, 2019, decided, among others, the reduction of the nominal value of the share from 0.30 Euros to 0.10 Euros and the simultaneous increase of the total number of shares from 11,913,632 to 35,740,896 ordinary registered voting shares (split) and the distribution without charge of shares to Shareholders with replacement proportion 3 new to 1 old. The new 23,827,264 shares were distributed without charge to the shareholders of the Company. Following the above corporate change, the share capital of the Company amounted to 3,574,089.60 Euros, divided in 35,740,896 ordinary registered voting shares, with a nominal value of each share 0.10 Euros.

The Ordinary General Meeting of Shareholders of 15/10/2019 decided the increase of the share capital of the company by the amount of 2,859,271.68 euros by the increase of the nominal value of each share by 0.08 euros (from 0.10 euros to 0.18 Euros) through the capitalization of part of the surplus of the obligatory statutory reserve and the simultaneous reduction of the share capital of the Company by 5,003,725.44 Euros, by reduction of the nominal value of each share by 0.14 euros (from 0.18 euros to 0.04 euros), with a view to the reimbursement of capital in cash to shareholders of 5,003,725.44 euros, that is, 0.14 euros per share. Following the above increase and reduction, the share capital amounted to 1,429,635.84 euros and it is divided in 35,740,896 intangible ordinary registered shares of a nominal value of 0.04 each.

At the end of the current period, the Company holds 22.082 own shares which represent 0,06% of the share capital with an average acquisition price of € 6,64 per share.

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

15 Borrowings

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Non-current borrowings
Bank borrowings	548	2.751	-	-
Bonds	59.452	5.354	11.975	-
Total non-current borrowings	60.000	8.105	11.975	-
Current borrowings
Bank borrowings	17.033	39.638	-	-
Bonds	7.679	1.325	-	-
Other borrowings (Factoring)	3.444	1.357	-	-
Total current borrowings	28.155	42.320	-	-
Total borrowings	88.155	50.425	11.975	-

The Group has approved credit lines with financial institutions amounting to euro 150 million and the Company to euro 0,5 million. Short term borrowings fair values reach their book values.

The movement of borrowings is analyzed as follows:

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Balance at the beginning of the year	50.425	37.441	-	-
Repayment of borrowings	(4.824)	(3.821)	(25)	-
Proceeds of borrowings	42.554	20.511	12.000	-
Implementation of IFRS 16	-	(10.338)
Acquisition of subsidiaries	-	6.631	-	-
Balance at the end	88.155	50.425	11.975	-

Both the Company and the Group are not exposed to exchange risk since the total of borrowings for nine-months of 2020 was in euro.

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Between 1 and 2 years	4.511	2.932	-	-
Between 2 and 3 years	17.824	711	5.987	-
Between 3 and 5 years	28.720	4.462	5.987	-
Over 5 years	8.944	-	-	-
	60.000	8.105	11.975	-

The Company is exposed to interest rate changes that domain in the market and which affect its financial position and cash flow. The cost of borrowing is possible to either increase or decrease as a result of the above mentioned fluctuations.

(Amounts presented in thousand Euro except otherwise stated)

Bond Loans

The Company

On July 27, 2020, Quest Holdings S.A. entered into a bond loan with ALPHA BANK amounting to € 12,000 thousand euros, in accordance with the provisions of Law 4548/2018 and Law 3156/2003. ALPHA BANK SA was appointed Payment Manager and Representative of Bondholders and Bond Lenders.

Cardlink S.A.

On December 13th, 2019, Cardlink SA entered into a Bond Loan with Alpha Bank, amounting to 10.000 thousand Euros. The repayment of the loan will be made in 6 six-month instalments commencing on 16/6/2022 with an amount of 1.666 thousand Euros, and the last instalment amounting to 1.666 thousand Euros will be repaid according to the repayment plan on 16/12/2024.

Wind Sieben S.A.

On April 24th, 2019, the subsidiary "Wind Sieben S.A." entered into a Bond Loan with Alpha Bank, amounting to 3.500 thousand Euros. The repayment of the loan will be made in 26 quarterly instalments commencing on 30/6/2019 with an amount of 111 thousand Euros, and the last instalment amounting to 334 thousand Euros will be repaid according to the repayment plan on 30/6/2025.

Kinigos S.A.

On December 18th, 2013, the subsidiary "Kinigos S.A." entered into a Bond Loan with National Bank of Greece, amounting to 11.116 thousand Euros. The repayment of the loan will be made in 23 six-month instalments commencing on 31/12/2015.

ISQUARE

The subsidiary «iSquare S.A.» on July 27, 2020 entered into a Bond loan with Alpha bank amounting to 5,000 thousand euros. The loan will be repaid within one year from the conclusion of the loan.

Info Quest Technologies S.A.

The subsidiary «Info Quest Technologies S.A.» on July 27, 2020 entered into a Bond loan with Alpha bank amounting to euro 10,000 thousand. The duration of the loan is five years and the last installment of the loan will be on 27/7/2025.

In addition, the subsidiary «Info Quest Technologies S.A.» on July 30, 2020 entered into a Bond loan with the National Bank amounting to 10,000 thousand euros. The duration of the loan is five years and the last installment of the loan will be on 2727/2025.

16 Contingencies

The Group and the Company have contingencies in respect of bank guarantees, guarantees and other matters arising in the ordinary course of business from which Management is confident that no material liability will arise.

The contingent liabilities are analysed as follows:

	GROUP			COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Letters of guarantee to customers securing contract performance	11.166	5.707	-	-
Letters of guarantee to participations in contests	2.173	1.792	-	-
Letters of guarantee for credit advance	1.647	1.038	-	-
Guarantees to banks on behalf of subsidiaries	47.290	47.290	47.290	47.290
Letters of guarantee to creditors on behalf of subsidiaries	8.975	13.975	8.975	13.975
Other	13.878	9.287	-	-
	85.129	79.089	56.265	61.265

In addition to the above, the following specific issues should be noted:

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

The tax obligations of the Group are not final since there are prior periods which have not been inspected by the tax authorities. Note 23 presents the last periods inspected by the tax authorities for each company in the Group.

Furthermore, there are various legal cases against companies of the Group for which the Management estimates that no additional material liabilities will arise.

17 Guarantees

Upon the expiry of the 3rd Quarter of 2020, the following encumbrances on the movable property of companies of the Group exist:

1. For the company "Xylades Energy SA", the Amortized Loan Agreement of May 11th, 2012 has been concluded with the Greek Postal Savings Bank SA, in the amount of 2,548 thousand euros, for the security of which the Registered Pledge Agreement on Movable Property (Law 2844/2000) of July 23, 2012 has been concluded (Law 2844/2000), which has been registered/published in the Pledge Registry of Athens, pursuant to which the capital goods of such company have been pledged.

2. For the company "WIND SIEBEN VIOTIA ENERGY SA", the bond Loan Agreement of March 24th, 2019, has been concluded with the ALPHA BANK in the amount of 3,500 thousand euros, for the security of which, the following security agreements have been concluded:

2.a The Pledge Agreement on Movable Property (Law 2844/2000) of 24th April 2019, which has been registered/published in the Pledge Registry of Athens, pursuant to which the capital goods of the company have been pledged and 2.b The Pledge Agreement on Securities of 24th April 2019.

1. For the company "FOS KAVALA ENERGY S.A.", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

2. For the company "MYLOPOTAMOS FOS2 S.A.", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

3. For the company "ENERGIA FOTOS BETA XANTHIS SA", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

4. For the company "PHOTTOPOWER EVMIRIO BETA S.A.", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

5. For the company "PETROX SOLAR POWER SA", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

6. For the company "NUOVO KAVALA PHOTTOPOWER SA", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

7. For the company "BETA SUNENERGIA KARVALI SA", the Amortized Loan Agreement of January 20, 2012 has been concluded with Piraeus Bank SA in the amount of 1,250 thousand euros, for the security of which the Pledge Agreement on Securities of January 28th, 2013 has been concluded.

8. For the company "ENERGIAKI MARKOPOULOU2 SA ", the Amortized Loan Agreement of April 1, 2013 has been concluded with Alpha Bank SA in the amount of 470 thousand euros, for the security of which the Pledge Agreement on Securities of February 20th, 2014 has been concluded.

9. For the company "Kinigos SA ", the Bond Loan Agreement of September 28, 2020 has been concluded with National Bank of Greece SA in the amount of 18.070 thousand euros, for the security of which the Pledge Agreement on Securities of September 28, 2020 has been concluded.

Part of the borrowings of the Group's subsidiaries are secured with guarantees provided by the Company.

(Amounts presented in thousand Euro except otherwise stated)

18 Commitments

Capital commitments

At the financial information date, September 30, 2020, there are no capital expenditures that has been contracted for the Group and the Company.

19 Income tax expense

Income tax expense of the Group and Company for the period ended September 30, 2020 and September 30, 2019 respectively was:

	GROUP		COMPANY
	01/01/2020- 30/9/2020	01/01/2019- 30/9/2019	01/01/2020- 30/9/2020	01/01/2019- 30/9/2019
Current tax	(18.510)	(6.570)	(11.121)	-
Deferred tax	511	(444)	(41)	(1)
Total	(17.998)	(7.014)	(11.162)	(1)

The Ordinary General Meeting of the Company on June 26, 2020, among other things, decided to increase the share capital of the Company by capitalizing reserves that had been formed from specially taxed profits with an increase in the nominal value of the shares from EUR 0.04 to EUR 5.93 per share and a decrease in the share capital with a decrease in the nominal value of the shares by EUR 4,60 to offset accumulated losses. Consequence of the above increase of the share capital of the Company in the total amount of euro 210,514 thousand was an extraordinary tax fee of euro 11,069 thousand based on law 4646/2019 with an equal effect on the income tax expense and the earnings after tax in the Company and the Group. The above corporate transactions were registered on July 15, 2020 following a relevant decision of the Ministry of Development and Investment.

According to Law 4646/2019, income tax rate for legal entities in Greece was reduced to 24% from the financial year 2019 onwards.

20 Dividends

The Ordinary General Meeting of Shareholders of 26/06/2020 decided the increase of the share capital of the Company by the amount of 5.361 thousand euros by increasing the nominal value of each share by 0.15 euros (from 0.04 euros to 0.19 euros) through the capitalization of part of the surplus of the obligatory statutory reserve and the simultaneous reduction of the share capital of the Company by 5.361 thousand euros through the reduction of the nominal value of each share by 0.15 euros (from 0.19 euros to 0.04 Euros). Based on the provisions of POL 1042/26.1.2015, it is treated as distribution of final net dividend of € 0.15 per share, that is, € 0.1579, subject to withholding tax of 5%, according to Article 24 of Law 4646/2019, as currently in force. In addition, for shareholders not subject to the above withholding tax, the company proceeded to an additional, equal to the above withholding tax of 5%, money distribution through the operators.

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

21 Related party transactions

The following transactions were carried out with related parties:

	GROUP		COMPANY
	01/01/2020- 30/9/2020	01/01/2019- 30/9/2019	01/01/2020- 30/9/2020	01/01/2019- 30/9/2019
i) Sales of goods and services
Sales of goods to:	2.059	3.435	-	-
- Other related parties	2.059	3.435	-	-
Sales of services to:	1.263	1.204	1.140	804
-Unisystems Group	-	-	448	375
-Info Quest Technologies	-	-	158	182
-ACS	-	-	219	78
-iStorm	-	-	13	13
-iSquare	-	-	137	74
- Other direct subsidiaries	-	-	158	75
- Other indirect subsidiaries	-	43	-	-
- Other related parties	1.263	1.160	6	6
Dividends	476	432	6.266	5.470
-Unisystems	-	-	-	-
-Info Quest Technologies	-	-	-	-
-ACS	-	-	4.290	4.000
-iSquare	-	-	1.500	1.002
- Other indirect subsidiaries	-	-	-	36
- Other related parties	476	432	476	432
	3.798	5.071	7.406	6.272
ii) Purchases of goods and services
Purchases of goods from:	-	-	-	-
- Other related parties	-	-	-	-
Purchases of services from:	1.297	1.361	117	126
-Unisystems	-	-	26	26
-Info Quest Technologies	-	-	27	31
- Other direct subsidiaries	-	-	-	-
- Other indirect subsidiaries	-	29	-	-
- Other related parties	1.297	1.332	63	69
	1.297	1.361	117	126
iii) Benefits to management
Salaries and other short-term employment benefits	3.310	2.658	262	125
	3.310	2.658	262	125

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

iv) Period end balances from sales-purchases of goods / servises / dividends

	GROUP		COMPANY
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Receivables from related parties:
-Unisystems	-	-	113	94
-Info Quest Technologies	-	-	1.101	53
-ACS	-	-	22	7
-iSquare	-	-	19	10
- Other direct subsidiaries	-	-	720	9
- Other indirect subsidiaries	-	27	4	21
- Other related parties	3.663	2.885	449	16
	3.663	2.912	2.427	210
Obligations to related parties:
-Unisystems	-	-	-	-
-Info Quest Technologies	-	-	3	3
-ACS	-	-	13	-
- Other indirect subsidiaries	-	27	-	-
- Other related parties	66	79	3	2
	66	105	19	6
v) Receivables from management personel	-	-	-	-
vi) Payables to management personel	-	-	-	-

Services from, and, to related parties as well as sales and purchases of goods, take place on the basis of the price lists in force with non-related parties.

Transactions with other associated members also include transactions with the subsidiary "BriQ Properties REIC" up to July 31st, 2017 which, although not directly nor indirectly owned by the Company, remains an associated member due to common key shareholders and significant business relationships, which mainly concern real estate leases.

Following the adoption of IFRS 16, Company's lease liabilities to related parties are analyzed as follows:

	GROUP		COMPAΝY
BriQ Properties REIC	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Lease liabilities, opening balance	11.085	11.675	548	619
Lease payments	(3.197)	(1.846)	(162)	(90)
Contract Modifications	1.388	802	71	(5)
Interest expense	777	454	39	23
Lease liabilities, ending balance	10.052	11.085	496	548

22 Earnings per share

Basic and diluted

Basic and diluted earnings/ (losses) per share are calculated by dividing profit/(loss) attributable to ordinary equity holders of the parent entity, by the weighted average number of ordinary shares outstanding during the period and excluding any ordinary treasury shares that were bought by the Company.

Continuing operations

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

	O ΟΜΙΛΟΣ
	1/1/2020 έως 30/9/2020	1/1/2019 έως 30/9/2019
Κέρδη/ (Ζημιές) από συνεχιζόμενες δραστηριότητες που αναλογούν στους μετόχους της μητρικής	7.297	15.669
Σταθμισμένος μέσος όρος του αριθμού μετοχών (σε χιλ. τεμάχια)	35.719	35.741
Βασικά και απομειωμένα κέρδη / (ζημιές) ανά μετοχή (Ευρώ ανά μετοχή)	0,2043	0,4384

23 Periods unaudited by the tax authorities

The unaudited by the tax authorities years for each company of the Group, are as follows:

Company Name	Website	Country of incorporation	% Participation (Direct)	% Participation (Indirect)	Consolidation Method	Unaudited years
** Quest Holdings S.A.	www.quest.gr	-	-	-	-	2010 & 2014-2019
* Unisystems S.A.	www.unisystems.com	Greece	100,00%	100,00%	Full	2010 & 2014-2019
- Unisystems Belgium S.A.	-	Belgium	100,00%	100,00%	Full	2009-2019
- Parkmobile Hellas S.A.	-	Greece	40,00%	40,00%	Equity Method	2007-2019
- Unisystems Cyprus Ltd	-	Cyprus	100,00%	100,00%	Full	2007-2019
- Unisystems Information Technology Systems SRL	-	Romania	100,00%	100,00%	Full	2007-2019
* ACS S.A.	www.acscourier.net	Greece	100,00%	100,00%	Full	2010 & 2014-2019
- GPS INVEST LIMITED	-	United Kingdom	100,00%	100,00%	Full	-
- GPS Postal Services IKE	www.genpost.gr	Greece	100,00%	100,00%	Full	-
- ACS Cyprus ltd	-	Cyprus	20,00%	20,00%	Equity Method	-
* Quest Energy S.A.	www.questenergy.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
- Wind farm of Viotia Amalia S.A.	www.aioliko-amalia.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
- Wind farm of Viotia Megalo Plai S.A.	www.aioliko-megaloplai.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
- Quest Aioliki Livadiou Larisas Ltd	www.questaioliki-livadi.gr	Greece	98,67%	98,67%	Full	2010 & 2014-2019
- Quest Aioliki Servion Kozanis Ltd	www.questaioliki-servia.gr	Greece	98,67%	98,67%	Full	2010 & 2014-2019
- Quest Aioliki Distomou Megalo Plai Ltd	www.questaioliki-megaloplai.gr	Greece	98,67%	98,67%	Full	2010 & 2014-2019
- Quest Aioliki Sidirokastrou Hortero Ltd	www.questaioliki-hortero.gr	Greece	98,67%	98,67%	Full	2010 & 2014-2019
* - Xylades Energeiaki S.A.	www.xyladesenergiaki.gr/	Greece	99,00%	99,00%	Full	2007-2019
- Palaiomilos S.A.	-	Greece	100,00%	99,00%	Full	-
- BETA SUNENERGIA KARVALI S.A.	www.betakarvali.gr	Greece	100,00%	100,00%	Full	2007-2019
- Fos Energia Kavalas S.A.	www.foskavala.gr	Greece	100,00%	100,00%	Full	2007-2019
- NUOVO KAVALA PHOTOPOWER S.A.	www.nuovophoto.gr	Greece	100,00%	100,00%	Full	2007-2019
- Energia fotos beta Xanthis S.A.	www.fosxanthi.gr	Greece	100,00%	100,00%	Full	2007-2019
- PETROX SOLAR POWER S.A.	www.petroxsolar.gr	Greece	100,00%	100,00%	Full	2007-2019
- PHOTOPOWER EVMIRIO BETA S.A.	www.photoevmirio.gr	Greece	100,00%	100,00%	Full	2007-2019
- Mylopotamos fos 2 S.A.	www.mylofos2.gr	Greece	100,00%	100,00%	Full	2007-2019
- Wind Sieben S.A.	www.windsieben.gr/	Greece	100,00%	100,00%	Full	2007-2019
- Energiaki Markopoulou 2 S.A.	www.enma2.gr	Greece	100,00%	100,00%	Full	2010-2019
- ADEPIO LTD	-	Cyprus	100,00%	100,00%	Full	-
- Kinigos S.A.	www.atgke-kinigos.gr	Greece	100,00%	100,00%	Full	-
* iSquare S.A.	www.isquare.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
iQbility M Ltd	www.iqbility.com	Greece	100,00%	100,00%	Full	-
* Info Quest Technologies S.A.	www.infoquest.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
Info Quest Technologies LTD		Cyprus	100,00%	100,00%	Full	-
* Cardlink S.A.	www.cardlink.gr	Greece	85,00%	85,00%	Full	2010 & 2014-2019
* iStorm S.A.	www.store.istorm.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
- iStorm Cyprus ltd	-	Cyprus	100,00%	100,00%	Full	-
* QuestOnLine S.A.	www.qol.gr	Greece	100,00%	100,00%	Full	2010 & 2014-2019
* Cardlink one S.A.	www.you.gr	Greece	85,00%	85,00%	Full	2014-2019
* DIASIMO Holding ltd	-	Cyprus	100,00%	100,00%	Full	2010 & 2014-2019
- Blue onar ltd	-	Cyprus	50,00%	50,00%	Equity Method	-
* Quest International SRL	www.questinternational.eu	Belgium	100,00%	100,00%	Full	-
* Clima Quest S.A.	www.climaquest.gr	Greece	100,00%	100,00%	Full	-
* Nubis S.A.	www.nubis.gr	Greece	42,60%	43,26%	Equity Method	-
* Impact S.A.	www.impact.gr	Greece	10,00%	10,00%	-	-
- ΤΕΚΑ Α.Ε.	www.tekasystems.gr/el/	Greece	25,00%	25,00%	-	-
- COSMOS BUSINESS SYSTEMS AE	www.sbs.gr	Greece	16,88%	16,88%	-	-

* Direct investment ** Parent Company

24 Number of employees

Number of employees at end of period: Group 2.022, Company 5 and the end of the previous year: Group 1.905, Company 5.

(Amounts presented in thousand Euro except otherwise stated)

COMPANY

25 Seasonality

The Group has significant dispersion of activities, as a result there are not sighs of seasonality. The sales of the nine-months approach proportionality the total year sales.

26 Right-of-use assets

The Group and the Company lease assets including land & building and transportation means. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

		GROUP
	Land and buildings	Vehicles	Machinery	Total
1st January 2020	18.672	2.350	5.010	26.033
Additions	1.552	441	4	1.998
Depreciation charge	(2.623)	(682)	(3.138)	(6.443)
Reclassifications	(17)	-	(0)	(17)
Changes in contract estimates	375	(5)	-	371
30 September 2020	17.960	2.105	1.876	21.939

	Land and buildings	Vehicles	Machinery	Total
1st January 2020	540	32	-	572
Depreciation charge	(60)	(8)	-	(68)
30 September 2020	481	24	-	505

27 Lease liabilities

		ΟΜΙΛΟΣ		ΕΤΑΙΡΙΑ
	30/09/2020	31/12/2019	30/09/2020	31/12/2019
Υποχρεώσεις από μισθώσεις	26.100	30.052	521	581
Σύνολο	26.100	30.052	521	581
Μακροπρόθεσμες υποχρεώσεις	19.594	22.052	436	500
Βραχυπρόθεσμες υποχρεώσεις	6.507	8.000	85	82
	26.100	30.052	521	581
Ενηλικίωση υπολοίπου
	30/9/2020	31/12/2019	30/9/2020	31/12/2019
Έως 1 έτος	6.507	8.000	85	82
Από 1 έτος έως 5 έτη	15.095	14.686	345	343
Πάνω από 5 έτη	4.499	7.367	91	157
	26.100	30.052	521	581

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

28 Business Combination

On November 19th, 2018, the wholly owned subsidiary of the Company under the name "Quest Energiaki Ktimatiki SA" proceeded to the acquisition of the following seven photovoltaic power stations of 1MW each, located in the Industrial Area of Northern Greece. The acquisition price for all project operators (7MW) was €4,320 thousand.

• BETA SUNENERGIA KARVALI S.A.
• FOS ENERGIA KAVALAS S.A.
• NUOVO KAVALA PHOTOPOWER S.A.
• ENERGIA FOTOS VITA XANTHIS S.A.
• PETROX SOLAR POWER S.A.
• PHOTOPOWER EVMIRIO BETA S.A.
• MYLOPOTAMOS FOS 2 S.A.

In the previous year, the resulting goodwill of the above acquisitions was determined based on the fair value of the acquired entities. and is final in accordance with IFRS 3 - Business Combinations. Below is the calculation of the final acquisition goodwill of the above subsidiaries:

	BETA SUNENERGIA KARVALI SA	FOS ENERGIA KAVALAS SA	NUOVO KAVALA PHOTOPOWER SA	ENERGIA FOTOS BETA XANTHIS SA
Total purchase consideration	832	600	612	451
		Fair value
Assets
Non-current assets	1.659	1.637	1.598	1.633
Rights for energy production	725	649	646	572
Short-term receivables	167	164	159	152
Cash and cash equivalents	127	76	93	65
Total assets	2.678	2.526	2.496	2.422
Liabilities
Long-term liabilities	1.458	1.481	1.484	1.497
Deferred tax liabilities	174	156	155	137
Short-term liabilities	388	445	400	474
Total liabilities	2.020	2.082	2.039	2.108
Net assets	658	444	457	314
Percentage (%) acquired	100%	100%	100%	100%
Net assets acquired	658	444	457	314
Consideration paid in cash	832	600	612	451
Assets acquired	658	444	457	314
Goodwill (Final)	174	156	155	137
Consideration paid in cash	832	600	612	451
Cash on acquisition date	127	76	93	65
Net cash out flow	705	524	519	386

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

	PETROX SOLAR POWER SA	PHOTOPOWER EVMIRIO BETA SA	MYLOPOTAMOS FOS 2 SA	Total
Total purchase consideration	601	584	640	4.320
		Fair value
Assets
Non-current assets	1.609	1.621	1.644	11.401
Rights for energy production	642	657	533	4.424
Short-term receivables	156	150	227	1.175
Cash and cash equivalents	102	92	94	649
Total assets	2.509	2.520	2.498	17.649
Liabilities
Long-term liabilities	1.490	1.495	1.506	10.411
Deferred tax liabilities	154	158	128	1.062
Short-term liabilities	418	441	351	2.917
Total liabilities	2.062	2.094	1.985	14.390
Net assets	447	426	512	3.259
Percentage (%) acquired	100%	100%	100%	100%
Net assets acquired	447	426	512	3.259
Consideration paid in cash	601	584	640	4.320
Assets acquired	447	426	512	3.258
Goodwill (Final)	154	158	128	1.062
Consideration paid in cash	601	584	640	4.320
Cash on acquisition date	102	92	94	649
Net cash out flow	499	492	546	3.671

Below are the financial statements of the above companies based on the accounting values at the date of their acquisition:

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

	BETA SUNENERGIA KARVALI S.A.	Fos Energia Kavalas S.A.	NUOVO KAVALA PHOTOPOWER S.A.	Energia fotos beta Xanthis S.A.
- Cash paid - Direct costs related to the acquisition	832 0	600 0	612 0	451 0
Total purchase consideration	832	600	612	451
Assets		Accounting value
Non-current assets Short-term receivables Cash and cash equivalents	1.659 167 127	1.637 164 76	1.598 159 93	1.633 152 65
Total assets	1.953	1.877	1.850	1.850
Liabilities
Long-term liabilities Short-term liabilities	1.458 388	1.481 445	1.484 400	1.497 474
Total liabilities	1.846	1.926	1.884	1.971
Net assets	107	-49	-34	-121
Percentage (%) acquired	100%	100%	100%	100%
Net assets acquired	107	-49	-34	-121
Consideration paid in cash Assets acquired	832 107	600 -49	612 -34	451 -121
	PETROX SOLAR POWER S.A.	PHOTOPOWER EVMIRIO BETA S.A.	Mylopotamos fos 2 S.A.	Total
- Cash paid - Direct costs related to the acquisition	601 0	584 0	640 0	4.320 0
Total purchase consideration	601	584	640	4.320
Assets		Accounting value
Non-current assets Short-term receivables Cash and cash equivalents	1.609 156 102	1.621 150 92	1.644 227 94	11.401 1.175 649
Total assets	1.867	1.863	1.965	13.225
Liabilities
Long-term liabilities Short-term liabilities	1.490 418	1.495 441	1.506 351	10.411 2.917

Total liabilities	1.908	1.936	1.857	13.328
Net assets	-41	-73	108	-103
Percentage (%) acquired	100%	100%	100%	700%
Net assets acquired	-41	-73	108	-103
Consideration paid in cash Assets acquired	601 -41	584 -73	640 107	4.320 -104

(Amounts presented in thousand Euro except otherwise stated)

The Company in 2019 acquired the 100% of the share capital of the company "Energiaki Markopoulou 2 S.A.", through its indirect subsidiary company "Wind Sieben S.A." (note 11). The resulting goodwill of the above acquisition was determined based on the fair value of the acquired entity and is final in accordance with IFRS 3 - Business Combinations. Below is the calculation of the final acquisition goodwill of the above subsidiary:

Total purchase consideration		1.183
	Accounting value	Fair value
Assets
Non-current assets	560	560
Rights for energy production	-	573
Short-term receivables	60	60
Cash and cash equivalents	409	409
Total assets	1.029	1.602
Liabilities
Long-term liabilities	347	347
Deferred tax liabilities		138
Short-term liabilities	73	73
Total liabilities	420	558
Net assets	610	1.045
Percentage (%) acquired	100%	100%
Net assets acquired	610	1.045
Consideration paid in cash	1.183	1.183
Assets acquired	610	1.045
Goodwill (Final)		138
Consideration paid in cash		1.183
Cash on acquisition date		409
Net cash out flow		774

The Company in 2019 acquired the 100% of the share capital of the company "Kinigos S.A.", through its indirect subsidiary company "Quest Pilou S.A." (note 11). The resulting goodwill of the above acquisition was determined based on the fair value of the acquired entity and is final in accordance with IFRS 3 - Business Combinations. Below is the calculation of the final acquisition goodwill of the above subsidiary:

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

KINIGOS SA

Total purchase consideration		21.262
	Accounting value	Fair value
Assets
Non-current assets	13.160	13.160
Rights for energy production		12.203
Short-term receivables	1.903	1.903
Cash and cash equivalents	2.474	2.474
Total assets	17.538	29.741
Liabilities
Long-term liabilities	5.958	5.958
Deferred tax liabilities		2.929
Short-term liabilities	2.521	2.521
Total liabilities	8.479	11.407
Net assets	9.059	18.333
Percentage (%) acquired	100%	100%
Net assets acquired	9.059	18.333
Consideration paid in cash	21.262	21.262
Assets acquired	9.059	18.333
Goodwill (Final)		2.929
Consideration paid in cash		21.262
Cash on acquisition date		2.474
Net cash out flow		18.788

In the 4th quarter of 2019, the valuation of companies acquired in the previous financial year was completed and the appreciation was finalized. The fair value of the assets and liabilities on the date of acquisition for these companies was 3,235 thousand euros, increase of 3,338 thousand euros in comparison to the temporary value. Comparative information of 2018 was redrafted, in order to reflect the adjustment of the temporary amounts. Therefore, an increase of the deferred tax liability resulted amounting to 1,062 thousand euros. Also, there was a corresponding reduction of the appreciation of 3,362 thousand euros and a tangible asset related to production and sale rights of electricity from RES of 4,424 thousand euros with useful life 27 years from the commencement of the operation of photovoltaic stations was recognized.

(Amounts presented in thousand Euro except otherwise stated)

In December 2019, the 100% subsidiary of the Company under the name "Xylades Energy SA", acquired through participation in a share capital increase 79.10% of the company's share capital under the name "Photovoltaic Paliomylos SA.». The company owns a 1MW power plant. In addition, in January 2020 the above subsidiary proceeded with the acquisition of the remaining 20.9% of the share capital of the company. The resulting temporary goodwill of the above acquisition was determined based on the book value of the acquired entity and is temporary. The determination of the fair value of their assets, liabilities and contingent liabilities, the Purchase Price Allocation (PPA) and the finalization of the resulting goodwill will be completed within 12 months from the acquisition in accordance with IFRS 3 - Business Combinations. Below is the calculation of the temporary acquisition goodwill of the above subsidiary:

	2019-2020
	Palaiomilos S.A.		Total
Total purchase consideration	1.060	868	1.928
	Accounting values
Assets
Non-current assets	1.261	1.261
Short-term receivables	0	0
Cash and cash equivalents	36	36
Total assets	1.296	1.296
Liabilities
Long-term liabilities	8	8
Short-term liabilities	4	4
Total liabilities	12	12
Net assets	1.284	1.284
Percentage (%) acquired	79,10%	20,90%
Net assets acquired	1.016	268
Consideration paid in cash	1.060	868
Assets acquired	1.016	268
Goodwill (Temporary)	44	600	644
Consideration paid in cash	1.060	868
Cash on acquisition date	36	36
Net cash out flow	1.024	832

Due to the finalization of the resulting appreciation according to IFRS 3 (Business combination) based on the fair values of the acquired companies, the Profit and Loss Account, the cash flow statement and the statement of changes in equity of 3rd quarter 2019 were formed as follows:

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Income statements – Group (30/09/2019)

	GROUP
	Adjusted 2019	Initially published
Sales	400.097	400.097
Cost of sales	(331.228)	(331.228)
Gross profit	68.868	68.869
Selling expenses	(20.742)	(20.742)
Administrative expenses	(22.980)	(22.802)
Other operating income / (expenses) net	1.170	1.170
Other profit / (loss) net	626	626
Operating profit	26.942	27.121
Finance income	465	465
Finance costs	(4.230)	(4.230)
Finance costs - net	(3.765)	(3.764)
Share of profit/ (loss) of associates	-	-
Profit/ (Loss) before income tax	23.177	23.357
Income tax expense	(7.014)	(7.057)
Profit/ (Loss) after tax for the year from continuing operations	16.164	16.300
Attributable to :
Controlling interest	15.669	15.804
Non-controlling interest	495	495
	16.164	16.300

Earnings/(Losses) per share attributable to equity holders of the Company (in € per share)

Basic and diluted	0,4384	0,4422

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Cash flow – Group (30/09/2019)

	Group
	Adjusted 2019	Initially published
Profit/ (Loss) before tax Adjustments for:	23.177	23.357
Depreciation of property, plant and equipment Amortization of investment properties	8.529 7	8.529 7
Amortization of intangible assets	1.749	1.569
Amortization of right-of-use assets	3.137	3.137
Impairments of investment properties	105	105
Impairments of other investments	(130)	(130)
Interest expense	(465)	(465)
Interest income	4.230	4.230
Dividends proceeds	(468) 39.871	(468) 39.871
Changes in working capital
(Increase) / decrease in inventories	793	793
(Increase) / decrease in receivables	(29.957)	(29.957)
Increase/ (decrease) in liabilities	(12.990)	(12.990)
(Increase) / decrease in financial assets through P & L	(78)	(78)
Increase / (decrease) in retirement benefit obligations	611	611
	(41.620)	(41.620)
Net cash generated from operating activities	(1.749)	(1.749)
Interest paid	(4.230)	(4.230)
Income tax paid	(3.111)	(3.111)
Net cash generated from operating activities	(9.090)	(9.089)
Cash flows from investing activities
Purchase of property, plant and equipment	(1.916)	(1.916)
Purchase of intangible assets	(1.052)	(1.052)
Purchase of financial assets	(352)	(352)
Proceeds from sale of property, plant, equipment and intangible assets	954	954
Proceeds from financial assets availiable for sale	374	374
Purchase of subsidiaries & accosiates and other investment activities	(22.445)	(22.445)
Dividends received	465 468	465 468
Net cash used in investing activities	(23.504)	(23.504)
Cash flows from financing activities
Proceeds from borrowings	39.047	39.047
Repayment of borrowings	(5.696)	(5.696)
Repayment of lease liabilities	(2.930)	(2.930)
Net cash used in financing activities	30.421	30.421
Net increase/ (decrease) in cash and cash equivalents	(2.173)	(2.172)
Cash and cash equivalents at beginning of year	63.164	63.164
Cash and cash equavelents of acquired subsidiary	(2.884)	(2.884)
Cash, cash equivalents and restricted cash at end of the period	63.876	63.876

for the period ended 30 September 2020

(Amounts presented in thousand Euro except otherwise stated)

Statement of changes in equity – Group (30/09/2019)

Initial published

	Attributable to equity holders of the Company
	Share capital	Other reserves	Retained eairnings	Own shares	Total	Non-controling interests	Total Equity
GROUP
Balance at 1 January 2019	3.680	7.982	127.747	-	139.410	765	140.173
Profit/ (Loss) for the period	-	-	15.804	-	15.804	496	16.300
Consolidation of new subsidiaries and increase in stake in existing ones	-	-	(27)	-	(27)	-	(27)
Balance at 30 September 2019	3.680	7.982	143.524	-	155.185	1.261	156.446

Reformed

	Attributable to equity holders of the Company
	Share capital	Other reserves	Retained earnings	Own shares	Total	Non-controling interests	Total Equity
Balance at 1 January 2019	3.680	7.982	127.708	-	139.371	765	140.133
Profit/ (Loss) for the year	-	-	15.669	-	15.669	495	16.165
Other comprehensive income / (loss) for the year, net of tax	-	-	-	-	-	-	-
Total comprehensive income / (loss)	-	-	15.669	-	15.669	495	16.165
Consolidation of new subsidiaries and increase in stake in existing ones	-	-	(27)	-	(27)	-	(27)
Balance at 30 September 2019	3.680	7.982	143.350	-	155.013	1.260	156.272

29 Events after the balance sheet date of issuance

According to the decision of the Board of Directors of November 6, 2020, an Extraordinary General Meeting will be held on December 1, 2020, to discuss and decide on the approval of the distribution of retained earnings of previous years amounting to 10,722,268.80 euros to the Shareholders with cash.

Τhere are no other significant events that could have a material impact on the Group's and Company's financial statements that have occurred since the date of issue of these financial statements.