Entersoft S A : FINANCIAL DATA AND INFORMATION 31-12-2020 (22/04/2021) (23/04/2021)

ENTERSOFT S.A.

Companies Register No.: 52460/01NT/B/02/200

G.E.MI. No.: 122264001000

Registered Office: 362, Syngrou Ave. & Evripidou 17674 Kallithea

FINANCIAL DATA AND INFORMATION FOR THE YEAR

from 1 JANUARY 2020 to 31 DECEMBER 2020

The following data and information deriving from the Financial Statements aim to provide a general overview for the financial position and the results of operations of "ENTERSOFT S.A.". Therefore, we recommend the users of the financial data and information, before making any investment decision or proceeding to any other transaction with the Company, to visit the Company's web site, where the consolidated and separate Financial Statements are available together with the Independent Auditor's Report.

COMPANY INFORMATION

Competent Authority	: Hellenic Republic Athens Chamber of Commerce
		and Industry G.E.MI. Service
Website address of the Company	: www.entersoft.gr
Board of Directors	: Name	Position on the Board & Capacity
		Pantelis Nikolopoulos	Chairman, Non-executive member
		Antonios Kotzamanidis	Managing Director, Executive member
		Konstantinos Dimitrakopoulos	Vice Chairman, Executive member
		Charalampos Avratoglou	Executive member
		Stavros Menegos	Executive member
		Konstantinos Fokas	Non-executive member
		Aikaterini Papachristopoulou	Executive member
		Marika Lamprou	Independent non-executive member
		Aikaterini Pramatari	Independent non-executive member
Date of Approval by the Board of Directors
of the Annual Financial Statements	:	21/04/2021
The Certified Auditor	:	Dimitrios Tanos
Audit Firm	: KPMG CERTIFIED AUDITORS S.A.
Type of Auditor's Report	:	Unqualified

1.1. DATA FROM STATEMENTS OF FINANCIAL POSITION (consolidated and separate) (Amounts in Euro)

		GROUP		COMPANY
	31.12.2020	31.12.2019	31.12.2020			31.12.2019
ASSETS
Property, plant and equipment (PPE)	2.517.911	2.426.530	2.222.184			2.304.796
Intangible assets	6.103.282	2.498.689	2.701.280			2.413.652
Goodwill	2.152.017	138.095	0			0
Investments in subsidiaries	0	0	6.158.210			1.000.327
Other non-current assets	114.291	327.539	461.878			318.314
Trade receivables	7.192.436	7.049.861	6.112.479			6.644.677
Other current assets	8.097.896			3.451.526		5.829.345			2.712.022
TOTAL ASSETS	26.177.833	15.892.240	23.485.375			15.393.788
EQUITY AND LIABILITIES
Share Capital	1.500.000	1.336.800	1.500.000			1.336.800
Other components of equity	14.991.441			9.379.010		14.560.064			9.465.632
Total equity owners of the parent (a)	16.491.441	10.715.810	16.060.064			10.802.432
Non controlling interests (b)	21.568			17.630		0			0
Total equity (c) = (a) + (b)	16.513.009			10.733.440		16.060.064			10.802.432
Provisions/Other non-current liablities	4.060.728	2.141.934	3.113.313			2.025.415
Other current liabilities	5.604.097			3.016.864		4.311.998			2.565.942
Total Liabilities (d)	9.664.825			5.158.798		7.425.312			4.591.357
TOTAL EQUITY AND LIABILITIES (c) + (d)	26.177.833			15.892.238		23.485.376			15.393.789

1.5. ADDITIONAL DATA AND INFORMATION

1. Group Structure. The Group companies with their respective addresses, participating interests and consolidation method are as follows:

Name - Address		Consolidation Method	Participation % Held by Parent
ENTERSOFT S.A.			Parent
362, Syngrou Ave. and Evripidou Kallithea, Athens-Greece
ENTERSOFT BULGARIA EOOD		Full Consolidation	100,00%
Evrotur Bisiness Center 12 Mihail Tenev 6th fl/21st Sofia-Bulgaria
ENTERSOFT ROMANIA SOFTWARE SRL		Full Consolidation	100,00%
43 Polona St., 6th floor, Bucharest-Romania
RETAIL-LINK S.A.		Full Consolidation	97,64%
362, Syngrou Ave. and Evripidou Kallithea, Athens-Greece	0,976
ENTERSOFT MIDDLE EAST FZ LLC -		Full Consolidation	100,00%
IMPZ, Publishing Pavilion , Office 220, P.O. BOX: 500424,
Dubai UAE
OPTIMUM S.A.		Full Consolidation	100,00%
Acharnon 457 & Thespieon, Athens-Greece

1. There are no shares of the Company, which are held either by the parent or by its subsidiaries at the end of the current year.
2. The Company and its subsidiary Retail-Link SA have obtained an unqualified tax compliance certificate from their statutory auditor with respect to its tax obligations for the years ended 31 December 2011 to 2019. For the tax position of the Company and Retail-Link SA for the year ended 31 December 2020, the tax compliance assurance work from the statutory auditor is in progress. The management assesses that If additional tax liabilities arise until the completion of the tax audit, it is estimated that these will not have a material effect on the Financial Statements. The tax obligations for the years 2011,2012,2013 and 2014 are considered as final in accordance with the Greek tax legislation. The Company's subsidiary Optimum S.A. has not received a tax compliance certificate and has not been audited by the tax authorities for the all the fiscal years up to 2020. Optimum has booked a provision for its open tax years of Euro 143.000.If additional tax liabilities arise until the completion of the tax audit, it is estimated that these will not have a material effect on the Financial Statements. Detailed analysis is presented in Note 10.32 of the Financial Statements.
3. The annual consolidated Financial Statements of Entersoft SA and of its subsidiaries for the year ended 31 December 2020 have been prepared in accordance with International Financial Reporting Standards (IFRS) that have been issued by the International Accounting Standards Board (IASB) and have been adopted by the European Union (EU), as presented in note 6 of the annual Financial Statements of the Group and the Company.Where necessary, comparative data have been presented in a different manner to be consistent with any differences in the presentation of current year data.
4. The Board of Directors that approved the annual Financial Statements for the year ended 31 December 2020 on April 21, 2021 proposes the dividend distribution of Euro 0.06 per share, a total amount of Euro 1.800.000. The final decision for the dividend distribution is subject to the approval of the Ordinary General Meeting of shareholders.
5. There are no disputed or under arbitration cases of national or administrative courts that have a material impact on the financial position or operation of the
6. There are no real liens on the Company's assets.

8.Table of transactions with related parties as defined in IAS 24 (Amounts in Euro):
	31.12.2020
Income	260.690
Receivables	361.060
Benefits to directors and first-degree relatives	847.536

1. Number of employees at the end of the year: Group 286 (31.12.2019: 243), Company 200 (31.12.2019: 188).
2. An overview of significant events that occurred in the year is presented below:

9/3/2020: The Board of Directors announces that on Tuesday, March,10 2020 the trading of the total 5.000.000 shares of the company in the Regulated Market of the Athens Stock Exchange begins. The offer price of the Company's shares was set to Euro 7,00 per share, equal to the offer price which was set at the Prospectus during the Public Offering.

12/5/2020: At the Extraordinary General Assembly Meeting it was decided the decrease of the registered value of each ordinary voting share from thirty cents of Euro (0,30 Euro) to five cents of Euro (0.05 Euro) and replacement of each (1) old ordinary Company share with six (6) new registered Company shares, with increase of the total number of ordinary Company shares from 5.000.000 to 30.000.000 new ordinary voting shares of 0,05 Euro register value (stock split 1:6).

22/10/2020: The acquisition of the intellectual property, of the software Plexis ERP and of customer relationships from the company Computer Life ABEE was announced. The agreed purchase price amounted to Euro 350.000 and was financed from the Company's cash.

1/12/2020: The extraordinary general meeting of shareholders decided the dividend distribution of total amount of Euro 1.350.000, Euro 0,045 per share from the Company's retained earnings in accordance with paragraph 3 of article 162 of Law 4548/2018.

30/12/2020: The Company announces the acquisition of 100% of the shares of the company Optimum SA. The agreed consideration was Euro 5.1 million

and its payment was agreed as follows: 50% upon signing of the agreement, 25% payable in 12 months and 25% payable in 18 months. This acquisition was partly financed by the funds raised from the Company's listing in the Main Market of Athens Stock Exchange and partly from the Company's cash. With this acquisition, Entersoft is dynamically strengthening its portfolio of Supply Chain solutions and gains a leading position. It is a strategic acquisition for the Group supporting its continuous growth.

11. Continuing its investment plan, the Parent Company announced on March 1, 2021 that it is dynamically entering in the eCommerce software field, by acquiring the 100% shares of the limited liability company named "Wedia Ltd". The total consideration was agreed at Euro 500.000 and was fully-paid by the Company's cash.

1.2. DATA FROM STATEMENTS OF COMPREHENSIVE INCOME (consolidated and separate) (Amounts in Euro)

	GROUP			COMPANY
	1.1.-31.12.20201.1.-31.12.20191.1.-31.12.20201.1.-31.12.2019
Sales revenue	16.570.949			15.413.984		12.962.846		12.406.182
Gross profit	10.855.848			9.647.949	8.485.968	7.760.806
Earnings before taxes, financing and investing results (EBIT)	4.438.354			3.061.324	3.140.340	2.256.372
Profit before tax	4.293.631			2.907.156		3.613.160		2.324.403
Profit after tax (A)	3.512.118			2.240.017		2.994.461		1.800.076
Other comprehensive income/(loss) after tax (Β)	-15.737			25.874	-30.164
Total comprehensive income after tax (Α)+(Β)	3.496.381			2.265.892	2.964.296	1.800.076
Attributable to:
- Owners of the parent	3.498.033			2.228.356	2.994.461	1.800.076
- Non controlling interests	14.085			11.662		0		0
	3.512.118			2.240.017	2.994.461	1.800.076
Total comprehensive income attributable to:
- Owners of the parent	3.482.295			2.254.230	2.964.296	1.800.076
- Non controlling interests	14.085			11.662		0		0
	3.496.381			2.265.893	2.964.296	1.800.076
Earnings after tax per share - basic (in Euro)	0,1190			0,5001	0,1019	0,4040
Earnings before taxes, financing and investing results	5.801.879			4.362.925	4.413.957	3.443.056
and depreciation-amortisation (EBITDA)

1.3. DATA FROM STATEMENTS OF CHANGES IN EQUITY (consolidated and separate) (Amounts in Euro)

	GROUP		COMPANY
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Total equity at the beginning of the year
(01.01.2020 and 01.01.2019 respectively)
Total comprehensive income after tax	10.733.441	9.430.518	10.802.432	9.870.923
	3.496.380	2.265.892	2.964.297	1.800.076
Subsidiaries expenses recognised directly in equity	0	-81.336	0	0
Increase/decrease in reserves	0	-8.610	0	0
Share Capital Increase	3.788.960	0	3.788.960	0
Share capital increase expenses recognised directly in equity	-145.624	-66.487	-145.624	-66.487
Dividend distribution	-1.360.148	-806.535	-1.350.000	-802.080
Total equity at the end of the year
(31.12.2020 and 31.12.2019 respectively)	16.513.009		10.733.441		16.060.064		10.802.432

1.4. DATA FROM STATEMENT OF CASH FLOWS (consolidated and separate) (Amounts in Euro)

Indirect method	GROUP		COMPANY
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Cash Flows from Operating Activities
Profit before taxes	4.293.631	2.907.156	3.613.160	2.324.403
Adjustments for:
Depreciation and Amortisation	1.363.525	1.301.600	1.273.618	1.186.684
Provisions	381.289	100.843	281.987	135.354
Gain on valuation of financial assets at fair value through profit or loss	-12.276	-12.985	-12.276	-12.985
Impairment of goodwill of subsidiaries	0	370.832	0	370.832
Depreciation of granted fixed assets	-78.604	-78.604	-78.604	-78.604
Dividend income	0	0	-600.394	-184.305
Finance income	-9.210	-7.722	-6.569	-15.884
Finance cost	165.669	174.875	146.418	145.144
Working capital adjustments:
Decrease/(increase) of Receivables	343.054	-1.151.074	512.709	-1.033.978
(Decrease)/increase of current liabilities	463.937	-12.724	438.956	-114.878
(except borrowings and taxes)
(Decrease)/increase of tax liabilities	-6.212	-537.744	-1.017	-348.559
Less:
Interest expense paid	-162.025	-174.875	-146.418	-145.144
Income tax paid	-662.554		-672.153		-519.527		-810.368
Net cash flows from Operating Activities (a)	6.080.224		2.207.425		4.902.043		1.417.712

Cash Flows from Investing Activities
Acquisition of property, plant and equipment (PPE)	-161.217	-89.736	-81.437	-87.272
Acquisition of intangible assets	-353.041	0	-350.000	-704
Development expenditure	-681.365	-558.064	-597.228	-460.589
Acquisition of subsidiary (net of cash acquired in the Group)	-1.815.711	0	-2.550.000	0
Interest received	6.656	20.707	6.569	15.884
Dividends received	0	0	600.394	184.306
Increase/decrease of non-current liabilities (except borrowings)	0		190		0		0
Net cash used in Investing Activities (b)	-3.004.678	-626.903	-2.971.702	-348.375
Cash Flows from Financing Activities
Proceeds from issue of share capital	3.788.960	0	3.788.960	0
Dividends paid	-1.360.148	-806.535	-1.350.000	-802.080
Proceeds from S.C. return of subsidiary	0	0	0	100.000
Payment of lease liabilities	-477.960	-418.522	-462.051	-389.275
Share Capital increase expenses recognised directly in equity	-145.624	-66.487	-145.624	-66.487
Repayment of borrowings	-485.019		-486.215		-409.565		-468.696
Net cash flows from/(used in) Financing Activities (c)	1.320.209	-1.777.759	1.421.720	-1.626.538
Net increase/(decrease) in cash
and cash equivalents for the year (a) + (b) + (c)	4.395.755	-197.237	3.352.061	-557.201
Cash and cash equivalents at beginning of the year	2.788.582		2.985.817		1.837.662		2.394.864
Cash and cash equivalents at end of the year	7.184.337	2.788.582	5.189.723	1.837.662

	Kallithea, 21 April 2021
PANTELIS N. NIKOLOPOULOS	ANTONIOS N. KOTZAMANIDIS
CHAIRMAN OF THE BOD	MANAGING DIRECTOR
I.D. Number AH 120205	I.D. Number AE 223981

NEKTARIA A. LIVANIOU ACCOUNTING MANAGER I.D. Number AN 689070