Iktinos Hellas S A Greek Marble Industry Technical and Touristic : Annual Financial Report 2020

ANNUAL FINANCIAL REPORT

FISCAL YEAR

1st JANUARY TO 31st DECEMBER 2020

According to article 4 of L. 3556/2007

IKTINOS HELLAS S.A.

GREEK ΜARBLE INDUSTRY TECHNICAL AND TOURISTIC COMPANY

G.E.MI. Number 000949319001 (AR.M.A.E. 2304/06/Β/86/53)

7 LYKOVRISSIS STR., 14452 METAMORFOSI ATTICA

Τel. 210-2826825 Fax. [phone]

e-mail : info@iktinos

www.iktinos.gr

CONTENTS

1. Representations of the members of the Board of Directors (According to article 4 § 2 of L.

3556/2007) ....................................................................................................................................	4
2. Independent Certified Public Accountant's Report ..................................................................	5

3. Report for the activities of the audit committee of the societe anonyme IKTINOS HELLAS SA 13

4. Annual Report of the Board of Directors ..................................................................................	21
5. Annual Corporate and Consolidated Financial Statements for the period from 1st January
to 31st December 2020.................................................................................................................	66
5.1. Total Revenue Statement ......................................................................................................	66
5.2. Statement of Financial Position.............................................................................................	68
5.3. Consolidated Statement of Changes in Equity......................................................................	69
5.4. Corporate Statement of Changes in Equity...........................................................................	71
5.5. Statement of Cash Flows (Indirect Method).............................................................................	73
6. Information about the Group ...................................................................................................	74
6.1. General information ..............................................................................................................	74
6.2. Nature of Operations .............................................................................................................	74
6.3. Participations in other companies.........................................................................................	76
6.4. Companies participating in the consolidated financial statements of the Group................	78
7. Framework of preparation of financial statements .................................................................	80
7.1 General framework of preparation.........................................................................................	80
7.2.1 Amendments to Accounting Policies ...................................................................................	80
7.2.2 New Standards, Interpretations, Revisions and Amendments to Existing Standards,
which have not yet entered into force or have not been adopted by the European Union ........	82
7.3 Significant accounting estimations and judgments of the Management .............................	85
8. Basic Accounting Principles ......................................................................................................	90
9. Risk Management....................................................................................................................	109
10. Financial reporting per segment ..........................................................................................	113
11. Notes on the Financial Statements ......................................................................................	116
11.1. Tangible fixed assets .........................................................................................................	116
11.2. Intangible Assets ...............................................................................................................	120
11.3 Real estate investments .....................................................................................................	121
11.4. Investments in Subsidiaries and Related Companies ......................................................	122
11.5. Deferred taxes....................................................................................................................	123
11.6. Other long-termreceivables..............................................................................................	125
11.7. Inventories.........................................................................................................................	125
11.8. Customers and other trade receivables ............................................................................	125
Annual Corporate and Consolidated Financial Statements 31 December 2020	Page 2

11.9. Other receivables ...............................................................................................................	127
11.10. Cash and cash equivalents ..............................................................................................	127
11.11. Equity ...............................................................................................................................	128
11.12. Loan liabilities ..................................................................................................................	131
11.13. Employee benefit liabilities .............................................................................................	132
11.14. Government Grants..........................................................................................................	133
11.15. Provisions.........................................................................................................................	134
11.16. Suppliers and other liabilities..........................................................................................	134
11.17. Current tax liabilities .......................................................................................................	135
11.18. Other short-termliabilities..............................................................................................	135
11.19. Sales .................................................................................................................................	135
11.20. Expenses per category.....................................................................................................	135
11.21. Other operating income/expenditure .............................................................................	137
11.22. Financial income/expenditure ........................................................................................	138
11.23. Other financial Results ....................................................................................................	138
11.24. Results from related companies......................................................................................	139
11.25. Income tax .......................................................................................................................	139
11.26. Earnings per share ...........................................................................................................	140
11.27. Financial assets and liabilities.........................................................................................	141
11.28. Fair value of non-financialinstruments ..........................................................................	146
11.29. Contingent receivables - liabilities..................................................................................	147
11.30. Transactions with related parties ...................................................................................	148
11.31. Dividends..........................................................................................................................	149
11.32. Number of employees......................................................................................................	149
11.33. Website where the financial reports of the group are uploaded ...................................	149
11.34. Events subsequent to the balance sheet date ................................................................	150

Annual Corporate and Consolidated Financial Statements 31 December 2020

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1. Representations of the members of the Board of Directors (According to article 4 §
2. of L. 3556/2007)
   The members of the Board of Directors of IKTINOS HELLAS S.A.

1. Chaidas Evangelos, son of Nikolaos, Chairman of the Board of Directors and CEO;
2. Chaida Ioulia, daughter of Evangelos, Vice-President of the Board of Directors;
3. Chaida Anastassia, daughter of Evangelos, Member of the Board of Directors.

In our abovementioned capacity, specifically appointed for this purpose by the Board of Directors of the Société Anonyme under the corporate name "IKTINOS HELLAS S.A." we hereby state and certify that as far as we know:

1. the attached annual company and consolidated financial statements for the fiscal period 01/01- 31/12/2020, which have been prepared in accordance with the applicable accounting standards, provide a true picture of the assets and liabilities, equity and results of the company, as well as of the operations included in the consolidation, taken as a whole; and,
2. the attached Board of Directors' report provides a true picture of the evolution, performance and of the financial position of the company, as well as of the operations included in the consolidation, taken as a whole, including a description of the main risks and uncertainties which they face;
3. the attached annual company and consolidated financial statements are ones approved by the Board of Directors of "IKTINOS HELLAS S.A." on 23 April 2021 and have been published by having been uploaded on the internet, at the www.iktinos.gr website

Metamorfosi Attica, 27 April 2021

The certifying individuals,

The Chairman of the BoD	The members appointed by the BoD
& CEO

Chaidas Evangelos	Ioulia Chaida	Anastassia Chaida
ID No. ΑΕ 079957	ID No. ΑΝ 685224	ID No. AN 674657

Annual Corporate and Consolidated Financial Statements 31 December 2020

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2. Independent Certified Public Accountant's Report

To the Shareholders of the Company "IKTINOS HELLAS SOCIETE ANONYME"

Audit Report on the company and consolidated financial statements

Opinion

We have audited the attached company and consolidated financial statements of the Company "IKTINOS HELLAS SOCIETE ANONYME" (the "Company"), which consist in the company and consolidated statement of financial position as at 31st December 2018, the company and consolidated comprehensive income statements, statement of changes in equity and statement of cash flows for the fiscal year then ended, as well as a summary of significant accounting principles and methods and other explanatory information.

In our opinion, the attached company and consolidated financial statements present fairly, in all material aspects, the financial position of the Company and of its subsidiaries (the Group) as at 31st December 2020, their financial performance and cash flows for the fiscal year then ended, in accordance with International Financial Reporting Standards (IFRS), as these have been adopted by the European Union.

Basis of Opinion

We conducted our audit in accordance with the International Standards on Auditing (ISA), as these have been incorporated in Greek Legislation. Our responsibilities under those standards are further described in the paragraph of our report "Auditor's responsibilities for the audit of the company and consolidated financial statements". We are independent of the Company and its consolidated subsidiaries throughout the duration of our appointment in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants, as this has been incorporated in Greek Legislation and the ethical requirements that are relevant to our audit of the company and consolidated financial statements in Greece and we have fulfilled our ethical obligations in accordance with the requirements of the applicable legislation and of the aforementioned Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters which, in our professional judgment, were of the highest significance in our audit on the company and consolidated financial statements of the current fiscal year. These matters and the related risks of material misstatement were treated in the context of the audit of the company and consolidated financial statements as a whole for the purpose of forming our opinion thereon and we do not express a separate opinion on these matters.

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Annual Corporate and Consolidated Financial Statements 31 December 2020

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