Thrace Plastics and Commercial S A : Accounting treatment of the sale of property of the fully owned (100%) subsidiary Thrace Link Inc.
September 03, 2020 at 05:04 pm EDT
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August 28, 2020
Accounting treatment of the sale of property of the fully owned (100%) subsidiary Thrace Link Inc.
The Management of Thrace Plastics Co S.A. in application of the clauses of article 17 with number 596/2014 of the Regulation of the European Parliament and the Council as of 16th April
The Management of Societe Anonyme under the name 'THRACE PLASTICS HOLDING COMPANY SOCIETE COMMERCIAL ANONYME', with the distinctive title 'THRACE PLASTICS CO S.A.' (called as 'Company' hereafter), in application of the clauses of article 17 with number 596/2014 of the Regulation of the European Parliament and the Council as of 16th April 2014, and following the relevant announcement dated 18/06/2020 on the transfer of the privately owned industrial property of the subsidiary Thrace Linq Inc., informs the investors' community that in order to more accurately depict this particular financial event from an accounting perspective, always in accordance with the International Financial Reporting Standards , and given the existence of a condition for the definite collection of an oustanding amount of the purchase consideration at a later time after the transaction date, the Group will recognize the corresponding extraordinary gain, after the collection of the proceeds in total and subsequently the definite completion of the transaction. The cash received to date, as a result of the aforementioned transaction, was utilized to reduce the Group's Net Debt.
It should be noted, however, that the Group continues its satisfactory financial performance during the first half of the current year, despite the non-recognition of the corresponding extraordinary gain, as a result of the above transaction.
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Thrace Plastics Co. SA published this content on 28 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 September 2020 21:04:08 UTC
Thrace Plastics Holding and Commercial Societe Anonyme, formerly Thrace Plastics Co SA, is a Greece-based company engaged in the production and trade of plastic products, textiles and packaging materials. The Company's range of products are divided into three categories: Technical Fabrics & Fibers, which includes such products as woven and non-woven geotextiles, ground covers, crop covers, nets, roofing membranes, staple fibers, concrete reinforcement fibers, geogrids, Mega bag components and carpet and industrial yarns; Consumer Packaging, which offers plastic containers and lids, cups, tubs, bottles, bags for liquid packaging, as well as plastic packaging for food products, and Industrial Packaging, which includes ropes and twines, big bags, films, woven polypropylene bags, bags for heavy duty, pallet covers, and stretch hoods. The Company operates through its local and international subsidiaries.
THRACE PLASTICS HOLDING COMPANY S.A. 
