THRACE PLASTICSCO S.A.
SEMI-ANNUAL
FINANCIAL REPORT
01.01-30.06.2021
ACCORDING TOTHE ARTICLE 5 OF LAW 3556/2007
GeneralCommerce Reg. No. 12512246000 | 21 |
Domicile: Magiko | |
Municipality of Avdira, Xanthi Greece | |
Offices: 20 Marinou Antypa Str. | |
17455 Alimos, Attica Greece |
www.thracegroup.com
Page 2 of 100 | Interim Financial Information - 01.01- 30.06.2021 |
Information regarding the preparation of the Semi-Annual Financial Report
For the period from 1st January to 30th June 2021
The present Financial Report was unanimously approved by the Board of Directors of "THRACE PLASTICS CO S.A." ("Company") on September 8, 2021, and has been posted on the Company's website www.thracegroup.gr where such will remain available to investors for a period of at least (10) ten years from the publication date and includes:
CONTENTS
I. | STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS | 3 |
- II. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF
THRACE PLASTICS CO. S.A. FOR THE PERIOD 01.01.2021 ΤΟ 30.06.2021 | 4 | ||
| III. | INDEPENDENT AUDITOR'S REPORT | 33 |
| IV. | INTERIM CONDENSED FINANCIAL INFORMATION OF THE PERIOD | |
01.01.2021 - 30.06.2021 | 35 | ||
| V. | ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT | 94 |
• Any deviation in the numbers' last digit is due to rounding.
Amounts in thousand Euro, unless stated otherwise
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- I. STATEMENTS BY REPRESENTATIVES OF
THE BOARD OF DIRECTORS
(according to article 5 of L 3556/2007)
We, the representatives of the Board of Directors, hereby state and confirm that to our knowledge:
- The interim condensed financial information of the Group and the Company, which concerns the period from January 1st 2021 to June 30th 2021 was prepared in accord- ance with the accounting standards in effect, depicts accurately the Assets and Liabili- ties, Equity and Results of the Company, as well as those of the companies included in the consolidation and considered aggregately as a whole, and
- The Semi-Annual Report of the Board of Directors of the Company accurately presents the information required based on par. 6 of article 5 of Law 3556/2007.
Xanthi, 08 September 2021
THE SIGNATORIES:
The Chairman of the Board | The Chief Executive Officer | The Non-Executive |
of Directors | & Executive Member of | Member of the Board of |
the Board of Directors | Directors |
Konstantinos St. Chalioris | Dimitris P. Malamos | Vasileios S. Zairopoulos |
Amounts in thousand Euro, unless stated otherwise
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- II. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS Co. S.A. FOR THE PERIOD 01.01.2021 ΤΟ 30.06.2021
INTRODUCTION
The present Semi-Annual Management Report by the Board of Directors (called hereinafter for abbreviation purposes as "Report") was prepared in accordance with the relevant provisions of Law 4548/2018 (Gov. Gaz. 104Α/13.06.2018) as well as of Law 3556/2007 following its amendment by Law 4374/2016, and the relevant executive decisions issued by the Board of Directors of the Hellenic Capital Market Commission, and especially the decisions with number 1/434/3.7.2007 and 8/754/14.4.2016.
The Report includes the total required information with a concise as well as com- prehensive, objective and adequate manner and with the principle of providing the complete and substantial information with regards to the issues included in such.
Given the fact that the Company prepares consolidated and non-consolidated (sepa- rate) financial statements, the present Re-
port constitutes a single report referring mainly to the consolidated financial data of the Company. Any reference to non- consolidated financial data takes place in certain areas which have been deemed as necessary by the Board of Directors of the Company for the better understanding of the contents of the report.
It is noted that the present Report in- cludes, along with the first half 2021 financial statements, the required by law data and statements in the Semi-Annual Financial Report, which concern the particular time period.
The sections of the Report and the contents of such are in particularly as follows:
Amounts in thousand Euro, unless stated otherwise
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SECTION I: Significant events that took place during the first half of 2021
Macroeconomic Environment and effects of COVID-19
The spread of the COVID-19 pandemic from the beginning of 2020 until today, has caused and continues to cause occasional disturbances and fluctuations in global supply and demand, including Greece and other countries in which the Group operates and therefore the pandemic itself continues to create conditions of intense uncertainty. At the same time, there is still an inability to accurately assess the overall
impact that the pandemic will ultimately have on the economies, while the level of optimism created by the accelerated evolution of vaccinations is partially offset by the course of new mutations. New protection measures are being taken in some coun- tries, while in others the pandemic is in re- cession, resulting in a gradual recovery of activities.
I. Impact of the pandemic on the operation of the Group for the first half of 2021
Despite the fact that, as mentioned, the rapid and wide spread of COVID-19 coro- navirus from the beginning of 2020 until today continues to cause significant disruptions in global supply and demand, however the business and economic activity as well as operation of the Group has not been negatively affected until today.
Regarding the production activity, all the production units of the Group continued to operate smoothly during the first half of 2021, without facing any operational issue due to the spread of the pandemic, in terms of health and safety of the Group's employ- ee, as result of the particularly strict protection measures that the Group continues to implement.
From a financial point of view, the Group continues to increase its revenues and prof- itability, thus successfully offsetting any negative impact on demand. More specifi- cally, it was observed:
- Increased demand for the products be- longing to the traditional portfolio of the Group.
- Continuous demand for products aimed at the packaging sector.
- Continuous demand for products related to personal protection and health and in particular in technical fabrics, used in personal protection applications, espe- cially by local health systems, despite the fact that there were initial signs of a gradual decline in demand.
- Relatively rising demand for packaging products related to catering and tourism, compared to the previous year.
- High prices of raw materials, while in in- dividual cases additional increases were observed, depending on the type of raw material and the geographical area.
- Significantly increased energy costs, in all countries where the Group operates.
- Significant increase in transportation cost mainly due to shortage in contain- ers.
- Maintaining and further strengthening the Group's customer base.
As a result of the above, in quantitative terms, the Group managed to increase its turnover from continuing operations, and as a result, sales for the first half of 2021 amounted to € 234.3 million, increased by 50.8%, compared to the corresponding
Amounts in thousand Euro, unless stated otherwise
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Thrace Plastics Holding and Commercial SA published this content on 09 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2021 05:51:04 UTC.