Viohalco S A : Consolidated Annual Report 2021

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Table of contents

A.	Viohalco	2
B.	Message from the President
of the Board of Directors	4
C.	Business segments	6
D.	Financial highlights 2021	10
E.	Business segments' review	16
F.	Subsequent events	66
G.	Risks and uncertainties	68
H.	Non-financial information report	72
I.	Corporate governance statement	92
J.	Appendix - Alternative Performance
Measures (APMs)	106
K.	EU Taxonomy Reporting Principles	110
L.	Consolidated financial statements 2021
and Auditor's report	115
M.	Declaration of responsible persons	194
N.	Condensed statutory balance sheet
and income statement	195
O.	Glossary	197

A. Viohalco

Viohalco S.A.

is listed on Euronext Brussels (VIO) and the Athens Stock Exchange (BIO).

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VIOHALCO

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ANNUAL REPORT 2021

Cenergy Holdings S.A.

a subsidiary of Viohalco, is listed on Euronext Brussels and the Athens Stock Exchange (CENER).

ElvalHalcor S.A.

a subsidiary of Viohalco, is listed on the Athens Stock Exchange (ELHA).

Viohalco S.A. ('Viohalco') is the Belgium-based holding company of leading metal processing companies, which sustainably manufacture aluminium, copper, cables, steel and steel pipes products.

Viohalco companies supply high-quality, innovative products to a diverse range of markets, including building and construction, packaging (rigid, semi-rigid and flexible), transportation (automotive, shipbuilding and rail), energy and power networks (offshore energy, utilities and power grids, renewable energy, gas and liquid fuels), heating, ventilation, air conditioning and refrigeration ('HVAC&R'), water supply, telecommu-nications and printing, along with various industrial applications.

Viohalco's dedicated research, development and innovation ('R&D&I') and technology segment focuses on product innovation, industrial research, technological development, engineering applications and ERP application services, to ensure its companies maintain superior product and service quality.

Viohalco is also active in the real estate sector, predominantly in Greece, mainly through a leading Real Estate Investment Company ('REIC'). Companies in the real estate segment also provide a wide range of additional real estate, property and facility management services to Viohalco subsidiaries.

Production facilities across Greece, Bulgaria, the United Kingdom, Romania, North Macedonia and participations in production facilities in Turkey, Russia and the Netherlands are supported by a strong marketing and sales network. This comprises commercial subsidiaries, agents and distributors, which enable the Viohalco companies to provide comprehensive customer support on a global scale.

Across all segments, Viohalco companies offer products and services that closely align with current global sustainability trends. This reflects their ability to meet the evolving needs and commitments of customers, and their commitment as responsible corporate citizens to operate in a sustainable manner.

Such trends include a growing commitment to a low carbon, circular economy, reflected in rising demand for easily recyclable products, with high recycled content; a clear transition from fossil-fuel consumption to climate neutrality, through the use of renewable energy sources; sustainable urbanisation reflected in the rise of energy-efficient buildings and e-mobility; and ongoing technological advancements.

A significant portion of Viohalco companies' products and solutions caters directly to these trends. These include recyclable aluminium packaging made from secondary raw materials, lightweight and energy-efficient aluminium products, copper products with high recycled content for use in energy efficiency and digital applications, circular construction steel products, cables to facilitate the transportation of green energy, steel pipes to support the energy transition, and the development of more environmentally-friendly buildings, among others.

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