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6-MONTH FINANCIAL REPORT for the PERIOD ENDED 30Th JUNE 2017

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6-MONTH FINANCIAL REPORT for the PERIOD ENDED 30Th JUNE 2017 6-MONTH FINANCIAL REPORT FOR THE PERIOD ENDED 30th JUNE 2017 According to article 5 of L. 3556/2007 and relevant executive decisions of Hellenic Market Commission Board of Directors (amounts in € thousand unless otherwise mentioned) MARFIN INVESTMENT GROUP HOLDINGS S.A. 67, Thiseos Avenue, 146 71 Kifissia, Greece Tel. +30 210 6893450 General Commercial Reg. Nr. 3467301000 (Societe Anonyme Reg. Nr. 16836/06/Β/88/06) INTERIM FINANCIAL REPORT FOR THE th PERIOD ENDED JUNE 30 , 2017 [THIS PAGE HAS DELIBERATELY BEEN LEFT BLANK] MARFIN INVESTMENT GROUP HOLDING S.A., 67 Thiseos Ave, 146 71 Kifissia, Greece Page 2 INTERIM FINANCIAL REPORT FOR THE th PERIOD ENDED JUNE 30 , 2017 Table of Contents A. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS ................................................ 6 B. INDEPENDENT AUDITOR’S REVIEW REPORT ............................................................................................... 7 C. MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF “MARFIN INVESTMENT GROUP S.A.” ON THE CONSOLIDATED AND CORPORATE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED AS AT 30/06/2017 .......................................................................................................................................... 9 D. INTERIM CONDENSED SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30th 2017 ............................................................................................................................ 25 Ι. INTERIM SIX MONTH FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30/06/2017 . 26 CONSOLIDATED CONDENSED INCOME STATEMENT (01/01-30/06/2017) ...................................................... 26 SEPARATE CONDENSED INCOME STATEMENT (01/01-30/06/2017) ................................................................ 27 CONDENSED STATEMENT OF COMPREHENSIVE INCOME (01/01-30/06/2017) ............................................. 28 CONDENSED STATEMENT OF FINANCIAL POSITION AS OF 30/06/2017 ....................................................... 29 CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (01/01-30/06/2017) ......................... 30 CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (01/01-30/06/2016) ......................... 31 SEPARATE CONDENSED STATEMENT OF CHANGES IN EQUITY (01/01-30/06/2017) ................................... 32 SEPARATE CONDENSED STATEMENT OF CHANGES IN EQUITY (01/01-30/06/2016) ................................... 32 CONDENSED STATEMENT OF CASH FLOWS (01/01-30/06/2017) ...................................................................... 33 ΙΙ. NOTES TO THE CONDENSED 6-MONTH INTERIM FINANCIAL STATEMENTS ....................................... 35 1 GENERAL INFORMATION ON THE GROUP ............................................................................................... 35 2 GROUP STRUCTURE AND ACTIVITIES ...................................................................................................... 36 3 BASIS OF FINANCIAL STATEMENTS PRESENTATION ............................................................................ 47 4 BASIC ACCOUNTING POLICIES .................................................................................................................. 49 5 ESTIMATES ..................................................................................................................................................... 52 6 BUSINESS COMBINATIONS AND ACQUISITIONS OF NON-CONTROLLING INTERESTS .................... 53 7 DISCONTINUED OPERATIONS ..................................................................................................................... 54 8 OPERATING SEGMENTS ............................................................................................................................... 56 9 PROPERTY, PLANT AND EQUIPMENT ....................................................................................................... 59 10 INVESTMENTS IN SUBSIDIARIES................................................................................................................ 61 11 INVETSMENTS IN ASSOCIATES .................................................................................................................. 61 12 OTHER CURRENT ASSETS ........................................................................................................................... 62 13 TRADING PORTFOLIO AND FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS . 62 14 CASH, CASH EQUIVALENTS AND RESTRICTED CASH ............................................................................ 63 15 SHARE CAPITAL AND SHARE PREMIUM ................................................................................................... 63 16 OTHER RESERVES AND FAIR VALUE RESERVES .................................................................................... 64 17 BORROWINGS ................................................................................................................................................ 64 18 DERIVATIVES ................................................................................................................................................. 70 19 OTHER SHORT-TERM LIABILITIES ........................................................................................................... 70 20 SALES .............................................................................................................................................................. 71 21 COST OF SALES – ADMINISTRATIVE – DISTRIBUTION EXPENSES ...................................................... 71 22 OTHER OPERATING EXPENSES .................................................................................................................. 72 23 PROFIT/(LOSS) FROM ASSOCIATES CONSOLIDATED UNDER THE EQUITY METHOD ..................... 72 24 STAFF COSTS ................................................................................................................................................. 73 25 MANAGEMENT REMUNERATION ............................................................................................................... 73 26 EARNINGS PER SHARE ................................................................................................................................. 73 27 ANALYSIS OF TAX EFFECTS ON OTHER COMPREHENSIVE INCOME ................................................. 74 28 RELATED PARTY TRANSACTIONS ............................................................................................................. 75 MARFIN INVESTMENT GROUP HOLDING S.A., 67 Thiseos Ave, 146 71 Kifissia, Greece Page 3 INTERIM FINANCIAL REPORT FOR THE th PERIOD ENDED JUNE 30 , 2017 29 CONTINGENT LIABILITIES ......................................................................................................................... 77 30 FAIR VALUE OF FINANCIAL INSTRUMENTS ............................................................................................ 85 31 RISK MANAGEMENT POLICIES .................................................................................................................. 87 32 STATEMENT OF FINANCIAL POSITION POST REPORTING DATE EVENTS ........................................ 89 33 APPROVAL OF FINANCIAL STATEMENTS ................................................................................................ 91 MARFIN INVESTMENT GROUP HOLDING S.A., 67 Thiseos Ave, 146 71 Kifissia, Greece Page 4 INTERIM FINANCIAL REPORT FOR THE th PERIOD ENDED JUNE 30 , 2017 ABBREVIATIONS As used in the Financial Statements unless otherwise mentioned: “Company”, “Group”, “MIG” refers to “MARFIN INVESTMENT GROUP HOLDINGS S.A.” “ATHENIAN ENGINEERING” refers to “ATHENIAN ENGINEERING S.A.” former “OLYMPIC ENGINEERING S.A.” “ATTICA” refers to “ATTICA HOLDINGS S.A.” “BLUE STAR” refers to “BLUE STAR MARITIME S.A.” “BVI” refers to BRITISH VIRGIN ISLANDS “EVEREST” refers to “EVEREST S.A.” “FORTRESS” refers to “FORTRESS INVESTMENT GROUP” “GOODY’S” refers to “GOODY’S S.A.” “MARFIN CAPITAL” refers to “MARFIN CAPITAL S.A.” “MIG AVIATION 1” refers to “MIG AVIATION 1 LTD” “MIG AVIATION 2” refers to “MIG AVIATION 2 LTD” “MIG AVIATION HOLDINGS” refers to ”MIG AVIATION HOLDINGS LTD” “MIG LEISURE” refers to “MIG LEISURE LTD” “MIG LRE CROATIA” refers to “MIG LEISURE & REAL ESTATE CROATIA B.V.” “MIG REAL ESTATE” refers to “MIG REAL ESTATE S.A.” “MIG REAL ESTATE SERBIA” refers to “MIG REAL ESTATE (SERBIA) B.V.” “MIG SHIPPING” refers to “MIG SHIPPING S.A.” “OLYMPIC AIR” refers to “OLYMPIC AIR S.A.” “RKB” refers to “JSC ROBNE KUCE BOEGRAD” “SINGULARLOGIC” refers to “SINGULARLOGIC S.A.” “SKYSERV” refers to “SKYSERV HANDLING S.A.” former “OLYMPIC HANDLING S.A.” “SUNCE” refers to “SUNCE KONCERN D.D. ZAGREB” “VIVARTIA” refers to “VIVARTIA HOLDINGS S.A.” “DELTA” refers to “DELTA FOODS S.A.” “ASE” refers to “ATHENS STOCK EXCHANGE” “ASP” refers to “AVAILABLE FOR SALE PORTFOLIO” “IFRS” refers to “INTERNATIONAL FINANCIAL REPORTING STANDARDS” “CTDC” refers to “THE CYPRUS TOURISM DEVELOPMENT PUBLIC COMPANY LTD” “MEVGAL” refers to “MEVGAL S.A.” “MITERA” refers to “MITERA HOSPITAL S.A.” “BARBA STATHIS” refers to “BARBA STATHIS S.A.” “CBL” refers to “CONVERTIBLE BOND LOAN” “HYGEIA” refers to “HYGEIA S.A.” “CGU” refers to “CASH GENERATING UNIT” MARFIN INVESTMENT GROUP HOLDING S.A., 67 Thiseos Ave, 146 71 Kifissia, Greece Page 5 INTERIM FINANCIAL REPORT FOR THE th PERIOD ENDED JUNE 30 , 2017 A. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS The below statements, made in compliance with Article 5, Par. 2 of
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