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Interim Financial Statements GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens, Greece General Commercial Registry No. 253001000 (former S.A. Reg. No. 6044/06/Β/86/142) SIX‐MONTH FINANCIAL REPORT For the period 1 January to June 30, 2020 In accordance with article 5 of L. 3556/2007 and the relevant executive Decisions by the Board of Directors of the Hellenic Capital Market Commission [The current page has been deliberately left blank] CONTENTS I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS ........................................................ 5 II. SIX‐MONTH MANAGEMENT REPORT OF THE BOARD OF DIRECTORS .......................................... 7 Α. Financial Developments & Performance for the Reporting Period ................................................ 7 Β. Significant events for the period 01.01 – 30.06.2020 .................................................................... 8 C. Significant Events after the end of the reporting period 01.01 – 30.06.2020 ............................. 15 D. Risk Factors and Uncertainties ..................................................................................................... 17 Ε. Outlook and Prospects ................................................................................................................. 25 F. Alternative Performance Measures (“APMs”) ............................................................................. 29 G. Non‐Financial Information Report................................................................................................ 34 H. Treasury Shares ............................................................................................................................ 36 I. Transactions with Related Parties ................................................................................................ 37 III. Independent Auditor’s Report .................................................................................................. 44 IV. CONDENSED INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX‐ MONTH PERIOD ENDED AS AT JUNE 30th 2020 ........................................................................ 46 CONDENSED INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION AS OF 30 JUNE 2020 ............................................................................................................................................. 48 CONDENSED INTERIM CONSOLIDATED AND SEPARATE STATEMENT OF TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 01.01‐30.06.2020 ....................................................................................... 50 CONDENSED INTERIM SEPARATE AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD 01.01‐30.06.2020 ................................................................................................................................. 52 CONDENSED INTERIM SEPARATE STATEMENT OF CHANGES IN EQUITY AS OF 30 JUNE 2020 ........... 54 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS OF 30 JUNE 2020 .. 55 NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS .............................................................. 57 1. GENERAL INFORMATION ABOUT THE GROUP AND THE COMPANY ................................................ 57 2. BASIS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS ................................................... 59 3. RISK FACTORS AND UNCERTAINTIES ................................................................................................ 65 4. GROUP AND COMPANY STRUCTURE ................................................................................................ 71 5. OPERATING SEGMENTS .................................................................................................................... 79 6. BUSINESS COMBINATIONS ............................................................................................................... 85 7. INTANGIBLE ASSETS .......................................................................................................................... 88 8. TANGIBLE FIXED ASSETS ................................................................................................................... 89 9. INVESTMENTS IN SUBSIDIARIES ....................................................................................................... 89 10. INVESTMENTS IN JOINT VENTURES .................................................................................................. 90 11. FINANCIAL ASSETS – CONCESSIONS ................................................................................................. 91 12. OTHER LONG‐TERM RECEIVABLES .................................................................................................... 93 13. TRADE RECEIVABLES ......................................................................................................................... 94 14. RECEIVABLES / LIABILITIES FROM CONTRACTS WITH CUSTOMERS ................................................. 94 3 15. PREPAYMENTS AND OTHER RECEIVABLES ....................................................................................... 96 16. CASH AND CASH EQUIVALENTS ........................................................................................................ 98 17. BORROWINGS ................................................................................................................................... 98 18. EQUITY INTERESTS HAVING A SUBSTANCE OF FINANCIAL LIABILITY ............................................. 101 19. OTHER PROVISIONS ........................................................................................................................ 104 20. ACCRUED AND OTHER LIABILITIES (LONG‐TERM AND SHORT‐TERM)............................................ 106 21. FINANCIAL DERIVATIVES ................................................................................................................. 107 22. SHARE CAPITAL – EARNINGS PER SHARE ........................................................................................ 111 23. RESERVES ........................................................................................................................................ 112 24. INCOME TAX – DEFERRED TAX ....................................................................................................... 113 25. OTHER INCOME/(EXPENSES) .......................................................................................................... 114 26. PROFIT/(LOSSES) FROM SALE OF PARTICIPATIONS AND DEBT SECURITIES ................................... 116 27. GAINS/(LOSSES) FROM VALUATION OF INTERESTS ........................................................................ 116 28. FINANCIAL INCOME/(EXPENSES) .................................................................................................... 117 29. NUMBER OF HEADCOUNT .............................................................................................................. 118 30. TRANSACTIONS WITH RELATED PARTIES ........................................................................................ 118 31. MEASUREMENT OF FAIR VALUE OF FINANCIAL INSTRUMENTS ..................................................... 119 32. CONTINGENT LIABILITIES AND ASSETS ........................................................................................... 121 33. SIGNIFICANT EVENTS IN THE FIRST HALF OF 2020 ......................................................................... 127 34. CIRCULARITY ‐ SEASONALITY .......................................................................................................... 130 35. SIGNIFICANT EVENTS AFTER THE REPORTING DATE OF STATEMENT OF FINANCIAL POSITION .... 130 36. APPROVAL OF FINANCIAL STATEMENTS ......................................................................................... 132 REPORT ON USE OF FUNDS RAISED ................................................................................................ 133 4 I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS (according to article 5 par. 2 of L. 3556/2007) We 1. George Peristeris, Chairman of the Board of Directors & Chief Executive Officer 2. Apostolos Tamvakakis, Vice Chairman, Independent Non‐executive Member of the Board of Directors 3. Constantinos Vavaletskos, Vice Chairman Executive member of the Board of Directors STATE THAT To the best of our knowledge: a. The attached separate and consolidated Six Month Financial Statements of GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS for the period from January 1st 2020 to June 30th 2020, prepared in accordance with the International Financial Reporting Standards as adopted by the European Union and apply for interim financial reporting (International Accounting Standard “IAS 34”) reflect in true manner the Assets and Liabilities, the Shareholders’ Equity as at 30.06.2020 and the Total Comprehensive Income for the first six month period of 2020 of the Company, as well as of the companies included in the consolidation in aggregate, according to par. 3 – 5 of article 5 of L. 3556/2007, and b. The six‐month Board of Directors Report presents in a true and fair way the information required according to par. 6 of article 5 of L. 3556/2007. Athens, 29 September 2020 Chairman of the Board & Chief Executive Officer Georgios Peristeris Vice Chairman Vice Chairman Apostolos Tamvakakis Constantinos Vavaletskos 5 [The current page has been deliberately left blank] 6 GEK TERNA GROUP Six‐month Financial Report for the period from January 1st to June
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