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Interim Financial Report for the Period

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Interim Financial Report for the Period PETROS PETROPOULOS AEBE Commercial and Industrial Societe Anonym Iera odos street 96-102, 10447 Athens General Commercial Registry Number 285301000 INTERIM FINANCIAL REPORT FOR THE PERIOD 1 January 2020 - 30 June 2020 In Accordance with the Law 3556/2007 The interim financial report has been approved by the Board of Directors of the company PETROS PETROPOULOS AEBE on 03/08/2020, and has been published on the internet in electronic address www.petropoulos.com . Head offices Iera Odos street 96-104 General commercial registry number 285301000 Competent Authority Ministry of Finance, Structures, Shipping, and Tourism, General Secretariat of Commerce and Consumer Protection, General Administration of the Market, Administration of Companies and General Commercial Registry Number, Department of listed Entities and Sports SA. Members of the Board of Michael Economakis, Michalis Michaloutsos, Theodoros Directors: Anagnostopoulos, Ioannis Filiotis, Nikolaos Embeoglou, Ioannis Katsouridis, Georgios Drakos, Stefanos Manos Date of approval of the financial report 3.8.2020 Audit Firm : MPI HELLAS SA Conclusion of review report Unqualified conclusion PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020 CONTENTS Page Declarations of the members of directors 3 Interim financial report of the board of directors 4 Α) First Semester Report - Activity Evolution - Performance - Changes 4 Β) Significant events that took place during the first six months and their impact on the 5 interim financial report – Treasure shares C) Risks and uncertainties - expected evolution of activities for the second half. 5 D) Alternative Performance Measures 6 Ε) Related party transactions 7 Review Report of Independent Auditor on Interim Financial Information 9 Interim financial information for the period 01.01 – 30.06.2020 10 Statement of financial position 11 Statement of comprehensive income 12 Statement of changes in equity – group 13 Statement of changes in equity – company 14 Cash flow statement 15 1. Information about the group 16 1.1 General information 16 1.2 Structure of the group 16 2. Significant accounting policies 17 Significant accounting estimates and conventions in applying accounting policies / New 2.1 17 accounting standards 2.2 Consolidation 18 2.3 Operating Segments 18 3. Additional information on the interim financial statements of 30.06.2020 24 3.1 Tangible and intangible assets 24 3.2 Inventory / Receivables from customers / Other receivables 24 3.3 Borrowings 26 3.4 Income tax 26 3.5 Seasonality 27 3.6 Dividends 27 3.7 Related party transactions 27 3.8 Contingencies 28 3.9 Events after the balance sheet date 28 Data and information for the period 01.01 – 30.06.2020 32 2 PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020 DECLARATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS (According to article 5 par.2c of Law 3556/2007) The members of the Board of Directors of Petros Petropoulos SA: Michalis Oikonomakis, Chairman of the Board of Directors, Theodoros Anagnostopoulos, Chief Executive Officer and Ioannis D. Filiotis, Member, in our above mentioned capacity and Mr. Ioannis Filiotis, who was specially appointed by the Board of Directors of PETROS PETROPOULOS AEBE, we declare that to the best of our knowledge: (a) the interim financial information for the period 01.01 – 30.06.2020 that has been prepared in accordance with the applicable accounting standards give a true and fair view of the assets and liabilities, the net position and the results of the Group and the Company and of the companies included in the consolidation taken as a whole, in accordance with par. 3-5 of the Law 3556/2007 and (b) the Company's Board of Directors report accurately reflects the Company's development, its performance and financial position as well as of the entities included in the consolidation taken as a whole, including a description of the main risks and uncertainties they face on the basis of par. 6 of article 5 of the Law 3556/2007. Athens August 3, 2020 Michael I. Economakis Chairman of the Board Theodoros V. Anagnostopoulos Chief Executive Officer Ioannis D. Filiotis Board of Directors’ Member 3 PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020 INTERIM FINANCIAL REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD 01.01 – 30.06.2020 This Report of the Board of Directors was prepared in accordance with the provisions of paragraph 6 of article 5 of the Law 3556/2007 and the decisions of the Board of Directors of the Hellenic Capital Market Commission pursuant to the Law. The purpose of the REPORT is to inform the investing public for: • The financial position, the results, the course of the Group and the Company during the current period, as well as the changes that have been made. • The significant events that took place during the first half of the current financial year and their impact on the six-month financial report. • The risks that may arise for the Group and the Company in the second half of the current year. • The transactions between the Company and its related parties. A) First Semester Report - Activity Evolution - Performance - Changes. The global economic downturn that we have been experiencing since the beginning of March this year, due to the public health crisis caused by the Covid-19 pandemic, with the adverse effects on the country's development and investment course, the disruptions in the liquidity of the domestic market, the international trade, as well as the supply chain and exports, has significantly affected some economic figures of the company and the group. In particular, the Group's sales in the first half of 2020 decreased by 20,5% compared to the corresponding period in 2019, from euro 57,3 m. to 45,5 m., mainly from the vehicle sector. Similarly, the almost general lock down had an impact on the large increase in the value of stocks from euro 16 m. at 31.12.2019 to euro 27,8 m. at 30.06.2020, as pre covid-19 car orders arrived in Greece and remained at customs. However, this situation has started to improve considerably since June of the year, stabilized in July and is expected to develop in the same way for the rest of the year, considering that the covid-19 development will be controllable and governments will not be forced to take new emergency measures, if the situation deteriorates. However, gross profit of the Group and Company amounted to 18,9% compared to 16,9% in 2019. The increase of gross profit is due to the large proportional decrease in sales of passenger cars in accordance with the above mentioned, which are sold at a lower gross profit than the rest products of the company. The net profit of the group remained at the previous year level 0,9 m. euro and the net profit of the company at 0,8 m. euro compared to 0,6 m. of the year 2019. The operating expenses of the Group decreased by 8,7% and of the Company by 10,9% compared to the same period of the previous year. In particular, staff costs that represent of approximately 50% of total expenses decreased from 3,4 m. to 3,3 m. The number of employees of the Group increased to 156 persons compared to the same corresponding period of the previous year, which was 149 persons. 4 PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020 Average credit limits provided to customers amounted to 71 days in the first half of this year compared to 62 days of 2019 and is estimated to fall to 65 days in the second half. It is crucial that losses and shortfalls from customers are very small. Although the market in which the group operates showed a decrease in the current period, the group's share remained at the same level as last year. Investments in fixed assets amounted to € 1.127.958,96 in the first half, compared to a budget of € 1.666.842 for the whole year. B) Significant events that took place during the first six months and their impact on the interim financial report - Treasury Shares. In the current period, the Group's borrowing increased from 14,6 m. at 31.12.2019 to 23,5 at 30.06.2020. Net borrowing however (loans less cash) remained almost stable, (increased from 5,9 m. euro at 31.12.2019 to 6,1 m. euro at 30.06.2020, given that cash was not used. Financial cost remained at the same level compared to the same period of the previous year. The increase in borrowing is related to the administration's provision to address any emergencies that may arise from the evolution of covid-19 in the coming period. The Company at the end of the period had 5.761 treasury shares. C) Risks and uncertainties - expected evolution of activities for the second half. Projected Evolution / Prospects. Despite the looming deterioration of the economic climate, due to covid-19 reliable and objective forecasts, they still cannot exist. The group will continue to seek partnerships in Greece and abroad while looking at advantageous acquisitions of other companies with similar objects, considering that the problems of covid -19, in the medium term will be solved by the international community, even with some almost permanent effects and the company will return to its normal growth path. Financial risk The Group and the Company are exposed to several financial risks such as market price risk, credit risk, cash flow risk from interest rate fluctuations and liquidity risk, but which, under normal market conditions, affect the Group and the Company to a small extent.
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