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Annual Financial Report According to Article 4 of L. 3556/2007 for The Annual Financial Report According to article 4 of L. 3556/2007 for the financial year from January 1st, 2019 to December 31st, 2019 (amounts in € thousand unless otherwise mentioned) MARFIN INVESTMENT GROUP HOLDINGS S.A. Achaias 3 & Trizinias, 145 64 Kifissia, Greece Tel. +30 210 6893450 General Commercial Reg. Nr. 3467301000 (Societe Anonyme Reg. Nr. 16836/06/Β/88/06) ANNUAL REPORT 2019 [THIS PAGE HAS DELIBERATELY BEEN LEFT BLANK] MARFIN INVESTMENT GROUP HOLDING S.A., Achaias 3 & Trizinias, 145 64 Kifissia, Greece Page 2 ANNUAL REPORT 2019 Table of Contents A. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS ............................................... 6 Β. INDEPENDENT AUDITOR'S REPORT ............................................................................................................. 7 С. MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF “MARFIN INVESTMENT GROUP S.A.” ON THE CONSOLIDATED AND CORPORATE FINANCIAL STATEMENTS FOR THE YEAR 2019 ................ 14 D. ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED AS AT 31st OF DECEMBER 2019 ............................................................................................................ 93 CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR 2019 ................................................. 94 SEPARATE INCOME STATEMENT FOR THE FINANCIAL YEAR 2019 ........................................................... 95 CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 2019 .................................................................................................................................................... 96 STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31st 2019 .......................................................... 97 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2019 ..................... 98 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2018 ..................... 99 SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2019 ............................ 100 SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2018 ............................ 100 STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR 2019 (CONSOLIDATED AND SEPARATE) . 101 1 GENERAL INFORMATION ON THE GROUP ........................................................................................... 103 2 GROUP STRUCTURE AND ACTIVITIES .................................................................................................. 104 3 BASIS OF FINANCIAL STATEMENTS PRESENTATION ......................................................................... 112 4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ....................................................................... 119 5 SIGNIFICANT ACCOUNTING ESTIMATES AND MANAGEMENT ASSESSMENTS ............................... 140 6 BUSINESS COMBINATIONS AND ACQUISITIONS OF NON-CONTROLLING INTERESTS .................. 143 7 DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS............ 145 8 OPERATING SEGMENTS........................................................................................................................... 148 9 PROPERTY, PLANT AND EQUIPMENT .................................................................................................... 151 10 GOODWILL ................................................................................................................................................ 154 11 INTANGIBLE ASSETS ................................................................................................................................ 157 12 INVESTMENTS IN SUBSIDIARIES ............................................................................................................ 158 13 INVESTMENTS IN ASSOCIATES .............................................................................................................. 160 14 OTHER FINANCIAL ASSETS AND OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS ..................................................................................................................................................... 160 15 INVESTMENT PROPERTY ........................................................................................................................ 161 16 OTHER NON-CURRENT ASSETS .............................................................................................................. 162 17 DEFERRED TAX ASSETS AND OBLIGATIONS ....................................................................................... 162 18 INVENTORY ............................................................................................................................................... 163 19 TRADE AND OTHER RECEIVABLES ....................................................................................................... 164 20 OTHER CURRENT ASSETS ....................................................................................................................... 164 21 CASH, CASH EQUIVALENTS AND RESTRICTED CASH ......................................................................... 165 22 SHARE CAPITAL AND SHARE PREMIUM ............................................................................................... 165 23 OTHER RESERVES AND FAIR VALUE RESERVES ................................................................................. 166 24 EMPLOYEE RETIREMENT BENEFITS ..................................................................................................... 166 25 GRANTS ...................................................................................................................................................... 169 26 BORROWINGS ............................................................................................................................................ 170 27 CHANGES IN LIABILITIES FROM FINANCING ACTIVITIES ............................................................... 174 28 FINANCIAL DERIVATIVES ....................................................................................................................... 175 29 PROVISIONS............................................................................................................................................... 175 30 OTHER LONG-TERM LIABILITIES .......................................................................................................... 176 MARFIN INVESTMENT GROUP HOLDING S.A., Achaias 3 & Trizinias, 145 64 Kifissia, Greece Page 3 ANNUAL REPORT 2019 31 SUPPLIERS AND OTHER LIABILITIES ................................................................................................... 176 32 TAX PAYABLE ........................................................................................................................................... 176 33 OTHER SHORT-TERM LIABILITIES ........................................................................................................ 177 34 SALES ........................................................................................................................................................ 177 35 COST OF SALES – ADMINISTRATIVE – DISTRIBUTION EXPENSES ................................................... 178 36 OTHER OPERATING INCOME.................................................................................................................. 179 37 OTHER OPERATING EXPENSES .............................................................................................................. 179 38 OTHER FINANCIAL RESULTS.................................................................................................................. 180 39 FINANCIAL EXPENSES ............................................................................................................................. 181 40 FINANCIAL INCOME ................................................................................................................................. 181 41 PROFIT/(LOSS) FROM ASSOCIATES CONSOLIDATED UNDER THE EQUITY METHOD ................... 181 42 INCOME TAX ............................................................................................................................................. 182 43 EARNINGS PER SHARE ............................................................................................................................. 183 44 ANALYSIS OF TAX EFFECTS ON OTHER COMPREHENSIVE INCOME ............................................... 184 45 RELATED PARTY TRANSACTIONS ......................................................................................................... 184 46 CONTINGENT LIABILITIES ..................................................................................................................... 186 47 FAIR VALUE OF FINANCIAL INSTRUMENTS ........................................................................................ 192 48 RISK MANAGEMENT POLICIES .............................................................................................................. 194 49 STATEMENT OF FINANCIAL POSITION POST REPORTING DATE EVENTS ...................................... 200 50 APPROVAL OF FINANCIAL STATEMENTS ............................................................................................. 208 MARFIN INVESTMENT GROUP HOLDING S.A., Achaias 3 & Trizinias, 145 64 Kifissia, Greece Page 4 ANNUAL REPORT 2019 ABBREVIATIONS As used in the Financial Statements unless otherwise mentioned: «Company», «Group», «MIG»
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