ATTICA HOLDINGS S.A. Annual Financial Report for the period 1.1.2019 to 31.12.2019 (In compliance with article 4 of Law 3556/2007) (amounts in Euro thousand) ATTICA HOLDINGS S.A. Registration Number: 7702/06/B/86/128 Commercial Registration Number: 5780001000 1-7 Lysikratous & Evripidou Street,176 74 Kallithea, Athens, Greece FINANCIAL REPORT FOR THE FISCAL YEAR 2019 CONTENTS Page Statement of the Board of Directors’ Members .......................................................................................................... 4 Independent Auditor’s Report ..................................................................................................................................... 5 Annual Report of the Board of Directors for the fiscal year 2019 ............................................................................. 11 Capital risk management .......................................................................................................................................... 25 Annual Consolidated and Company Financial Statements for the Fiscal Year 2019 .............................................. 47 Statement of comprehensive income for the period ended December 31 2019 & 2018 ......................................... 48 Statement of financial position as at 31st of December 2019 and at December 31, 2018 ...................................... 49 Statement of changes in equity of the Group (period 1-1 to 31-12-2019)................................................................ 50 Statement of changes in equity of the Group (period 1-1 to 31-12-2018)................................................................ 50 Statement of changes in equity of the Company (period 1-1 to 31-12-2019) .......................................................... 51 Statement of changes in equity of the Company (period 1-1 to 31-12-2018) .......................................................... 51 Cash Flow Statement (period 1-1 to 31-12 2019 and 2018) .................................................................................... 52 NOTES TO THE FINANCIAL STATEMENTS .......................................................................................................... 53 1. General information .................................................................................................................................. 53 2. Significant Group accounting policies ....................................................................................................... 53 2.1. Basis of preparation of financial statements ............................................................................................. 53 2.1.1. Major accounting judgements and main sources of uncertainty for accounting estimations.................... 54 2.2. Consolidation ............................................................................................................................................ 55 2.2.1. Accounting Policy in accordance with the presentation of Anek S.A. - Superfast Endeka Hellas INC &CO Joint Venture in the financial statements of the Group ............................................................................ 55 2.2.2. Subsidiaries ............................................................................................................................................... 55 2.2.3. Consolidated financial statements ............................................................................................................ 55 2.3. Investments ............................................................................................................................................... 55 2.4. Associates ................................................................................................................................................. 56 2.5. Joint arrangements ................................................................................................................................... 56 2.6. Tangible assets ......................................................................................................................................... 57 2.7. Intangible assets ....................................................................................................................................... 57 2.7.1 Goodwill .................................................................................................................................................... 57 2.7.2. Trademarks ............................................................................................................................................... 58 2.7.3. Computer software .................................................................................................................................... 58 2.8. Impairment of assets/ Reversal of impairments ........................................................................................ 58 2.9. Inventories ................................................................................................................................................. 59 2.10. Trade receivables...................................................................................................................................... 59 2.11. Cash and cash equivalents ....................................................................................................................... 59 2.12. Share capital ............................................................................................................................................. 59 2.13. Dividends .................................................................................................................................................. 59 2.14. Revenue .................................................................................................................................................... 59 2.14.1. Revenue from passengers and vehicle fares ........................................................................................... 60 2.14.2. Revenue from on board sales ................................................................................................................... 60 2.14.3. Interest income.......................................................................................................................................... 60 2.14.4. Dividend income........................................................................................................................................ 60 2.14.5. Revenue from chartering .......................................................................................................................... 60 2.15. Accounting for Government grants and disclosure of Government assistance ........................................ 60 2.15.1. Government grants related to assets ........................................................................................................ 60 2.15.2. Government grants related to income....................................................................................................... 60 2.16. Operating Segment ................................................................................................................................... 60 2.17. Expenses .................................................................................................................................................. 61 2.17.1. Recognition of expenses ........................................................................................................................... 61 2.17.2. Financial expenses ................................................................................................................................... 61 2.17.3. Borrowing costs......................................................................................................................................... 61 2.17.4. Employee benefits .................................................................................................................................... 61 ATTICA HOLDINGS S.A., 1- 7 LYSIKRATOUS & EVRIPIDOU STR., 176 74, KALLITHEA, ATHENS pg. 1 FINANCIAL REPORT FOR THE FISCAL YEAR 2019 2.17.4.1. Short-term benefits ................................................................................................................................... 61 2.17.4.2. Post-employment benefits ........................................................................................................................ 61 2.17.5. Leases ....................................................................................................................................................... 62 2.17.5.1. IFRS 16 “leases” ....................................................................................................................................... 62 2.17.5.2. Operating leases ....................................................................................................................................... 63 2.17.6. Provisions, contingent liabilities and contingent assets ............................................................................ 63 2.17.7. Allocation of revenue and expenses ......................................................................................................... 64 2.17.7.1. Allocation of joint revenue and expenses ................................................................................................. 64 2.17.7.2. Allocation of expenses on a monthly basis ..............................................................................................