Annual Financial Report According to article 4 of L. 3556/2007 for the financial year from January 1st, 2020 to December 31st, 2020 (amounts in € thousand unless otherwise mentioned) MARFIN INVESTMENT GROUP HOLDINGS S.A. El. Venizelou 10, 106 71 Athens, Greece Tel. +30 210 3504000 General Commercial Reg. Nr. 3467301000 (Societe Anonyme Reg. Nr. 16836/06/Β/88/06) ANNUAL REPORT 2020 [THIS PAGE HAS DELIBERATELY BEEN LEFT BLANK] MARFIN INVESTMENT GROUP HOLDING S.A., El. Venizelou 10, 106 71 Athens, Greece Page 2 ANNUAL REPORT 2020 Table of Contents A. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS .............................................. 6 Β. INDEPENDENT AUDITOR'S 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 YEAR 2020 ..................... 13 D. ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED AS AT 31st OF DECEMBER 2020 ........................................................................................................... 55 CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR 2020 ................................................ 56 SEPARATE INCOME STATEMENT FOR THE FINANCIAL YEAR 2020 .......................................................... 57 CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR 2020 ................................................................................................................................................... 58 STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31st 2020 ......................................................... 59 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2020 .................... 60 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2019 .................... 61 SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2020 ............................. 62 SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR 2019 ............................. 62 STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR 2020 (CONSOLIDATED AND SEPARATE) .. 63 1 GENERAL INFORMATION ON THE GROUP ............................................................................................ 65 2 GROUP STRUCTURE AND ACTIVITIES ................................................................................................... 66 3 BASIS OF FINANCIAL STATEMENTS PRESENTATION .......................................................................... 72 4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ........................................................................ 78 5 SIGNIFICANT ACCOUNTING ESTIMATES AND MANAGEMENT ASSESSMENTS ................................ 98 6 BUSINESS COMBINATIONS AND ACQUISITIONS OF NON-CONTROLLING INTERESTS .................. 101 7 DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS............ 102 8 OPERATING SEGMENTS........................................................................................................................... 105 9 PROPERTY, PLANT AND EQUIPMENT .................................................................................................... 108 10 GOODWILL ................................................................................................................................................ 111 11 INTANGIBLE ASSETS ................................................................................................................................ 114 12 INVESTMENTS IN SUBSIDIARIES ............................................................................................................ 115 13 INVESTMENTS IN ASSOCIATES .............................................................................................................. 117 14 OTHER FINANCIAL ASSETS AND OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS ..................................................................................................................................................... 118 15 INVESTMENT PROPERTY ........................................................................................................................ 118 16 OTHER NON-CURRENT ASSETS .............................................................................................................. 119 17 DEFERRED TAX ASSETS AND OBLIGATIONS ....................................................................................... 120 18 INVENTORY ............................................................................................................................................... 120 19 TRADE AND OTHER RECEIVABLES ....................................................................................................... 121 20 OTHER CURRENT ASSETS ....................................................................................................................... 122 21 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ................................................................. 122 22 SHARE CAPITAL AND SHARE PREMIUM ............................................................................................... 123 23 OTHER RESERVES AND FAIR VALUE RESERVES ................................................................................. 123 24 EMPLOYEE RETIREMENT BENEFITS OBLIGATIONS .......................................................................... 124 25 GRANTS…………………………………………………………………………………………………………………126 26 BORROWINGS ............................................................................................................................................ 126 27 CHANGES IN LIABILITIES FROM FINANCING ACTIVITIES ................................................................ 130 28 FINANCIAL DERIVATIVES ....................................................................................................................... 131 29 PROVISIONS............................................................................................................................................... 132 30 OTHER LONG-TERM LIABILITIES .......................................................................................................... 133 MARFIN INVESTMENT GROUP HOLDING S.A., El. Venizelou 10, 106 71 Athens, Greece Page 3 ANNUAL REPORT 2020 31 SUPPLIERS AND OTHER LIABILITIES ................................................................................................... 133 32 TAX PAYABLE ........................................................................................................................................... 133 33 OTHER SHORT-TERM LIABILITIES ........................................................................................................ 133 34 SALES……………………………………………………………………………………………………………………134 35 COST OF SALES – ADIMINISTRATIVE – DISTRIBUTION EXPENSES .................................................. 134 36 OTHER OPERATING INCOME.................................................................................................................. 135 37 OTHER OPERATING EXPENSES .............................................................................................................. 136 38 OTHER FINANCIAL RESULTS.................................................................................................................. 136 39 FINANCIAL EXPENSES ............................................................................................................................. 137 40 FINANCIAL INCOME ................................................................................................................................. 137 41 PROFIT /(LOSS) FROM ASSOCIATES CONSOLIDATED UNDER THE EQUITY METHOD .................. 138 42 INCOME TAX ............................................................................................................................................. 138 43 EARNINGS PER SHARE ............................................................................................................................. 139 44 ANALYSIS OF TAX EFFECTS ON OTHER COMPREHENSIVE INCOME ............................................... 140 45 RELATED PARTIES TRANSACTIONS ...................................................................................................... 140 46 CONTINGENT LIABILITIES ..................................................................................................................... 142 47 FAIR VALUE OF FINANCIAL INSTRUMENTS ........................................................................................ 150 48 RISK MANAGEMENT POLICIES .............................................................................................................. 152 49 STATEMENT OF FINANCIAL POSITION POST REPORTING DATE EVENTS ...................................... 160 50 APPROVAL OF FINANCIAL STATEMENTS ............................................................................................. 162 MARFIN INVESTMENT GROUP HOLDING S.A., El. Venizelou 10, 106 71 Athens, Greece Page 4 ANNUAL REPORT 2020 ABBREVIATIONS As used in the Financial Statements unless otherwise mentioned: «Company», «Group», «MIG» refers to “MARFIN INVESTMENT GROUP HOLDINGS S.A.” «ΑΤΗΕΝΙΑΝ ENGINEERING» refers to “ATHENIAN ENGINEERING S.A.” «ATTICA» refers to “ATTICA HOLDINGS S.A.” “BARBA STATHIS” refers to “BARBA STATHIS SINGLE MEMBER S.A.” «BVI» refers to BRITISH VIRGIN ISLANDS “DELTA” refers