HELLENIC DAIRIES S.A. ANNUAL FINANCIAL STATEMENTS of the Period from January 1st to December 31st 2020 Annual Financial Statements of December 31st 2020 Annual Financial Statements of the Period from January 1st 2020 to December 31st 2020 It is certified that these Annual Financial Statements of the period 01.01.2020-31.12.2020 are those approved by the Board of Directors of “HELLENIC DAIRIES S.A.” during its meeting on the 6th of August 2021. Page 2 of 87 Annual Financial Statements of December 31st 2020 CONTENTS Α. Report of the Board of Directors of HELLENIC DAIRIES S.A. on the Financial Statements of the Company for the period 01/01/2020-31/12/2020 ................................................................................ 6 Α.1. Financial Position – Performance – Other Information ........................................ 7 Α.2. Performance of the Group and the Company .................................................... 10 Α.3. Share capital .................................................................................................... 11 Α.4. Dividend Policy ................................................................................................ 11 Α.5. Holdings .......................................................................................................... 11 Α.6. Commitments - Guarantees .............................................................................. 12 Α.6.1. Penalty Clauses and Legal Affairs .................................................................... 12 Α.6.2. Other Contingent Liabilities .............................................................................. 12 Α.7. Other Information ............................................................................................. 12 Α.7.1. Facilities – Branches ........................................................................................ 12 Α.7.2. Employment Matters ........................................................................................ 13 Α.8. Environmental Issues ....................................................................................... 13 Α.9. Activities in Research & Development .............................................................. 13 Α.10. Significant Events of the Financial Year 2020 ................................................... 13 Α.11. Perspectives and Strategic Goals of the Company and the Group .................... 14 Α.12. Risk Management and Hedging Policies ........................................................... 15 Α.13. Transactions with related parties...................................................................... 18 Α.14. Significant Events after 31.12.2020 ................................................................... 21 Β. Independent Auditor’s Report .......................................................................................................... 22 C. Financial Statements ........................................................................................................................ 26 C.1. Financial Position Statement (amounts in €) .......................................................................... 26 C.2. Total Income Statement ........................................................................................................... 27 C.3. Changes in Equity Statement – Group Details ....................................................................... 30 C.4. Cash Flow Statement ................................................................................................................ 34 C.5. General Information .................................................................................................................. 36 General Information ......................................................................................................................... 36 C.6. Summary of Significant Accounting Principles and Methods .............................................. 38 C.6.1. Basis of Preparation of the Financial Statements .................................................................. 38 C.6.1.1. Use of Estimates ....................................................................................................................... 38 C.6.1.2. Accounting Estimates and Judgments of the Administration .............................................. 38 C.6.2. Main Accounting Principles and Methods ......................................................... 41 C.6.2.1. Foreign currency conversion ............................................................................ 41 C.6.2.2. Tangible fixed assets ....................................................................................... 42 C.6.2.3. Financial instruments ....................................................................................... 43 C.6.2.4. Goodwill of the Company .................................................................................. 44 C.6.2.5. Investments in property .................................................................................... 44 C.6.2.6. Investments in subsidiaries and associates ...................................................... 45 C.6.2.6.1. Subsidiaries ................................................................................................... 45 C.6.2.6.2. Associates ..................................................................................................... 45 C.6.2.6.3. Other companies ............................................................................................ 46 C.6.2.7. Inventories ....................................................................................................... 46 C.6.2.8. Cash and cash equivalents ............................................................................... 46 C.6.2.9. Company reserves ............................................................................................ 46 C.6.2.10. Share capital ................................................................................................... 46 C.6.2.11. Recognition of income and expenses .............................................................. 46 C.6.2.12. Provisions ....................................................................................................... 46 C.6.2.13. Loans .............................................................................................................. 47 C.6.2.14. Employee benefits........................................................................................... 47 C.6.2.15. Leases ............................................................................................................ 47 Page 3 of 87 Annual Financial Statements of December 31st 2020 C.6.2.16. Income tax & deferred taxation ........................................................................ 48 C.6.2.17. Transactions in foreign currencies .................................................................. 48 C.6.2.18. Financial instruments ...................................................................................... 48 C.7. Notes on Financial Statements ................................................................................................ 52 C.7.1. Results ....................................................................................................................................... 52 C.7.1.1. Turnover .................................................................................................................................... 52 C.7.1.2. Other income ............................................................................................................................. 52 C.7.1.3. Expenses per cost category .................................................................................................... 54 C.7.1.4. Expenses per function ............................................................................................................. 54 C.7.1.5. Other expenses ......................................................................................................................... 55 C.7.1.6. Financial results ........................................................................................................................ 55 C.7.1.7. Income tax ................................................................................................................................. 56 C.7.2. Owner-occupied fixed assets and investments in property................................................. 59 C.7.3. Intangible assets ....................................................................................................................... 63 C.7.4. Rights to use assets ................................................................................................................. 63 C.7.5. Investments in subsidiaries ..................................................................................................... 66 C.7.6. Investments in other companies ............................................................................................. 67 C.7.7. Existing encumbrances ............................................................................................................ 67 C.7.8. Other long-term receivables .................................................................................................... 67 C.7.9. Inventories ................................................................................................................................. 68 C.7.10. Trade and other receivables ...................................................................................................