21
www.thracegroup.com
ANNUAL
FINANCIAL
REPORT
01/0131/12/2021
IN ACCORDANCE ARTICLE 4 OF LAW 3556/2007 AND
THE RELEVANT EXECUTIVE DECISIONS OF THE BOARD
OF DIRECTORS OF THE HELLENIC CAPITAL MARKET
COMMISSION
General Commerce Reg. No. 12512246000
Domicile: Magiko, Municipality of Avdira
Xanthi Gr eece
Oces: 20 Marinou An typa Str .
Page 2 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Information regarding the preparation
of the Annual Financial Report
for the period from
January 1
st
to December 31
st
2021
The present Financial Report, which refers to the period from 1.1.2021 to 31.12.2021,
was prepared in accordance with the provisions of article 4 of L.3556/2007 (Gov. Gaz.
91Α’/30-04-2017), of Law 4548/2018 and the relevant decisions issued by the Board of
Directors of the Hellenic Capital Market Commission under Reg. No. 8/754/14-4-2016
and 1/434/03-07-2007 as well as with the protocol no. 62784/06-06-2017 Circular of the
Division of Enterprises and GEMI of the Ministry of Finance, Development and Tourism.
The present Report was approved unanimously by the Board of Directors of “THRACE
PLASTICS CO S.A.” (“Company”) on April 12th, 2022, has been posted on the Company’s
website www.thracegroup.gr where such will remain available to investors for a period of
at least (10) ten years from the publication date and includes:
• Any deviation in the numbers’ last digit is due to rounding.
CONTENTS
I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS 3
II. ANNUAL REPORT BY THE BOARD OF DIRECTORS OF
THRACE PLASTICS CO S.A. ON THE FINANCIAL STATEMENTS
OF THE YEAR FROM 1-1-2021 TO 31-12-2021 4
III. AUDIT REPORT BY CERTIDIED AUDITOR 142
IV. ANNUAL FINANCIAL STATEMENTS (SEPARATE AND CONSOLIDATED) 150
V. ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT 258
Annual Financial Report as of 31.12.2021
Page 3 of 276
Amounts in thousand Euro, unless stated otherwise
THE UNDERSIGNED:
I. STATEMENTS BY REPRESENTATIVES OF
THE BOARD OF DIRECTORS
(according to article 4 par. 2 of L 3556/2007)
We, the representatives of the Board of Directors, hereby state and conrm that to our
knowledge:
(a) The Annual Financial Statements (Parent and Consolidated) of the Company, which
concern the period from January 1
st
2021 to December 31
st
2021, were prepared in
accordance with the accounting standards in eect, accurately present the Assets
and Liabilities, Equity and Financial Results of the Company, as well as those of the
companies included in the consolidation and considered aggregately as a whole,
and
(b) The Annual Report by the Company’s Board of Directors accurately presents the sig-
nicant events of the year 2021 and their eect on the annual nancial statements,
the signicant transactions between the Company and its related parties, the devel-
opments, performance and position of the Company, as well as of the companies
included in the consolidation and considered aggregately as a whole, including the
description of basic risks and uncertainties they are facing.
Xanthi, 12 April 2022
The Chairman of
the Board of Directors
The Chief Executive Ocer &
Executive Member of
the Board of Directors
The Non-Executive Member of
the Board of Directors
Konstantinos St. Chalioris Dimitris P. Malamos Vasileios S. Zairopoulos
Page 4 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
II. ANNUAL REPORT BY THE BOARD OF
DIRECTORS OF THRA CE PLASTICS CO S.A.
ON THE FINANCIAL STATEMENTS OF THE
YEAR FROM 1-1-2021 TO 31-12-2021
The present Annual Report by the Board
of Directors (hereinafter called as “Report”)
refers to the scal year 2021 (01.01.2021
– 31.12.2021). The Report was prepared
in accordance with the relevant pro-
visions of Law 4548/2018 (GOV. GAZ.
104Α΄/13.06.2018) as it is currently in
force and of Law 3556/2007 as it is in ef-
fect following its amendment from Law
4374/2016 and the relevant executive de-
cisions issued by the Board of Directors of
the Hellenic Capital Market Commission,
and especially the decisions with num-
ber 1/434/3.7.2007 and 8/754/14.4.2016,
as the latter is valid after its amendment
by the decision with number 12A / 889 /
31.08.2020 of the Board of Directors of Hel-
lenic Capital Market Commission.
The Report includes the total required by
law information (nancial and non-nan-
cial information) with a concise as well as
comprehensive, objective and adequate
manner and with the principle of provid-
ing the complete and substantial informa-
tion with regards to the issues included in
such.
Given the fact that the Company prepares
consolidated and non-consolidated (sepa-
rate) nancial statements, the present Re-
port constitutes a single report referring
mainly to the consolidated nancial data
of the Company and its subsidiaries or af-
liates. Any reference to non-consolidated
nancial data takes place in certain areas
which have been deemed as necessary by
the Board of Directors of the Company for
the better understanding of the contents
of the report and towards providing inves-
tors with the most complete information.
It is noted that the present Report in-
cludes, along with the 2021 nancial
statements, the required by law data and
statements in the Annual Financial Report,
which concern the nancial year ended on
31 December 2021.
The sections of the present Report and the
contents of such are in particularly as fol-
lows:
INTRODUCTION
Annual Financial Report as of 31.12.2021
Page 5 of 276
Amounts in thousand Euro, unless stated otherwise
SECTION I: Significant events that took place during the financial year 2021
Below, the most signicant events that took place during the scal year 2021 are pre-
sented:
Macroeconomic Environment and Impact of COVID-19
Global macroeconomic conditions have
been aected for another year by the re-
curring waves of the COVID-19 pandemic,
particularly in Europe, with alterations be-
tween gradual easing of restrictive meas-
ures and re-adoption of such measures
within the year. Therefore, it is obvious
that the evolution of the pandemic was an
important determinant of the economic
and business environment, creating at the
same time conditions of uncertainty but
also business opportunities.
At the same time, in the last months of year
there has been the phenomenon of rising
ination pressures in most world econo-
mies and the constantly increasing prices
on the cost base of industrial production,
i.e. price increases in raw material prices,
in secondary materials and packaging ma-
terials, in energy costs and transportation
costs, while there is still limited evidence
of a potential reversal of the above price
pressures.
The above on the one hand generate chal-
lenges, which the Group already faces and
will continue to face in the near future
and on the other hand create conditions
of uncertainty regarding the course of the
economies and their growth patterns.
Ι. Impact of the pandemic on the operation of the Group for
the nancial year 2021
In this extremely dicult environment as
described above and in view of the signi-
cant disruptions in global supply and de-
mand forces, the business and economic
activity as well as operation of the Group
has not been adversely aected to date
and the Group continues to eectively
overcome the existing challenges.
Regarding the operation of production,
all production units within the Group con-
tinued to operate smoothly for the entire
year 2021, without facing any operational
issues from the spread of the pandemic,
regarding the health and safety of the
Group’s employees, as a result of the par-
ticularly strict protection measures taken
by the Group.
The scal year 2021 was a year of espe-
cially strong nancial performance as the
Group achieved a higher protability by
successfully osetting the negative impact
from the signicant increase seen in raw
material costs and the volatility observed
in terms of market demand. More speci-
cally, the following were observed during
the year:
• Increase of demand for products in
the construction sector.
• Signicant demand in the infrastruc-
ture and agricultural sector.
• Signicant demand for products relat-
ed to personal protection and health,
especially during the rst months of
the year, but with a signicant decline
Page 6 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
in the second half.
• Gradual increase of raw material pric-
es, while their high levels remained
throughout the year. In individual cas-
es some additional increases were ob-
served, depending on the type of raw
material and the geographical area.
• Constantly increasing energy costs,
especially during the last quarter of
the year, in all countries which the
Group is operating in.
• Signicantly higher transportation
costs with signicant lack of capac-
ity in both available ground transport
and containers.
• Signicantly increased cost with re-
gard to auxiliary materials as well as
and packaging materials.
In nancial terms, however, the Group
managed to increase its turnover from
continuing operations, taking advantage
of its production capacity, its ever-grow-
ing global network of customers and the
business opportunities that arose. The
above resulted in sales for 2021 of € 428.4
million, an increase of 26.1% compared
to 2020, mainly due to increasing selling
prices, Earnings before Taxes (EBT) from
continuing operations of € 83.9 million,
an increase of 61.1% compared to the year
2020. It should be noted that according to
estimates of the Management for the year
2021, Earnings before Taxes at the Group
level, related to the products of the exist-
ing portfolio used in personal protection
and health applications, amounted to €
51.8 million. (see note 3.3 of the nancial
statements).
Regarding the liquidity levels of the Group
and the trading cycle of the subsidiaries,
there was no negative impact due to the
pandemic crisis. On the contrary, during
the year 2021, the Group achieved the fur-
ther strengthening of its liquidity, record-
ing a Net Cash of € 9.3 million, as cash and
cash equivalents exceeded its debt liabili-
ties.
Regarding the investment plan, the imple-
mentation of the Group’s already planned
investments is progressing smoothly. The
investment plan for 2022, exceeds €40mil.
on cash basis. The investments will be
made mainly at the Group’s facilities in
Greece, but also in other countries of ac-
tivity.
It is worth mentioning that the new invest-
ment plan in its entirety, but also the ex-
isting investment actions are fully aligned
with the implementation of the Group’s
sustainability policy, in the context of its
stable, long-term, sustainable growth.
From the above it is clearly demonstrated
that for the year 2021, the Group did not
experience any negative, from a nancial
point of view, consequence both in its -
nancial results and in its trading cycle and
therefore, it did not encounter any nan-
cial risk, which would adversely aect its
business continuity. On the contrary, the
Group managed to achieve historically
high protability, which will be the basis
of its further growth in the coming years.
Annual Financial Report as of 31.12.2021
Page 7 of 276
Amounts in thousand Euro, unless stated otherwise
ΙΙ. Measures taken to reduce the impact of the pandemic
The Management of the Group continues
to closely monitor the developments re-
lated to the pandemic crisis and continues
to maintain in full implementation mode a
plan to ensure the health and safety of its
personnel as well as the smooth business
continuity of the entire Group.
In particular, in accordance with the guide-
lines and recommendations of the World
Health Organization (WHO) and the local
Public Health and Civil Protection Organi-
zations, the following measures have been
implemented:
h Establishment of sub-crisis manage-
ment teams with the participation of
the Management teams of the sub-
sidiaries and the Group, the Human
Resources Departments, the Occupa-
tional Physicians and the Safety Tech-
nicians.
h Informing employees about the coro-
navirus, the mode of transmission, the
prevention and protection measures
and providing recommendations and
instructions for personal hygiene, in
accordance with the local instructions
of the competent authorities.
h Provision of personal protective
equipment to the personnel (masks,
antiseptics, gloves).
h Carrying out disinfections at the Com-
pany’s premises on a regular basis.
h Conduct Covid-19 tests on the person-
nel, preventively and as appropriate.
h Remote work for oce employees to
the greatest possible extent.
h Protection of employees belonging to
vulnerable groups, by facilitating their
immediate removal from the premises,
without curtailing their remuneration.
h Development of specic procedures
and protocols for all visitors to the
Company’s facilities (carriers, contrac-
tors, technicians, etc.)
h Conducting meetings among the em-
ployees of all Companies as well as the
Management of the Group and con-
ducting Board of Directors’ meetings
between the Board of Directors with-
out physical presence and by using
electronic or audiovisual means (e.g.
video conference).
h Conducting General Meetings by vid-
eo conference, in accordance with the
provisions of the relevant legislative
framework.
h Adherence to the required medical
protocols, in case of illness of an em-
ployee or simple contact with an in-
fected case, in collaboration with the
occupational physician.
h Continuous monitoring of liquidity
and the transaction cycle of the Group
companies.
h Weekly meetings among the Man-
agement of the subsidiaries and the
Group, the Human Resources Depart-
ment, the Occupational Physicians
and the Safety Technicians in order
to maintain and enrich the protection
measures as well as the monitoring
process of vaccinations and infections.
It should be noted that the protection
measures mentioned above continue to
be fully implemented in the most consist-
ent manner and to absolute degree at the
time of preparation of the current Report.
Page 8 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
ΙΙΙ. Assessing the impact of the pandemic in the future and
prospects of the Group
Regarding the prospects for the year 2022,
the Management closely monitors the
macroeconomic developments, on a global
level, which are characterized by the sig-
nicantly stronger inationary trends,
throughout the economy but also in all
cost items that constitute the industrial
sector’s cost base, and by the ongoing war
between Russia and Ukraine, which is
substantially aggravating the economic en-
vironment. As a result of the above devel-
opments, there is a lag in demand in vari-
ous sectors of the economy, combined with
the presence of signicantly higher prices
of both raw materials as well as energy and
transportation costs.
Regarding the rst quarter of 2022, the
Management of the Group remains op-
timistic for its satisfactory performance,
given the dicult conditions prevailing in
the current period. It is estimated that a
signicantly stronger protability will be
achieved, compared to the corresponding
period before the pandemic, but it will set-
tle lower than the protability of the cor-
responding period of the previous year.
However, the comparison with the previous
year becomes extremely dicult to be sub-
stantiated, due to the extraordinary circum-
stances of both that period and the current
one. Specically concerning the impact of
the war, it should be noted that the Group’s
sales volume in Russia and Ukraine for 2021
was immaterial (0.6% of sales), but it is not
clear how the ongoing war conict will af-
fect more broadly the supply and demand
conditions in the market.
Regarding the course of 2022 as a whole,
the very challenging as well as volatile mac-
roeconomic environment described above
makes especially dicult the development
of any nancial estimates, since the visibil-
ity for the nancial results and the level of
demand in the coming months remains ex-
tremely limited. However, the great eort
made by the Management of the Group as
well as the Management of the subsidiar-
ies in all the countries of operation, creates
conditions of reserved optimism that the
Group will be able to implement its strate-
gic plans and to maintain to a signicant
extent the protability from the traditional
portfolio that was formed in 2021. This will
be also demonstrating that the Group has
entered a new era, characterized by sig-
nicantly higher protability compared to
pre-pandemic levels. It should be noted,
however, that although the implementa-
tion of this plan is the fundamental goal of
the Management, the extremely uncertain
conditions that arise at the time of prepa-
ration of the annual report are likely to re-
dene the annual performance estimates
made by the Management in the coming
months of the year.
.
At the same time, the Group’s Management
is working in seamless manner towards
the implementation of the new strategy,
the extraordinary investment actions that
have been decided, as well as the imple-
mentation of the new annual investment
plan for 2022. As already announced, the
Group’s priority is the development of new
products as well as the access to new mar-
kets, the emphasis on improving prot-
ability, the further cost reduction and con-
sequently the increase in competitiveness
and the targeted increase in production ca-
pacity in both key sectors of activity. At the
same time the Group implements impor-
tant actions regarding recycling and the cir-
Annual Financial Report as of 31.12.2021
Page 9 of 276
Amounts in thousand Euro, unless stated otherwise
The Company recognizes the risks and the
impact that may arise in its business activ-
ity from the climate change, such as the
occurrence of extreme weather events or
rising temperatures, which may aect the
production process and lead to signi-
cant changes in its activities as well as to
abrupt changes in the Group’s income and
expenses in the short, medium and long
term horizon. In order to mitigate the risks
arising from climate change, but also to
achieve positive nancial results for both
the Group and its broader environment,
the Company adapts its business model to
reduce its environmental footprint (direct
emissions, energy consumption, use of re-
cycled material, waste management) and
focus on the development of innovative
products and services, applying the prin-
ciples of the circular economy. Therefore,
it has formulated a detailed strategic plan
of specic actions, which are already being
implemented. More details can be found
in the non-nancial information section of
this report as well as in the following link:
https://www.thracegroup.com/gr/el/sus-
tainability/ .
IV. Climate related issues
cular economy, actions that are an integral
part of the Group’s strategy and will form
new dynamics for the future. It is worth not-
ing that for the period 2020 - 2022, the
total investment plan of the Group, on a
cash basis, will amount to € 101 million.
Regarding the level of liquidity of the
Group, which in 2021 settled at signi-
cantly higher levels, it is estimated that it
will remain at similarly high levels. How-
ever, the full implementation of the exten-
sive investment plan, the greatest part of
which will be disbursed in 2022, is mainly
carried out via the utilization of own funds
and therefore the Net Cash is likely to re-
turn to Net Debt. The utilization of excess
liquidity for the implementation of actions
that will contribute to the further long-term
development and viability of the Group, is
estimated to be from any perspective the
most appropriate use of this capital, both in
terms of sound management and in terms
of required return.
The Management of the Group is condent
that the overall implementation of the re-
spective investment plans but also of the
broader strategy creates conditions for the
Group to gradually enter into a new era of
development, improvement of infrastruc-
ture, further expansion of activities and im-
provement of prot generation, compared
to the pre-pandemic levels. At the same
time, the strengthening of the Group’s -
nancial position is the basis for the imple-
mentation of the future investment plans,
as they will be unveiled in the coming
years, actions that in turn will contribute to
the successful implementation of the new
strategy, always within the framework of
protable sustainable development.
Despite the fact that the current conditions
in the global market place create signicant
volatility, making any assessment regarding
the impact of the pandemic on the com-
mercial activity and the nancial results
of the Company and the Group uncertain,
the Group’s Management estimates that
neither the Group nor any of its individual
activities face any potential threat in terms
of cessation of business activity (going con-
cern).
Page 10 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
V. Expected Credit Losses
There are no expected credit losses as a re-
sult of the current conditions and circum-
stances. In any case, according to the estab-
lished policy, most of the companies’ sales
remain insured, while additional measures
have been taken to ensure the Group car-
ries out transactions with reliable custom-
ers (credit risk assessment, credit scoring,
advances, etc.). More information on credit
risk can be found in Chapter 3.32.2.
Election of new members of the Board of Directors to replace
resigned Directors – Reconstitution of the Board of Directors
into a body.
The Board of Directors of the Company,
during the meeting that took place on 18
th
January 2021, elected:
(a) Ms. Myrto Papathanou of Christos in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board of
Directors Mr. Konstantinos Gianniris of
Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board
of Directors Mr. Ioannis Apostolakos of
George.
The above replacement and the election
of the specic independent non-executive
members of the Board of Directors takes
place in the context of the Company’s de-
cision for its immediate, substantial and
eective compliance and adaptation of its
organization to the requirements and reg-
ulations of the new Law 4706/2020 with
regard to corporate governance.
More specically, the election of the above
new members of the Board of Directors,
on the one hand is in line with the current
regulatory framework and in particular
with the provisions of the above new law,
in terms of substantive criteria and condi-
tions of independence of new members,
whereas on the other hand is harmonized
with the provisions of the new law on suit-
ability, diversity and, above all, adequate
representation by gender in the Board of
Directors.
The election of the above new independ-
ent non-executive members of the Board
of Directors was announced, in accordance
with the law and the Company’s Articles of
Association, at the Extraordinary General
Shareholders Meeting of the Company, on
11 February 2021.
Following the above, the Board of Direc-
tors of the Company was reconstituted
into a body for the remaining of its term,
i.e. until March 19
th
, 2024, as follows:
1. Konstantinos Chalioris of Stavros,
Chairman of the Board of Directors
(executive member).
2. Christos-Alexis Komninos of Konstan-
tinos, Vice Chairman of the Board of
Directors (non-executive member).
3. Dimitrios Malamos of Petros, Chief
Executive Ocer of the Company (ex-
ecutive member).
4. Vassilios Zairopoulos of Stylianos,
Member of the Board of Directors
(non-executive member).
Annual Financial Report as of 31.12.2021
Page 11 of 276
Amounts in thousand Euro, unless stated otherwise
5. Christos Shiatis of Panagiotis, Mem-
ber of the Board of Directors (non-ex-
ecutive member).
6. Petros Fronistas of Christos, Member
of the Board of Directors (independ-
ent non-executive member).
7. Myrto Papathanou of Christos, Mem-
ber of the Board of Directors (inde-
pendent non-executive member).
8. Spyridoula Maltezou of Andreas,
Member of the Board of Directors (in-
dependent non-executive member).
9. Theodoros Kitsos of Konstantinos,
Member of the Board of Directors (in-
dependent non-executive member).
10. Nikitas Glykas of Ioannis, Member of
the Board of Directors (independent
non-executive member).
Decisions of the Extraordinary General Meeting of the Company’s
shareholders of 11
th
February 2021
The Extraordinary General Meeting of the
Company’s shareholders on 11
th
February
2021 took the following decisions:
In the 1
st
item of the agenda, the Meet-
ing decided by majority, in accordance
with the provisions of article 3 of Law
3016/2002, the election of the following
persons:
(a) Ms. Myrto Papathanou of Christos in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board of
Directors Mr. Konstantinos Gianniris of
Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board
of Directors Mr. Ioannis Apostolakos of
George,
The election of the above independent
non-executive members of the Board of
Directors takes place in the framework of
the Company’s decision for the immedi-
ate, substantial and eective compliance
and adaptation of its organization to the
requirements and regulations of the new
Law 4706/2020 with regard to corporate
governance.
Both members that were elected accord-
ing to the above meet the criteria and con-
ditions of independence of both the arti-
cle 4, par. 1 of Law 3016/2002 valid until
17.07.2021, as well as of article 9 par. 1 and
2 of Law 4706/2020.
In the 2
nd
item and in the context of har-
monization with the requirements, criteria
and regulations of the new Law 4706/2020
with regard to corporate governance and
concerning both independence and suit-
ability, diversity and mainly the adequate
representation by gender in the Board of
Directors, and following a relevant propos-
al of the Remuneration and Nomination
Committee (RNC), the Meeting approved
by majority the election of a new eleven-
member (11-member) Board of Directors,
through the re-election of all its outgoing
members, as well as the election of Mr.
Georgios Samothrakis of Panagiotis as its
new member.
Following the above, the Board of Direc-
tors of the Company, with a term in ac-
cordance with the provisions of article 7,
par. 2 of the Articles of Association, which
Page 12 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
is extended until the expiration of the
deadline within which the next Ordinary
General Meeting must convene and until
the relevant decision, will consist of the
following members:
1. Konstantinos Chalioris of Stavros
2. Christos-Alexis Komninos of Konstan-
tinos
3. Dimitrios Malamos of Petros
4. Vassilios Zairopoulos of Stylianos
5. Christos Shiatis of Panagiotis
6. Petros Fronistas of Christos
7. Georgios Samothrakis of Panagiotis
8. Myrto Papathanou of Christos
9. Spyridoula Maltezou of Andreas
10. Theodoros Kitsos of Konstantinos
11. Nikitas Glykas of Ioannis
Simultaneously with the same majority de-
cision, the Extraordinary General Meeting
appointed as independent members of
the Board of Directors of the Company, the
following: 1) Georgios Samothrakis of Pa-
nagiotis, 2) Myrto Papathanou of Christos,
3) Spyridoula Maltezou of Andreas, 4) The-
odoros Kitsos of Konstantinos and 5) Niki-
tas Glykas of Ioannis as they all meet the
required by the current regulatory frame-
work (namely article 4, par. 1 of the current
until 17.07.2021 Law 3016/2002 and arti-
cle 9, par. 1 and 2 of Law 4706/2020) con-
ditions and criteria of independence.
The new Board of Directors of the Com-
pany, elected by the Extraordinary General
Meeting of Shareholders, which took place
on 11 February 2021, was formed on the
same day (11 February 2021) into body.
In the 3
rd
item, the Meeting approved by
majority, in accordance with the provi-
sions of article 44 of Law 4449/2017, as
in force after its amendment by the arti-
cle 74 of Law 4706/2020, the election of a
new Audit Committee, which constitutes
an Independent Committee and consists
of three (3) members, of which one (1) in-
dependent non-executive member of the
Board of Directors of the Company and
two (2) third parties - non-members of the
Board of Directors.
Within the above framework, the follow-
ing persons were elected as members of
the Audit Committee:
1. Mr. Georgios Samothrakis of Panagio-
tis, Independent non-executive Mem-
ber of the Board of Directors,
2. Mr. Konstantinos Kotsilinis of Elefthe-
rios, third party and non-Member of
the Board of Directors and
3. Mr. Konstantinos Gianniris of Ioannis,
third party and non-Member of the
Board of Directors.
The members of the Audit Committee as
a whole have sucient knowledge of the
sector in which the Company operates,
while the majority of the members of the
Audit Committee and in particular Messrs.
George Samothrakis of Panagiotis and
Konstantinos Kotsilinis of Eleftherios, are
independent of the Company, given that:
(a) They do not hold shares greater than
0.5% of the Company’s share capital; and
(b) They do not have any dependency re-
lationship with the Company or persons
related to it, as this (dependency relation-
ship) is specied in particular in the provi-
sions of article 4 par. 1 of Law 3016/2002,
which remains in force until 17.07.2021,
as well as of article 9 par. 1 and 2 of Law
4706/2020.
Furthermore, the criterion of sucient
knowledge and experience in auditing or
accounting is met in the person of both
Annual Financial Report as of 31.12.2021
Page 13 of 276
Amounts in thousand Euro, unless stated otherwise
Mr. Georgios Samothrakis and Mr. Kon-
stantinos Kotsilinis, and therefore each of
the above members will be required to at-
tend the meetings of the Audit Committee
concerning the approval of the nancial
statements.
Finally, by the same majority decision, the
Meeting specied the term of the Audit
Committee as ve years, starting on Feb-
ruary 11, 2021 and ending on February 11,
2026.
Following the election of a three-member
Audit Committee by the Extraordinary
General Meeting of Shareholders of 11
February 2021 and the appointment of the
persons holding the positions of its mem-
bers, the Audit Committee at the meeting
of 16 February 2021 decided the election
of Mr. Georgios Samothrakis of Panagiotis,
Independent Non-Executive Member of
the Board of Directors of the Company, as
its Chairman, in accordance with the provi-
sions of article 44, par. 1, Law 4449/2017,
as in force today.
Following the above, the Audit Committee
was constituted into a body as follows:
1. Georgios Samothrakis of Panagiotis,
Independent Non-Executive Member
of the Board of Directors, Chairman of
the Audit Committee.
2. Konstantinos Kotsilinis of Eleftherios,
third party - non-Member of the Board
of Directors, Member of the Audit
Committee.
3. Konstantinos Gianniris of Ioannis, third
party - non-Member of the Board of
Directors, Member of the Audit Com-
mittee.
It is noted that from the above Members
of the Audit Committee, Messrs. Georgios
Samothrakis of Panagiotis and Konstanti-
nos Kotsilinis of Eleftherios, i.e. the majori-
ty of the members of the Audit Committee,
meet the required by the current regulato-
ry framework (article 4, par. 1 of the eec-
tive until 17.07.2021 Law 3016/2002 and
article 9, par. 1 and 2 of Law 4706/2020)
conditions and criteria of independence.
According to the decision of 12.03.2021 of
its Board of Directors and after a relevant
proposal made by the Audit Committee,
Mr. Lambros Apostolopoulos was appoint-
ed as Head of the Internal Audit Depart-
ment (Unit).
Mr. Apostolopoulos meets the require-
ments of the current legal framework (arti-
cle 15 of Law 4706/2020), i.e. he is full-time
and exclusively employed, has personal
and functional independence, is not a
member of the Board of Directors or a
member with the right to vote in standing
committees of the Company, has no close
relations with anyone who holds one of
the above capacities in the Company and
has the appropriate knowledge and rel-
evant professional experience to assume
the above position.
Mr. Apostolopoulos assumed his duties as
Head of the Internal Audit Department on
17/03/2021.
Appointment of New Head of the Internal Audit Department
Page 14 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
The Annual Ordinary General Meeting of
the Company’s shareholders, which took
place on May 21, 2021 remotely in real
time via videoconference, decided the fol-
lowing among others:
a) the allocation (distribution) of income
for the nancial year 2020 (01.01.2020-
31.12.2020) and specically the Gen-
eral Meeting approved the distribution
(payment) of a total dividend of Euro
6,947,002.24 (gross amount) to the
shareholders of the Company from the
earnings of the closing nancial year
2020, or 0.158820 Euros per share (gross
amount), which after the increase corre-
sponding to the 322,688 treasury shares
held by the Company and which are ex-
cluded from the payment of dividend,
will amount to 0.16 Euros per share
(gross amount).
The Company’s shareholders registered
in the records of the Dematerialized
Securities System (SAT) as of Thursday
27 May 2021 (record date), were those
entitled to receive the above dividend.
Wednesday 26 May 2021 was set as the
ex-dividend date according to the rele-
vant article 5.2 of the Athens Exchange
Regulation.
The payment of dividend commenced
on Wednesday 2 June 2021, and was
implemented through the Societe
Anonyme under the name “PIRAEUS
BANK S.A.”, according to the procedure
stipulated by the Regulation of the Ath-
ens Exchange in eect.
b) the approval by majority of the Remu-
neration Report, which was prepared in
accordance with the provisions of arti-
Expiration / Completion of the Stock Repurchase Plan
On 22 March 2021, the Company an-
nounced the expiration / completion of
the Stock Repurchase Plan in accordance
with the provisions of article 49 of Law
4548/2018, as in force, by the Extraordi-
nary General Meeting of Shareholders of
March 19
th
, 2019.
Establishment of Committees of the Board of Directors
The Board of Directors of the Company
during its meeting on 22
nd
March 2021, for
the purposes of a substantial, eective and
appropriate compliance and harmoniza-
tion of the Company with the regulations
of articles 11 and 12 of Law 4706/2020 re-
garding the Committees of the Board of
Directors, and also with the parallel adop-
tion of best corporate governance practic-
es, decided the following:
(a) the abolition of the existing Committee
for Benets and Promotion of Nomina-
tions (CBPN) and its replacement by the
Remuneration and Nomination Com-
mittee,
(b) the establishment of the Strategy and
Investment Committee,
(c) the establishment of the Environmen-
tal, Social Responsibility and Corporate
Governance Committee, and nally
(d) the establishment of the Human Re-
sources Committee
The Board of Directors during the above
meeting appointed the members and set
the responsibilities of these committees.
Annual Ordinary General Meeting of the Company’s shareholders
Annual Financial Report as of 31.12.2021
Page 15 of 276
Amounts in thousand Euro, unless stated otherwise
Commencement of Share Buy-Back Plan
The Management of the Company in ap-
plication of the decisions of the Annual Or-
dinary General Meeting of the sharehold-
ers of May 21st, 2021 and of the Board of
Directors of June 4th, 2021, announced on
June 7th, 2021 the commencement of the
share buy -back plan.
New investment program of € 25.5 million with an emphasis on
the production facilities of Xanthi
The Board of Directors of the Company,
following a relevant proposal by the Man-
agement, approved a new, extraordinary
investment plan. More specically, the
Management, taking into consideration
the broader market conditions as well as
the strong cash position of the Group, pro-
posed the immediate implementation of
the above extraordinary investment plan,
which is an additional investment com-
pared to the current investment plan of
2021, or any other additional investment
plan potentially approved at a later time.
The new investment plan is oriented to-
wards the Sustainable & Protable De-
velopment of the Group, with a focus on
the following strategic pillars: further re-
duction of production costs and boost of
competitiveness, improvement of prot
margins, vertical integration of production
processes and with parallel emphasis on
the circular economy and nally, further
reduction of the environmental footprint.
The individual actions of the new invest-
ment plan that will be implemented at
the Group’s facilities, in Xanthi, Greece, are
summarized as follows:
h investment in mechanical ber
production equipment: ber is a
basic raw material for the production
of non-woven needle punch fabrics.
Needle Punch fabrics aim at a variety
of applications in the sectors of infra-
structure and construction, agricul-
ture, automotive, etc.
h investment in mechanical recycling
equipment in order to increase the
recycling capacity with regard to n-
ished products or plastic waste, both
from internal production and oper-
ating processes as well as from third
party sources. This action is in line
with the commitment of the Group
calling on the one hand for the use of
more recycled raw materials and on
the other hand for further reducing
the environmental footprint of its nal
products.
h investment concerning the instal-
lation and commissioning of pho-
tovoltaic systems to cover part of
the energy needs of the Group’s pro-
duction plant complex in the area of
Xanthi, Greece (net metering), with a
cle 112 of Law 4548/2018. The Report
contains a comprehensive overview of
the total remuneration of the members
of the Board of Directors (executive and
non-executive), and explains how the
Remuneration Policy of the Company
was implemented for the immediately
preceding nancial year.
The decisions of the General Meeting of
Shareholders are posted on the Compa-
ny’s website at the link https://www.thra-
cegroup.com/gr/el/general-meetings/
Page 16 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
targeted power capacity of 1.5 MW,
demonstrating its commitment to-
wards sustainable development, in
the context of achieving energy sav-
ings and for further reducing the envi-
ronmental footprint.
h investment in infrastructure (land
and buildings), which will create con-
ditions that are conducive to ecien-
cy gains of the production plants, but
will also prepare the ground for future
development of the business activity
and protability of the Group’s com-
panies.
Moreover, under the above extraordinary
investment plan, the following will take
place at Don & Low’s facilities in Forfar,
Scotland:
h investment in mechanical laminat-
ing equipment to increase produc-
tion capacity with regard to the fur-
ther processing of non-woven Spun
bond fabrics, in order to achieve high-
er prot margins.
h investment in mechanical recycling
equipment to increase the recycling
capacity with regard to nished prod-
ucts or plastic waste, both from inter-
nal production and operating process-
es as well as from third party sources.
h investment in infrastructure (land
and buildings), which will create con-
ditions that are conducive to eciency
gains of the production plant, but will
also facilitate the future development
of the business activity and protabil-
ity of the company.
The new investments amount in total to €
25.5 million, of which € 21.4 million con-
cern the investments that will be imple-
mented in the production facilities of the
Group in Xanthi, Greece and € 4.1 million
concern the investments in the Group’s
subsidiary in Scotland, whereas all are be-
ing related to the eld of Technical Fabrics.
The nancing of this new investment plan
will be carried out mainly with own funds.
Election of a new member of the Board of Directors to replace
the resigned Director - Reconstitution of the Board of Directors
into a body
The Board of Directors of the Company,
during its meeting as of July 28
th
, 2021 and
following the relevant proposal made by
the Company’s Remuneration & Nomina-
tion Committee which took place in ac-
cordance with the applicable Policy of
Suitability and the procedures applied by
the Company, elected:
Mr. Athanasios Dimiou of Georgios as
non-executive member, in replacement for
the remaining term of the resigned non-ex-
ecutive member of the Board of Directors Mr.
Petros Fronistas of Christos.
The above replacement and the election
of the specic non-executive member of
the Board of Directors will contribute to
the further strengthening of the Board of
Directors, in particular with the new mem-
ber’s many years of experience and spe-
cialized knowledge in the eld of plastics
and specically in production technolo-
gies, while this replacement takes place
in the context of the Company’s decision
for the substantial and more eective ad-
aptation of its organization to the require-
ments and regulations of the new Law
4706/2020 (Government Gazette AD 136 /
17.07.2020) on corporate governance and
is harmonized with the provisions of the
particular law on suitability.
Annual Financial Report as of 31.12.2021
Page 17 of 276
Amounts in thousand Euro, unless stated otherwise
The election of the above new non-exec-
utive member of the Board of Directors
is going to be announced, in accordance
with the provisions of the law and the
Company’s Articles of Association, at the
next General Meeting convened by the
Company’s shareholders.
Following the above, the Board of Direc-
tors of the Company was reconstituted
into a body for the remainder of its term,
i.e. until February 11th, 2026, as follows:
1. Konstantinos Chalioris of Stavros,
Chairman of the Board of Directors
(executive member).
2. Theodoros Kitsos of Konstantinos,
Vice Chairman of the Board of Direc-
tors (independent non-executive
member).
3. Dimitrios Malamos of Petros, Chief Ex-
ecutive Ocer of the Company (ex-
ecutive member).
4. Athanasios Dimiou of Georgios, Mem-
ber of the Board of Directors (non-
executive member).
5. Vassilios Zairopoulos of Stylianos,
Member of the Board of Directors
(non-executive member).
6. Christos Alexis Komninos of Konstan-
tinos, Member of the Board of Direc-
tors (non-executive member).
7. Christos Shiatis of Panagiotis, Mem-
ber of the Board of Directors (non-
executive member).
8. Georgios Samothrakis of Panagiotis,
Member of the Board of Directors
(independent non-executive mem-
ber).
9. Myrto Papathanou of Christos, Mem-
ber of the Board of Directors (inde-
pendent non-executive member).
10. Spyridoula Maltezou of Andreas,
Member of the Board of Directors
(independent non-executive mem-
ber).
11. Nikitas Glykas, of Ioannis, Member of
the Board of Directors (independ-
ent non-executive member).
Completion of the Process concerning the Sale of the Industrial
Property of the fully owned, by 100%, subsidiary Thrace Linq INC.
The Management of the Company, fol-
lowing the relevant announcements on
24.04.2020, 18.06.2020, 28.08.2020 and
17.06.2021, in relation to the transfer –due
to the respective sale by its 100% subsidi-
ary company Thrace Linq INC.-- of the pri-
vately owned industrial property, which is
located in South Carolina, U.S.A., after the
nal cessation of the production opera-
tion of the above subsidiary, informed the
investor community on 18/08/2021 about
the following: After the collection of the
entire remaining part of USD 3.5 million
(plus the interest due and related expens-
es), and the consequent abolition of any
impediments associated with this particu-
lar repayment, the sale transaction with re-
gard to the above property was completed
and consequently the transfer of the prop-
erty became certain and nal.
It is reminded that the total consideration
with regard to the above sale transaction
amounted to USD 14.5 million, the great-
est part of which (i.e. USD 11 million) had
been collected at the time of the trans-
fer agreement of the property (i.e. on
15/06/2020).
It is noted that as a result of the comple-
tion of the above sale transaction of the
property as per above, the Group recorded
an extraordinary prot for the year 2021,
Page 18 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Donation of surgical masks
The Board of Directors of the Company,
with a relevant decision, has appointed Mr.
Dimitrios Fragkou of Vassilios as the Ocer
of the Investors Relation and Corporate An-
nouncements Department of the Company
in replacement of Mrs. Ioanna Karathanasi
daughter of Paraskevas, due to the with-
drawal of the latter from the Company.
Mr. Dimitrios Fragkou took over his duties
as the Ocer of the Investors Relation and
Corporate Announcements Department on
September 13, 2021.
Thrace Plastics Group actively supported
the eort of the National Hellenic Wheel-
chair Basketball Team to claim the highest
possible distinction and awarded 3,000
certied disposable surgical masks, cover-
ing the needs for increased protection as
part of the organization of the 14
th
Euro-
pean Men’s Wheelchair Basketball Cham-
pionship, which was held at the Peace and
Friendship Stadium from 12-18 July 2021.
Issuance of Tax Certicate of Tax Certicate for the Fiscal Year in ac-
cordance with article 65 A of Law 4174/2013
Replacement of the Ocer of Investor Relations and Corporate An-
nouncements Department
Following the special tax audit carried out
for the nancial year 2020 by the statu-
tory external auditors in accordance with
article 65A of Law 4174/2013, both on
the Company and its subsidiaries “Thrace
Nonwovens & Geosynthetics S.A.”, “Thrace-
Polylms S.A.”, “Thrace Plastics Pack S.A.”,
“Thrace Eurobent S.A.” and “Thrace Green-
houses S.A.”, the relevant tax certicates
were issued with an unqualied opinion.
Interim Dividend for the Year 2021
amounting to USD 7.78 million (i.e. ap-
proximately EUR 6.57 million).
The nalization of sale of the property of
the fully owned by 100% subsidiary Thrace
Linq INC. has completed in the most ben-
ecial way for the Group its action plan
regarding the cessation of the production
activities of the specic subsidiary. At the
same time, the Group continues to serve
uninterruptedly the geotextile market
in America from the Group’s facilities in
Europe and from Lumite INC., a joint ven-
ture of the Group in the U.S.A., gradually
strengthening its position in the particular
market as well.
The Board of Directors of the Company
during the meeting of September 24th,
2021 approved the distribution of an in-
terim dividend for the nancial year 2021
based on the interim nancial statements
for the period 01.01.2021-30.06.2021.
The Interim dividend amounted in total
to 4,750 thousand Euros (gross amount),
i.e. 0.108592646 Euros per share of the
Company. The above amount through the
increase corresponding to the 504,163
treasury shares held by the Company and
Annual Financial Report as of 31.12.2021
Page 19 of 276
Amounts in thousand Euro, unless stated otherwise
which are not entitled to an interim divi-
dend, settled at 0.109858877 Euros per
share and was subject to a withholding tax
of 5%, in accordance with the provisions
of Law 4646/2019 (Government Gazette
A’ 201/12.12.2019). Therefore, the nal
amount paid as Interim dividend for the
year 2021 amounted to 0.104365933 Euros
per share. Following the above and after
the approval of the nancial statements
for the period 01.01.2021-30.06.2021 and
especially the entry, as of 6.10.2021, in
the General Electronic Commercial Regis-
try (GEMI) of the relevant announcement
regarding the publication of the above -
nancial statements, the Board of Directors
of the Company at its meeting of October
14, 2021, set Wednesday, December 1,
2021 as the cut-o date for the interim div-
idend, Thursday, December 2, 2021 as the
date of determination of the beneciaries
to the above dividend (record date), and
Wednesday, December 8, 2021 as the pay-
ment commencement date. The payment
of the interim dividend was made through
the paying Bank “PIRAEUS BANK SA”.
Appointment of new Ocer of Investor Relations and Corporate
Announcements Department
The Board of Directors of the Company,
during its meeting as of November 18,
2021, made the appointment of Ms. Evan-
gelia (Elina) Sideri of Georgios as the Oc-
er of the Investor Relations and Corporate
Announcements Department of the Com-
pany in replacement of Mr. Dimitrios Frag-
kou, who had been acting under the above
capacity up until November 23, 2021.
Ms. Evangelia Sideri took over her duties
on November 24, 2021.
SECTION II: Main Risks and Uncertainties
The Group’s activities, in general, create
several business risks. Such risks include
market risk (foreign exchange risk and
risk from changes of raw materials prices),
credit risk, liquidity risk and interest rate
risk.
●
Financial Risks
The nancial assets used by the Group,
mainly consist of bank deposits, bank
overdrafts, receivable accounts, payable
accounts and loans. The relevant risks are
monitored by the nancial management
teams of the subsidiaries and the parent
company and a network of actions to limit
such risks is accordingly being formed.
• Risk from uctuation of prices of raw ma-
terials
The Group is exposed to uctuations in the
price of polypropylene (represents 52%
approximately of the cost of sales), which
are mainly faced by a similar change in
the selling price of the nal product. The
possibility that the increase in the price of
polypropylene cannot be fully passed on
to the selling price, causes unavoidably
the compression of margins. For this rea-
son, the Company accordingly adjusts, to
the extent it is feasible, its inventory policy
as well as its commercial policy in general.
Therefore in any case, the particular risk is
deemed as relatively controlled.
Page 20 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
●
Credit Risk
The credit risk to which the Group and the
Company are exposed is the likelihood
that a counterparty will cause nancial loss
to the Group and the Company as a result
of the breach of its contractual obligations.
The maximum credit risk to which the
Group and the Company are exposed at
the date of preparation of the nancial
statements is the book value of their -
nancial assets. In order to address credit
risk, the Group consistently applies a clear
credit policy, which is monitored and
evaluated on an ongoing basis so that the
credit granted does not exceed the credit
limit per customer. Client sales insurance
policies are also concluded per customer
and no tangible guarantees on the assets
of clients are required.
In order to monitor credit risk, customers
are grouped according to the category
they belong to, their credit risk character-
istics, the maturity of their receivables and
any previous receivables that they have
caused, taking into account future factors
as well as the economic environment.
●
Impairment
The Group and the Company, in the -
nancial assets that are subject to the new
model of expected credit losses, include
receivables from customers and other -
nancial assets.
The Group and the Company recognize
provisions for impairment with regard
to the expected credit losses of all nan-
cial assets. The expected credit losses are
based on the dierence between the con-
tractual cash ows and the entire cash
ows which the Group (or the Company)
anticipates to receive. The dierence is
discounted by using an estimate concern-
ing the initial eective interest rate of the
nancial asset. For the trade receivables,
the Group and the Company applied the
simplied approach of the accounting
standard and calculated the expected
credit losses based on the expected credit
losses for the entire lifetime of these items.
Regarding the remaining nancial assets,
the expected credit losses are being calcu-
lated according to the losses of the next 12
months. The expected credit losses of the
following 12 months is part of the antici-
pated credit losses for the entire life of the
nancial assets, which emanates from the
probability of a default in the payment of
the contractual obligations within the next
12-month period starting from the report-
ing date. In case of a signicant increase in
credit risk since the initial recognition, the
provision for impairment will be based on
the expected credit losses of the entire life
of the asset.
At the date of the preparation of the nan-
cial statements, impairment of receivables
from customers and other nancial assets
was made on the basis of the above.
The following table presents an analysis
of the maturity of Trade Receivables’ bal-
ances at 31.12.2021.
Maturity of Trade
Receivables’ balances at
31.12.2021
Group
01 – 30 days 23,443
31 – 90 days 37,175
91 – 180 days 4,980
180 days and over 6,670
Subtotal 72,268
Provisions for doubtful
receivables
(7,721)
Total 64,547
Annual Financial Report as of 31.12.2021
Page 21 of 276
Amounts in thousand Euro, unless stated otherwise
The above amounts are expressed in terms
of due days in the table below.
Analysis of not past due/overdue
Trade receivables at 31.12.2021
Group
Receivables not past due 53,323
Overdue receivables 1 – 30
days
9,492
Overdue receivables 31 –
90 days
2,639
Overdue receivables above 91
days
6,814
Subtotal 72,268
Provisions for doubtful
receivables
(7,721)
Total 64,547
With regard to uninsured receivables over-
due more than 90 days, which the Group
has classied as doubtful, relevant provi-
sions have been made which are deemed
as sucient.
Correspondingly, the amounts of maturity
and past due for the nancial year 2020 are
presented in the following tables.
Maturity of Trade
Receivables’ balances at
31.12.2020
Group
01 – 30 days 21,197
31 – 90 days 30,357
91 – 180 days 5,927
180 days and over 6,689
Subtotal 64,170
Provisions for doubtful
receivables
(7,307)
Total 56,863
Analysis of not past due/overdue
Trade receivables at 31.12.2020
Group
Receivables not past due 47,434
Overdue receivables 1 – 30
days
8,017
Overdue receivables 31 – 90
days
1,528
Overdue receivables above 91
days
7,191
Subtotal 64,170
Provisions for doubtful
receivables
(7,307)
Total 56,863
●
Liquidity Risk
Liquidity risk monitoring focuses on the
management of cash inows and outows
on a permanent basis, so that the Group
has the ability to meet its cash obliga-
tions and retain the cash reserves required
for its operations. Liquidity is managed
by maintaining cash and approved bank
credit lines. At the date of preparation of
the nancial statements, unused approved
bank credits were available to the Group,
which are considered sucient to handle
any possible shortage of cash in the future.
Short-term bank liabilities are renewed at
maturity, as they are part of the approved
bank credit lines.
The following table presents the liabilities
– disbursements according to their matu-
rity dates.
Page 22 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Group 31.12.2021
Up to 1
month
1-6
months
6-12
months
1-5
Years
Over 5
years
Total
Suppliers
29,665 25,484 292 - - 55,441
Other short-term liabilities
12,723 15,891 381 - - 28,995
Short-term debt
2,601 9,118 5,674 - - 17,393
Liabilities from leasing (short-
term part)
75 330 509 - - 914
Long-term debt
- - -
33,610 - 33,610
Liabilities from leasing (long-
term part)
-
- - 1,941 120 2,061
Other long-term liabilities
-
- - 237 - 237
Total 31.12.2021
45,064 50,823 6,856 35,788 120 138,651
Group 31.12.2020
Up to 1
month
1-6
months
6-12
months
1-5
Years
Over 5
years
Total
Suppliers
10,706 18,819 172 - - 29,697
Other short-term liabilities
7,904 15,738 9,450 - - 33,092
Short-term debt
514 5,395 20,402 - - 26,311
Liabilities from leasing (short-
term part)
455 1,394 973 - - 2,822
Long-term debt
- - - 46,691 - 46,691
Liabilities from leasing (long-
term part)
- - - 2,998 212 3,210
Other long-term liabilities
- - - 208 34 242
Total 31.12.2020
19,579 41,346 30,997 49,897 246 142,065
●
Foreign Exchange Risk
The Group is exposed to foreign exchange
risks arising from existing or expected cash
ows in foreign currency and investments
that have been made in countries outside
Greece. The management of the various
risks is made by the use of natural hedge
instruments. In order to hedge the foreign
exchange risk from customers’ receivables
in foreign currency, an equal amount of
borrowing is agreed in the same currency
according to the management’s policy
and judgment.
Sensitivity analysis of the eect of ex-
change rate changes is given in the table
below:
Annual Financial Report as of 31.12.2021
Page 23 of 276
Amounts in thousand Euro, unless stated otherwise
Foreign Currency
2021 2020
Change of foreign currency against Euro *
Prot before tax
USD GBP Other USD GBP Other
+5%
(74) (32) 5 (244) (44) (62)
-5%
81 35 (6) 270 49 68
Equity
+5%
(218)
(1.358)
(222) 136 169 (277)
-5%
241 1.500 246 (151) (187) 307
*Note
• Prot before Taxes are converted at the average exchange rates.
• Equity is converted at the exchange rate at the closing date of each scal year.
●
Interest Rate Risk
The long-term loans of the Group have
been granted by Greek and foreign banks
and are mainly in Euro. Their repayment
time varies, depending on the loan agree-
ment and they are usually linked to Euribor
plus margin. The Group’s short-term loans
have been granted by various banks, with
Euribor interest rate plus margin as well as
Libor interest rate plus margin.
It is estimated that a change in the average
annual interest rate by 1 percentage point,
will result in a (charge) / improvement of
Earnings before Tax as follows:
Possible interest rate
change
Eect on Earnings before Tax
Group
2021 2020
Interest rate increase 1% (540) (790)
Interest rate decrease 1% 540 790
●
Capital Adequacy Risk
The Group controls capital adequacy us-
ing the net debt to operating prot ra-
tio and the net debt to equity ratio. The
Group’s objective in relation to capital
management is to ensure the ability for its
smooth operation in the future, while pro-
viding satisfactory returns to shareholders
and benets to other parties, as well as
to maintain an ideal capital structure so
as to ensure a low cost of capital. For this
purpose, it systematically monitors work-
ing capital in order to maintain the lowest
possible level of external nancing.
Page 24 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Capital Adequacy Risk Group
2021 2020
Long-term debt 33,610 46,691
Long-term debt from leases 2,061 3,210
Short-term debt 17,393 26,311
Short-term debt from leases 914 2,822
Total debt 53,978 79,034
Minus cash & cash equivalents 63,240 40,824
Net debt (9,262) 38,210
EBITDA* 110,275 69,444
NET DEBT / EBITDA* (0.08)
0.55
EQUITY 252,250 176,109
NET DEBT / EQUITY (0.04) 0.22
* Concerns Total Operations.
It should be noted that the Company does not have any bank debt obligations,
while the balance of the debt obligations reported in its Balance Sheet refers to an
intragroup loan.
Annual Financial Report as of 31.12.2021
Page 25 of 276
Amounts in thousand Euro, unless stated otherwise
SECTION III: Significant Transactions with Related Parties
The most signicant transactions between
the Company and its related parties, as de-
ned by International Accounting Stand-
ard 24, are described below.
It should be noted that the reference to the
particular transactions includes the follow-
ing data:
a) The amount of the most signicant
transactions for the year 2021
b) Their unpaid balance at the end of the
year (31.12.2021)
c) The nature of relation between the re-
lated party and the Company, as well as
d) Any information concerning the trans-
actions, which is necessary for the un-
derstanding of the Company’s nancial
position, only to the extent that these
transactions are material.
Income
Don & Low LTD 1,518
Thrace Nonwovens & Geosynthetics Single Person SA 1,510
Thrace Polylms Single Person SA 351
Thrace Plastics Pack SA 921
Thrace Ipoma A.D. 291
Synthetic Holdings LTD 161
Thrace Synthetic Packaging LTD 205
Thrace Polybulk AB 220
Thrace Polybulk AS 160
Thrace Linq Inc 303
Total 5,640
Suppliers - Liabilities 31.12.2021
Don & Low LTD 1,519
The remuneration granted to the mem-
bers of Board of Directors with regard to
the Parent Company amounted to € 1,812
in 2021 against € 2,115 in 2020. The re-
muneration of the members of the Board
of Directors for the Group amounted to €
4,970 in 2021 versus € 5,339 in 2020 and
relate to Boards of Directors of 21 com-
panies and to 33 people that participate
in these BoDs, and also include salaries
of the executive members of the Boards,
other remuneration and benets of both
Page 26 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
the executive and the non-executive
members.
• Bank guarantees issued by banks on
behalf of the Company against third
parties (State owned companies, Sup-
pliers, Customers) amount to € 834.
The Company has granted its guarantee in
favor of its subsidiaries to banks for secur-
ing long-term loans. As of 31.12.2021 the
outstanding amount of loans for which
the Company has guaranteed amounted
to € 34,844 and is analyzed as follows:
Guarantees for Subsidiaries 2021
Thrace Nonwovens & Geosynthetics Single Person S.A. 14,697
Thrace Plastics Pack S.A. 15,654
Thrace Polylms Single Person SA 4,493
• During the nancial year 2021, the to-
tal fees paid to the Company’s statu-
tory external auditors amounted to €
600 for the Group and to € 74 for the
Company.
• There were no changes in transactions
between the Company and its related
parties that could have had substan-
tial eects on the nancial position
and performance of the Company
during the nancial year 2021.
• All transactions described above have
taken place under normal market
terms and contain no special or ex-
traordinary features which in opposite
case would have made compulsory
the further analysis of the above per
related party.
Annual Financial Report as of 31.12.2021
Page 27 of 276
Amounts in thousand Euro, unless stated otherwise
The Company, according to article 4 par. 7
and 8 of L. 3556/2007 is obliged to include
in the present Report, analytical informa-
tion regarding a series of issues, as follows:
1. Structure of Company’s share capital
The Company’s share capital on 31.12.2021
amounted to twenty eight million eight
hundred sixty nine thousand, three hun-
dred fty eight Euros and thirty two cents
(€28,869,358.32) and was divided into forty
three million seven hundred forty one thou-
sand, four hundred fty two (43,741,452)
common registered shares, with a nomi-
nal value of sixty six cents (€ 0.66) each. All
Company shares are common, registered,
with voting rights (with the exception of
any treasury shares held by the Company),
and are listed on the organized Market of
the Athens Stock Exchange and specically
in the Main Market under the Chemicals –
Specialized Chemicals sector. The structure
and the formation of the Company’s share
capital are presented in detail in article 5
of the Company’s Articles of Association.
The Company’s shares were listed on the
Athens Exchange on 26 June 1995 and are
being traded on this market up until today,
without any interruption. From each share,
all rights and obligations stipulated by the
law and the Company’s Articles of Associa-
tion emanate. The possession of each share
results automatically into the full and with
no reservations acceptance of the Com-
pany’s Articles of Association and the deci-
sions that have been made by the pertinent
bodies of the Company in accordance with
the law and the Articles of Association. Each
share provides for one (1) voting right.
2. Limitations to the transfer of
Company shares
The transfer of Company shares takes
place as stipulated by the Law and there
are no limitations regarding such transfers
in relation to its Articles of Association or
other special agreements or other regula-
tory provisions.
3. Signicant direct or indirect
shareholidngs according to the
denition of Law 3556/2007
With regards to signicant shareholidngs
in the share capital and voting rights of
the Company, according to the deni-
tion of provisions of articles 9 to 11 of L.
3556/2007, Mr. Konstantinos Chalioris
holds, on 31/12/2021, a percentage of
43.292% of the Company’s share capital
and voting rights and Mrs. Eumia Chalio-
ris holds, on 31/12/2021, a percentage of
20.851% of the Company’s share capital
and voting rights. No other physical or le-
gal entity owned a percentage over 5% of
the share capital. The data regarding the
number of shares and voting rights held
by individuals with a signicant sharehol-
idngs have been derived from the Share-
holder Registry kept by the Company and
from disclosures provided to the Company
according to Law (and MAR) on behalf of
its shareholders.
4. Shares incorporating special control
rights
There are no Company shares that provide
special control rights to owners.
SECTION IV: Analytical Information according to Article 4 par. 7 and 8 of Law
3556/2007, as currently in effect
Page 28 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
5. Limitations on voting rights
According to the Company’s Articles of As-
sociation, there are no limitations on vot-
ing rights.
6. Agreements of Company
shareholders
To the knowledge of the Company there
are no shareholder agreements, which re-
sult in limitations on the transfer of shares
or limitations on the exercise of voting
rights that emanate from its shares.
7. Rules for appointment and
replacement of Board members and
the amendment of the Articles of
Association, which deviate from the
provisions of C.L. 4548/2018
The rules stated by the Company’s Articles
of Association regarding the appointment
and replacement of its Board of Directors’
members and the amendment of the pro-
visions of its Articles of Association, do
not dier from those stipulated by C.L.
4548/2018 as it is in eect.
8. Responsibility of the Board of
Directors or specic Board members
for the issuance of new shares or the
purchase of treasury shares.
There is no special and permanent compe-
tence of the Board of Directors or some of
its members for the issuance of new shares
or the purchase of treasury shares accord-
ing to article 49 of law 4548/2018.The rel-
evant power and responsibility is given to
the Company’s Board of Directors by virtue
of a relevant decision of the General Meet-
ing of its shareholders.
9. Signicant agreements made by
the Company and put into eect,
amended or terminated in case of
a change in the Company’s control
following a tender oer.
There are no such agreements, which are
put into eect, amended or terminated, in
case of a change in the Company’s control
following a tender oer.
10. Signicant agreements made by
the Company with Board members
or the Company’s personnel
There are no agreements of the Company
with the members of its Board of Directors
or its personnel, which provide for the pay-
ment of indemnity specically in case of
resignation or termination of employment
without reasonable cause or of termina-
tion of their term or employment, due to
a tender oer.
Annual Financial Report as of 31.12.2021
Page 29 of 276
Amounts in thousand Euro, unless stated otherwise
The Extraordinary General Meeting of the
Company’s shareholders on February 2,
2017 decided, inter alia, to approve the
purchase of own shares through the Ath-
ens Stock Exchange under the provisions
of the pre-existing article 16 of Codied
Law 2190/1920, which expired on 02-02-
2019. Under the aforementioned plan, and
until its expiration, the Company acquired
4,324 own shares.
The Extraordinary General Meeting of the
Company’s shareholders on March 19,
2019 decided, inter alia, to approve the
acquisition of own shares through the
Athens Stock Exchange in accordance
with the provisions of article 49 of law
4548/2018 as currently in force, which ex-
pired on 19.03.2021. Under the above plan
and until its completion, the Company
acquired 318,364 treasury shares, with an
average purchase price of 2.4373 Euros per
share, which correspond to a percentage
of 0.728% of the share capital.
The Annual General Meeting of the Com-
pany’s shareholders of May 21, 2021 decid-
ed to approve a share buyback program
which provided for the purchase within
a period of twenty-four (24) months, i.e.
no later than 21.05.2023, of a maximum
of 4,341,876 common registered shares,
within a price range from fty cents of
Euro (0.50 €) per share (minimum) to ten
Euros (10.00 €) per share (maximum).
During the execution of the above share
buyback program and in execution-im-
plementation of the above decision of
the General Meeting of Shareholders,
the Company proceeded, in accordance
with the provisions of Regulation (EU)
596/2014 of the European Parliament and
of the Council as of 16 April 2014 and of
the Commission’s Delegated Regulation
(EU) 2016/1052 as of 8 March 2016, with
the purchase of a total of 218,630 common
registered shares carrying voting rights,
based on an average price of EUR 6.88 per
share, corresponding to 0.50% of the eq-
uity.
The Company held on 31.12.2021 a total of
541,318 treasury shares which correspond
to a percentage of 1.24% of the share capi-
tal.
SECTION V: Treasury Shares
Page 30 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
1. Group Financial Results
Continuing Operations
The following table depicts the Group’s nancial results (from continuing operations)
for the year 2021 compared to the year 2020
:
Financial Results of Year 2021
(CONTINUING OPERATIONS)
(amounts in thousand Euro) Year 2021 Year 2020 Change %
Turnover
428,429 339,722 26.1%
Gross Prot
140,149 105,959 32.3%
Gross Prot Margin
32.7% 31.2%
ΕΒΙΤ
83,913 53,857 55.8%
EBIT Margin
19.6% 15.9%
EBITDA
103,791 72,484 43.2%
EBITDA Margin
24.2% 21.3%
Adjusted EBITDA
105,799 76,559 38.2%
Adjusted EBITDA Margin
24.7% 22.5%
EBT
83,920 52,077 61.1%
EBT Margin
19.6% 15.3%
Total EAT
65,866 41,272 59.6%
EAT Margin
15.4% 12.1%
Total EATAM
65,436 40,663 60.9%
EATAM Margin
15.3% 12.0%
Earnings per Share (in euro)
1.5093 0.9314 62.0%
* Note: The alternative performance measures are presented and described analytically in
the section VII of the present Report
Turnover € 428,429 (+26.1 %)
________________________________________________________________________________________________________________
Increase in the volume of consolidated sales by 3.37% and increase in the consolidated
turnover by 26.1% compared to the year 2020. In particular and in terms of sales volume,
the Packaging sector posted an increase by 8.46% and the Technical Fabrics sector re-
corded an increase of 1.38%, compared to the year 2020.
SECTION VΙ: Evolution and Performance of the Group
Annual Financial Report as of 31.12.2021
Page 31 of 276
Amounts in thousand Euro, unless stated otherwise
Gross Prot € 140,149 (+32.3%)
________________________________________________________________________________________________________________
The gross prot margin settled at 32.7% compared to 31.2% in 2020.
EBIT € 83,913 (+55.8%)
________________________________________________________________________________________________________________
The EBIT margin stood at 19.6% compared to 15.9% in the nancial year 2020.
EBITDA € 103,791 (+43.2%)
________________________________________________________________________________________________________________
The EBITDA margin stood at 24.2% compared to 21.3% in 2020.
Adjusted EBITDA € 105,799 (+38.2%)
________________________________________________________________________________________________________________
The Adjusted EBITDA margin reached 24.7% compared to 22.5% in 2020.
Adjusted EBITDA does not include gains from the sale of tangible assets accounting for
€ 763 and impairment losses of tangible assets amounting to € 1,973 which concern the
operational restructuring of Don & Low LTD. This subsidiary reduced its presence in the
market of woven technical fabrics, while increasing its production capacity in the non-
woven technical fabrics. Also the above calculations do not include expenses of € 798
concerning extraordinary allowance to personnel.
These expenses are summarized below:
a. Gains from the sale of assets of Don & Low LTD (see note 3.5) amounting to € 763
b. Impairment of mechanical equipment of Don & Low LTD (see note 3.8) of € 1,973
c. Extraordinary allowance to personnel (see note 3.8) accounting for € 798
Earnings before Taxes € 83,920 (+61.1%)
________________________________________________________________________________________________________________
The prot margin before taxes stood at 19.6% compared to 15.3% in the nancial year
2020.
Earnings after Taxes € 65,866 (+59.6%)
________________________________________________________________________________________________________________
The prot margin after taxes settled at 15.4% compared to 12.1% in 2020.
Earnings after Taxes and Non Controlling Interests € 65,436 (+60.9%)
________________________________________________________________________________________________________________
The prot margin after taxes and non controlling interests reached 15.3% in 2021 com-
pared to 12% in 2020.
Total Operations
Due to the decision to permanently discontinue the production of Thrace Linq INC, which
was decided in order for the Group to focus on protable activities, this particular activity
is reported in the income statement and other comprehensive income as discontinued
operations.
Page 32 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
For the completeness of information provided, the following table presents the Group’s
nancial results in total (from Continuing and Discontinued Operations) in 2021, in com-
parison with the year of 2020.
Financial Results of Year 2021
(CONTINUING & DISCONTINUED OPERATIONS)
(amounts in thousand Euro)
Year 2021 Year 2020 Change %
Turnover
428,429 344,806 24.3%
Gross Prot
140,149 106,217 31.9%
Gross Prot Margin
32.7% 30.8%
ΕΒΙΤ
90,397 50,472 79.1%
EBIT Margin
21.1% 14.6%
EBITDA
110,275 69,444 58.8%
EBITDA Margin
25.7% 20.1%
Adjusted EBITDA
105,799 76,559 38.2%
Adjusted EBITDA Margin
24.7% 22.2%
EBT
90,517 48,767 85.6%
EBT Margin
21.1% 14.1%
Total EAT
72,457 37,956 90.9%
EAT Margin
16.9% 11.0%
Total EATAM
72,027 37,347 92.9%
EATAM Margin
16.8% 10.8%
Earnings per Share (in euro)
1.6613 0.8555 94.2%
2. Parent Company’s Financial Results
The Company’s business objective, apart
from being a holding company, relates also
to the provision of support services to its
subsidiaries. Specically the Company’s in-
come is generated from the provision of ad-
ministrative, operating and organizational
support services, nancial and tax services,
IT and consulting services in the areas of
marketing and sales, the preparation of -
nancial feasibility studies, and the general
provision of consulting services which en-
sure the proper operation of subsidiaries at
all levels.
Specically for the year 2021, the Turnover
of the Company concerning the provision
of the above services amounted to € 5,668
against € 4,852 in 2020, posting an increase
of 16.8%. The loss before Taxes, Financial
and Investment Results amounted to € 839
in 2021 compared to a loss of € 698 in 2020.
Earnings before taxes for the year 2021
amounted to € 14,130 compared to € 11,743
in 2020, posting an increase of 20.3%. Final-
ly, Earnings after taxes in 2021 amounted
to € 14,114 compared to € 11,190 in 2020,
recording an increase of 26.1%.
Annual Financial Report as of 31.12.2021
Page 33 of 276
Amounts in thousand Euro, unless stated otherwise
3. Financial Results of the Group per Business Segment
The operating segments are based on the
dierent product category, the structure
of the Group’s management and the inter-
nal reporting system. Using the criteria, as
dened in the standards and based on the
dierent activities of the Group, the busi-
ness activity of the Group is divided into
two business segments, namely “Technical
Fabrics” and “Packaging”. The information
about the sectors of activity which are not
reported as separate ones has been collect-
ed and presented in the category “Other”,
which includes the agricultural sector as
well as the activities of the Parent Company.
The description and nancial results of the
Group’s operating segments are presented
as follows:
Technical Fabrics Sector
Production and trade of technical fabrics
for industrial and technical use.
Packaging Sector
Production and trade of packaging materi-
als, plastic bags, and plastic boxes for the
packaging of food and paints and other
packaging materials, mainly for agricultural
use.
Other
It includes the Agricultural sector and the
business activity of the Parent company
which apart from the investing activities,
also provides Administrative – Financial – IT
services to its subsidiaries.
During the year 2020, which was character-
ized by the spread of the coronavirus Covid
19 pandemic, the Group faced signicantly
increased demand for specic products in
its existing product portfolio and particu-
larly in the area of technical fabrics used
in personal protection and health applica-
tions (Personal Protective Equipment). The
Group, taking advantage of the technologi-
cal capabilities of its modern production
lines and its know-how that is developed
in technical fabrics, managed to respond
to the signicantly increased demand, us-
ing the existing production lines and chan-
neling a large part of the already produced
quantities towards applications in this
particular sector, while proceeding with
targeted investments, such as production
lines of surgical masks and production line
of technical non-woven fabrics Meltblown
(as it has been already announced to the
investors’ community with the corporate
announcements as of 04/05/2020 and
01/10/2020). The Group also purchased re-
lated machinery for the production of high
protection masks (FFP2).
From a commercial point of view, the Group
during the previous year developed its cus-
tomer base, through the available sales net-
works per country, based on the separate
needs of the respective markets in each
country, through the group subsidiaries
and regardless of the reference sector. The
Group acted in the above manner either by
channeling the products into the retail mar-
ket or by entering into agreements with the
respective local health systems.
Regarding the twelve-month period of
2021, the Group continued to support, in
line with the market needs, the particular
sector maintaining -especially during the
rst half of the year- an alternative product
mix which resulted into the sale of products
with higher protability. However, during
Page 34 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
the third quarter of the year, there was a
signicant decline in the demand for these
products and an accelerated shift of the
product mix towards the traditional portfo-
lio, which continued with an even greater
pace during the last quarter of the year.
Earnings before Taxes from Continuing
Operations at the Group level for the year
2021 amounted to € 83.9 million, of which,
according to the estimates of the Manage-
ment, € 51.8 million were the result of the
above market conditions and especially of
the respective conversion of product mix.
The above gure was allocated by € 49.9
million in the Sector of “Technical Fabrics”,
and by € 1.9 million in the Sector of “Pack-
aging”.
It should be noted that part of the specic
investments that were implemented (such
as the Meltblown non-woven technical
fabrics production line), can be used to pro-
duce products serving other sectors and
applications.
The following table summarizes the course
of nancial results from continuing opera-
tions of the individual sectors in which the
Group activated during the year 2021:
FINANCIAL RESULTS PER SEGMENT (Continuing Operations)
Sector Technical Fabrics Packaging Other
Intra-
Segment
Eliminations
Group
12M
2021
12M 2020
% Ch.
12M
2021
12M 2020
% Ch.
12M
2021
12M 2020
12M
2021
12M 2020
12M
2021
12M 2020
Turnover
318,878 243,103 31.2%
120,007
105,718
13.5%
5,668 4,853 -16,124 -13,952
428,429
339,722
Gross
Prot
113,245 74,927 51.1% 26,512 30,733 -13.7% 24 308 368 -9
140,149
105,959
Gross
Prot
Margin
35.5% 30.8% 22.1% 29.1% 0.4% 6.3% - - 32.7% 31.2%
Total
EBITDA
86,148 50,494
70.6%
18,265 22,482 -18.8% -512 -412 -110 -80 103,791 72,484
EBITDA
Margin
27.0% 20.8% 15.2% 21.3% -9.0% -8.5% - - 24.2% 21.3%
Annual Financial Report as of 31.12.2021
Page 35 of 276
Amounts in thousand Euro, unless stated otherwise
(amounts in thousand Euro) 31/12/2021 31/12/2020 Change %
Tangible Assets 153,848 131,512 17.0%
Rights-of-use assets 3,051 13,197 -76.9%
Investment Property 113 113 0.0%
Intangible Assets 10,539 10,655 -1.1%
Investments in Joint Ventures 18,012 15,074 19.5%
Other Long-term Receivables 5,001 5,034 -0.7%
Deferred Tax Assets 380 287 32.4%
Total Non-Current assets 190,944 175,872 8.6%
Inventories 71,835 55,338 29.8%
Income Tax Prepaid 274 278 -1.4%
Trade Receivables 64,547 56,863 13.5%
Other Receivables 14,359 7,211 99.1%
Fixed Assets Held for Sale 0 5,478 -100.0%
Cash & Cash Equivalents 63,240 40,824 54.9%
Total Current Assets 214,255 165,992 29.1%
TOTAL ASSETS 405,199 341,864 18.5%
TOTAL EQUITY 252,250 176,109 43.2%
Long-term Loans 33,610 46,691 -28.0%
Liabilities from Leases 2,061 3,210 -35.8%
Provisions for Employee Benets 3,499 14,191 -75.3%
Other Long-term Liabilities 6,979 2,358 196.0%
Total Long-term Liabilities 46,149 66,450 -30.6%
Short-term Debt 17,393 26,311 -33.9%
Liabilities from Leases 914 2,822 -67.6%
Suppliers 55,441 29,697 86.7%
Other Short-term Liabilities 33,052 40,475 -18.3%
Total Short-term Liabilities 106,800 99,305 7.5%
TOTAL EQUITY & LIABILITIES 405,199 341,864 18.5%
4. Consolidated Statement of Financial Position of the Group
The following table summarizes the basic nancial gures of the Group’s nancial posi-
tion as of 31.12.2021:
Page 36 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Tangible Assets € 190,944 (+8.6%)
________________________________________________________________________________________________________________
The increase is mainly a result of the implementation of new investments during the year.
Current Assets € 214,255 (+29.1%)
________________________________________________________________________________________________________________
The increase in current assets by 29.8% is mainly due to the increase in turnover.
Inventories amounted to € 71,835 on 31.12.2021 higher by 29.8% compared to 31.12.2020.
The Average Inventory Turnover Days however stood at 81 compared to 88 days in 2020.
The Average Trade Receivables Turnover Days stood at 52 compared to 60 days in 2020.
Equity € 252,250 (+43.2%)
________________________________________________________________________________________________________________
Equity amounted to € 252,250, posting an increase of 43.2% compared to 31.12.2020.
Provisions for Employee Benets € 3,499 (-75.3%)
________________________________________________________________________________________________________________
This decrease is mainly due to the reduction of the discount rate. The largest share in the
actuarial decit of the Group comes from Don & Low LTD and for this reason the details of
its plan are analyzed below:
31.12.2021 31.12.2020
Present Value of Liabilities
159,705 157,175
Present Value of Tangible Assets
157,682 144,383
Net Liability Recognized in Balance Sheet
2,023 12,792
The asset allocation of the plan is as follows:
Asset allocation 31.12.2021 31.12.2020
Mutual Funds (Stock Market) 15,471 17,130
Mutual Funds (Bond Market) 79,020 75,417
Mutual Funds (Diversied Growth Funds) 52,838 48,721
Other 10,353 3,115
Total
157,682 144,383
The assets of the plan are measured at fair value and consist of Mutual Funds of Baillie
Giord, Legal & General Investment Management as well as Ninety One plc.
Annual Financial Report as of 31.12.2021
Page 37 of 276
Amounts in thousand Euro, unless stated otherwise
Net Debt € (9,262)
________________________________________________________________________________________________________________
The Net Debt / Equity ratio stood at (0.04) compared to 0.22 on 31.12.2020, while the Net
Debt / EBITDA ratio stood at (0.08), compared to 0.55 on 31.12.2020.
Suppliers € 55,441 (86.7%)
________________________________________________________________________________________________________________
The average Suppliers Turnover Ratio settled at 54 days versus 50 days in 2020.
5. Financial Ratios
Following the above analysis, some basic Financial Ratios of the Group based on the Total
Operations are hereafter presented.
Capital Structure Ratios 2021 2020 Explanation
Total Liabilities / Equity 0.6 0.9
Relation between Liabilities and Equity
Net Debt / Equity (0.04) 0.22
Relation between Debt and Equity
Net Debt/EBITDA (0.08) 0.55
Relation between Debt and Earnings
before Interest, Taxes, Depreciation and
Amortization
Non-Current Assets / Total
Assets
0.5 0.5
Asset Allocation between Current and
Non-current Assets
Current Assets / Total Assets 0.5 0.5
Equity / Net Tangible Assets
1.6 1.2
The level of nancing of the Tangible
Assets from the Equity
Leverage Ratios 2021 2020 Explanation
Equity / Total Assets 0.6 0.5
Relation between Equity and Total Assets
Interest Coverage 49.4 16.3
Interest Income –Interest Expense
Coverage from Operating Earnings (ΕΒΙΤ)
Liquidity Ratios 2021 2020 Explanation
Current Ratio 2.0 1.7
Total Current Assets / Total Short-term
Liabilities
Acid Test Ratio 1.3 1.1
(Total Current Assets - Inventories) / Total
Short-term Liabilities
Page 38 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Prot Margins (%) 2021 2020 Explanation
Gross Prot 32.7% 30.8%
Gross Prot/Total Turnover
EBITDA 25.7% 20.1%
EBITDA / Total Turnover
Adjusted EBITDA 24.7% 22.2%
Adjusted EBITDA / Total Turnover
EBT 21.1% 14.1%
Earnings before Taxes/ Total Turnover
EATAM 16.8% 10.8%
Earnings after Taxes and Minorities /
Total Turnover
Receivables and Turnover (in
days) total
2021 2020 Explanation
Average Receivable Turnover 52 60
[(Receivables 2021 + Receivables
2020)/2] / Turnover 2020*365 days
Average Inventory Turnover 81 88
[(Inventories 2021+ Inventories
2020)/2] / Cost of Sales 2020*365 days
Average Suppliers Turnover 54 50
[(Suppliers 2021 + Suppliers 2020)/2] /
Cost of Sales 2020*365 days
Annual Financial Report as of 31.12.2021
Page 39 of 276
Amounts in thousand Euro, unless stated otherwise
In the context of its decision making con-
cerning the nancial, operating and stra-
tegic planning as well as the evaluation
of its performance, the Group utilizes Al-
ternative Performance Measures (APM).
These indicators mainly serve the better
understanding of the nancial and operat-
ing results of the Group, its nancial posi-
tion as well as its cash ow statement. The
Alternative Performance Measures (APM)
should be always taken into account in
line with the nancial statements which
have been prepared according to the In-
ternational Financial Reporting Standards
and in no case the APM replace the above.
Alternative Performance Measures
In the analysis of the developments and
the performance of the Group, ratios such
as the EBIT and the EBITDA are utilized.
ΕΒΙΤ (The indicator of earnings before
nancial and investing activities as well
as taxes)
The EBIT serves the better analysis of the
Group’s operating results and is calculated
as follows: Turnover minus Cost of Sales plus
other operating income minus the total op
-
erating expenses, before the nancial and in-
vesting activities and taxes. The EBIT margin
(%) is calculated by dividing the EBIT by the
total turnover.
EBITDA (The indicator of operating earnings
before nancial and investing activities as well
as depreciation, amortization, impairment
and taxes)
The EBITDA serves the better analysis of the
Group’s operating results and is calculated
as follows: Turnover minus Cost of Sales plus
other operating income minus the total op
-
erating expenses before the depreciation of
tangible assets, the amortization of grants
and the impairments, as well as before the
-
nancial and investing activities and taxes. The
EBITDA margin (%) is calculated by dividing
the EBITDA by the turnover.
Adjusted EBITDA (The adjusted indicator
of operating earnings before nancial and
investing activities as well as depreciation,
amortization, impairment and taxes).
The Adjusted EBITDA is the EBITDA less any
restructuring, acquisition, merger, and other
non-recurring expenses
SECTION VII: Definition and Reconciliation of Alternative Performance Measures (APM)
Page 40 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Regarding the prospects for the year 2022,
the Management closely monitors the
macroeconomic developments, on a glob-
al level, which are characterized by the sig-
nicantly stronger inationary trends,
throughout the economy but also in all
cost items that constitute the industrial
sector’s cost base, and by the ongoing
war between Russia and Ukraine, which
is substantially aggravating the economic
environment. As a result of the above de-
velopments, there is a lag in demand in
various sectors of the economy combined
with the presence of signicantly higher
prices of both raw materials as well as en-
ergy and transportation costs.
Regarding the rst quarter of 2022, the
Management of the Group remains op-
timistic for its satisfactory performance,
given the dicult conditions prevailing
in the current period. It is estimated that
a signicantly stronger protability will be
achieved, compared to the corresponding
period before the pandemic, but it will set-
tle lower than the protability of the cor-
responding period of the previous year.
However, the comparison with the previ-
ous year becomes extremely dicult to
be substantiated, due to the extraordinary
circumstances of both that period and the
current one. Specically concerning the
impact of the war, it should be noted that
the Group’s sales volume in Russia and
Ukraine for 2021 was immaterial (0.6% of
sales), but it is not clear how the ongo-
ing war conict will aect more broadly
the supply and demand conditions in the
market.
Regarding the course of 2022 as a
whole, the very challenging as well as
volatile macroeconomic environment
described above makes especially dif-
cult the development of any nancial
estimates, since the visibility for the -
nancial results and the level of demand
in the coming months remains extremely
limited. However, the great eort made
by the Management of the Group as well
as the Management of the subsidiaries
in all the countries of operation, creates
conditions of reserved optimism that the
Group will be able to implement its strate-
gic plans and to maintain to a signicant
extent the protability from the traditional
portfolio that was formed in 2021. This will
be also demonstrating that the Group has
entered a new era, characterized by sig-
nicantly higher protability compared to
pre-pandemic levels. It should be noted,
however, that although the implementa-
tion of this plan is the fundamental goal of
the Management, the extremely uncertain
conditions that arise at the time of prepa-
ration of the annual report are likely to re-
dene the annual performance estimates
made by the Management in the coming
months of the year.
At the same time, the Group’s Manage-
ment is working in seamless manner to-
wards the implementation of the new
strategy, the extraordinary investment
actions that have been decided, as well
as the implementation of the new annu-
al investment plan for 2022. As already
announced, the Group’s priority is the
development of new products as well as
the access to new markets, the emphasis
on improving protability, the targeted
increase in production capacity in both
key sectors of activity. At the same time
the Group implements important ac-
tions regarding recycling and the circular
economy, actions that are an integral part
SECTION VIIΙ: Prospects and Outlook of the Group for the Financial Year 2022
Annual Financial Report as of 31.12.2021
Page 41 of 276
Amounts in thousand Euro, unless stated otherwise
SECTION IX: Events after the Financial Position Date
The following paragraphs present the important events that took place after the end of the
nancial year 2021 and up to the date of preparation of this Report :
Direct Impact of the War Conict on the Financial of the Group
The war outbreak after the Russian military invasion of Ukraine creates geopolitical insta-
of the Group’s strategy and will form new
dynamics for the future. It is worth noting
that for the period 2020 - 2022, the total
investment plan of the Group, on a cash
basis, will amount to € 101 million.
Regarding the level of liquidity of the
Group, which in 2021 settled at signi-
cantly higher levels, it is estimated that it
will remain at similarly high levels. How-
ever, the full implementation of the exten-
sive investment plan, the greatest part of
which will be disbursed in 2022, is mainly
carried out via the utilization of own funds
and therefore the Net Cash is likely to re-
turn to Net Debt. This is due to the fact
that the utilization of excess liquidity for
the implementation of actions that will
contribute to the further long-term devel-
opment and viability of the Group, is esti-
mated to be the most appropriate use of
this capital, both in terms of sound man-
agement and in terms of required return.
The Management of the Group is con-
dent that the overall implementation of
the respective investment plans but also
of the broader strategy creates condi-
tions for the Group to gradually enter into
a new era of development, improvement
of infrastructure, further expansion of ac-
tivities and improvement of prot genera-
tion, compared to the pre-pandemic lev-
els. At the same time, the strengthening of
the Group’s nancial position is the basis
for the implementation of the future in-
vestment plans, as they will be unveiled in
the coming years, actions that in turn will
contribute to the successful implementa-
tion of the new strategy, always within the
framework of protable sustainable devel-
opment.
bility with macroeconomic consequences,
the extent of which cannot yet be estimat-
ed. The Group does not have signicant
business activities in Ukraine and in Rus-
sia, i.e. in the areas directly aected by the
war. Furthermore, the overall exposure to
Ukraine and Russia is minimal. Based on
the nancial results of 2021, sales in these
two countries stood at 0.6% of the Group’s
total turnover. Therefore, no direct materi-
al impact is expected on the nancial per-
formance of the Group, given the non-ex-
istence of business activity in the specic
area. However, the eects on the Group’s
activities from the negative developments
in the energy sector and from the wider
macroeconomic uncertainty are closely
monitored and in case the crisis is pro-
longed and generates stronger ination-
ary pressures, the Group will re-evaluate
and may modify its estimates accordingly.
Page 42 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
SECTION X: Corporate Governance Statement
The Board of Directors of the Company,
during its meeting of 21/02/2022, appoint-
ed Mr. Michael Psarros of George as Head of
the Department (Unit) of Regulatory Com-
pliance and Risk Management. Mr. Psarros
assumed the duties as Risk & Compliance
Manager on 24/02/2022.
Appointment of Risk & Compliance Manager
Proposed Dividend for the Year 2021
The Board of Directors of the Company at
the meeting of September 24, 2021 de-
cided to distribute an interim dividend for
the nancial year 2021 based on the in-
terim nancial statements for the period
01.01.2021-30.06.2021. The distribution
and payment of the above dividend took
place on December 8, 2021. The Board of
Directors will propose the distribution of
dividend to the Annual General Meeting of
Shareholders, however taking into account
the conditions that are constantly changing
due to Covid-19 pandemic and the Russian
invasion of Ukraine, the nal amount to be
proposed will be decided at a later stage
and in any case prior to the date of the An-
nual General Meeting of Shareholders.
There are no other events after the Balance
Sheet date that have a signicant impact on
the nancial statements of the Group.
The current Corporate Governance State-
ment is compiled according to the provi-
sions of a. 152 of L. 4548/2018, and a.18
of L.4706/2020 Hellenic Corporate Gov-
ernance Code and the decisions of the
Hellenic Capital Market Commission is-
sued by authorization of law 4706/2020,
constitutes special section of the Annual
Management Report of the Board of Direc-
tors and contains the entire information
required by the law.
Specically, the structure of the present
Corporate Governance Statement (here-
inafter called as “Statement” or “CGS”) is as
follows:
I. Compliance Statement with the Cor-
porate Governance Code
II. Deviations from the Corporate Gov-
ernance Code and explanation of
such
III. Corporate Governance Practices ap-
plied by the Company apart from
those stated by law
IV. Description of the internal control and
risk management system as regards
to the process for preparing nancial
statements
V. Information regarding the Company’s
audit process (information stipulat-
ed by items (c), (d), (f), (h) and (i) of
paragraph 1 of article 10 of Directive
2004/25/EC)
VI. Board of Directors and Committees
VII. General Meeting and Shareholders’
Rights
VIII. Sustainable Development Report
IX. EU Taxonomy
Annual Financial Report as of 31.12.2021
Page 43 of 276
Amounts in thousand Euro, unless stated otherwise
I. COMPLIANCESTATEMENTWITHHELLENICCORPORATE
GOVERNANCECODE
The Company applies the principles of
corporate governance, as they are dened
in the current legislative and regulatory
framework in general. In full compliance
with the provisions of article 17 of law
4706/2020 and article 4 of Decision No.
2/905/03.03.2021 of the Board of Directors
of the Hellenic Capital Market Commis-
sion, the Company proceeded based on
the relevant decision of the Board of Direc-
tors dated 16.07.2021 to the adoption and
implementation of the Hellenic Corporate
Governance Code (hereinafter called as
the “Code”), which was drafted by the Hel-
lenic Corporate Governance Council in
June 2021 and is available at: http://www.
esed.org.gr/code-listed, to which (Code)
states that it is subject including the dis-
crepancies explicitly mentioned below.
The Company, by taking the appropri-
ate, necessary and proper decisions and
measures, proceeded to its full, eective,
substantial and timely compliance and
harmonization with the new provisions
of Law 4706/2020 (Government Gazette
A136/17.07.2020), under substantially
reforming and updating the regulatory
framework for corporate governance, by
upgrading the required organizational
structures and corporate governance pro-
cesses, increasing the principle of transpar-
ency and strengthening the condence
of shareholders and the investing public
in general, in order for societe anonyms
whose shares are listed on a regulated
market to meet the increased demands of
the modern capital market.
ΙΙ.DEVIATIONSFROMTHECORPORATEGOVERNANCECODEAND
EXPLANATIONOFNONCOMPLIANCE
The Company, as mentioned above, taking
into account in each case the particulari-
ties of its organizational structure and op-
eration, decided to adopt and implement
the Hellenic Code of Corporate Govern-
ance.
However, in relation to the specic practic-
es and principles established by the Code,
there are currently some very limited dis-
crepancies, for which (discrepancies) an
analysis and explanation of the reasons
justifying them follows, as the Code is ap-
plied on the basis of the principle “Comply
or explain”, which requires companies that
apply the Code to either comply with all of
its provisions, or to explain, with explana-
tion, the reasons for their non-compliance
with its specic special practices , while
the explanation of the reasons for non-
compliance should not be limited to a sim-
ple reference to the practice with which
the Company does not comply, but should
be justied in a specic, denite, compre-
hensible, substantial and convincing man-
ner. The company will make the necessary
actions in order to comply with the Code
in the following years.
In particular and on the specic discrep-
ancy:
Page 44 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Assessment Report of Internal Control System
In relation to risk management and the internal control system, the Corporate
Governance Statement must include, inter alia, a reference to the results / ndings of the
Assessment Report of the Internal Control System, the risks and the consequences of any
ndings, the response of the Company’s Management, as well as the implementation
of the plans with the relevant schedules.
According to the specics of the decision of the Board of Directors of the Hellenic Capital
Market Commission with number 1/891/30.09.2020 (GG B 4556/2020), as it is valid
after its amendment by the number 2/917/ 17.06.2021 (GG B 3040/2021) Decision of its
Board of Directors, which determines the time, the procedure, the periodicity and any
more specic issues necessary for the implementation of the Internal Control System
evaluation (hereinafter called as «ICS»), as well as the characteristics that concern the
persons who carry it out, the rst evaluation of the ICS must be completed by 31 March
2023 with a reference date of 31 December 2022 and a reference period from the entry
into force of article 14 of law 4706/2020», namely from 17 July 2021.
Following this and consequence of the postponement of the deadline for the
completion of the rst evaluation of the Internal Control System from 31.03.2022 to
31.03.2023, a relevant reference and report to the most important ndings of the
evaluation, the risks and the consequences arising from them, as well as the response
of the Company’s Management to them, including the relevant action plans with clear
and realistic timetables, will be carried out in the Corporate Governance Statement,
which will be prepared for the next scal year 2022.
ΙΙΙ. CORPORATEGOVERNANCEPRACTICESAPPLIEDBYTHE
COMPANY,APARTFROMTHOSESTIPULATEDBYLAW
As regards to corporate governance issues,
the Company applies faithfully and with-
out any deviations the provisions of laws
4548/2018, and 4449/2017 as currently
in force, as well as the Hellenic Corporate
Governance Code, the provisions and reg-
ulations of which it has incorporated in its
Articles of Association, its Internal Opera-
tion Rulebook, in the Rules of Procedure of
the Committees, in the Manual of Internal
Control and in all the individual proce-
dures and policies it has established and
implements.
At the present time there are no applica-
ble practices in addition to the provisions
of the law. Moreover, the Company applies
the above provisions and the Hellenic Cor-
porate Governance Code to the rules of
procedure of its committees, in other reg-
ulations, codes, procedures and policies.
Finally, it is noted that the Company is fully
harmonized with the provisions of the law
4706/2020 on corporate governance.
Annual Financial Report as of 31.12.2021
Page 45 of 276
Amounts in thousand Euro, unless stated otherwise
IV. DESCRIPTIONOFTHEINTERNALCONTROLANDRISK
MANAGEMENTSYSTEMOFTHECOMPANYANDTHEGROUP
ASREGARDSTOTHEPROCEDUREOFPREPARINGFINANCIAL
STATEMENTS
The Internal Control System consists of
the functions established by the Group,
i.e. both the parent Company and all other
companies included in the consolidation,
in order to ensure the protection of its
assets, to identify and address the most
important risks it faces or may face in the
future, to ensure that the nancial data on
the basis of which the nancial statements
are prepared (separate and consolidated)
are correct, true and accurate, and also to
ensure that the laws and the applicable
regulatory framework are applied, as well
as the principles and policies adopted by
the Management.
For the development of this System, the
Management of the Group, has reviewed
and implemented various Policies, Proce-
dures and Rules, which have been includ-
ed in its Internal Operation Rulebook.
Its implementation covers the Manage-
ment of Potential Risks in relation to the
process of drafting Financial Statements
(separate and consolidated) in the follow-
ing three (3) areas:
1) Entity level controls applied by the
Company and each of the other
companies included in the consoli-
dation at a parent level,
2) Financial reporting process controls
implemented by both the Company
and all other companies included
in the consolidation during the
process of drafting nancial state-
ments, separate and consolidated,
3) IT controls into the information sys-
tems applied by the Company as
well as all other companies included
in the IT systems framework.
Specically:
1) Entity level controls
Role and Responsibilities of the Board of Di-
rectors: The Board of Directors decides on
any action that concerns management of
the Company, management of its assets
and in general on anything that relates to
the achievement of its objective and the
promotion of its business activities.
Additionally, the Board of Directors:
• Determines the main responsibilities
and the objective of each Division, so
that the CEO can then assign to each
Director the responsibility of allocat-
ing the above to his/her subordinates.
• Proposes to the General Meeting of
Shareholders to appoint the Compa-
ny’s External Auditors, in line with the
proposition of the Audit Committee,
and to dene their remuneration.
• Is responsible to prepare a report with
detailed transactions of the Company
with its related parties, which is dis-
closed to the regulatory authorities.
• Is responsible for the preparation of
the Remuneration Report according
with article 112 of Law 4548/2018.
Preparation of Budget and Monitoring its Im-
plementation at the Board of Directors level:
The Annual Budget, which is also a guide
for the Group’s nancial development, is
prepared on an annual basis (consolidated
and also per segment/subsidiary) and is
presented to the Company’s Board of Di-
rectors for approval. The reports with the
Page 46 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
actual nancial results are issued periodi-
cally, accompanied by the condensed re-
ports including the explanations of devia-
tions and are discussed at the Board level.
Internal Operation Rules: The Company’s In-
ternal Operation Rulebook is also the man-
ual for its Internal Control System, which
amongst others includes the following:
• Description and guidance on managing
the dierent operations
• Control points in stand-alone proce-
dures
• Delegation of responsibilities
• Authorizations and limits of expense ap-
provals
• Instructions for Controls on the main
sections of the Internal Control System.
The adequacy of the Internal Control Sys-
tem is monitored on a systematic basis
by the Audit Committee through regular
meetings that take place with the Inter-
nal Audit and the Risk and Compliance
Management Department in the context
of monitoring the Annual Audit Program
for the Company and the Group, which is
prepared based on the relevant risk assess-
ment.
2) Financial reporting process
controls
In order to ensure that the nancial data,
based on which the nancial statements
of both the Company and the Group, are
correct, true and accurate, the Company
applies specic controls that include the
following:
• The postings from the Company’s ac-
counting department are performed
based on a specic process that re-
quires all receipts/invoices to be origi-
nal, and carry the respective original
signed approvals.
• The Company maintains a tangible
asset register in the tangible assets
sub-system and applies depreciation
rules according to the International
Financial Reporting Standards and Tax
Rules in eect.
• The Accounting Department carries
out periodic reconciliation of balances
of payroll, customers, suppliers’ ac-
counts, VAT, etc.
• The Group prepares the consolidated
budget on an annual basis. Each sub-
sidiary prepares the corporate budget
in alignment with the objectives of the
Group. These budgets shall be submit-
ted to the Board of Directors of the
Company for approval.
• Each month a detailed nancial re-
sults presentation is prepared per
segment/subsidiary and on a consoli-
dated Group level. This presentation is
submitted to the Company’s Manage-
ment.
• Companies that constitute the Group
follow common accounting standards
and procedures in line with the Inter-
national Financial Reporting Stand-
ards (IFRS).
• At the end of each period, the ac-
counting standards of the parent and
subsidiary companies prepare their
nancial statements according to
the International Financial Reporting
Standards (IFRS).
• The Statutory departments of the
Group collect all the necessary data
from subsidiaries and plants, con-
solidation entries are applied and the
nancial statements are prepared ac-
Annual Financial Report as of 31.12.2021
Page 47 of 276
Amounts in thousand Euro, unless stated otherwise
cording to the International Financial
Reporting Standards (IFRS).
• There are specic nancial statements
closing processes, which include dead-
lines for submission, responsibilities
allocation and update on the required
actions before submission.
• The nancial statements are audited
by external Certied Auditors whose
work is monitored by the Audit Com-
mittee, which then proposes their ap-
proval to the Company’s Board of Di-
rectors.
• The departments of Internal Audit and
Risk & Compliance periodically per-
form audits to conrm the accuracy,
completeness and correctness of -
nancial statements.
3) IT controls
The Group IT Department is responsible
for supporting the Group’s and the Com-
pany’s IT applications. This Department
has established robust IT controls frame-
work, which ensures the support of the
short-term and also the long-term objec-
tives of the Company and the Group.
All applicable procedures are described in
detail by the Company’s Internal Opera-
tion Rulebook. It is noted that all the com-
panies of the Group follow the Group Poli-
cies Manual and fully comply with its basic
principles, rules and procedures, in order
to ensure the reliable and adequate im-
plementation of the control of information
systems of all companies within the Group.
The most important of these procedures
are listed below:
• Back Up Process (in Hardware): Ac-
cording to the Operation Rulebook,
the IT Service develops the appropri-
ate infrastructure and ensures that
such is compatible and backed by an
alternative application/system to have
a back-up in cases of damage in the
Company’s and the Group’s central IT
system.
• Safekeeping (Condential) of the
Company’s and the Group’s Elec-
tronic Files: The IT Department ap-
plies the appropriate systems that
ensure the “non” leakage of the Com-
pany’s and the Group’s IT data.
• Files – Software of the Central Sys-
tem: Particular emphasis is given to
the access of the room where the Cen-
tral System is hosted, in order to allow
such access only by IT authorized em-
ployees. The access is controlled ad-
equately and at regular basis.
• Files –Software of the Peripheral
Systems: Access to les and system
software is provided to specic indi-
viduals with the use of personal pass-
words.
• Processes for Security of the Cen-
tral and Peripheral Systems: In the
context of protecting the Group’s IT
system, and taking advantage of the
latest technology available, the IT De-
partment applies the most advanced
security practices, such as antivirus
security software, e-mail security, re-
walls etc.
The Audit Committee of the Company
monitors the adequacy of the Com-
pany’s Internal Control System on a
continuous basis, given that:
• It has approved the Company’s Inter-
nal Operation Rulebook which has
incorporated the appropriate Policies,
Processes and Rules that comprise the
Internal Control System applied by the
Company, including Group’s Policies
Manual, which concerns the common
Page 48 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
policies and procedures applied by
the subsidiaries.
• The members of the Company’s Audit
Committee as well as the Members of
the Board of Directors are recipients
of the reports prepared by the Com-
pany’s Internal Audit Unit and the
Regulatory Compliance & Risk Man-
agement Department of the Compa-
ny. In these reports, the Company and
the Group’s operations are assessed as
well as the adequacy of Internal Con-
trol Systems applied.
Following the above, and after the annual
review/revision of the Group strategy per-
formed by the Board of Directors of the
Company at the end of the closing scal
year 2021 (01.01.2021-31.12.2021), the
main business risks faced by the Company
within the industry as well as the adequa-
cy of the internal control systems in place,
the Board of Directors concludes on the
following:
• the corporate strategy and the busi-
ness planning are implemented prop-
erly and according to the planning of
the individual Divisions, in order for
the Company to continue to be distin-
guished for the promotion of innova-
tive products that meet the constantly
evolving and most demanding needs
of its customers, creating value for its
people, contributing to the local com-
munity and building relationships of
trust,
• The main business and nancial risk
areas of the Company as well as the
issues that may have a signicant im-
pact on the nancial statements of
the Company and Group, have been
reported in detail in the relevant Sec-
tion of the Board of Directors Report,
• The internal audit is carried out in ac-
cordance with the current legislative
and regulatory framework and the
principles of the Code of Ethics and
covers the main activities of the com-
pany, in order to diagnose in time any
irregularities, errors, weaknesses and
possible fraud that may result in mis-
appropriation and/or loss of assets
and verify the reliability of the entity’s
nancial gures.
The Auditing Company, which is in charge
of carrying out the mandatory audit of the
annual and semi-annual nancial state-
ments (separate and consolidated), as well
as the issuance of the tax compliance re-
port, provided to the Company during the
closing year 2021 (01.01.2021-31.12.2021)
and the following non-audit services:
(a) Remuneration Report (art. 112,
L.4548/2018) for the parent company
(b) Report on agreed upon procedures
regarding “Certicate of Conformity”
of “Thrace NonWovens & Geosynthet-
ics S.A.” to “EUROBANK SA”, “NATIONAL
BANK OF GREECE”and “ALPHA BANK”
on 31.12.2020.
(c) Execution of agreed upon procedures
regarding the Procedure for Inclusion of
Beneciaries in Categories of Reduced
Charges of Special Fee for Reduction of
Gas Pollutant Emissions (ΕΤΜΕΑΡ), in
the context of the decision of the Dep-
uty Minister of Environment and Ener-
gy “Government Gazette with Number
B’ 3152-30.07.2020” for the period from
01-01-2016 to 31-12-2018.
(d) Report on agreed upon procedures re-
garding the “Certicate of Conformity
of “Thrace Polylms SA” to “EUROBANK”,
“PIRAEUS BANK”, “NATIONAL BANK
OF GREECE” and “ALPHA BANK” on
31.12.2020.
Annual Financial Report as of 31.12.2021
Page 49 of 276
Amounts in thousand Euro, unless stated otherwise
However, the fact that the Auditing Com-
pany provided the above services (non-
audit) had no eect, direct or indirect, on
the independence, objectivity, integrity,
reliability and eectiveness of the statu-
tory audit, as the provision of the specic
services took place from a dierent team
of the said Auditing Company and from
other persons, who have no involvement
and participation in the process of con-
ducting the statutory audit of the nancial
statements (annual and semi-annual, cor-
porate and consolidated) where appropri-
ate or are implemented under adequate
safeguards and rules and by nature these
services cannot joepartize their independ-
ence, which is additionally ensured by
strict internal procedures and protocols
applied by this Auditing Company.
V.INFORMATIONREGARDINGTHECOMPANY’SCONTROL
FRAMEWORK(INFORMATIONOFITEMS(C),(D),(F),(H)AND(I)OF
PARAGRAPH1OFARTICLE10OFDIRECTIVE2004/25/ECOFTHE
EUROPEANPARLIAMENTANDTHECOUNCIL,OF21STAPRIL2004.)
Signicant direct or indirect sharehold-
ings (including indirect shareholdings
through pyramid structures or cross-
participation) according to the deni-
tion of article 85 of Directive 2001/34/
ΕC
As regards to signicant participations
in the share capital and voting rights of
the Company, according to the deni-
tion of article 85 of Directive 2001/34/EC
and the provisions of articles 9 up to 11 of
Law 3556/2007, Mr. Konstantinos Chalio-
ris on 31-12-2021 owned a percentage of
43.292% of the Company’s share capital
and voting rights and Mrs. Emia Chaliori
owned a percentage of 20.851% of the
Company’s share capital and voting rights
on 31-12-2021. No other individual or le-
gal entity owns a percentage over 5.00%
of the Company’s share capital and vot-
ing rights. Data regarding the number
of shares and voting rights of individuals
owning signicant shareholding, has been
derived by the Shareholders’ registry kept
by the Company and the disclosures no-
tied to the Company according to Law
(and MAR) on behalf of its shareholders.
Owners of any type of titles that provide
special control rights and description of
such rights
There are no securities, including the Com-
pany’s shares that provide owners with
special control rights.
Any kind of limitations on voting rights,
such as limitations on voting rights of
owners that hold a specic percent-
age or number of votes, the exercise
deadlines for voting rights, or systems
through which, with the cooperation
of the company, nancial entitlements
that derive from the titles are distin-
guished from the ownership of the titles
The Company’s Articles of Association pro-
vides no limitations to voting rights deriv-
ing from its shares.
Rules governing the appointment and
replacement of the Board members as
well as the amendments of the Articles
of Association
The rules included in the Company’s Ar-
ticles of Association, both as regards to
the appointment and the replacement
of Board Members and as regards to its
Page 50 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
amendments, do not dier from those
stated by the L. 4548/2018 as it is in eect.
The authorities of Board members, spe-
cically as regards to the ability to issue
or buyback shares
There is no special and permanent compe-
tence of the Board of Directors or some of
its members for the issuance of new shares
or the purchase of treasury shares accord-
ing to article 49 of law 4548/2018. The rel-
evant power and responsibility is given to
the Company’s Board of Directors by virtue
of a relevant decision of the General Meet-
ing of its shareholders.
VI. BOARDOFDIRECTORSANDCOMMITTEES
1) Composition of the Board of
Directors
According to article 7, paragraph 1 of its
Articles of Association, as in force after its
amendment by the Extraordinary General
Meeting of Shareholders of 19 March 2019,
for the purpose of harmonization with pro-
visions of Law 4548/2018, the Company is
managed by a Board of Director (hereafter
called as “the BoD”) which consists of seven
to fteen (7-15) members. The members of
the Board of Directors are elected by the
General Meeting of shareholders, may be
shareholders or not and have a ve-year
term, which is extended until the expira-
tion of the term within which the next Or-
dinary General Meeting must convene and
until a relevant decision is taken, but in any
case should not exceed a six-year term.
- In case of resignation, death or in any
other way loss of the capacity of a
Board member, the remaining mem-
bers may either elect members of such
in replacement of the above or may
continue the management and repre-
sentation of the Company without the
replacement of past members, with
the condition that the number of the
remaining members is not less than
half of the number of members dur-
ing the time such events occurred. The
Board members are not allowed to be
less than three (3).
- In case of electing a replacement, the
decision for the election is subject to
the disclosure requirements of article
13 of L. 4548/2018, as currently in ef-
fect, and is announced by the Board
of Directors at the forthcoming Gen-
eral Meeting, which can replace those
elected, even if the relevant issue
had not been included in the General
Meeting agenda.
- The actions of the elected temporary
replacement are valid even if the Gen-
eral Meeting does not validate his/her
election or even if it has elected or not
another permanent member of the
Board.
- The term of the new Board member is
terminated when and whenever the
term of the replaced member would
have been terminated.
The Extraordinary General Meeting of
Shareholders of 11 February 2021 elected
new eleven (11) members of the Board of
Directors of the Company for a 5-year term
that is until 11/02/2026, extended until
the deadline for the next Ordinary General
Meeting to be held and until a relevant de-
cision is being made, consisting of the fol-
lowing members:
Annual Financial Report as of 31.12.2021
Page 51 of 276
Amounts in thousand Euro, unless stated otherwise
1. Konstantinos Chalioris of Stavros,
2. Theodoros Kitsos of Konstantinos,
3. Dimitrios Malamos of Petros,
4. Vassilios Zairopoulos of Stylianos,
5. Christos Shiatis of Panagiotis,
6. Christos-Alexis Komninos of Konstan-
tinos,
7. Petros Fronistas of Christos,
8. Georgios Samothrakis of Panagiotis,
9. Myrto Papathanou of Christos,
10. Spyridoula Maltezou of Andreas and
11. Nikitas Glykas of Ioannis.
Simultaneously with the above decision,
the Extraordinary General Meeting of
Shareholders appointed as independent
members of the Board of Directors of the
Company the following persons: 1) Theo-
doros Kitsos of Konstantinos, 2) Georgios
Samothrakis of Panagiotis, 3) Myrto Papa-
thanou of Christos, 4) Spyridoula Maltezou
of Andreas and 5) Nikitas Glykas of Ioan-
nis who meet in their entirety the criteria
of independence set by the existing legal
provisions (article 9, par.1 and 2 of Law
4706/2020):
(a) do not hold directly or indirectly a per-
centage of voting rights greater than
0.5% of the Company’s share capital;
and
(b) are free from any dependent relation-
ship with the Company or persons af-
liated with it and do not maintain any
nancial, business, family or other rela-
tionship, which may aect their deci-
sions and their independent, objective
and impartial judgment.
The minutes of 11.02.2021 of the Extraor-
dinary General Meeting of the Company’s
shareholders regarding the election of
a new Board of Directors as well as the
minutes of 11.02.2021 of the Board of
Directors on its formation in a body and
granting commitment and representa-
tion rights of the Company were regis-
tered in the General Commercial Register
(G.E.M.I.) on 01.03.2021 with Registration
Code Numbers 2491236 and 2491237
respectively, issued in relation to it with
protocol number 2336381/01.03.2021 of
the relevant announcement of the Minis-
try of Development and Investment (Gen-
eral Secretariat of Commerce & Consumer
Protection, General Directorate of Market,
Directorate of Companies, Department of
Supervision of Listed SAs & Sports SA).
The Company has adopted and imple-
ments the Procedure for Ensuring Inde-
pendence and Disclosure of Dependent
Relationships of the Independent Non-
Executive Members of the Board of Direc-
tors in accordance with the current legal
framework. The purpose of this Procedure
is to ensure that the Independent Non-Ex-
ecutive Members of the Board of Directors
comply with the criteria of independence
and any dependent relationships of them-
selves or persons who have close ties with
these persons are notied to the Company.
The BoD take all necessary measures to en-
sure compliance with the above Independ-
ence Criteria. The BoD with the support of
the Remuneration and Nomination Com-
mittee and the Department of Compliance
& Risk Management reviews the fullment
of the Independence Criteria of the Inde-
pendent Non-Executive Members at least
annually per nancial year and before the
publication of the annual Financial Report,
in which it includes the relevant verica-
tion. In the event that during the audit of
the fullment of the independence criteria
or in case at any time it is ascertained that
the independence criteria have ceased to
Page 52 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
exist in the person of any Independent
Non-Executive Member or this Member
makes a relevant statement to the Compa-
ny, the BoD takes the appropriate steps to
replace him/her without delay, on the rec-
ommendation of the Remuneration and
Nomination Committee.
Each Independent Non-Executive BoD
Member submits to the Remuneration and
Nomination Committee annually, an ar-
mation statement regarding the fullment
of the criteria of independence by him/
her, without however the Company being
satised exclusively with the submission
of the declaration according to the above.
The Board of Directors of the Company,
after a thorough examination with the as-
sistance of the Remuneration and Nomi-
nation Committee for the fullment by
the independent non-executive members
of the independence conditions dened
by article 9 par. 1 and 2, declares and con-
rms that both during the scal year 2021
(01.01.2021-31.12.2021) and on the date
approval of the present, the independent
non-executive members, and in particular
Messrs. Theodoros Kitsos, Georgios Samo-
thrakis, Myrto Papathanou, Spyridoula
Maltezou and Nikitas Glykas, fully meet
the criteria of independence set by the
current legislative and regulatory frame-
work in general.
The Board of Directors of the Company,
during its meeting of July 28, 2021 and fol-
lowing the relevant recommendation of
the Remuneration and Nomination Com-
mittee of the Company, which took place
in accordance with the applicable Suit-
ability Policy and the procedures applied
by the Company, elected Mr. Athanasios
Dimiou of Georgios as a non-executive
member, in replacement for the remaining
term of the resigned non-executive mem-
ber of the Board of Directors Mr. Petros
Fronistas of Christos.
The election of the above new non-exec-
utive member of the Board of Directors
will be announced, in accordance with
the provisions of the law and the Articles
of Association of the Company, at the next
General Meeting of the Company’s share-
holders.
Following the above, the Board of Direc-
tors of the Company was reconstituted
into a body for the remainder of its term,
namely until February 11, 2026.
The minutes of 28.07.2021 of the Board of
Directors on the election of Mr. Athanasios
Dimiou to replace and for the remainder of
the term of the resigned member Mr. Pet-
ros Fronistas, and on re-composition in a
body were registered in the General Com-
mercial Register (G.E.M.I.) on 03.08.2021
with Registration Code 2596045, issued
in relation to it with protocol number
2415279/03.08.2021 of the relevant an-
nouncement of the Ministry of Develop-
ment and Investment (General Secretar-
iat of Commerce & Consumer Protection,
General Directorate of Market, Directorate
of Companies, Department of Supervision
of Listed SAs & Sports SA).
The following table presents the mem-
bers of the eleven-member (11-mem-
ber) Board of Directors in eect, as long
as active BOD members during 2020 -
2021:
Annual Financial Report as of 31.12.2021
Page 53 of 276
Amounts in thousand Euro, unless stated otherwise
Member Position in the Board
Date of election/
appointment
Expiry of tenure
Konstantinos Chalioris
Chairman, Executive Member
11.02.2021 11.02.2026
Theodoros Kitsos
Vice Chairman, Independent
non-executive member
11.02.2021 11.02.2026
Dimitrios Malamos
Chief Executive Ocer,
Executive member
11.02.2021 11.02.2026
Vassilios Zairopoulos
Non-executive member
11.02.2021 11.02.2026
Christos Shiatis
Non-executive member
11.02.2021 11.02.2026
Christos-Alexis Komninos
Non-executive member
11.02.2021 11.02.2026
Athanasios Dimiou
Non-executive member
28.07.2021 11.02.2026
Georgios Samothrakis
Independent non-executive
member
11.02.2021 11.02.2026
Myrto Papathanou
Independent non-executive
member
11.02.2021 11.02.2026
Spyridoula Maltezou
Independent non-executive
member
11.02.2021 11.02.2026
Nikitas Glykas
Independent non-executive
member
11.02.2021 11.02.2026
Petros Fronistas
Non-Executive member
11.02.2021 09.07.2021
From the above members, all individuals
have Greek nationality except for Mr. Chris-
tos Shiatis and Mr. Christos-Alexis Komni-
nos who have Cypriot nationality.
Particularly and in accordance with the
above, the Board of Directors of the Com-
pany consists of:
• 2/11 (18.18%) executive members
• 4/11 (36.36%) non-executive members
• 5/11 (45.45%) independent, non-exec-
utive members
• 2/11 (18.18%) women (fullling how-
ever the requirements of Article 3, of
L.4706/2020, for adequate representa-
tion per gender in the Board of Direc-
tors).
It is pointed out that the composition of the
new Board of Directors is fully harmonized
with the requirements, criteria and regula-
tions of the new law 4706/2020 on corpo-
rate governance.
Furthermore, the composition of the new
Board of Directors of the Company fully
covers the proper and eective exercise of
its duties and responsibilities, reects the
size, organization and mode of operation of
the Company, achieves adequate stang
of both existing and new Committees insti-
tuted to strengthen the supervisory role of
the Board of Directors, and is distinguished
for the diversity of knowledge, skills, quali-
cations and experience, elements which
can contribute decisively to the promotion
and achievement of business goals and
plans of the Company.
Description of the diversity policy with
regard to the administrative bodies of
the Company
Given the fact that the Board of Direc-
tors is the highest administrative body of
the Company, which is responsible for the
Page 54 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
safeguarding of the broader corporate in-
terests, the policy making and the growth
strategy of the Company as well as for the
strengthening of the long-term economic
value of the Company, it is very essential
for the particular body to possess, with re-
gard to its composition, a diversity of skills,
views and abilities which at the same time
respond to the need to eectively attain
corporate goals.
The Company has a Suitability Policy for the
members of the Board of Directors, which
is approved by its Board of Directors and
includes at least the provision of diversity
criteria for the selection of the members of
the Board of Directors and the Senior Ex-
ecutives.
The Suitability Policy, which was approved
by the Annual Ordinary General Meeting of
Shareholders on May 21, 2021, is posted on
the Company’s website www.thracegroup.
com, while its scope includes the members
of the Board of Directors (executive, non-
executive, independent non-executive) as
well as the members of the Board Commit-
tees.
From the time of the Company’s establish-
ment and until today, the entire members
of the Board of Directors fulll all necessary
conditions and have set the foundations
in order to be granted with the capacity of
the member of the Board of Directors. At
the same time they are distinguished for
their high professional skills, educational
level, knowledge, capabilities, experiences
and their organizational and administrative
abilities, and at the same time they possess
high standards of ethics and integrity of
character.
The members of the board of Directors cov-
er a broad range in terms of age combining
eectively their dynamics and experience
(indicatively between 42 and 78 years old).
The members, in their majority, are hold-
ers of graduate and postgraduate degrees
of domestic as well as of international uni-
versities, have worked in high ranked posi-
tions of major companies domestically and
abroad, meaning companies activating in a
variety of business sectors. They have also
Senior Executives large organizations and
as a result they possess signicant interna-
tional experience in the corporate as well
as the broader social elds and are in po-
sition to actively contribute to the growth
prospects of the Group in the geographical
areas in which it activates. They nally fulll
the requirements of suitability as well as the
criteria with regard to the Group’s eective
stang and operation.
The current composition of the Board of
Directors aims undoubtedly at the best
possible facilitation of corporate goals, as it
increases the pool of skills, experience and
vision that the Company has for its highest
ranking personnel, and consequently its
competitiveness, productivity and innova-
tion.
The current 11-member Board of Directors
of the Company, consists of 9 men and 2
women and was elected in the framework
of the decision of the Company’s Manage-
ment for immediate, substantial and eec-
tive compliance and harmonization with
the provisions of the new law 4706/2020
on suitability, diversity and, above all, ad-
equate representation by gender on the
Board of Directors. The presence of two
women among the members of the Board
of Directors covers the statutory percent-
age (25%) of adequate representation by
gender.
Annual Financial Report as of 31.12.2021
Page 55 of 276
Amounts in thousand Euro, unless stated otherwise
The Board of Directors
Members Gender / Age Education Nationality Independence
l
ts
c
I
c
11 Members
9
Men
2
Women
Specialization
9
Greek
2
Other
nationality
45.45%
Independent
non-executive
members
42-78 years old
The Company, in the context of the adop-
tion of the best corporate governance
practices provided by the new CCG, en-
sures the application of the diversity crite-
ria included in the current and approved
by the annual Ordinary General Meeting
of shareholders on May 21
st
2021 Suitabil-
ity Policy not only among the members of
its Board of Directors, but also to its senior
executives.
In particular, the Human Resources De-
partment, which aims to attract and re-
tain the appropriate human resources and
continuously increase its eciency and
eectiveness through the implementation
of modern procedures, policies and prac-
tices of evaluation, recruitment, training
and remuneration, ensures faithful and
strict application of the diversity criteria to
senior management, in order to ensure:
(a) the avoidance of outdated and
anachronistic social stereotypes in
the process of assessing the specic
qualications and suitability of senior
management in general; and
(b) the integration of innovative ap-
proaches and ideas into the selection
process of such executives.
The fundamental criteria of the intended
diversity regarding the selection and eval-
uation of senior executives are as follows:
adequate gender representation of
at least 25%, to the extent and timing
that this criterion is applicable; and
the prohibition of exclusion of a can-
didate for senior management, due to
dierent gender, race, color, ethnic or
social origin, religion or belief, proper-
ty, birth, disability, age or sexual orien-
tation.
The main criteria for selecting the top ex-
ecutives employed in the Company are the
adequacy of knowledge and skills, namely
the satisfactory background of theoretical
education and training, the appropriate
professional experience, the guarantees
of ethics and reputation, the integrity
and objectivity, and the general skills of
the candidate as well as the knowledge
of the business model and the more spe-
cic principles of the Company, in order to
form a diverse team of senior executives
with a sucient degree of dierentiation,
which will be able to take full advantage of
market opportunities and eectively man-
age the risks.
The condensed CVs of the Company’s
Board members are as follows:
Page 56 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Konstantinos Chalioris,
Chairman of the Board of Directors,
Executive Member
He possesses a professional experience of
40 years and has gained very good knowl-
edge of the industry and the international
market. Since 2009, he holds the position
of the Chairman of the Board of Directors.
By the decision of the Board of Directors
as of October 14, 2020, Mr. Chalioris re-
mained Chairman of the Board of Directors
and also assumed the position of Chief En-
trepreneur. The specic position, which
was added to the organizational chart of
the Group aims to ensure the continuation
of the protable growth of the Group in ar-
eas that fall both in the existing activities
of the Group and in new benecial activi-
ties in the future. The creation of this po-
sition and its assumption by Mr. Chalioris,
who has a signicant career and valuable
experience in “entrepreneurship”, will en-
sure the future development of the Group.
Theodoros Kitsos,
Vice-Chairman of Board of Directors,
Independent Non-Executive Board
Member
He holds a BSc degree from the Economics
Department of the National and Kapodis-
trian University of Athens and an MBA de-
gree in nance from the Warner College of
USA. He started his career in Unilever Hellas
and also in other companies of the Group
located abroad where he worked in United
Arab Emirates, Saudi Arabia and Holland.
He returned to Greece in 2005 where he
worked as General Manager of Human Re-
sources and Organization at PPC (DEI) SA. In
a later stage he held the position of Deputy
General Manager of Human Resources at
Eurobank Group. By the end of the year
2007, he returned to Unilever Group based
in London undertaking the duties with re-
gard to the global organizational planning
of the Company, whereas in year 2010 he
moved to Unilever Russia, Ukraine and Be-
larus based in Moscow where he held the
position of Vice President responsible for is-
sues of human resources and organization,
implementing successfully at the same time
the acquisitions and mergers of three com-
panies active in the production and trading
of consumer products. Since the summer
of 2015, he worked at the headquarters
of Unilever in London having assumed a
plethora of duties in the areas of Finance,
Law, Technology and Support Services on
global level, up until 2020, when he com-
pleted his collaboration with the Company.
Dimitrios Malamos,
Chief Executive Ocer, Executive
Member
He graduated from the Athens College
in 1993. He studied in Great Britain from
1993 to 1998. He holds a BA (Hons) in
Business and Financial Economics from
Staordshire University a postgraduate
ΜΒΑ degree from University of Kent in
Canterbury. From 2000 to 2007 he worked
in PricewaterhouseCoopers in the area of
Management Consulting servicing com-
panies of the private and public sector
where he gained signicant experience in
the elds of budgeting and reporting, -
nancial analysis and internal restructuring.
During the period 2007-2009 he worked
in National Bank of Greece in the Account-
ing & Finance division and he returned
to PricewaterhouseCoopers in the area
of Management Consulting. From June
2010 to March 2020 he worked at Thrace
Group as a Group CFO. From March 2020,
Mr. Malamos took over the duties of Dep-
uty Group CEO, while from October of the
same year he holds the position of CEO of
the Company and the Group (Group CEO).
Annual Financial Report as of 31.12.2021
Page 57 of 276
Amounts in thousand Euro, unless stated otherwise
Vasileios Zairopoulos,
Non-Executive Member
He began his career in 1983 in the apparel
and footwear sector. He assumed the po-
sition of Director of Design and Collection
for a leading company in the kids apparel
market. In a later stage he also became
responsible for the planning and coordi-
nation of production. He then moved to
the business development department
of a large retail store chain where he also
undertook the broader supervision of the
retail business activity, including the store
design, the order and supply process, the
management of the sales team, the mar-
keting and promotion, as well as the budg-
eting. He was also engaged in the areas of
strategic consulting, negotiations, mar-
keting management and nancial plan-
ning, before moving to establish its own
consulting rm. During the past 10 years,
Mr. Zairopoulos activates as consultant,
through his rm, in the areas of strategic
consulting, startups, business planning, in-
vestment evaluation, international negoti-
ations, pricing and communication. Apart
from his professional activities in Greece,
Mr. Zairopoulos has also collaborated with
two American multinational corporations,
namely Columbia Sportswear and New
Balance. He received IB Diploma from UWC
Atlantic College in 1979 and BSc in Man-
agement from Bath University in 1983.
Christos Shiatis,
Non-Executive Member
An Associate Member of the Fellows of
Chartered Accountants of England and
Wales. He is a Certied Public Accountant
by the Cyprus Institute of Chartered Ac-
countants and Member of the Hellenic As-
sociation of Certied Accountants (SOEL).
He began his career in 1981 at the auditing
rm Kostouris – Michailidis (Grant Thorn-
ton) in Athens. In 1993 he became Manag-
ing Partner of the Greek company and in
1997 he assumed the position of Territory
Senior Partner at the company that result-
ed from the merger of Kostouris-Micha-
ilidis and Coopers & Lybrand. In 1998 he
was elected Chairman and Chief Executive
Ocer of the company Pricewaterhouse-
Coopers in Greece. At the same time he
was exercising his Management respon-
sibilities at the above auditing rms, Mr.
Shiatis provided advisory services also to
senior management of large rms.
Athanasios Dimiou,
Non-Executive Member
He graduated from the School of Chemi-
cal Engineering of the Aristotle University
of Thessaloniki in 1986. From 1989 to 1996
he worked for the companies PLASTIKA
MAKEDONIAS SA and AG.PETZETAKIS ini-
tially in the eld of Quality Control and the
development of new products and then his
duties were expanded where he was trans-
ferred to the position of Technical Director
and Technical Services Director. From 1996
to 1998 he assumed the position of Plant
Manager in the shoe manufacturer trading
company MOURIADIS SA, a company listed
on the Athens Exchange, Greece, and since
1998 he worked as Plant Manager of THRA-
PLAST SA which mainly produces exible
packaging products made of polyethylene
(current name is Thrace Polylms). In 2000
he started in PLASTIKA THRAKIS SA as a
Production Manager at the group’s facili-
ties in Xanthi and in 2004 he took over the
duties of Plant Manager in the facilities of
Magiko complex in Xanthi, a position he
held until 2010. Since then he has been
the Managing Director THRACE NONOWO-
VENS & GEOSYNTHETICS SA. At the same
time he remains an active member of the
Technical Chamber of Greece (TCG), and in
Page 58 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
the past he was a member of the Hellenic
Company of Business Administration and
the Institute of Production Management.
Christos-Alexis Komninos,
Non-Executive Member
He was born in Constantinople. In 1971 he
graduated from the Polytechnic University
of Constantinople (I.T.U.) with a degree in
Chemical Engineering (MSc). In 1972 he
moved to Greece and was recruited to
Coca-Cola TRIA EPSILON, where until 1987
he held several positions. From 1987 to
1990 he served as Chief Executive Ocer
of Coca-Cola Bottlers Ireland (a subsidiary
of TRIA EPSILON). In 1990 he returned to
Greece and in 1995 he was appointed Chief
Executive Ocer, a position he held until
2000. From 2000 to 2004 he was Chairman
and Managing Director of PAPASTRATOS
SA. After the acquisition of Papastratos
by PHILIPMORRIS S.A. he participated vol-
untarily at the ATHENS 2004 Organizing
Committee of the Olympic Games as the
Head of the Organization of the Opening
and Closing Ceremonies of the 28th Olym-
piad. From 2005 to February 2010, he held
the position of Executive Vice President
of SHELMAN S.A. and ELMAR S.A. From
December 2011 until February 2014 Mr.
Komninos held the position of Chairman
of the Board of Directors of Hellenic Petro-
leum SA (ELPE). Mr. Komninos also served
as Vice President of the Board of Directors
and member of the Executive Commit-
tee of the Association of Enterprises and
Industries (SEV), member of the Board of
Directors of Chalkor SA of the VIOHALCO
Group, of FINANSBANK (Turkey) and of
ANADOLU EFES (Turkey). He speaks Eng-
lish, French, Italian and Turkish.
Georgios Samothrakis,
Independent Non-Executive Board
Member
He is a graduate of the Athens University of
Economics and Business (ASOEE) and for-
mer Certied Public Accountant, special-
izes in tax issues and tax strategy of Greek
and multinational companies, while has
been extensively involved in regular and
extraordinary audits of commercial and
industrial enterprises. He began his career
in 1965 at the National Bank of Greece and
in 1972 moved to Coopers & Lybrand (now
PwC) to set up the Tax Services depart-
ment where he remained head until 2006.
For a number of years he was also Chair-
man of the Board of PwC. He is a member
of the Supervisory Board of the Body of
Certied Public Accountants (SOEL) where
he is actively involved in the formation of
the audit - accounting institutional frame-
work in Greece. He has been President of
the Fédération des Experts Comptables
Méditerranéens, President of the Hellenic
Institute of Economic Management (IOD),
Member of Committees of the Ministry of
Economy and Finance for the implementa-
tion of IFRS in Greece, the simplication of
the Greek Code of Accounting Books and
Records as well as the integration of the
new 8th Directive, and also Member of the
Chamber of Commerce, while during the
last years he has also been the Chairman
of the Audit Committee of the Company.
Myrto Papathanou,
Independent Non-Executive Member
She studied Economics at the City Univer-
sity of London and holds a Master’s De-
gree in Economics from the Imperial Col-
lege Management School in London and
an MBA from the INSEAD Business School.
She began her nancial career in London,
Annual Financial Report as of 31.12.2021
Page 59 of 276
Amounts in thousand Euro, unless stated otherwise
where she worked as a Fixed Income Strat-
egist for Bank of America / Merrill Lynch
and as a credit risk analyst for Dresdner
Kleinwort Wasserstein.
She was a member of the Board of Direc-
tors of Think Silicon SA, while today she is
member of the Board of Directors of Ferry-
hopper SA, Advantis Medical Imaging BV,
Better Origin Ltd and Gommyr Power Net-
works Ltd, which are active in the elds of
transport, sports technology, health tech-
nologies and renewable energy sources.
Since 2007 she has been working as a busi-
ness development manager at CPI and
since 2011 she has been developing her
own business activity in technology and
as a consultant and investor in other com-
panies. She is the founder of Metavallon
VC, while she has been the Chief Financial
Ocer and Head of Corporate Develop-
ment at the EFA Group, which is active in
Aerospace & Defense and other high-tech
sectors.
She is the rst investor from Greece to
emerge as Kauman Fellow (Silicon Val-
ley), a network that selects the best in-
vestors in the world. She is on Fortune
Greece’s list of the 40 entrepreneurs who
innovated and excelled for 2020. She re-
ceived the Leader of the Year award from
Linkage Greece in 2016 in recognition of
its outstanding leadership ability and con-
tribution to business and society develop-
ment.
She has also worked in the non-prot
space, co-founding Ethelon and seeking
funding for the microcredit organization
Action Finance Initiative, while as board
member of the organization Women-on-
top she has developed Micronance pro-
grams in Kenya and Nicaragua for wom-
en’s empowerment.
Spyridoula Maltezou,
Independent Non-Executive Member
She holds a degree in Chemical Engineer-
ing from the Aristotle University of Thes-
saloniki and a PhD in Environmental Eco-
nomics from the University of the Aegean.
Her doctoral dissertation was entitled “Re-
cycling - Environmental Value”.
She started her professional career in 1999
in the Region of Achaia as head of the de-
partment and special advisor on environ-
mental issues. Then, in 2003, she worked
at the Ministry of Environment as a Special
Environmental Engineer, while she was a
founding member of the “Unit for Alter-
native Management of Packaging Waste
and Other Products”, acquiring a special-
ty in Environmental Economics. During
this period she was the representative of
Greece in EU Legislative Committees on
waste management and recycling and
member of European and International
Committees on the environment and sus-
tainable development. From 2010 to 2013
she worked as an Environmental Inspec-
tor at the Ministry of Infrastructure, Trans-
port and Networks, where she supervised
major public road projects throughout
Greece in terms of implementing the envi-
ronmental legal framework. She has been
a consultant on environmental issues and
on the creation of management systems
in many companies in Greece, while since
2016 she has been working as Senior Chief
Inspector of the International Organiza-
tion for the Certication of Registrars and
Industrial Services of Lloyd’s.
She has extensive experience in the con-
trol and compliance inspection of ISO
standards and compliance with existing
legislation (Senior Auditor) and in-depth
knowledge of environmental policies and
regulations as well as legislation and regu-
Page 60 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
lations related to environmental protec-
tion. Since February 2019, she has been
working as Head of Audit of the Regula-
tion for monitoring, reporting and veri-
cation of carbon dioxide emissions (MRV
Regulation) and IMO DCS Technical Code
in the international organization Lloyd’s,
and was member of the Professional Ac-
creditation Program of the International
Water Resources Management Alliance
(AWP) of Scotland.
Her professional dedication and adapt-
ability have provided a continuous path in
the design, management, inspection and
improvement of Environmental and Waste
Management systems. She also deals with
the Inspection of Quality, Environment
and Health & Safety at work, according to
the ISO certication procedures as it has
been trained as a Head of Control accord-
ing to the standards of the International
Water Resources Management Alliance
(AWP).
Nikitas Glykas,
Independent Non Executive Member
He holds a BSc degree in Physics from the
University of Athens and postgraduate de-
grees from the Lancaster University in 1990
and Harvard University in 2006. Until the
year 2005 he held the position of Peripher-
al Manager of Eastern Europe for MAILLIS
SA. Since 2006 and until 2009, as Member
of the Board of Directors and member of
the senior management of SHELMAN SA,
being responsible for both the Company
and its aliates, he promoted the restruc-
turing and the broader redesign of the
Group’s operating procedure achieving
especially positive results amid recession
conditions in the timber sector. Since the
year 2009 he has held various positions in
HTC Group, whereas from October 2015,
and assuming higher duties, he holds the
position of the Head for the region of Mid-
dle East and Africa based in Dubai with di-
rect reporting to the Group’s headquarters
in Taiwan. He is considered a senior execu-
tive with international experience, deep
knowledge of the European markets as
well as of the markets of Middle East and
Africa, who manages eectively dierent
cultures and holds records in the achieve-
ment of sales and the penetration of new
and existing geographic markets. Since
2019, he has been serving a Vice Chairman
of XR SPACE Co LTD based in Taiwan.
The condensed CVs of the top executives
of the Company are as follows:
Dimitris Fragkou,
Group Chief Financial Ocer (CFO) &
Secretary of the Board of Directors of the
Company
He studied Business Administration at the
Athens University of Economics and Busi-
ness (AUEB), from which he graduated in
2002. From 2006 to 2008, he studied Ac-
counting and Finance (specializing in Fi-
nance), obtaining a Master’s Degree from
the Athens University of Economics and
Business (AUEB). He is also a Certied Pub-
lic Accountant, as he became a member
in 2012 of the Association of Chartered
Certied Accountants - ACCA. He started
his professional career, for a short period
of time from shipping banking, while at
the end of 2003 he joined PwC. At PwC, he
worked in the Consulting Division, gain-
ing signicant experience in the areas of
budgeting, nancial information, nancial
analysis, process optimization, transition
to new integrated information systems,
and treasury operations. In 2014 he joined
the Department of Business Process Out-
sourcing, gaining experience in account-
Annual Financial Report as of 31.12.2021
Page 61 of 276
Amounts in thousand Euro, unless stated otherwise
ing procedures, tax compliance and nan-
cial reporting to the Authorities (statutory
reporting). He has worked for a number of
listed and private companies in the con-
struction, energy, shipping and industry
sectors. From March 2020, he joined Thra-
ce Group as Chief Financial Ocer.
Ioannis Sideris,
Chief Sustainability Ocer
He is a graduate of the Athens University of
Economics and Business with a specializa-
tion in Business Administration and holds
a Master’s degree in Information Systems
Development from the London School of
Economics. He has signicant experience
in the elds of sustainable development,
environmental protection and integrated
solid waste management in the context of
the circular economy, as he was the CEO
of the Hellenic Recycling Organization
(EOAN) and for many years responsible for
environmental issues (local Deputy Mayor
of Environment in the Municipality of Agia
Paraskevi). In the past, he has served as
consultant specializing in Information Sys-
tems Management at Pricewaterhouse-
Coopers.
Lambros Apostolopoulos,
Head of Internal Audit Unit
He is graduate of Varvakeio High School,
graduate of the Department of Business
Administration and Management of the
Athens University of Economics and Busi-
ness (BSc) and holds a Master’s degree in
Finance & Business Economics from the
University of Portsmouth (MSc). He has
worked for many years in large corporate
groups in Greece and abroad. He has 15
years of active experience in internal au-
dit and is a certied Internal Auditor (CIA)
since 2013.
Michael Psarros,
Risk and Compliance Manager
He is a graduate of the Department of
Mathematics of the University of Patras
and holds a postgraduate degree in MSc
Finance from the University of Leicester.
He started his professional career, for a
short period of time as an Internal Auditor
in a company in the nancial sector, while
from May 2000 he worked in the Internal
Audit Department of the Group of Com-
panies of K. Filippou. Then in November
2005 he moved to the group Lafarge Ce-
ment / AGET IRAKLIS, where he worked
in the Internal Audit Department until
December 2010, when he joined Thrace
Plastics Group as Internal Controller. Dur-
ing the 21 years of his employment in the
Internal Audit Departments in the above
industrial groups, he has gained extensive
experience in the leds of Internal Audit,
internal control systems, risk & compliance
management.
From February 2022, Mr. Psarros took over
the duties as Risk and Compliance Man-
ager.
The following table shows the number
of shares held by each member of the
Board of Directors and each senior ex-
ecutive in the Company:
Page 62 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
BoD members
Number of shares held
directly
Percentage of
shareholding
Konstantinos Chalioris 18,936,558 43.3%
Theodoros Kitsos
Christos-Alexis Komninos 25,000 0.1%
Dimitris Malamos 520 0.0%
Nikitas Glikas
Athanasios Dimiou
Vasileios Zairopoulos 160,023 0.4%
Spyridoula Maltezou
Myrto Papathanou
Georgios Samothrakis 25,000 0.1%
Christos Shiatis 60,000 0.1%
Senior Management & Members
of Audit Committee
Number of shares held
directly
Percentage of
participation
Dimitris Fragou, Group CFO
Ioannis Sideris 40,000 0.1%
Lambros Apostolopoulos
Michael Psarros
Konstantinos Kotsililnis, Member
of the Audit Committee
Konstantinos Gianniris, Member
of the Audit Committee
15,000 0.0%
In the following table, there are presented the professional commitments of the
Board members:
Annual Financial Report as of 31.12.2021
Page 63 of 276
Amounts in thousand Euro, unless stated otherwise
BoD Members
Companies in which the
BoD members participate
Group Companies in which the
BoD members participate
Equity
shareholding
Position
Konstantinos
Chalioris
Civil non-Prot Company
Stavros Chalioris
50% Vice-Chairman of BoD
Xanthi Photovoltaic Park
S.A.
50%
Chairman & Chief
Executive Ocer
EYTERPI S.A. -
Chairman & Chief
Executive Ocer
ERATO S.A. 50%
Chairman & Chief
Executive Ocer
THALEIA S.A. 50%
Chairman & Chief
Executive Ocer
KLEIO S.A. -
Chairman & Chief
Executive Ocer
EVNIKI MCPY 99% Legal Representative
AVDIRA MCPY 99% Chairman of BoD
THRACE YAGHTING SMPC 66% Administrator
THRACE LABEA SMPC 50% -
THRACE NONWOVENS &
GEOSYNTHETICS SA
Chairman of BoD
DON & LOW LTD Member of BoD
ARNO LTD Chairman of BoD
THRACE PLASTICS PACK
SA
4.71% Chairman of BoD
SYNTHETIC HOLDINGS
LTD
Chairman of BoD
THRACE SYNTHETIC
PACKAGING LTD
Member of BoD
THRACE GREEN-HOUSES
SA
Chairman of BoD &
Managing Director
TRIERINA TRADING LTD Director
THRACE IPOMA AD Chairman of BoD
THRACE POLYBULK AB Chairman of BoD
THRACE POLYBULK AS Chairman of BoD
LUMITE INC Chairman of BoD
THRACE SYNTHETIC
TEXTILES LTD
Director
THRACE POLYFILMS SA Chairman of BoD
Theodoros
Kitsos
AMALTHEA SMPC
Minority
shareholder
Member of BoD
COLLEGE LINK PRIVATE
COMPANY
1%
Christos Alexis
Komninos
T.K.K. Consultants LTD 100% Director
ELVAL - CHALCOR Member of BoD
Page 64 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
BoD Members
Companies in which the
BoD members participate
Group Companies in which the
BoD members participate
Equity
shareholding
Position
Dimitrios
Malamos
DYNAMIC
CONSTRUCTIONS V.
ZARIFOPOULOS S.A.
- Chairman of BoD
IOANNIS FILIPPAIOS S.A. - Member of BoD
ΖΙΤΑ MCPY 1% Vice Chairman of BoD
THRACE ASIA LTD Member of BoD
THRACE GREEN-HOUSES SA
Member of BoD
THRACE POLYBULK AS Member of BoD
THRACE SYNTHETIC
PACKAGING LTD
Member of BoD
THRACE IPOMA AD Member of BoD
THRACE NONWOVENS &
GEOSYNTHETICS SA
Vice-Chairman of BoD
THRACE PLASTICS PACK SA
Vice-Chairman of BoD
LUMITE INC Member of BoD
THRACE POLYBULK AB Member of BoD
THRACE LINQ INC Chairman of BoD
THRACE POLYFILMS SA Vice-Chairman of BoD
THRACE EUROBENT SA Member of BoD
SAEPE LTD Director
ADFIRMATE LTD Director
PAREEN LTD Director
Nikitas Glykas
XRSPACE Co LTD - Vice Chairman of BoD
LUXURY HOUSES IN
ATHENS MARIETTA SMPC
50%
Athanasios
Dimiou
AVDIRA MCPY - Vice-Chairman of BoD
THRACE POLYFILMS SA Member of BoD
THRACE NONWOVENS &
GEOSYNTHETICS SA
Managing Director &
Member of BoD
THRACE EUROBENT Vice-Chairman of BoD
Vasileios
Zairopoulos
V. ZAIROPOULOS & SIA
GENERAL PARTNERSHIP
90% Administrator
ΖΙΤΑ MCPY 99% Chairman of BoD
DON & LOW LTD Chairman of BoD
SYNTHETIC HOLDINGS
LTD
Director
SYNTHETIC TEXTILES LTD Director
THRACE EUROBENT SA Member of BoD
Spyridoula
Maltezou
SPYRIDOULA MALTEZOU
SOLE PROPRIETORSHIP
(Business and
Administration Consulting
Services)
100%
Annual Financial Report as of 31.12.2021
Page 65 of 276
Amounts in thousand Euro, unless stated otherwise
BoD Members
Companies in which the
BoD members participate
Group Companies in which the
BoD members participate
Equity
shareholding
Position
Myrto
Papathanou
GOMMYR POWER
NETWORKS LTD
30% Member of BoD
GOMMYR POWER SMPC 30% -
BANSARA TRADING LTD 30% -
METAFOUNDER UNIT
HOLDER SMPC
25% -
KARYON AGRICULTURE
SMPC
20% -
ENTOMICS BIOSYSTEMS
LTD
- Member of BoD
FERRYHOPPER SA - Member of BoD
ADVANTIS HOLDING BV - Member of BoD
METAVALLON PARTNERS
AEDAKES
25% Member of BoD
Georgios
Samothrakis
FRIGOGLASS SA - Audit Committee
Christos Shiatis
AVAX International LTD - Director
C.E.T. RIVERS CYPRUS LTD - Director
J&P AVAX SA - Member of BoD
C.P.S. FINANCIAL
SOLUTIONS LTD
99% Director
TRIERINA TRADING LTD Director
It is noted that none of the members of the Board of Directors of the Company partici-
pates in the Boards of Directors of more than ve (5) listed companies.
Page 66 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Framework for the Management of the
Company’s Transactions with Related
Parties
The Company observes and implements
a Framework for the Management of its
Transactions with Related Parties, which
includes the general policy that governs
and the procedure that regulates its Trans-
actions with Related Parties and which
it has been adopted by a decision of the
Board of Directors in compliance with its
obligations arising from the applicable
legislative and regulatory framework. In
addition to the Framework for the Man-
agement of its Related Party Transactions,
the Company has also adopted a Con-
ict of Interest Management Framework,
which is additionally implemented.
The policies that ensure that the BoD has
sucient information to base its decisions
regarding transactions between related
parties including the transactions of its
subsidiaries with related parties are:
1. To dene the responsibilities of the
Company and the roles of its Divisions
in the Management of Transactions with
Related Parties
In order to ensure the transparency and
proper management of the Company’s
Transactions with its related parties, the
Framework for the Management of the
transactions with Related Parties describes
the responsibilities of the Company and
provides for a clear allocation of roles be-
tween its Divisions.
Specically, the Company has undertaken
a series of actions related to the manage-
ment of transactions with Related Parties,
as follows:
- submits the Framework for the Man-
agement of its Transactions with Re-
lated Parties for approval by the BoD,
- ensures the revision of the content of
the Framework for the Management
of its transactions with Related Party,
where required,
- ensures in cooperation with the legal
advisors the legality of the individual
procedures
- applies the criteria mentioned in the
Framework for the Management of its
transactions with Related Parties and
evaluates the aliation of the transac-
tions with Related Parties for approval
by the Board, taking into account the
respective legal framework governing
these Transactions,
- takes into account the exceptions
mentioned as well as those dened by
the respective legislative framework,
- presents the information related to
the transactions with Related Parties,
pointing out the Company’s interest
for the nancial advantage and the
correct application of the conditions
for the completion of the transaction,
taking into account the respective le-
gal and regulatory framework.
2. Dene the Related Parties
As “Related Parties” are dened the related
parties listed in IAS 24, as well as the legal
entities controlled by those persons in ac-
cordance with IAS 27.
3. Locate the Related Parties
For the correct fulllment of the legal and
regulatory obligations of the Company
and the eective implementation of the
Framework for the Management of its
Transactions with Related Parties, the trac-
ing and identication of the Related Par-
Annual Financial Report as of 31.12.2021
Page 67 of 276
Amounts in thousand Euro, unless stated otherwise
ties with the Company is carried out in the
following ways:
• taking into account the organizational
chart of the Company and the corpo-
rate hierarchy of the Group as well as
the list of investments in other entities,
as they apply each time,
• receiving information from the Cor-
porate Secretary of the BoD regarding
changes of members of the Board and
/ or its Committees,
• requesting from the Company’s ex-
ecutives, when assigning and per-
forming their duties, to complete and
sign a declaration form listing their
immediate family members and third
parties not aliated with the Com-
pany, in which they hold or in which
they exercise control or joint control,
as dened in IAS 24. In this context,
it is noted that it is the responsibility
of each manager to immediately no-
tify the Investor Relations & Corporate
Announcements Department in the
event of changes to the details of its
original statement. The Investor Rela-
tions & Corporate Announcements
Department updates the declaration
forms at a regular basis.
4. To dene the Transactions with Related
Parties
As “Transaction with Related Parties” is de-
ned as any transfer of resources, services
or liabilities between Related Parties, in
which the Company is the one party and
its Related Party is the other, regardless
of the possible price agreed, and includes
any nancial transaction, settlement or
contract.
Indicatively, and not restrictively, such
Transactions may include:
• the transfer of human resources, in-
cluding their detachment,
• the signing of service contracts,
• signing receivables / debt manage-
ment contracts,
• the provision of guarantees or insur-
ances.
2) Responsibilities of the Board of
Directors
The Board of Directors is the administra-
tive body that decides on any action that
concerns the company’s management,
the management of its assets and in gen-
eral anything that refers to promoting and
achieving its objective.
According to the Company’s Articles of As-
sociation:
h The Board of Directors is responsible
for the representation, administration
and unlimited management of cor-
porate aairs. It decides on any issue
that concerns the Company’s manage-
ment, the achievement of the compa-
ny objective and the management of
company assets, including the issue of
ordinary and convertible bonds. Only
decisions, which according to the pro-
visions of Law or the Articles of Asso-
ciation as they are in eect following
its amendment by the Extraordinary
General Meeting of 19th March 2019,
are subject explicitly to the responsi-
bility of the General Meeting of share-
holders, are excluded.
h The Board of Directors may appoint,
for any time period and under any
conditions it deems necessary each
time, to exercise its representation
and duties in general, fully or partially
to one or more of its members or Man-
Page 68 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
agers or Executives or other employ-
ees of the Company or third parties or
committees, dening however each
time their authority and the signato-
ries that bind the Company.
Specically, the main responsibilities of
the BoD (in the sense that the relevant de-
cision making requires the prior approval
of the BoD or, if necessary, ex post ratica-
tion by the BoD), should include:
- The representation, administration
and unlimited management of corpo-
rate aairs
- The decision making for each decision
relating to the Company’s manage-
ment
- The achievement of the corporate
objective and management of cor-
porate assets including the issuance
of ordinary and convertible bonds.
The decisions, which according to the
provisions of the Law or the Articles of
Association or any other valid, binding
and rm agreement, are explicitly sub-
ject to the exclusive responsibility of
the General Meeting of Shareholders,
are excluded
- The approval of the long-term strat-
egy and the operational objectives of
the Company and the Group
- The approval of the annual budget
and business plan and the decision
making on major capital expenditures,
acquisitions and divestments
- The selection and, when necessary,
the replacement of the executive
management of the Company, as well
as the supervision of the plan of the
succession
- The performance testing of the Senior
Management and the harmonization
of the remuneration of the executives
with the long-term interests of the
Company and its shareholders
- Ensuring the reliability of the nancial
statements and data of the Company,
the nancial information systems and
the data and information disclosed to
public, as well as ensuring the su-
cient and eective operation of inter-
nal control system of the Company
- The vigilance regarding existing and
potential conicts of interest of the
Company, on one side, and the Man-
agement, the members of the BoD or
the major shareholders, on the other
side, and the appropriate treatment
of such conicts. For this purpose, the
BoD has adopted a transactions moni-
toring process.
- Ensuring the existence of an eective
process of regulatory compliance of
the Company
- The responsibility for decision making
and monitoring of the eectiveness
of the Company’s Corporate Govern-
ance system, including the decision-
making processes and the delegation
of authorities and duties to other em-
ployees, and
- The formulation, dissemination and
application of the basic values and
principles governing the Company
‘s relations with all parties, whose in-
terests are linked to those of the Com-
pany
- The observance of the law, the statute
and the legal decisions of the general
assembly. They have to manage the
corporate aairs in order to promote
the corporate interest, to supervise
the execution of the decisions of the
Board of Directors and the general as-
sembly and to inform the other mem-
bers of the Board of Directors about
Annual Financial Report as of 31.12.2021
Page 69 of 276
Amounts in thousand Euro, unless stated otherwise
the corporate aairs.
- The denition and supervision of the
implementation of the corporate gov-
ernance system of provisions 1 to 24
of Law 4706/2020, the monitoring and
evaluation periodically every three (3)
nancial years for its implementation
and eectiveness, taking the appropri-
ate actions for addressing deciencies.
3) Operation of the Board of Directors
As regards to the operation of the Board,
the Company’s Articles of Association and
the Internal Operation Rulebook state the
following:
Formation of the Board of Directors as
a body
> The Board of Directors, as soon as it is
elected and specically during its rst
meeting, elects from its members and
for the entire period of its term, a Vice-
Chairman and a Chairman, whereas if
the Chairman is absent or unable the
Vice-Chairman substitutes such, and if
the latter is absent or unable then the
Director that is appointed by means
of a decision by the Board of Directors
substitutes such.
> The Chairman of the Board of Direc-
tors presides over the Board meetings,
manages its activities and informs the
Board of Directors on the Company’s
operation.
> The Board of Directors may elect one of
its members as Chief Executive Ocer
or Executive Director, it may appoint
responsibilities of the CEO to the Chair-
man or Vice-Chairman of the Board and
it may elect the deputy CEO or Execu-
tive Director from its members.
- The responsibilities of the CEO are de-
ned by means of a decision by the Board.
Decision Making
> The Board of Directors is considered to
be in quorum and meets validly given
that half (1/2) plus one (1) member are
present or represented at the meet-
ing. However the number of members
participating in person or represented
cannot be less than three (3) in any
case. To calculate quorum, possible
fractions are omitted.
> The decisions of the Board of Directors
are made with absolute majority or the
members present and represented at
the meeting.
Representation of Board of Directors
A Board member that is absent may be
represented by another member. Each
Board member may represent only one ab-
sent member, with a written authorization.
Minutes of Board of Directors
> Copies or extracts of the Board of Direc-
tors’ Minutes are certied by the Chair-
man or his/her legal representative or
by a member of the Board that has spe-
cically been authorized for such by a
decision from the Board.
> The preparation and signing of min-
utes by all Board members or their rep-
resentative constitutes a decision by
the Board of Directors, even if a meet-
ing has not previously taken place. This
arrangement applies if all the members
or their representatives agree to make
a majority decision in minutes without
a meeting. The relevant minutes are
signed by all the members.
> The signatures of the members or their
Page 70 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
representatives can be exchanged by
e-mail or through electronic means.
Remuneration of Board of Directors
> The members of BoD may receive re-
muneration for each participation in
person at Board meetings, only if such
is approved with a special decision by
the Ordinary General Meeting.
> The members of the Board of Directors
receive the xed and variable remuner-
ation as well as the other benets, fees
and indemnities specied in the Com-
pany’s current Remuneration Policy.
The fees of the members of the Board
of Directors may also consist of a share
in the prots of the year, in accordance
with the provisions of Law 4548/2018.
> A fee or benet granted to a member
of the Board of Directors that is not reg-
ulated by law or the Statute in eect,
shall be borne by the Company only if
approved by a special decision of the
General Meeting.
Remuneration Report
The Company has established and imple-
ments a Remuneration Policy, the purpose
of which is to ensure that the members of
the Board of Directors and its Committees
are remunerated based on its short-term
and long-term business plan, in order to
achieve protable organic growth through
capacity increase , geographic expansion
and value capture as per the Company’s
strategic plan.
The current Remuneration Policy of the
Company was approved by the Annual Or-
dinary General Meeting of shareholders of
May 21, 2021 and its validity period is four
(4) years and is available on the Company’s
website www.thracegroup.com.
The Remuneration Report has been pre-
pared in accordance with the provisions
of Law 4548/2018, Article 112, in line with
the Guidelines of March 1, 2019 of the Eu-
ropean Commission regarding the pres-
entation of the Remuneration Report in
accordance with Directive 2007/36/EC,
as has been amended by Directive (EU)
2017/828 on Shareholders’ rights. Provides
an overview of the remuneration model
of THRACE PLASTICS CO SA, as it reects
the total remuneration of the members of
the Board of Directors, explaining the way
in which the Remuneration Policy of the
Company was implemented for the nan-
cial year 2021.
The total remuneration paid to the mem-
bers of the Board and Committees during
scal year 2021 (01.01.2021-31.12.2021)
is included in the Remuneration Report,
which is available on the Company’s htt-
ps://www.thracegroup.com/gr/el/corpo-
rate-governance/
4) Board of Directors’ Meetings
The Board of Directors meets at the Com-
pany’s headquarters whenever the Law or
the Company’s Articles of Association or its
needs require so, convened by the Chair-
man or his / her deputy with an invitation
to be communicated to members at least
two (2) working days prior to the meeting.
The Board of Directors may also meet out-
side the Company’s registered oce, but
in the particular case such notice must be
communicated to its members at least ve
(5) working days prior to the meeting.
- The Board of Directors may convene
through teleconference for certain
of its members or for all of them.
In this case, the invitation towards
Board members includes all infor-
Annual Financial Report as of 31.12.2021
Page 71 of 276
Amounts in thousand Euro, unless stated otherwise
mation necessary, including techni-
cal information, for their participa-
tion in the meeting.
- The Board meetings are presided
by the Chairman or upon absence
or any other hindrance by his/her
substitute according to the Articles
of Association.
During the closing nancial year 2021
(01.01.2021-31.12.2021), 35 Board meet-
ings took place which were fully attended
by all BoD members (full-quorum meet-
ings).
The topics that were mainly discussed con-
cern:
- Update by the Chief Executive Ocer
on issues related to COVID-19, the ex-
ternal environment of the operating
segments, as well as on other impor-
tant issues related to the Group’s activ-
ity (such as price increases and price
management, impact of energy costs,
volume of recycled raw material, etc.)
- Presentation of period Financial Re-
sults for the Group and its subsidiaries
- Health and safety issues and strength-
ening of relevant measures and poli-
cies
- Update on current developments in
subsidiaries
- Brieng of BoD Committees, Audit
Committee and relevantpropositions
to the GoD
- Evaluations of BoD / Committees
- Next steps in risk management and
corporate governance projects, aim-
ing at the full compliance of the Com-
pany
- Other issues
5) Audit Committee
Fully in compliance with the provisions
and stipulations of the eective legislation
and in particular with the article 44, eec-
tive at the time, of L. 4449/2017, during the
Extraordinary General Meeting of share-
holders that took place on 11.02.2021, the
Company elected a new Audit Committee
with the objective to support the Board
in performing its duties as regards to the
procedure of nancial information, the
procedures of internal control systems, the
supervision of the mandatory audit of the
annual and consolidated nancial state-
ments, as well as to inform the Board of
Directors with regard to the review of the
nancial reports prior to their approval.
Under the regime of article 44 of law
4449/2017, as in force after its amend-
ment by article 74 of law 4706/2020), and
on the other hand in line with the noti-
cations, clarications and recommenda-
tions of the circular with protocol num-
ber 1508/17.07.2020 and 427/21.02.2022
documents of the Listed Companies Di-
rectorate of the Hellenic Capital Market
Commission, the Company is obliged, as
a public interest entity, to have an Audit
Committee which consists of at least three
(3) members and which may comprise:
(a) A Board of Directors Committee
consisting of its non-executive
members, or
(b) An Independent Committee, con-
sisting of:
I. either by non-executive
members of the Board of Di-
rectors and third parties, or
II. only by third parties.
Third party means any person who is not a
member of the Board of Directors.
Page 72 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
The members of the Audit Committee are
appointed by the Board of Directors, when
it is a Committee of the Board or by the
General Meeting of Shareholders, when
it is an Independent Committee and must
be in their majority independent of the
audited entity. This means that in a three-
member Audit Committee, at least two of
its members (and in any case its Chairman)
must either be independent non-exec-
utive members of the Board of Directors
or, in the case they are third parties, they
should meet the requirements of article
4, par. 1 of Law 3016/2002 eective until
17/07/2020and then of article 9, par. 1 and
2 conditions of independence.
The minimum required number of the pre-
sent members in order to render a meet-
ing of the Audit Committee as a valid one
must be three (3), meaning that in case of
a three-member Audit Committee then it
is required the presence of all members at
each meeting.
However even if the Audit Committee
consists of more than three (3) mem-
bers it is required, according to the clari-
cations granted pursuant to the no.
1302/28.04.2017 document of the Listed
Companies Division of the Hellenic Capital
Market Commission, the participation of
the entire number of its members, in per-
son, in the Committee’s meetings.
At least one (1) member of the Audit Com-
mittee must possess sucient knowledge
and experience in auditing and account-
ing.
In any case, it is to the discretion of the
Audit Committee to invite whenever it
is deemed necessary key directors of the
Company who are involved in the latter’s
corporate governance (for example Man-
aging Director, Finance Director, head of
the Internal Audit and Risk & Compliance
Manager) to attend certain meetings or
certain subjects of the daily agenda.
The Audit Committee, which now operates
in accordance with the provisions of Law
4449/2017, as in force after its amendment
by Law 4706/2020 has the following duties
while the Board of Directors maintains full
responsibility and particularly:
i) External Audit (sect. a’ of par. 3)
The Audit Committee monitors the proce-
dure and performance of the mandatory
audit on the separate and consolidated
nancial statements of the Company and
the Group. In this context the Committee
informs the Board of Directors by submit-
ting a relevant report for issues deriving
from the mandatory audit and by explain-
ing analytically the following:
a) the contribution of the mandatory
audit to the quality and integrity
of the nancial information, mean-
ing in the accuracy, completeness
and correctness of the publicized
nancial information including the
relevant disclosures which are ap-
proved by the Board of Directors
b) the role of the Audit Committee in
the under (a) above mentioned pro-
cedure, meaning the recording of
the actions taken by the Audit Com-
mittee during the performance of
the mandatory audit.
In the context of the above information
that is being granted to the Board of Di-
rectors, the Audit Committee takes into
consideration the contents of the sup-
plementary report which the Certied Ex-
ternal Auditor prepares and submits, and
which contains the results of the manda-
tory audit that was performed fullling at
least the requirements of article 11 of the
Annual Financial Report as of 31.12.2021
Page 73 of 276
Amounts in thousand Euro, unless stated otherwise
Regulation (EU) no. 537/2014 of the Euro-
pean Parliament and the Council of April
16
th
, 2014. The Committee:
• Is responsible for the process of se-
lection and recall of External Audi-
tors or audit companies and proposes
through the Board towards the Gen-
eral Assembly (Meeting) of the share-
holders the External Auditors or the
auditing companies to be appointed,
the terms of collaboration, as well as
their remuneration (according to arti-
cle 16 of Regulation (EU) No 537/2014,
unless par. 8 of article 16 of Regulation
(EU) No 537/2014 is being applied).
• Regarding the selection of the Audit-
ing Company, it is examined and ana-
lyzed:
o the scope of work
o the audit standard on the basis
of which this work will be per-
formed
o the form of the deliverable
o the responsibilities of the man-
agement and the auditor re-
spectively
• It is responsible for monitoring any
non-audit service to be performed by
the company’s external auditor.
• Taking into account articles 21, 22, 23,
26 and 27, as well as Article 6 of Regu-
lation (EU) No 537/2014) and in par-
ticular the adequacy of the provision
of non-audit services to the Company
(according to article 5 of Regulation
(EU) no. 537/2014) will approve or not
the non-audit service.
• Monitors the process and the perfor-
mance of the mandatory audit of the
separate and consolidated nancial
statements of the Company and es-
pecially the performance of the audit,
taking into account any ndings and
conclusions of the competent author-
ity (according to paragraph 6 of article
26 of Regulation (EU) no. 537/2014). In
this context, it informs the Board by
submitting a relevant report on the
issues that arose from the mandatory
audit explaining in detail:
(a) the contribution of the statutory
audit to the quality and integrity of
the nancial information, i.e. to the ac-
curacy, completeness and correctness
of the nancial information, including
the relevant disclosures which are ap-
proved by the BoD and made public,
(b) the role of the Committee in the (a)
procedure above, i.e. reporting the ac-
tions taken by the Committee during
the statutory audit process.
• It is also being informed by the Exter-
nal Auditor on the annual statutory
audit plan before its implementation,
evaluates the specic plan and en-
sures that the annual statutory audit
will cover the most important areas
of audit, taking into account the main
business and nancial risk areas of the
Company.
• Furthermore, the Committee submits
proposals on other important issues,
when it deems it appropriate or im-
posed.
ii) Procedure of nancial information (sect.
b’ of par. 3)
Within this context the Committee:
• Is informed about the process and
schedule of preparation of nancial
information by the Management and
monitors, examines and evaluates the
process of preparation of nancial in-
Page 74 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
formation, i.e. the mechanisms and
production systems, the ow and dis-
semination of nancial information
produced by the involved units of the
company.
• The above actions include other dis-
closed information in any way (e.g.
stock market announcements, press
releases, etc.) in relation to nancial
information.
• Informs the Board for its ndings on
essential issues in its areas of respon-
sibility, submits proposals to improve
the process, if deemed appropriate,
and monitors the response of the
Company’s Management to these
ndings.
• Takes into account and examines the
most important issues and risks that
may have an impact on the Compa-
ny’s nancial statements as well as the
signicant judgments and estimates
of Management during their prepara-
tion.
Below are indicative issues that are exam-
ined and evaluated in detail by the Audit
Committee to the extent that they are im-
portant for the Company, mentioning spe-
cic actions on them during its reporting
and brieng to the Board:
• Evaluate the use of the assumption of
ongoing activity.
• Signicant judgments, assumptions
and estimates in the preparation of
the nancial statements.
• Valuation of assets at fair value.
• Assessment of asset recoverable value.
• Accounting for acquisitions.
• Adequacy of disclosures for the signi-
cant risks faced by the Company.
• Signicant transactions with related
parties.
• Signicant extraordinary transactions.
The Committee’s communication with the
external auditor in view of the preparation
of the audit report and the latter’s supple-
mentary report to the Committee must be
substantial.
In addition, the Committee reviews the -
nancial reports (Annual and Semi-Annual)
before their approval by the BoD, in order
to assess their completeness and consist-
ency in relation to the information taken
into account as well as the accounting
principles implemented by the Company
and informs the BoD accordingly.
iii) Procedures of internal control and risk
management systems and audit con-
trol unit (sect. c’ of par. 3)
The Committee:
• Monitors, examines and assesses the
adequacy and eectiveness of the en-
tire policies, procedures and controls
of the Company with regard to the
internal control system as well as the
quality assurance and the estimation
and management of risks in relation
to the nancial information.
• Monitors the eectiveness of internal
control systems mainly through the
work of the internal audit and Risk &
Compliance Department and the work
of the External Auditor.
• Supervises the management of the
main risks and uncertainties of the
Company and their periodic revision.
In this context, it evaluates the meth-
ods used by the Company for the iden-
tication and monitoring of risks, the
treatment of the main ones through
Annual Financial Report as of 31.12.2021
Page 75 of 276
Amounts in thousand Euro, unless stated otherwise
the internal control system and the in-
ternal audit unit as well as their proper
disclosure in the published nancial
information.
• Examines the conicts of interest dur-
ing the Company’s transactions with
related parties and submits to the
Board of Directors the relevant reports.
• Examines the existence and content of
those procedures, according to which
the Company’s personnel will be able,
in condentiality, to express their con-
cerns about possible illegalities and
irregularities in matters of nancial
information or other issues related
to the operation of the company. The
Commission must ensure that proce-
dures are in place to eectively and
independently investigate such issues,
as well as to address them properly.
Regarding the operation of internal audit
unit, the Committee:
• Evaluates the stang and organiza-
tional structure of the internal audit
unit and identies any weaknesses. It
also monitors and inspects the proper
operation of the internal audit unit in
accordance with professional stand-
ards as well as the current legal and
regulatory framework and evaluates
the results, its adequacy and eective-
ness, without however aecting its
independence. If deemed appropri-
ate, the Committee submits propos-
als to the Board, so that the internal
audit unit has the necessary means,
is adequately staed with personnel
with sucient knowledge, experience
and training, there are no restrictions
on its work and has the envisaged in-
dependence. Therefore, the appoint-
ment and dismissal of the head of
the internal audit unit is a proposal
of the Audit Committee to the Board
of Directors. In the same context, the
Committee determines and examines
the operating regulations of the Com-
pany’s internal audit unit.
• It is being informed on the annual or
periodic audit plan of the internal au-
dit unit before its implementation and
evaluates it accordingly, taking into
consideration the main areas of busi-
ness and nancial risks as well as the
results of previous audits. The Com-
mittee may decide to congure the
annual or periodic internal audit plan,
as well as to carry out extraordinary
audits by the internal audit unit.
• As part of this brieng, the Committee
reviews if the annual or periodic audit
plan (in conjunction with any corre-
sponding medium-term plans) covers
the most important areas of control
and nancial information systems.
• Holds regular meetings with the Inter-
nal Auditors to discuss issues of their
responsibility, as well as problems aris-
ing from the performance of internal
audits.
• Takes knowledge of the work of the in-
ternal audit unit and its reports (regu-
lar and extraordinary) and monitors
the brieng of the Board about their
content, in relation to the nancial in-
formation of the Company.
• Reviews the disclosed information re-
garding the internal control and the
main risks and uncertainties of the
Company, in relation to the nancial
information.
For the results of all the above actions, the
Committee informs the Board of Directors
about its ndings and submits proposals
for the implementation of corrective ac-
Page 76 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
tions, if deemed appropriate.
The Committee shall have unhindered and
full access to the information, records and
data required in the exercise of its powers
and shall have the necessary resources to
carry out its work in a proper and eective
manner, including the use of external con-
sultants.
The Audit Committee stores all the neces-
sary information, including the minutes of
its meetings, in which its actions and their
results are recorded, regarding the imple-
mentation of its work.
The Audit Committee submits reports
to the Board of Directors on its areas of
responsibility and also in the areas con-
sidered, after the completion of its work,
that there are essential issues in relation to
the nancial information provided; at the
same time it monitors the response of the
Management on the above issues.
The Chairman of the Committee provides
information to the shareholders dur-
ing the annual General Meeting about
the Committee’s activities on the basis
of the above-mentioned responsibilities,
through the submission of a relevant Re-
port.
For the implementation of all the above,
the Audit Committee is expected to hold
meetings with the Management and the
competent executives during the prepara-
tion of the nancial reports, as well as with
the External Auditor during the planning
phase of the audit, during the execution
and also during the phase of preparation
of audit reports.
The current Audit Committee, which was
elected by the Extraordinary General
Meeting of Shareholders on 11 February
2021, is an Independent Committee and
is consisted of the following one (1) Inde-
pendent Non-Executive Member of the
Company’s Board of Directors and two (2)
non-members-third parties, namely:
Georgios
Samothrakis
Independent Non-
Executive Board
Member
Konstantinos
Kotsilinis
Non-Board Member –
third party
Konstantinos
Gianniris
Non-Board Member –
third party
Following the election of the above three-
member Audit Committee by the Extraor-
dinary General Meeting of shareholders
of 11 February 2021 and the appointment
of the persons assuming the positions of
its members, the Audit Committee at its
meeting of 16 February 2021 was formed
into body with the expiration of its term on
11 February 2026 as follows:
Georgios
Samothrakis
Chairman of Audit
Committee
Konstantinos
Kotsilinis
Member of Audit
Committee
Konstantinos
Gianniris
Member of Audit
Committee
For reasons of completeness, the CVs of
the members of the Audit Committee are
presented as follows.
z Georgios Samothrakis
The CV of Mr. Georgios Samothrakis, Mem-
ber of the Board of Directors, is presented
in detail in Section VI.1 “Composition of the
Board of Directors” of the current Report.
Annual Financial Report as of 31.12.2021
Page 77 of 276
Amounts in thousand Euro, unless stated otherwise
z Konstantinos Kotsilinis
Mr. Konstantinos Kotsilinis was born in
New Zealand, studied at Victoria Univer-
sity of Wellington and earned a Bachelor
of Commerce and Administration degree.
He began his professional career in 1968
at the Coopers & Lybrand Company in
Wellington, moved to the London office
in 1972 and later that year to the Greek of-
fice. From 1978 to 2003 he was head of the
audit department of Coopers & Lybrand /
PwC Greece. In his last years of service in
the Company, he has been the Chairman
of the Board of Directors of the Company.
He has served on various Committees in-
cluding the Supervisory Board of the Euro-
pean Financial Reporting Advisory Group
(2002-2004) and the Accounting Harmo-
nization Committee of UNICE (2002-2005).
From 2009 to 2014, he was Vice Chairman
of the Accounting Standardization and
Auditing Committee of Greece (ELTE) and
Chairman of the Quality Control Council
(SPE). During this period he represented
Greece in the relevant committees in the
European Union and during the Greek
Presidency he was the Chairman of the
committee responsible for audit issues. He
is a Member of the Board of Chartered Au-
ditors of Greece as well as a former Mem-
ber of the Institute of Chartered Auditors
of New Zealand.
He is the Chairman (since 2006) of the
Board of Directors and a member of the
Audit Committee of the insurance com-
pany Interasco.
From 2006 until today he is an External
Advisor of the Audit Committee of the Na-
tional Bank of Greece, while since 2017 un-
til 2021 was a Member of the Audit Com-
mittee of Mytilineos SA and since 2021 is
an external advisor of it.
Since 2004 he is a Member of the Board of
Directors of “Child’s Smile” and today Vice
President of the Organization.
From 1991 to 2020 he was the Honorary
Consul General of New Zealand in Greece,
while he has been appointed Member
(MNZM) and Officer (ONZM) of the Order
of Merit of New Zealand by the Queen of
England.
z Konstantinos Gianniris
Mr. Konstantinos Gianniris has studied
Economics, Organization and Business Ad-
ministration at the University of Piraeus, is
a graduate of the Law School of the Uni-
versity of Athens and has extensive profes-
sional training. He has been the General
Manager of IASO Group, Managing Direc-
tor of the Euroclinic Athens Group, Gen-
eral Manager of SOULIS SA, Member of the
Executing Committee, General Manager
or High Ranking Executive (CFO, Market-
ing / Sales Manager, Logistics, IT Manager,
Organization and Internal Audit Manager)
in large companies. He is also a member
of the Board (and in most cases the Chair-
man of Audit Committee) of the follow-
ing companies: Thrace Plastics CO SA, Eu-
rodrip SA, Logicdis SA, Dodoni Ice Cream
SA, Euroclinic of Athens SA, Euroclinic of
Children SA and European Technical SA.
He has founded the Business Consulting
Company P.M.S. Consultants (specializing
in Business Administration, Internal Audit,
Corporate Governance and Business Or-
ganization). He has founded the Hellenic
Institute of Internal Auditors (for a number
of years he was its President) and has rep-
resented the body at International Confer-
ences. He has founded the Association of
Clinics of Greece (SEK), in which the large
groups of Private Clinics participate, and
where he served for a number of years as
President. Mr. Gianniris has prepared dis-
sertations on Applied Organization and
Page 78 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Business Administration, which have been
adopted in a number of Businesses, such
as: Internal Regulation of Management,
Organization, Operation and Internal Con-
trol System, Manual of Organization and
Operation of Internal Control Unit, Budget
& Audit Systems, Costing Systems etc.
From the above it is inferred that the mem-
bers of the Audit Committee have proven
in their entirety that they possess suffi-
cient knowledge in the field in which the
Company operates, given that:
(a) Mr. George Samothrakis was already a
member of the Audit Committee of the
Company, elected by the Extraordinary
General Meeting of Shareholders as of
March 19, 2019,
(b) Mr. Konstantinos Gianniris participated
in the management of the Company
for a period of more than ten (10) years.
It is therefore evident that from his par-
ticipation he has obtained a complete
and clear picture of the organization,
management and operation of the
Company, about the products it pro-
duces and markets as well as the ser-
vices it provides, and for the business
model and the strategy it follows in
general, while for a number of years he
has been member of the Company’s
Audit Committee, and he served as a
CFO and Internal Audit Head for major
companies and finally
(c) Mr. Konstantinos Kotsilinis, who has
never participated in the Board of Di-
rectors of the Company, knows very
well -and due to his wider professional
activity- the environment and the con-
ditions in which the Company develops
its business activities.
The criterion of sufficient knowledge and
experience in auditing or accounting is
proven to be met in the capacities of both
Mr. Georgios Samothrakis and Mr. Kon-
stantinos Kotsilinis, who are both Certified
Public Accountants with extensive knowl-
edge and rich professional experience.
This is turn will contribute decisively and
substantially in further strengthening the
efficiency of the Audit Committee and in
the implementation of its responsibili-
ties in the best possible way, in order to
strengthen the dynamics and the value
of the Company. Also, Mr Gianniris is con-
sidered very capable in this field, having
served for a large number of years as Di-
rector of Internal Audit and Chief Financial
Officer for numerous companies from vari-
ous industries.
Finally, those conditions and criteria of
independence which are covered by
the current regulatory framework and
in particular by article 9 par. 1 and 2 of
law 4706/2020, are met in the persons of
Messrs. Georgios Samothrakis and Kon-
stantinos Kotsilinis, i.e. the majority of the
members of the Audit Committee, given
that the following persons:
(a) do not hold shares greater than 0.5% of
the Company’s share capital; and
(b) do not have any dependency relation-
ship with the Company or persons re-
lated to the Company, according to
the manner by which this dependency
relationship is specified in particular in
the provisions of the above legislation.
Frequency of Meetings and Main
Subjects of Meetings’ Agenda
The Committee convenes at least four (4)
times a year. The Chairman of the Com-
mittee decides on the frequency and time
schedule of the meetings. The external au-
ditors are entitled to request a meeting by
the Committee if they deem appropriate.
Annual Financial Report as of 31.12.2021
Page 79 of 276
Amounts in thousand Euro, unless stated otherwise
During 2021 the Committee convened
nine (9) times and all members were pre-
sented during the meetings, whereas all
issues mentioned in the Internal Opera-
tion Rulebook as well as in the Operations
Rulebook of the Audit Committee were
discussed and handled, the major of which
are as follows:
• Supervision and approval of the Inter-
nal Audit Unit’s activities
• Monitoring of the process and the
performance of the mandatory audit
on the separate and consolidated -
nancial statements of the Company
and brieng of the Board of Directors
about the issues related to the man-
datory audit along with an analytical
explanation
• Opinion on the selection of the Audit-
ing Company
• Ensuring the independence of the
Certied External Auditors
• Monitoring the process of preparation
of the published nancial statements
of the Group and the Company and
the preparation of a relevant proposal
to the Board of Directors for their ap-
proval.
6) Remuneration and Nomination
Committee of Board Members and
Committees)
The Board of Directors of the Company for
the purpose of substantial, eective and
appropriate compliance and harmoniza-
tion of the Company with the regulations
of articles 11 and 12 of Law 4706/2020
(Government Gazette A136/17.07.20201)
and with the parallel adoption of the best
corporate governance practices, during its
meeting of 22.03.2021 decided the aboli-
tion of the existing Committee for Benets
and Promotion of Nominations (CBPN)
and its replacement by the Remuneration
and Nomination Committee.
The Committee consists of three (3) Non-
Executive Board Members, while the ma-
jority of its members are Independent, in
order to ensure the objectivity, independ-
ence and integrity of their judgment. The
Board is responsible for the appointment
and removal from oce of all members of
the Committee. The Committee elects its
Chairman, who is an Independent Non-
Executive Member and is supported by
the Secretary of the Committee. The term
of oce of the members of the Committee
is directly related to that of the BoD. In ad-
dition, the Committee submits an annual
report of actions took place to the BoD.
The Committee consists of the following
Non-Executive Members of the Board,
namely:
Theodoros
Kitsos
Independent Non-
Executive Member of
the BoD, Chairman of
the Committee
Nikitas Glykas
Independent Non-
Executive Member of
the BoD, Member of
the Committee
Vasileios
Zairopoulos
Non-Executive
Member of the BoD,
Member of the
Committee
The term of the above Committee expires
on February 11
th
, 2026.
The purpose of this Committee includes
at a minimum the development and for-
mation of all types of remuneration of
executives falling within the scope of ap-
plication of the Remuneration Policy pro-
vided by Article 110 of Law 4548/2018, the
identication and retain of the necessary
executives within the headcount of the
Page 80 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Company, who will support the long-term
successful performance of the Company,
as well as in the formulation-submission of
relevant proposals and suggestions on the
above issues to the Board of Directors.
The operation of this Committee ensures
that both the remuneration of the Execu-
tive and Non-Executive members of the
BoD and the members of its Committees
as well as the nominations for BoD mem-
bers will be in line with the corporate ob-
jectives and market practices and, in any
case, will be in full compliance with the
current legal and regulatory framework.
In terms of setting remuneration policy,
the Committee’s responsibilities include:
• The Committee examines, pre-ap-
proves and proposes to the Board an-
nually, the labor issues, including the
xed salaries and benets of the ex-
ecutive members of the Board as well
as exit agreements.
• Based on the Group’s strategic plan
approved by the Board, the Commit-
tee ensures the existence of approved
annual important objectives and takes
care of their correct incorporation on
the variable remuneration of the Ex-
ecutive members of the Board. At the
end of the relevant period, it exam-
ines, pre-approves and proposes to
the Board the results from the achieve-
ment of the objectives.
• The Committee reviews, pre-approves
and proposes annually (or when a
change is needed) to the BoD, the
xed salaries and benets for the Ex-
ecutive members, the Non-Executive
members of the BoD, the members of
the BoD Committees, the Senior Ex-
ecutives of the Company, the Head of
the Internal Audit Unit, as well as the
Head of Regulatory Compliance and
Risk Management Department, tak-
ing into account the macroeconomic
conditions and the relative amount of
remuneration in similar companies.
• The Committee reviews the Remu-
neration Policy annually or more fre-
quently, including the submission of
proposals for improvement or diver-
sication, and prepares the annual
Remuneration Report in accordance
with the provisions of the law.
• The Committee, as needed, under-
takes and cooperates with the other
committees of the Board of Directors,
in order to review the non-salary con-
tractual obligations for the Executive
and Non-Executive members of the
Board of Directors / members of com-
mittees.
• The Committee may claim a refund of
all or part of the bonus granted, due
to the need for revision for any reason
of previous years nancial statements
or generally due to the nding of in-
correct or inaccurate or incomplete
nancial data, used or taken into ac-
count in the calculation of its variable
remuneration.
• The Committee conducts or author-
izes third parties to conduct surveys
or studies on matters falling within its
area of responsibility.
In the responsibilities of the Committee
regarding the promotion of the nominees
for the BoD and Committees members, in-
clude:
• The Committee proposes to the BoD
the criteria for the election of mem-
bers (BoD and BoD Committees), in
accordance with the requirements of
the law and the respective strategy /
Suitability Policy of the Company.
• The Committee is responsible for the
Annual Financial Report as of 31.12.2021
Page 81 of 276
Amounts in thousand Euro, unless stated otherwise
preparation of the Nomination pro-
cess for members of the Board of Di-
rectors / Committees, based on prede-
ned criteria and in accordance with
the eligibility and corporate govern-
ance policies.
• The Commission evaluates candidates
through interviews and references.
• The Committee proposes the selected
candidates for approval by the Board.
• The Committee organizes an annual
evaluation of the size, composition,
the existing balance of qualications,
gender, knowledge, experience, skills
and eectiveness of the Board, on the
basis of which it prepares and pro-
poses to the Board the annual “Board
Adequacy Report”.
• The Committee is responsible for en-
suring the smooth continuity of the
Board through proper succession
planning.
• Controls, pre-approves and proposes
recommendations to the Board re-
garding the personal and professional
development and succession of the
Executive Board members in order
to ensure that the Company remains
competent and long-term competi-
tive.
• The Committee advises the CEO in the
process of nominating the Company’s
Executives, which he/she considers
important. The nal decision to ll the
above positions belongs exclusively to
the CEO.
• The Commission conducts or author-
izes third parties to conduct investi-
gations or studies on matters falling
within its area of responsibility.
The Remuneration and Nominations Com-
mittee of BoD Members and Committees
convened 13 times during the year 2021
(01.01.2021-31.12.2021) in the presence of
all its members. The topics that were main-
ly discussed were:
• Dening the most specic perfor-
mance criteria for the 2021 short-term
incentive program
• The examination of its Operation Rule-
book
• The approval of the remuneration for
the year 2021
• The need to modify the Remuneration
Policy
• The evaluation of the BoD suitability,
the preparation of the Adequacy Re-
port for the BoD and the submission
of a relevant proposal about the com-
pany to which the evaluation of the
Board of Directors will be assigned
• The preparation of the Suitability Poli-
cy of the members of the Board of Di-
rectors and Committees
• Educational needs of Board members
and proposal for Board training in Sus-
tainability issues
• Group CEO and Chief Entrepreneur
contracts
• Replacement of a BoD member
Furthermore, the Board of Directors of the
Company at its meeting of March 22, 2021,
in order to optimally organize and operate
the most ecient framework of corporate
governance, decided the establishment of
new Committees as follows:
7) Other Committees
Strategy and Investment Committee
The purpose of this consists in providing
assistance to the Board of Directors with
regard to the development of the opera-
tional strategy, the formulation of the in-
vestment plan of the Company and of the
Page 82 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Group in general, as well as supervising
and providing guidance to the Board of
Directors of the respective business strat-
egy, as well as the provision of support in
the formulation of revised / updated plans
and in the monitoring and control of the
implementation and performance of the
strategic investments of the Company and
the Group.
The responsibilities of the Committee in-
clude:
Develops and proposes to the BoD the
long-term strategy of the Group and
suggests the necessary adjustments
in the short and medium term
Studies and pre-approves the strate-
gic plans of the companies, ensures
that they are in line with the Group’s
strategy and makes recommendations
to the Board.
Reviews and suggests to the BoD for
the investment plans and the individ-
ual investments of the companies
Reviews possible acquisitions, merg-
ers, divestments and Joint Ventures
and makes proposals to the Board re-
spectively
Reviews the progress and results of
all actions related to the implementa-
tion of the strategy and the progress
of investment plans, and informs the
Board.
Monitors closely international trends,
best practices and market data, in or-
der to adapt the strategy of the Group
and the Companies and informs the
respectively the BoD
Recognizes timely risks and opportu-
nities and prepares proposals to the
BoD for the necessary actions, includ-
ing the framework that ensures their
funding.
Discusses the communication of the
Management to third parties and the
investors community, in terms of the
strategy and the investment plan of
the Group.
The Strategy and Investment Committee
consists of three (3) members of the Board
of Directors, as follows:
Konstantinos
Chalioris
Executive Member
of the BoD,
Chairman of the
Committee
Dimitrios Malamos Executive Member
of the BoD,
Member of the
Committee
Vasileios
Zairopoulos
Non-Executive
Member of the
BoD, Member of
the Committee
The Committee convened 14 times during
the scal year 2021 in the presence of all
its members.
The topics that were mainly discussed con-
cern the strategies of the subsidiaries and
strategies for new investments.
Environmental, Social Responsibility and
Corporate Governance [ESG] Committee
The purpose of this Committee is the:
(a) review, pre-approval and recommen-
dation to the Board of Directors on
environmental, social and business sus-
tainability issues through strategy de-
velopment, management of issues and
performance monitoring; and
(b) formulation of proposals regarding the
Corporate Governance and in general
the monitoring of the operation of the
Board of Directors, the Committees, as
well as the Management of the Com-
pany.
Annual Financial Report as of 31.12.2021
Page 83 of 276
Amounts in thousand Euro, unless stated otherwise
The responsibilities of the Committee in-
clude:
Monitors that the policies, strategies
and goals of Sustainability are fully
harmonized with the primary pur-
pose, vision and values of the Compa-
ny, as well as the Laws and the general
regulatory framework so as to ensure
full compliance, thus ensuring long-
term sustainable performance.
Monitors closely the development
and implementation of the Sustain-
able Development goals that have
been set, based on the materiality
analysis, which includes the impor-
tant, relevant and critical areas that
the Company highlights as priorities
and proposes improvements to the
Management and then in BoD, where
deemed necessary.
Monitors the progress and results of
all issues of Sustainable Development
with the aim of regularly informing
the BoD.
Closely monitors international trends
and best practices in order to regularly
inform the BoD.
Recognizes timely risks and opportu-
nities and prepares proposals to the
BoD for the necessary actions includ-
ing the framework that ensures the
nancing of the Company.
Reviews and pre-approves the annual
sustainability statements and reports,
including the Non-Financial Reporting
as well as other disclosures, submit-
ting relevant proposals to the BoD for
approval.
Highlights Corporate Governance is-
sues that need improvement or pro-
poses new issues for discussion and
takes initiatives for cooperation with
other BoD Committees or the Man-
agement of the Company, monitoring
their resolution.
Acts on behalf of the BoD and coop-
erates with the Management of the
Company ensuring the prestige and
the reputation of the Company in rela-
tion to all the issues of its Sustainable
Development and its public prole.
Operational Framework
Environment: Impacts of the Company’s
footprint on soil, air, water resources and
climate change in general from the use of
raw materials, nished products, technol-
ogy, industrial units, transport, etc.
Society: Impact of the Company’s strate-
gies in relation to: (1) lifelong learning and
development of employees, (2) improve-
ment of employee well-being including
their Health and Safety, (3) monitoring of
living standards of employees, (4) corpo-
rate culture, philosophy and related com-
mitments on diversity, dierence and in-
clusion criteria, (5) wage justice, (6) child /
forced labor policy, (7) tax compliance, (8)
human rights, (9) support of local commu-
nities, (10) workplace environment, (11)
product safety during their production
and use, etc.
Corporate Governance : Implications of
the Company’s public commitments and
Announcements, governance practices
including code of conduct issues, compli-
ance with the legal framework, ensuring
implementation of the regulation on per-
sonal data, information security and cyber
security, best practices of operation seg-
ment, investors and stakeholders perspec-
tive, size and composition of the Board of
Directors, regularity of meetings, approval
process of commitments, external collabo-
Page 84 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
rations, approval of the Board of Directors
for transactions between related parties,
operation of BoD Committees, annual
evaluation of BoD and Committees etc.
The Environmental, Social Responsibil-
ity and Corporate Governance Committee
consists of four (4) members of the Board
of Directors, as follows:
Theodoros Kitsos
Independent,
Non-Executive
Member of the BoD,
Chairman of the
Committee
Konstantinos
Chalioris
Executive Member
of the BoD, Member
of the Committee
Dimitrios Malamos
Executive Member
of the BoD, Member
of the Committee
Spyridoula
Maltezou
Independent, Non-
Executive Member
of the BoD, Member
of the Committee
The Committee met 8 times during the
year 2021. The topics that were mainly dis-
cussed concern:
• Discussion to promote and enhance
the company in the ESG area through
eco-label, nancing of sustainable in-
vestments, training seminars, devel-
opment of a platform for ESG registra-
tion of information and data, creation
of ESG index
• Sustainable Development Policy
• Materiality Report
• Sustainable Development Report
2020
• Discussion on the CDP Declaration
• Discussion on Sustainability vision /
mission
• Discussion on Sustainable Develop-
ment Policy
• Information on the project on Corpo-
rate Governance
• Discussion on the Corporate Govern-
ance Code.
• Discussion on the training of the Board
in the context of Sustainable Develop-
ment.
• Sustainable Development Strategy
It is pointed out that all the above Commit-
tees of the Board of Directors have drafted
– composed their Rulebooks.
The Board of Directors of the Company, at
its meeting on March 24, 2022, decided to
change the responsibilities and duties of
the ESG Committee, as the responsibilities
related to regulatory compliance were in-
tegrated into the Audit Committee tasks
and therefore it was decided to rename
the ESG Committee, to Sustainability Com-
mittee.
Human Resources Committee
The particular committee consists of (5)
ve BoD members as follows:
Dimitrios Malamos
Executive member
of the BoD,
Chairman of the
Committee
Konstantinos
Chalioris
Executive member
of the BoD, Member
of the Committee
Thedoros Kitsos
Independent, Non-
Executive member
of the BoD, Member
of the Committee
Vaisileios
Zairopoulos
Non-Executive
member of the
BoD, Member of the
Committee
Christos Alexis
Komninos
Non-Executive
member of the
BoD, Member of the
Committee
Annual Financial Report as of 31.12.2021
Page 85 of 276
Amounts in thousand Euro, unless stated otherwise
The purpose of this Committee is at a
minimum to provide the required support
mainly to the Chief Executive Ocer in any
human resources matters, managing the
labor related issues and the implementa-
tion of labor laws and existing internal
rules, in full compliance and harmoniza-
tion with the business model, the strategy
and the values of both the Company and
the Group.
The said Committee was not active during
the year as the exercise of its responsibili-
ties and duties in general was carried out
on the one hand by the Human Resources
Department, and on the other hand by
the Risk & Compliance Department, which
aims at the full and continuous compli-
ance of the Company with the current
regulatory framework, and therefore of
the labor legislation, and the existence of
a complete picture for the degree of this
goal achievement.
Furthermore, the inactivity of the above
Committee is due to the fact that it was
deemed absolutely meaningful and im-
perative to facilitate the exclusive and
uninterrupted engagement of its mem-
bers with both their duties as members of
the Board of Directors of the Company, as
well as with their essential responsibilities
and obligations arising from any parallel
participation in the mandatory Commit-
tees according to the current regulatory
framework. The role of those committees
was in fact upgraded and strengthened
as a result of the implementation of Law
4706/2020.
However, during the closing year, the Hu-
man Resources Committee proceeded
with the preparation of the necessary or-
ganizational structure and took a series of
preparatory actions in order to ensure the
eective, substantial and appropriate or-
ganization and operation of the HR func-
tion in the in the immediate future.
Pursuant to its relevant decision of
24.03.2022, the Board of Directors of the
Company decided to change the organi-
zational role of the above Committee and
to place it directly under the Chief Execu-
tive Ocer, in order to ensure the most ef-
fective support and assistance in the latter’
daily work. The Committee’s new composi-
tion will be decided by the CEO at a later
time.
8) Evaluation of BoD and Committees
The Company implements an Evaluation
Policy of the Board of Directors and Com-
mittees. The scope of the Policy includes
the executive, non-executive, independ-
ent non-executive members of the Board
of Directors of the Company, as well as
the non-members of the Board of Direc-
tors (third parties) who are members of its
Committees.
The criteria of suitability and reliability
of the Board members are dened in law
4706/2020, the decisions issued under its
authority, as well as the Suitability Policy
of the Company, which has been approved
and implemented by the Company. The
Company Suitability Policy is posted on
the company’s website www.thracegroup.
com.
Procedure for Periodic Evaluation of
Board Members
Individuals falling within the scope of
the Suitability Policy are evaluated on an
ongoing basis for their ability to perform
their duties adequately and eectively and
to safeguard the interests of the Company
and other stakeholders in order to achieve
sound and prudent management of the
Company by t and proper persons.
Page 86 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
The members of the Board and its Com-
mittees are evaluated:
• On a collective basis, which takes
into account the overall operation
of the Board and its Committees
and
• On an individual basis regarding the
assessment of each member contri-
bution to the successful operation
of the Board.
The periodic evaluation of the BoD mem-
bers and its Committees is held on an an-
nual basis within the rst quarter of each
year, unless otherwise decided by the Re-
muneration & Nomination Committee and
concerns the period of 12 months of the
previous year.
Self-evaluation of the overall performance
of the BoD and its Committees
The self-evaluation of the overall perfor-
mance of the BoD and its Committees is
carried out taking into account the pur-
poses, responsibilities, their operation
based on the Articles of Association, the
Regulations and the legislative and regu-
latory framework. Also, during the overall
evaluation, the composition, the diver-
sity and the eective cooperation of the
members of the Board of Directors for the
fulllment of their duties are taken into
account. It is conducted on the basis of
questionnaires which are approved by the
Remuneration & Nomination Committee
and are completed by the members of the
Board of Directors and the Committees.
Members should answer all the questions
on the questionnaires.
The Remuneration & Nomination Commit-
tee decides on the initiation of the self-
evaluation process and decides whether it
is deemed appropriate for the annual eval-
uation to be carried out internally or with
the assistance of an independent external
consultant.
Individual Evaluation of BoD Members and
its Committees
The individual evaluation of the members
of the Board concerns the performance of
each member on an individual basis and
the assessment of his/her contribution to
the eective operation and overall perfor-
mance of the Board.
Each member of the Board is evaluated by
the Chairman or the Vice-Chairman and all
the other members of the Board of Direc-
tors, regarding the fulllment of the role
and the more specic tasks assigned to
him/her, as dened in the Rulebook of the
Board of Directors and its Committees, in
the Internal Regulations of the Company,
in the Corporate Governance Code as well
as in law 4706/2020.
During the individual evaluation, the sta-
tus of the member is taken into account
(executive, non-executive, independent
non executive), the participation in special
Committees, the assumption of special
responsibilities / projects, the time dedi-
cated during the fulllment of his / her du-
ties, the behavior as well as the utilization
of theoretical knowledge and professional
experience possessed.
The evaluation is carried out on the basis
of questionnaires that are completed for
each member, while in addition, in the
context of the individual evaluation, the
Chairman or Vice-Chairman may meet
individually with the members, if this is
deemed appropriate or necessary.
In case a low score is identied or there are
suggestions for improvement for specic
members, the Chairman and/or the Vice
Chairman of the Board are informed so as
Annual Financial Report as of 31.12.2021
Page 87 of 276
Amounts in thousand Euro, unless stated otherwise
to consider the possibility of an individual
meeting of the Chairman and / or the Vice-
Chairman with the member of the Board
for their update, the discussion of the in-
dividual points that have been recorded
and the denition of the actions that are
deemed appropriate to follow. Regarding
the evaluation of the Chairman, a corre-
sponding update is made, if necessary,
to the Chairman of the Remuneration &
Nomination Committee. During the rele-
vant brieng of the Chairman of the Board,
the anonymity of the members who made
the evaluation is ensured and in no case
are their details disclosed to the Chairman
of the Board or to the Remuneration &
Nomination Committee.
1. Authorities of General Meeting
- The General Meeting of the Compa-
ny’s shareholders is the highest corpo-
rate body and is entitled to decide on
any issue that concerns the Company,
while its decisions also bind share-
holders that are not present or who
disagree.
- Issues regarding invitation, convening
and conducting General Meetings of
shareholders, that are not particularly
dened by the Company’s current Ar-
ticles of Association are governed by
the relevant provisions of articles 116-
140 of Law 4548/2018, as currently in
eect.
2. Convening the General Meeting
- The General Meeting convenes at the
company’s registered oces or in a
district of another municipality within
the prefecture of its domicile or anoth-
er municipality near the domicile. The
General Meeting may also convene in
the district of the municipality where
the domicile of the relevant organized
market is located.
- Participation in voting remotely,
meaning via either audiovisual or
other electronic means, during the
General Meeting of shareholders is
permitted given the prior disclosure
to shareholders of the meeting agen-
da issues and relevant voting ballots
accompanying such issues at least
ve (5) days prior to the General Meet-
ing. The issues and voting ballots may
be provided and submitted online
through the internet. Shareholders
that vote in this manner are calculated
to dene quorum and majority, given
that the relevant ballots have been re-
ceived by the company at least two (2)
full days prior to the day of the General
Meeting.
In this case, the Company shall take ad-
equate measures to:
(a) be able to ensure the identity of the
participant, the participation of per-
sons who are entitled to participate in
or attend the General Meeting and the
security of the electronic connection,
(b) enable the participant to monitor the
proceedings of the Meeting by elec-
tronic or audiovisual means and to ad-
dress the Meeting, verbally or in writ-
ing during the meeting, and to vote
on the items on the agenda; and
(c) ensure the ability to record accurately
the participant’s remote voting.
- The members of the Board of Directors
as well as the Auditors of the Compa-
ny are entitled to attend the General
VII. General Meeting and Shareholders’ Rights
Page 88 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Meeting. The Chairman of the General
Meeting may, under his/her respon-
sibility, allow the presence of other
persons who do not have shareholder
status or are not shareholders’ repre-
sentatives in the Meeting insofar as
this is not contrary to the Company’s
interest. These persons are not con-
sidered to be members of the General
Meeting solely because they have spo-
ken on behalf of a present shareholder
or at the invitation of the Chairman.
3. Representation of shareholders at
the General Meeting
Shareholders that have the right to par-
ticipate in the General Meeting may be
represented in such by legally authorized
proxies.
4. Chairman of the General Meeting
- The Chairman of the Board of Direc-
tors temporarily serves as chairman of
the General Meeting, or if he is unable
his substitute, as dened by the article
9 of the Articles of Association or if the
latter is unable also, then the oldest in
age from the present Members. Those
appointed by the Chairman serve as
temporary Secretary of the General
Meeting.
- Following the reading of the nal list of
shareholders that have voting rights,
the Meeting proceeds with electing
a Chairman and a Secretary who also
serves as a vote teller.
5. Minutes
Copies or extracts from the minutes of the
General Meeting shall be ratied by the
Chairman or by his / her legal substitute or
by his / her replacement or by any person
appointed by the Board of Directors.
6. Shareholders’ Rights before the
General Meeting
• From the date of publication of the
invitation for the convening of the
General Meeting or Assembly up to
that day, the Company shall post on
its website the following information:
(a) the invitation to convene the Gen-
eral Meeting,
(b) the total number of shares and vot-
ing rights that the shares incorporate
at the date of the invitation, indicating
also separate totals per share class,
(c) the forms to be used for voting by a
representative or delegate, and, where
provided for, by ballot paper and by
electronic means, and
(d) the documents to be submitted to
the General Meeting,
(e) a draft decision on each item of the
proposed agenda and the draft reso-
lutions proposed by the shareholders
pursuant to paragraph 3 of article 141
of Law 4548/2018.
• The members of the Board of Direc-
tors and the Auditors of the Company
are also entitled to attend the General
Meeting.
• The Company publishes the results
of voting on its website, under the re-
sponsibility of the Board of Directors,
within ve (5) days from the date of
the General Meeting, specifying for
each decision at least the number of
shares for which valid votes, the pro-
portion of the capital represented by
these votes, the total number of valid
votes, and the number of votes for and
against each decision and the number
of abstentions.
Annual Financial Report as of 31.12.2021
Page 89 of 276
Amounts in thousand Euro, unless stated otherwise
Right of Participation and Voting
Each share is entitled to one (1) vote. The
General Meeting is entitled to participate
as shareholder in the records of the De-
materialized Securities System (DSS) man-
aged by Societe Anonyme with the name
“Greek Central Securities Depository SA”
(GCSD) or the one identied as such based
on the relevant date through the regis-
tered mediators or other intermediaries
in accordance with the provisions of the
legislation (law 4569/2018, law 4706/2020
and Regulation (EU) 2018/1212) as well as
the Regulation of Operation of the Greek
Central Securities Depository SA (Govern-
ment Gazette B 1007/16.03.2021).
Proof of shareholder status can be per-
formed by any legal means, and, in any
case, based on information received by
the Company from the CSD, under the
condition it provides registry services or
through the participants and registered in-
termediaries in the CSD in any other case.
For the Repeated General Meeting the sta-
tus of shareholder must exist at the begin-
ning of the fth (5
th
) day prior to the day
of the General Meeting in accordance with
the provisions of article 124 par. 6 of law
4548/2018, as in force today, provided that
the adjourned or repeated meeting is not
more than thirty (30) days from the record
date. If this is not the case or if a new invita-
tion is published in the case of the repeat-
ed General Meeting, the General Meeting
is attended by the person who has the
shareholder status at the beginning of the
third (3
rd
) day before the postponed or the
repeated General Meeting.
Only those that have the shareholder ca-
pacity during the respective record date
is considered by the Company to have
the right of participation and voting at
the General Meeting (rst and / or repeat
meeting).
It is noted that the exercise of the above
rights (participation and voting) does not
require the blockage of the beneciary’s
shares or any other relevant process,
which limits the ability to sell or transfer
shares during the time period between
the record date and the date of the Gen-
eral Meeting.
Minority Rights of Shareholders
Pursuant to article 141 of Law 4548/2018,
the shareholders have, inter alia, the fol-
lowing rights:
(a) At the request of shareholders, rep-
resenting one twentieth (1/20) of the
paid-up share capital, the Board of
Directors is obliged to convene an Ex-
traordinary General Meeting of Share-
holders, appointing a meeting date,
which shall not be more than forty ve
(45) days from the date of submission
of the application to the Chairman of
the Board of Directors.
The application contains the subject
of the agenda. If no General Meeting
is convened by the Board of Directors
within twenty (20) days from service
of the relevant application, the con-
vocation shall be carried out by the
applicant shareholders at the expense
of the Company, by a court order is-
sued in the interim proceedings. This
decision denes the place and time
of the meeting as well as the agenda.
The decision is not challenged by legal
means.
(b) With the request of shareholders that
represent one twentieth (1/20) of the
paid up share capital, the Board of Di-
rectors of the Company is obliged to
list additional issues on the General
Meeting’s agenda, if the relevant re-
Page 90 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
quest is received by the Board at least
fteen (15) days prior to the General
Meeting. The request for the listing of
additional issues on the daily agenda
is accompanied by a justication or
by a draft resolution for approval by
the General Meeting and the revised
agenda is published in the same man-
ner as the previous agenda, at least
thirteen (13) days prior to the General
Meeting date and at the same time is
disclosed to shareholders on the Com-
pany’s website together with the jus-
tication or draft resolution submit-
ted by the shareholders according to
those stipulated by article 123, para-
graph 4 of Law 4548/2018.
If these issues are not published, the
requesting shareholders are entitled
to request the postponement of the
General Meeting and to make the
publication themselves.
(c) Shareholders representing one twen-
tieth (1/20) of the paid-up share capi-
tal shall have the right to submit draft
decisions on issues included in the
original or any revised agenda. The
relevant application must reach the
Board of Directors seven (7) days prior
to the date of the General Meeting,
the draft decisions being made avail-
able to the shareholders according to
the provisions of article 123 par. 3 of
law 4548/2018 six (6) at least days pri-
or to the date of the General Meeting.
The Board of Directors is not obliged
to enroll issues on the agenda or to
publish or disclose them together with
justications and draft decisions sub-
mitted by the shareholders according
to the above paragraphs b and c re-
spectively if their content comes obvi-
ously contrary to law or ethics.
(d) At the request of a shareholder or
shareholders representing one twenti-
eth (1/20) of the paid-up share capital,
the Chairman of the Meeting shall be
obliged to postpone the decision of
the General Assembly, either ordinary
or extraordinary, for all or certain mat-
ters, setting a day for the continuation
of the meeting to conclude with these
matters, the one specied in the share-
holders’ application, but this cannot be
more than twenty (20) days from the
date of the postponement. The post-
ponement of the General Meeting is
a continuation of the previous one
and no repetition of the publication
formalities of the shareholders’ invita-
tion is required, and new shareholders
cannot participate in it, subject to the
relevant participation formalities.
(e) Following a request of any sharehold-
er that is submitted to the Company at
least ve (5) full days prior to the Gen-
eral Meeting, the Board of Directors
is obliged to provide to the General
Meeting the specically required in-
formation on the Company’s aairs, to
the extent that such are useful for the
real assessment of the agenda issues.
No obligation to provide information
exists when the relevant information
is already available on the Company’s
website especially in the form of ques-
tions and answers. Also, at the request
of shareholders representing one
twentieth (1/20) of the paid up capital,
the Board of Directors is obliged to an-
nounce to the General Meeting, if or-
dinary, the sums paid over the last two
years to each member of the Board of
Directors or the directors of the Com-
pany, as well as any benet to such
persons from any cause or contract
between the Company and the mem-
Annual Financial Report as of 31.12.2021
Page 91 of 276
Amounts in thousand Euro, unless stated otherwise
bers. In all the above cases, the Board
of Directors may refuse to provide the
information for substantive reason,
which is recorded in the minutes. Such
a reason may be, in the circumstances,
the representation of the requesting
shareholders in the Board of Directors
in accordance with Articles 79 or 80
of Law 4548/2018. In the cases of this
paragraph, the Board of Directors may
respond in unison to shareholder re-
quests with the same content.
(f) Following a request by shareholders
that represent one tenth (1/10) of the
paid up share capital, which is submit-
ted to the Company at least ve (5)
full days prior to the General Meet-
ing, the Board of Directors is obliged
to provide to the General Meeting
information on the development of
corporate aairs and the nancial po-
sition of the Company. The Board of
Directors may decline the provision
of such information for reasonable
cause, which is stated in the minutes.
Such a reason may be, according to
the circumstances, the representation
of the requesting shareholders in the
Board of Directors in accordance with
Articles 79 or 80 of Law 4548/2018 or
if the relevant members of the Board
of Directors have received the relevant
information in a sucient manner.
(g) At the request of shareholders repre-
senting one twentieth (1/20) of the
paid-up share capital, the voting on a
subject or issues on the agenda shall
be made by open vote.
In all the cases of Article 141 of Law
4548/2018, the requesting sharehold-
ers are required to prove their share-
holder status and, except in the cases
of the rst subparagraph of paragraph
6 and paragraph 10, the number of
shares they hold in exercising their
rights. Demonstration of sharehold-
er status can be done by any legal
means, however, based on informa-
tion received by the Company from
the CSD, under the condition it pro-
vides registry services or through the
participants and registered intermedi-
aries in the CSD in any other case.
(h) Shareholders of the Company, repre-
senting at least one twentieth (1/20)
of the paid-up share capital, are enti-
tled to request extraordinary audit of
the Company by court which has juris-
diction in the procedure of voluntary
jurisdiction. Control shall be ordered
if acts that violate provisions of the
Company’s law or the Articles of As-
sociation or decisions of the General
Meeting are suspected.
(i) Shareholders of the Company repre-
senting one fth (1/5) of the paid-up
share capital are entitled to request
the court to audit the Company, since
from the course of the company and
on the basis of certain indications it
is believed that the management of
corporate aairs is not exercised as
required by sound and prudent man-
agement. The court may consider that
the representation of the requesting
shareholders in the Board of Directors
in accordance with Articles 79 or 80
does not justify the shareholders’ re-
quest.
(j) Shareholders representing one twen-
tieth (1/20) of the paid-up share capi-
tal have the right to submit in writing
to the Board of Directors an applica-
tion for the exercise of the Company’s
claim pursuant to article 103 of Law
4548/2018.
(k) Shareholder holding shares repre-
senting 2 percent (2/100) of the share
Page 92 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
capital may request the annulment of
a decision of the General Meeting that
took place in a manner not consistent
with the law or the Articles of Associa-
tion, if he/she did not attend the Gen-
eral Meeting or opposed the decision.
(l) At the request of a shareholder or
shareholders representing at least one
third (1/3) of the paid-up capital, the
Company may be dissolved by a court
order if there is an important reason
for doing so, which in a clear and per-
manent manner, proves that its con-
tinuance is impossible.
Process for exercising voting rights
through a proxy
The shareholder participates in the Ex-
traordinary General Meeting and votes
either in person or through a proxy. Each
shareholder may appoint up to three (3)
proxies. Legal entities participate in the
General Meeting by appointing up to three
(3) persons as representatives. However,
if a shareholder owns Company shares,
which appear in more than one security
accounts, this limitation does not obstruct
the said shareholder from appointing
dierent proxies for the shares that ap-
pear in each security account in relation
to the General Meeting. A proxy that acts
on behalf of more than one shareholder,
can vote separately for each shareholder.
A shareholder proxy must disclose to the
Company, prior to the beginning of the Ex-
traordinary General Meeting, any specic
event that may be useful to shareholders
in assessing the risk of the proxy serving
other interests than those of the represent-
ed shareholder. There might be conict of
interests specically when the proxy:
(a) is a shareholder that exercises control
on the Company or is another legal
entity controlled by the shareholder,
(b) is a member of the Board of Directors
or generally the management of the
Company or of a shareholder that ex-
ercising control on the Company, or
another legal entity that is controlled
by a shareholder who exercising con-
trol of the Company,
(c) is an employee or Certied Public Ac-
countant of the Company or share-
holder that exercising control of the
Company, or another legal entity con-
trolled by the shareholder who exer-
cising control of the Company,
(d) is a spouse or rst degree relative with
one of the persons mentioned above
in cases (a) through (c).
The appointment and revocation or re-
placement of the representative or proxy
is applied in written or electronically and
submitted to the Company in the same
form, at least forty eight (48) hours prior to
the dened date of the General Meeting.
The Company makes available the form it
uses to appoint proxies on its website. This
form is lled in and submitted signed by
the shareholder to the Company’s Inves-
tor Relations Department or is sent by fax
to the latter at least forty eight (48) hours
prior to the date of the General Meeting.
The beneciary shareholder is requested
to conrm the successful dispatch and re-
ceipt of the proxy form by the Company by
contacting the Company during working
days and hours.
Shareholders’ Rights
Shareholders’ Rights & their exercise
The Company has issued common reg-
istered shares listed on the Athens Ex-
change, and registered in immaterial form
in the records of the Dematerialized Secu-
rities System. There are no special rights in
favor of specic shareholders.
Annual Financial Report as of 31.12.2021
Page 93 of 276
Amounts in thousand Euro, unless stated otherwise
The acquisition of Company shares implies
the full and without any reservation ac-
ceptance of its Articles of Association and
of the legal decisions made by its relevant
bodies.
Each share provides rights corresponding
to the respective percentage of share capi-
tal such represents. The responsibility of
shareholders is limited respectively to the
nominal value of shares owned. In case of
co-ownership of a share, the rights of the
co-beneciaries are exercised only by a
joint representative of such. The co-bene-
ciaries are responsible with solidarity and
entirely for fullling the obligations that
emanate from the common share.
Each Company share incorporates all the
rights and obligations dened by Law
4548/2018 as in eect and its Articles of
Association, and specically:
• The right to participate and vote in the
General Meeting.
• The right to receive dividend from the
Company’s earnings.
• The right on the product of liquida-
tion, or respectively the capital depre-
ciation that corresponds to the share,
given that such is decided by the Gen-
eral Meeting. The General Meeting of
the Company’s shareholders main-
tains all its rights during liquidation.
• The pre-emptive right in any increase
of the Company’s share capital that
takes place by cash and through the
issue of new shares, as well as the
pre-emptive right in any issue of con-
vertible bonds, given that the General
Meeting that approves the increase
does not decide dierently.
• The right to receive a copy of the an-
nual nancial statements and reports
by the Certied Public Accountants
and Board of Directors of the Com-
pany.
• The rights of minority shareholders
described below.
VIII. Sustainable Development Policy
At the core of the Sustainable Develop-
ment Policy, the Company has as a vision
to be the most valuable partner for its cus-
tomers and suppliers and at the same time
to systematically increase its share value,
always taking care of the well-being of all
its people. In this context, the Company
seeks the implementation of practices to
promote Sustainable Development and is
committed through its policies to the re-
spect for the human factor, society and the
environment, in order to remain a reliable
social partner.
The Company’s approach for Sustainable De-
velopment approach is based on six pillars:
(1) We operate with respect for the en-
vironment,
(2) We contribute to the Circular Econ-
omy and the Economy of New Plas-
tics,
(3) We create value for our people,
(4) We contribute to the local commu-
nity,
(5) We operate with transparency and
integrity,
(6) We ensure business continuity and
optimal nancial performance.
The main risks and their management, the
Company’s performance and its commit-
ments under the 17 Sustainable Develop-
ment Goals are described in detail in the
annual Sustainable Development Reports
and in the Non-Financial Reports. The re-
Page 94 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
cording and communication of all the
above issues to the interested parties is in
line with international and national stand-
ards and indicators, aiming at reliable and
transparent information.
The monitoring of Sustainable Develop-
ment Policy implementation is the respon-
sibility of the Sustainability Committee at
the level of the Board of Directors, while
at the administrative level, is the respon-
sibility of the Team and the Director of
Sustainable Development. In this context,
the Internal Audit Unit can assist through
periodic audits.
The Sustainable Development Policy is ap-
proved by the 16.07.2021 decision of the
Board of Directors, is reviewed on an an-
nual basis and is available on the corpo-
rate Website.
The Sustainable Development Policy:
- Commits the Company and all its sub-
sidiaries and covers all the activities of
the Company in Greece and abroad,
including all operations carried out by
the Company or its subsidiaries.
- Applies to all members of the Board
of Directors, senior executives, em-
ployees of the Company and its sub-
sidiaries, and in general all persons
employed in the Company or its sub-
sidiaries either under an employment
contract or through another contrac-
tual relationship.
- Disclosed to third parties provid-
ing services to the Company (supply
chain) or acting on its behalf or in co-
operation with it (value chain), includ-
ing partners and suppliers and any
other persons with whom the Com-
pany cooperates under outsourcing
contracts or other agreements.
Corporate Governance
Through the established corporate gov-
ernance system, the Company manages
the administration and control issues,
monitors the compliance with the current
legislation and the legal framework and
monitors the practices of managing share-
holders’ related issues.
This system is framed by the Corporate
Governance Code applied by the Com-
pany. Regarding corporate governance,
the Company has set up a Sustainability
Committee where members of the Board
of Directors participate, while the Audit
Committee has a critical role in corporate
governance. At a managerial level, a Sus-
tainable Development Team has been ap-
pointed, which includes executives from
various departments of the Company as
well as representatives of the Subsidiar-
ies and which supports the Company’s
Management in the implementation of its
strategy for sustainable development. The
Team is coordinated by the Chief Sustain-
ability Ocer.
Fight against Corruption and Bribery
The Company is committed to zero tol-
erance in matters of corruption, bribery
and extortion and aims to prevent such
phenomena, conducting its business with
integrity, in accordance with the highest
standards of ethics and applying applica-
ble laws. The Company has established the
Code of Business Conduct, which denes
the standards of conduct required of all
employees and includes basic principles,
the observance of which aims to prevent
and/or eliminate corruption.
Annual Financial Report as of 31.12.2021
Page 95 of 276
Amounts in thousand Euro, unless stated otherwise
Respect for Human Rights
The Company and all those who represent,
cooperate and / or are employed in it must
comply with the Code of Business Conduct
applied by the Company and everything
mentioned in it regarding the respect of
human rights. The Company is committed
to zero tolerance, in terms of harassment
in the workplace, in any form of discrimi-
nation due to race, religion, gender, na-
tionality, age, disability, sexual orientation,
etc., in cases of forced and child labor both
within the Company, as well as in subsidi-
aries.
Ethics and deontology of Suppliers
The Company recognizes the necessity of
applying the principles of ethics and de-
ontology, to which it is committed, in its
supply chain as well. In this context, there
is a continuous eort to evaluate suppli-
ers and their partners, in accordance with
their social and environmental commit-
ments and performance, thus ensuring
the risk of deviation from good social and
environmental standards, which include
issues of labor practices and human rights,
as well as the ght against corruption. At
the same time, the Company has fully in-
tegrated the Law on Modern Slavery of the
United Kingdom of 2015 and shows zero
tolerance in relation to any violation.
Social responsibility
The Company seeks, through its business
activities, to achieve high performance,
so as to produce and distribute directly or
indirectly economic value to the society in
which it operates, with particular empha-
sis on:
- To strengthen the economies of
the countries in which it operates,
through the cash ows it creates to
stakeholders and in particular tax pay-
ments, payments to suppliers, payroll
payments to employees, dividends to
shareholders and investments in local
communities.
- The needs of citizens and societies
that frame the Company and are af-
fected by its activities.
- In employment, through the direct
and indirect creation and/or mainte-
nance of jobs throughout the value
chain of the Company.
Quality, Safety and Customer Service
The Company prioritizes the quality of its
products and the safety of its customers
and has established a Product Liability
Policy. The Company complies with the
respective national laws and adopts inter-
national norms, safety rules, best practices
and standards, regarding the design and
production of products in all its facilities,
monitoring and eliminating any unfortu-
nate eects on the health and safety of
customers and end users.
Labor issues
The Company recognizes the value cre-
ated by human capital and considers it
crucial for the good quality of its products,
high productivity and the achievement of
its competitive advantage. Investing in its
people is a priority, encouraging lifelong
learning, collaboration, initiative and per-
sonal achievement. In order to ensure a
responsible working environment of well-
being, the Company has established the
Code of Business Conduct, various com-
pany directives, internal regulations and
policies related to human and labor rights,
health, safety and well-being of human
resources, evolution and development of
its potential and zero tolerance of harass-
Page 96 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
ment, all forms of discrimination, forced
and child labor. The priority is to minimize
the possibility of causing an accident at
work or illness and that is why the imple-
mentation of the Safety, Health and Envi-
ronment Policy has been developed and
systematically monitored.
Social contribution
The Company has established a unied
Social Action Policy, through which all
subsidiaries recognize their responsibil-
ity to people and society. The Sustainable
Development Team is in constant collabo-
ration with executives of the subsidiaries,
in order to plan, coordinate and imple-
ment, jointly, social actions and initiatives
for public benet purposes. In order to
make a practical contribution to the local
community, the “Stavros Chalioris Social
Center” has been established, which is a
prominent example for the Company, with
actions and activities of educational, cul-
tural, recreational and social content.
Environmental Responsibility
The Company has an Environmental Policy
always guided by the improvement of the
environmental impacts resulting from its
operation, with particular commitment
to the application of the circular economy
principles, responsible waste manage-
ment, reduction of energy consumption
and reduction of greenhouse gas emis-
sions related to its activities.
Circular economy
The plastics industry faces a variety of chal-
lenges and opportunities. For this reason,
the Company has adopted the principles
of the circular economy from the supply
of raw materials and product design, in-
corporating practices based on the prin-
ciples of reduction, reuse and recycling,
up to the entire life cycle of its products.
The adoption of a new, innovative, cyclical
economic model constitutes a very impor-
tant initiative of the Company, recognizing
its contribution to the ecient use of re-
sources, as an important link in the global
plastic value chain.
Climate change
The Company recognizes the risks and
impacts that may arise in its business ac-
tivity due to climate change, such as the
occurrence of extreme weather events or
rising temperatures, which may aect the
production process and bring about sig-
nicant changes in its activities and abrupt
changes in its revenues and expenses in
the short, medium and long term. In order
to mitigate the risks arising from climate
change, but also to achieve positive nan-
cial results for itself and its operating envi-
ronment, the Company adapts its business
model to reduce its environmental foot-
print (direct emissions, energy consump-
tion, use of recycled material, waste man-
agement) and focus on the development
of innovative products and services, apply-
ing the principles of the circular economy.
Essential non-nancial issues
Thrace Group proceeded to the publica-
tion of the 3
rd
Sustainable Development
Report for the nancial year 2020, accord-
ing to the GRI Standards and the ESG In-
formation Disclosure Guide of the Athens
Stock Exchange, in order to communicate
the Group’s strategy, programs and results
in the eld of Sustainable Development.
The Group focuses on issues related to the
Annual Financial Report as of 31.12.2021
Page 97 of 276
Amounts in thousand Euro, unless stated otherwise
creation of economic, social and environ-
mental benets throughout its value chain
and to all stakeholders. In this context, it
proceeds again, in 2021, to the recogni-
tion of the economic, social and environ-
mental aspects of its activities and then
proceeded to prioritize the essential issues
of Sustainable Development related to its
business model, based on the methodol-
ogy of the internationally valid reference
model GRI.
The consultation was realized among rep-
resentatives of the Group of the follow-
ing key stakeholder groups: Sharehold-
ers, Board of Directors, Employees, Clients
(B2B), Suppliers/Partners, State and local
authorities, Non-Prot Organization, Me-
dia, Business Associations, Investment
Community.
The topics that emerged from the materi-
ality analysis as material are:
• Reduction of greenhouse gas emis-
sions
• Provision of innovative and sustain-
able products within the context of
circular economy
• Reduction of waste and maximization
of the possibilities of new treatment
and recycling
• Financial value creation / nancial per-
formance of the Group
• Safeguarding of quality, health and
safety of customers
• Creation and safeguarding of employ-
ment
• Safeguarding of employee health,
safety and well-being
• Defending human rights at work
• Responsible corporate governance
and safeguarding of business ethics
and compliance
• Ensuring business continuity and pre-
paredness in emergencies
Standards for the publication of non-
nancial information
The Report for the year 2020 is the 3
rd
Sustainable Development Report of the
Group and includes its approach and per-
formance on the essential issues of Sus-
tainable Development, with the ultimate
goal of informing stakeholders about its
economic, social and environmental im-
pacts. It has been prepared in accordance
with the recognized and internationally
valid reference standard GRI (Global Re-
porting Initiative): Core Selection, the UN
Sustainable Development Goals and the
ESG 2019 Information Disclosure Guide of
the Athens Stock Exchange, in compliance
with selected key, advanced and industry
indicators.
It is noted that the present Report con-
cerns the scal year ended on 31
st
Decem-
ber 2021. However, due to the consistency
and completeness of the information pro-
vided and the comparability of the data,
the corresponding numerical elements
and data of the scal year ending 31
st
De-
cember 2020 are also presented.
Page 98 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
SECTION XI: Non-Financial Report
INTRODUCTION
The current Non-Financial Report (State-
ment) constitutes part of the Statement of
the Board of Directors and contains infor-
mation on all the activities of Thrace Group
(hereinafter “the Group”) in the following
areas, as dened in section 7 “Non-Finan-
cial Report (Statement) of the circular
62784/2017 in accordance with the provi-
sions of law 4403/2016:
• Anti-corruption and bribery issues.
• Respect of human rights.
• Supply chain issues.
• Social and labor issues.
• Environmental issues/Climate change.
Furthermore, the present report also in-
cludes the thematic section “Impact of the
COVID-19 pandemic on non-nancial is-
sues” as well as the “Classication Report”
in accordance with the Classication Reg-
ulation 2020/852 / EU.
Each of the above aspects is analyzed in
three axes:
• Main risks and their management
• Due diligence and other policies
• Outcomes of the above policies and
non-nancial performance indicators
The content of present Non-nancial Re-
port (Statement) has been composed by
taking into consideration the GRI Stand-
ards, the SASB Standards as well as the re-
newed ESG Reporting Guide of the Athens
Stock Exchange 2022.
The current Report (Statement) refers to
the year ending December 31, 2021. For
reasons of consistency, completeness of
provided data and for comparability pur-
poses, respective information for the pre-
vious year, ending December 31, 2019 and
2020, is also provided.
Annual Financial Report as of 31.12.2021
Page 99 of 276
Amounts in thousand Euro, unless stated otherwise
Business Model
Sales network in
80 countries
around the world
* Recycled raw materials originate from both the production process
residues and from external sources.
28 dierent
production technologies
Group headcount:
2,201
employees (Including
joint ventures)
Replacement of virgin
raw material with
recycled plastic by
2025:
8,500 MT
Use of recycled raw
material*:
11,443 ΜΤ
Activity in
9 countries
with production,
commercial and
distribution companies
Activity in
3 sectors
(Technical Fabrics,
Packaging Solutions,
Agricultural sector)
Processing more than
110,000 MΤ
of PP/PE per year
The Group consists of
14 companies
worldwide
Products in
25 market
segments
Page 100 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
THRACE PLASTICS S.A. was founded in
1977 in the area of Magiko in the munici-
pality of Avdera, Xanthi. Soon after its es-
tablishment, it developed into one of the
leading producers of Technical Fabrics and
Packaging Solutions worldwide. Follow-
ing the internal restructuring of the Group
in the end of 2017, the parent company
Thrace Plastics S.A. has been operating as a
holding company under the name Thrace
Plastics Co. S.A.
Thrace Group is a multinational group of
companies, operating in the production
and distribution of polypropylene prod-
ucts. It possesses production facilities in
six countries, namely Greece, Scotland,
Ireland, Bulgaria, Romania, and the United
States of America. The Group operates dis-
tribution and commercial companies in
three countries, namely Norway, Sweden
and Serbia. Its sales network extends to 80
countries.
Thrace Group consists of the following companies:
Companies* Headquarters
Thrace Plastics Co. S.A. Xanthi, Greece
Thrace Nonwovens & Geosynthetics S.A. Xanthi, Greece
Thrace Polylms S.A. Xanthi, Greece
Thrace Eurobent S.A. Xanthi, Greece
Thrace Plastics Pack S.A. Ioannina (Xanthi Branch), Greece
Thrace Greenhouse S.A. Xanthi, Greece
Thrace Synthetic Packaging LTD Clara, Ireland
Thrace Ipoma A.D. Soa, Bulgaria
Thrace Polybulk AS Brevik, Norway
Thrace Polybulk AB Köping, Sweden
Thrace Greiner Packaging S.R.L. Sibiu, Romania
Lumite Inc. Georgia, USA
Don & Low Ltd Forfar, Scotland
Thrace Plastics Packaging DOO Nova Pazova, Serbia
* The companies Thrace Eurobent S.A., Thrace Greenhouses S.A., Thrace Greiner Packaging S.R.L. and Lumite Inc.
are joint ventures of Thrace Group, but are included in present Report in their entirety (100%), since they all apply
the same sustainable development principles and values of the Group. It must be also noted that the table above
includes only the companies that display an active commercial or production status.
Group Prole
Annual Financial Report as of 31.12.2021
Page 101 of 276
Amounts in thousand Euro, unless stated otherwise
The Technical Fabrics sector specializes
in the production and trading of synthet-
ic fabrics for industrial and technical use.
It operates through 6 subsidiaries of the
Group, having an international focus.
The Packaging sector focuses on the pro-
duction and trading of industrial products,
and is addressed to the European market,
with an emphasis on Ireland and South-
Eastern European countries. In particular
it operates through 6 subsidiaries of the
Group.
Hydroponic Greenhouses using
Geothermal energy
Operating since 2013, with respect to-
wards the environment and the customer,
in Thrace Greenhouses S.A. 185 acres of
pure and delicious vegetables using geo-
thermal (renewable source of energy) and
almost zero carbon footprint are cultivat-
ed. The company possesses the largest hy-
droponic greenhouses in S.E. Europe and
the only ones in the world that are heated
exclusively by geothermal energy.
Awards
• Thrace Group was awarded for the
11th consecutive year in the institu-
tion of True Leaders organized by the
company ICAP.
• In the section “Innovation and New
Technologies”, in the category “Smart
Factory” the company Thrace Pack
won a Bronze distinction, at the Manu-
facturing Excellence Awards 2021.
• Thrace Group was distinguished with
an Extroversion Award at the Growth
Awards ceremony organized by Eu-
robank and Grant Thornton, on Octo-
ber 8, 2021.
Distinctions
As part of the Group’s environmental poli-
cy, in 2021, the companies Thrace Plastics
Pack and Thrace Greiner Packaging re-
ceived a Silver Medal in the evaluation by
EcoVadis, while the company Thrace Poly-
bulk received Eco-Lighthouse certication
for sustainable environmental practices.
Certications
The companies apply certied Systems,
according to international standards. The
systems include actions and measures to
protect the environment and ensure the
proper use of the energy consumed.
CERTIFICATIONS
ISO 14001:2015 Environmental
Management System
Global GAP for the implementation of
good agricultural practices
ΙSO 50001:2018 Energy Management
Systems
ISO 9001:2015 Quality Management
System
Recyclass for the recyclability of plastic
packaging
OK Recycled BY TUV Austria for the
recyclability of plastic packaging
Business sectors and products
Technical Fabrics sector Packaging sector Hydropinics greenhouses
Page 102 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
In addition, in 2020 an Environmental
Product Declaration (EPD) was issued
based on the life cycle analysis for the fol-
lowing 4 product of Thrace Greenhouses:
• Tomato “beef”
• Tomato bunch
• Cucumber
• Mini cucumber
Our approach to Sustainable Development
[ATHEX ESG C-S1: Participation of interested parties, C-G3: Substantial issues]
In Thrace Group, the establishment of a di-
alogue with the stakeholders is of great im-
portance, as it helps the Group to operate
more eectively, comprehend the market
circumstances and mitigate any risks. The
Group recognizes stakeholders as anyone
signicantly aected by its activities and
vice versa. Within this framework, it maps
the stakeholder groups, recognizing their
needs and expectations, which it prioritiz-
es and takes into account in formulating
the strategy and setting appropriate goals,
which it reviews on an annual basis, while
at the same time it monitors and improves
the methods of consultation with them.
Furthermore, their needs and expectations
are communicated by the Sustainability
Committee to the Board of Directors and
the relative decisions are taken (see Moni-
toring of Sustainable Development). More
information regarding the type of commu-
nication/consultation or/and frequency of
communication with the stakeholders is
available in the Sustainable Development
Report in the website of the Thrace Group.
Thrace Group proceeded to the publica-
tion of the 3
rd
Sustainable Development
Report for the nancial year 2020, accord-
ing to the GRI Standards and the ESG In-
formation Disclosure Guide of the Athens
Stock Exchange, in order to communicate
the Group’s strategy, programs and results
in the eld of Sustainable Development.
The Group focuses on issues related to
the creation of economic, social and envi-
ronmental benets throughout the value
chain and to all its stakeholders. In this
context, it proceeded, in 2021, to the rec-
ognition of the economic, social and envi-
ronmental aspects of its activities and the
prioritization of the essential Sustainable
Development issues related to its business
model, based on the methodology of the
internationally valid GRI Standards.
The consultation was realized among rep-
resentatives of the Group of the following
key stakeholder groups, with whom they
maintain a relationship and communica-
tion, in the context of their work:
• Shareholders
• Board of directors
• Employees
• Clients (B2B)
• Suppliers/Partners
• State and local authorities
• Non-Prot Organizations
• Media
• Business Associations
• Investment Community
The topics that emerged from the materi-
ality analysis as “material” are:
• Reduction of greenhouse gas emis-
sions
• Provision of innovative and sustain-
able products within the context of
circular economy
• Reduction of waste and maximization
of the possibilities of new treatment
and recycling
Annual Financial Report as of 31.12.2021
Page 103 of 276
Amounts in thousand Euro, unless stated otherwise
• Creation of nancial value and nan-
cial performance of the Group
• Ensuring the quality, health and safety
of customers
• Creating and securing employment
• Ensuring the health, safety and well-
being of employees
• Defending human rights at work
• Responsible corporate governance
and assurance of business ethics and
compliance
• Ensuring business continuity and pre-
paredness in emergencies
In the Sustainable Development Report
2020 which is available at the Group’s
website (https://www.thracegroup.com/
uploads_file/2021/10/19/p1fibm3bn-
b14rd1cin1n2rrfhfmd5.pdf) all the steps
of the materiality analysis procedure are
outlined. (i.e. identication of recognized
issues, changes related to the previous
materiality analysis, policies or procedures
applied and / or actions taken to manage
the material issues, etc.).
[ATHEX ESG C-G4 Sustainability Policy]
The Group establishes, maintains and im-
plements basic principles related to the
pillars of society, the environment and
the economy and it has developed a Sus-
tainable Development Policy regarding
the management of social, environmen-
tal and corporate governance issues. The
Sustainable Development Department
aims to implement actions and initiatives
that promote sustainable development
and create value for the stakeholders, the
market and society, in accordance with the
Sustainable Development Strategic Plan,
established by the Group. The strategic
plan is based on the following strategic
objectives, in accordance with the relevant
Policy, each of which is analyzed in specic
actions and activities and is bounded by
specic targets.
• Reduce greenhouse gas emissions in
all processes
• Improve product environmental im-
pact
• Implement circular economy projects
• Improve the social aspects aecting
all stakeholders
• Ensure a responsible corporate gov-
ernance.
• Build awareness and obtain appropri-
ate certicates and disclosures
The Group participates in the new ATHEX
ESG index of the Athens Stock Exchange,
which monitors the stock market perfor-
mance of listed companies adopting and
promoting their environmental, social and
corporate governance (ESG) practices.
In addition, in 2021, in the context of
strengthening the business culture in
ESG issues, the Group developed a com-
plete sustainable development manual
for employees, designed exclusively for
each company (Sustainability Handbook),
which is an information guide for sustain-
able management of economic, social and
environmental issues. The manual intro-
duces the reader to the basic concepts
of sustainable development, analyzes the
current legal framework, refers to recy-
cling processes and greenhouse gas emis-
sions at the plant, presents the life cycle
assessment of some products, refers to the
environmentally targeted platform “In the
Loop” and presents the certications and
evaluations that have been nalized. The
manual is tailor-made to each company
of the Group and is addressed mainly to
the administrative level, to the technical
managers of the facilities and to the sales
managers, but it is also available to all the
employees of the companies through an
internal digital platform.
Page 104 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Monitoring of Sustainable Development
[ATHEX ESG C-G2: Monitoring of sustainable development]
The primary purpose of the Sustainability
Committee is to consider, promote and
report periodically to Thrace Group Board
of Directors (Board) on matters relating to
the continuous improvement of the Com-
pany’s ESG strategy development, man-
agement and performance.
The Sustainability Committee meets at
least four times a year (regular meetings),
or more regularly (extraordinary meet-
ings) when necessary. The matters of
sustainable development are discussed
by the Sustainability Committee (which
consists of executive and non-executive
members of the Board), in accordance
with the information received by the Com-
mittee from the Sustainable Development
Department and in particular through the
Director, who acts as a secretary, so that,
priorities and plans can be specied and
the related goals and timelines can be set,
along with the monitoring of their pro-
gress towards their implementation. The
Sustainability Committee then conveys
the issues to the rest of the members of
the Board of Directors (all the members of
the BoD have opinion on ESG issues).
In addition, in the context of strengthen-
ing the capability of the members of the
Board as to the management of ESG issues
that are related to corporate strategy, an
ESG Executive Seminar was organized and
was attended by all members of the Board.
Anti-corruption and bribery issues
Main risks and their management
The Group acknowledges the risks of cor-
ruption or bribery that may occur through-
out its value chain. Potential risks are be-
ing monitored both in internal activities
and in transactions with key stakeholders,
such as suppliers and customers. We rec-
ognize that corruption issues, including
bribery and/or extortion, may have serious
implications for the Group. These may af-
fect the nancial capital, through possible
nes or sanctions, as well as the social and
human capital of the Group, by aecting
its relations of trust with its stakeholders.
It should be noted here that the impact on
social and human capital can also have a
direct impact on the nancial capital, due
to a possible decline in revenue as a result
of those eects.
The Management of the Group is commit-
ted to zero tolerance of corruption, bribery
and extortion incidents and aims at pre-
venting them throughout its activities by
conducting its business with integrity, in ac-
cordance with the highest voluntary stand-
ards of ethics as well as applicable laws. Re-
spective policies and procedures have been
established and communicated within this
framework, as well as mechanisms for con-
trol and compliance with standards and
laws. Primary goal is to strengthen and im-
prove anti-corruption management proce-
dures, comply with legislation and intensify
controls.
Additionally, relevant policies are included:
• In the Code of Ethics and Conduct.
Due diligence and other policies
Annual Financial Report as of 31.12.2021
Page 105 of 276
Amounts in thousand Euro, unless stated otherwise
• In the “General Policies Manual”, which
is available electronically or has been
distributed to senior and middle man-
agement executives, while all other
employees have been trained respec-
tively.
To prevent corruption incidents, the Group
operates proactively by conducting rele-
vant updates and audits on an annual basis,
through the internal audit department. The
results of the audits are being communicat-
ed to the management teams of the com-
pany. To further discourage involvement in
an incident of corruption and/or bribery,
the Management uses disciplinary meas-
ures which ensure safeguard the operation
of the Group in accordance with the inter-
nal regulations.
In case an incident is detected, the Manage-
ment of the Group is informed and decides
upon further actions to be taken.
Within the framework of supporting inter-
nal procedures to combat corruption and
bribery while aiming at deterring oending
practices:
• The Audit Committee has been estab-
lished and has been entrusted with
selecting and supervising the external
auditors and notifying the results of
the statutory audit to the Company’s
BoD, monitoring the nancial report-
ing process and the internal audit and
risk management systems, as well as
supervising the Internal Audit and Risk
and Compliance Units.
Code of Ethics and Conduct
[ATHEX ESG C-G5: Business Ethics Policy]
The rm commitment of the Group is to
conduct its business activity with integrity,
taking into account the precautionary prin-
ciple, in accordance with the highest ethical
standards and applying the applicable laws.
The Code of Ethics and Conduct, denes
the standards of conduct required by the
employees of the Group companies and is
valid in each country where Thrace Group
operates. The central theme of the Code of
Ethics and Conduct can be summarized as
follows: All employees, as representatives of
the Group, must act with honesty, respect
and integrity in all matters at all times. The
basic Principles of the Code are:
• Observance of the Laws and the Social
Rules
• Prevention of Conict of Interests
• Accuracy and Completeness of Finan-
cial Information
• Protection of Company Assets
• Realization of all Transactions Respon-
sibly
• Transparent and Legal Cooperation
with Public Authorities
• Personal Data Protection
• Safety, Health and Environmental Pro-
tection
• Continuous Evolution of Employees’ ca-
pabilities
Risk management issues regarding corrup-
tion and bribery related to the Group’s sup-
ply chain are described later in the docu-
ment in the corresponding section.
Page 106 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Outcomes of the above policies and non-nancial performance
indicators
[GRI 205-3: Confirmed incidents of corruption and actions taken]
[ATHEX ESG Α-G2: Business ethics violations]
There have been no conrmed cases of cor-
ruption or bribery during 2021. Similarly, no
relevant intent and/or conduct of corrup-
tion or bribery, thus no nancial damage as
a result of violating the Code of Ethics and
Conduct, have come to the attention of the
Group.
Respect for Human Rights
Main risks and their management
The Group recognizes the risks related to
human rights both in the workplace of the
companies and throughout the supply
chain, such as potential discrimination of
employees due to their race, religion, gen-
der, nationality, beliefs, age, etc., violation
of employee and other stakeholder per-
sonal data, forced and child labor.
These risks can aect the nancial, human
and social capital of the Group, with nega-
tive impacts on its reputation and social
license to operate, while also leading to
legal sanctions. The management of risks
related to human right issues in relation to
our supply chain are described in the cor-
responding section below.
All people working in the Group, as well as
its suppliers, must adhere to the due dili-
gence policies of the Group regarding hu-
man rights. The Group through the Code
of Ethics and Conduct is committed to zero
tolerance for harassment in the workplace,
for all forms of discrimination on grounds
of race, religion, gender, nationality, age,
disability, sexual orientation, etc. both at
the parent company and its subsidiaries,
as well as in their supply chain. The Group
strives as much as possible to ensure that
other cooperating parties are governed by
the same principles.
The Group is committed to resolving com-
plaints and treating its employees in a fair
and impartial manner, recognizing the
risk of abuse of their rights and the con-
sequences that this may have on the well-
being of its employees.
Protection of employees from incidents
of harassment and discrimination in the
workplace
The Group, although it does not have a
separate Human Rights Policy, implements
a series of actions to minimize the risk of
harassment and incidents of discrimina-
tion and general human rights violations.
The following are indicative:
h Informs for all Policies in eect, the
companies Top Management, which
then inform the employees respec-
tively.
h Informs the employees through the
Internal Labor Regulations.
Due diligence and other policies
[ATHEX ESG C-S6: Human rights policy]
Annual Financial Report as of 31.12.2021
Page 107 of 276
Amounts in thousand Euro, unless stated otherwise
h Has adopted the Code of Ethics and
Conduct, various corporate directives
and internal regulations related to hu-
man rights.
h Urges employees to report to their su-
pervisor or human resources depart-
ment any case that may come to their
notice and is contrary to the Code of
Ethics and Conduct and other Group
Policies.
h Investigates all complaints of harass-
ment or discrimination in the work-
place made through the reference
lines to the local Management and
then to the Management of the Group
and takes the appropriate preventive
and / or disciplinary measures, under
the supervision of the heads of depart-
ments in cooperation with the human
resources department of each com-
pany. In addition, in 2021 the Group
developed a system for submitting
anonymous or named reports by em-
ployees (whistleblowing mechanism
platform) that will be activated in the
rst months of 2022, through which
employees can report oending be-
haviors and situations, which are then
investigated by the Group.
Safety of facilities and protection of
human rights
In the Group, safety measures are applied
to its facilities so that they adhere to the
international principles for human rights
and the implementation of the law. For
instance, the companies conduct safety
risk assessments on a regular basis, which
are submitted - upon request - to labor in-
spectors and certication bodies, conrm-
ing that the measures taken are in line with
safety risk and applicable legislation.
Commitment against forced and child
labor
The Group through the Code of Ethics and
Conduct is committed to zero tolerance
for forced labor and child labor both at the
parent company and its subsidiaries, as
well as in their supply chain.
Safeguarding of personal data
[ATHEX ESG C-G6: Data security policy]
The Group recognizes that personal data pro-
tection is crucial and thus respects the privacy
of its stakeholders and treats their personal
data as strictly condential, in compliance
with the relevant legislation.
It strictly follows the General Data Protection
Regulation 2016/679 (EU GDPR), as well as
the national legislation 4624/2019, concern-
ing the protection of individuals against the
processing of their personal data. Since 2018,
technical and organizational measures are
applied in order to comply with the require-
ments of the Regulation, audits for its applica-
tion by subsidiaries and periodic training of
employees. At Group level, a Data Protection
Ocer has been appointed.
Furthermore, an insurance contract for the
case of personal data loss has been estab-
lished.
The Privacy Policy is available in the Group
website at: https://www.thracegroup.com/
gr/el/privacy-policy/
.
Page 108 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Outcomes of the above policies and non-nancial performance
indicators
[GRI 406-1: Incidents of discrimination and corrective actions taken]
In 2021, in the Group:
• There were no incidents of discrimina-
tion based on race, religion, gender,
age, disability, nationality, political be-
liefs, etc. including incidents of harass-
ment and/or total human rights viola-
tions, in all the activities and facilities
of the Group.
• There were no conrmed cases of pri-
vacy infringements .
In the Group, besides the nancial risks
which are related to its supply chain, main-
ly depending on the uctuations in raw
material prices and especially polypropyl-
ene, non-nancial related risks are recog-
nized as well, such as cooperating with
suppliers and partners that do not comply
with international standards of sustain-
able development.
More particularly, the Group focuses on
supply chain risks that are related to hu-
man rights protection, labor issues and an-
ti-corruption, since their implications may
aect the reputation of the Group and the
relations of trust with stakeholders.
Supply Chain Issues
Main risks and their management
Due diligence and other policies
[ATHEX ESG C-S8: Supplier assessment]
The assessment and selection of suppliers is
an essential business operation to achieve
a responsible supply chain. Having recog-
nized this need, the Group has adopted
special practices to determine if a supplier
meets the requirements and conditions set
in their cooperation with each other.
The supplier assessment process is realized
using a special assessment form, that has
been developed by certain companies of
the Group and through which the suppliers
are required to complete this form in order
to be assessed on several areas such as:
• Management systems possessed (ISO
certications etc.)
• Production processes (product avail-
ability, environmental compliance etc.)
• Quality management (information re-
lated to quality controls etc.)
• Customer satisfaction (quality stand-
ards, product traceability etc.)
• Research and development (informa-
tion on research and development de-
partments, protection of personal data
etc.)
The categories of the Group’s suppliers vary
depending on the company and the main
categories include:
• Suppliers of raw materials and market-
able goods
• Suppliers of electric energy
Annual Financial Report as of 31.12.2021
Page 109 of 276
Amounts in thousand Euro, unless stated otherwise
• Suppliers of equipment, packaging,
spare parts
• Partners providing logistical support
services, transportation, logistics, out-
sourcing
• Partners providing consulting services,
telecommunication services and infor-
mation technology.
The group is in the phase of dening the
process, through which suppliers are re-
quired to respect the ocial Code of Ethics
and Conduct and to state that they follow
similar principles and which are analyzed in
the following key issues:
• Work
• Environmental
• Health and safety
• Ethics
• Human rights.
Combating of corruption in the supply
chain
The Group is aware of the risk that a busi-
ness partner or supplier may be involved in
corruption incidents, and thus undertakes
all necessary actions, through the due dili-
gence process, to ensure maximum trans-
parency in new business relations. Further-
more, the Group is committed to ghting
corruption in its transactions with existing
suppliers and business partners.
More specically, approximately 80% of our
collaborations are with large multinational
companies, which focus on transparency
and combating of corruption and, thus, co-
operation is further ensured by their rules
and policies of the specic suppliers.
Human rights in the supply chain
[ATHEX ESG C-S6: Human rights policy]
The Group has adopted policies to avoid en-
gaging with suppliers/partners with a high
risk of violating human rights. The Group
is committed and promotes constant im-
provement of the standards concerning
international human rights in its interac-
tions with suppliers or business partners. All
Group companies comply with the policy of
the Group concerning human rights.
No actions have been assumed for the de-
tecting of human rights violation in the full
spectrum of the supply chain. However, the
fact that most suppliers operate in the U.S.
and EU countries, where labor legislation is
applied and the states are particularly sen-
sitivity on human rights issues, ensures at a
certain extent the minimization of the risk
for potential infringements in the supply
chain of the Group.
The employees of the companies of the
Group have the right and obligation to re-
port any violations (through whistleblow-
ing mechanism) involving cases that might
lead to an increased risk for modern slavery
in their supply chain.
Modern Slavery Act
The Group has zero tolerance for viola-
tions of the UK Modern Slavery Act 2015
or the breach of terms in individual agree-
ments with specic suppliers. This state-
ment is drawn in accordance with article
54 (1) of the UK Modern Slavery Act 2015
and denes the steps that Thrace Group
has already taken and continues to take to
prevent modern slavery or human track-
ing incidents within its business and supply
chain. The Group recognizes the impor-
tance of combating slavery, forced labor
and human tracking (“Modern Slavery”),
a set of issues with continually growing
interest that aect communities and indi-
viduals all over the world. The Group ap-
plies a zero tolerance approach to all forms
of Modern Slavery within its operations and
Page 110 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
supply chain, to the extend in which it can
be identied, and recognizes that no sector
of its business operations can be excluded.
The Group is committed to act with integri-
ty and transparency on this sensitive matter
and is aware of its responsibility to detect
all risks within its business and the wider
supply chain.
Outcomes of the above policies and non-nancial performance
indicators
The table below provides information on
the Group supply chain, as well as for the
spending of Group companies on local
suppliers, based on their country of origin.
In 2021, no incidents of a UK Modern Slav-
ery Act 2015 violation were reported to the
Group or to the companies of the Group,
where the latter are operating.
[GRI 102-9:Supply chain– Total number of suppliers]*
Total number of Suppliers
2021 2020 2019
Don & Low LTD 534 526 826
Thrace Nonwovens & Geosynthetics S.A. 999 874 882
Thrace Ipoma A.D. 549 586 716
Thrace Greiner Packaging S.R.L. 380 409 409
Thrace Greenhouses S.A. 294 322 321
Thrace Polylms S.A. 525 518 452
Lumite INC 436 413 394
Thrace Synthetic Packaging LTD 319 272 300
Thrace Polybulk AS & AB 20 20 20
Thrace Plastic Pack S.A. 992 913 889
Thrace Eurobent S.A. 120 136 115
Thrace Plastics Co S.A. 175 131 137
Thrace Plastics Packaging DOO 105 95 101
* Companies of the Group have as suppliers companies of the Group respectively and they have been included in
the above gures.
Annual Financial Report as of 31.12.2021
Page 111 of 276
Amounts in thousand Euro, unless stated otherwise
[GRI 204-1: Proportion of spending on local suppliers]
2021 2020 2019
Estimated monetary value of total spending on suppliers (mil.€)
Don & Low LTD 61.9 58.0 57.0
Thrace Nonwovens & Geosynthetics S.A. 113.5 86.0 87.0
Thrace Ipoma A.D. 24.8 16.5 21.0
Thrace Greiner Packaging S.R.L. 17.3 12.8 14.9
Thrace Greenhouses S.A. 4.9 5.1 5.3
Thrace Polylms S.A. 30.4 26.0 20.0
Lumite INC 24.8 15.8 16.7
Thrace Synthetic Packaging LTD 14.2 13.3 9.0
Thrace Polybulk AS & AB 19.0 21.4 23.2
Thrace Plastics Pack S.A. 63.5 51.5 45.9
Thrace Eurobent S.A. 6.8 5.0 5.4
Thrace Plastics Co S.A. 3.9 2.9 2.6
Thrace Plastics Packaging DOO 4.7 4.2 3.1
Percentage of spending on local suppliers
Don & Low LTD 64% 77% 84%
Thrace Nonwovens & Geosynthetics S.A. 78% 77% 78%
Thrace Ipoma A.D. 55% 58% 53%
Thrace Greiner Packaging S.R.L. 25% 26% 22%
Thrace Greenhouses S.A. 99% 98% 99%
Thrace Polylms S.A. 66% 67% 61%
Lumite INC 65% 66% 73%
Thrace Synthetic Packaging LTD
Non-signicant percentage spent on
local suppliers. The main suppliers of the
company are the Group subsidiaries.
Thrace Polybulk AS & AB 3% 1% 5%
Thrace Plastic Pack S.A. 81% 79% 72%
Thrace Eurobent A.B.E.E. 49% 59% 67%
Thrace Plastics Co S.A. 94% 93% 87%
Thrace Plastics Packaging DOO 23% 22% 24%
Page 112 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
The Group and its companies fully comply
with local labor legislations, taking into ac-
count the international directives related
to labor issues.
The Group recognizes the risks associated
with labor and social issues, namely the
right of workers to form and participate
in trade unions; human resource manage-
ment; health and safety in the workplace;
training and education of employees; con-
sumer safety; and development of rela-
tionships with the local community.
Regarding its products, it recognizes and
seeks to eliminate the risk of harming hu-
man life and health by taking measures to
avoid ingredients, defects or side eects
that could harm and/or threaten human
life and health during construction, use
and/or disposal of products. Such a risk
may have an impact on the nancial capi-
tal of the Group, for instance with possible
nes or penalties for aecting consumer
health, as well as on the social capital of
the Group, for instance by disrupting the
relations of trust with customers and other
stakeholders. The Group also recognizes
the inuence and the opportunities, which
could aect local communities through
the activities of its companies, which may
aect its social capital with potential im-
pact on local employment, as well as in the
eld of local human rights for the residents
of the area or local communities overall.
Labor issues
Social and Labor Issues
Main risks and their management
Due diligence and other policies
The Group recognizes the value created by
human capital and considers it crucial for
the high productivity, performance and
the assurance of a competitive advantage.
In this context, it seeks to deploy – to the
best of its ability – of its existing person-
nel, its training, further stang of its de-
partments with new employees, as well as
the safeguarding of its health and safety.
Moreover, the management promotes
with various ways the strengthening of
policy measures against discrimination, as
mentioned above.
Freedom to participate in trade unions
and the right of collective bargaining
The Group management respects the right
of employees to participate in trade un-
ions as well as in primary, secondary and
tertiary associations. The Group adheres to
the Internal Labor Regulation, which have
been established in collaboration with
representatives of employees and have
been submitted to the labor inspectorate.
The Regulation further enhances the regu-
lar communication between the Manage-
ment and the representatives of employ-
ees, which aims at presenting the requests
of employees ocially submitted in the
unions, as well as discussing any other is-
sue related to the workplace and health
and safety at work.
Recruitment process
For the recruitment of new employees the
Group is based on objective criteria, thus
excluding any possibility of discrimination
due to gender, age, marital status, nation-
ality, religion, sexual orientation, political
beliefs, etc.
In order to ll job vacancies, the Group
Annual Financial Report as of 31.12.2021
Page 113 of 276
Amounts in thousand Euro, unless stated otherwise
rst oers employees the opportunity to
express their interest in the new position
through the process of internal mobility of
employees and if a position is not lled in-
ternally, then it proceeds by notifying the
general public.
More specically, the Group follows two
alternative recruitment procedures, de-
pending on the category of the employees
that it intends to recruit and into which it
participates a particular assessment com-
mittee of the candidates in order to secure
the transparency of the procedure. The
categories are: a) production worker (blue
collar worker) and b) administration em-
ployee (white collar worker).
It is worth noting that part of the recruit-
ment strategy is the support of local
communities, through the recruitment of
candidates from the communities where
Group companies are operating, as well as
graduates of local educational institutions
and universities, thus contributing to the
retention of young people in peripheral
areas.
Equal pay policy and equal opportunities
[ATHEX ESG A-G4: Variable pay]
The Group applies a remuneration policy
for the members of the Board of Direc-
tors, which denes the existing rights of
the Board members, the obligations of the
Group towards them and the conditions
upon which remuneration will be provid-
ed to the members as long as it applies.
Within the Group the level of xed remu-
neration is determined by the rule of fair
and equal payment to the most suitable
individual, considering the responsibili-
ties, knowledge and experience required
for each role.
It also ensured that the Group does not
make excessively payments, while always
ensuring the long-term interests and the
sustainable development of the Group,
based on the following principles:
• Providing a fair and appropriate level
of xed remuneration while avoiding
variable remuneration and unneces-
sary risk-taking, to encourage contin-
ued value creation.
• Providing incentives to ensure the fo-
cus on corporate goals that will create
value over time.
• Rewarding short-term goal achieve-
ment, which leads to value creation
for the Company in the long run.
The Remuneration Policy that includes
information for the variable payments, as
well as the methodologies, assumptions
and tools utilized in the calculations are
available in the website of the Group.
The Group has a Payroll and Personnel
Management Policy in order to dene a
structured management framework of
human resources and of all its parameters
for the Group companies, through the es-
tablishment and observance of common
principles and rules harmonized with the
general strategy and culture of the Group.
More specically, it is sought:
• The harmonization of remuneration
with the annual budget of the com-
pany, as approved by the Top Manage-
ment of the Group.
• The optimal management and utiliza-
tion of the company’s employees and
all its parameters, such as the control
of recruitments, internal movements,
the planning of the annual leave, etc.
• The personal development of all that
is supported through an eective sys-
Page 114 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
tem of professional training and eval-
uation of the employees of the Group
companies.
• The connection of professional devel-
opment and the salaries that employ-
ees receive with their personal perfor-
mance.
Health, safety and well-being of
employees
Basic business practice of the Group is to
ensure the health of our employees, by
setting as strategic goal the minimization
of any probability of a workplace accident
as well as the manifestation of occupation-
al diseases among its people.
As part of good practice in health and
safety, in 2021 the company Thrace Plas-
tics Pack won an award at the Health &
Safety Awards held at the Stavros Niarchos
Foundation.
Adoption of Health, Safety and
Environmental Policy
The Group implements a Health, Safety
and Environmental Policy, within the con-
text of ISO standard 45001:2018 for health
and safety in the workplace which covers
all the employees of the Group and its sub-
sidiaries and has the following aims:
• The training of 100% of the person-
nel in the facilities throughout the
countries where the Group is operat-
ing in Health and Safety issues in the
workplace, with particular emphasis
on introductory sta training, which
includes guidelines for safe work.
• Assessment and prioritization of occu-
pational hazards in the workplace and
denition of relevant corrective/pre-
ventive actions in order to eliminate
the identied hazards and minimize
the probability of causing an accident
or incident
• Operations in compliance with the ap-
plicable health and safety legislation
and all relevant legislative require-
ments and standards.
• The application of measures for the
prevention of health and safety acci-
dents and incidents.
• The training and brieng of employ-
ees on matters of health and safety in
the workplace, as well as their partici-
pation in related actions.
Health and Safety Practices
In order to achieve the goals set by the
Group, the following procedures are in-
dicative:
• Realization of training sessions on
health and safety issues, taking place
both internally in the Group and in
collaboration with external partners.
More specically, for 2021, given the
restrictions due to the COVID-19 pan-
demic, a limited number of employee
training sessions were realized.
• Engagement of health and safety of-
cers in the facilities, per plant or de-
partment.
• Investment in equipment, machinery
and risk assessment studies in the fa-
cilities of the Group, in order to ensure
a safe environment. It collaborates
with specialized partners with long
and proved experience on matters of
safety, for the detection and handling
of risks.
• Application of a safety plan, since
2017, according to which, meetings
are organized with the project teams
in the facilities for the identication
and handling of risks. Within this
Annual Financial Report as of 31.12.2021
Page 115 of 276
Amounts in thousand Euro, unless stated otherwise
framework, project teams have been
created per facility, which meet once
per month, list the risks identied and
handled, get informed on issues relat-
ed to safety, discuss and take relative
actions.
• Communication campaign to further
raise awareness among the employ-
ees regarding safety issues, by placing
safety messages and rules in central
spots of the facilities, providing appar-
el with the corresponding messages,
etc.
• Recording and investigation of acci-
dents/incidents where the employees
are encouraged to report any dan-
gerous work practices or safety risks
they are being faced with at work. The
procedure of receiving and handling
health and safety complaints by em-
ployees is treated as condential. Oc-
cupational hazards have been identi-
ed, assessed and prioritized and the
relevant corrective / preventive ac-
tions have been dened in order to
eliminate the identied hazards and
minimize the chances of causing an
accident or incident.
Through special occupational risk assess-
ment studies (ORAS), there are identied
any possible risks for every working posi-
tion. Some of the practices applied are the
following:
• The health and safety information
and procedures are at the disposal of
employees in all the languages of the
countries where the Group is operat-
ing and in a completely understand-
able way.
• The responsibilities for the health and
safety obligations are specied for
every company by the Director of the
plant, in collaboration with the Safety
Technician and the Occupational Phy-
sician.
• The incidents related to health and
safety (accidents/incidents, regardless
of their severity) are recorded and in-
vestigated accordingly.
• Employees are encouraged to report
any possible dangerous work practic-
es or safety risks they are being faced
with at work while the procedure of
receiving and handling health and
safety complaints by employees is
treated as condential.
• The production processes, machin-
ery and equipment of the Group are
systematically monitored, in order to
ensure that they are safe and in good
condition for use during work.
• First aid kits and re extinguishers are
readily available and emergency exits
are clearly marked and kept clear from
obstruction.
• The workplace is maintained in a good
condition consistently and continu-
ously, in order to safeguard clean and
comfortable working conditions, in-
cluding the proper temperature, ven-
tilation and lighting.
Proper use of safety equipment
The Group ensures that all its employees
are provided with the equipment neces-
sary to realize their tasks safely and that
they are well informed about the proper
use of the equipment and the risks in-
volved in their work.
Primary concern of the Group is to provide
to its employees with all the necessary
Personal Protective Equipment. Indicative
of the Personal Protective Equipment, pro-
vided by Thrace Plastics Pack S.A., are the
following:
Page 116 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
z Safety footwear
z Earplugs
z Headphones
z Dust masks
z Fire-proof gloves
z Safety helmets
z Protective eyewear
Continuous employee training and
development
The Group oers extensive vocational ed-
ucation and training, aiming at the devel-
opment of its employees, as it utilizes the
latest production methods which require
continuous training. Therefore, it actively
adds value to its personnel in its interest,
as well as in the interest of society in gen-
eral.
The training of employees is realized by
deploying both internal resources and
external consultants with extensive kno-
whow, who are collaborating with each
company of the Group separately. Through
this training, the employees acquire a lot
of experience, which enables them to ad-
dress their job requirements.
The main priority of the Group is to oer
complete and innovative solutions that
are adapted to the needs and require-
ments of its customers, in the safest and
most sustainable way.
Product safety and consumer & end user
health and safety
ATHEX ESG SS-S1:Product quality and safety
The products of Thrace Group reect its
vision in relation to the quality and safety
of the customer. To achieve this, the Group
complies with the relevant national laws
and adopts international guidelines, safe-
ty rules, best practices and industry stand-
ards, regarding the production and design
of products in all its facilities, taking into
account any impacts of its products in the
health and safety of customers, consumers
and end users.
Special attention is paid to the produc-
tion of packaging coming into contact
with food, due to the increased risk for the
health and safety of the consumer. The
Group companies that are operating in
the production and/or trade of packaging
products are the following:
• Thrace Plastics Pack S.A., Ioannina /
Xanthi,
• Thrace Ipoma A.D., Bulgaria
• Thrace Greiner Packaging S.R.L., Ro-
mania
• Thrace Synthetic Packaging Ltd., Ireland
• Thrace Plastics Packaging DΟΟ, Serbia
Regarding the treatment and manage-
ment of this critical issue, for public health,
all the companies of the Group apply poli-
cies and procedures, which meet the com-
mitment of the Group which consists of:
• In the non-manufacture and non-sale
of products that cannot be used safely.
• In the adoption of appropriate work
practices and maintenance of facili-
ties.
Food packaging
Social issues
Annual Financial Report as of 31.12.2021
Page 117 of 276
Amounts in thousand Euro, unless stated otherwise
Masks
Similarly, upon the production of masks, in
particular by Thrace Polylms, the Group
focuses particularly to the safeguard of
end users health and safety. To that end,
the practices realized are the following:
• Accreditation of the Company with a
Quality Management System certied
by ISO 13485:2016 for medical devices.
• Registration of the Company and its
products in the Registry of the Nation-
al Organization of Medicines (Greece)
and, then, licensing for the production
of medical devices.
• CE marking on the surgical masks,
in compliance with Regulation
(EU) 2016/425 and Regulation (EU)
2017/745 for medical devices.
• Certication of the mask and the tech-
nical fabrics by STANDARD 100 of OE-
KO-TEX®, Class I.
• Certication of the Company with
COVID-Shield certication.
• Implementation of Quality Policy and
COVID-Shield Policy.
Product Responsibility Policy
Implementation of a series of procedures
and best practices, such as:
• Dissemination of a culture of quality
throughout the Group, which incor-
porates all the personnel.
• Establishment and maintenance of
collaborations with suppliers and cli-
ents aiming at an optimized added
value for the supply chain.
• Establishment and maintenance of
a Quality Management System, con-
rming to customers that the prod-
ucts and services received are char-
acterized by their proper use and
standard quality (in accordance with
ISO standards).
• Investment in the latest technologies
related with the sector of operations
of the Group.
• Use of statistics techniques to monitor
processes and track trends
The Group has adopted management
systems based on international standards
(BRC, ISO 22000, FDA and IFS) and imple-
ments procedures for maintaining a Qual-
ity Management System, including:
• Annual analysis of the percentage of
plastic that migrates to food.
• Microbiological analysis.
• Water analysis.
• Risk analysis.
• Contamination of the product.
• Carrying out internal inspections.
• Product recall procedures.
• Internal and external conditions of the
facilities.
• Implementation of security measures.
• Clear denition of the process area
and product ow and application of
standards and cleaning procedures.
• Regular maintenance of equipment.
• Controlled movement and distribu-
tion of products.
• Systematic training of employees.
Page 118 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Main stages of the Quality Assurance
Process
Based on the Quality Management Plan,
there are levels of control throughout all
the stages of the production process, from
receipt to loading:
h Supplier and Raw Material Control:
1. Evaluation of suppliers (cost, avail-
ability, certications). At this stage
criteria are possession of certica-
tions for environmental manage-
ment system and energy manage-
ment system (ISO 14001, ISO 50001)
and the supply of raw materials that
are recyclable (lm, pallets and oth-
ers). A requirement of the Group
companies is the submission by the
supplier of Safety Data Sheets for
all raw materials, in order to receive
guarantees for the supply, use and
storage.
2. Supply of raw materials only from
suppliers approved on the basis of
the above criteria.
3. Evaluation of raw materials through
trial product production and labora-
tory comparison with products pro-
duced using dierent raw materials.
h Product Control:
Control of products at all phases of produc-
tion (dimensional inspection, inspection
of mechanical attributes based on inter-
national standards, compliance of product
with the specications and requirements
of the client).
h Control of Transport Packaging:
• Packaging based on the technical
specications of the products, with a
specic number and arrangement of
items as well as a specic type of car-
ton box to ensure smooth and safe de-
livery to the client.
• Realization, upon loading, of visual
quality inspection to check the suit-
ability of the products to be loaded.
• Application of bar code systems,
which ensure the loading of approved
products only.
h Customer Satisfaction Control:
Regular phone or face-to-face commu-
nication between executives of the sales
department and clients in order to listen
to their needs and optimize the services
provided.
Support of local communities
The Group seeks to be informed about the
needs of citizens and the societies where
it operates. Through these channels, it re-
ceives relevant requests for support of
social programs. It then evaluates them,
prioritizes them and proceeds to the de-
sign and implementation of programs and
actions, with criteria to meet the real and
important needs of each local community,
but also those that are more in line with the
Group’s Sustainable Development strategy,
the number of beneciaries , as well as the
nature of its activities.
Applying a single approach, all of our com-
panies recognize their responsibility to-
wards people and society as a whole. The
goal of the Group companies is to:
• Stand out as the most valuable corpo-
rate entities for the communities where
they are operating and growing, while
maintaining the trust they have built
over all those years of their co-exist-
ence.
Annual Financial Report as of 31.12.2021
Page 119 of 276
Amounts in thousand Euro, unless stated otherwise
• Remain sensitive to the local needs and
enhance the quality of life by funding
social programmes and institutions.
• Collaborate with important education-
al institutions to promote innovation
and the development of knowledge.
• Bring out and handle signicant social
issues related to the business practices
of the Group.
Stavros Chalioris Social Center
The Social Centre “Stavros Chalioris” is a civil
non-prot company situated in the local
community of Magiko in the municipality
of Avdera in the region of Xanthi, which has
been operating since 2010. It is named af-
ter the late Stavros Chalioris, founder and
chairman of Thrace Group, who envisioned
its creation. The purpose of the operation of
the Social Centre is to actively contribute to
the local community through educational,
cultural, recreational and social activities,
addressed to both children and adults. At
the same time, the Social Centre organizes:
• Events, celebrations and excursions of
educational and recreational character
for its members. Movie screenings for
children
• Cultural, social and educational day-
seminars in collaboration with local
bodies and scientic partners.
The actions of the Social Centre include:
• Granting of scholarships and nancial
aid to young people living in the wider
area, who wish to study but are unable
to cover their study expenses.
• Financial support or coverage of the
cost of treatment/hospitalization for
patients in need in the wider area.
Moreover, a medical centre is operating in
the premises of the Social Centre, oering
primary healthcare services to the inhabit-
ants of the wider area. At the same time, the
Centre hosts the meetings of the Open Care
Centre for the Elderly of Magiko. Due to the
special circumstances that prevailed due to
the pandemic, the Social Centre focused on
the support of health units (health centres
and the hospital of Xanthi) and social insti-
tutions by providing them with equipment
and by donating face masks and protective
uniforms. Finally, the current impact of cli-
mate change globally demands for actions
that the Social Centre will launch in 2022,
aiming at raising awareness among the lo-
cal communities and children regarding
ecology and the use of renewable sources
of energy.
Donations
Moreover, our subsidiary Thrace Green-
houses, driven by the motto “Nothing goes
to waste”, is developing initiatives to reduce
food waste. Since 2020, the company has
been collaborating with the non-prot or-
ganization “Boroume”, thus actively sup-
porting food charities throughout Greece.
Based on the estimations of the network
“Saving & Oering Food”, the foodstus
oered in total, up to now, correspond to
15,290 food portions. Moreover, the com-
pany supports
the employees of the companies of Thrace
Group through the distribution of food-
stus (www.thracegreenhouses.com/gr/el/
aeiforos-anaptiksi/ ).
Page 120 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Outcomes of the above policies and non-nancial performance indices
Labor issues
[GRI 102-41: Collective bargaining agreements]
[ATHEX ESG C-S7: Collective bargaining agreements]
Companies
Percentage of employees covered by
collective agreements
Thrace Plastics Co S.A. 100%
Thrace Nonwovens & Geosynthetics S.A. 100%
Thrace Polylms S.A. 100%
Thrace Eurobent S.A. 100%
Thrace Plastics Pack S.A. 100%
Thrace Greenhouses S.A. 100%
Thrace Synthetic Packaging LTD 10%
Thrace Ipoma A.D. 0%
Thrace Polybulk AS 0%
Thrace Polybulk ΑΒ 0%
Thrace Greiner Packaging S.R.L. 99%
Lumite INC 0%
Don & Low Ltd 80%
Thrace Plastics Packaging DOO 0%
The tables following below include information about the human resources of the Group
.
[GRI 102-8 – Total number of employees]
Total number of employees by type of employment contract
2021 2020 2019
Men Women Total Men Women Total Men Women Total
Change
(2021 vs
2020)
Indenite
term
1,450 359 1,809 1,377 411 1,788 1,461 371 1,832 1%
Fixed term
224 168 392 272 142 414 150 120 270
-5%
Total 1,674 527 2,201 1,649 553 2,202 1,611 491 2,102 0%
Annual Financial Report as of 31.12.2021
Page 121 of 276
Amounts in thousand Euro, unless stated otherwise
Total number of employees by type of employment
2021 2020 2019
Men Women Total Men Women Total Men Women Total
Change
(2021 vs
2020)
Full-time
employment
1,670 514 2,184 1,644 526 2,170 1,607 474 2,081 1%
Part-time
employment
4 13 17 5 27 32 4 17 21
-47%
Total 1,674 527 2,201 1,649 553 2,202 1,611 491 2,102 0%
2021 2020 2019
Total number of
employees by
geographical area
Men Women Total Men Women Total Men Women Total
Greece
Indefinite term 853 112 965 759 129 888 797 116 913
Fixed term 219 160 379 242 132 374 148 118 266
Total 1,072 272 1,344 1,001 261 1,262 945 234 1,179
USA
Indefinite term 108 49 157 105 46 151 113 48 161
Fixed term 2 5 7 5 2 7 2 1 3
Total 110 54 164 110 48 158 115 49 164
Romania
Indefinite term 63 33 96 68 35 103 72 31 103
Fixed term 0 0 0 0 0 0 0 0 0
Total 63 33 96 68 35 103 72 31 103
Norway
Indefinite term 6 7 13 8 6 14 8 6 14
Fixed term 0 1 1 0 1 1 0 0 0
Total 6 8 14 8 7 15 8 6 14
United
Kingdom
Indefinite term 294 69 363 298 72 370 339 102 441
Fixed term 2 1 3 25 5 30 0 0 0
Total 296 70 366 323 77 400 339 102 441
Ireland
Indefinite term 33 14 47 52 54 106 30 7 37
Fixed term 1 1 2 0 1 1 0 1 1
Total 34 15 49 52 55 107 30 8 38
Serbia
Indefinite term 5 3 8 4 3 7 4 4 8
Fixed term 0 0 0 0 0 0 0 0 0
Total 5 3 8 4 3 7 4 4 8
Bulgaria
Indefinite term 88 72 160 83 66 149 98 57 155
Fixed term 0 0 0 0 1 1 0 0 0
Total 88 72 160 83 67 150 98 57 155
Total
Indefinite term 1,450 359 1,809 1,377 411 1,788 1,461 371 1,832
Fixed term 224 168 392 272 142 414 150 120 270
Total 1,674 527 2,201 1,649 553 2,202 1,611 491 2,102
Page 122 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
[ATHEX ESG C-S4: Employee turnover]
C-S4: Employee turnover* 2021 2020 2019
Voluntary turnover index 11% 11% 16%
Involuntary turnover index 10% 10% 7%
* (The indices refer to the rate at which the employees leave the company). Including the companies of the
Group in Greece, USA, Romania, Norway, United Kingdom, Ireland, Serbia, and Bulgaria.
[ATHEX ESG C-S2: Female employees]
[ATHEX ESG C-S3: Female employees in management positions]
C-S2: Female employees ** 2021 2020 2019
Percentage of women (in the Group in
total)
23.9% 25.1% 22.7%
C-S3: Female employees in
managerial positions **
2021 2020 2019
Percentage of women in managerial
positions
18% 20% 22%
** Including the companies of the Group in Greece, USA, Romania, Norway, United Kingdom, Ireland, Serbia,
Bulgaria.
2021 2020 2019
Percentage of women in the Board of
Directors*
18% 0% 0%
* fullling however the requirements of Article 3, of L.4706/2020, for adequate representation per gender in
the Board of Directors
Data on the basic wage and salary ratio between women and men will be available in the
2021 Sustainable Development Report, which will be publish within the year.
Employee training
Detailed data regarding the training of employees (e.g. average training hours per em-
ployee) will be issued in the Sustainable Development Report of Thrace Group for 2021.
Annual Financial Report as of 31.12.2021
Page 123 of 276
Amounts in thousand Euro, unless stated otherwise
Occupational Health and Safety
[GRI 403-9: Work-related injuries]
Injuries at work*
Direct Labour Indirect Labour
2021 2020 2019 2021 2020 2019
Number of fatalities due to injury 0 0 0 0 0 0
Degree of fatality due to injury** 0 0 0 0 0 0
Number of severe injuries (excluding fatalities) 0 0 1 0 0 0
Degree of severe injuries (excluding fatalities)*** 0 0 0.05 0 0 0
Number of conrmed injuries 49 33 45 4 0 2
Degree of conrmed injuries**** 2.67 1.77 2.34 10.5 0 7.8
Number of days lost due to injury 708 398 369 0 0 0
Injury Severity Score 38.6 21.3 19.2 - - -
* Data for the years 2019 and 2020 have been updated based on the latest available data for all compa-
nies
** Degree of fatalities as a result of Injury = Number of deaths as a result of injury / Working hours * 200,000
*** Degree of severe injuries (excluding deaths) = Number of signicant injuries (excluding deaths) /Work
hours*200,000
**** Degree of conrmed injuries = Number of conrmed injuries / Working hours * 200,000
[GRI 403-10 – Work-related ill health]
Occupational diseases
Direct labour Indirect labour
2021 2020 2019 2021 2020 2019
Number of fatalities due to disease 0 0 0 0 0 0
Number of conrmed diseases 0 0 0 0 0 0
In 2021, there were no illnesses related to
employment or fatalities to report for the
whole of the Group.
The most common types of injuries are:
• Upper limb cut by a sharp surface
• Limb injury by a moving cylinder
• Shoulder injury
• Limb fracture
Moreover, Thrace Plastics Pack S.A. has
been certied by ISO 45001:2018 (certi-
cate number: 20152190001675).
Product safety and consumer & end user health and safety
[GRI 416-2: Incidents of non-compliance concerning the health and safety impacts of products
and services]
[ATHEX ESG SS-S1: Quality and safety of products]
In 2021, there were no incidents of non-compliance with legislation and regulations to
report, in relation to the impact of products on the health and safety of consumers. Re-
spectively, no product recalls were required by any company of the Group due to mal-
functions or defects and, thus, no compensations had to be attributed.
Page 124 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Social support
Spending on the local community of
Xanthi
2021 2020 2019
Total spending of the Stavros Chalioris
Social Center
€380,017 €328,623 €273,435
Environmental issues/ Climate change
Main risks and their management
[ATHEX ESG A-E2: Climate change risks and
opportunities
1
]
In order to mitigate the risks and avoid
the negative socio-economic and envi-
ronmental eects, taking into account
that the climate-related risks are inher-
ently more complex and long-term than
most business risks, the Group adapts its
business model based on the principles of
the circular economy and mitigating the
eects of climate change. This practice
aims to reduce the carbon footprint and
energy consumption of its activities and
at the same time, identies the risks that
may have a signicant economic impact
through an integrated risk assessment
process in accordance with the environ-
mental management system according to
ISO 14001: 2015.
The Group has recognized the follow-
ing categories of risks related to Climate
Change and may cause signicant or ex-
treme economic impacts:
• The risks related to the climate with
possible nancial consequences for
the Group, include the stigmatiza-
tion of the plastics sector, as well as
the continuous and rapid change in
consumer preferences. The Group
has recognized medium-term transi-
tion risks associated with changes in
1 More information on the full coverage of the index will be published in the Sustainable Development
Report 2021
consumer preferences and the global
trend towards the use of environmen-
tally friendlier products due to climate
change and invests in research and
development moving towards a more
circular economy and providing solu-
tions to minimize the environmental
footprint in the packaging sector.
• The risks associated with the changes
in the regulatory framework for waste
management and recycling mecha-
nisms as well as technical restrictions
on the management of waste collect-
ed for recycling, account for another
transition risk. In both the legislative
and the operational part, the risks of
changing the habits, can turn into an
opportunity for the Group to lead in
new markets of innovative, alternative
reusable, new ecologically designed
products. The role of certication bod-
ies in the plastics sector will be crucial,
as they are called upon to contribute
to the updating, control and imple-
mentation of the new criteria for inno-
vative plastic products, adding value
to them.
• The transition to a circular economy
presents short-term risks of adapting
the production process and develop-
ing products and solutions. Potential
Annual Financial Report as of 31.12.2021
Page 125 of 276
Amounts in thousand Euro, unless stated otherwise
risks are monitored both in internal ac-
tivities (R&D, production process) and
in transactions with key stakeholders,
such as suppliers and customers. The
Group applies the following practices
for a sustainable production process:
- Reuse of the scrap resulting from
the production process.
- Collection of waste and their pro-
motion to recycling companies.
- Supply of recycled raw material, ei-
ther directly from customers (closed
loop system) or from certied recy-
clers.
• Legal requirements for the treatment,
storage, transport, recycling and dis-
posal of waste generated also present
short-term risks. In this context, the
Group has assessed the environmen-
tal risk regarding the potential waste
generated and their management,
and respects the contractual obliga-
tions, such as the registration in the
electronic waste register and the pay-
ment of the recycling fee. The Group’s
subsidiaries monitor the types and
quantities of waste generated, includ-
ing their location and method of treat-
ment, ensuring that companies where
the waste (hazardous or not) ends up
for nal treatment or disposal have
all the legal documents proving that
they have been licensed and certied
to proceed with their processing and
recycling.
The transition to a low-carbon business
model creates opportunities for eciency,
innovation and growth that extend be-
yond high-carbon industries, such as man-
ufacturing. The Group has recognized the
following opportunities and acts for their
implementation:
• The Group recognizes the great op-
portunity oered in the short term by
the principles of the circular economy
model. Therefore, through special ac-
tions, it aims to strengthen the model
in practice. More specically, it uses
and develops 28 dierent production
technologies, designs reusable prod-
ucts with less weight, 100% recycla-
ble, as well as products from recycled
raw materials. In addition, investing in
closed recycling systems for the pro-
duction - from waste - of new products
is another great opportunity. Thus,
the Group has developed a platform
that aims to strengthen cooperation
between value chain operators and
create value through the recycling of
plastic waste.
• If all processes are optimized eec-
tively, the Group can achieve its maxi-
mum eciency by minimizing costs
and maximizing its capabilities. Rec-
ognizing the short-term opportunities
that arise through the optimal use of
resources to ensure the best possible
results, the Group performs various
projects such as zero pellet loss, ener-
gy eciency and zero waste and reus-
es whatever is used or results from its
production (pallets, generated waste,
etc.).
• The use of recycled raw materials is a
priority of the Group as evidenced by
its voluntary commitment to the Eu-
ropean Union to replace 8,500 tons of
plastic material with recycled by 2025.
• The Group seeks continuous improve-
ment of its processes eciency, al-
ways guided by the optimal manage-
ment of the environmental impacts
resulting from its operation, with
particular emphasis on reducing en-
Page 126 of 276
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Amounts in thousand Euro, unless stated otherwise
ergy consumption and the creation of
greenhouse gases associated with its
activities. In recent years, this is a great
opportunity for a parallel reduction of
production costs, as the companies of
the Group have taken actions aimed
at reducing energy consumption
(non-renewable sources) and increas-
ing energy eciency, such as:
- Lower energy consumption per kilo
of product, due to design, monitor-
ing, performance and equipment
upgrade.
- Investments in energy ecient pro-
duction machines.
- Upgrade of conventional lighting to
new LED technology lamps in pro-
duction units.
- Purchase of electric forklift trucks
and withdrawal of old diesel vehi-
cles.
- Raising awareness on energy e-
ciency issues to the employees.
Due diligence and other policies
[ATHEX ESG SS-E1: Emission strategy]
The Group has an Environmental Policy,
always guided by the improvement of the
environmental impacts resulting from its
operation, with particular commitment
to the application of the circular economy
principles, responsible waste manage-
ment, reduction of energy consumption
and reduction of greenhouse gas emis-
sions related to its activities.
The Group develops its business strategy
in combination with the recommenda-
tions of the international initiative “Task
Force on Climate-Related Financial Dis-
closures (TCFD)”, while participating in the
international initiative CDP (Carbon Dis-
closure Project), so as the way that it man-
ages the impact that its activities have in
the environment and climate change to be
evaluated.
The companies of the Group follow spe-
cic procedures, based on which they cat-
egorize their environmental performance
while they have appointed responsible
personnel for the environmental man-
agement in order to monitor their perfor-
mance through the Environmental Man-
agement System.
Moreover, they apply certied Systems,
according to the international standards
which include actions and measures for
the protection of the environment and en-
suring the proper use of the energy con-
sumed.
Circular economy
The EU Strategy for plastics in the context
of the circular economy lays the founda-
tions for a new plastics economy, within
which the design and production of plas-
Annual Financial Report as of 31.12.2021
Page 127 of 276
Amounts in thousand Euro, unless stated otherwise
tic products fully respect the utilization of
more sustainable resources and the needs
for the prioritization of waste manage-
ment (reduction, reuse and recycling). This
way, innovation is further promoted, while
pollution by plastic waste is limited. The
strategy also contributes to the fullment
of the goal for a contemporary economy
characterized by low carbon emissions
and ecient use of resources and energy.
Thrace Group, fully meets this strategy by
turning the challenges of modern times
into opportunities for growth, aspiring to
foster a sustainable competitive advan-
tage. Within this framework, it has adopt-
ed the principles of the circular economy
throughout the life cycle of its products.
Raw material sourcing
[ATHEX ESG SS-E7: Critical materials]
• Ensuring quality, safety and sustain-
ability in the use of natural resources
during the stage of selection and sup-
ply of their raw materials.
• Evaluation of raw materials based on
additional criteria, in addition to costs,
so that the Group consolidates and
maintains long-term relationships of
trust with its suppliers and incorpo-
rates in the contracts terms for the
management and prevention of risks
related to product safety, as well as
the required environmental specica-
tions.
• The Group companies do not inten-
tionally use, during their production
process, the 27 critical raw materials
for which there is a high risk of sup-
ply chain problems, as they are recog-
nized by the European Committee.
[ATHEX ESG SS-E5: Environmental impact of
packaging]
Design
• Reduction of plastic use, through the
reduction of the products weight
• Eco-friendly reusable solutions
• Replacement of raw material with re-
cycled raw material.
• Production of products from a single
material
• Life Cycle Assessment (LCA) and de-
velopment of Environmental Product
Declarations (EPD) according to inter-
national standards.
• Research and development for reus-
able products.
Production
• Saving raw materials through the re-
use of internal waste
• In accordance with the European
Strategy that requires all plastic pack-
aging that will circulate in the Europe-
an Union by 2030 to be recyclable, the
Group already produces and distrib-
utes worldwide, products that meet
these conditions
• Lower energy consumption per kilo
of product produced due to planning,
monitoring, eciency and equipment
upgrade
• Investing in more eective and energy
ecient production machines
Distribution / Transportation
• Carrying out synergies between the
Group companies for the optimization
of itineraries and the maximum utiliza-
tion of the payload for the transports
Page 128 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
• Supply of raw materials from indus-
tries located in the same geographical
area, as a matter of priority, when pos-
sible.
Reuse
Design and production of products with
the aim of maximizing their life cycle, so
that they can be reused and usable for a
long time.
Collection
Proper separation, collection using suit-
able bins and storage of our production
residues in appropriate temporary storage
stations, with the aim of their optimal uti-
lization.
Recycling
• Actively responding to the European
Commission’s call for voluntary com-
mitment to increase the use of recy-
cled plastic, the Group committed to
replace 8,500 tons of raw material with
recycled plastic by 2025.
• Enhancing the reliability of traceability
and evaluation of the recyclability of
plastic packaging through the meth-
odological approach of Recyclass and
TUV OK certication.
• Separation and recycling of non-reus-
able raw materials, through licensed
partners.
Rejection
Continuous reduction of non-hazardous
waste dumping in landlls, through the
separation at source.
Solid waste and euents
The Group complies with the legal require-
ments concerning the treatment, storage,
transportation, recycling and disposal of
waste. In this context, an environmental
risk assessment study has been conducted
mainly on the potential waste generated
and its management, while a decision of
approval has been taken for environmen-
tal terms while respecting contractual ob-
ligations, such as the subscription to the
electronic waste registry and the payment
of the recycling fee.
The Group subsidiaries monitor the types
and quantities of waste generated, in-
cluding the location and method of their
recycling. Within this context the Group
implements internal procedures for waste
management, such as the evaluation of
waste management companies, the prepa-
ration of daily, weekly and monthly reports
on the types and quantities of waste gen-
erated, while eorts are made to reduce
them in its facilities (such as the separation
at source).
The Group ensures that the companies to
which the waste ends up (hazardous and
not) for nal processing or disposal, have
in force the legal operating documents,
from which the right to transport and
manage the waste they receive is clearly
derived. The relevant recycling certicates
are also obtained.
Use of chemicals
Due to the Group’s operation sector a wide
range of chemical substances is utilized.
The management of any environmental
risks that might occur by the use and stor-
age of those chemicals is a top priority for
the Group.
To eectively handle those hazards, the
Group complies with the legal require-
Annual Financial Report as of 31.12.2021
Page 129 of 276
Amounts in thousand Euro, unless stated otherwise
ments for the management, use and stor-
age of chemicals and other hazardous
substances and we do not produce, trade
or use chemicals or other hazardous sub-
stances subject to national or international
prohibitions. It also informs and trains its
employees on the safe handling and use
of those substances utilized in production
and facility maintenance.
All the companies of the Group have en-
sured that the chemicals they are using
in their activities are placed on metal-
lic bases and kept in appropriate storage
rooms to avoid the contamination of the
environment. Moreover, those metallic
bases are equipped with collectors in their
lower part, which gather any leaks of small
quantities of chemicals. All the chemicals
in the facilities of the Group are stored in
appropriate areas with special signage,
while access to these areas is allowed only
to authorized individuals from approved
suppliers, who are well aware of the safety
regulations.
Climate change
[ATHEX ESG SS-E1: Emission strategy]
Over the past years, the companies of the
Group have proceeded with actions that
aim at energy eciency, such as:
• Replacement of energy-intensive
equipment with new one that requires
less energy.
• Constant monitoring of energy con-
sumption and implementation of
measures for its reduction.
• Raising awareness among employees
in relation to energy eciency issues.
The Group recognizes the importance of
recording the emissions of greenhouse
gases and that is why it started recording
them in 2020 (initially in the companies
with the greatest impact), in order to then
take action to reduce them. The moderni-
zation of machinery, the use of renewable
energy sources, the continuous eort to
increase the percentage of recycled mate-
rial, and the proper management of waste,
constitute key pillars of its approach.
Water
Water consumption at Group level is not
a substantial issue, according to the re-
lated materiality analysis (see Thrace
Group – Sustainable Development Report
2020). However, in the separate material-
ity analysis of Thrace Greenhouses S.A.,
the issue of “Improvement of water qual-
ity” proved to be substantial (see Thrace
Greenhouses S.A. – Sustainable Develop-
ment Report 2019). In general, the Group
assumes measures for the monitoring and
reduction of total water consumption. In
particular, Thrace Plastics Pack S.A. applies
measures for the reduction of water con-
sumption through:
• Use of water dispensers with automat-
ic on/o switches
• Water for industrial use (e.g. cooling/
heating) in a pipe network, as part of
an integrated system of preventive
maintenance for the management of
any leakages
• Use of water recycling systems
• Use of signage for the proper use of
water
• Monitoring of water consumption
Emergency situations and other
environmental issues
The Group complies with the legal require-
ments for the levels of noise, odor, light
nuisance and vibrations , as well as for
Page 130 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
emergency and evacuation plans, while
oering training programs to its employ-
ees for the proper handling of these pa-
rameters. These issues are monitored on a
regular basis and preventive measures or
even corrective actions are taken in case it
is demonstrated that they are exceeding
the permissible limits. In particular, in the
premises of the Group, measurements of
environmental parameters (noise, oating
particles etc.) are realized on regular inter-
vals, as these can prove harmful for the en-
vironment and health and safety.
Outcomes of the above policies and non-nancial performance
indicators
Materials
[GRI 301-1 – Materials used by weight or volume]
The purpose of the monitoring framework is to measure the progress being made to-
wards the circular economy in terms of the supply of raw materials in relation to recycla-
ble raw materials.
Total weight of materials (in tons)
2021 2020* 2019
Change
(2021 vs 2020)
Polypropylene 90,365 89,060 89,760 1%
Polyethylene 10,830 12,898 10,151 -16%
Masterbatch (MB) 2,040 3,154 3,413 -35%
Packaging 6,690 6,692 6,864 0%
PET Fiber 0 0 643.1 0%
Total 109,925 111,804 110,831 -2%
* 2020 gures have been updated based on the latest available data
[GRI 301-2: Recycled materials utilized]
2021 2020* 2019
Change
(2021 vs 2020)
Recycled raw material ** 11,443 6,783 6,256
69%
Percentage of recycled raw
material
10% 6% 6%
* 2020 gures have been updated based on the latest available data
** Recycled raw materials imported into the production process originate from both the production
process residues and from external sources.
Annual Financial Report as of 31.12.2021
Page 131 of 276
Amounts in thousand Euro, unless stated otherwise
Solid waste
Regarding the management of solid waste, the following table includes data for the
quantities of waste generated in the Group, by treatment method. It must be noted that
the quantities of scrap generated within the production units are recycled in full through
the production process.
[GRI 306-2: Waste by type and disposal method]
[ATHEX ESG A-E3: Waste management]
Waste treatment
method
Total weight of
hazardous waste
(in tons)
Percentage %
Total weight of non-
hazardous waste
(in tons)
Percentage %
2021 2020 2019 2021 2020 2019 2021 2020** 2019 2021 2020 2019
Recycling
177.15 197.98 203.28 83% 88% 93 %
2,201.77 2,817.38 3,350.59
51% 53% 62%
Recovery (including
energy recovery)
18.92 0.00 0.00 9% 0% 0 %
362.39 8.86 225.08
8% 0% 4%
Incineration
16.13 13.77 12.49 8% 6% 6%
0 0 0
0% 0% 0%
Disposal in landlls
0.00 12.00 0.00 0% 5% 0%
1,794.97 2,480.29 1,824.22
41% 47% 34%
Other methods of
treatment
0.56 0.00 2.65 0% 0% 1% 0 0 0 0% 0% 0%
Total
212.76 223.75 218.42 100% 100 % 100%
4,359.13 5,306.53 5,399.89
100% 100% 100%
* The data for 2020 have been updated based on the latest available data for all companies
Data on the quantities of waste by type and method of disposal will be available in the
Sustainable Development Report 2021.
Page 132 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Platform IN THE LOOP
Having incorporated the capabilities of
the circular economy in its business strate-
gy, the Group has created the IN THE LOOP
platform, which aims at upcycling used
plastic for the creation of new sustainable
products.
What it is:
• An environmentally-driven platform,
which aims at creating value by upcy-
cling plastic waste
• It connects companies, brands, public
bodies, environmental organizations
and consumers
What it does:
• Design specialized closed/controlled
loop recycling systems.
• Enhances collaboration between val-
ue chain stakeholders.
• Proves that recycling is feasible, desir-
able & protable.
• Provides the opportunity to produce
new plastic products from plastic
waste
• Raises awareness about plastic waste
upcycling
• Promotes and certies the prole of
the companies and bodies that par-
ticipate
The result:
• Reduces plastic waste
• Reduces carbon footprint.
• Preserves natural resources.
• Becomes action the transition to circu-
lar economy
Annual Financial Report as of 31.12.2021
Page 133 of 276
Amounts in thousand Euro, unless stated otherwise
Energy
[GRI 302-1: Energy Consumption within the organization]]
[ATHEX ESG C-E3: Energy consumption and production]
2021 2020 2019
Energy consumption within the Group per type and source of energy (MJ)
Non-renewable resources
Electric energy
Electric energy (total) 553,745,488 550,802,783 571,706,671
Thermal energy
District heating (total) 1,627,056 1,674,000 1,548,000
Fuel
Gasoline
936
756* 27
Natural gas
134,296,621
81,338,215 93,790,669
Methane
242,388
56,221 88,920
Liqueed Petroleum Gas (LPG)
3,995,167
3,696,909 3,680,961
Diesel
736
1,047 1,739
Heating pellets
1,963,026
4,092,002 2,886,332
Total
140,498,874
89,185,150* 100,448,648
Renewable sources
Geothermal energy (total
produced energy)
25,311,968 22,722,870 23,680,000
Total (MJ) 721,183,386
664,384,803* 697,383,319
Total(MWh) 200,329 184,551 193,718
Energy consumption within the Group per type and source of energy (%)
Total energy consumed within the
organization from non-renewable
resources (%)
96.5% 96.6% 96.6%
Total energy consumed within the
organization from renewable energy
resources (%)
3.5% 3.4% 3.4%
Total 100% 100% 100%
Electric energy consumption (%)
76.8%
82.9% 82.0%
Thermal energy consumption (%)
0.2%
0.3% 0.2%
Fuel consumption (%)
19.5%
13.4% 14.4%
Geothermal energy consumption (%)
3.5%
3.4% 3.4%
Total 100% 100% 100%
Page 134 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Energy intensity of the Group (MJ/kg production)
Companies/Country of operation
Total operation in Greece (Thrace Nonwovens &
Geosynthetics S.A., Thrace Polylms S.A. & Thrace
Plastics Pack S.A.)
4.13 4.18 4.36
Don & Low Ltd 6.30 5.98 5.54
Thrace Ipoma A.D. 4.64 5.69 5.40
Thrace Greiner Packaging S.R.L. 4.70 4.90 5.04
* A review was carried out on the method of calculating electricity consumption for the year 2020
Direct and indirect emissions
[GRI: 305-1 Direct (Scope 1) emissions, 305-2 Indirect (Scope 2) emissions, 305-3 Other indirect
(Scope 3) emissions]
[ATHEX ESG: C-E1 Direct emissions (Scope 1), C-E2 Indirect emissions (Scope 2), A-E1 Indirect
emissions (Scope 3)]
Since 2020, the Group has recorded direct
and indirect emissions through interna-
tionally recognized initiatives and stand-
ards, such as EPD (Environmental Product
Declaration), CDP (Carbon Disclosure Pro-
ject) and TCFD (Task Force on Climate-
Related Financial Disclosures). The Group
now participates in the international or-
ganization CDP (Carbon Disclosure Pro-
ject), in order to evaluate the way it man-
ages the impact of its activities on the
environment and climate change. Follow-
ing this initiative, it proceeded to record
the carbon footprint of the three most
signicant subsidiaries. In 2021, the same
procedure for recording direct and indi-
rect emissions was followed. The following
are the tables with the data collected and
certied according to ISO 14064-3, where
tCOe refers to the total greenhouse gas
emissions in tons of CO equivalent.
Don & Low* 2020 2019
Direct emissions (Scope 1) tCO2e
Natural gas 914 1,358
LPG production machinery 150 156
LPG vehicles - -
Diesel of production machinery - -
Diesel of vehicles 16 57
Total 1,080 1,571
Indirect emissions (Scope 2) tCO2e
Electric energy 7,813 10,051
Total 7,813 10,051
Indirect emissions (Scope 3) tCO2e
Annual Financial Report as of 31.12.2021
Page 135 of 276
Amounts in thousand Euro, unless stated otherwise
Don & Low* 2020 2019
Waste 37 46
PP material recycled and non-
recycled
58,047 66,251
Water 10 28
Total 58,094 66,325
Thrace Nonwovens &
Geosynthetics*
2020 2019
Direct emissions (Scope 1) tCO2e
Natural gas 3,398 3,421
LPG production machinery 116 131
LPG vehicles - -
Diesel of production machinery 357 278
Diesel of vehicles 33 26
Total 3,904 3,856
Indirect emission (Scope 2) tCO2e
Electric energy 33,106 29,635
Total 33,106 29,635
Indirect emissions (Scope 3) tCO2e
Waste 20 14
PP material recycled and non-
recycled
133,737 122,683
Water 8 9
Total 133,765 122,706
Thrace Pack * 2020 2019
Direct emissions (Scope 1) tCO2e
Natural gas - -
LPG production machinery 150 113
LPG vehicles 34 25
Diesel of production machinery - -
Diesel of vehicles 1 1
Total 185 139
Indirect emissions (Scope 2) tCO2e
Electric energy 16,658 14,735
Total 16,658 14,735
Indirect emissions (Scope 3) tCO2e
Page 136 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Thrace Pack * 2020 2019
Waste 11 8
PP material recycled and non-
recycled
53,639 47,630
Water 7 9
Total 53,657 47,647
* Both the emissions (direct and indirect) and the intensity of the emissions for 2021 will be published in the
Sustainable Development Report 2021 of the Group.
The effects of the COVID-19 pandemic on non-financial issues
The impact of the pandemic on the op-
erations and business continuity of the
Group
Despite the unprecedented circumstances
that prevailed in the global economy due
to the pandemic as well as in 2021, the
Group has managed to remain unaected
by any negative, from nancial perspec-
tive, impact in relation to its nancial re-
sults and transaction cycle; and therefore
it did not face any risk of nancial nature
that could negatively aect its business
continuity.
Measures taken to reduce the impact of
the pandemic
The Management of the Group continues
to closely monitor the developments re-
lated to the pandemic crisis and to fully
implement a plan to ensure the health and
safety of the personnel and the uninter-
rupted business continuity of the Group.
In particular, in accordance with the guide-
lines and recommendations of the World
Health Organization (WHO) and the local
Public Health and Civil Protection Organi-
zations, the following measures were im-
plemented:
• Establishment of sub-crisis manage-
ment teams with the participation of
the Management teams of the sub-
sidiaries and the Group, the Human
Resources Departments, the Occupa-
tional Physicians and the Safety Tech-
nicians.
• Informing employees about the coro-
navirus, the mode of transmission, the
prevention and protection measures
and providing recommendations and
instructions for personal hygiene, in
accordance with the local instructions
of the competent authorities.
• Provision of personal protective
equipment to the personnel (masks,
antiseptics, gloves).
• Carrying out disinfections at the Com-
pany’s premises on a regular basis.
• Conduct Covid-19 tests on the person-
nel as appropriate.
• Remote work for oce employees to
the greatest possible extent.
• Protection of employees belonging to
vulnerable groups, by facilitating their
immediate removal from the premises,
without curtailing their remuneration.
• Development of specic procedures
and protocols for all visitors to the
Company’s facilities (carriers, contrac-
Annual Financial Report as of 31.12.2021
Page 137 of 276
Amounts in thousand Euro, unless stated otherwise
tors, technicians, etc.)
• Conducting meetings among the em-
ployees of all Companies as well as
the Management of the Group and
conducting Board of Directors’ meet-
ings without physical presence and by
using electronic or audiovisual means
(e.g. video conference).
• Conducting General Meetings by vid-
eo conference, in accordance with the
provisions of the relevant legislative
framework.
• Adherence to the required medical
protocols, in case of illness of an em-
ployee or simple contact with an in-
fected case, in collaboration with the
occupational physician.
• Continuous monitoring of liquidity
and the transaction cycle of the Group
companies.
• Weekly meetings among the Man-
agement of the subsidiaries and the
Group, the Human Resources Depart-
ment, the Occupational Physicians
and the Safety Technicians in order
to maintain and enrich the protection
measures as well as the monitoring
process of vaccinations and infections
It should be noted that the protection
measures mentioned above continue to
be fully implemented in the most consist-
ent manner and to absolute degree at the
time of preparation of the present Report.
Charities
By recognizing the need to take eective
actions for the support of the health sys-
tem and the socially vulnerable groups,
Thrace Group, through its subsidiaries and
the Stavros Chalioris Social Center and in
collaboration with other bodies and or-
ganizations such as the General Hospital
of Chios island and the NGO Desmos, pro-
ceeded with donations of personal protec-
tive equipment and medical equipment.
For more information, check the section
“Support of Local Communities”.
EU TAXONOMY REGULATION
[ATHEX ESG A-S1 Sustainable economic activity]
The EU Taxonomy Regulation is one of
the tools established under the European
Green Deal, which aims at achieving the
European Union’s climate neutrality by
2050. The Regulation establishes the crite-
ria for determining whether an economic
activity is environmentally sustainable, in
order to determine the extent to which
an investment is indeed environmen-
tally sustainable. The Regulation creates
a common language, which can be used
by investors when investing in projects
and economic activities, which have a sig-
nicant positive impact on the climate and
the environment.
Taxonomy Regulation 2020/852 / EU
Taxonomy Regulation 2020/852 / EU is
supplemented by the delegated Regula-
tion 2021/2178 / EU as well as the delegat-
ed Regulation 2021/2139 / EU.
In order for an economic activity to be
characterized as environmentally sustain-
able, it must:
• contribute substantially to at least one
of the following six environmental ob-
jectives:
1. Climate change mitigation
2. Climate change adaptation
Page 138 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
3. Sustainable use and protection of wa-
ter and marine resources
4. Transition to a circular economy
5. Pollution prevention and control
6. Protection and restoration of biodi-
versity and ecosystems
• does not signicantly harm any of the
other ve environmental objectives,
• is exercised in accordance with the
minimum safeguards in relation to
the OECD Guidelines for Multinational
Enterprises and the United Nations
Guidelines for Business and Human
Rights, including the principles and
rights determined in the eight funda-
mental conventions set out in Declara-
tion of the International Labor Organi-
zation on Fundamental Principles and
Labor Rights, and the International
Charter of Human Rights,
• complies with the technical control
criteria established by the European
Commission.
Delegated Regulation 2021/2139 / EU,
adopted on 4 June 2021, sets out the
technical control criteria for determining
the conditions under which an economic
activity is considered to contribute sig-
nicantly to the rst two environmental
objectives: climate change mitigation
and climate change adaptation. This
Regulation also sets out the conditions for
determining whether this economic activ-
ity does not signicantly aect any of the
other environmental objectives.
Compliance with Regulation 2020/852
/ EU - Methodology and accounting
policy
Article 8 (1) of Regulation 2020/852 / EU
provides that companies required to pub-
lish non-nancial information (according
to Directive 2013/34 / EU) should disclose
additional information on how and to
what extent their activities are linked to
environmentally sustainable economic ac-
tivities, as dened by this Regulation.
More specically, on the basis of the del-
egated Regulation 2021/2178 / EU (Article
10, paragraph 2) for the disclosures to be
made in the year 2022 and concerning the
nancial year 2021 (without the obligation
of comparative information for 2020), it
arises, for non-nancial corporations, the
obligation to disclose the percentage of
eligible and ineligible economic activities
for classication purposes, in relation to
the following key performance indicators
(KPI):
Turnover,
Capital expenditure (“CapEx”), and
Operating costs (“OpEx”),
on total turnover, capital and operating
expenses.
For the disclosures that will take place
in the year 2023 and will concern the -
nancial year 2022, the obligations will be
increased, as the companies will have to
disclose -among other things- if their eli-
gible economic activities are aligned with
technical criteria of the Regulation.
Towards this direction, in 2022 where 2021
is the reference year, Thrace Plastics Group
proceeded to the determination of its
eligible economic activities, based on the
Classication Regulation, and in particular
with regard to the 2 environmental objec-
tives, i.e. the objectives of mitigation and
adjustment in climate change. As part of
this process, the Group publishes in this
section the key performance indicators
(KPIs) associated with its eligible economic
activities for the nancial year 2021.
Annual Financial Report as of 31.12.2021
Page 139 of 276
Amounts in thousand Euro, unless stated otherwise
Eligible economic activities
The eligible economic activities of Thrace
Plastics Group for the nancial year 2021
include:
• 3.6 Manufacturing of other low carbon
technologies. Specically:
o Production of technical fabrics of
low carbon emissions by the Group.
In addition to the above economic activ-
ity, which generates income for the Group,
capital and operating expenses were in-
curred from the acquisitions / additions,
from the following economic activity eligi-
ble in relation to the classication:
• 7.6. Installation, maintenance and re-
pair of renewable energy technologies
Specically:
o Installation and operation of a pho-
tovoltaic power plant for cogenera-
tion with energy netting (net meter-
ing) of installed capacity of 1.5 MW,
in order to meet part of the energy
needs of the Group’s factory in the
area of Xanthi, Greece, in the con-
text of achieving the objectives of
the Group for energy savings and
further reduction of its environmen-
tal footprint.
Accounting policy for the determination
of key performance indicators (KPIs)
Thrace Plastics Group prepares its nancial
statements in accordance with the Inter-
national Financial Reporting Standards
(IFRS), including International Accounting
Standards (IAS) and interpretations, issued
by the Interpretations Committee of Inter-
national Financial Reporting Standards.
For more information, you can refer to the
Annual Financial Report 01/01-31/12/2021
of the Group which is available on its web-
site and specically in the section “Frame-
work for the preparation of Financial State-
ments and Basic Accounting Principles”.
Turnover
The percentage of turnover is calculated as
the part of the net turnover that derived
from products in the “technical fabrics”
sector and linked to the eligible economic
activity “3.6 Manufacturing of other low
carbon technologies” via the following cal-
culation: the classied economic activity
(numerator) is divided by the net turnover
(denominator). Turnover covers income as
recorded in the nancial statements and
which has been prepared in accordance
with the International Financial Report-
ing Standards (IFRS). Turnover does not
include any intra-group transactions.
Capital Expenditure (CapEx)
The percentage of capital expenditure re-
lated to eligible economic activities has
been calculated as described below.
Numerator
The numerator is equal to the capital ex-
penditures associated with any of the fol-
lowing:
• With assets or processes related to
the taxonomy-based eligible eco-
nomic activity “3.6 Manufacturing of
other low carbon technologies” and
in particular with the production of
low carbon products belonging to the
“technical textiles” sector. As capital
expenditures are accounted for by op-
erating area (factory) and not by prod-
uct category, capital expenditures re-
lated to the specic economic activity
have been calculated based on the
sales volume of the specic products,
Page 140 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
in relation to the total sales volume of
the specic operating areas.
• With the acquisitions / additions re-
lated to the taxonomy-based eligible
economic activity “7.6 Installation,
maintenance and repair of renewable
energy technologies” that lead to re-
ductions in greenhouse gas emissions
due to the operation of the Group.
Denominator
The denominator covers the additions to
tangible and intangible assets by operat-
ing area, during the nancial year 2021,
before depreciation and any revaluations,
including those resulting from adjust-
ments and impairments and excluding
changes in fair value.
Operating costs (OpEx)
The percentage of operating expenses
related to eligible economic activities has
been calculated as described below.
Numerator
The numerator is equal to the portion of
the operating costs associated with any of
the following:
• With assets or processes related to
the taxonomy-based eligible eco-
nomic activity “3.6 Manufacturing of
other low carbon technologies”, and
in particular with the production of
low carbon products belonging to the
“technical fabrics” sector. As operating
costs are accounted for by operating
area rather than by product category,
operating costs related to the product
category (low carbon technical fab-
rics) are calculated based on the sales
volume of the products in relation to
the total volume sales of the specic
operating areas.
• With the acquisitions / additions re-
lated to the taxonomy-based eligible
economic activity “7.6 Installation,
maintenance and repair of renewable
energy technologies” that lead to re-
ductions in greenhouse gas emissions
due to the operation of the Group.
Denominator
The denominator includes the direct non-
capitalized costs related to research and
development, as well as other direct costs
related to maintenance and repair, which
are necessary to ensure the continuous
and ecient operation of these assets.
The following table summarizes the per-
centages of eligible economic activities, in
terms of the total performance gures of
the Group, as discussed in detail above.
KPI KPI KPI
Financial activities of
Thrace Plastics Group
(consolidated results)
%
Turnover
%
CapEx
%
OpEx
Eligible economic
activities
35.90% 43.94% 47.20%
3.6 Manufacturing
of other low carbon
technologies
35.90% 42.14% 47.20%
7.6. Installation,
maintenance and
repair of renewable
energy technologies
0.00% 1.80% 0.00%
Ineligible economic
activities
64.10% 56.06% 52.80%
Total
100% 100% 100%
Annual Financial Report as of 31.12.2021
Page 141 of 276
Amounts in thousand Euro, unless stated otherwise
Xanthi, 12 April 2022
The Chairman of the
Board of Directors
The Chief Executive Ocer
& Executive Member of the
Board of Directors
The Non-Executive Member of
the Board of Directors
Konstantinos St. Chalioris Dimitris P. Malamos Vassilios Zairopoulos
Page 142 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
AUDIT REPORT BY CERTIDIED AUDITOR
[Translation from the original text in Greek]
Independent auditor’s report
To the Shareholders of “Thrace Plastics Holding Company S.A.”
Report on the audit of the separate and consolidated financial statements
Our opinion
We have audited the accompanying separate and consolidated financial statements of “Thrace
Plastics Holding Company S.A.” Listed Company (Company or/and Group) which comprise the
separate and consolidated statement of financial position as of 31 December 2021, the separate and
consolidated statements of profit or loss and other comprehensive income, changes in equity and
cash flow statements for the year then ended, and notes to the separate and consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects the
separate and consolidated financial position of the Company and the Group as at 31 December 2021,
their separate and consolidated financial performance and their separate and consolidated cash flows
for the year then ended in accordance with International Financial Reporting Standards, as adopted by
the European Union and comply with the statutory requirements of Law 4548/2018.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have
been transposed into Greek Law. Our responsibilities under those standards are further described in
the Auditor’s responsibilities for the audit of the separate and consolidated financial statements section
of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
3.1 Independence
During our audit we remained independent of the Company and the Group in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants
(IESBA Code) that has been transposed into Greek Law, and the ethical requirements of Law
4449/2017 and of Regulation (EU) No 537/2014, that are relevant to the audit of the separate and
consolidated financial statements in Greece. We have fulfilled our other ethical responsibilities in
accordance with Law 4449/2017, Regulation (EU) No 537/2014 and the requirements of the IESBA
Code.
We declare that the non-audit services that we have provided to the Company and its subsidiaries are
in accordance with the aforementioned provisions of the applicable law and regulation and that we
have not provided non-audit services that are prohibited under Article 5(1) of Regulation (EU) No
537/2014.
The non-audit services that we have provided to the Company and its subsidiaries, during the year
ended as at 31 December 2021, are disclosed in the note 3.31 of the separate and consolidated
financial statements.
Annual Financial Report as of 31.12.2021
Page 143 of 276
Amounts in thousand Euro, unless stated otherwise
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the separate and consolidated financial statements of the year ended 31 December 2021.
These matters were addressed in the context of our audit of the separate and consolidated financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
Key audit matter
How our audit addressed
the key audit matter
Provisions for Employee benefits
(Consolidated Financial Statements)
In the consolidated statement of financial
position is included an amount of €3.5 million
related to provisions for employee benefits, of
which €1.9 million relate to defined benefit plans
which are funded and €1.6 million relate to
defined benefit plans which are not funded, as
at 31 December 2021.
The future benefits are discounted at present
value after deducting the fair value of the assets
of the funded programs. The present value of
post-employment benefit obligations is
contingent on certain factors determined on the
basis of an actuarial valuation prepared by an
independent actuary through the use of
significant assumptions.
The assumptions used to determine the net cost
of post-employment benefits include, among
others, the discount rate, inflation, and the
average annual salary increase. Any changes in
the assumptions may have a significant impact
on the accounting for post-employment benefit
accounting, making this item volatile, since it is
significantly influenced by the change in the fair
value of the assets of the funded programs.
We focused on this item due to its significant
value in the consolidated financial statements
and due to the estimates and assumptions used
by the management.
Detailed information is provided in Notes 2.19
and 3.23 "Provisions for employee benefits" of
the consolidated financial statements of the
Group.
• We evaluated the Group Accounting policy
for defined benefit plans.
• We investigated the matter by requesting
from the Group's management detailed
information in order to evaluate the
assumptions adopted and the data used
for the calculation of the provision.
• We performed a detailed examination and
evaluation of the actuarial valuation
prepared for the calculation of the
provision, in order to assess that it is in line
with IFRS, with an emphasis on the
reasonability of the assumptions used.
• We critically assessed the method used
and the assumptions used, as well as the
hypotheses and sources of data defined by
the management and used by the actuary,
their cohesion and consistency compared
to the previous year and we compared
these assumptions with relative observable
market information.
• We agreed on the provision for staff
benefits and the relative costs included in
the financial statements with the actuarial
valuation.
We found that the assumptions used were
within a reasonable range and confirmed the
appropriateness of the disclosures in the
consolidated financial statements.
We confirmed that the relevant disclosures in
the consolidated financial statements are
adequate.
Based on our work, no exceptions identified
regarding the reasonableness of the
assumptions.
Page 144 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
Impairment assessment of Goodwill
(Consolidated Financial Statements)
In the consolidated statement of financial
position as at 31 December 2021, the Group
has goodwill of € 9.8 million as stated in note
3.15 "Intangible Assets" of the financial
statements.
The Group measures goodwill at cost less
accumulated impairment losses.
Goodwill is allocated on cash-generating units
and an impairment test is carried out annually or
more frequently if there is evidence of a
possible impairment in the book value of the
goodwill in relation to its recoverable value in
accordance with IAS 36. Impairment is
recognized directly as an expense in
consolidated profit or loss and other
comprehensive income and is not subsequently
reversed.
Management determines recoverable value of
the cash generating units as the largest amount
between the value in use and its fair value,
minus any related costs of disposal. The
calculation of the value in use of each cash-
generating unit is performed by an independent
valuer and requires management's estimation of
the assumptions about the future results of the
above cash-generating units, such as the
growth rate in perpetuity, forecasts of expected
sales quantities and prices, gross margin and
discount rates. These assumptions vary due to
the different market conditions in the countries
in which the Group operates.
We focused on this area due to the significant
value of this item in the consolidated financial
statements as well as the estimates and
assumptions used by management in the
context of performing the impairment
assessment of goodwill.
Detailed information on the impairment
assessment of goodwill is provided in notes
2.3.1.3 "Estimation of impairment assessment
of goodwill”, 2.6.1 “Goodwill”, 2.6.2 “Impairment
assessment of goodwill” and 3.15 "Intangible
assets" of the consolidated financial statements
of the Group.
Based on the impairment test performed by
management, there was no need to recognize
impairment loss on goodwill for the year ended
31 December 2021.
We evaluated the overall impairment test
performed by the management, including the
process of reviewing and approving value in
use models.
We performed audit procedures to confirm
that the impairment test for goodwill is
generally based on accepted policies and on
reasonable assumptions. In cooperation with
our colleagues with valuation expertise, we
performed the following audit procedures:
•
We examined the key assumptions of the
Group, such as the growth rate of the cash
generating units in perpetuity, projected sales
volumes and prices, and gross profit margins
used in the projected cash flow, comparing
them with the trends of local markets and the
assumptions used in previous years.
•
We evaluated the reliability of the forecasts
used in the projected cash flows of the
management, by comparing the actual
performance against previous forecasts.
•
We found that the discount rate was
determined within an acceptable range,
assessing the cost of capital and borrowing
costs per cash-generating unit and comparing
the discount rates with industry and market
data.
•
We examined the mathematical accuracy of
the cash flow models and we agreed these
with the relative investment plans. We
assessed the impact on the value in use of the
cash-generating units of a possible change in
the key assumptions, such as growth rates,
discount rates, sales volume and prices, and
gross profit margins, and we found that the
margin between book value and recoverable
value was adequate.
Based on the procedures performed, no
exceptions were identified regarding the
impairment test and we found that
management's assumptions and estimates
were within a reasonable range. In addition,
we confirmed the appropriateness of the
relevant disclosures in the consolidated
financial statements.
Impairment assessment of investment in
Subsidiaries (Separate Financial Statements)
As at 31 December 2021, the Company held
investments in subsidiaries amounting to €73.9
million, which are measured at cost, and
We evaluated the management's assessment
and resulting conclusions over the existence
Annual Financial Report as of 31.12.2021
Page 145 of 276
Amounts in thousand Euro, unless stated otherwise
adjusted when the need arises as a result of
impairment.
Management examines on an annual basis
whether there are indicators of impairment of
investment in subsidiaries. If an investment has
to be impaired, the Company calculates the
amount of the impairment as the difference
between the recoverable amount of the
investment and its book value. Management
determines recoverable value as the greater of
the value in use and the fair value less costs to
sell in accordance with the provisions of IAS 36.
Value in use is determined by an independent
valuer based on management's estimates and
assumptions such as future cash flows, returns
of each subsidiary company, and discounted
rates applied to the projected cash flows.
Moreover, these assumptions vary due to the
different conditions prevailing in the markets of
the countries in which the Group operates.
We focused on this area due to the significant
value of investments in subsidiaries as well as
the estimates and assumptions used by the
management as part of the impairment test
conducted for these investments.
Based on the impairment test conducted by the
management, there was no need to recognize
impairment losses on investments for the year
ended 31 December 2021.
of impairment indicators in investments in
subsidiaries.
Following the performance of the procedures
used for evaluating goodwill impairment in the
consolidated financial statements, we
evaluated management's analysis according
with which the recoverable amounts of the
cash-generating units as identified in the
impairment test of goodwill, were related with
the corresponding investments in subsidiaries.
The procedures we performed in determining
the recoverable amount of the investments in
subsidiaries that had been subject to
impairment testing, included those reported in
the above-mentioned key audit matter
"Impairment assessment of Goodwill”.
From the aforementioned audit procedures,
we found that management's assumptions
and estimates are within a reasonable range.
In addition, we have confirmed the
appropriateness of the relevant disclosures in
Note. 3.29 "Participations".
Other Information
The members of the Board of Directors are responsible for the Other Information. The Other
Information, which is included in the Annual Report in accordance with Law 3556/2007, is the
Statements of Board of Directors members and the Board of Directors Report (but does not include
the financial statements and our auditor’s report thereon), which we obtained prior to the date of this
auditor’s report. In addition, the Company prepares on an annual basis the “Thrace Plastics Group
Sustainability Report”, which is expected to be made available to us after 14 April 2022.
Our opinion on the separate and consolidated financial statements does not cover the Other
Information and except to the extent otherwise explicitly stated in this section of our Report, we do not
express an audit opinion or other form of assurance thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is
to read the Other Information identified above and, in doing so, consider whether the Other
Information is materially inconsistent with the separate and consolidated financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
We considered whether the Board of Directors Report includes the disclosures required by Law
4548/2018 and the Corporate Governance Statement required by article 152 of Law 4548/2018 has
been prepared.
Based on the work undertaken in the course of our audit, in our opinion:
● The information given in the Board of Directors’ Report for the year ended at 31 December 2021 is
consistent with the separate and consolidated financial statements,
● The Board of Directors’ Report has been prepared in accordance with the legal requirements of
articles 150,151,153 and 154 of Law 4548/2018,
● The Corporate Governance Statement provides the information referred to items c and d of
paragraph 1 of article 152 of Law 4548/2018.
In addition, in light of the knowledge and understanding of the Company and Group and their
environment obtained in the course of the audit, we are required to report if we have identified material
misstatements in the Board of Directors’ Report and Other Information that we obtained prior to the
date of this auditor’s report. We have nothing to report in this respect.
Responsibilities of Board of Directors and those charged with governance for the separate and
consolidated financial statements
The Board of Directors is responsible for the preparation and fair presentation of the separate and
consolidated financial statements in accordance with International Financial Reporting Standards, as
adopted by the European Union and comply with the requirements of Law 4548/2018, and for such
internal control as the Board of Directors determines is necessary to enable the preparation of
separate and consolidated financial statements that are free from material misstatement, whether due
to fraud or error.
In preparing the separate and consolidated financial statements, the Board of Directors is responsible
for assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
Board of Directors either intends to liquidate the Company and Group or to cease operations, or has
no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s and Group’s financial
reporting process.
Auditor’s responsibilities for the audit of the separate and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated
financial statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these separate and consolidated financial
statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
● Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and Group’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
● Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s and Group’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the separate and
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and Group to cease to continue
as a going concern.
● Evaluate the overall presentation, structure and content of the separate and consolidated
financial statements, including the disclosures, and whether the separate and consolidated
financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.
● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the Company
and Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the separate and consolidated financial statements of the
year ended 31 December 2021 and are therefore the key audit matters. We describe these matters in
our auditor’s report.
Report on other legal and regulatory requirements
1. Additional Report to the Audit Committee
Our opinion on the accompanying separate and consolidated financial statements is consistent with
our, as per article 11 of Regulation (EU) 537/2014 required, Additional Report to the Audit Committee
of the Company.
2. Appointment
We were first appointed as auditors of the Company by the decision of the annual general meeting of
shareholders on 12 May 2010. Our appointment has been renewed annually by the decision of the
annual
general meeting of shareholders for a total uninterrupted period of appointment of 12 years.
3. Operating Regulation
The Company has an Operating Regulation in accordance with the content provided by the provisions
of article 14 of Law 4706/2020.
4. Assurance Report on the European Single Electronic Format
We have examined the digital files of Thrace Plastics Holding Company S.A.” (hereinafter referred to
as the “Company and / or Group”), which were compiled in accordance with the European Single
Electronic Format (ESEF) defined by the Commission Delegated Regulation (EU) 2019/815, as
amended by Regulation (EU) 2020/1989 (hereinafter “ESEF Regulation”), and which include the
separate and consolidated financial statements of the Company and the Group for the year ended
December 31, 2021, in XHTML format 213800J1QD8BIB2ICW19-2021-12-31-el, as well as the
provided XBRL file 213800J1QD8BIB2ICW19-2021-12-31-el with the appropriate marking up, on the
aforementioned consolidated financial statements.
Regulatory framework
The digital files of the European Single Electronic Format are compiled in accordance with ESEF
Regulation and 2020 / C 379/01 Interpretative Communication of the European Commission of 10
November 2020, as provided by Law 3556/2007 and the relevant announcements of the Hellenic
Capital Market Commission and the Athens Stock Exchange (hereinafter “ESEF Regulatory
Framework”).
In s
ummary, this Framework includes the following requirements:
• All annual financial reports should be prepared in XHTML format.
• For consolidated financial statements in accordance with International Financial Reporting
Standards, the financial information stated in the Statement of Comprehensive Income, the
Statement of Financial Position, the Statement of Changes in Equity and the Statement of Cash
Flows should be marked-up with XBRL 'tags', according to the ESEF Taxonomy, as in force. The
technical specifications for ESEF, including the relevant classification, are set out in the ESEF
Regulatory Technical Standards.
The requirements set out in the current ESEF Regulatory Framework are suitable criteria for
formulating a reasonable assurance conclusion.
Responsibilities of the management and those charged with governance
The management is responsible for the preparation and submission of the separate and consolidated
financial statements of the Company and the Group, for the year ended December 31, 2021, in
accordance with the requirements set by the ESEF Regulatory Framework, as well as for those
internal controls that management determines as necessary, to enable the compilation of digital files
free of material error due to either fraud or error.
Auditor’s responsibilities
Our responsibility is to plan and carry out this assurance work, in accordance with no. 214/4 /
11.02.2022 Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards
Oversight Board (HAASOB) and the "Guidelines in relation to the work and the assurance report of the
Certified Public Accountants on the European Single Electronic Format (ESEF) of issuers with
securities listed on a regulated market in Greece" as issued by the Board of Certified Auditors on
14/02/2022 (hereinafter "ESEF Guidelines"), providing reasonable assurance that the separate and
consolidated financial statements of the Company and the Group prepared by the management in
accordance with ESEF comply in all material respects with the current ESEF Regulatory Framework.
Our
work was carried out in accordance with the Code of Ethics for Professional Accountants of the
International Ethics Standard Board for Accountants (IESBA Code), which has been transposed into
Greek Law and in addition we have fulfilled the ethical responsibilities of independence, according to
Law 4449/2017 and the Regulation (EU) 537/2014.
The assurance work we conducted is limited to the procedures provided by the ESEF Guidelines and
was carried out in accordance with International Standard on Assurance Engagements 3000,
“Assurance Engagements other than Audits or Reviews of Historical Financial Information''.
Reasonable assurance is a high level of assurance, but it is not a guarantee that this work will always
detect a material misstatement regarding non-compliance with the requirements of the ESEF
Regulation.
Conclusion
Based on the procedures performed and the evidence obtained, we conclude that the separate and
consolidated financial statements of the Company and the Group for the year ended December 31,
2021, in XHTML file format 213800J1QD8BIB2ICW19-2021-12-31-el, as well as the provided XBRL
file 213800J1QD8BIB2ICW19-2021-12-31-el with the appropriate marking up, on the aforementioned
consolidated financial statements have been prepared, in all material respects, in accordance with the
requirements of the ESEF Regulatory Framework.
14 April 2022
The Certified Auditor
PricewaterhouseCoopers SA
268 Kifissias Avenue
152 32, Halandri
Konstantinos Michalatos
SOEL Reg.No 113
SOEL Reg. No. 17701
Page 150 of 276
Annual Financial Report as of 31.12.2021
Amounts in thousand Euro, unless stated otherwise
IV. ANNUAL FINANCIAL STATEMENTS
(SEPARATE AND CONSOLIDATED)
Contents of Notes
1. Information about the Group 158
2. Basis for the Preparation of the Financial Statements
and Main Accounting Principles 160
2.1 Basis of Preparation 160
2.2 New standards, amendments to standards and interpretations 161
2.3 Signicant Accounting Estimations and Judgments of the Management 164
2.4 Basis of Consolidation 166
2.5 Tangible Assets 168
2.6 Intangible Assets 169
2.7 Non-Current Assets Held for Sale 170
2.8 Impairments of Non-Financial Assets 170
2.9 Inventories 171
2.10 Accounts Receivable - Provisions for Doubtful Receivables 171
2.11 Cash & cash equivalents 171
2.12 Foreign Exchange Translations 171
2.13 Acquisition of Treasury Shares 172
2.14 Dividends 172
2.15 Income 172
2.16 Expenses 173
2.17 Leases 174
2.18 Income Tax 175
2.19 Employee Benets 176
2.20 Provisions 177
2.21 Financial Assets 177
2.22 Financial Liabilities 179
2.23 Suppliers and Other Creditors 179
2.24 Equity 179
2.25 Change in Accounting Policy 180
Statements
STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME 152
STATEMENT OF FINANCIAL POSITION 154
STATEMENT OF CHANGES IN EQUITY 155
STATEMENT OF CASH FLOWS 157
Annual Financial Report as of 31.12.2021
Page 151 of 276
Amounts in thousand Euro, unless stated otherwise
3.1 Evolution and Performance of the Group 183
3.2 Discontinued Activities 185
3.3 Segment Repor ting 186
3.4 Other Operating Income 190
3.5 Other Gains / Losses 190
3.6 Analysis of Expenses (Production-Administrative-Sales
& Distribution-Research & Development) 191
3.7 Payroll Expenses 192
3.8 Other Operating Expenses 193
3.9 Financial income/(expenses) 194
3.10 Earnings per Share (Consolidated) 194
3.11 Income Tax 195
3.12 Tangible Assets 198
3.13 Leases 202
3.14 Fixed assets held for sale 206
3.15 Intangible Assets 207
3.16 Other Long-Term Receivables 210
3.17 Inventories 211
3.18 Trade and other receivables 212
3.19 Cash & cash equivalents 213
3.20 Share Capital and Share Premium Reserve 214
3.21 Reser ves 215
3.22 Bank Debt 215
3.23 Employees Benets 216
3.24 Deferred Taxes 221
3.25 Suppliers and Other Short-Term Liabilities 225
3.26 Dividend 226
3.27 Transactions with Related Parties 227
3.28 Remuneration of Board of Directors 230
3.29 Investments 230
3.30 Commitments and Contingent Liabilities 233
3.31 Fees of auditing rms 234
3.32 Financial risks 234
3.33 Signicant Events 241
3.34 Events after the Financial Position Date 256
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 152 of 276
Annual Financial Report as of 31.12.2021
STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
Amounts in Euro thousand unless stated otherwise
Annual Financial Report of 31.12.2021
Page 136 from 232
STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
The accompanying notes that are presented in pages 147-232 form an integral part of the present Financial Statements
Note
1/1 - 31/12/2021 1/1 - 31/12/2020 1/1 - 31/12/2021 1/1 - 31/12/2020
Turnover
Cost of Sales (288,280 ) (233,763 ) (5,644 ) (4,545 )
Gross Profit/(loss) - continuing operations 140,149 105,959 24 307
Other Operating Income
3.4
Selling and Distribution Expenses (35,891 ) (30,725 ) - -
Administrative Expenses (16,742 ) (15,195 ) (930 ) (1,093 )
Research and Development Expenses (1,822 ) (1,462 ) - -
Other Operating Expenses
3.8
(4,594 ) (5,874 ) (99 ) (73 )
Other gain / (losses)
3.5
Financial Income
3.9
Financial Expenses
3.9
(3,728 ) (4,223 ) (37 ) (316 )
Income from Dividends - - 15,006 12,757
Profit / (loss) from companies consolidated with the Equity Method
3.29
Profit/(loss) before Tax - continuing operations 83,920 52,077 14,130 11,743
Income Tax
3.11
Profit/(loss) after tax (Α) - continuing operations 65,866 41,272 14,114 11,190
Profit/(loss) after tax (Α) - discontinued operations
3.2
Profit/(loss) after tax (Α) 72,457 37,956 14,114 11,190
FX differences from translation of foreign Balance Sheets 4,348 (3,172 ) - -
Actuarial profit/(loss) 7,887 (1,369 ) 6 (34 )
Other comprehensive income after taxes (B) - continuing operations 12,235 (4,541 ) 6 (34 )
FX differences from translation of foreign Balance Sheets 95 175 - -
Actuarial profit/(loss) - - - -
Other comprehensive income after taxes (B) - discontinued operations 95 175 - -
FX differences from translation of foreign Balance Sheets 4,443 (2,997 ) - -
Actuarial profit/(loss) 7,887 (1,369 ) 6 (34 )
Other comprehensive income after taxes (B) 12,330 (4,366 ) 6 (34 )
Total comprehensive income after taxes (A) + (B) - continuing
operations
Total comprehensive income after taxes (A) + (B) - discontinued
operations
Total comprehensive income after taxes (A) + (B) 84,787 33,590 14,120 11,156
Group
(839 )
(698 )
Operating Profit /(loss) before interest and tax - continuing operations
(553 )
(18,054 )
(10,805 )
(16 )
Company
The accompanying notes that are presented in pages 158-260 form an integral part of the present Financial
Statements
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 153 of 276
STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (continues from previous page)
Amounts in Euro thousand unless stated otherwise
Annual Financial Report of 31.12.2021
Page 137 from 232
STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (continues from previous page)
The accompanying notes that are presented in pages 147-232 form an integral part of the present Financial Statements
Continuing operations
1/1 - 31/12/2021 1/1 - 31/12/2020 1/1 - 31/12/2021 1/1 - 31/12/2020
Profit / (loss) after tax
Attributed to:
Owners of the parent
Non controlling interest
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent
Non controlling interest
Discontinued operations
Profit / (loss) after tax
Attributed to:
Owners of the parent
Non controlling interest
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent
Non controlling interest
Total Operations
Profit / (loss) after tax
Attributed to:
Owners of the parent
Non controlling interest
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent
Non controlling interest
Profit/(loss) allocated to shareholders per share - continuing
operations
Number of shares
Earnings/(loss) per share
3.10
Profit/(loss) allocated to shareholders per share - discontinued
operations
Number of shares
Earnings/(loss) per share
3.10
Profit/(loss) allocated to shareholders per share
Number of shares
Earnings/(loss) per share
3.10
Group
Company
The accompanying notes that are presented in pages 158-260 form an integral part of the present Financial
Statements
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 154 of 276
Annual Financial Report as of 31.12.2021
STATEMENT OF FINANCIAL POSITION
Amounts in Euro thousand unless stated otherwise
Annual Financial Report of 31.12.2021 Page 138 from 232
STATEMENT OF FINANCIAL POSITION
The accompanying notes that are presented in pages 147-232 form an integral part of the present Financial Statements
Note
31/12/2021 31/12/2020 31/12/2021 31/12/2020
ASSETS
Non-Current Assets
3.12 153,848 131,512 327 357
3.13 3,051 13,197 344 55
3.15 10,539 10,655 262 401
3.29 - - 73,858 73,858
3.29 18,012 15,074 3,819 3,819
3.16 5,001 5,034 1,156 1,157
3.17 71,835 55,338 - -
3.18 64,547 56,863 309 12
3.18 14,359 7,211 7,003 194
3.14 - 5,478 - -
3.19 63,240 40,824 137 163
Tangible assets
Rights-of-use assets
Investment property
Intangible Assets Investments
in subsidiaries Investments in
joint ventures Other long
term receivables Deferred tax
assets
Total non-Current Assets
Current Assets
Inventories
Income tax prepaid
Trade receivables
Other debtors
Fixed assets held for sale
Cash and Cash Equivalents
Total Current Assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity
Share Capital
Share premium
Other reserves
Retained earnings
Total Shareholders' equity
Non controlling interest
Total Equity
Long Term Liabilities
Long Term Debt
3.22 33,610 46,691 - -
Liabilities from leases
3.13 2,061 3,210 208 25
Provisions for Employee Benefits
3.23 3,499 14,191 79 78
Other provisions
Deferred Tax Liabilities
Other Long Term Liabilities
Total Long Term Liabilities
Short Term Liabilities
Short Term Debt
3.22 17,393 26,311 1,519 960
Liabilities from leases
3.13 914 2,822 139 31
Income Tax
Suppliers
3.25 55,441 29,697 1,046 531
Other short-term liabilities
3.25 28,995 33,092 1,606 1,426
Total Short Term Liabilities
TOTAL LIABILITIES
TOTAL EQUITY & LIABILITIES
Company
Group
The accompanying notes that are presented in pages 158-260 form an integral part of the present Financial
Statements
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 155 of 276
STATEMENT OF CHANGES IN EQUITY
Group
Amounts in Euro thousand unless stated otherwise
Annual Financial Report of 31.12.2021
Page 139 from 232
STATEMENT OF CHANGES IN EQUITY
The accompanying notes that are presented in pages 147-232 form an integral part of the present Financial Statements
Group
(776 )
(1,505 )
Other comprehensive income
Total before
non controlling
interest
Total
Balance as at 01/01/2020
Retained
earnings
Share Capital
FX translation
reserves
Profit / (losses) for the period
Changes during the period
Purchase of treasury shares
Other changes
Share Premium
Non
controlling
interest
Other Reserves
Treasury
shares
reserves
Balance as at 31/12/2021
Balance as at 31/12/2020
Profit / (losses) for the period
Balance as at 31/12/2020
Change in accounting policy (note 2.25)
Balance as at 01/01/2020
Distribution of earnings
Distribution of earnings
Dividends
Transfers
Other changes
Purchase of treasury shares
Changes during the period
Other comprehensive income
Dividends
The accompanying notes that are presented in pages 158-260 form an integral part of the present Financial
Statements
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 156 of 276
Annual Financial Report as of 31.12.2021
STATEMENT OF CHANGES IN EQUITY (continues from previous page)
Company
Amounts in Euro thousand unless stated otherwise
Annual Financial Report of 31.12.2021 Page 140 from 232
STATEMENT OF CHANGES IN EQUITY (continues from previous page)
The accompanying notes that are presented in pages 147-232 form an integral part of the present Financial Statements
Company
Other changes
Other comprehensive income
Dividends
Profit / (losses) for the period
Purchase of treasury shares
Changes during the period
Profit / (losses) for the period
Balance as at 31/12/2021
Change in accounting policy (note 2.25)
Dividends
Balance as at 31/12/2020
Distribution of earnings
Balance as at 31/12/2020
Purchase of treasury shares
Other changes
Changes during the period
Distribution of earnings
Other comprehensive income
Total
Treasury shares
reserves
FX translation
reserves
Retained earnings
Balance as at 01/01/2020
Share Capital
Share Premium
Balance as at 01/01/2020
Other Reserves
The accompanying notes that are presented in pages 158-260 form an integral part of the present Financial
Statements
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 157 of 276
Amounts in Euro thousand, unless stated otherwise
Annual Financial Report of 31.12.2021
Page 141 from 232
STATEMENT OF CASH FLOWS
The accompanying notes that are presented in pages 147-232 form an integral part of the present Financial Statements
1/1 - 31/12/2021 1/1 - 31/12/2020 1/1 - 31/12/2021 1/1 - 31/12/2020
-
(148 ) (57 ) -
(195 ) (84 )
(7,426 ) 518
(15,006 ) (12,757 )
(2,770 ) (1,776 ) - -
(360 )
(9,547 ) (673 ) (1,329 )
(15,653 ) 1,928 -
(1,781 ) (2,925 ) - (380 )
(424 ) (147 ) (6 ) (3 )
(17,458 ) (3,637 ) (1 ) (1 )
(30,306 ) (28,190 ) (22 ) (10 )
(24,999 ) (17,875 ) 13,985 12,752
(1,505 ) (776 ) (1,505 ) (776 )
(44,926 ) (45,586 ) (960 ) (20,098 )
(4,206 ) (4,354 ) (158 ) (154 )
(11,632 ) (4,480 ) (11,457 ) (4,480 )
(41,195 ) (32,527 ) (12,580 ) (19,548 )
Group
Company
Cash flows from Operating Activities
Profit before Taxes and Non controlling interest - continuing
operations
Profit before Taxes and Non controlling interest - discontinued
operations
Plus / (minus) adjustments for:
Depreciation
Provisions
Grants
FX differences
(Gain)/loss from sale of fixed assets
Dividends received
Impairments of fixed assets
Interest & similar expenses / (income)
(Profit) / loss from companies consolidated with the Equity method
Operating Profit before adjustments in working capital
(Increase)/decrease in receivables
(Increase)/decrease in inventories
Increase/(decrease) in liabilities (apart from banks-taxes)
Cash generated from Operating activities
Interest Paid
Other financial income/(expenses)
Taxes paid
Cash flows from operating activities (a)
Investing Activities
Proceeds from sales of tangible and intangible assets
Partial collection of the consideration paid for the transfer of Thrace Linq property
Interest received
Dividends received
Purchase of tangible and intangible assets
Investment grants
Cash flow from investing activities (b)
Financing activities
Proceeds from loans
Purchase of treasury shares
Repayment of loans
Financial leases
Dividends paid
Cash flow from financing activities (c)
Net increase /(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of period
Effect from changes in foreign exchange rates on cash reserves
Cash and Cash Equivalents at end of period
STATEMENT OF CASH FLOWS
The accompanying notes that are presented in pages 158-260 form an integral part of the present Financial
Statements
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 158 of 276
The company THRACE PLASTICS CO S.A. as
it was renamed following the approval and
the alteration of its name on GEMI (here-
inafter the “Company”) was founded in
1977. It is based in Magiko of municipality
of Avdira in Xanthi, Northern Greece, and
is registered in the Public Companies (S.A.)
Register under Reg. No. 11188/06/Β/86/31
and in the General Commercial Register
under Reg. No. 12512246000.
The main objective of the Company was
altered as result of the spin-o of the busi-
ness segment of production and trade of
industrial packaging products of the Com-
pany and the subsequent amendment of
the relevant article 3 of the Company’s Ar-
ticles of Association, according to the pre-
cise form that was previously announced
by the Company, and in line with the
clauses of article 27, paragraph 3, case d’
of P.L. 2190/1920. The aim of the Company
and its main objective is to participate in
the share capital of companies and to -
nance companies of any legal form, kind
and objective, either listed or non-listed
on organized market, as well as the provi-
sion of Administrative - Financial - IT Ser-
vices to its Subsidiaries.
The Company is the parent of a Group
of companies (hereinafter the “Group”),
which operate mainly in two sectors, the
technical fabrics sector and the packaging
sector.
The Company’s shares are listed on the
Athens Stock Exchange since June 26,
1995.
The company’s shareholders, with equity
stakes above 5%, as of 31.12.2021 were
the following:
Chalioris Konstantinos 43.29%
Chaliori Eymia 20.85%
The Group maintains production and
trade facilities in Greece , United Kingdom,
Ireland, Sweden, Norway, Serbia, Bulgaria,
U.S.A. and Romania.
The Group, including its joint ventures,
employed a total of 2,068 employees as of
December 31, 2021, of which 1,212 were
employed in Greece.
The structure of the Group as of 31
st
De-
cember 2021 was as follows:
1. Information about the Group
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 159 of 276
Company Registered Offices
Ownership
Percentage
of Parent
Company
Ownership
Percentage
of Group
Consolidation
Method
Don & Low LTD SCOTLAND-Forfar 100.00% 100.00% Full
Don & Low Australia Pty LTD AUSTRALIA - 100.00% Full
Thrace Nonwovens &
Geosynthetics Single Person
S.A.
GREECE-Xanthi 100.00% 100.00% Full
Saepe LTD CYPRUS-Nicosia - 100.00% Full
Thrace Asia HONG KONG - 100.00% Full
Thrace Protect S.M.P.C. GREECE-Xanthi - 100.00% Full
Thrace Plastics Pack S.A. GREECE-Ioannina 92.94% 92.94% Full
Thrace Greiner Packaging SRL
ROMANIA - Sibiou - 46.47% Equity
Thrace Plastics Packaging D.O.O.
SERBIA-Nova Pazova - 92.94% Full
Trierina Trading LTD CYPRUS-Nicosia - 92.94% Full
Thrace Ipoma A.D. BULGARIA-Soa - 92.83% Full
Synthetic Holdings LTD
N. IRELAND-Belfast
100.00% 100.00% Full
Thrace Synthetic Packaging LTD
IRELAND - Clara - 100.00% Full
Arno LTD IRELAND -Dublin - 100.00% Full
Synthetic Textiles LTD N. IRELAND-Belfast - 100.00% Full
Thrace Polybulk A.B. SWEDEN -Köping - 100.00% Full
Thrace Polybulk A.S. NORWAY-Brevik - 100.00% Full
Lumite INC. U.S.A. - Georgia - 50.00% Equity
Adrmate LTD CYPRUS-Nicosia - 100.00% Full
Pareen LTD CYPRUS-Nicosia - 100.00% Full
Thrace Linq INC. U.S.A. - South Carolina - 100.00% Full
Thrace Polylms Single Person
S.A.
GREECE - Xanthi 100.00% 100.00% Full
Thrace Greenhouses S.A. GREECE - Xanthi 50.91% 50.91% Equity
Thrace Eurobent S.A. GREECE - Xanthi 51.00% 51.00% Equity
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 160 of 276
Annual Financial Report as of 31.12.2021
2.1 Basis of Preparation
The present nancial statements have
been prepared according to the Inter-
national Financial Reporting Standards
(I.F.R.S.), including the International Ac-
counting Standards (I.A.S.) and interpreta-
tions that have been issued by the Interna-
tional Financial Reporting Interpretations
Committee (I.F.R.I.C.), as such have been
adopted by the European Union until 31
December 2021. The basic accounting
principles that were applied for the prepa-
ration of the nancial statements for the
year ended on 31 December 2021 are the
same as those applied for the preparation
of the nancial statements for the year
ended on 31 December 2020 and are de-
scribed in such.
When deemed necessary, the compara-
tive data have been reclassied in order to
conform to possible changes in the pres-
entation of the data of the present year.
Dierences that possibly appear between
accounts in the nancial statements and
the respective accounts in the notes, are
due to rounding.
The nancial statements have been pre-
pared according to the historic cost princi-
ple, as such is disclosed in the Company’s
accounting principles presented below.
Moreover, the Group’s and Company’s -
nancial statements have been prepared
according to the “going concern” principle
taking into account the signicant prot-
ability of the Group and the Company and
all macroeconomic and microeconomic
factors as well as their impact on the
smooth operation of the Group and the
Company.
The nancial statements were approved
by the Board of Directors of the Company
on April 12, 2022 and are subject to ap-
proval by the next General Meeting which
will convene within the year 2022.
The nancial statements of the Group
THRACE PLASTICS Co. S.A. as well as of the
parent company are posted on the inter-
net, on the website www.thracegroup.gr.
2. Basis for the Preparation of the Financial
Statements and Main Accounting
Principles
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 161 of 276
Certain new standards, amendments to
standards and interpretations have been
issued that are mandatory for periods be-
ginning on or after 1 January 2021.
STANDARDSAND
INTERPRETATIONSEFFECTIVE
FORTHECURRENTFINANCIAL
YEAR
(IFRS 16 (Amendment) ‘Covid-19-
Related Rent Concessions’
The amendment provides lessees (but not
lessors) with relief in the form of an op-
tional exemption from assessing whether
a rent concession related to COVID-19 is a
lease modication. Lessees can elect to ac-
count for rent concessions in the same way
as they would for changes which are not
considered lease modications.
IFRS 4 (Amendment) ‘Extension of the
Temporary Exemption from Applying
IFRS 9’
The amendment changes the xed expiry
date for the temporary exemption in IFRS
4 ‘Insurance Contracts’ from applying IFRS
9 ‘Financial Instruments’, so that entities
would be required to apply IFRS 9 for an-
nual periods beginning on or after 1 Janu-
ary 2023.
IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16 (Amendments) ‘Interest rate
benchmark reform – Phase 2’
The amendments complement those is-
sued in 2019 and focus on the eects on
nancial statements when a company
replaces the old interest rate benchmark
with an alternative benchmark rate as a
result of the reform. More specically, the
amendments relate to how a company
will account for changes in the contractual
cash ows of nancial instruments, how it
will account for the change in its hedging
relationships and the information it should
disclose.
IAS 19 “Allocation of Service Periods in
accordance with International Accounting
Standard (IAS) 19” (Decision of the
Interpretations Committee)
The IFRS Interpretations Committee is-
sued in May 2021 the nal decision on
the agenda entitled “Allocation of benets
in periods of service in accordance with
International Accounting Standard (IAS)
19”, which includes explanatory material
on how to distribute benets in periods
service on a specic dened benet plan
proportional to that dened in article 8 of
Law 3198/1955 regarding the provision of
compensation due to retirement (the “Plan
of Fixed Benets of Labor Law”).
Based on the above Decision, the way in
which the basic principles of IAS 19 were
applied in Greece in the past in this regard
is being dierentiated, and consequently,
according to what is dened in the “IASB
Due Process Handbook (par. 8.6)” entities
that prepare their nancial statements
in accordance with IFRS are required to
amend their accounting policies accord-
ingly.
The amended standards did not have a sig-
nicant impact on the nancial statements
of the Group and the Company, while the
impact on the nancial statements from
the implementation of the Decision of the
Interpretations Committee is analyzed in
note 3.23.1.
2.2 New standards, amendments to standards and interpretations
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
STANDARDSAND
INTERPRETATIONSEFFECTIVE
FORSUBSEQUENTPERIODS
IFRS 16 (Amendment) ‘Covid-19-Relat-
ed Rent Concessions – Extension in the
Application Period’ (eective for annual
periods beginning on or after 1 April 2021)
The amendment extends the application
period of the practical expedient in rela-
tion to rent concessions by one year to
cover rental concessions that reduce leas-
es due only on or before 30 June 2022. The
amendment has not yet been endorsed by
the EU.
IAS 16 (Amendment) ‘Property, Plant
and Equipment – Proceeds before In-
tended Use’ (eective for annual periods
beginning on or after 1 January 2022)
The amendment prohibits an entity from
deducting from the cost of an item of PP&E
any proceeds received from selling items
produced while the entity is preparing the
asset for its intended use. It also requires
entities to separately disclose the amounts
of proceeds and costs relating to such
items produced that are not an output of
the entity’s ordinary activities.
IAS 37 (Amendment) ‘Onerous Con-
tracts – Cost of Fullling a Contract’ (ef-
fective for annual periods beginning on or
after 1 January 2022)
The amendment claries that ‘costs to full
a contract’ comprise the incremental costs
of fullling that contract and an allocation
of other costs that relate directly to fulll-
ing contracts. The amendment also clari-
es that, before a separate provision for an
onerous contract is established, an entity
recognizes any impairment loss that has
occurred on assets used in fullling the
contract, rather than on assets dedicated
to that contract.
IFRS 3 (Amendment) ‘Reference to the
Conceptual Framework’ (eective for an-
nual periods beginning on or after 1 January
2022)
The amendment updated the standard to
refer to the 2018 Conceptual Framework
for Financial Reporting, in order to deter-
mine what constitutes an asset or a liabil-
ity in a business combination. In addition,
an exception was added for some types
of liabilities and contingent liabilities ac-
quired in a business combination. Finally,
it is claried that the acquirer should not
recognize contingent assets, as dened in
IAS 37, at the acquisition date.
IAS 1 (Amendment) ‘Classication of li-
abilities as current or non-current’ (ef-
fective for annual periods beginning on or
after 1 January 2023)
The amendment claries that liabilities are
classied as either current or non-current
depending on the rights that exist at the
end of the reporting period. Classication
is unaected by the expectations of the
entity or events after the reporting date.
The amendment also claries what IAS 1
means when it refers to the ‘settlement’
of a liability. The amendment has not yet
been endorsed by the EU.
IAS 1 (Amendments) ‘Presentation of
Financial Statements’ and IFRS Practice
Statement 2 ‘Disclosure of Accounting
policies’ (eective for annual periods begin-
ning on or after 1 January 2023)
The amendments require companies to
disclose their material accounting policy in-
formation and provide guidance on how to
apply the concept of materiality to account-
ing policy disclosures. The amendments
have not yet been endorsed by the EU.
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 163 of 276
IAS 8 (Amendments) ‘Accounting poli-
cies, Changes in Accounting Estimates
and Errors: Denition of Accounting Es-
timates’ (eective for annual periods begin-
ning on or after 1 January 2023)
The amendments clarify how companies
should distinguish changes in account-
ing policies from changes in accounting
estimates. The amendments have not yet
been endorsed by the EU.
IΑS 12 (Amendments) ‘Deferred tax re-
lated to Assets and Liabilities arising
from a Single Transaction’ (eective for
annual periods beginning on or after 1 Janu-
ary 2023)
The amendments require companies to
recognize deferred tax on transactions
that, on initial recognition, give rise to
equal amounts of taxable and deductible
temporary dierences. This will typically
apply to transactions such as leases for the
lessee and decommissioning obligations.
The amendments have not yet been en-
dorsed by the EU.
IFRS 17 (Amendment) “Initial Applica-
tion of IFRS 17 and IFRS 9 - Comparative
Information” (eective for annual periods
beginning on or after 1 January 2023)
The amendment is a transition option re-
lated to comparative information on -
nancial assets presented in the initial ap-
plication of IFRS 17. The amendment is
intended to assist entities in avoiding tem-
porary accounting discrepancies between
nancial assets and insurance contractual
liabilities. Therefore it improves the useful-
ness of comparative information for users
of nancial statements. The amendment
has not yet been adopted by the European
Union.
Annual Improvements to IFRS Stand-
ards 2018–2020 (eective for annual peri-
ods beginning on or after 1 January 2022)
IFRS 9 ‘Financial instruments’
The amendment addresses which fees
should be included in the 10% test for
derecognition of nancial liabilities. Costs
or fees could be paid to either third parties
or the lender. Under the amendment, costs
or fees paid to third parties will not be in-
cluded in the 10% test.
IFRS 16 ‘Leases’
The amendment removed the illustra-
tion of payments from the lessor relating
to leasehold improvements in Illustrative
Example 13 of the standard in order to re-
move any potential confusion about the
treatment of lease incentives.
IAS 41 ‘Agriculture’
The amendment has removed the require-
ment for entities to exclude cash ows for
taxation when measuring fair value under
IAS 41.
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
2.3 Significant Accounting Estimations and Judgments of the Management
The estimations and judgments of the
Management of the Group are constantly
assessed. They are based on historic data
and expectations for future events, which
are deemed as fair according to the ones
in eect.
2.3.1 Signicant Accounting
Estimates and Assumptions
The preparation of the Financial Statements
in accordance with International Financial
Reporting Standards (IFRS) requires the
management to make estimates and as
-
sumptions that may aect the accounting
balances of assets and liabilities, the re
-
quired disclosure of contingent assets and
liabilities at the date of preparation of the Fi
-
nancial Statements, as well as the amounts
of income and expenses recognized during
the nancial year. The use of the available
information, which is based in historical
data and assumptions and the implementa
-
tion of subjective evaluation are necessary
in order to conduct estimates. The actual
future results may dier from the above es
-
timates and these dierences may aect
the Financial Statements. Estimates and
relative assumptions are revised constantly.
The revisions in accounting estimations are
recognized in the period they occur if the
revision aects only the specic period or in
the revised period and the future periods if
the revisions aect the current and the fu
-
ture periods.
The key estimates and judgments that refer
to elements and data whose development
could aect the items of the Financial State
-
ments during the next twelve months are as
follows:
2.3.1.1 Provisions for expected credit
losses from customers and other
receivables
The Group and the Company recognize im
-
pairment losses for expected credit losses
for all nancial assets. Expected credit losses
are based on the dierence between the
contractual cash ows and all cash ows that
the Group (or the Company) expects to re
-
ceive. The dierence is discounted using an
estimate of the initial eective interest rate
of the nancial asset. For customer receiva
-
bles, the Group and the Company applied
the simplied approach to the standard and
calculated the expected credit losses on the
basis of the expected credit losses over the
lifetime of those items. For other nancial
assets, the expected credit losses are calcu
-
lated on the basis of the losses for the next
12 months. Expected credit losses over the
next 12 months are part of the expected
credit losses over the life of the nancial as
-
sets resulting from the probability of default
of an item within 12 months of the report
-
ing date. If there is a signicant increase in
credit risk from the initial recognition, the
provision for impairment will be based on
the expected credit losses over the life of
the asset.
2.3.1.2 Impairment of Investment in
Subsidiaries
Management examines on an annual basis
whether there are indicators of impairment
of investment in subsidiaries. If an invest
-
ment has to be impaired, the Company
calculates the amount of the impairment
as the dierence between the recoverable
amount of the investment and its book
value. Management determines recover
-
able value as the greater of the value in use
and the fair value less costs to sell in accord
-
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 165 of 276
ance with the provisions of IAS 36. Value in
use is determined by an independent valuer
based on management’s estimates and as
-
sumptions such as future cash ows, returns
of each subsidiary company, and discount
-
ed rates applied to the projected cash ows.
Moreover, these assumptions vary due to
the dierent conditions prevailing in the
markets of the countries in which the Group
operates.
2.3.1.3 Estimate on Impairment of
Goodwill
The Group assesses whether there is im
-
pairment of goodwill at least on an annual
basis. Management identies the recover
-
able amount as the greater of its value in
use and its fair value less costs to sell. The
calculation of the acquisition (book) value
of each cash-generating unit requires an
estimate by management of the assump
-
tions about the future results of the above
cash-generating units, such as growth rate
in perpetuity, forecasts for projected quanti
-
ties and sales prices, gross prot margin and
discount rates. These assumptions vary due
to dierent market conditions in the coun
-
tries in which the Group operates.
2.3.1.4 Provision for income tax
The provision for income tax according to
I.A.S. 12 is calculated by estimating taxes
that will be paid to the tax authorities and
includes the current income tax for each
-
nancial year and a provision for additional
taxes that may arise in future tax audits.
Group companies are subject to dierent
income tax laws and therefore signicant
management assessment is required to
determine the Group’s income tax income.
Income tax expense may dier from these
estimates as a result of future changes in tax
legislation both in the countries in which
the Group operates and in Greece or unfore
-
seen consequences from the nal determi-
nation of the tax liability of each use by the
tax authorities. These changes may have a
signicant impact on the Group’s and Com
-
pany’s nancial position in the event that
the nal settlement of income taxes devi
-
ates from the initial amounts that have been
recorded in the Group and Company nan
-
cial statements. These dierences will aect
income tax and deferred tax provisions for
the year in which the nal determination is
made. For more information, see note 3.11.
2.3.1.5 Provisions for employee benets
The present value of the liabilities for post-
employment benets depends on a num
-
ber of factors dened on actuarial basis via
the use of a signicant number of assump
-
tions. The assumptions used for the deter-
mination of the net cost (income) for post-
employment benets include discount
rates, rates of wage increases, mortality and
disability rates, retirement ages and other
factors. Any changes to these underlying
assumptions may have a signicant eect
on the liability and the relative costs of each
period.
The Group denes the appropriate discount
rate in each reporting period. It is the inter
-
est rate applicable for the calculation of the
present value of the estimated future pay
-
ments required for the settlement of the
benet liabilities. For the estimation of the
appropriate discount rate the Group takes
into consideration the interest rates prevail
-
ing in high credit rating corporate bonds
denominated in the currency of the benet
payments and with maturity dates similar to
the ones of the respective liabilities. Due to
the long-term nature of these dened ben
-
et plans, these cases are subject to a signi-
cant degree of uncertainty. Further informa-
tion is provided in note 3.23
.
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Subsidiaries are all companies (includ-
ing those companies of special purpose)
which are controlled by the Group. The
Group controls a company when the
Group is exposed to or has rights in vari-
able returns from its participation in the
company and has the ability to aect these
returns through the power it possesses in
the company. The subsidiaries are consoli-
dated with the full consolidation method
from the date at which the control is ac-
quired by the Group and are excluded
from consolidation from the date at which
such control does not exist.
The mergers of companies are accounted
for, from the Group based on the purchase
method. The price of the acquisition is cal-
culated as the fair value of the transferred
assets, the liabilities undertaken against
the former shareholders and the shares
issued by the Group. The price of the ac-
quisition includes the fair value of any as-
set or liability which may derive from any
potential agreement about the price. The
assets acquired and the liabilities along
with the contingent liabilities assumed
during a corporate merger are measured
initially at fair value at the date of the ac-
quisition. Depending on the acquisition
case, the Group recognizes any non-con-
trolled interest in the subsidiary either at
fair value or at the value of the stake of the
non-controlled interest in the equity of the
subsidiary.
Increases of the Group’s participation in
subsidiaries are recognized as transactions
in equity. The dierence between the ac-
quisition cost and the participation in the
new equity of the subsidiary acquired, is
recognized directly in the Group’s equity.
Prot or losses from the sale of a participa-
tion percentage that does not lead to loss
of control on the subsidiary by the Group,
is also recognized in the Group’s equity.
The expenses related to the acquisition are
recorded in the nancial results.
If the corporate merger is gradually
achieved then the fair value of the partici-
pation held by the Group in the acquired
company is revalued at fair value at the
acquisition date. The prot or loss which
emerges from the revaluation is recog-
nized in the nancial results.
Any potential price that is transferred from
the Group is recognized at fair value at the
acquisition date. Any subsequent chang-
es in the fair value of the potential price,
which is considered as an asset or a liabil-
ity, are recognized according to IAS 39 in
the nancial results. If the potential price
is recorded as item of the equity, then it
is not revalued until its nal settlement
2.4 Basis of Consolidation
2.4.1 Subsidiaries
2.3.2 Signicant Accounting Judgments in the Application of Accounting
Principles
2.3.2.1 Depreciation/amortization of tangible and intangible assets
The Group and the Company calculate
depreciation/amortization on tangible
and intangible assets based on estima-
tion of the useful life of such. The residu-
al value and useful life of such assets are
reviewed and dened at the end of each
reporting period, if deemed necessary.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 167 of 276
through the equity.
Intra-company transactions, balances and
non-realized earnings from transactions
among the companies of the Group are
excluded. The non-realized losses are also
excluded. The accounting principles that
are applied by the subsidiaries have been
adjusted wherever it was deemed neces-
sary so that they are aligned with the ones
adopted by the Group.
The Company records the investments
in subsidiaries in the separate nancial
statements at acquisition cost minus any
impairment. Furthermore, the acquisi-
tion cost is adjusted so that it reects the
changes in the payable price deriving from
any amendments in the potential price.
2.4.2 Transactions with owners of
non-controlled interests
The Group treats the transactions with the
owners of non-controlled interests, which
do not result into loss of control, in the
same manner with the transactions with
the major shareholders of the Group. The
dierence between the price paid and the
book value of the acquired interest of the
subsidiary’s equity is recorded in the share-
holders’ funds. Earnings of losses deriving
from the sale to owners of non-controlled
interests are also recorded in shareholders’
funds
2.4.3 Sale of Subsidiary
When the Group ceases to possess control,
the remaining percentage is measured at
fair value, whereas any potential dier-
ences that derive in comparison with the
current value are recorded in the nancial
results. Following, this asset is recognized
as associate company, joint venture or -
nancial asset at the above fair value. Addi-
tionally, any relevant amounts which were
previously recorded in the other compre-
hensive income are accounted for, with
the same manner that would be followed
in the case of sale of these assets and liabil-
ities, meaning that they can be transferred
in the nancial results.
2.4.4 Joint Arrangements
Based on IFRS 11, investments in joint ar-
rangements are classied either as joint
activities or as joint ventures and the
classication depends on the contractual
rights and the liabilities of each investor.
The Group evaluated the nature of its in-
vestments in joint arrangements and de-
cided that these constitute joint ventures.
Joint ventures are consolidated according
to the equity method.
According to the equity method, invest-
ments in joint ventures are initially recog-
nized at the acquisition cost, which in a
later stage increases or decreases via the
recognition of the Group’s share in the
earnings or losses of the joint ventures
and the changes in the other compre-
hensive income after the acquisition. In
case the share of the Group in the losses
of the joint ventures exceeds the amount
of the investment (which also includes any
long-term investment that essentially con-
stitutes part of the net investment of the
Group in the joint ventures), no additional
losses should be recognized, unless there
have been payments or there are commit-
ments undertaken for the account of the
joint ventures.
Non realized prot from transactions be-
tween the Group and the joint ventures
is excluded according to the percentage
of the Group’s participation in the joint
ventures. The non-realized losses are
also excluded, unless the transaction of-
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
2.5 Tangible Assets
Tangible assets are recorded at book value,
net of any grants received, less accumu-
lated depreciation and any impairment in
value. Expenses for replacement of part of
tangible assets are included in the value
of the asset if they can be estimated ac-
curately and increase the future benets
of the Group from such. The repairs and
maintenance of tangible assets charge the
nancial results, in the period when such
are realized. The acquisition cost and the
related accumulated depreciation of as-
sets retired or sold, are removed from the
accounts at the time of sale or retirement,
and any gain or loss is included in the -
nancial Results.
Depreciation is charged in the nancial
Results based on the straight-line method
over the estimated useful life of tangi-
ble assets, however, in cases of invest-
ments where the nancial benets are
not estimated to be evenly distributed
throughout the useful life of the asset, the
diminishing balance method is used. The
estimated useful life of each category of
asset is presented below:
Category
Depreciation
rate
Economic
Life
Buildings and
technical works
2.5% - 5%
20 - 40
years
Machinery
and technical
installations
7% - 10%
10 - 14
years
Specialized
mechanical
equipment
12% -
15%
7 - 8
years
Vehicles
10% -
20%
5 - 10
years
Furniture and
xture
10% -
30%
3 - 10
years
Land and plots are not depreciated, how-
ever they are reviewed for impairment.
Residual values and economic life of tan-
gible assets might be adjusted if neces-
sary at the time nancial statements are
prepared. Tangible assets, that have been
impaired, are adjusted to reect their re-
coverable value (Note 3.12). The remaining
value, if not negligible, is re-estimated on
an annual basis.
Tangible assets are derecognized when
sold, or when no future economic benets
are expected from their use. The gains and
losses arising from the sale of property,
plant and equipment are determined by
the dierence between the sale proceeds
and the net book value as shown in the
books and included in the operating re-
sult.
fers indications of a potential impairment
of the transferred asset. The accounting
principles of the joint ventures have been
amended wherever it was deemed appro-
priate so that they are aligned with the
ones adopted by the Group.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 169 of 276
2.6.1 Goodwill
The acquisition of a subsidiary by the Group
is accounted for based on the acquisition
method. The acquisition cost of a sub-
sidiary is the fair value of assets acquired,
shares issued and liabilities assumed dur-
ing the transaction date, plus possible
expenses directly linked to the transac-
tion. The individual assets, liabilities and
contingent liabilities acquired in a busi-
ness combination are measured during
the acquisition at fair value regardless of
the participation percentage. The acquisi-
tion cost above fair value of the individual
assets acquired, is booked as goodwill. If
the total acquisition cost is less than the
fair value of the individual assets acquired,
the dierence is registered directly in the
nancial results.
Upon initial recognition, goodwill is meas-
ured at cost less any accumulated impair-
ment losses. For the purposes of the im-
pairment test, the goodwill recognized has
been allocated, from the date of acquisi-
tion, to the Group’s cash-generating units,
which are expected to benet from the
combination. Each unit in which goodwill
has been allocated represents the lowest
level within the company in which good-
will is monitored for internal management
purposes.
Impairment testing is performed on an an-
nual basis or more frequently if events or
changes in circumstances indicate a pos-
sible impairment. The carrying amount
(book value) of goodwill is compared to
the recoverable amount, which is the high-
er between the value-in-use and the fair
value less costs to sell. Impairment is rec-
ognized directly as an expense and cannot
be reversed at a later date.
2.6.2 Impairment of Goodwill
Goodwill is allocated on cash-generating
units and an impairment test is carried
out annually or more frequently if there is
evidence of a possible impairment in the
book value of the goodwill in relation to its
recoverable value in accordance with IAS
36. Impairment is recognized directly as an
expense in consolidated prot or loss and
other comprehensive income and is not
subsequently reversed.
Management determines recoverable
value as the largest amount between the
value in use and its fair value, minus any
related costs of disposal. The calculation
of the value in use of each cash-gener-
ating unit is performed by an independ-
ent valuer and requires management’s
estimation of the assumptions about the
future nancial results of the above cash-
generating units, such as the growth rate
in perpetuity, forecasts of expected sales
quantities and prices, gross margin and
discount rates. These assumptions vary
due to the dierent market conditions in
the countries in which the Group operates.
For more information see note 3.15.
2.6.3 Other Intangible Assets
Other intangible assets mainly concern
software and industrial ownership rights
which refer to the utilization right of the
trademark TERRAHOME that has been
purchased from a third party, and of the
Geothermic eld that has been purchased
from the Greek State. Their values are
stated at acquisition cost, less the accu-
mulated depreciation and any impairment
losses. Amortization of intangible assets is
recorded in the nancial results, based on
2.6 Intangible Assets
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
the straight-line method over the estimat-
ed useful life of assets. The following table
depicts the estimated useful life of assets:
Category
Amortization
Rate
Useful Life
Industrial
ownership
rights
20% 5 years
Software
10 - 20% 5 - 10 years
Subsequent expenses on the capitalized
intangible assets are capitalized only when
they increase the future benets that are at-
tributed to the specic asset. In a dierent
case, all other expenses are recorded when
they incur.
Research costs are expensed as incurred.
Development costs that do not meet the
recognition criteria as an asset are expensed
as incurred.
2.7 Non-Current Assets Held for Sale
The Group classies a non-current asset (or
a group of assets and liabilities) as held for
sale, if its value is expected to be recovered
primarily through the sale of the item and
not through its continued use and the sale
is considered very likely. Immediately be-
fore the initial classication of the non-cur-
rent asset (or group of assets and liabilities)
as held for sale, the asset (or all assets and
liabilities included in the group) shall be as-
sessed on the basis of the applicable IFRS.
Non-current assets (or asset and liability
groups) classied as held for sale are val-
ued at the lowest value between their book
value and their fair value reduced by direct
sales costs, and any resulting impairment
losses and then they are recorded in the -
nancial results. Any possible increase in the
fair value in a later valuation is recorded in
the statement of comprehensive income,
but not for an amount greater than the pre-
viously recorded impairment loss. From the
day on which a non-current asset (or non-
current asset included in a group of assets
and liabilities) is classied as held for sale,
no depreciation or impairment is recorded.
2.8 Impairments of Non-Financial Assets
With the exception of goodwill which is
reviewed for impairment at least on an an-
nual basis, the book values of other non-
nancial assets are reviewed for impair-
ment when events or changes in conditions
indicate that the book value may not be
recoverable. When the book value of an as-
set exceeds its recoverable amount, the re-
spective impairment loss is registered in the
nancial results. The recoverable amount is
dened as the largest value between the
net sales price and the value in use. Net sale
price is the amount that can be received
from the sale of an asset, in the context of
an arm’s length transaction in which the
parties have full knowledge and voluntarily
proceed, after the deduction of any addi-
tional direct cost for sale of the asset. Value
in use is the present value of estimated
future cash ows expected to be realized
from the continuous use of an asset and
from the revenue expected to result from
its sale and the end of its estimated useful
life. For purposes of dening impairment,
the non-nancial assets are grouped at the
lowest level for which cash ows can be rec-
ognized separately.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 171 of 276
Accounts receivable are initially recorded
at their fair value, which is the transaction
value, and are subsequently measured at
amortized cost using the eective interest
rate, less the expected credit losses arising
from all possible default events through-
out expected life of a nancial instrument
at each reporting date. At each nancial
statement date, the recoverability of the
receivable accounts is estimated either
per customer when there is objective evi-
dence that the Group is unable to collect
all amounts due under the contractual
terms, either on historical trends, statis-
tical data and anticipated future events
and the relevant provision for impairment
is formed. The provision formed is ad-
justed for impairment and is included in
‘Other expenses’. Any write-os of receiva-
bles from accounts receivable are made
through the provision made
2.9 Inventories
Inventories are stated at the lower of cost
(acquisition or production) and net real-
izable value. Cost of nal and semi-nal
products includes all cost of purchase, cost
of materials, direct labor cost, other direct
expenses and proportionate general pro-
duction expenses. The cost of inventories
is calculated using the weighted average
method. Net realizable value represents
the estimated selling price in the ordinary
course of business, less any selling cost.
2.10 Accounts Receivable - Provisions for Doubtful Receivables
2.11 Cash & cash equivalents
2.12 Foreign Exchange Translations
For purposes of preparing the Statement
of Cash Flows, the category of cash & cash
equivalents include cash in hand, cash
equivalents, such as site deposits and
short-term time deposits, namely those
with a maturity up to three months.
2.12.1 Operating currency and
presentation currency
The data in the nancial statements of the
Group’s companies are registered in the
currency of the primary economic environ-
ment, in which each Company operates
(“operating currency”).
The consolidated nancial statements are
presented in Euro, which is the operating
valuation currency and presentation cur-
rency of the parent Company.
2.12.2 Transactions and balances
in foreign currencies
Transactions in foreign currencies are con-
verted into the operating currency based
on exchange rates eective at the date of
transaction or at the date of revaluation
if such case is required. Prots and losses
from foreign exchange dierences, aris-
ing during the settlement of such transac-
tions and from the conversion of foreign
currency denominated assets and liabili-
ties based on the current exchange rates
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
at the reporting date, are recorded in the
nancial results. Prots and losses from
foreign exchange dierences related to
cash reserves and bank obligations are
recorded in the statement of comprehen-
sive income, under the account “Financial
income / (expenses) - Net”. All other prots
or losses from foreign exchange dierenc-
es are recorded in the statement of com-
prehensive income, under the account
“Other prots / (losses) - Net”.
2.12.3 Group’s Companies in
foreign currency
The conversion of the nancial statements
of the Group’s companies (none of which
operates with a currency belonging to a hy-
perination economy), which are recorded
in a currency that is dierent from the one
of the Group, is conducted as follows:
• The assets and liabilities for each state-
ment of nancial position are convert-
ed based on the eective exchange
rates at each reporting date,
• Revenues and expenses are converted
based on the average exchange rates
of each period (unless the average
exchange rate does not logically ap-
proach the cumulative eect of the
exchange rates that were eective at
the time of the transactions. In such
case, revenues and expenses are con-
verted based on the exchange rates
eective at the time of the relevant
transactions), and
• The extracted foreign exchange dier-
ences are recorded in other compre-
hensive income.
2.14 Dividends
2.13 Acquisition of Treasury Shares
Payable dividends are presented as a liability during the time when such are approved by
the Annual General Meeting of Shareholders.
The paid price to acquire Treasury Shares,
including the relevant expenses for their
purchase, is presented as a deduction of
Equity. Any prot or loss from the sale of
Treasury Shares, net of direct transaction
costs and taxes, is recognized directly in
Equity, in the account “Treasury Share Re-
serve”.
2.15 Income
2.15.1 Income from contracts with customers
The Parent Company provides Adminis-
trative, Financial, Accounting, IT Services
to the Subsidiaries of the Group. Income
from the provision of services is recog-
nized over time in the accounting period
during which the services were provided.
The Group recognizes income from the
sale of goods when the control of the
goods is transferred to the customer, usu-
ally upon delivery, and there is no unful-
lled obligation that could aect the ac-
ceptance of the goods by the customer.
Amounts in thousand Euro, unless stated otherwise
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The main product categories are techni-
cal fabrics (Geosynthetics and textiles for
construction, garden projects, hospital
and sanitary products, lter industry, auto-
motive industry, industrial use, sports and
leisure, carpet weaving, yarn and straps)
and packaging products (Big bags, pack-
aging lm, packaging fabrics, containers,
bins, cups, glasses, containers and trays,
plastic boxes, bottles, bags, garbage bags,
ropes and strings). The Group accepts re-
turns only in case of defective products or
products which do not generally meet the
required specications.
The asset (receivable) is recognized when
there is an unconditional right for the en-
tity to receive the price for the performed
obligations of the contract to the cus-
tomer. The contractual asset is recognized
when the Group has fullled its obliga-
tions to the customer, before the customer
pays or before payment becomes due.
Payment becomes due after 30 to 90 days.
The contractual obligation is recognized
when the Group receives a payment from
the customer (advance payment) or when
it acquires an uncoditional right to a cash
amount (deferred income) before the per-
formance of the obligations of the contract
and the transfer of the goods or services.
The contractual obligation is recognized
when the obligations of the contract are
fullled and the income is recorded in the
income statement.
2.15.2 Government Grants -
Subsidies
Government grants on tangible and intan-
gible assets, are deducted from the book
value of the asset for which they were re-
ceived. The relevant income is recognized
with the form of reduced depreciation
amounts during the useful life of the rel-
evant asset. Government grants that con-
cern payroll expenses are recognized as in-
come during the period that such relate to
the respective expenses and are presented
in the Income Statement in the account
“Other Operating Income”.
2.15.3 Income from Dividends –
Interim Dividends
Income from dividends is recognized in the
Income Statement as income, during the
date when such are approved by the An-
nual General Meeting of Shareholders. In-
terim dividends are recognized at the date
where such are distributed or approved by
a General Meeting of Shareholders.
2.15.4 Interest Income
Interest income is recognized on an ac-
crual basis.
2.16 Expenses
Expenses are recognized in the nancial results on an accrual basis.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
When a contract enters into force, the
Group assesses whether the contract con-
stitutes, or involves, a lease. A contract
constitutes, or involves, a lease if the con-
tract transfers the right to control the use
of a recognized asset for a specied period
of time in exchange for a consideration.
2.17.1 Leasing Accounting from
Lessee
The Group applies a unied approach
to recognition and measurement for all
leases (except for short-term leases and
low-value leases). The Group recognizes
liabilities from leases for payments and as-
sets with a right of use that represent the
right to use the underlying assets.
2.17.2 Right-of-use Assets
The Group recognizes the assets with the
right of use on the date of commence-
ment of the lease term (i.e. the date on
which the underlying asset is available for
use). Assets with the right to use are meas-
ured at cost, reduced by any cumulative
depreciation and impairment losses and
are adjusted based on any revaluation of
the obligation from leases. The cost of the
assets with the right of use consists of the
amount of the obligation from recognized
leases, the initial direct costs and any leas-
es paid on the date of commencement of
the lease period or earlier, minus any lease
incentives received. Assets with the right
of use are depreciated based on the xed
method in the shortest period of time be-
tween the duration of the lease and their
useful life.
If the ownership of the leased asset is
transferred to the Group at the end of the
lease term or if its cost reects the exercise
of a market right, depreciation is calculat-
ed in accordance with the estimated use-
ful life of the asset.
The Group has contracts for the lease of
buildings (used as oces, warehouses),
means of transport as well as other equip-
ment used in its business activities. Lease
agreements may contain lease and non-
lease information. The Group has chosen
not to separate the parts of the contract
that are not a lease from the elements of
the lease and therefore treats any element
of the lease and any related parts that do
not constitute a lease as a single lease. As-
sets with the right of use are subject to
impairment test as described in the ac-
counting policy “2.8 Impairments of Non-
Financial Assets”.
2.17.3 Liabilities from Leases
At the date of commencement of the lease,
the Group calculates the obligation from
leases at the present value of the leases
to be paid during the lease term. Leases
consist of xed parts (including substan-
tially xed leases) reduced by any lease
incentives, oating parts that depend on
an index or interest rate and amounts ex-
pected to be paid on the basis of residual
value guarantees. Leases also include the
exercise price of the purchase right if it
is rather certain that the Group will exer-
cise that right and the payment clause
that would allow to terminate the lease if
the term of the lease reects the exercise
of the right to renounce. To discount the
leases, the Group uses the incremental
borrowing rate since the implied interest
rate related to the leasing cannot be easily
determined.
2.17 Leases
Amounts in thousand Euro, unless stated otherwise
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After the start date of the lease, the amount
of the lease liability increases based on the
interest on the liability and decreases with
the payment of the lease. In addition, the
book value of the obligation from leases
is recalculated if there are reassessments
or amendments to the lease agreement.
Analysis of the Group’s leases is included
in Note 3.13.
2.17.4 The Group as Lessor
When the assets are leased in the context
of leasing agreements, the present value
of the leasing payments to be collected is
recognized as receivable. The dierence
between the gross receivable amount and
the present value of the claim is recog-
nized as non-accrued nancial income.
When the assets are leased in the context
of leasing agreements, they are recorded
in the statement of nancial position ac-
cording to the nature of each asset. The
income generated from operating leasing
agreements is recorded in the nancial re-
sults via the straight line method over the
leasing period.
2.18 Income Tax
Tax burden for the year relates to current
and deferred taxes.
Current income taxes are payable taxes on
taxed income for the year based on eec-
tive tax rates as of the balance sheet date,
as well as additional income taxes relating
to previous years.
Deferred taxes are tax burden/exemptions
relating to current year’s prot (or losses)
that will be charged by the tax authorities
in future years. Deferred income taxes are
calculated according to tax rates eective
as of the dates they will be paid, on the dif-
ference between accounting and tax base
of individual assets and liabilities, provided
that these dierences imply time devia-
tions, which will be erased in future.
Deferred tax receivables are recognized
only to the extent they imply future tax-
able income, which will be oset by these
deferred tax receivables. Deferred tax re-
ceivables might be lowered any time when
it is not evident that such future tax relaxa-
tion will be certain.
Current and deferred tax is recorded in the
nancial results or directly in Equity, if it
relates to elements directly recognized in
Equity.
The Group’s companies oset deferred tax
receivables with deferred tax liabilities,
only if:
a) It has a legal applicable right to oset
current tax receivables with current
tax liabilities.
b) The deferred tax receivables and lia-
bilities relate to income taxes imposed
by the same tax authority.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
2.19.1 Short-term liabilities
Liabilities for wages and salaries that
are expected to be fully settled within
12 months from the end of the period in
which the employees provide the relevant
service are recognized for the services
of the employees until the end of the re-
porting period and are measured at the
amounts expected to be paid during the
settlement of obligations. Liabilities are
presented in the statement of nancial po-
sition in the other liabilities.
2.19.2 Liabilities after the exit from
service
The Group has an obligation in a dened
benet plan that determines the amount
of retirement benet that an employee will
receive upon retirement, which depends
on more than one factor such as age, years
of service and compensation.
The liability recorded in the statement of
nancial position for the dened benet
plan is the present value of the dened
benet obligation at the reporting date
less the fair value of the plan’s assets. The
commitment of the dened benet is cal-
culated annually by an independent ac-
tuary using the method of the projected
credit unit. The present value of the de-
ned benet obligation is calculated by
discounting the expected future cash out-
ows using interest rates of high quality
corporate bonds denominated in Euro and
having a term approaching the maturity of
the relevant retirement obligation.
The cost of current employment in the de-
ned benet plan is recognized in the in-
come statement and reects the increase
in the dened benet obligation arising
from the employment of employees dur-
ing the year.
Changes in the present value of the de-
ned benet obligation arising from
modications or reductions in the plan are
recognized immediately in the nancial re-
sults as prior service cost.
The nancial cost is calculated by applying
the discount rate to the balance of the de-
ned benet obligation. This cost is includ-
ed in the income statement on employee
benets.
Actuarial gains and losses arising from em-
pirical adjustments and from changes in
actuarial assumptions are recognized in
other comprehensive income in the year in
which they arise. They are also included in
the nancial results carried forward in the
statement of changes in equity and in the
statement of nancial position.
All the above calculations are being per-
formed via an actuary study, conducted
by an independent actuary, whereas for
the interim periods certain estimates are
being made. The estimates which are be-
ing utilized for the determination of the
net cost for post-employment benets in-
clude among other the discount rate, the
ination and the average annual salary in-
crease. Any alterations in the assumptions
aect signicantly the book value of the
liabilities for post-employment benets.
The discount rate that is used derives from
the one of the long-term bonds with AA
credit rating and with maturities similar to
the liabilities of the plan.
Group subsidiaries Don & Low LTD and
THRACE POLYBULK A.S have in place de-
ned benet plans for their employees
which are nanced.
The Greek companies of the Group as well
as Thrace Ipoma A.D. have dened contri-
bution schemes not self-nanced.
2.19 Employee Benefits
Amounts in thousand Euro, unless stated otherwise
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2.19.3 Benets following
termination of employment
Termination benets become payable
when employment ends before the nor-
mal retirement date or when the employee
accepts voluntary retirement in exchange
for these benets. The Group records these
benets no earlier than the following
dates: a) when the Group can no longer
withdraw the oer for these benets and
b) when the Group recognizes restructur-
ing costs that are part of the application
of IAS 37 which includes the payment of
termination benets. In case of an oer for
voluntary retirement, the termination ben-
ets are calculated according to the num-
ber of employees who are expected to ac-
cept the oer. Termination benets which
are due 12 months after the reporting date
are discounted.
2.20 Provisions
Provisions are recognized only when there
is a liability, due to events that have oc-
curred and it is likely (namely more possi-
ble than not) that this settlement will cre-
ate an outow, the amount of which can
be estimated reliably. The recognition of
provisions is based on the present value
of cash ows that may be needed for the
above liabilities to be settled. Amounts
paid in order to arrange the repayment
of such liabilities are deducted from the
recorded provisions. The amounts are
also reviewed at the periods when the
Financial Statements are prepared. Provi-
sions for any future losses should not be
recognized. Compensation received from
third parties and relate to the aggregate
amount or part of the estimated cash ow,
should be recognized on the asset side
only when there is certainty for the nal
payment of the corresponding amount.
2.21 Financial Assets
2.21.1 Financial Assets
Initial Measurement and Recognition
The Group and the Company measure the
nancial assets initially at their fair value
by adding transaction costs. The trade
receivables initially are being measured /
valued according to the transaction price.
The nancial assets with embedded deriv-
atives are being reviewed in their entirety
whenever it is examined if their cash ows
are only the payment of capital (principal)
and interest. According to the provisions
of IFRS 9, the securities are measured at a
later stage at fair value via the other com-
prehensive income or at fair value via the
nancial results for the year. The classica-
tion is based on two criteria: a) the busi-
ness model concerning the management
of nancial assets and b) the conventional
cash ows of the instrument, meaning if
they represent “only payments of capital
and interest” (SPPI criterion) against the
pending balance.
Subsequent Measurement
After initial recognition, nancial assets
are classied into three categories:
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
• at amortized cost
• at fair value through other compre-
hensive income
• at fair value through prot or loss
The Group and the Company do not have
assets that are valued at fair value through
the other comprehensive income or assets
that are valued at fair value through the re-
sults as of 31 December 2020.
Financial assets classied at amortized
cost are subsequently measured using
the eective interest method (EIR) and are
subject to impairment testing. Prots and
losses are recognized in prot or loss when
the asset ceases to be recognized, modi-
ed or impaired.
Termination of nancial asset
recognition
The Group (or Company) ceases to rec-
ognize a nancial asset when and only
when the contractual rights expire on the
cash ows of the nancial asset or when it
transfers the nancial asset and the trans-
fer meets the conditions for write-o.
Reclassication of nancial assets
Reclassication of nancial assets takes
place in rare cases and is due to a decision
of the Group (or Company) to modify the
business model it applies with regard to
the management of these nancial assets.
Impairment
The Group and the Company recognize
provisions for impairment with regard
to the expected credit losses of all nan-
cial assets. The expected credit losses are
based on the dierence between contrac-
tual cash ows and all cash ows that the
Group (or Company) expects to receive.
The dierence is discounted using an es-
timate of the initial eective interest rate
of the nancial asset. With regard to the
trade receivables, the Group and the Com-
pany applied the simplied approach of
the standard and estimated the expected
credit losses based on the anticipated loss-
es for the entire life of these assets.
Regarding the remaining nancial assets,
the expected credit losses are being calcu-
lated according to the losses of the next 12
months. The expected credit losses of the
following 12 months is part of the antici-
pated credit losses for the entire life of the
nancial assets, which emanates from the
probability of a default in the payment of
the contractual obligations within the next
12-month period starting from the report-
ing date. In case of a signicant increase in
credit risk since the initial recognition, the
provision for impairment will be based on
the expected credit losses of the entire life
of the asset.
2.21.2 Financial Derivatives
The Group uses nancial derivatives, main-
ly forward foreign exchange contracts, to
hedge risks that emanate from changes in
exchange rates.
Financial derivatives are measured at fair
value, during the balance sheet date. The
fair value of forward contracts is calculated
based on the market prices of contracts
with respective maturities (valuation of 1
st
level of IFRS 7).
Amounts in thousand Euro, unless stated otherwise
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Initial Recognition and subsequent
measurement of nancial liabilities
All nancial liabilities are initially valued at
their fair value minus the transaction costs,
in the case of loans and liabilities. For later
measurement purposes, nancial liabilities
are classied as nancial liabilities at am-
ortized costs. Loans are characterized as
short-term liabilities except if the Group
has the nal right to postpone repayment
for at least 12 months after the balance
sheet date. Bank overdrafts are included in
short-term debt in the balance sheet and in
investing activities in the statement of cash
ows.
De-recognition of Financial Liabilities
A nancial liability is written o when the
commitment arising from the liability is
canceled or expires. When an existing -
nancial liability is replaced by another by
the same lender but on fundamentally
dierent terms, or the terms of an existing
liability are signicantly modied, this ex-
change or amendment is treated as de-rec-
ognition of the initial liability and recogni-
tion of a new liability. The dierence in the
respective book values is recognized in the
statement of nancial results.
Osetting between nancial assets and
liabilities
Financial assets and liabilities are oset and
the net amount is reected in the statement
of nancial position only when the Group
or Company has this legal right and intends
to oset them on a net basis or to claim
the asset and settle the liability at the same
time. The legal right should not depend on
future events and should be enforceable in
the normal course of business and in the
event of a breach, insolvency or bankrupt-
cy of the company or counterparty.
2.22 Financial Liabilities
2.23 Suppliers and Other Creditors
Suppliers and other liabilities are initially
recognized at fair value and subsequently
measured according to amortized cost,
while the eective interest rate method is
used. Liabilities are classied as short-term
if payment is expected in less than one
year. If not, then such are included in long-
term liabilities.
2.24 Equity
The share capital includes common shares
of the Company. The dierence between
the nominal value of shares and their issue
price is registered in the “Share Premium”
account. Direct expenses for the issue of
shares, are presented after the deduction
of the relevant income tax and reduce the
issue proceeds, namely as a deduction
from the share premium. During the pur-
chase of treasury shares, the amount paid,
including the relevant expenses is record-
ed as deduction from the shareholders’ eq-
uity. No prot or loss is recognized in the
statement of comprehensive income from
the purchase, sale, issuance or cancella-
tion of treasury shares. Expenses which are
realized for the issuance of shares are re-
corded after the deduction of the relevant
income tax, as deduction from the product
of the issue.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
2.25 Change in Accounting Policy
The IFRS Interpretations Committee is-
sued in May 2021 the nal decision on the
agenda entitled “Distribution of benets
in periods of service in accordance with
International Accounting Standard (IAS)
19”, which includes explanatory material
on how to distribute benets in periods of
service on a specic dened benet plan
proportional to that dened in article 8 of
L.3198 / 1955 regarding the provision of
compensation due to retirement (the “Pro-
gram of Fixed Benets of Labor Law”).
Based on the above Decision, there should
be an alteration in the way in which the
basic principles of IAS 19 were applied in
Greece in the past in this regard. Conse-
quently, according to what is dened in
the “IASB Due Process Handbook (par. 8.6)”,
the economic entities that prepare their
nancial statements in accordance with
IFRS are required to amend their account-
ing policies in relation to the above.
Until the issuance of the daily agenda’s
decision, for the Greek subsidiaries, the
Group applied IAS 19 distributing the
benets dened by the article 8 of L.3198
/ 1955, L.2112 / 1920, and its amendment
by Law 4093/2012 in the period from the
recruitment until the date of retirement of
the employees.
The application of this nal Decision to the
attached nancial statements, has brought
as requirement the distribution of benets
in the last sixteen (16) years until the date
of retirement of employees following the
scale of Law 4093/2012.
In this context, the application of the
above Final Decision has been treated as a
change in accounting policy, applying the
change retroactively from the beginning
of the rst comparative period, in accord-
ance with paragraphs 19 to 22 of IAS 8.
The impact of the implementation of the
Final Decision for each specic item on the
Income Statement and Other Comprehen-
sive Income, as well as in the Statement of
Financial Position is analyzed as follows:
Amounts in thousand Euro, unless stated otherwise
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Amounts in Euro thousand, unless stated otherwise
Annual Financial Report of 31.12.2021
Page 162 from 232
31-12-2020
IAS 19
Adjustments
31-12-2020
ASSETS
Non-Current Assets
131,512 131,512
13,197 13,197
113 113
10,655 10,655
0
15,068 6 15,074
5,034 5,034
588 -301 287
176,167 -295 175,872
55,338 55,338
278 278
56,863 56,863
7,211 7,211
5,478 5,478
40,824 40,824
165,992 0 165,992
342,159 -295 341,864
Tangible assets
Rights-of-use assets
Investment property
Intangible Assets Investments
in subsidiaries Investments in
joint ventures Other long
term receivables Deferred tax
assets
Total non-Current Assets
Current Assets
Inventories
Income tax prepaid
Trade receivables
Other debtors
Fixed assets held for sale
Cash and Cash Equivalents
Total Current Assets TOTAL
ASSETS
EQUITY AND LIABILITIES
Equity
Share Capital
28,869 28,869
Share premium
21,524 21,524
Other reserves
21,158 21,158
Retained earnings
99,548 1,526 101,074
Total Shareholders' equity
171,099 1,526 172,625
Non controlling interest
3,484 3,484
Total Equity
174,583 1,526 176,109
Long Term Liabilities
Long Term Debt
46,691 46,691
Liabilities from leases
3,210 3,210
Provisions for Employee Benefits
16,012 -1,821 14,191
Other provisions
5 5
Deferred Tax Liabilities
2,111 2,111
Other Long Term Liabilities
242 242
Total Long Term Liabilities
68,271 -1,821 66,450
Short Term Liabilities
Short Term Debt
26,311 26,311
Liabilities from leases
2,822 2,822
Income Tax
7,383 7,383
Suppliers
29,697 29,697
Other short-term liabilities
33,092 33,092
Total Short Term Liabilities
99,305 0 99,305
TOTAL LIABILITIES
167,576 -1,821 165,755
TOTAL EQUITY & LIABILITIES
342,159 -295 341,864
Group
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Amounts in Euro thousand, unless stated otherwise
Annual Financial Report of 31.12.2021
Page 163 from 232
31-12-2020
IAS 19
Adjustments
31-12-2020
ASSETS
Non-Current Assets
Tangible fixed assets 357 357
Rights-of-use assets 55 55
Investment property 0 0
Intangible Assets 401 401
Investments in subsidiaries 73,858 73,858
Investments in joint ventures 3,819 3,819
Other long term receivables 1,157 1,157
Deferred tax assets 166 -36 130
Total non-Current Assets 79,813 -36 79,777
Current Assets
Inventories 0 0
Income tax prepaid 26 26
Trade receivables 12 12
Other debtors 194 194
Fixed assets held for sale 0 0
Cash and Cash Equivalents 163 163
Total Current Assets 395 0 395
TOTAL ASSETS 80,208 -36 80,172
EQUITY AND LIABILITIES
Equity
Share Capital 28,869 28,869
Share premium 21,644 21,644
Other reserves 13,550 13,550
Retained earnings 12,560 124 12,684
Total Shareholders' equity
76,623 124 76,747
Non controlling interest 0 0
Total Equity 76,623 124 76,747
Long Term Liabilities
Long Term Debt 0 0
Liabilities from leases 25 25
Provisions for Employee Benefits 238 -160 78
Other provisions 317 317
Deferred Tax Liabilities 0 0
Other Long Term Liabilities 1 1
Total Long Term Liabilities 581 -160 421
Short Term Liabilities
Short Term Debt 960 960
Liabilities from leases 31 31
Income Tax 56 56
Suppliers 531 531
Other short-term liabilities 1,426 1,426
Total Short Term Liabilities 3,004 0 3,004
TOTAL LIABILITIES 3,585 -160 3,425
TOTAL EQUITY & LIABILITIES 80,208 -36 80,172
Company
Amounts in thousand Euro, unless stated otherwise
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Amounts in Euro thousand, unless stated otherwise
Annual Financial Report of 31.12.2021
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31-12-2020
IAS 19
Adjustments
31-12-2020
ASSETS
Non-Current Assets
Tangible fixed assets 357 357
Rights-of-use assets 55 55
Investment property 0 0
Intangible Assets 401 401
Investments in subsidiaries 73,858 73,858
Investments in joint ventures 3,819 3,819
Other long term receivables 1,157 1,157
Deferred tax assets 166 -36 130
Total non-Current Assets 79,813 -36 79,777
Current Assets
Inventories 0 0
Income tax prepaid 26 26
Trade receivables 12 12
Other debtors 194 194
Fixed assets held for sale 0 0
Cash and Cash Equivalents 163 163
Total Current Assets 395 0 395
TOTAL ASSETS 80,208 -36 80,172
EQUITY AND LIABILITIES
Equity
Share Capital 28,869 28,869
Share premium 21,644 21,644
Other reserves 13,550 13,550
Retained earnings 12,560 124 12,684
Total Shareholders' equity
76,623 124 76,747
Non controlling interest 0 0
Total Equity 76,623 124 76,747
Long Term Liabilities
Long Term Debt 0 0
Liabilities from leases 25 25
Provisions for Employee Benefits 238 -160 78
Other provisions 317 317
Deferred Tax Liabilities 0 0
Other Long Term Liabilities 1 1
Total Long Term Liabilities 581 -160 421
Short Term Liabilities
Short Term Debt 960 960
Liabilities from leases 31 31
Income Tax 56 56
Suppliers 531 531
Other short-term liabilities 1,426 1,426
Total Short Term Liabilities 3,004 0 3,004
TOTAL LIABILITIES 3,585 -160 3,425
TOTAL EQUITY & LIABILITIES 80,208 -36 80,172
Company
3. Notes on the Financial Statements
3.1 Evolution and Performance of the Group
The following table depicts the Group’s nancial results from continuing operations for
the year ended 31/12/2021.
Financial Results of Year 2021
(CONTINUING OPERATIONS)
(amounts in thousand Euro)
Year 2021 Year 2020 Change %
Turnover
428,429 339,722 26.1%
Gross Prot
140,149 105,959 32.3%
Gross Prot Margin
32.7% 31.2%
ΕΒΙΤ
83,913 53,857 55.8%
EBIT Margin
19.6% 15.9%
EBITDA
103,791 72,484 43.2%
EBITDA Margin
24.2% 21.3%
Adjusted EBITDA
105,799 76,559 38.2%
Adjusted EBITDA Margin
24.7% 22.5%
EBT
83,920 52,077 61.1%
EBT Margin
19.6% 15.3%
Total EAT
65,866 41,272 59.6%
EAT Margin
15.4% 12.1%
Total EATAM
65,436 40,663 60.9%
EATAM Margin
15.3% 12.0%
Earnings per Share (in euro)
1.5093 0.9314 62.0%
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 184 of 276
Annual Financial Report as of 31.12.2021
Adjusted EBITDA does not include gains
from the sale of tangible assets account-
ing for € 763 and impairment losses of tan-
gible assets amounting to € 1,973 which
concern the operational restructuring of
Don & Low LTD. This subsidiary reduced its
presence in the market of woven technical
fabrics, while increasing its production ca-
pacity in the non-woven technical fabrics.
Also the above calculations do not include
expenses of € 798 concerning extraordi-
nary allowance to personnel.
These expenses are summarized below:
a. Gains from the sale of assets of Don
& Low LTD (see note 3.5) amounting
to € 763
b. Impairment of mechanical equip-
ment of Don & Low LTD (see note
3.8) of € 1,973
c. Extraordinary allowance to person-
nel (see note 3.8) accounting for €
798
For the completeness of information pro-
vided, the following table presents the
Group’s nancial results in total, both from
Continuing and Discontinued Operations,
for the period ended 31/12/2021:
Financial Results of Year 2021
(CONTINUING & DISCONTINUED OPERATIONS)
(amounts in thousand Euro)
Year 2021 Year 2020 Change %
Turnover
428,429 344,806 24.3%
Gross Prot
140,149 106,217 31.9%
Gross Prot Margin
32.7% 30.8%
ΕΒΙΤ
90,397 50,472 79.1%
EBIT Margin
21.1% 14.6%
EBITDA
110,275 69,444 58.8%
EBITDA Margin
25.7% 20.1%
Adjusted EBITDA
105,799 76,559 38.2%
Adjusted EBITDA Margin
24.7% 22.2%
EBT
90,517 48,767 85.6%
EBT Margin
21.1% 14.1%
Total EAT
72,457 37,956 90.9%
EAT Margin
16.9% 11.0%
Total EATAM
72,027 37,347 92.9%
EATAM Margin
16.8% 10.8%
Earnings per Share (in euro)
1.6613 0.8555 94.2%
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 185 of 276
Due to the decision to permanently dis-
continue the production activity of Thrace
Linq INC, which was decided in order for
the Group to focus on protable business
activities, this specic activity is recorded
in the income statement and other com-
prehensive income as discontinued op-
erations. More information regarding the
completion of the transfer of the property
of Thrace Linq INC is included in Section
3.14 “Fixed Assets Held for Sale”.
3.2 Discontinued Activities
Discontinued Operations
Statement of Income & Other Comprehensive
Income
Thrace Linq INC
31.12.2021 31.12.2020
Turnover
- 5,084
Cost of Sales
- (4,826)
Gross Prot / (Loss)
- 258
Non-Operating Income / (Expenses)
6,294 (3,128)
Earnings / (Losses) before Taxes 6,294 (2,870)
Taxes (6) (6)
Earnings / (Losses) after Taxes 6,288 (2,876)
Intra-group Transactions 303 (440)
Earnings / (Losses) after Taxes 6,591 (3,316)
Discontinued Operations
Cash Flows
Thrace Linq INC
31.12.2021
Cash Flows from operating activities
(290)
Cash Flows from investing activities
3,004
Cash Flows from Financing Activities
-
Change in Cash and Cash Equivalents
2,714
Cash from previous Year 582
Foreign Exchange Dierences 168
Cash Flows at the end of Year 3,464
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 186 of 276
Annual Financial Report as of 31.12.2021
3.3 Segment Reporting
The Group applies IFRS 8 to monitor its
business activities by sector. The areas of
activity of the Group have been dened
based on the legal structure and the busi-
ness activities of the Group. The Group
Management, being responsible for mak-
ing nancial decisions, monitors the nan-
cial information separately as presented
by the parent company and by each of its
subsidiaries.
The operating segments (business units)
are structured based on the dierent prod-
uct category, the structure of the Group’s
management and the internal reporting
system. Using the criteria as dened in the
nancial reporting standards and based
on the Group’s dierent activities, the
Group’s business activity is divided into
two sectors, namely the “Technical Fabrics”
and the “Packaging” sector.
The information related to the business
activities that do not comprise separate
segments for reporting purposes, have
been aggregated and depicted in the cat-
egory “Other”, which includes the agricul-
tural sector and the activities of the Parent
Company:
The operating segments (business units) of the Group are as follows:
Production and trade
of technical fabrics for
industrial and technical
use.
Production and trade
of packaging products,
plastic bags, plastic
boxes for packaging
of food and paints
and other packaging
materials for agricultural
use.
It includes the
Agricultural sector
and the business
activity of the Parent
company which apart
from the investing
activities provides
also Administrative –
Financial – IT services to
its subsidiaries.
During the year 2020, which was char-
acterized by the spread of the Covid-19
coronavirus pandemic, the Group faced
signicantly increased demand for specic
products of its existing product portfolio
and specically for technical fabrics used
in personal protection and health applica-
tions (Personal Protective Equipment). The
Group, taking advantage of the technolog-
ical capabilities of its modern production
lines and the know-how it has developed
in technical fabrics, managed to meet the
signicantly increased demand, using the
existing production lines and channeling
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 187 of 276
a large part of the already produced vol-
umes towards applications in this sector. At
the same time the Group proceeded with
targeted investments, such as the surgical
mask production lines and the Meltblown
non-woven fabric production line (as it has
been already announced to the investor
community via the corporate announce-
ments of 04/05/2020 and 01/10/2020). The
Group also proceeded with the purchase
of machinery for the production of high
protection masks (FFP2).
From a commercial point of view, the
Group during the previous year developed
its customer base, through the available
sales networks per country, based on the
separate needs of the respective markets
in each country, through the group sub-
sidiaries and regardless of the reference
sector. The Group acted in the above man-
ner either by channeling the products into
the retail market or by entering into agree-
ments with the respective local health sys-
tems.
Regarding the twelve-month period of
2021, the Group continued to support, in
line with the market needs, the particular
sector maintaining -especially during the
rst half of the year- an alternative product
mix which resulted into the sale of prod-
ucts with higher protability. However,
during the third quarter of the year, there
was a signicant decline in the demand for
these products and an accelerated shift of
the product mix towards the traditional
portfolio, which continued with an even
greater pace during the last quarter of the
year. Earnings before Taxes from Continu-
ing Operations at the Group level for the
year 2021 amounted to € 83.9 million, of
which, according to the estimates of the
Management, € 51.8 million were the re-
sult of the above market conditions and
especially of the respective conversion
of product mix. The above gure was al-
located by € 49.9 million in the Sector of
“Technical Fabrics”, and by € 1.9 million in
the Sector of “Packaging”.
It should be noted that part of the spe-
cic investments that were implemented
(such as the Meltblown non-woven tech-
nical fabrics production line), can be used
to produce products serving other sectors
and applications.
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 188 of 276
Annual Financial Report as of 31.12.2021
BALANCE SHEET OF 31.12.2021
TECHNICAL
FABRICS
PACKAGING OTHER
INTRA-
SEGMENT
ELIMINATIONS
GROUP
Total consolidated assets 269,145 120,606 88,026 (72,578) 405,199
INCOME STATEMENT FOR THE PERIOD
01.01 - 31.12.2021
TECHNICAL
FABRICS
PACKAGING
OTHER
INTRA-
SEGMENT
ELIMINA-
TIONS
GROUP
Turnover
318,878 120,007 5,668 (16,124) 428,429
Cost of sales
(205,633) (93,495) (5,644) 16,492 (288,280)
Gross prot
113,245 26,512 24 368 140,149
Other operating income
1,355 459 166 (367) 1,613
Distribution expenses
(25,855) (9,611) - (425) (35,891)
Administrative expenses
(12,099) (4,027) (930) 314 (16,742)
Research and Development Expenses
(1,483) (339) - - (1,822)
Other operating expenses
(3,351) (1,144) (99) - (4,594)
Other Income / (Losses)
1,124 76 - - 1,200
Operating prot / (loss)
72,936 11,926 (839) (110) 83,913
Interest & Other related (expenses)/income
(1,811) (959) (38) 45 (2,763)
Income from dividends
- - 15,007 (15,007) -
Prot / (loss) from companies consolidated
with the Equity method
1,311 1,125 334 - 2,770
Earnings / (losses) before tax
(Continuing operations)
72,436 12,092 14,464 (15,072) 83,920
Earnings / (losses) before tax
(Discontinued operations)
6,597 - - - 6,597
Total Earnings / (losses) before tax
79,033 12,092 14,464 (15,072) 90,517
Depreciation from continuing operations
13,212 6,339 327 - 19,878
Depreciation from discontinued operations
- - - - -
Total Depreciation
13,212 6,339 327 - 19,878
Earnings / (losses) before interest,
tax, depreciation & amortization from
continuing operations (EBITDA)
86,148 18,265 (512) (110) 103,791
Earnings / (losses) before interest,
tax, depreciation & amortization from
discontinued operations (EBITDA)
6,484 - - - 6,484
Total Earnings / (losses) before interest, tax,
depreciation & amortization (EBITDA)
92,632 18,265 (512) (110) 110,275
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 189 of 276
BALANCE SHEET AS OF 31.12.2020
TECHNICAL
FABRICS
PACKAGING
OTHER
INTRA-
SEGMENT
ELIMINA-
TIONS
GROUP
Total consolidated assets 218,425 113,363 80,493 (70,417) 341,864
INCOME STATEMENT FOR THE PERIOD
01.01 - 31.12.2020
TECHNICAL
FABRICS
PACKAGING
OTHER
INTRA-
SEGMENT
ELIMINA-
TIONS
GROUP
Turnover
243,103 105,718 4,853 (13,952) 339,722
Cost of sales
(168,176) (74,985) (4,545) 13,942 (233,763)
Gross prot
74,927 30,733 308 (9) 105,959
Other operating income
1,074 325 164 (394) 1,169
Distribution expenses
(21,000) (9,399) - (326) (30,725)
Administrative expenses
(10,660) (3,969) (1,093) 527 (15,195)
Research and Development Expenses
(1,166) (296) - - (1,462)
Other operating expenses
(4,288) (1,523) (73) 10 (5,874)
Other Income / (Losses)
(62) (62) (3) 112 (15)
Operating prot / (loss)
38,825 15,809 (697) (80) 53,857
Interest & Other related (expenses)/income
(1,837) (1,430) (316) 27 (3,556)
Income from dividends
- - 12,757 (12,757) -
Prot / (loss) from companies consolidated
with the Equity method
712 919 145 - 1,776
Earnings / (losses) before tax
(Continuing operations)
37,700 15,298 11,889 (12,810) 52,077
Earnings / (losses) before tax
(Discontinued operations)
(3,310) - - - (3,310)
Total Earnings / (losses) before tax
34,390 15,298 11,889 (12,810) 48,768
Depreciation from continuing operations
11,669 6,673 285 - 18,627
Depreciation from discontinued operations
345 - - - 345
Total Depreciation
12,014 6,673 285 - 18,971
Earnings / (losses) before interest,
tax, depreciation & amortization from
continuing operations (EBITDA)
50,494 22,482 (412) (80) 72,484
Earnings / (losses) before interest,
tax, depreciation & amortization from
discontinued operations (EBITDA)
(3,040) - - - (3,040)
Total Earnings / (losses) before interest, tax,
depreciation & amortization (EBITDA)
47,454 22,482 (412) (80) 69,444
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 190 of 276
Annual Financial Report as of 31.12.2021
3.5 Other Gains / Losses
Other Operating Income
Group Company
2021 2020 2021 2020
Grants (*) 378 168 - -
Income from rents 45 57 - -
Income from provision of services 131 - - -
Income from prototype materials 37 46 - -
Reverse entry of not utilized provisions 32 67 11 19
Income from energy management
programs
426 482 - -
Other operating income 564 349 157 140
Total 1,613 1,169 168 159
* The amount of € 378 refers to the following grants awarded: VAT, research and development, recruitment
of new graduates as well as professional training of the Group’s employees.
Other Gains / (Losses)
Group Company
2021 2020 2021 2020
Gains / (Losses) from sale of tangible
assets
98 123 (2) 5
Extraordinary prot / (losses) from sale
of tangible assets of Don & Low LTD
763 (11) - -
Foreign Exchange Dierences 339 (127) - (3)
Total 1,200 (15) (2) 2
3.4 Other Operating Income
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 191 of 276
3.6 Analysis of Expenses (Production-Administrative-Sales & Distribution-
Research & Development)
Analysis of Expenses
(Production-Administrative-
Sales & Distribution-Research &
Development)
Group Company
2021 2020 2021 2020
Payroll expenses 58,544 53,900 3,148 2,981
Third party fees – expenses * 5,707 4,903 1,742 1,383
Electric power – Natural gas 17,046 13,256 18 17
Repairs / Maintenance 6,436 4,905 18 23
Rental expenses 929 859 29 39
Insurance expenses 2,632 1,970 53 29
Exhibitions / travelling expenses 699 460 86 30
IT and telecom expenses 1,302 1,077 631 383
Promotion and advertising expenses 660 1,332 176 125
Transportation expenses 20,003 15,105 - -
Consumables 5,783 4,822 2 2
Sundry expenses / Other provisions 4,149 3,985 344 341
Depreciation / Amortization 19,805 18,909 327 285
Total 143,695 125,483 6,574 5,638
* Third party fees – expenses include fees paid to auditors, legal and advisory rms, as well as to the Board
of Directors.
The analysis of expenses per operating category, is as follows:
Analysis of expenses
Group Company
2021 2020 2021 2020
Production 89,240 78,101 5,644* 4,545*
Administrative 16,742 15,195 930 1,093
Sales & Distribution 35,891 30,725 - -
Research and Development 1,822 1,462 - -
Total 143,695 125,483 6,574 5,638
Amounts in thousand Euro, unless stated otherwise
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Page 192 of 276
Annual Financial Report as of 31.12.2021
The analysis of cost of goods sold is presented below:
Analysis of cost of goods sold
Group Company
2021 2020 2021 2020
Production expenses 89,240 78,101 5,644* 4,545*
Cost of materials and inventory 199,040 155,662 - -
Total 288,280 233,763 5,644 4,545
* The production expenses in the Company mainly refer to invoiced services oered.
3.7 Payroll Expenses
Payroll expenses are as follows:
Payroll expenses
Group Company
2021 2020 2021 2020
Salaries & Wages 48,629 44,422 2,767 2,640
Employer’s contributions 7,859 7,547 344 296
Retirement benets 1,466 1,252 8 9
Total 57,954 53,221 3,119 2,945
Other Expenses 590 679 29 36
Grand Total 58,544 53,900 3,148 2,981
The number of employed sta at the Group and Company at the end of the nancial
year (without including the joint ventures), was as follows:
Number of employees
Group Company
2021 2020 2021 2020
Full time employees – wage based
employees
1,662 1,688 25 21
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 193 of 276
Other Operating Expenses
Group Company
2021 2020 2021 2020
Provisions for doubtful receivables 442 691 - -
Other taxes and duties non-
incorporated in operating cost
221 163 - -
Depreciation 73 68 - -
Sta indemnities 397 341 92 66
Supplies / other bank expenses 166 100 7 5
Expenses for the purchase of
prototype materials (maquettes)
84 116 - -
Other operating expenses 440 331 - 2
Sub-Total 1,823 1,810 99 73
Extraordinary and non-recurring
expenses
2,771 4,064 - -
Total 4,594 5,874 99 73
Analysis of extraordinary and non-recurring
expenses
Group
2021 2020
Restructuring expenses - Don & Low LTD - 1,525
Expenses of Thrace Nonwovens & Geosynthetics
Single Person SA for transferring the assets of
Thrace Linq INC into its facilities
- 162
Extraordinary allowance to personnel 798 780
Impairment of tangible assets’ value 1,973 1,597
Total 2,771 4,064
3.8 Other Operating Expenses
In the context of the restructuring of
the Group’s participations, expenses of €
1,973 arose as a result of the operational
reorganization of the subsidiary Don &
Low LTD. Also a prot of € 763 from tan-
gible asset sales emerged (see note 3.5).
This subsidiary reduced its presence in
woven technical fabrics, while increas-
ing its production capacity in non-woven
technical fabrics. In addition, there was
an expense of € 798 from extraordinary
allowance to the personnel.
Respectively for the year 2020, there were
expenses of € 3,122 of the subsidiary Don
& Low LTD and of € 162 of the subsidiary
Thrace Nonwovens & Geosynthetics Sin-
gle Person SA for the transfer of tangible
assets from Thrace Linq INC to its prem-
ises. In addition, there had been expenses
of € 780 concerning extraordinary allow-
ance to personnel.
Amounts in thousand Euro, unless stated otherwise
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Page 194 of 276
Annual Financial Report as of 31.12.2021
3.9 Financial income/(expenses)
3.9.1 Financial income
Financial income
Group Company
2021 2020 2021 2020
Credit interest and similar income 106 53 - -
Foreign exchange dierences 859 614 - -
Total 965 667 - -
Income from dividends - - 15,006 12,757
3.9.2 Financial expenses
Financial expenses
Group Company
2021 2020 2021 2020
Interest expense and other similar
expenses
(2,049) (3,225) (37) (315)
Foreign exchange dierences (1,208) (418) - -
Financial result from Pension Plans (471) (580) - (1)
Total (3,728) (4,223) (37) (316)
Earnings after tax, per share, are calculated by dividing net earnings (after tax) allocated
to shareholders, by the weighted average number of shares outstanding during the
relevant nancial year, after the deduction of any treasury shares held.
Basic earnings per share (Consolidated, continuing
operations)
2021 2020
Earnings allocated to shareholders 65,436 40,663
Number of shares outstanding (weighted) 43,356 43,656
Basic and adjusted earnings per share (Euro in absolute
terms)
1.5093 0.9314
3.10 Earnings per Share (Consolidated)
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 195 of 276
Basic earnings per share (Consolidated, discontinued
operations)
2021 2020
Earnings allocated to shareholders 6,591 (3,316)
Number of shares outstanding (weighted) 43,356 43,656
Basic and adjusted earnings per share (Euro in absolute
terms)
0.1520 (0.0760)
Basic earnings per share (Consolidated, total operations) 2021 2020
Earnings allocated to shareholders 72,027 37,347
Number of shares outstanding (weighted) 43,356 43,656
Basic and adjusted earnings per share (Euro in absolute
terms)
1.6613 0.8555
As of 31
st
December 2021, the Company held 541,318 treasury shares.
The analysis of tax charged in the year’s nancial results, is as follows:
Income Tax
Group Company
2021 2020 2021 2020
Income tax (15,826)
(10,316)
- -
Tax of previous years (12) (30) - -
Income tax dierences of previous
years
- (3) - -
Deferred tax (expense)/income (2,216) (456) (16) (553)
Total (18,054)
(10,805)
(16) (553)
3.11 Income Tax
Amounts in thousand Euro, unless stated otherwise
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Page 196 of 276
Annual Financial Report as of 31.12.2021
The income tax for the period is calculated
based on the domestically applicable tax
rates. Deferred taxes are calculated on
temporary dierences using the appli-
cable tax rate in the countries where the
Group’s companies operate.
The eective tax rate of the Group diers
signicantly from the nominal tax rate, as
there are tax losses in the companies of
the Group for which no deferred tax asset
is recognized as well as signicant non tax
deductible expenses.
According to Law 4799/2021, the income
tax rate of legal entities in Greece was
reduced from 24% to 22% from the year
2021 onwards.
The income tax (reconciliation of the ac-
tual tax rate) is as follows:
Income Tax
Group Company
2021 2020 2021 2020
Earnings / (losses) before tax
83,920 52,077 14,130 11,743
Income tax rate
22% 24% 22% 24%
Corresponding income tax
(18,462)
(12,498)
(3,109) (2,818)
Eect due to dierent tax rates of subsidiaries
abroad
1,902 1,171 - -
Non tax-deductible expenses
(672) (1,099) (89) (56)
Revenues not subject to tax
512 1,974 3,301 3,062
Income tax dierences from previous years
(27) (49) - -
Deletion of previously recognized deferred tax
assets
- (549) - (549)
Eect from tax losses for which no deferred tax
asset has been recognized
(159) (579) (105) (192)
Eect from osetting tax losses from previous
years with taxable earnings for the year
- 1,059 - -
Eect due to change of tax rate of companies
(1,147) (235) (14) -
Income Tax
(18,054)
(10,805)
(16) (553)
From the scal year 2011 and onwards, the
Group’s Greek companies receive an “An-
nual Tax Certicate”. The “Annual Tax Cer-
ticate” is issued from the Legal External
Certied Auditor who audits the annual
nancial statements. Following the com-
pletion of the tax audit, the Legal External
Certied Auditor grants the company with
a “Tax Compliance Report” which is later
submitted electronically to the Ministry of
Finance. (In the above detailed table, re-
classication for detailed 2020 gures has
taken place for presentation purposes).
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 197 of 276
The tax audit for the year 2020 for the
Group’s Greek companies Thrace Plastics
Co. SA, Thrace Nonwovens & Geosynthet-
ics Single Person SA, Thrace Plastics Pack
SA, Thrace Polylms Single Person SA,
Thrace Eurobent SA, which was conducted
in accordance with the provisions of article
65a of L. 4172/2013, was completed by the
audit rm “PricewaterhouseCoopers SA”
and revealed no material tax obligations
apart from those recorded and depicted
in the nancial statements. Tax certicates
were issued, with an unqualied opinion,
for each of the above companies.
For the nancial year 2021, a tax audit for
the above companies is already performed
by PricewaterhouseCoopers SA in accord-
ance with the provisions of article 65 of L.
4172/2013. This audit is underway and the
relevant tax certicate is expected to be is-
sued following the release of the 2021 -
nancial statements. If until the completion
of the tax audit additional tax liabilities
arise, the Management of the Group assess
that such will not have a material eect on
the nancial statements.
The unaudited tax scal years, in which
the tax liabilities have not been nalized,
and therefore the probability of a tax audit
from the tax authorities exists, are present-
ed in the following table:
Company
Tax un-audited
scal years
Thrace Plastics Co. Sa 2016-2021
Thrace Nonwovens &
Geosynthetics Single
Person SA
2016-2021
Thrace Plastics Pack SA 2016-2021
Thrace Polylms Single
Person SA
2016-2021
Company
Tax un-audited
scal years
Thrace Protect Single
Person S.M.P.C.
2017-2021
Thrace Eurobent SA 2016-2021
Thrace Greenhouses
SA
2016-2021
The following table depicts the unaudited
tax scal years for which the tax liabilities
have not been nalized for the Companies
outside Greece.
Company
Tax un-audited
scal years
Don & Low LTD 2018-2021
Don & Low Australia
LTD
2018-2021
Synthetic Holdings
LTD
2018-2021
Synthetic Textiles LTD 2016-2021
Thrace Synthetic
Packaging LTD
2016-2021
Thrace Polybulk A.B 2013-2021
Thrace Polybulk A.S 2015-2021
Thrace Greiner
Packaging SRL.
2016-2021
Trierina Trading LTD 2016-2021
Thrace Ipoma A.D. 2017-2021
Thrace Plastics
Packaging D.O.O.
2016-2021
Lumite INC 2015-2021
Thrace Linq INC 2015-2021
Adrmate LTD 2016-2021
Pareen LTD 2016-2021
Saepe LTD 2016-2021
Thrace Asia LTD 2012-2021
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
The changes in the tangible assets during the year are analyzed as follows:
Tangible Assets
Group 2021
Fields –
land plots
Buildings
& technical
works
Machinery
& technical
facilities
Transportation
means
Furniture
& other
equipment
Tangible
assets under
construction
or installation
Total
ACQUISITION COST
Acquisition cost
01.01.2021
3,510 57,679 301,826 1,446 9,102 4,381 377,944
Additions 655 2,318 5,429 49 506 21,322 30,279
Disposals
- - (6,875) (89) (21) - (6,985)
Impairments - - (2,456) - - - (2,456)
Transfers
- 2,110 8,932 5 95 (11,142) -
Transfer from right-of-
use assets
- - 19,351 - - - 19,351
Foreign exchange
dierences
47 1,273 7,617 - 301 27 9,265
Acquisition cost
31.12.2021
4,212 63,380 333,824 1,411 9,983 14,588 427,398
DEPRECIATION
Accumulated
depreciation
01.01.2021
-
(29,055) (208,617)
(1,084) (7,677) - (246,433)
Depreciation for the
period
- (1,740) (16,081) (120) (386) - (18,327)
Disposals - - 6,143 85 18 - 6,246
Transfer from right-of-
use assets
- - (9,288) (4) - - (9,292)
Foreign exchange
dier-ences
- (793) (4,656) - (295) - (5,744)
Accumulated
depreciation
31.12.2021
- (31,588)
(232,499)
(1,123) (8,340) - (273,550)
NET BOOK VALUE
31.12.2020 3,510 28,624 93,209 362 1,425 4,381 131,512
31.12.2021 4,212 31,792 101,325 288 1,643 14,588 153,848
3.12 Tangible Assets
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
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Tangible Assets
Group 2020
Fields –
land plots
Buildings
& technical
works
Machinery
& technical
facilities
Transportation
means
Furniture
& other
equipment
Tangible
assets under
construction
or
installation
Total
ACQUISITION COST
Acquisition cost
01.01.2020
3,152 55,709 286,881 1,468 9,400 5,829 362,439
Additions 395 1,668 617 69 476 25,796 29,021
Disposals - - (4,277) (90) (532) - (4,899)
Impairments - - (1,931) - - - (1,931)
Transfers - - 5 - (5) - -
Transfer from right-of-
use assets
- 1,317 25,791 - 54 (27,162) -
Foreign exchange
dier-ences
- - 1,054 - - - 1,054
Liquidations (37) (1,015) (6,314) (1) (291) (82) (7,740)
Acquisition cost
31.12.2020
3,510 57,679 301,826 1,446 9,102 4,381 377,944
DEPRECIATION
Accumulated
depreciation 01.01.2020
-
(27,934) (202,272)
(1,036) (7,987) - (239,229)
Depreciation for the
period
- (1,896) (13,498) (124) (395) - (15,913)
Disposals - 156 3,607 76 427 - 4,266
Other changes - - (5) - 5 - -
Transfer from right-of-
use assets
- - (641) - - - (641)
Foreign exchange
dier-ences
- 619 4,192 (1) 273 - 5,084
Accumulated
depreciation 31.12.2020
- (29,055)
(208,617)
(1,084) (7,677) - (246,433)
NET BOOK VALUE
31.12.2019 3,152 27,775 84,609 432 1,413 5,829 123,210
31.12.2020 3,510 28,624 93,209 362 1,425 4,381 131,512
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Tangible Assets
Company 2021
Fields –
land plots
Buildings
& technical
works
Machinery
& technical
facilities
Transportation
means
Furniture
& other
equipment
Tangible
assets under
construction or
installation
Total
ACQUISITION COST
Acquisition cost
01.01.2021
- 392 11,159 221 1,228 - 13,000
Additions
- - - - 22 - 22
Disposals
- - - - - - -
Retirements
- - - - - - -
Transfers
- - - - - - -
Acquisition cost
31.12.2021
- 392 11,159 221 1,250 - 13,022
DEPRECIATION
Accumulated
depreciation
01.01.2021
-
(234) (11,124)
(214) (1,071) -
(12,644)
Depreciation for the
period
- (13) - (2) (37) - (51)
Disposals
- - - - - - -
Transfers
- - - - - - -
Accumulated
depreciation
31.12.2021
- (247)
(11,124)
(216) (1,108) - (12,695)
NET BOOK VALUE
31.12.2020
- 158 35 7 157 - 357
31.12.2021
- 145 35 5 142 - 327
Amounts in thousand Euro, unless stated otherwise
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Tangible Assets
Company 2020
Fields –
land
plots
Buildings
& technical
works
Machinery
& technical
facilities
Transportation
means
Furniture
& other
equipment
Tangible
assets under
construction
or installation
Total
ACQUISITION COST
Acquisition cost
01.01.2020
- 392 11,154 226 1,222 - 12,994
Additions - - - - 11 - 11
Disposals - - - (5) - - (5)
Retirements - - - - - - -
Transfers - - 5 - (5) - -
Acquisition cost
31.12.2020
- 392 11,159 221 1,228 - 13,000
DEPRECIATION
Accumulated
depreciation
01.01.2020
-
(221) (11,119)
(217) (1,040) -
(12,597)
Depreciation for the
period
- (13) - (2) (36) - (51)
Disposals - - - 5 - - 5
Transfers - - (5) - 5 - -
Accumulated
depreciation
31.12.2020
- (234)
(11,124)
(214) (1,071) (12,644)
NET BOOK VALUE
31.12.2019 - 171 35 9 182 - 398
31.12.2020 - 158 35 7 157 - 357
There are no liens and guarantees on the Company’s tangible assets, while the liens on
the Group’s tangible assets amount to € 5,460.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
The right-of-use assets are analyzed as follows:
Right-of-use assets
Group 2021
Buildings
and technical
works
Machinery
equipment
Transportation
means
Furniture
and other
equipment
Total
ACQUISITION COST
Acquisition cost
01.01.2021
531 19,837 2,980 62 23,410
Additions 724 - 408 4 1,136
Derecognition - - (181) (4) (185)
Transfers to tangible
assets
- (19,351) - - (19,351)
Foreign exchange dier-
ences
11 - 35 - 46
Acquisition cost
31.12.2021
1,266 486 3,242 62 5,056
DEPRECIATION
Accumulated
depreciation
01.01.2021
(280)
(8,975) (932) (26) (10,213)
Depreciation for the
period
(213) (357) (625) (13) (1,208)
Derecognition - - 137 4 141
Transfers to tangible
assets
- 9,288 4 - 9,292
Foreign exchange dier-
ences
(3) - (15) - (18)
Accumulated
depreciation
31.12.2021
(496)
(44)
(1,431) (35) (2,006)
NET BOOK VALUE
01.01.2020 251 10,862 2,049 36 13,197
31.12.2021 770 442 1,811 27 3,050
3.13 Leases
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 203 of 276
Right-of-use assets
Group 2020
Buildings
and technical
works
Machinery
equipment
Transportation
means
Furniture
and other
equipment
Total
ACQUISITION COST
Acquisition cost
01.01.2020
768 20,490 2,146 56 23,460
Additions
34 486 1,081 6 1,607
Derecognition (246) (78) (224) - (548)
Transfers
- (1,054) - - (1,054)
Foreign exchange dier-
ences
(25) (7) (23) - (55)
Acquisition cost
31.12.2020
531 19,837 2,980 62 23,410
DEPRECIATION
Accumulated
depreciation
01.01.2020
(253)
(7,681)
(541) (14) (8,489)
Depreciation for the
period
(205) (1,956) (542) (12) (2,715)
Derecognition 173 19 142 - 334
Transfers - 641 - - 641
Foreign exchange dier-
ences
5 2 9 - 16
Accumulated
depreciation
31.12.2020
(280)
(8,975)
(932) (26) (10,213)
NET BOOK VALUE
01.01.2020 515 12,809 1,605 42 14,972
31.12.2020 251 10,862 2,049 36 13,197
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Right-of-use assets
Company 2021
Buildings and
technical works
Transportation
means
Total
ACQUISITION COST
Acquisition cost 01.01.2021
254 60 314
Additions 368 57 425
Derecognition - - -
Transfers - - -
Acquisition 31.12.2021
622 117 739
DEPRECIATION
Accumulated depreciation
01.01.2021
(232)
(27) (259)
Depreciation for the period (114) (22) (136)
Derecognition
-
- -
Transfers
-
- -
Accumulated depreciation
31.12.2021
(346) (49) (395)
NET BOOK VALUE
01.01.2021 22 33 55
31.12.2021 276 68 344
Right-of-use assets
Company 2020
Buildings and
technical works
Transportation
means
Total
ACQUISITION COST
Acquisition 01.01.2020
254 62 316
Additions - 40 40
Derecognition - (42) (42)
Transfers - - -
Acquisition 31.12.2020
254 60 314
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 205 of 276
Right-of-use assets
Company 2020
Buildings and
technical works
Transportation
means
Total
DEPRECIATION
Accumulated depreciation
01.01.2020
(116) (24) (140)
Depreciation for the period (116) (15) (131)
Derecognition - 12 12
Transfers - - -
Accumulated depreciation
31.12.2020
(232) (27) (259)
NET BOOK VALUE
01.01.2020 138 38 176
31.12.2020 22 33 55
The consolidated and standalone statements of nancial position of year 2021, includes
the following amounts related to lease liabilities:
Leases from Liabilities Group Company
Short-term liabilities from leases 914 139
Long-term liabilities from leases 2,061 208
Total liabilities from Leases 2,975 347
The above amounts include leases related
to buildings, cars, clark, printers and other
equipment which were initially recog-
nized with the application of IFRS 16 in the
nancial year 2019.
These gures for the Group amount to €
2,034 for 2021 and € 1,713 for 2020. For
the Company the amounts settled at € 347
and € 56 respectively.
The interest expense related to lease li-
abilities of the Group and the Company
amounts to € 108 (2020: € 219) and € 14
(2020: € 4) respectively.
The expenses related to short-term leases
of the Group amount to € 929 (2020: € 859)
and are included in the cost of goods sold
and the administration and sales & distri-
bution expenses. The expenses related to
short-term leases of the Company amount
to € 29 (2020: € 39) and are included in the
administration costs.
The total cash outows of the Group and
the Company for leases in 2021 amount to
€ 5,243 (2020: € 5,432) and € 158 (2020: €
154) respectively.
The maturity of liabilities from leases is
analyzed in Note 3.32.
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 206 of 276
Annual Financial Report as of 31.12.2021
It refers to the industrial l property that
housed Thrace Linq INC, located in South
Carolina, USA. The management of the
Group decided to sell the particular
property. This property is included in the
segment of technical fabrics.
During the previous year, the transfer of
the above property was completed.
The total price consideration of the sale
amounted to USD 14.5 million. As a result
of the existing agreement, Thrace Linq INC
received the amount of USD 11 million,
while an amount of USD 3.5 million along
with the corresponding interest would
have to be paid by the Buyer within the
year 2021.
However, according to the existing
agreements and its special covenants
(both with the Buyer and with the Bank
involved), in case for any reason the Buyer
had to breach its obligation to repay the
remaining amount at the initially agreed
time horizon (up until 15/06/2021 at the
latest), the company Thrace Linq INC would
have the right to repurchase the property
(based on priority and also based on its
own discretion), covering the outstanding
balance of the loan (and any interest or
expenses that would be due) of the buyer
as it would have been formed at the time
when Thrace Linq INC would exercise this
right, thus permanently canceling the sale
or alternatively in case such would have
been deemed unprotable, the company
would have the right to participate in the
property’s liquidation process (having as
collateral the second registered mortgage).
Before deadline expiration, the parties
mutually agreed to extend the agreement
duration for two months, i.e. repayment of
the outstanding amount until 15/08/2021
the latest.
On August 18, 2021, the company issued
a corporate announcement informing
the investor community that after the on
time collection of the entire remaining
part of the consideration of USD 3.5
million (plus interest due and expenses)
and the consequent cancellation of any
reservations related to this repayment,
the process of selling the property was
completed and consequently the above
transfer became certain and nal.
It should be noted that as a result of the
completion of the sale of the property, the
Group recorded a capital gain of USD 7.78
million (i.e. EUR 6.57 million).
The nal sale of the property of the fully
owned by 100% subsidiary Thrace Linq
INC. completes in the most benecial
manner for the Group the respective
action plan, concerning the cessation of
the production activity of the particular
subsidiary. At the same time, the Group
continues to smoothly serve the geotextile
market in America from the Group’s own
facilities in Europe as well as from Lumite
INC., which is a joint venture of the Group
in the USA, thus strengthening on a
gradual basis its position in this market as
well.
3.14 Fixed assets held for sale
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 207 of 276
3.15 Intangible Assets
The changes in the intangible assets during the year are analyzed as follows:
Intangible Assets
Group Company
Concessions
& industrial
property rights
Company
goodwill
Total
Concessions
& industrial
property rights
Total
ACQUISITION COST
Acquisition cost
31.12.2020
2,943 9,808 12,751 1,589 1,589
Additions 141 - 141 - -
Transfers - - - -
Impairments - - - - -
Foreign exchange
dierence
45 7 52 - -
Acquisition cost
31.12.2021
3,129 9,815 12,944 1,589 1,589
AMORTIZATION
Accumulated amortization
31.12.2020
(2,096) - (2,096) (1,188) (1,188)
Amortization for the
period
(342) - (342) (139) (139)
Transfers 57 - 57
Impairments - - -
Foreign exchange
dierence
(24) - (24)
Accumulated amortization
31.12.2021
(2,405) - (2,405) (1,327) (1,327)
NET BOOK VALUE
31.12.2020 847 9,808 10,655 401 401
31.12.2021 724 9,815 10,539 262 262
Intangible Assets
Group Company
Concessions
& industrial
property rights
Company
goodwill
Total
Concessions
& industrial
property rights
Total
ACQUISITION COST
Acquisition cost
31.12.2019
5,126 9,811 14,937 1,589 1,589
Additions 27 - 27 - -
Transfers - - - -
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Intangible Assets
Group Company
Concessions
& industrial
property rights
Company
goodwill
Total
Concessions
& industrial
property rights
Total
Impairments (1,990) - (1,990) - -
Foreign exchange
dierence
(220) (3) (223) - -
Acquisition cost
31.12.2020
2,943 9,808 12,751 1,589 1,589
AMORTIZATION
Accumulated amortization
31.12.2019
(3,587) - (3,587) (1,086) (1,086)
Amortization for the
period
(344) - (344) (102) (102)
Transfers 1 - 1
Impairments 1,669 - 1,669 - -
Foreign exchange
dierence
165 - 165 - -
Accumulated amortization
31.12.2020
(2,096) - (2,096) (1,188) (1,188)
NET BOOK VALUE
31.12.2019 1,539 9,811 11,350 503 503
31.12.2020 847 9,808 10,655 401 401
The Group tests on annual basis the
goodwill for impairment according to the
Group’s accounting principle (see note
2.6.2).
The goodwill which derives during the
consolidation of companies which have
been acquired has been allocated in the
following cash ow generating units
(CFGU) per subsidiary company.
Subsidiaries’ Goodwill 2021
Don & Low LTD 7,490
Trierina Trading LTD 798
Thrace Polybulk AB 680
Thrace Polybulk AS 765
Subsidiaries’ Goodwill 2021
Thrace Nonwovens &
Geosynthetics Single
Person SA
50
Other 32
Total 9,815
Major Assumptions
The recoverable value of a cash ow gen-
erating unit is determined according to
the calculation of the value in use. This cal-
culation uses provisions of cash ows be-
fore taxes, based on 5-year nancial budg-
ets, which have been approved by the
Management and then extrapolated into
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 209 of 276
perpetuity. The value in use for the cash
ow generating units is being aected (in
terms of sensitivity) from basic factors such
as the growth rate to perpetuity which has
been set at 0.5%, the projections with re-
gard to the forecasted quantities and sales
prices according to the 5-year investment
plan of the group, the gross prot margin
and the discount rates.
The discount rates reect the current es-
timations of the market for the separate
risks of each cash ow generating unit. The
calculation of the discount rates is based
on the certain conditions in which the
Group operates along with its operating
segments, and is being extracted from the
weighted average cost of capital (WACC).
The weighted average cost of capital is
based on both the debt and the equity.
The cost of equity derives from the expect-
ed return required by the Group’s inves-
tors for their investment. The cost of debt
is based on the interest rate of the Group’s
loans that are being repaid. The country’s
risk premium is incorporated with the
application of individual beta sensitiv-
ity factors. Beta sensitivity factors (or beta
coecient) are being reviewed annually
according to the published market data.
The above assumptions vary depending
on the dierent market conditions prevail-
ing in the countries which the Group acti-
vates in. The Group uses the services of an
independent valuator who utilizes the Dis-
counted Cash Flow method and values the
companies based on the future cash ows
in order to determine the value in use.
The basic assumptions used are consist-
ent with independent external sources of
information, and are analyzed below per
cash ow generating unit.
Assumptions – Don & Low LTD 2021 2020
Discount rate, weighted average 6.9% 7.4%
Annual growth rate in revenues 5.3% 1.55%
Earnings before interest, taxes, depreciation and
amortization (5-year)
20% 22%
Assumptions – Trierina Trading LTD / Thrace Ipoma A.D.
Discount rate, weighted average 5.7% 6.7%
Annual growth rate in revenues 7.5% 5%
Earnings before interest, taxes, depreciation and
amortization (5-year)
13% – 16%
19.5% –
22.6%
Assumptions – Thrace Polybulk AS
Discount rate, weighted average 8.0% 7.8%
Annual growth rate in revenues 9.3% 2.4%
Earnings before interest, taxes, depreciation and
amortization (5-year)
9.6% - 14%
10.5% -
13.7%
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Assumptions – Thrace Polybulk AB
Discount rate, weighted average 6.8% 6.9%
Annual growth rate in revenues 10.3% 3.8%
Earnings before interest, taxes, depreciation and
amortization (5-year)
3.2% - 10.6% 4.4% - 6.7%
3.16 Other Long-Term Receivables
Due to delays observed in the collection of
grants receivable from the Greek State, the
Group has reclassied this item in the pre-
vious years from short-term to long-term
receivables, while proceeding to a partial
impairment, and therefore the current out-
standing balance of the receivable at pe-
riod end is €4,879. The total receivables of
the Group that have been recorded before
the impairments, amount to € 11,062.
The receivable was formed due to a 12%
grant on the payroll cost concerning the
personnel employed in Xanthi and is to
be collected from OAED (Greek Manpower
Employment Organization).
Other Long-Term Receivables
Group Company
2021 2020 2021 2020
Grants receivable 4,879 4,879 1,119 1,119
Other accounts receivable 122 155 37 38
Total 5,001 5,034 1,156 1,157
Based on the results of the impairment
test, as of December 31, 2021, no impair-
ment losses emerged in the book value of
the goodwill of the above cash ow gener-
ating units.
On December 31, 2021, the recoverable
amount for the specic cash ow generat-
ing units compared to the corresponding
book values, indicates that there is a signif-
icant margin and any substantial change
in the assumptions used would not result
in an impairment in the book value of
goodwill.
The Group analyzed the sensitivity of the
recoverable amounts of each Cash Flow
Generating Unit (CFGU) in relation to a ra-
tional and probable change in one of the
major assumptions (as an indication it is
noted the best case scenario which refers to
5% sales growth and 2% increase of gross
prot, as well as the worst case scenario
which refers to the corresponding opposite
and unfavorable changes). As a result of the
sensitivity analysis, the recoverable amount
for the above cash ow generating units
(CFGU) compared to their respective book
value, indicates a sucient margin.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 211 of 276
3.17 Inventories
Inventories
Group Company
2021 2020 2021 2020
Merchandise 8,684 6,970 - -
Finished and semi-nished
products
29,163 24,353 - -
Raw & auxiliary materials 34,687 24,259 - -
Provision for impairment of
inventory *
(1,852) (1,433) - -
Spare parts – other inventory 1,153 1,189 - -
Total 71,835 55,338 - -
Provision for Impairment of Inventory Group Company
Opening Balance 1.1.2020 1,073 -
Additional provisions 565 -
Reverse Entry of Provisions (42) -
Utilized provisions (111) -
Foreign Exchange Dierences (52) -
Total 31.12.2020 1,433 -
Additional provisions 356 -
Reverse Entry of Provisions - -
Utilized provisions - -
Foreign Exchange Dierences 63 -
Total 31.12.2021 1,852 -
On July 17, 2020, the Law 4706/2020 was
voted, according to which the outstand
-
ing receivables of the beneciaries until
31.12.2015, which as mentioned above
amount to € 11,062 for the Group, will be
oset against existing and future claims
of the State, by the entry into force of the
above law.
The obligations of OAED (Greek Manpower
Employment Organization) and the Greek
State are exhausted according to the provi
-
sions of article 87, par. 2 of Law 4706/2020.
The companies of the Group have imple
-
mented the procedures provided by Law
4706/2020, in accordance with the issued
circulars of OAED, in order to certify the cor
-
rectness of the claimed amounts by com-
paring the already submitted statements.
At the time of preparation of the current
report, the process of receivables osetting
has not been initiated for all engaged com
-
panies and therefore the respective process
remains in progress.
Amounts in thousand Euro, unless stated otherwise
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Page 212 of 276
Annual Financial Report as of 31.12.2021
The Group’s customers balance included
notes and checks overdue of € 8,070 for the
year 2021 and of € 8,065 for the year 2020.
Classication of customer receivables
Receivables from customers consist of the
amounts due from customers from the sale
of products that occur during the normal
operation of the Group. In general, credit
terms range from 30 to 180 days and there-
fore trade receivables are classied as short-
term.
Receivables from customers are initially
recognized in the transaction amount if
the Group has the unconditional right to
receive the transaction price. The Group
holds the receivables from customers in or-
der to collect the contractual cash ows and
therefore measures them at amortized cost
using the eective interest rate method.
The dispersion of the Group’s sales is
deemed as satisfactory. There is no concen-
tration of sales into a limited number of cus-
tomers and therefore there is no increased
risk of income loss or increased credit risk.
Fair value of receivables from customers
Given their short-term nature, the fair value
of receivables approximates book value.
Impairment of receivables from
customers
For the accounting policy on impairment of
receivables from customers, see note 2.10.
For information on nancial risk manage-
ment, see note 3.32.
3.18.2 Other receivables
Other receivables
Group Company
2021 2020 2021 2020
Debtors 3,438 2,417 1,066 23
Investment Grant Receivable 2,353 2,193 - -
Prepaid expenses 3,818 2,601 187 171
Interim dividend - Dividends 4,750 - 5,750 -
Total 14,359 7,211 7,003 194
3.18 Trade and other receivables
3.18.1 Trade Receivables
Trade Receivables
Group Company
2021 2020 2021 2020
Customers 72,268 64,170 2,626 2,340
Provisions for doubtful debts (7,721) (7,307) (2,317) (2,328)
Total 64,547 56,863 309 12
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 213 of 276
The above grant concerns a grant
receivable of Law 3299/2004 of the
subsidiary Thrace Plastics Pack SA
concerning an implemented investment.
Accrued expenses mainly concern the
receivable for government grants, advance
payments of taxes other than income tax
and other prepaid expenses.
3.18.3 Analysis of Provisions for Doubtful Receivables and other receivables
Analysis of Provisions for Doubtful Receivables Group Company
Opening balance 1.1.2020 6,541 2,347
Additional Provisions 908* -
Reverse Entry of Provision (20) -
Provisions utilized (98) (19)
Foreign Exchange Dierences (24) -
Total 31.12.2020 7,307 2,328
Opening balance 1.1.2021 7,307 2,328
Additional Provisions 456 -
Reverse Entry of Provision (70) -
Provisions utilized (11) (11)
Foreign Exchange Dierences 39 -
Total 31.12.2021 7,721 2,317
* An amount of € 217 concerns the company Thrace Linq INC which is included in the income
statement in the discontinued operations.
3.19 Cash & cash equivalents
Cash & cash equivalents
Group Company
2021 2020 2021 2020
Cash in hand 20 23 5 10
Current and time deposits 63,220 40,801 132 153
Total 63,240 40,824 137 163
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Credit rating of cash & cash
equivalents
Group Company
2021 2020 2021 2020
AA- 91 1,390 - -
Α+ 3,521 713 - -
Α 45,315 16,210 - -
A- 478 997 - -
Β- 2,909 442 53 2
ΒΒΒ- - 60 - -
BBB+ 2,540 1,945 - -
B 3,306 - 21 -
B+ 5,060 - 58 -
BB+ - 476 - -
CCC+ - 10,600 - 129
CCC - 7,968 - 22
Total 63,220 40,801 132 153
3.20 Share Capital and Share Premium Reserve
The Company’s share capital accounted for 28,869,358.32 Euro (absolute number) on 31
December 2021 divided by 43,741,452 common registered shares with nominal value of
0.66 Euro per share.
Credit rating of cash & cash
equivalents
Approximately 13% of the Group’s cash
and cash equivalents are deposited in the
Greek systemic banks within the Greek
region. The Group’s Management deems
that there are no risks associated with the
above deposits in the current period.
Following, cash & cash equivalents are cat-
egorized according to the credit rating of
banks (conducted by Fitch) where the rel-
evant deposits are placed.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 215 of 276
3.21 Reserves
3.21.1 Statutory Reserves
In accordance with the provisions of
Greek Law, the creation of a statutory re-
serve – by transferring to such a reserve
an amount equal to 5% of the annual after
tax prots realized – is mandatory until the
time though the reserve reaches the 1/3 of
the Company’s share capital. The statutory
reserve can be distributed only upon the
dissolution of the Company. However, it
can be used to oset accumulated losses.
3.22 Bank Debt
The Group’s long term loans have been
granted from Greek and foreign banks. The
repayment time varies, according to the
loan contract, while most loans are linked
to Euribor plus a spread.
The Group’s short term loans have been
granted from Greek and foreign banks
with interest rates of Euribor or Libor plus
a margin. The book value of loans ap-
proaches their fair value during 31 Decem-
ber 2021.
Analytically, bank debt at the end of the
year was as follows:
3.21.2 Tax-exempt and Other Reserves
These reserves were formed by the appli-
cation of special provisions of tax laws for
special incentive laws. In case of their dis-
tribution, they will be taxed with the tax
rate prevailing at the time of their distribu-
tion.
3.21.3 Foreign exchange dierence reserves
These reserves are formed from the con-
version of the Assets, Liabilities and net
income of subsidiaries based abroad into
EUR, based on the exchange rate accord-
ing to the accounting policies mentioned
in note 2.12.3.
Debt
Group Company
2021 2020 2021 2020
Long-term loans
33,610 46,691 - -
Total long-term loans
33,610 46,691 - -
Short term portion of long term debt
8,519 15,722 - -
Short-term loans
8,874 10,589 1,519 960
Total short-term loans
17,393 26,311 1,519 960
Grand Total 51,003 73,002 1,519 960
Short-term loans include an amount of €
1,396 which relates to a Factoring arrange-
ment of Thrace Plastics Pack SA with ABC
Factors, which has been received by the
aforementioned subsidiary and corre-
sponds to non-reinsured customers.
The maturity of loans is as follows::
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
The liabilities of the Company and the
Group towards its employees in providing
them with certain future benets, depend-
ing on the length of service is calculated by
an actuarial study on annual basis. The ac-
counting treatment is made on the basis of
the accrued entitlement, as at the Balance
Sheet date, that is anticipated to be paid,
discounted to its present value by reference
to the anticipated time of payment.
The liability for the Company and the
Group, as presented in the Balance Sheet,
is analyzed as follows:
3.23 Employees Benefits
Employees Benets
Group Company
2021 2020 2021 2020
Dened contribution plans – Not self nanced
1,599 1,462 79 78
Dened benet plans – Self nanced
1,900 12,729 - -
Total provision at the end of the year 3,499 14,191 79 78
3.23.1 Dened contribution plans – Not self-nanced
The IFRS Interpretations Committee is-
sued in May 2021 the nal decision on the
agenda entitled “Distribution of benets
in periods of service in accordance with
International Accounting Standard (IAS)
19”, which includes explanatory material
on how to distribute benets in periods of
service on a specic dened benet plan
proportional to that dened in article 8 of
L.3198 / 1955 regarding the provision of
compensation due to retirement (the “Pro-
gram of Fixed Benets of Labor Law”).
Based on the above Decision, there should
be an alteration in the way in which the
basic principles of IAS 19 were applied
in Greece in the past in this regard. Con-
sequently, according to what is dened
Maturity of Loans
Group Company
2021 2020 2021 2020
Up to 1 year
17,393 26,310 1,519 960
From 1 – 3 years
29,479 32,797 - -
Over 3 years
4,131 13,895 - -
Total loans 51,003 73,002 1,519 960
It should be noted that the Company
does not have any bank debt obligations,
while the balance of the debt obligations
reported in its Balance Sheet refers to an
intragroup loan.
Interest rates are linked on a case by case
basis with a Euribor or Libor index plus a
margin ranging from 1.25% to 3.5%.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 217 of 276
in the “IASB Due Process Handbook (par.
8.6)”, the economic entities that prepare
their nancial statements in accordance
with IFRS are required to amend their ac-
counting policies in relation to the above.
Until the issuance of the decision, for the
Greek subsidiaries, the Group applied IAS
19 distributing the benets dened by the
article 8 of L.3198 / 1955, L. 2112/1920,
and its amendment by Law 4093/2012 in
the period from the recruitment until the
date of retirement of the employees.
The application of this nal Decision to the
attached nancial statements, has brought
as requirement the distribution of benets
dened in the last sixteen (16) years until
the date of retirement of employees fol-
lowing the scale of Law 4093/2012.
In this context, the application of the
above Final Decision has been treated as a
change in accounting policy, applying the
change retroactively from the beginning
of the rst comparative period, in accord-
ance with paragraphs 19 to 22 of IAS 8.
The Greek companies of the Group as well
as the subsidiary Thrace Ipoma A.D. domi-
ciled in Bulgaria participate in the follow-
ing plan.
Dened contribution plans – Not self-
nanced
Group Company
2021 2020 2021 2020
Amounts recognized in the balance sheet
Present value of liabilities 1,599 1,462 79 78
Net liability recognized in the balance sheet 1,599 1,462 79 78
Amounts recognized in the nancial results
Cost of current employment 164 100 12 8
Net interest on the liability / (asset) 6 20 - 2
Ordinary expense in the account of
nancial results
170 120 12 10
Recognition of prior service cost (22) 12 - -
Cost of curtailment / settlements / service
termination
386 219 88 66
Other expense / (income) - (35) - -
Total expense in the account of nancial
results
534 316 100 76
Change in the present value of the liability
Present value of liability at the beginning of
period
1,462 2,599 78 215
Change in accounting policy (note 2.25) -
(1,821)
- (160)
Present value of liability at the beginning
of period
1,462
778 78 55
Cost of current employment 164 100 12 8
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Dened contribution plans – Not self-
nanced
Group Company
2021 2020 2021 2020
Interest cost 6 20 - 2
Benets paid from the employer (480) (420) (92) (98)
Cost of curtailment / settlements / service
termination
386 323 88 66
Other expense / (income) - - - -
Cost of prior service during the period 59 12 - -
Actuarial loss / (prot) – nancial assumptions (11) 208 3 16
Actuarial loss / (prot) – demographic
assumptions
18 358 - 33
Actuarial loss / (prot) – evidence from the
period
(5) 83 (10) (4)
Present value of liability at the end of
period
1,599 1,462 79 78
Adjustments
Adjustments prot / (loss) in the liabilities due to
change of assumptions
(88) (532) (3) (16)
Empirical adjustments prot / (loss) in
liabilities
5 (117) 10 (29)
Other - - - -
Total actuarial prot / (loss) in the Net
Worth
(83) (649) 7 (45)
Changes in the Net Liability recognized in
Balance Sheet
Net liability / receivable at the beginning of
year
1,462 2,599 78 215
Change in accounting policy (note 2.25) -
(1,821)
- (160)
Net liability / receivable at the beginning of
year
1,462
778 78 55
Benets paid from the employer - Other (480) (420) (92) (98)
Total expense recognized in the account of
nancial results
534 316 100 76
Total amount recognized in the Net Worth 83 649 (7) 45
Other - 139 - -
Net liability at the end of year 1,599 1,462 79 78
Cumulative amount in the Net Worth Prot
/ (Loss)
12 (649) 7 (45)
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 219 of 276
Dened contribution plans – Not self-
nanced
Group Company
2021 2020 2021 2020
Money ows
Expected benets from the plan in the
following year
86 59 - -
The actuarial assumptions are presented in the following table.
Actuarial Assumptions
Greek Companies Thrace Ipoma AD
2021 2020 2021 2020
Discount rate
0.50% 0.43% 0.60% 0.50%
Ination
2.03% 1.30% 7.80% 0.90%
Average annual increase of personnel
salaries
2.03% 1.30% 5.00% 5.00%
Duration of liabilities
6.7 years 17 years 10.5 years 11.8 years
3.23.2 Dened Benet Plans – Self nanced
The subsidiaries Don & Low LTD and Thrace Polybulk AS have formed Pension Plans which
operate as separate legal entities in the form of trusts. Therefore the assets of the plans are
not dependent to the assets of the companies.
The accounting depiction of the plans according to the revised IAS 19 is as follows:
Dened Benet Plans – Self nanced
Group
2021 2020
Amounts recognized in the balance sheet
Present value of liabilities 160,955 158,697
Fair value of the plan’s assets (159,055)
(145,968)
Net liability recognized in the balance sheet 1,900 12,729
Amounts recognized in the nancial results
Cost of current employment 186 156
Net interest on the liability / (asset) 120 229
Ordinary expense in the account of nancial results 306 385
Cost recognition from previous years
Cost of curtailment / settlements / service termination - -
Other expense / (income) 349 337
Foreign exchange dierences
Total expense in the account of nancial results 655 722
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Dened Benet Plans – Self nanced
Group
2021 2020
Change in the present value of the liability
Present value of liability at the beginning of period 158,697 154,901
Cost of current employment 166 151
Interest cost 2,237 2,844
Benets paid from the plan (5,583) (6,873)
Cost of curtailment / settlements / service termination (121) -
Other expense / (income) (18) 309
Actuarial loss / (prot) – nancial assumptions (3,490) 15,061
Actuarial loss / (prot) – demographic assumptions (349) 6,294
Actuarial loss / (prot) – evidence from the period (1,441) (5,552)
Foreign exchange dierences 10,857 (8,438)
Present value of liability at the end of period 160,955 158,697
Change in the value of assets
Value of the plan’s assets at the beginning of period 145,968 142,248
Income from interest 2,117 2,616
Return on assets 4,703 14,518
Employer’s contributions 1,971 1,211
Employees’ contributions
Benets paid from the plan (5,933) (6,873)
Foreign exchange dierences 10,229 (7,752)
Present value of assets at the end of period 159,055 145,968
Adjustments
Adjustments prot / (loss) in the liabilities due to change of
assumptions
5,280 (15,804)
Empirical adjustments prot / (loss) in liabilities - -
Empirical adjustments prot / (loss) in assets 4,823 14,519
Total actuarial prot / (loss) in the Net Worth 10,103 (1,285)
Cost recognition from previous years
Foreign exchange dierences
Total amount recognized in the Net Worth 10,103 (1,285)
Asset allocation*
Mutual Funds (Equities) 15,640 17,239
Mutual Funds (Bonds) 79,893 76,430
Diversied Growth Funds 52,839 48,721
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 221 of 276
Dened Benet Plans – Self nanced
Group
2021 2020
Other 10,683 3,578
Total 159,055 145,968
Changes in the Net Liability recognized in Balance Sheet
Net liability / (receivable) at the beginning of year 12,729 12,653
Contributions from the employer / Other (2,009) (1,211)
Total expense recognized in the account of nancial results 655 689
Total amount recognized in the Net Worth (10,103) 1,285
Foreign exchange dierences 628 (687)
Net liability / (asset) at the end of year 1,900 12,729
Cumulative amount in the Net Worth Prot / (Loss) 18,148 7,206
Money ows
Expected benets from the plan in the following year (4,760) (6,896)
* The assets of the plan are measured at fair values and include mainly mutual funds of Baillie Giord, of
Legal & General Investment Management as well as of Ninety One plc.
The category “Other” also includes the plan’s cash reserves.
The actuarial assumptions are presented in the following table.
Actuarial Assumptions
Don & Low LTD Thrace Polybulk AS
2021 2020 2021 2020
Discount rate
1.84% 1.42% 1.70% 1.70%
Ination
3.37% 2.91% 2.00% 2.00%
Average annual increase of
personnel salaries
3.37% 2.91% 2.00% 2.00%
Duration of liabilities
18 years 18 years 10 years 10 years
3.24 Deferred Taxes
Group
The following amounts are recorded in the consolidated balance sheet, after
any osetting entries wherever it is required:
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Deferred Taxation 2021 2020
Deferred tax assets 2,261 4,612
Deferred tax liabilities (8,623) (6,435)
Total deferred taxation (6,362) (1,824)
Α. Change of deferred tax in the nancial
results
2021 2020
As at 1 January (1,824) (1,674)
Change in accounting policy (note 2.25) - (301)
As at 1 January Adjusted (1,824) (1,975)
Change in the nancial results (2,216) (456)
Foreign exchange dierences (176) 48
Change in statement of comprehensive income (2,146) 559
As at 31 December (6, 362) (1,824)
Β. Deferred tax (liabilities)
Amortization
Other Total
As at 1 January 2020 (5,507) (714) (6,221)
Change in the nancial results (432) 18 (414)
Foreign exchange dierences 165 35 200
Change in statement of comprehensive
income
- - -
As at 31 December 2020 (5,774) (661) (6,435)
Change in the nancial results (1,858) (5) (1,863)
Foreign exchange dierences (292) (33) (325)
Change in statement of comprehensive
income
- - -
As at 31 December 2021 (7,924) (699) (8,623)
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 223 of 276
C. Deferred tax assets
Liabilities for
employee
benets
Provisions
Other Total
As at 1 January 2020 2,866 1,221 461 4,548
Change in accounting policy
(note 2.25)
(301) - - (301)
As at 1 January Adjusted 2,565 1,221 461 4,247
Change in the nancial
results
125 (255) 89 (41)
Change in the other
comprehensive income
560 - (1) 559
Foreign exchange
dierences
(121) - (32) (153)
As at 31 December 2020 3,129 966 516 4,612
Change in the nancial
results
(249) (86) (18) (353)
Change in the other
comprehensive income
(2,146) - - (2,146)
Foreign exchange
dierences
122 - 27 149
As at 31 December 2021 856 880 525 2,261
Company
Α. Change of deferred tax in the nancial
results
2021 2020
As at 1 January 130 708
Change in accounting policy (note 2.25) - (36)
As at 1 January Adjusted 130 672
Change in the nancial results (16) (552)
Change in statement of comprehensive income (1) 10
As at 31 December 113 130
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Β. Deferred tax (liabilities)
Depreciation
Other Total
As at1 January 2020 109 (2) 107
Change in the nancial results 2 - 2
Change in other comprehensive income - - -
As at 31 December 2020 111 (2) 109
Change in the nancial results (14) - (14)
Change in other comprehensive income - - -
As at 31 December 2021 97 (2) 95
C. Deferred tax assets
Liabilities for
employee
benets
Provisions
Other Total
As at 1 January 2020 52 549 - 601
Change in accounting
policy (note 2.25)
(36) - - (36)
As at 1 January Adjusted 16 549 - 565
Change in the nancial
results
(6) (549) - (555)
Change in other
comprehensive income
11 - - 11
As at 31 December 2020 21 - - 21
Change in the nancial
results
(2) - - (2)
Change in other
comprehensive income
(1) - - (1)
As at 31 December 2021 18 - - 18
In the Statement of Financial Position, deferred tax assets and liabilities are oset per
Company, while in the specic table deferred tax assets and liabilities are presented in
detail. Therefore, any reconciliation is made in the change between assets and liabilities.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 225 of 276
Suppliers and Other Short-Term Liabilities are presented analytically in the following ta-
bles:
3.25.1 Suppliers
Suppliers
Group Company
2021 2020 2021 2020
Suppliers
55,441 29,697 1,046 531
Total 55,441 29,697 1,046 531
3.25.2 Other Short-Term Liabilities
Other Short-Term Liabilities
Group Company
2021 2020 2021 2020
Liabilities from taxes and pensions
4,531 12,333 16 4
Dividends payable 4,993 6,178 426 402
Customer prepayments ** 107 85 102 83
Personnel salaries payable 7,794 5,636 - -
Accrued expenses – Other accounts payable 1,216 1,339 65 69
Total short-term liabilities
10,354 7,521 997 868
Liabilities from taxes and pensions 28,995 33,092 1,606 1,426
The fair value of the liabilities approaches the book value.
* The nancial year 2020 includes the amount of 11 million dollars that the company Thrace Linq INC
received for the transfer of the property (see note 3.14).
** Customer prepayments refer to the Group’s obligation to deliver products to third parties.
Revenues will be recognized in the nancial results upon delivery of the order. Revenue
corresponding to previous year’s customer advances has been recognized in the current
year.
3.25 Suppliers and Other Short-Term Liabilities
Amounts in thousand Euro, unless stated otherwise
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Page 226 of 276
Annual Financial Report as of 31.12.2021
The Annual Ordinary General Meeting of
Shareholders of 21 May 2021 approved the
distribution (payment) of dividend from
the earnings of the closing year 2020. Spe
-
cically, the General Meeting approved the
distribution of an amount of 6,947,002.24
Euros (gross amount), or 0.158820 Euro per
Company’s share (gross amount), which af
-
ter the incremental increase of the dividend
concerning 322,688 treasury shares (held
by the Company and not entitled to any
dividend) amounted to 0.16 Euro. From the
above amount, the corresponding tax of 5%
on the dividend was withheld, according to
the article 40, paragraph 1 and article 64,
paragraph 1 of Law 4172/2013 as it is cur
-
rently in eect following its amendment by
Law 4646/2019, and therefore the nal pay
-
able amount of dividend settled at 0.152
Euro per share.
3.26 Dividend
3.26.1 Dividend for the Year 2020
3.26.2 Interim dividend for the year 2021
The Board of Directors of the Company dur-
ing the meeting of September 24th, 2021
approved the distribution of an interim
dividend for the nancial year 2021 based
on the interim nancial statements for the
period 01.01.2021-30.06.2021. The interim
dividend amounted in total to 4,750 thou
-
sand Euros (gross amount), i.e. 0.108592646
Euros per share of the Company. The above
amount through the increase correspond
-
ing to the 504,163 treasury shares held by
the Company and which are not entitled to
an interim dividend, settled at 0.109858877
Euros per share and was subject to a with
-
holding tax of 5%, in accordance with the
provisions of Law 4646/2019 (Government
Gazette A’ 201/12.12.2019). Therefore, the
nal amount paid as interim dividend for
the year 2021 amounted to 0.104365933
Euros per share. Following the above and af
-
ter the approval of the nancial statements
for the period 01.01.2021-30.06.2021 and
especially the registration, as of 6.10.2021,
in the General Electronic Commercial Reg
-
istry (GEMI) of the relevant announcement
regarding the publication of the above
-
nancial statements, the Board of Directors
of the Company at its meeting of October
14, 2021, set Wednesday, December 1, 2021
as the cut-o date for the interim dividend,
Thursday, December 2, 2021 as the date of
determination of the beneciaries to the
above dividend (record date), and Wednes
-
day, December 8, 2021 as the payment com-
mencement date. The payment of the inter-
im dividend was made through the paying
Bank “PIRAEUS BANK SA”.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 227 of 276
The Group classies as related parties the
members of the Board of Directors, the di
-
rectors of the Company’s divisions as well as
the shareholders who own over 5% of the
Company’s share capital (their related par
-
ties included).
The commercial transactions of the Group
with these related parties during the period
01.01.2021 – 31.12.2021 have been con
-
ducted according to market terms and in
the context of the ordinary business activi
-
ties.
The transactions with the Subsidiaries, Joint
Ventures and Related companies according
to the IFRS 24 during the period 01.01.2021
– 31.12.2021 are presented below.
3.27 Transactions with Related Parties
Income
Group Company
01.01 –
31.12.2021
01.01 -
31.12.2020
01.01 –
31.12.2021
01.01 -
31.12.2020
Subsidiaries -
- 5,664 4,842
Joint Ventures 5,917
5,648 119 118
Aliated Companies 13
11 - -
Total 5,930 5,659 5,783 4,960
Expenses
Group Company
01.01 –
31.12.2021
01.01 -
31.12.2020
01.01 –
31.12.2021
01.01 -
31.12.2020
Subsidiaries - - 84 76
Joint Ventures 486 335 - -
Aliated Companies
800 1,027 403 542
Total 1,286 1,362 487 618
Trade and other receivables
Group Company
31.12.2021 31.12.2020 31.12.2021 31.12.2020
Subsidiaries - - 1,297 7
Joint Ventures 1,195 1,370 7 -
Aliated Companies
38 26 26 26
Total 1,233 1,396 1,330 33
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Suppliers and Other Liabilities
Group Company
31.12.2021 31.12.2020 31.12.2021 31.12.2020
Subsidiaries - - 1,678 1,059
Joint Ventures 48 23 5 19
Aliated Companies
92 180 69 141
Total 140 203 1,752 1,219
Long-term Liabilities
Group Company
31.12.2021 31.12.2020 31.12.2021 31.12.2020
Subsidiaries - - 284 313
Joint Ventures - - - 5
Aliated Companies
- - - -
Total - - 284 318
In the context of the adoption of IFRS 16, the Company’s liabilities to Subsidiaries and
Aliated companies include lease liabilities.
The Company’s lease liabilities with related parties are analyzed as follows:
Company
Liabilities from
leases
Initial
balance
01.01.2021
Payments of
leases
New Contracts
/ Amendments
of Contracts
Interests on
Leases
Closing
Balance
31.12.2021
Subsidiaries 3 (1) - - 2
Aliated Companies
20 (120) 367 9 277
Total 23 (121) 367 9 279
Company
Liabilities from
leases
Initial
balance
01.01.2020
Payments of
leases
New Contracts
/ Amendments
of Contracts
Interests on
Leases
Closing
Balance
31.12.2020
Subsidiaries 5 (2) - - 3
Aliated Companies
157 (140) - 3 20
Total 162 (142) - 3 23
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 229 of 276
In addition, the depreciation of the Com-
pany includes depreciation for assets with
the right of use, relating to lease agree-
ments with related parties, amounting to
€ 115 (2020: € 116).
Also, the Group’s liabilities to aliated
companies include lease liabilities which
are analyzed as follows:
Group
Liabilities from
leases
Initial
balance
01.01.2021
Payments of
leases
New Contracts
/ Amendments
of Contracts
Interests on
Leases
Closing
Balance
31.12.2021
Aliated
Companies
21 (186) 708 16 559
Total 21 (186) 708 16 559
Group
Liabilities from
leases
Initial
balance
01.01.2020
Payments of
leases
New Contracts
/ Amendments
of Contracts
Interests on
Leases
Closing
Balance
31.12.2020
Aliated
Companies
165 (148) - 4 21
Total 165 (148) - 4 21
In addition, the depreciation of the Group
includes depreciation for assets with the
right to use, relating to lease agreements
with related parties, amounting to € 182
(2020: € 123).
The Group’s “subsidiaries” include all com-
panies consolidated under “Thrace Plastics
Group” via the full consolidation method.
The “Joint Ventures” include those consoli-
dated with the equity method.
The Company has granted guarantees to
banks against long-term loans of its sub-
sidiaries. On 31st December 2021, the
outstanding amount for which the Com-
pany had provided guarantee settled at €
34,844 and is analyzed as follows.
Guarantees for Subsidiaries 2021
ThraceNonwovens&Geosynthetics Single Person S.A. 14,697
Thrace Plastics Pack SA 15,654
Thrace Polylms Single Person SA 4,493
Total 34,844
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 230 of 276
Annual Financial Report as of 31.12.2021
BoD Fees
Group Company
2021 2020 2021 2020
BoD Fees 4,970 5,339 1,812 2,115
3.28 Remuneration of Board of Directors
The Management reviews on annual basis
whether there are indications for impair-
ment in business interests held in subsidi-
aries. On 31.12.2021, the Management re-
viewed all equity investments with regard
to any evidence of impairment. At the
same time it followed the procedures de-
scribed in note 2.6 with regard to review
for goodwill impairment and at the same
time evaluated whether there is an indica-
tion of a need for impairment of participa-
tions in subsidiaries.
Based on the evaluation of the Manage-
ment, there is no indication of a need for
impairment of investments in subsidiaries
as of 31.12.2021.
The value of the Company’s investments
in the subsidiaries, as of 31st December
2021, is as follows:
3.29 Investments
3.29.1 Investments in companies consolidated with the full consolidation
method
Companies consolidated with the full consolidation
method
2021 2020
Don & Low LTD 37,495 37,495
Thrace Plastics Pack SA 15,507 15,507
Thrace Nonwovens & Geosynthetics Single Person SA 5,710 5,710
Synthetic Holdings LTD 11,728 11,728
Thrace Polylms Single Person SA 3,418 3,418
Total 73,858 73,858
The remuneration concerns the Boards
of Directors of 21 companies in which 33
members participate and include salaries
of the executive members of the Boards
of Directors, other remuneration and ben-
ets of both the executive and the non-
executive directors.
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 231 of 276
The following table presents the compa-
nies in which the management is jointly
controlled with another shareholder with
the right to participate in their net assets.
The companies are consolidated accord-
ing to the Equity method in line with the
provisions of IFRS 11. The parent Company
holds direct business interest of 50.91% in
Thrace Greenhouses SA with a value of €
3,615 and of 51% in Thrace Eurobent SA
with a value of € 204 as at 31/12/2021. The
company Thrace Greiner Packaging SRL
is 50% owned by Thrace Plastics Pack SA
whereas Lumite INC. is 50% owned by Syn-
thetic Holdings LTD.
3.29.2 Investments in companies consolidated with the equity method
Company
Country of
Activities
Business Activity
Percentage of
Shareholding
Thrace
Greiner
Packaging
SRL
Romania
The company activates in the production of plastic boxes
for food products and paints and belongs to the packaging
sector.
The company’s shares are not listed.
46.47%
Lumite INC
United
States
The company activates in the production of agricultural
fabrics and belongs to the technical fabrics sector.
The company’s shares are not listed.
50.00%
Thrace
Greenhouses
SA
Greece
The company activates in the production of agricultural
products and belongs to the agricultural sector.
The company’s shares are not listed.
50.91%
Thrace
Eurobent SA
Greece
The company activates in the manufacturing of waterproof
products via the use of Geosynthetic Clay Liner – GCL, and
belongs to the technical fabrics sector.
51.00%
The company’s shares are not listed.
The change of the Group’s Investments in the companies that are consolidated with the
equity method is analyzed as follows:
Investment in companies
consolidated with the equity
method
THRACE
GREINER
PACKAGING
SRL
THRACE
GREENHOUSES
SA
LUMITE INC
THRACE
EUROBENT
SA
Total
Balance at beginning 01.01.2020 3,655 3,797 6,826 269 14,547
Gain / (losses) from joint ventures 926 146 665 39 1,776
Share capital increase - - - - -
Dividends (550) - - - (550)
Foreign exchange dierences and
other reserves
(63) (7) (625) (10) (705)
Balance at end 31.12.2020 3,968 3,936 6,866 298 15,068
Balance at beginning 01.01.2021 3,968 3,936 6,866 298 15,068
Gain / (losses) from joint ventures 1,141 333 1,253 43 2,770
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Investment in companies
consolidated with the equity
method
THRACE
GREINER
PACKAGING
SRL
THRACE
GREENHOUSES
SA
LUMITE INC
THRACE
EUROBENT
SA
Total
Share capital increase - - - - -
Dividends (401) - - - (401)
Foreign exchange dierences and
other reserves
(64) 16 617 6 575
Balance at end 31.12.2021 4,644 4,285 8,736 347 18,012
The nancial statements of the companies are presented in the following tables:
STATEMENT
OF FINANCIAL
POSITION
THRACE GREINER
PACKAGING SRL
THRACE
GREENHOUSES SA
LUMITE INC
THRACE EUROBENT
SA
2021 2020 2021 2020 2021 2020 2021 2020
% of Shareholding
46.47% 46.47% 50.91% 50.91% 50% 50% 51% 51%
ASSETS
Tangible assets 5,791 6,413 9,163 9,749 4,264 4,326 1,066 1,429
Inventories 4,139 2,904 181 89 12,555 10,696 931 634
Trade and other
receivables
3,390 2,933 1,386 3,342 2,886 1,951 169 1,059
Other asset items - - 374 260 8 34 85 44
Cash 2,739 2,147 110 151 4,181 2,838 948 385
LIABILITIES
Bank debt 2,684 2,779 1,731 4,866 2,345 3,776 1,035 1,404
Other liabilities 4,027 3,605 1,065 995 4,135 2,385 1,436 1,533
EQUITY 9,349 8,013 8,417 7,730 17,415 13,684 728 614
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 233 of 276
STATEMENT OF
COMPREHENSIVE
INCOME
THRACE GREINER
PACKAGING SRL
THRACE
GREENHOUSES SA
LUMITE INC
THRACE EUROBENT
SA
2021 2020 2021 2020 2021 2020 2021 2020
Turnover 21,099 17,685 8,111 8,182 31,059 24,466 6,218 5,007
Cost of sales (16,102) (13,125) (6,104) (6,164) (26,296) (19,048) (5,241) (4,116)
Gross prot 4,997 4,560 2,007 2,018 4,763 5,418 977 891
Distribution expenses (778) (782) (748) (1,067) (2,228) (2,138) (685) (656)
Administrative
expenses
(1,185) (1,233) (506) (428) (1,193) (1,362) (70) (64)
Other (expenses) /
income
(276) (240) 93 4 1,491 (26) (42) (14)
Operating prot /
loss
2,758 2,305 846 527 2,833 1,892 180 157
Financial result (53) (88) (147) (274) (90) (106) (40) (49)
Prot/(loss) before
Taxes
2,705 2,217 699 253 2,743 1,786 140 108
Taxes (438) (360) (45) 34 (264) (382) (64) (45)
Prot/(loss) after
Taxes
2,267 1,857 654 287 2,479 1,404 76 63
3.30 Commitments and Contingent Liabilities
On 31
st
December 2021 there are no signif-
icant legal issues pending that may have a
material eect in the nancial position of
the Companies in the Group.
The letters of guarantee issued by the
banks for the account of the Company and
in favor of third parties (Greek State, sup-
pliers and customers) amount to € 834.
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 234 of 276
Annual Financial Report as of 31.12.2021
3.31 Fees of auditing firms
During the nancial year 2021, the total fees of the Company’s and Group’s external audi-
tors, are analyzed as follows:
Fees of auditing rms
Group Company
2021 2020 2021 2020
Fees of auditing services 419 388 63 63
Fees for tax certicate 153 150 11 12
Fees for non-audit services
28 27 - -
Total 600 565 74 75
3.32 Financial risks
The nancial assets used by the Group,
mainly consist of bank deposits, bank
overdrafts, receivable and payable ac-
counts and loans.
In general, the Group’s activities create
several nancial risks. Such risks include
market risk (foreign exchange risk and
risk from changes in raw materials prices),
credit risk, liquidity risk and interest rate
risk.
3.32.1 Risk of Price Fluctuations of Raw Materials
The Group is exposed to uctuations in the
price of polypropylene (represents 52% of
the cost of sales), which are mainly faced
by a similar change in the selling price of
the nal product. The possibility that the
increase in the price of polypropylene can-
not be fully passed on to the selling price,
causes unavoidably the compression of
margins. For this reason, the Company ac-
cordingly adjusts, to the extent it is feasi-
ble, its inventory policy as well as its com-
mercial policy in general. Therefore in any
case, the particular risk is deemed as rela-
tively controlled.
3.32.2 Credit Risks
The credit risk to which the Group and the
Company are exposed is the likelihood
that a counterparty will cause nancial
loss to the Group and the Company as a
result of the breach of its contractual ob-
ligations.
The maximum credit risk to which the
Group and the Company are exposed at
the date of preparation of the nancial
statements is the book value of their -
nancial assets. In order to address credit
risk, the Group consistently applies a clear
credit policy, which is monitored and
evaluated on an ongoing basis so that the
credit granted does not exceed the credit
limit per customer. Client sales insurance
policies are also concluded per customer
and no tangible guarantees on the assets
of clients are required.
In order to monitor credit risk, customers
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 235 of 276
● Impairment
The Group and the Company, in the -
nancial assets that are subject to the new
model of expected credit losses, include
receivables from customers and other -
nancial assets.
The Group and the Company recognize
provisions for impairment with regard
to the expected credit losses of all nan-
cial assets. The expected credit losses are
based on the dierence between the con-
tractual cash ows and the entire cash
ows which the Group (or the Company)
anticipates to receive. The dierence is
discounted by using an estimate concern-
ing the initial eective interest rate of the
nancial asset. For the trade receivables,
the Group and the Company applied the
simplied approach of the accounting
standard and calculated the expected
credit losses based on the expected credit
losses for the entire lifetime of these items.
Regarding the remaining nancial assets,
the expected credit losses are being calcu-
lated according to the losses of the next 12
months. The expected credit losses of the
following 12 months is part of the antici-
pated credit losses for the entire life of the
nancial assets, which emanates from the
probability of a default in the payment of
the contractual obligations within the next
12-month period starting from the report-
ing date. In case of a signicant increase in
credit risk since the initial recognition, the
provision for impairment will be based on
the expected credit losses of the entire life
of the asset.
At the date of the preparation of the nan-
cial statements, impairment of receivables
from customers and other nancial assets
was made on the basis of the above.
The following table presents an analysis of
the maturity of customers at 31/12/2021.
are grouped according to the category
they belong to, their credit risk character-
istics, the maturity of their receivables and
any previous receivables that they have
caused, taking into account future factors
as well as the economic environment.
Maturity of Trade Receivables’ Balances 31.12.2021 Group Company
01 – 30 days 23,443 304
31 – 90 days 37,175 -
91 – 180 days 4,980 -
180 days and over 6,670 2,322
Subtotal 72,268 2,626
Provisions for doubtful receivables (7,721) (2,317)
Total 64,547 309
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 236 of 276
Annual Financial Report as of 31.12.2021
The above amounts are expressed in terms of due days in the table below:
Analysis of not past due/overdue
trade receivables 31.12.2021 Group Company
Receivables not past due 53,323 297
Overdue receivables 1 – 30 days 9,492 7
Overdue receivables 31 – 90 days 2,639 -
Overdue receivables above 91 days 6,814 2,322
Subtotal 72,268 2,626
Provisions for doubtful customer receivables (7,721) (2,317)
Total 64,547 309
With regard to uninsured receivables overdue more than 90 days, which the Group has
classied as doubtful, relevant provisions have been made which are deemed as su-
cient.
Correspondingly, the amounts of maturity and past due for the nancial year 2020 are
presented in the following tables.
Maturity of Trade Receivables’ Balances 31.12.2020 Group Company
01 – 30 days 21,197 -
31 – 90 days 30,357 -
91 – 180 days 5,927 -
180 days and over 6,689 2,340
Subtotal 64,170 2,340
Provisions for doubtful receivables (7,307) (2,328)
Total 56,863 12
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 237 of 276
Analysis of not past due/overdue trade receivables
31.12.2020
Group Company
Receivables not past due 47,434 -
Overdue receivables 1 – 30 days 8,017 -
Overdue receivables 31 – 90 days 1,528 -
Overdue receivables above 91 days 7,191 2,340
Subtotal 64,170 2,340
Provisions for doubtful customer receivables (7,307) (2,328)
Total 56,863 12
3.32.3 Liquidity risk
The monitoring of liquidity risk is focused
on managing cash inows and outows
on a constant basis, in order for the Group
to have the ability to meet its cash ow
obligations. The management of liquidity
risk is applied by maintaining cash equiva-
lents and approved bank credits. During
the preparation date of the nancial state-
ments, there were adequate, unused bank
credits, approved to the Group, which are
considered sucient to face a possible
shortage of cash equivalents.
Short-term bank liabilities are renewed at
their maturity, as they are part of the ap-
proved bank credits.
The following table presents the liabilities
according to their maturity dates.
Group 31.12.2021
Up to 1
month
1-6
months
6-12
months
1-5 Years
Over 5
years
Total
Suppliers 29,665 25,484 292 - - 55,441
Other short-term
liabilities
12,723 15,891 381 - - 28,995
Short-term debt 2,601 9,118 5,674 - - 17,393
Liabilities from Leases
(short-term part)
75 330 509 - - 914
Long-term debt - - - 33,610 - 33,610
Liabilities from Leases
(long-term part)
- - - 1,941 120 2,061
Other long-term liabilities - - - 237 - 237
Total 31.12.2021 45,064 50,823 6,856 35,788 120
138,651
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 238 of 276
Annual Financial Report as of 31.12.2021
Company 31.12.2021
Up to 1
month
1-6
months
6-12
months
1-5 Years
Over 5
years
Total
Suppliers 520 526 - - - 1,046
Other short-term
liabilities
178 1,331 97 - - 1,606
Short-term debt - 1,519 - - - 1,519
Liabilities from Leases
(short-term part)
11 58 70 - - 139
Long-term debt - - - - - -
Liabilities from Leases
(long-term part)
- - - 208 - 208
Other long-term liabilities - - - - 1 1
Total 31.12.2021 709 3,434 167 208 1
4,519
Group 31.12.2020
Up to 1
month
1-6
months
6-12
months
1-5 Years
Over 5
years
Total
Suppliers 10,706 18,819 172 - - 29,697
Other short-term liabilities 7,904 15,738 9,450 - - 33,092
Short-term debt 514 5,395 20,402 - - 26,311
Liabilities from Leases
(short-term part)
455 1,394 973 - - 2,822
Long-term debt - - - 46,691 - 46,691
Liabilities from Leases
(long-term part)
- - - 2,998 212
3,210
Other long-term liabilities - - - 208 34 242
Total 31.12.2020 19,579 41,346 30,997 49,897 246 142,065
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 239 of 276
Company 31.12.2020
Up to 1
month
1-6
months
6-12
months
1-5 Years
Over 5
years
Total
Suppliers 126 405 - - - 531
Other short-term liabilities 183 1,177 66 - - 1,426
Short-term debt - 960 - - - 960
Liabilities from Leases
(short-term part)
10 21 - - - 31
Long-term debt - - - - -
Liabilities from Leases
(long-term part)
- - - 25 -
25
Other long-term liabilities - - - - 1 1
Total 31.12.2020 319 2,563 66 25 1 2,974
3.32.4 Foreign exchange risk
The Group is exposed to foreign exchange
risks arising from existing or expected cash
ows in foreign currency and investments
that have been made in foreign countries.
The management of the various risks is
made by the use of natural hedge instru-
ments. In order to hedge foreign currency
risk from foreign currency customer receiv-
ables, borrowing is contracted in the same
currency, according to the management’s
judgment.
Sensitivity analysis of the eect of exchange
rate changes is given in the table below.
Foreign Currency 2021 2020
Change of foreign
currency against
Euro*
USD GBP Other USD GBP Other
Prot before tax
+5% (74) (32) 5 (244) (44) (62)
-5% 81 35 (6) 270 49 68
Equity
+5% (218) (1.358) (222) 136 169 (277)
-5% 241 1.500 246 (151) (187) 307
* Note
• Prot before Taxes are converted at the average exchange rates.
• Equity is converted at the exchange rate at the closing date of each scal year.
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 240 of 276
Annual Financial Report as of 31.12.2021
The Group’s long-term loans have been
provided by Greek and foreign banks and
are mainly denominated in Euro. The re-
payment period varies, according to the
loan contract each time, while long-term
loans are mainly linked to Euribor plus a
margin. The Group’s short-term loans have
been provided by several banks, under Eu-
ribor, plus a margin and Libor plus a mar-
gin.
It is estimated that a change in the average
annual interest rate by 1 percentage point,
will result in a (charge) / improvement of
Earnings before Tax as follows:
Possible interest rate change Eect on Earnings before Tax
Group Company
2021 2020 2021 2020
Interest rate increase 1%
(540) (790) (16) (10)
Interest rate decrease 1%
540 790 16 10
Capital Adequacy Risk
Group Company
2021 2020 2021 2020
Long-term debt
33,610 46,691 - -
Long-term liabilities from leases
2,061 3,210 208 25
Short-term debt
17,393 26,311 1,519 960
Short-term liabilities from leases
914 2,822 139 31
Total debt
53,978 79,034 1,866 1,016
Minus cash & cash equivalents
63,240 40,824 137 163
Net debt
(9,262) 38,210 1,729 853
3.32.5 Interest rate Risk
3.32.6 Capital Adequacy Risk
The Group controls capital adequacy us-
ing the net debt to operating prot ra-
tio and the net debt to equity ratio. The
Group’s objective in relation to capital
management is to ensure the ability for its
smooth operation in the future, while pro-
viding satisfactory returns to shareholders
and benets to other parties, as well as to
maintain an ideal capital structure so as to
ensure a low cost of capital. For this pur-
pose, it systematically monitors working
capital in order to maintain the lowest pos-
sible level of external nancing.
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 241 of 276
3.33 Significant Events
Macroeconomic Environment and Impact of COVID-19
Global macroeconomic conditions have
been aected for another year by the re-
curring waves of the COVID-19 pandemic,
particularly in Europe, with alterations be-
tween gradual easing of restrictive meas-
ures and re-adoption of such measures
within the year. Therefore, it is obvious
that the evolution of the pandemic was an
important determinant of the economic
and business environment, creating at the
same time conditions of uncertainty but
also business opportunities.
At the same time, in the last months of year
there has been the phenomenon of rising
ination pressures in most world econo-
mies and the constantly increasing prices
on the cost base of industrial production,
i.e. price increases in raw material prices,
in secondary materials and packaging ma-
terials, in energy costs and transportation
costs, while there is still limited evidence
of a potential reversal of the above price
pressures.
The above on the one hand generate chal-
lenges, which the Group already faces and
will continue to face in the near future and
on the other hand create conditions of un-
certainty regarding the course of the econ-
omies and their growth patterns.
Capital Adequacy Risk
Group Company
2021 2020 2021 2020
EBITDA*
110,275 69,444 (512) (413)
NET DEBT / EBITDA**
(0,08) 0,55 - -
EQUITY 252,250 176,109 82,415 76,747
NET DEBT / EQUITY (0.04) 0.22 0.02 0.01
* Concerns Total Operations
** Since 2018, the Company has transformed into a Holding Company and therefore the net debt to EBITDA
ratio does not reect the actual relation between the Company’s debt and its earnings. For this reason,
going forward the Company will not be monitoring the particular ratio.
It should be noted that the Company does not have any bank debt obligations, while
the balance of the debt obligations reported in its Balance Sheet refers to an intragroup
loan.
Ι. Impact of the pandemic on the operation of the Group for
the nancial year 2021
In this extremely dicult environment as
described above and in view of the signi-
cant disruptions in global supply and de-
mand forces, the business and economic
activity as well as operation of the Group
has not been adversely aected to date
and the Group continues to eectively
overcome the existing challenges.
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 242 of 276
Annual Financial Report as of 31.12.2021
Regarding the operation of production,
all production units within the Group con-
tinued to operate smoothly for the entire
year 2021, without facing any operational
issues from the spread of the pandemic,
regarding the health and safety of the
Group’s employees, as a result of the par-
ticularly strict protection measures taken
by the Group.
The scal year 2021 was a year of espe-
cially strong nancial performance as the
Group achieved a higher protability by
successfully osetting the negative impact
from the signicant increase seen in raw
material costs and the volatility observed
in terms of market demand. More speci-
cally, the following were observed during
the year:
• Increase of demand for products in
the construction sector.
• Signicant demand in the infrastruc-
ture and agricultural sector. ;
• Signicant demand for products relat-
ed to personal protection and health,
especially during the rst months of
the year, but with a signicant decline
in the second half.
• Gradual increase of raw material pric-
es, while their high levels remained
throughout the year. In individual cas-
es some additional increases were ob-
served, depending on the type of raw
material and the geographical area.
• Constantly increasing energy costs, es-
pecially during the last quarter of the
year, in all countries which the Group
is operating in.
• Signicantly higher transportation
costs with signicant lack of capac-
ity in both available ground transport
and containers.
• Signicantly increased cost with re-
gard to auxiliary materials as well as
and packaging materials.
In nancial terms, however, the Group
managed to increase its turnover from
continuing operations, taking advantage
of its production capacity, its ever-grow-
ing global network of customers and the
business opportunities that arose. The
above resulted in sales for 2021 of € 428.4
million, an increase of 26.1% compared
to 2020, mainly due to increasing selling
prices, Earnings before Taxes (EBT) from
continuing operations of € 83.9 million,
an increase of 61.1% compared to the year
2020. It should be noted that according to
estimates of the Management for the year
2021, Earnings before Taxes at the Group
level, related to the products of the exist-
ing portfolio used in personal protection
and health applications, amounted to €
51.8 million. (see note 3.3 of the nancial
statements).
Regarding the liquidity levels of the Group
and the trading cycle of the subsidiaries,
there was no negative impact due to the
pandemic crisis. On the contrary, during
the year 2021, the Group achieved the fur-
ther strengthening of its liquidity, record-
ing a Net Cash of € 9.3 million, as cash and
cash equivalents exceeded its debt liabili-
ties.
Regarding the investment plan, the imple-
mentation of the Group’s already planned
investments is progressing smoothly. The
investment plan for 2022, exceeds €40mil.
on cash basis. The investments will be
made mainly at the Group’s facilities in
Greece, but also in other countries of ac-
tivity.
It is worth mentioning that the new invest-
ment plan in its entirety, but also the ex-
isting investment actions are fully aligned
with the implementation of the Group’s
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 243 of 276
sustainability policy, in the context of its
stable, long-term, sustainable growth.
From the above it is clearly demonstrated
that for the year 2021, the Group did not
experience any negative, from a nancial
point of view, consequence both in its -
nancial results and in its trading cycle and
therefore, it did not encounter any nan-
cial risk, which would adversely aect its
business continuity. On the contrary, the
Group managed to achieve historically
high protability, which will be the basis of
its further growth in the coming years.
ΙΙ. Measures taken to reduce the impact of the pandemic
The Management of the Group continues
to closely monitor the developments re-
lated to the pandemic crisis and continues
to maintain in full implementation mode a
plan to ensure the health and safety of its
personnel as well as the smooth business
continuity of the entire Group.
In particular, in accordance with the guide-
lines and recommendations of the World
Health Organization (WHO) and the local
Public Health and Civil Protection Organi-
zations, the following measures have been
implemented:
h Establishment of sub-crisis manage-
ment teams with the participation of
the Management teams of the sub-
sidiaries and the Group, the Human
Resources Departments, the Occupa-
tional Physicians and the Safety Tech-
nicians.
h Informing employees about the coro-
navirus, the mode of transmission, the
prevention and protection measures
and providing recommendations and
instructions for personal hygiene, in
accordance with the local instructions
of the competent authorities.
h Provision of personal protective
equipment to the personnel (masks,
antiseptics, gloves).
h Carrying out disinfections at the Com-
pany’s premises on a regular basis.
h Conduct Covid-19 tests on the person-
nel, preventively and as appropriate.
h Remote work for oce employees to
the greatest possible extent.
h Protection of employees belonging to
vulnerable groups, by facilitating their
immediate removal from the premises,
without curtailing their remuneration.
h Development of specic procedures
and protocols for all visitors to the
Company’s facilities (carriers, contrac-
tors, technicians, etc.)
h Conducting meetings among the em-
ployees of all Companies as well as the
Management of the Group and con-
ducting Board of Directors’ meetings
between the Board of Directors with-
out physical presence and by using
electronic or audiovisual means (e.g.
video conference).
h Conducting General Meetings by vid-
eo conference, in accordance with the
provisions of the relevant legislative
framework.
h Adherence to the required medical
protocols, in case of illness of an em-
ployee or simple contact with an in-
fected case, in collaboration with the
occupational physician.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
h Continuous monitoring of liquidity
and the transaction cycle of the Group
companies.
h Weekly meetings among the Man-
agement of the subsidiaries and the
Group, the Human Resources Depart-
ment, the Occupational Physicians
and the Safety Technicians in order to
maintain and enrich the protection
measures as well as the monitoring
process of vaccinations and infections.
It should be noted that the protection
measures mentioned above continue to
be fully implemented in the most consist-
ent manner and to absolute degree at the
time of preparation of the current Report.
ΙΙΙ. Assessing the impact of the pandemic in the future and prospects
of the Group
Regarding the prospects for the year 2022,
the Management closely monitors the
macroeconomic developments, on a glob-
al level, which are characterized by the sig-
nicantly stronger inationary trends,
throughout the economy but also in all
cost items that constitute the industrial
sector’s cost base, and by the ongoing
war between Russia and Ukraine, which
is substantially aggravating the economic
environment. As a result of the above de-
velopments, there is a lag in demand in
various sectors of the economy, combined
with the presence of signicantly higher
prices of both raw materials as well as en-
ergy and transportation costs.
Regarding the rst quarter of 2022, the
Management of the Group remains op-
timistic for its satisfactory performance,
given the dicult conditions prevailing
in the current period. It is estimated that
a signicantly stronger protability will be
achieved, compared to the corresponding
period before the pandemic, but it will set-
tle lower than the protability of the cor-
responding period of the previous year.
However, the comparison with the previ-
ous year becomes extremely dicult to
be substantiated, due to the extraordinary
circumstances of both that period and the
current one. Specically concerning the
impact of the war, it should be noted that
the Group’s sales volume in Russia and
Ukraine for 2021 was immaterial (0.6% of
sales), but it is not clear how the ongoing
war conict will aect more broadly the
supply and demand conditions in the mar-
ket.
Regarding the course of 2022 as a whole,
the very challenging as well as volatile
macroeconomic environment described
above makes especially dicult the devel-
opment of any nancial estimates, since
the visibility for the nancial results and
the level of demand in the coming months
remains extremely limited. However, the
great eort made by the Management
of the Group as well as the Management
of the subsidiaries in all the countries of
operation, creates conditions of reserved
optimism that the Group will be able to
implement its strategic plans and to main-
tain to a signicant extent the protabil-
ity from the traditional portfolio that was
formed in 2021. This will be also demon-
strating that the Group has entered a new
era, characterized by signicantly higher
protability compared to pre-pandemic
levels. It should be noted, however, that
although the implementation of this plan
is the fundamental goal of the Manage-
ment, the extremely uncertain conditions
that arise at the time of preparation of the
annual report are likely to redene the an-
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 245 of 276
nual performance estimates made by the
Management in the coming months of the
year.
At the same time, the Group’s Manage-
ment is working in seamless manner to-
wards the implementation of the new
strategy, the extraordinary investment
actions that have been decided, as well
as the implementation of the new annu-
al investment plan for 2022. As already
announced, the Group’s priority is the de-
velopment of new products as well as the
access to new markets, the emphasis on
improving protability, the further cost re-
duction and consequently the increase in
competitiveness and the targeted increase
in production capacity in both key sectors
of activity. At the same time the Group im-
plements important actions regarding re-
cycling and the circular economy, actions
that are an integral part of the Group’s
strategy and will form new dynamics for
the future. It is worth noting that for the
period 2020 - 2022, the total invest-
ment plan of the Group, on a cash basis,
will amount to € 101 million.
Regarding the level of liquidity of the
Group, which in 2021 settled at signi-
cantly higher levels, it is estimated that it
will remain at similarly high levels. How-
ever, the full implementation of the exten-
sive investment plan, the greatest part of
which will be disbursed in 2022, is mainly
carried out via the utilization of own funds
and therefore the Net Cash is likely to re-
turn to Net Debt. The utilization of excess
liquidity for the implementation of actions
that will contribute to the further long-
term development and viability of the
Group, is estimated to be from any per-
spective the most appropriate use of this
capital, both in terms of sound manage-
ment and in terms of required return.
The Management of the Group is con-
dent that the overall implementation of
the respective investment plans but also
of the broader strategy creates conditions
for the Group to gradually enter into a
new era of development, improvement of
infrastructure, further expansion of activi-
ties and improvement of prot generation,
compared to the pre-pandemic levels. At
the same time, the strengthening of the
Group’s nancial position is the basis for
the implementation of the future invest-
ment plans, as they will be unveiled in
the coming years, actions that in turn will
contribute to the successful implementa-
tion of the new strategy, always within the
framework of protable sustainable devel-
opment.
Despite the fact that the current condi-
tions in the global market place create sig-
nicant volatility, making any assessment
regarding the impact of the pandemic on
the commercial activity and the nancial
results of the Company and the Group
uncertain, the Group’s Management esti-
mates that neither the Group nor any of
its individual activities face any potential
threat in terms of cessation of business ac-
tivity (going concern).
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
IV. Climate related issues
The Company recognizes the risks and the
impact that may arise in its business activ-
ity from the climate change, such as the
occurrence of extreme weather events or
rising temperatures, which may aect the
production process and lead to signi-
cant changes in its activities as well as to
abrupt changes in the Group’s income and
expenses in the short, medium and long
term horizon. In order to mitigate the risks
arising from climate change, but also to
achieve positive nancial results for both
the Group and its broader environment,
the Company adapts its business model to
reduce its environmental footprint (direct
emissions, energy consumption, use of re-
cycled material, waste management) and
focus on the development of innovative
products and services, applying the prin-
ciples of the circular economy. Therefore,
it has formulated a detailed strategic plan
of specic actions, which are already being
implemented. More details can be found
in the non-nancial information section of
this report as well as in the following link:
https://www.thracegroup.com/gr/el/sus-
tainability/ .
V. Expected Credit Losses
There are no expected credit losses as a re-
sult of the current conditions and circum-
stances. In any case, according to the estab-
lished policy, most of the companies’ sales
remain insured, while additional measures
have been taken to ensure the Group car-
ries out transactions with reliable custom-
ers (credit risk assessment, credit scoring,
advances, etc.). More information on credit
risk can be found in Chapter 3.32.2.
Election of new members of the Board of Directors to replace
resigned Directors – Reconstitution of the Board of Directors into
a body.
The Board of Directors of the Company,
during the meeting that took place on 18
th
January 2021, elected:
(a) Ms. Myrto Papathanou of Christos in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board of
Directors Mr. Konstantinos Gianniris of
Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board
of Directors Mr. Ioannis Apostolakos of
George.
The above replacement and the election
of the specic independent non-executive
members of the Board of Directors takes
place in the context of the Company’s de-
cision for its immediate, substantial and
eective compliance and adaptation of its
organization to the requirements and reg-
ulations of the new Law 4706/2020 with
regard to corporate governance.
More specically, the election of the above
new members of the Board of Directors,
on the one hand is in line with the current
regulatory framework and in particular
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 247 of 276
with the provisions of the above new law,
in terms of substantive criteria and condi-
tions of independence of new members,
whereas on the other hand is harmonized
with the provisions of the new law on suit-
ability, diversity and, above all, adequate
representation by gender in the Board of
Directors.
The election of the above new independ-
ent non-executive members of the Board
of Directors was announced, in accordance
with the law and the Company’s Articles of
Association, at the Extraordinary General
Shareholders Meeting of the Company, on
11 February 2021.
Following the above, the Board of Direc-
tors of the Company was reconstituted
into a body for the remaining of its term,
i.e. until March 19
th
, 2024, as follows:
1. Konstantinos Chalioris of Stavros,
Chairman of the Board of Directors
(executive member).
2. Christos-Alexis Komninos of Konstan-
tinos, Vice Chairman of the Board of
Directors (non-executive member).
3. Dimitrios Malamos of Petros, Chief
Executive Ocer of the Company (ex-
ecutive member).
4. Vassilios Zairopoulos of Stylianos,
Member of the Board of Directors
(non-executive member).
5. Christos Shiatis of Panagiotis, Mem-
ber of the Board of Directors (non-ex-
ecutive member).
6. Petros Fronistas of Christos, Member
of the Board of Directors (independ-
ent non-executive member).
7. Myrto Papathanou of Christos, Mem-
ber of the Board of Directors (inde-
pendent non-executive member).
8. Spyridoula Maltezou of Andreas,
Member of the Board of Directors (in-
dependent non-executive member).
9. Theodoros Kitsos of Konstantinos,
Member of the Board of Directors (in-
dependent non-executive member).
10. Nikitas Glykas of Ioannis, Member of
the Board of Directors (independent
non-executive member).
Decisions of the Extraordinary General Meeting of the Company’s
shareholders of 11
th
February 2021
The Extraordinary General Meeting of the
Company’s shareholders on 11
th
February
2021 took the following decisions:
In the 1
st
item of the agenda, the Meet-
ing decided by majority, in accordance
with the provisions of article 3 of Law
3016/2002, the election of the following
persons:
(a) Ms. Myrto Papathanou of Christos in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board of
Directors Mr. Konstantinos Gianniris of
Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in
replacement and for the remaining of
the term of the resigned independent
non-executive member of the Board
of Directors Mr. Ioannis Apostolakos of
George,
The election of the above independent
non-executive members of the Board of
Directors takes place in the framework of
the Company’s decision for the immedi-
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
ate, substantial and eective compliance
and adaptation of its organization to the
requirements and regulations of the new
Law 4706/2020 with regard to corporate
governance.
Both members that were elected accord-
ing to the above meet the criteria and con-
ditions of independence of both the arti-
cle 4, par. 1 of Law 3016/2002 valid until
17.07.2021, as well as of article 9 par. 1 and
2 of Law 4706/2020.
In the 2
nd
item and in the context of har-
monization with the requirements, criteria
and regulations of the new Law 4706/2020
with regard to corporate governance and
concerning both independence and suit-
ability, diversity and mainly the adequate
representation by gender in the Board of
Directors, and following a relevant propos-
al of the Remuneration and Nomination
Committee (RNC), the Meeting approved
by majority the election of a new eleven-
member (11-member) Board of Directors,
through the re-election of all its outgoing
members, as well as the election of Mr.
Georgios Samothrakis of Panagiotis as its
new member.
Following the above, the Board of Direc-
tors of the Company, with a term in ac-
cordance with the provisions of article 7,
par. 2 of the Articles of Association, which
is extended until the expiration of the
deadline within which the next Ordinary
General Meeting must convene and until
the relevant decision, will consist of the
following members:
1. Konstantinos Chalioris of Stavros
2. Christos-Alexis Komninos of Konstan-
tinos
3. Dimitrios Malamos of Petros
4. Vassilios Zairopoulos of Stylianos
5. Christos Shiatis of Panagiotis
6. Petros Fronistas of Christos
7. Georgios Samothrakis of Panagiotis
8. Myrto Papathanou of Christos
9. Spyridoula Maltezou of Andreas
10. Theodoros Kitsos of Konstantinos
11. Nikitas Glykas of Ioannis
Simultaneously with the same majority de-
cision, the Extraordinary General Meeting
appointed as independent members of
the Board of Directors of the Company, the
following: 1) Georgios Samothrakis of Pa-
nagiotis, 2) Myrto Papathanou of Christos,
3) Spyridoula Maltezou of Andreas, 4) The-
odoros Kitsos of Konstantinos and 5) Niki-
tas Glykas of Ioannis as they all meet the
required by the current regulatory frame-
work (namely article 4, par. 1 of the current
until 17.07.2021 Law 3016/2002 and arti-
cle 9, par. 1 and 2 of Law 4706/2020) condi-
tions and criteria of independence.
The new Board of Directors of the Com-
pany, elected by the Extraordinary General
Meeting of Shareholders, which took place
on 11 February 2021, was formed on the
same day (11 February 2021) into body.
In the 3
rd
item, the Meeting approved by
majority, in accordance with the provisions
of article 44 of Law 4449/2017, as in force
after its amendment by the article 74 of
Law 4706/2020, the election of a new Au-
dit Committee, which constitutes an Inde-
pendent Committee and consists of three
(3) members, of which one (1) independ-
ent non-executive member of the Board
of Directors of the Company and two (2)
third parties - non-members of the Board
of Directors.
Within the above framework, the follow-
ing persons were elected as members of
the Audit Committee:
1. Mr. Georgios Samothrakis of Panagio-
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 249 of 276
tis, Independent non-executive Mem-
ber of the Board of Directors,
2. Mr. Konstantinos Kotsilinis of Elefthe-
rios, third party and non-Member of
the Board of Directors and
3. Mr. Konstantinos Gianniris of Ioannis,
third party and non-Member of the
Board of Directors.
The members of the Audit Committee as
a whole have sucient knowledge of the
sector in which the Company operates,
while the majority of the members of the
Audit Committee and in particular Messrs.
George Samothrakis of Panagiotis and
Konstantinos Kotsilinis of Eleftherios, are
independent of the Company, given that:
(a) They do not hold shares greater than
0.5% of the Company’s share capital; and
(b) They do not have any dependency re-
lationship with the Company or persons
related to it, as this (dependency relation-
ship) is specied in particular in the provi-
sions of article 4 par. 1 of Law 3016/2002,
which remains in force until 17.07.2021,
as well as of article 9 par. 1 and 2 of Law
4706/2020.
Furthermore, the criterion of sucient
knowledge and experience in auditing or
accounting is met in the person of both
Mr. Georgios Samothrakis and Mr. Kon-
stantinos Kotsilinis, and therefore each of
the above members will be required to at-
tend the meetings of the Audit Committee
concerning the approval of the nancial
statements.
Finally, by the same majority decision, the
Meeting specied the term of the Audit
Committee as ve years, starting on Febru-
ary 11, 2021 and ending on February 11,
2026.
Following the election of a three-member
Audit Committee by the Extraordinary
General Meeting of Shareholders of 11
February 2021 and the appointment of the
persons holding the positions of its mem-
bers, the Audit Committee at the meeting
of 16 February 2021 decided the election
of Mr. Georgios Samothrakis of Panagiotis,
Independent Non-Executive Member of
the Board of Directors of the Company, as
its Chairman, in accordance with the provi-
sions of article 44, par. 1, Law 4449/2017,
as in force today.
Following the above, the Audit Committee
was constituted into a body as follows:
1. Georgios Samothrakis of Panagiotis,
Independent Non-Executive Member
of the Board of Directors, Chairman of
the Audit Committee.
2. Konstantinos Kotsilinis of Eleftherios,
third party - non-Member of the Board
of Directors, Member of the Audit
Committee.
3. Konstantinos Gianniris of Ioannis, third
party - non-Member of the Board of
Directors, Member of the Audit Com-
mittee.
It is noted that from the above Members
of the Audit Committee, Messrs. Georgios
Samothrakis of Panagiotis and Konstanti-
nos Kotsilinis of Eleftherios, i.e. the majori-
ty of the members of the Audit Committee,
meet the required by the current regulato-
ry framework (article 4, par. 1 of the eec-
tive until 17.07.2021 Law 3016/2002 and
article 9, par. 1 and 2 of Law 4706/2020)
conditions and criteria of independence.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
According to the decision of 12.03.2021 of
its Board of Directors and after a relevant
proposal made by the Audit Committee,
Mr. Lambros Apostolopoulos was appoint-
ed as Head of the Internal Audit Depart-
ment (Unit).
Mr. Apostolopoulos meets the require-
ments of the current legal framework (arti-
cle 15 of Law 4706/2020), i.e. he is full-time
and exclusively employed, has personal
and functional independence, is not a
member of the Board of Directors or a
member with the right to vote in standing
committees of the Company, has no close
relations with anyone who holds one of
the above capacities in the Company and
has the appropriate knowledge and rel-
evant professional experience to assume
the above position.
Mr. Apostolopoulos assumed his duties as
Head of the Internal Audit Department on
17/03/2021.
On 22 March 2021, the Company an-
nounced the expiration / completion of
the Stock Repurchase Plan in accordance
with the provisions of article 49 of Law
4548/2018, as in force, by the Extraordi-
nary General Meeting of Shareholders of
March 19
th
, 2019.
Appointment of New Head of the Internal Audit Department
Expiration / Completion of the Stock Repurchase Plan
Establishment of Committees of the Board of Directors
The Board of Directors of the Company
during its meeting on 22
nd
March 2021, for
the purposes of a substantial, eective and
appropriate compliance and harmoniza-
tion of the Company with the regulations
of articles 11 and 12 of Law 4706/2020 re-
garding the Committees of the Board of
Directors, and also with the parallel adop-
tion of best corporate governance prac-
tices, decided the following:
(a) the abolition of the existing Committee
for Benets and Promotion of Nomina-
tions (CBPN) and its replacement by the
Remuneration and Nomination Com-
mittee,
(b) the establishment of the Strategy and
Investment Committee,
(c) the establishment of the Environmen-
tal, Social Responsibility and Corporate
Governance Committee, and nally
(d) the establishment of the Human Re-
sources Committee
The Board of Directors during the above
meeting appointed the members and set
the responsibilities of these committees.
Annual Ordinary General Meeting of the Company’s shareholders
The Annual Ordinary General Meeting of
the Company’s shareholders, which took
place on May 21, 2021 remotely in real
time via videoconference, decided the fol-
lowing among others:
a) the allocation (distribution) of income
for the nancial year 2020 (01.01.2020-
31.12.2020) and specically the Gen-
eral Meeting approved the distribution
(payment) of a total dividend of Euro
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
Page 251 of 276
6,947,002.24 (gross amount) to the
shareholders of the Company from the
earnings of the closing nancial year
2020, or 0.158820 Euros per share (gross
amount), which after the increase corre-
sponding to the 322,688 treasury shares
held by the Company and which are ex-
cluded from the payment of dividend,
will amount to 0.16 Euros per share
(gross amount).
The Company’s shareholders registered
in the records of the Dematerialized Se-
curities System (SAT) as of Thursday 27
May 2021 (record date), were those en-
titled to receive the above dividend.
Wednesday 26 May 2021 was set as the
ex-dividend date according to the rele-
vant article 5.2 of the Athens Exchange
Regulation.
The payment of dividend commenced
on Wednesday 2 June 2021, and was
implemented through the Societe
Anonyme under the name “PIRAEUS
BANK S.A.”, according to the procedure
stipulated by the Regulation of the Ath-
ens Exchange in eect.
b) the approval by majority of the Remu-
neration Report, which was prepared in
accordance with the provisions of arti-
cle 112 of Law 4548/2018. The Report
contains a comprehensive overview of
the total remuneration of the members
of the Board of Directors (executive and
non-executive), and explains how the
Remuneration Policy of the Company
was implemented for the immediately
preceding nancial year.
The decisions of the General Meeting of
Shareholders are posted on the Compa-
ny’s website at the link https://www.thra-
cegroup.com/gr/el/general-meetings/
Commencement of Share Buy-Back Plan
The Management of the Company in ap-
plication of the decisions of the Annual Or-
dinary General Meeting of the sharehold-
ers of May 21st, 2021 and of the Board of
Directors of June 4th, 2021, announced on
June 7th, 2021 the commencement of the
share buy -back plan.
New investment program of € 25.5 million with an emphasis on
the production facilities of Xanthi
The Board of Directors of the Company,
following a relevant proposal by the Man-
agement, approved a new, extraordinary
investment plan. More specically, the
Management, taking into consideration
the broader market conditions as well as
the strong cash position of the Group, pro-
posed the immediate implementation of
the above extraordinary investment plan,
which is an additional investment com-
pared to the current investment plan of
2021, or any other additional investment
plan potentially approved at a later time.
The new investment plan is oriented to-
wards the Sustainable & Protable De-
velopment of the Group, with a focus on
the following strategic pillars: further re-
duction of production costs and boost of
competitiveness, improvement of prot
margins, vertical integration of production
processes and with parallel emphasis on
the circular economy and nally, further
reduction of the environmental footprint.
Amounts in thousand Euro, unless stated otherwise
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Annual Financial Report as of 31.12.2021
The individual actions of the new invest-
ment plan that will be implemented at
the Group’s facilities, in Xanthi, Greece, are
summarized as follows:
h investment in mechanical ber
production equipment: ber is a
basic raw material for the production
of non-woven needle punch fabrics.
Needle Punch fabrics aim at a variety
of applications in the sectors of infra-
structure and construction, agricul-
ture, automotive, etc.
h investment in mechanical recycling
equipment in order to increase the
recycling capacity with regard to n-
ished products or plastic waste, both
from internal production and oper-
ating processes as well as from third
party sources. This action is in line
with the commitment of the Group
calling on the one hand for the use of
more recycled raw materials and on
the other hand for further reducing
the environmental footprint of its nal
products.
h investment concerning the instal-
lation and commissioning of pho-
tovoltaic systems to cover part of
the energy needs of the Group’s pro-
duction plant complex in the area of
Xanthi, Greece (net metering), with a
targeted power capacity of 1.5 MW,
demonstrating its commitment to-
wards sustainable development, in
the context of achieving energy sav-
ings and for further reducing the envi-
ronmental footprint.
h investment in infrastructure (land
and buildings), which will create con-
ditions that are conducive to eciency
gains of the production plants, but will
also prepare the ground for future de-
velopment of the business activity and
protability of the Group’s companies.
Moreover, under the above extraordinary
investment plan, the following will take
place at Don & Low’s facilities in Forfar,
Scotland:
h investment in mechanical laminat-
ing equipment to increase produc-
tion capacity with regard to the fur-
ther processing of non-woven Spun
bond fabrics, in order to achieve high-
er prot margins.
h investment in mechanical recycling
equipment to increase the recycling
capacity with regard to nished prod-
ucts or plastic waste, both from inter-
nal production and operating process-
es as well as from third party sources.
h investment in infrastructure (land
and buildings), which will create con-
ditions that are conducive to eciency
gains of the production plant, but will
also facilitate the future development
of the business activity and protabil-
ity of the company.
The new investments amount in total to €
25.5 million, of which € 21.4 million con-
cern the investments that will be imple-
mented in the production facilities of the
Group in Xanthi, Greece and € 4.1 million
concern the investments in the Group’s
subsidiary in Scotland, whereas all are be-
ing related to the eld of Technical Fabrics.
The nancing of this new investment plan
will be carried out mainly with own funds.
Amounts in thousand Euro, unless stated otherwise
Contents
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Annual Financial Report as of 31.12.2021
Page 253 of 276
Election of a new member of the Board of Directors to replace
the resigned Director - Reconstitution of the Board of Directors
into a body
The Board of Directors of the Company,
during its meeting as of July 28
th
, 2021 and
following the relevant proposal made by
the Company’s Remuneration & Nomina-
tion Committee which took place in ac-
cordance with the applicable Policy of
Suitability and the procedures applied by
the Company, elected:
Mr. Athanasios Dimiou of Georgios as
non-executive member, in replacement for
the remaining term of the resigned non-ex-
ecutive member of the Board of Directors Mr.
Petros Fronistas of Christos.
The above replacement and the election
of the specic non-executive member of
the Board of Directors will contribute to
the further strengthening of the Board of
Directors, in particular with the new mem-
ber’s many years of experience and spe-
cialized knowledge in the eld of plastics
and specically in production technolo-
gies, while this replacement takes place
in the context of the Company’s decision
for the substantial and more eective ad-
aptation of its organization to the require-
ments and regulations of the new Law
4706/2020 (Government Gazette AD 136 /
17.07.2020) on corporate governance and
is harmonized with the provisions of the
particular law on suitability.
The election of the above new non-exec-
utive member of the Board of Directors
is going to be announced, in accordance
with the provisions of the law and the
Company’s Articles of Association, at the
next General Meeting convened by the
Company’s shareholders.
Following the above, the Board of Direc-
tors of the Company was reconstituted
into a body for the remainder of its term,
i.e. until February 11th, 2026, as follows:
1. Konstantinos Chalioris of Stavros,
Chairman of the Board of Directors
(executive member).
2. Theodoros Kitsos of Konstantinos,
Vice Chairman of the Board of Direc-
tors (independent non-executive
member).
3. Dimitrios Malamos of Petros, Chief Ex-
ecutive Ocer of the Company (ex-
ecutive member).
4. Athanasios Dimiou of Georgios, Mem-
ber of the Board of Directors (non-
executive member).
5. Vassilios Zairopoulos of Stylianos,
Member of the Board of Directors
(non-executive member).
6. Christos Alexis Komninos of Konstan-
tinos, Member of the Board of Direc-
tors (non-executive member).
7. Christos Shiatis of Panagiotis, Mem-
ber of the Board of Directors (non-
executive member).
8. Georgios Samothrakis of Panagiotis,
Member of the Board of Directors
(independent non-executive mem-
ber).
9. Myrto Papathanou of Christos, Mem-
ber of the Board of Directors (inde-
pendent non-executive member).
10. Spyridoula Maltezou of Andreas,
Member of the Board of Directors
(independent non-executive mem-
ber).
11. Nikitas Glykas, of Ioannis, Member of
the Board of Directors (independ-
ent non-executive member).
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 254 of 276
Annual Financial Report as of 31.12.2021
Completion of the Process concerning the Sale of the Industrial
Property of the fully owned, by 100%, subsidiary Thrace Linq INC.
The Management of the Company, fol-
lowing the relevant announcements on
24.04.2020, 18.06.2020, 28.08.2020 and
17.06.2021, in relation to the transfer –due
to the respective sale by its 100% subsidi-
ary company Thrace Linq INC.-- of the pri-
vately owned industrial property, which is
located in South Carolina, U.S.A., after the
nal cessation of the production opera-
tion of the above subsidiary, informed the
investor community on 18/08/2021 about
the following: After the collection of the
entire remaining part of USD 3.5 million
(plus the interest due and related expens-
es), and the consequent abolition of any
impediments associated with this particu-
lar repayment, the sale transaction with re-
gard to the above property was completed
and consequently the transfer of the prop-
erty became certain and nal.
It is reminded that the total consideration
with regard to the above sale transaction
amounted to USD 14.5 million, the great-
est part of which (i.e. USD 11 million) had
been collected at the time of the trans-
fer agreement of the property (i.e. on
15/06/2020).
It is noted that as a result of the comple-
tion of the above sale transaction of the
property as per above, the Group recorded
an extraordinary prot for the year 2021,
amounting to USD 7.78 million (i.e. ap-
proximately EUR 6.57 million).
The nalization of sale of the property of
the fully owned by 100% subsidiary Thrace
Linq INC. has completed in the most ben-
ecial way for the Group its action plan
regarding the cessation of the production
activities of the specic subsidiary. At the
same time, the Group continues to serve
uninterruptedly the geotextile market
in America from the Group’s facilities in
Europe and from Lumite INC., a joint ven-
ture of the Group in the U.S.A., gradually
strengthening its position in the particular
market as well.
Replacement of the Ocer of Investor Relations and Corporate
Announcements Department
The Board of Directors of the Company,
with a relevant decision, has appointed Mr.
Dimitrios Fragkou of Vassilios as the Ocer
of the Investors Relation and Corporate An-
nouncements Department of the Company
in replacement of Mrs. Ioanna Karathanasi
daughter of Paraskevas, due to the with-
drawal of the latter from the Company.
Mr. Dimitrios Fragkou took over his duties
as the Ocer of the Investors Relation and
Corporate Announcements Department on
September 13, 2021.
Donation of surgical masks
Thrace Plastics Group actively supported
the eort of the National Hellenic Wheel-
chair Basketball Team to claim the highest
possible distinction and awarded 3,000
certied disposable surgical masks, cover-
ing the needs for increased protection as
part of the organization of the 14
th
Euro-
pean Men’s Wheelchair Basketball Cham-
pionship, which was held at the Peace and
Friendship Stadium from 12-18 July 2021.
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 255 of 276
Issuance of Tax Certicate of Tax Certicate for the Fiscal Year in
accordance with article 65 A of Law 4174/2013
Interim Dividend for the Year 2021
Following the special tax audit carried out
for the nancial year 2020 by the statu-
tory external auditors in accordance with
article 65A of Law 4174/2013, both on
the Company and its subsidiaries “Thrace
Nonwovens & Geosynthetics S.A.”, “Thrace-
Polylms S.A.”, “Thrace Plastics Pack S.A.”,
“Thrace Eurobent S.A.” and “Thrace Green-
houses S.A.”, the relevant tax certicates
were issued with an unqualied opinion.
The Board of Directors of the Company
during the meeting of September 24th,
2021 approved the distribution of an in-
terim dividend for the nancial year 2021
based on the interim nancial statements
for the period 01.01.2021-30.06.2021.
The Interim dividend amounted in total
to 4,750 thousand Euros (gross amount),
i.e. 0.108592646 Euros per share of the
Company. The above amount through the
increase corresponding to the 504,163
treasury shares held by the Company and
which are not entitled to an interim divi-
dend, settled at 0.109858877 Euros per
share and was subject to a withholding tax
of 5%, in accordance with the provisions
of Law 4646/2019 (Government Gazette
A’ 201/12.12.2019). Therefore, the nal
amount paid as Interim dividend for the
year 2021 amounted to 0.104365933 Euros
per share. Following the above and after
the approval of the nancial statements
for the period 01.01.2021-30.06.2021 and
especially the entry, as of 6.10.2021, in
the General Electronic Commercial Regis-
try (GEMI) of the relevant announcement
regarding the publication of the above -
nancial statements, the Board of Directors
of the Company at its meeting of October
14, 2021, set Wednesday, December 1,
2021 as the cut-o date for the interim div-
idend, Thursday, December 2, 2021 as the
date of determination of the beneciaries
to the above dividend (record date), and
Wednesday, December 8, 2021 as the pay-
ment commencement date. The payment
of the interim dividend was made through
the paying Bank “PIRAEUS BANK SA”.
The Board of Directors of the Company,
during its meeting as of November 18,
2021, made the appointment of Ms. Evan-
gelia (Elina) Sideri of Georgios as the Oc-
er of the Investor Relations and Corporate
Announcements Department of the Com-
pany in replacement of Mr. Dimitrios Frag-
kou, who had been acting under the above
capacity up until November 23, 2021.
Ms. Evangelia Sideri took over her duties
on November 24, 2021.
Appointment of new Ocer of Investor Relations and Corporate
Announcements Department
Amounts in thousand Euro, unless stated otherwise
Contents
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Page 256 of 276
Annual Financial Report as of 31.12.2021
3.34 Events after the Financial Position Date
Direct Impact of the War Conict on the Financial of the
Group
The war outbreak after the Russian mili-
tary invasion of Ukraine creates geopoliti-
cal instability with macroeconomic conse-
quences, the extent of which cannot yet
be estimated. The Group does not have
signicant business activities in Ukraine
and in Russia, i.e. in the areas directly af-
fected by the war. Furthermore, the overall
exposure to Ukraine and Russia is minimal.
Based on the nancial results of 2021, sales
in these two countries stood at 0.6% of the
Group’s total turnover. Therefore, no direct
material impact is expected on the nan-
cial performance of the Group, given the
non-existence of business activity in the
specic area. However, the eects on the
Group’s activities from the negative de-
velopments in the energy sector and from
the wider macroeconomic uncertainty are
closely monitored and in case the crisis is
prolonged and generates stronger ina-
tionary pressures, the Group will re-evalu-
ate and may modify its estimates accord-
ingly.
Appointment of Risk & Compliance Manager
The Board of Directors of the Company,
during its meeting of 21/02/2022, ap-
pointed Mr. Michael Psarros of George as
Head of the Department (Unit) of Regula-
tory Compliance and Risk Management.
Mr. Psarros assumed the duties as Risk &
Compliance Manager on 24/02/2022.
Proposed Dividend for the Year 2021
The Board of Directors of the Company at
the meeting of September 24, 2021 de-
cided to distribute an interim dividend
for the nancial year 2021 based on the
interim nancial statements for the period
01.01.2021-30.06.2021. The distribution
and payment of the above dividend took
place on December 8, 2021. The Board of
Directors will propose the distribution of
dividend to the Annual General Meeting
of Shareholders, however taking into ac-
count the conditions that are constantly
changing due to Covid-19 pandemic and
the Russian invasion of Ukraine, the nal
amount to be proposed will be decided at
a later stage and in any case prior to the
date of the Annual General Meeting of
Shareholders.
There are no other events subsequent to
the date of the Balance Sheet, which aect
the nancial statements of the Group.
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Annual Financial Report as of 31.12.2021
Page 257 of 276
The Financial Statements have been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union, were approved
by the Board of Directors on 12 April 2022 and are signed by the representatives
of such.
The Chairman
of the BoD
The Chief
Executive Ocer
The Chief Financial
Ocer
The Chief
Accountant
KONSTANTINOS ST.
CHALIORIS
DIMITRIOS P.
MALAMOS
DIMITRIOS V.
FRAGKOU
FOTINI K.
KYRLIDOU
ID NO. AM 919476 ID NO. ΑΟ 000311 ID NO. ΑΗ 027548
ID NO. ΑΚ 104541
Accountant Lic. Reg. No.
34806 Α’ CLASS
Amounts in thousand Euro, unless stated otherwise
Contents
>>
Page 258 of 276
Annual Financial Report as of 31.12.2021
V. ONLINE AVAILABILITY OF THE INTERIM
FINANCIAL REPORT
The Annual Financial Statements of the Company, the Audit Report of the Chartered Au-
ditor-Accountant and the Management Report of the Board of Directors, as well as the
Annual Financial Statements, the reports of the Chartered Auditor-Accountant and the
Reports of the Board of Directors of the companies that are incorporated in the consoli-
dated nancial statements of “THRACE PLASTICS CO SA” are registered on the internet at
www.thracegroup.gr.
