Thrace Plastics and Commercial SA: Annual Financial Report (9 MB)

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REPORT

01/01-31/12/2021

IN ACCORDANCE WITH ARTICLE 4 OF LAW 3556/2007 AND

RELEVANT DECISIONS OF THE BOARD OF DIRECTORS

DIRECTORS FROM HELLENICCAPITAL MARKET

Reg. general of trade. No. 12512246000

Place of residence: Magiko, Municipality of Avdira Xanthi Greece

Offices: 20 Marinou Antypa Str.174 55 Alimos, Attica Greece

www.thracegroup.com

Information regarding the preparation of the annual financial report for the period from

January 1stst as of December 31st 2021

This Financial Report, which refers to the period from 1.1.2021 to 31.12.2021, has been drawn up in accordance with the provisions of article 4 of L.3556/2007 (Journal Gov. 91Α’/30-04-2017) , of Law 4548/2018 and the relevant decisions issued by the Board of Directors of the Hellenic Capital Market Commission pursuant to Reg. n° 8/754/14-4-2016 and 1/434/03-07-2007 as well as with protocol n°. 62784/06-06-2017 Circular of the Business and GEMI Division of the Ministry of Finance, Development and Tourism.

This report has been unanimously approved by the board of directors of “THRACE PLASTICS CO SA” (“Company”) on April 12, 2022, has been published on the Company’s websitewww.thracegroup.grwhere these will remain available to investors for a period of at least ten (10) years from the date of publication and include:

CONTENT

I.

STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS

3

II.

ANNUAL REPORT OF THE BOARD OF DIRECTORS OF

THRACE PLASTICS CO SA ON THE FINANCIAL STATEMENTS

FROM 1-1-2021 TO 31-12-2021

4

III.

AUDIT REPORT BY CERTIFIED AUDITOR

142

IV.

ANNUAL ACCOUNTS (SEPARATE AND CONSOLIDATED)

150

V

ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT

258

Any discrepancy in the last digit of the numbers is due to rounding.

I.

STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS

(according to article 4 al. 2 of L 3556/2007)

We, the representatives of the Board of Directors, declare and confirm that to the best of our knowledge:

(a) The Annual Financial Statements (Parent and Consolidated) of the Company, which relate to the period from January 1st 2021 to December 31st 2021, have been drawn up in accordance with the accounting standards in force, present fairly the assets and liabilities, equity and financial results of the Company, as well as those of the companies included in the consolidation and considered globally as a whole, and

(b)The annual report of the Board of Directors of the Company presents with precision the significant events of the year 2021 and their effect on the annual accounts, the significant transactions between the Company and its related parties, the evolution, the performance and the situation of the Company, as well as of the companies included in the consolidation and considered globally as a whole, including the description of the basic risks and uncertainties they face.

Xanthi, April 12, 2022

THE UNDERSIGNED :

The president of

The Director General &

The non-executive member of

board of directors

Executive member of

board of directors

board of directors

Constantin Saint Chalioris

Dimitris P. Malamos

Vasileios S. Zairopoulos

II.

ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THRACE PLASTICS CO SA ON THE FINANCIAL STATEMENTS FOR THE YEAR FROM 1-1-2021 TO 31-12-2021

INTRODUCTION

visions of Law 4548/2018 (GOV. GAZ.

This annual report of the Council

Directors (hereinafter referred to as “Report”)

refers to the financial year 2021 (01.01.2021

– 31.12.2021). The report was prepared

in accordance with the pro-

104Α΄/13.06.2018) as it currently stands

force and of Law 3556/2007 as it is in force

fect following its modification of the law

4374/2016 and the relevant executive decree

decisions made by the board of directors

the Hellenic Capital Market Commission,

and especially the decisions with num-

ber 1/434/3.7.2007 and 8/754/14.4.2016,

because the latter is valid after its modification

by decision number 12A/889/

31.08.2020 of the Board of Directors of Hel-

lenic capital market commission.

The report includes the total required by

legal information (financial and non-financial)

financial information) with a concise summary and

complete, objective and adequate

manner and with the principle of providing

complete and substantial information

tion with regard to the matters included in

Phone.

Given that the Company prepares consolidated and non-consolidated (separate) financial statements, this Report constitutes a single report referring mainly to the consolidated financial data of the Company and its subsidiaries or participations. Any reference to non-consolidated financial data takes place in certain areas which have been deemed necessary by the Company’s Board of Directors for a better understanding of the content of the report and to provide investors with the most complete information.

It is specified that this Report includes, in addition to the 2021 financial statements, the data and declarations required by law in the Annual Financial Report, which relate to the financial year ended December 31, 2021.

The sections of this report and their contents include the following:

SECTION I: Significant events occurring during the 2021 financial year

Below, the most significant events that occurred during the 2021 financial year are presented:

Macroeconomic environment and impact of COVID-19

Global macroeconomic conditions were impacted for another year by recurrent waves of the COVID-19 pandemic, particularly in Europe, with shifts between the gradual easing of restrictive measures and the re-enactment of these measures within the year. Therefore, it is evident that the evolution of the pandemic has been an important determinant of the economic and business environment, creating both conditions of uncertainty but also business opportunities.

At the same time, during the last months of the year, there was a phenomenon of rising inflationary pressures in most world economies.basic price of industrial production, i.e. the increase in the prices of raw materials, secondary materials and packaging materials, energy costs and transport costs, while there are still little evidence of a potential reversal of above price pressures.

The above, on the one hand, generates challenges that the Group is already facing and will continue to face in the near future and, on the other hand, creates conditions of uncertainty as to the evolution of economies and their growth patterns.

I.

Impact of the pandemic on the Group’s operations for the 2021 financial year

In this extremely difficult environment as described above and given the major disruptions in global supply and demand, the commercial and economic activity as well as the operation of the Group have not been affected to date and the Group continues to effectively overcome existing challenges.

With regard to the operation of production, all of the Group’s production units continued to operate without problems throughout 2021, without facing any operational problems related to the spread of the pandemic, concerning health and safety. safety of the Group’s employees, following the particularly strict protection measures taken by the Group.

Fiscal year 2021 was a year of particularly strong financial performance, with the Group achieving higher profitability by successfully offsetting the negative impact of the significant increase in raw material costs and the volatility observed in terms of demand for market. More specifically, during the year we observed:

  • • Increased demand for products in the construction sector.

  • • Significant demand in the infrastructure and agriculture sector.

  • • A significant demand for products related to personal protection and health, especially during the first months of the year, but with a significant drop

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