*Note: In the financial statements for the financial year 1.1-31.12.2022, for comparability reasons, the amount

of € 352 thousand is reclassified from Down Payments and other receivables to Trade Receivables.

*Note: In the financial statements for the financial year 1.1-31.12.2022, for comparability reasons, the

amount of € 3.029 thousand is reclassified from Other income and profits to Sales.

The attached explanatory notes are an integral part of the present financial statements.

F. Notes on the Annual Financial Statements

1.

Incorporation and Company activity

Public limited company ThPA S.A. was incorporated in the year 1999, for a term of 100 years, by the

conversion of the Public Law Legal Entity «Thessaloniki Port Authority» (the Company) to a public limited

company, pursuant to Law 2688/1999.

The company is involved in the sector of auxiliary activities related to transportations (STACOD ’08, code

52), i.e. the provision of services of loading/unloading cargoes, their storage, of other port services, of the

service of passenger traffic etc.

The shares of the Company are listed in the Main Market of the Athens Stock Exchange with 25,73% of

the total shares being offered to the investing public.

In 2020, the Company established a subsidiary in Bulgaria (with a 100% stake) based in Sofia, within the

framework of its strategies.

2.

Legal Framework

The Company is governed by the principles of the Société Anonyme law 2190/1920 and the founding Law

2688/1999 as amended and in force.

The Company’s goal is to fulfill the obligations, to carry out the activities and to exercise the opportunities

arising from the concession agreement between the Company and the Greek State as amended and in

force at the time.

The Company’s goal as described in Article 3 of its Articles of Association, includes in particular:

•

The exploitation of the rights granted to it under the Concession Agreement as well as the

maintenance, development, and exploitation of the conceded assets in accordance with the

Concession Agreement,

•

The provision of services and facilities to vessels, cargo and passengers, including mooring and

cargo handling,

•

The installation, organization, and operation of all types of port infrastructure,

•

The undertaking of any activity relating to the Port of Thessaloniki, commercially or reasonably

adjacent to it,

•

The conclusion of contracts with third parties for the provision of port services of all kinds,

•

The award of works contracts,

•

Undertaking any kind of activity, whether intentional or routine, in the context of its business

activity under the Concession Agreement.

•

Undertaking any activity other than those carried out by commercial companies in general.

3.

Concession agreement for the right of use and exploitation of the terrestrial port zone of the

Port of Thessaloniki

The Company has the exclusive right to use and exploit the plots, buildings and installations of the

terrestrial port zone of the Port of Thessaloniki , which are property of the Greek State. The above exclusive

right was conceded to ThPA S.A. by virtue of the concession agreement of June 27

th

2001 between the

Greek State and ThPA S.A. and expires in the year 2051. The above agreement was amended and coded

in February 2018 and ratified by Law 4522/07.03.2018 (Gov. Gaz 39).

The main points of the Amended or Revised Concession are as follows:

•

The right of use extends over the land sections covered or not, the existing buildings, the technical-

port works, the embankments, service roads, railway network, public utility networks, extensions to sites-

works, the port maritime zone, in general over the premises of the vertical projection of the terrestrial port

zone except from buildings serving public services and specially designed buildings of the pier a΄ and its

surroundings.

•

Through this concession agreement, the Greek State grants to ThPA S.A the exclusive right to hold,

use, manage, maintain, improve and exploit the concession information throughout the duration of the

Concession, subject to the terms and conditions set forth in this agreement.

•

The right will expire on 27 June 2051, the fiftieth (50th) anniversary of the 2001 Concession, subject

to an early termination in accordance with Article 25.

•

The termination or expiration of the agreement implies the liability of ThPA S.A. to remit the

concession to the State in the situation provided for in Article 26 of the Concession.

A concession fee is determined as a percentage of the Company's total consolidated revenue at 3,5%,

with a minimum annual amount payable, €1,8 million.

ThPA S.A. is liable:

•

To take all reasonable steps within its sphere of influence to ensure that all operations, activities

and transactions undertaken under this Concession will contribute to the development of the

Port of Thessaloniki as provided for in the program objectives.

•

To fulfill its liabilities under this Concession in accordance with applicable laws, regulations and

ordinances of general application.

•

To operate the Port of Thessaloniki and to fulfill in all respects its obligations arising from this

Agreement in accordance with good industry practice.

The Greek State is liable:

•

To provide the necessary assistance to fulfill the purpose of the concession.

4. Framework for the preparation and basis for the presentation of the financial statements

4.1. Framework for the preparation

The corporate and consolidated financial statements have been compiled in accordance with the

International Financial Reporting Standards (IFRS), as they have been published by the International

Accounting Standards Board (IASB) as well as in accordance with their relevant Interpretations, as published

by the Standards Interpretation Committee of the IASB, as they have been adopted by the European Union

and mandatorily applied for the fiscal years ending on December 31, 2023. There are no standards and

standards interpretations that have been applied prior to the date of beginning of their application.

The corporate and consolidated financial statements attached have been prepared on the basis of the

principle of going concern and the principle of historic cost, besides investment property and other long-

term receivables measured at fair value, lease liabilities, rights to use assets and provisions for employee

benefits measured at present value.

The preparation of financial statements requires to incur estimates and adopt assumptions by Management

that affect assets, liabilities, profit or loss and disclosures. Actual facts may differ from the estimates and

assumptions of the Management. The areas that contain more estimates and assumptions are listed in

section 4.4.

The financial statements refer to individual and consolidated financial statements.

The COVID-19 global pandemic, which broke out in mid-March 2020, continued to affect the global economy

for the third consecutive year. The Management continues to take all the necessary measures to protect the

health of the Group's employees.

The positive development of Company's and Group's figures and performance is not expected to deviate as

a result of the conditions created by the Covid-19 pandemic, the effects of which were limited for the

Company and the Group.

4.2. Presentation basis

The corporate and consolidated financial statements are presented in thousands of Euro , unless otherwise

stated.

The annual financial statements of the fiscal year that ended on December 31, 2023 have been prepared in

compliance with the International Financial Accounting Standards, adopted by the European Union and

approved by the Board of Directors on 17.04.2024 (decision by the BoD of ThPA S.A. no. 7833/17.04.2024).

The Annual corporate and consolidated Financial Statements of the Group and the Company, the Chartered

Accountant Auditor’s Report and the Management Report by the Board of Directors for the fiscal year that

ended on December 31, 2023 have been posted on the Company’s website

www.thpa.gr

.

4.3. Standards-Amendments and Interpretations in force since 01.01.2023

Changes in accounting policies and disclosures

The accounting policies adopted in the preparation of the annual corporate and consolidated financial

statements, are consistent with those followed for the prior fiscal year except for the adoption of new standards

and interpretations applicable for fiscal periods beginning on January 1, 2023.

Α. Standards and Interpretations effective for the current financial year

From 1st January 2023 the Company and the Group have adopted all amendments in IFRS as these

were adopted by the European Union (“EU”) which relate to its operations. These amendments and

interpretations did not have a significant impact on the financial statements of the Company and the

Group

The following Standards, amendments and interpretations have been issued from International

Accounting Standards Board (IASB), have been adopted by the EU and they are effective from annual

periods

beginning on or after 1st January 2023.

IAS 1 Presentation of Financial Statements and IFRS Practice Statement

2: Disclosure

of Accounting policies (Amendments):

In February 2021, IASB issued narrow-scope amendments that pertain to accounting policy

disclosures. The objective of these amendments is to improve accounting policy disclosures so that

they provide more useful information to investors and other primary users of the financial statements.

More specifically, companies are required to disclose material accounting policy information rather

than their significant accounting policies.

According to the updated definition of material accounting policy as published by the IASB in October

2018, accounting policy information is material if when considered together with other information

included in an entity’s financial statements, it can be reasonably expected to influence decisions that

the primary users of general purposes financial statements make on the basis of those financial

statements.

Additionally, IFRS Practice Statement 2 amendments include guidance and additional examples on

the application of materiality to accounting policy disclosures.

IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of

Accounting Estimates (Amendments):

In February 2021, IASB issued amendments to IAS 8 Accounting Policies, Changes in Accounting

Estimates and Errors to clarify how companies should distinguish changes in accounting policies from

changes in accounting estimates. The amendments introduce a new definition for accounting

estimates: clarifying that they are monetary amounts in the financial statements that are subject to

measurement uncertainty.

IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single

Transaction (Amendments):

In May 2021, IASB

issued amendment to IAS 12 in order to specify how companies should account

for deferred tax related to assets and liabilities arising from a single transaction, such as leases and

decommissioning obligations, transactions for which entities recognize both an asset and a liability,

In specific cases, the entities were exempted from the recognition of deferred tax on initial recognition

of both an asset and a liability. The amendments clarify that the initial recognition exemption does

not apply and entities are required to recognize deferred tax upon these transactions.

IFRS 17 Initial Application of IFRS 17 and IFRS 9 - Comparative Information

(Amendments)

The amendment is a transitional choice in relation to the comparative information in the classification

of financial assets in the first application of IFRS 17. The amendment therefore, aims to prevent

temporary accounting imbalances between financial assets and insurance contract liabilities and

improve

the usefulness of comparative information

for the users of the financial statements.

Β. Standards and Interpretations for period after 31.12.2023

The following New Standards, Amendments and Interpretations have been issued by the

International Accounting Standards Board (IASB) but are not yet effective for annual periods starting

1st January 2023.

The Company and the Group are investigating the impact of the new standards

and amendments on their financial statements and based on management's current assessment they

are not expected to have a significant impact on the financial statements in the period of application.

Those relating to the Company’s and Group’s operations are presented below.

IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non Current

(Amendments) The amendments are effective for annual periods on or after 01 January 2024.

In January 2020, IASB issued amendments to IAS 1 clarifying the requirements for the classification

of the liabilities as current and non

current. In particular, the amendments clarify that one of the

criteria for the classification of a liability as non current is the entity’s right to defer settlement for at

least 12 months after the reporting date.

The amendments clarify the meaning of a right to defer

settlement, the requirement of this right to exist at the reporting date and that management intend

in relation to the option to defer the settlement does not affect current or non -current classification.

Additionally, in July 2020, IASB issued an amendment providing clarifications for the classification of

debt with covenants

and deferring the effective date of the January 2020 amendments of IAS 1 by

one year.

IFRS 16 Leases: Lease Liability in a Sale and Leaseback (Amendments). The amendments are

effective for annual periods on or after 01 January 2024.

The amendments are intended to clarify the requirements of accounting by a seller-lessee regarding

measuring the lease liability arising in a sale and leaseback transactions. An entity applies the

amendment retrospectively in cases of sale and leaseback transactions

entered into after the date

of the initial application of IFRS 16.

IAS 12 International Tax reform-Pillar Two (Amendments)

In May 2023, IASB published the amendments to IAS 12 to provide a temporary exemption from

accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules,

as well as targeted disclosures for affected entities. The temporary exemption is to be applied

immediately upon the issue of those amendments by IASB and retrospectively in accordance with

International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors

(‘IAS 8’). The disclosure requirements are to be applied to annual reporting periods beginning on or

after 1 January 2023. An entity is not required to apply the disclosure requirements in interim financial

reports for interim periods ending on or before 31 December 2023.

IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures (Amendments). The

amendments are effective for annual periods on or after 01 January 2024.

In May 2023, IASB issued the final amendments to IAS 7 and IFRS 7 which address the disclosure

requirements to be provided by entities in relation to their supplier finance arrangements. The

amendments have not yet been endorsed by the EU.

IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).

The amendments are effective for annual periods on or after 01 January 2025.

In August 2023, IASB published amendments to IAS 21 “The Effects of Changes in Foreign Exchange

Rates” which require companies to provide more useful information in their financial statements when

a currency is not exchangeable to another currency. The amendments introduce a definition of the

“exchangeability” of a currency and provide guidance on how an entity should estimate a spot

exchange rate in cases where a currency is not exchangeable. Also, additional disclosures are required

in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability. The

amendments have not yet been endorsed by the EU.

4.4. Important judgments, estimates and assumptions

Preparation of the financial statements in compliance with the IFRS requires that the Group and the

Company management make judgements, accounting estimates and assumptions which affect the

published assets and liabilities, and also disclose contingent assets and liabilities on the date the financial

statements are prepared, as well as the published income and expenses for the reference period. Actual

results may differ from those which were estimated.

Estimates and judgements are constantly re-assessed and are based both on past experience and on

other factors including expectations about future events considered reasonable based on specific

circumstances and are constantly re-assessed using all available information.

A major accounting estimate is considered to be one where it is important for the picture of the Group

and Company’s corporate and consolidated financial situation and its results and requires more difficult,

subjective or complicated management judgements about the impact of assumptions which are

uncertain. The Group and the Company evaluate such estimates on a continuous basis, relying on past

results and on experience, meetings with experts, trends and other methods which are considered

reasonable under the specific circumstances, and the forecasts about how they could change in the

future.

The key judgements and estimates made by Company Management which have a major impact on the

amounts recognised in the corporate and consolidated financial statements primarily deal with:

Important judgements

➢

Leases (Note 8.28)

ThPA S.A. Concession Agreement to the Greek State: The Company has the exclusive right to use and

exploit the lands, buildings and facilities of the Land Port Zone of the Port of Thessaloniki, which are

owned by the Greek State. The above exclusive right was granted to ThPA S.A. under the concession

contract from 27 June 2001 between the Greek State and ThPA S.A.. and expires in the year 2051. The

above contract was amended and codified in a single text in February 2018 and was ratified by Law 4522

/ 7-3-2018 (Government Gazette 39).

The main points of the amended or revised contract are as follows:

•

The right of use extends to the covered or uncovered parts of the land, to the existing buildings,

technical-port works, alluviums, internal roads, railway network, supply networks, to the extensions

of works-sites, to the sea zone of the port, generally to the vertical components of the land port

zone with the exception of buildings that serve the needs of public services, specially designed

buildings of the first pier.

•

Under this Concession Agreement, the Greek State grants to ThPA S.A. the exclusive right to

possess, use, manage, maintain, improve and exploit the concession data throughout the

Concession Duration subject to the terms and conditions provided by this contract.

•

The Right will expire on June 27, 2051, i.e., the fiftieth (50th) anniversary of the 2001 Convention

subject to early termination in accordance with Article 25.

•

The expiry or termination automatically implies the obligation of ThPA S.A. to return to the State

what has been granted, in the situation provided for in Article 26 of the contract.

A fee is paid which is determined as a percentage of the total income of the Company at 3.5%, with a

minimum annual amount of € 1.8 million.

Company`s Management in previous fiscal year examined whether the contract related to the granting

of exclusive right of use and exploitation of lands and building facilities at Port of Thessaloniki falls within

the provisions of IFRIC 12.

IFRIC 12 (Service Concession Arrangements - Codified) was not applied in the recognition of the

concession agreement in the year of measurement as the Company retains control over the pricing of its

operations.

The Company in previous fiscal year made a significant assessment to determine the "Incremental

borrowing rate" used to recognize the lease agreement with the Greek State. It also conducted judgments

and assessments regarding the leases that the Company is a lessor as to whether they relate to operating

or financial leases.

➢

The useful life of depreciated assets and their residual value (Note 5,4, 8.2)

The Group and Company`s Management examine the useful life of depreciated assets every fiscal year,

to assess whether they continue to be suitable. To assess the useful life, Group and Company

Management take account of the expected use of assets, the expected natural wear and legal or similar

restrictions to the use of an asset.

Group and Company Management consider that the useful life on 31.12.2023 reflects the expected utility

period of assets.

➢

Impairment testing of tangible fixed assets and participations

(Note 8.2, 8.26)

At the end of each financial year, the Group and Company's Management examine whether there is any

indication of a possible impairment of the tangible fixed assets value and participation to affiliated parties.

With regard to the standard for the existence of such indications, it is taken in account the economic

depreciation, the physical condition of the asset, the expected use and the present value of the estimated

future cash flows of the asset.

➢

Income tax (Note 8.24 , 8.27.3)

The Group and company are liable to pay income tax to the Greek and Bulgarian tax authorities.

Significant estimates are needed when making income tax provisions. There are many transactions and

calculations for which the final level of tax is uncertain during normal business operations. The Group

and company recognise liabilities for issues expected to arise during tax audits based on its estimates on

the extent to which additional taxes will be owed. When the final result in those tax cases differs from

the amounts initially computed, such differences shall have an impact on the income tax.

➢

Impairment of receivables (Note 8.7)

Bad debt is presented as the amounts which may be recovered. Estimates about the amounts expected

to be recovered are made after analysis and based on the Group and Company's experience concerning

the likelihood of customer bad debt. Once it is known that a specific account is at risk above the normal

credit risk level (e.g. low credit rating for customer, disagreement over existence of receivable or level

thereof, etc.) the account is analyzed and a record is made of whether the conditions indicate that the

receivable will not be collected.

Group and Company Management examine the recoverability of other receivables which relate to legal

cases, by taking into account the opinions and judgments of their legal advisors as well as historic data

on the outcome of similar legal cases. In order for a receivable from legal cases to be deemed

recoverable, the inflow of financial benefits should be considered virtually certain.

The Group and Company, regarding the adoption of IFRS 9, assessed the need to provide a provision for

customer requirements. However, as most of the customers have either submitted a letter of guarantee

or have paid an advance covering the claim, the Group and Company have concluded that there is no

material loss and does not make a distinct provision in their corporate and consolidated financial

statements.

➢

Other provisions and Contingent Liabilities (Note 8.27.1)

The Group and the Company, in association with the legal advisor who handles the cases, evaluate the

outcome of the court decisions at the end of each year. Based on the judgment of the Management that

is based on all available information, including the opinion of the legal advisors who manage its cases,

the Company proceeds to the formation of the necessary provision or disclosure of any liabilities related

to pending court cases. The above assessment is a complex process that involves judgments about the

possible consequences as well as interpretations of laws and regulations.

➢

Defined benefit plans (Note 8.11)

The cost of benefits for defined benefit plans is calculated using actuarial estimates, which utilize

assumptions for the discounting factors, the rate of salary increases and mortality rates. Due to the long-

term nature of the plans, such assumptions are subject to considerable uncertainty.

5. Summary of significant accounting policies

The basic accounting policies observed by the Group and the Company for the preparation of its financial

statements are the following:

5.1 Consolidation

i) Business combinations

The Group accounts for the acquisition using the purchasing method when all of the activities and assets

acquired meet the definition of a business and control is transferred to the Group. To determine whether a

particular set of activities and assets constitutes a business, the Group assesses whether the set of assets and

activities acquired includes at least one input and a substantive process and whether the acquired set has the

potential to produce results.

The Group has the option to apply a "concentration control" that allows a simplified assessment of whether an

acquired set of activities and assets is not a business. This optional "concentration control" is met if substantially

all the fair value of the assets acquired is aggregated into a single identifiable asset or a set of similar identifiable

assets.

In the event that, the full or part of the price is repaid in the long term and is made in cash, the amount payable

should be discounted to the present value of the day on which the redemption took place. The discount rate

to be used is the interest rate at which the Company could borrow from an independent source under

corresponding terms and conditions. The price to be paid for the acquisition is generally measured at its fair

value, as are the net assets acquired.

Any goodwill arising is checked annually for impairment. Any gain from a bargain is recognized immediately in

profit or loss. Transaction costs are expensed when incurred, unless related to the issuance of bonds or equity

securities.

The price does not include amounts related to any pre-existing relation vessel settlement. These amounts are

generally recognized in the results. Any price payable by the Group is initially recognized at its fair value at the

date of acquisition and is categorized either in equity or as a financial liability. Amounts that have been classified

as a financial liability are reassessed at fair value and any changes are recognized in profit or loss. There is no

subsequent measurement for amounts that have been recorded in equity.

ii) Subsidiaries

Subsidiaries are entities controlled by the Group. The Group "controls" an entity when it is exposed to or entitled

to variable returns from its involvement with the entity and has the ability to influence those returns through

its power over the entity. The Financial Statements of the subsidiaries are included in the consolidated Financial

Statements from the date of commencement of the audit until the date on which the audit ceases. Subsidiaries

are fully consolidated (full consolidation) using the acquisition method from the date on which control is

transferred to the Group and are deconsolidated from the date that such control ceases

iii) Non-controlling interests

Non-controlling interests are initially measured at their proportionate share of the identifiable net assets of the

acquired entity at the acquisition date. Changes in the percentage of the Group's participation in a subsidiary

that do not lead to a cessation of "control" over the subsidiary are recorded in equity.

iv) Eliminations

Transactions between Group companies, balances and unrealized gains and losses (excluding foreign exchange

gains and losses) related to transactions between Group companies are eliminated. Also unrealized losses and

unrealized gains are eliminated, but only to the extent that there is no indication of impairment.

5.2 Foreign currency

I.

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency of the Group companies using the

exchange rates prevailing at the dates of the transactions.

Foreign exchange gains and losses arising from the settlement of such transactions during the period and

the translation of monetary items denominated in foreign currencies at the exchange rates ruling at the

balance sheet date are recognized in profit or loss. Non-monetary items denominated in foreign currencies

and valued at historical cost are translated at the exchange rates ruling at that date. Non-monetary items

denominated in foreign currencies and valued at fair value are translated at the exchange rates ruling at

the dates of the fair values. In this case, the resulting exchange differences from the change in fair value

are recorded in the income statement or directly in other comprehensive income, depending on the item.

II.

Business activities abroad

The assets and liabilities of the companies participating in the consolidation and which are initially presented

in a currency other than the presentation currency of the Group have been translated into EURO at the

closing rate of the balance sheet. Income and expenses are translated into the Group's presentation

currency at the average exchange rates during the reporting period (unless the average exchange rate is

a reasonable approximation of the cumulative effect of the exchange rates prevailing at the dates of the

transactions, in which case the income and expenses are converted. at the exchange rates prevailing on

the dates of the transactions). Any differences arising from this procedure are recorded in the statement

of comprehensive income and cumulatively in the foreign currency balance sheet reserve of the net position

except for the portion of those differences allocated to non-controlling interests, when any. In the event

that a foreign business activity is sold in whole or in part so as to lose control of the Group in that business,

the accumulated foreign exchange differences recorded in the foreign currency balance sheet of the net

position are transferred to profit or loss. of profit or loss from the sale.

5.3 Property Investments

The Group and the Company own four plots, located outside the Port Zone, which are held in order to

generate rent or to increase the value of their capitals.

Investments in Real Estate are initially valued in the acquisition cost, inclusive of transaction expenses.

They are subsequently recognized at their fair value. Their fair value is determined by independent

chartered surveyors.

The book value recognized in the Group and Company’s corporate and consolidated financial statements

reflects the market conditions at the date of the financial statements. Every profit or loss arising from a

change of the fair value of the investment, is recognized in the income statement of the fiscal year in

which the change occurs.

5.4 Tangible fixed assets utilized for own purposes

Utilizing the provisions of IFRS 1: “First time adoption of IFRS”, the Company used the exception regarding

the valuation of tangible fixed assets, when preparing the IFRS transition Balance Sheet on January 1

st

2004. In this context, it considered the readjusted values of the tangible fixed assets, as they were

determined by the committee of article 9 of Codified Law 2190/1920, in May 2000, when ThPA S.A. was

converted to a public limited company and before it was listed on the Athens Stock Exchange, as the

deemed cost for the purposes of compilation of the transition Balance Sheet on January 1, 2004.

Subsequent to the transition date, the tangible fixed assets are evaluated at the deemed cost, less the

accumulated depreciations and their impairments.

The acquisition cost of the fixed assets consists of the purchase price, including the import tariffs, if

applicable, and the non-rebate purchase taxes as well as any other cost needed in order to render the

fixed asset functional and ready for future use. The repairs and maintenances are recorded among the

expenses of the period when they are realized. Significant subsequent additions and improvements are

capitalized in the cost of the relevant fixed assets.

or are recorded as a separate asset only if they are

expected to bring future financial benefits to the Group and Company.

Fixed assets that are constructed by the Group and Company, are posted at own manufacture cost, which

includes the cost of subcontractors, the material and expenses of payroll of the technicians regarding the

constructions (including the relevant employer social security contributions) as well as a proportion of

general administrative expenses.

Assets under construction include fixed assets under construction and are presented at cost. Assets under

construction are not depreciated until the fixed asset is complete and available for the productive use for

which it was intended.

The plots are not depreciated. The depreciations of the other tangible assets are computed by the straight-

line method based on the following useful lives per category of fixed assets:

Fixed Asset Category / Useful lives in years

Buildings

Machinery

&

Mechanical

Equipment

Vehicles

Furniture

and other

equipment

Buildings/Additions

15 to 30

Technical works

10 to 40

Mechanical installations

8

to 10

Crane bridges - Mobile and electric cranes

15 to 30

Loaders

7 to 15

Machinery

10 to 15

Loading tools

15

Forklifts

10 to 15

Transport equipment

10 to 15

Watercraft

15

Furniture and other equipment

6 to 10

Computers and electronic assemblies-Office machines

3 to 5

Useful lives of fixed assets are subject annually to reassessment on the preparation of the financial

consolidated statements. The Group and Company re-evaluate the useful lives of machinery, taking into

account the expected use of assets and the expected natural wear.

A review of the residual value of fixed

assets is also carried out on an annual basis.

5.5 Intangible assets

Intangible assets concern the cost of purchase of software as well as any expense realized to develop

software in order for it to be commissioned. The depreciation of the software is calculated based on the

fixed line method and within a period of 3-10 years

.

5.6 Impairment of assets

According to IAS 36, property, plant and equipment and intangible assets, as well as participations in

associated enterprises, must be assessed for possible impairment when there are indications that the

book value of the asset exceeds its recoverable amount. Whenever the book value of an asset exceeds

its recoverable amount, the corresponding impairment loss is recorded in the profit and loss account.

The recoverable amount of an asset is the greater amount between the estimated fair value less disposal

costs and the value in use. Net sale value is considered the possible income from the sale of an asset in

the context of a mutually beneficial transaction in which the parties have full knowledge and voluntarily

accede, after deducting any additional direct costs of disposal of the asset, while value in use is the

present value of the estimated future cash flows expected to be realized from the continued use of an

asset and from its disposal at the end of its estimated useful life. For the purposes of determining

impairment, assets are grouped at the lowest level for which cash flows can be determined separately

(cash-generating units). Impairments recognized in prior periods on non-financial assets are reviewed at

each reporting date for any reversal.

5.7 Financial Instruments

A financial instrument is every contract that creates a financial asset in a company and a financial liability

or an equity security in another company.

Financial assets

Company`s financial assets include the following:

•

Trade and other receivables

•

Guarantees given,

•

Time deposits (over 6 months)

•

Cash and cash equivalents

Initial recognition and measurement

Upon initial recognition, financial assets are classified according to their nature and characteristics into

one of the following three categories:

•

Market financial assets measured at amortized cost,

•

Financial assets measured at fair value through profit or loss,

•

Financial assets measured at fair value through other comprehensive income

The classification of financial assets at initial recognition depends on the characteristics of their

conventional cash flows and the Group and Company's business model for the management of financial

assets. Refinancing of financial data is carried out in rare cases and is related to a decision of the Group

and Company to modify the business model that applies for the management of these financial assets.

All financial assets, besides trade receivables that do not contain a significant part of the financing, are

initially recognized at their fair value which is usually the acquisition cost plus any direct transaction

costs. Trade receivables that do not contain a significant funding component are measured at

transaction

value.

Purchases and sales of financial assets are recognized upon the date of transaction which is the date that

Group and Company commit to purchase or sell the asset.

Subsequent measurement

i. Financial assets measured at amortized cost

This category classifies the financial assets for which both of the following conditions are met:

1. the financial asset is held within a business model, the objective of which is to hold financial assets for

the purpose of collecting contractual cash flow; and

2. under the contractual terms of the financial asset, cash flows are generated at specified dates

consisting solely of repayment of principal and interest on the outstanding principal balance.

This category includes all financial assets of the Group and the Company except for the Company's loan

to its subsidiary ThPA Sofia EAD which is measured at fair value through profit and loss and reflected in

long-term receivables.

ii. Financial assets valuated at fair value through other comprehensive income

A financial asset is measured at fair value through other comprehensive income if both of the following

conditions are met:

1. the financial asset is retained within a business model the objective of which is achieved both by the

collection of contractual cash flows and the sale of financial assets; and

2. On the basis of the contractual terms of the financial asset, cash flows that consist exclusively of capital

repayment and interest on the outstanding capital are created at specific dates.

At the date of the Financial Statements the Group and Company did not have investments of this

category.

iii. Financial assets measured at fair value through profit or loss

A financial asset is measured at fair value through profit or loss unless it is measured at amortized cost

in accordance with paragraph (i) or at fair value through other comprehensive income in accordance with

paragraph (ii).

However, during initial recognition, the Group and the Company may elect irrevocably for specific

investments in equity instruments that would otherwise be measured at fair value through profit or loss,

presenting other changes in fair value to other comprehensive income.

Realized and unrealized gains or losses arising from changes in the fair value of financial assets measured

at fair value through profit or loss are recognized in profit or loss in the period in which they arise.

Financial asset cessation of recognition

The Group and Company cease to recognize a financial asset when and only when the contractual rights

to the cash flow of the financial asset expire or transfer the financial asset and the transfer meets the

conditions for write-off.

Reclassification of financial assets

The Group and the Company are not eligible to reclassify any financial liability.

Impairment of financial assets

Under IFRS 9, impairment of financial assets measured at amortized cost or at fair value through other

comprehensive income is recognized by recognizing the expected credit losses.

At each reporting date, IFRS 9 requires measuring the provision for a financial instrument for an amount

equal to the expected lifetime loss if the credit risk of the financial instrument has increased significantly

since initial recognition. On the other hand, if at the reporting date the credit risk of a financial instrument

has not increased significantly from the initial recognition, IFRS 9 requires the provision for a loss

provision for that financial instrument to be equal to the expected 12-month credit losses.

The risk parameters taken into account for the calculation of expected credit losses are the estimated

default probability, the percentage of loss on the principal due to the fact that the client has failed to

repay the amount due and the outstanding balance of the company in case of default the customer's. In

certain cases, the Group and Company may assess for certain financial information that there is a credit

event when there is internal or external information indicating that the collection of amounts determined

under the relevant contract is unlikely to be collected as a whole.

Regarding, Trade and Other Receivables, IFRS 9 requires the use of the simplified approach to calculate

the expected credit losses. The Group and Company, using this approach, have calculated the expected

credit losses over the life of the receivables. For this purpose, a maturity forecasting matrix was used to

measure the projections in a way that reflects past experience and predictions of the future financial

situation of customers and the economic environment.

Financial liabilities

Group and Company`s financial liabilities include the following:

•

Liabilities to suppliers

•

Other long-term liabilities

Initial recognition

Suppliers` balances and other liabilities are recognized at cost that is the fair value of the future payment

for the purchases of goods and services provided. Commercial and other short-term liabilities are not

interest-bearing accounts and are usually settled in 0-180 days.

All loans are initially recorded at cost, which reflects the fair value of the receivables less the relevant

direct acquisition costs where they are significant.

Subsequent measurement

After initial recognition, an entity measures all financial liabilities at amortized cost using the effective

interest method except for:

a. financial liabilities at fair value through profit or loss.

b. financial liabilities that arise when the transfer of a financial asset does not qualify for derecognition

or when the continuing involvement approach is applied.

c. financial guarantee contracts

d. loan commitments at lower interest rates than those on the market.

The unamortized cost of loans is calculated by taking into account issuing costs and the difference

between the original amount and the maturity. Gains and losses are recognized in profit or loss when

the liabilities are written off or impaired, and through the amortization process.

Loans are classified as current liabilities unless the Group and Company have the right to postpone the

repayment of the liability for at least 12 months from the date of the Financial Statements.

Financial liabilities cessation of recognition

An entity ceases to recognize a financial liability (or part thereof) in its financial statements when, and

only when, it is repaid, that is, when the liability set out in the contract is fulfilled, canceled or expires.

An exchange between an actual debtor and a borrower of debt securities in substantially different terms

is accounted for as a repayment of the original financial liability and recognition of a new financial liability.

Similarly, a material change in the terms of an existing financial liability (whether due to a borrower's

financial difficulty or not) is accounted for as a repayment of the original financial liability and recognition

of a new financial liability. The difference between the carrying amount of a financial liability (or a portion

of a financial liability) payable or transferred to another party and the consideration paid, including the

non-cash assets and the liabilities assumed, is recognized in the income statement.

Reclassification of financial liabilities

The Group and Company may not reclassify any financial liability.

Financial instruments` offset

The offsetting of financial assets with liabilities and the presentation of the net amount in the corporate

and consolidated Financial Statements is made only if there is a legal right to set off and there is an

intention to settle the net amount resulting from the offsetting or simultaneous settlement.

5.8

Income taxation (Current and Deferred)

Current and deferred income tax are calculated based on the relevant financial statement accounts, in

compliance with tax laws which apply in Greece . The current income tax concerns the tax on the taxable

profits of the Group and Company, as adjusted in compliance with the requirements of tax law and

calculated based on the current tax rate.

The income tax in the income statement includes the tax for the current year, as estimated in the income

tax return, as well as the estimated additional taxes that may be levied by the tax authorities on the

clearance of the unaudited years. These assumptions take into account the experience of the past and

the analysis of current events and circumstances. Therefore, the final settlement of income tax may

deviate from the income tax recorded in the corporate and consolidated financial statements.

Deferred taxation is calculated using the liability method for all provisional tax differences on the balance

sheet date and between the tax basis and the carrying value of assets and liabilities.

Anticipated tax effects from provisional tax differences are determined and appear either as future

(deferred) tax liabilities, or as deferred tax receivables.

Deferred tax receivables are entered for all deductible provisional differences and transferred tax losses

to the extend it is thought likely that there will be tax profits available, against which the deductible

provisional difference may be utilized. Future taxable profits are determined by the reversal of temporary

taxable differences. If the amount of taxable temporary differences is not adequate to recognize the

deferred tax claim as a whole, then future taxable profits are taken into account, adjusted to the reversals

of the existing temporary differences.

Regarding deferred tax recognition, the Group and Company assessed the leased asset and the lease

obligation together as a single or "complete" transaction and assessed the net temporary difference.

Deferred tax receivables and liabilities are calculated using the tax rates expected to apply in the period

when the receivable or liability will be settled, taking into account the tax rates adopted or substantively

adopted, until the balance sheet date.

Most changes to deferred tax assets or liabilities are recognized as tax expenses in the results. Only

changes to deferred tax assets or liabilities which are related to a change in the value of the asset or

liability which are recognized directly in equity, are debited or credited directly in equity by means of

other comprehensive income.

More information is cited in Note 8.24.

5.9 Inventories

Consumables and spare parts used for the maintenance of the company’s mechanical equipment are

valued at either cost price or net realisable value, whichever is lower, and their cost is calculated using

the weighted average cost. Such consumables are posted as inventories when purchased and after they

are placed in use they are posted to expenses or are capitalised. At the end of each fiscal year, the Group

and Company re-examine the possibility of its inventories having become obsolete and make a

corresponding provision or deletes them from the books.

5.10 Cash and equivalents

Cash and equivalents include cash, sight deposits, short-term, up to 3 months or less from the date of

acquisition, investments and time deposits, which are highly liquid and of minimal risk.

The guarantees given from the Group and Company, concern frozen cash (deposits) in the context of

the issuance of a letter of guarantee related to the port concession agreement by the state. As this

amount is frozen for a period of more than one year, it is reflected in the corporate and consolidated

financial statements financial statements of the Non-Current Assets at their fair value.

Items in cash holdings and equivalents run minimal risk of changes to their value. Time deposits and

Greek State Treasury Bills that exceed 3 months from the date of acquisition are entered in other financial

assets in the financial position statement.

5.11 Share capital

Share capital is calculated based on the face value of shares which have been issued.

Capital Share increases by cash include every premium on the initial share capital issue. Every such

transaction cost related to the issue of the shares as well as any relative income tax liability arising, are

deducted from the share capital increase.

5.12 Provisions for risks and expenses and contingent liabilities/receivables:

Provisions for risks and expenses are recognised when the company has a current legal or presumed

commitment as a result of past events or when it is likely that there is a resource outflow which entails

financial benefits and the relevant commitment can be reliably assessed. Provisions are valued on the

balance sheet date and are adjusted in order to reflect the current value of the expense which is expected

to be required to settle the liability.

Contingent liabilities are not entered in the corporate and consolidated financial statements financial

statements but are disclosed, unless the likelihood of a resource outflow incorporating financial benefits

is minimal. Contingent receivables are not posted to the corporate and consolidated financial statements

financial statements but are disclosed where the inflow of financial benefits is likely.

5.13 State subsidies

The Group and Company are subsidized from Community programmes to acquire intangible and tangible

fixed assets. Subsidies are recognised when there is a reasonable assurance that the subsidy will be

collected, and all relevant terms and conditions will be complied with. Asset subsidies are recognised

long-term liabilities, depreciated pursuant to the useful life of the subsidized fixed asset and appear in

the “Other Income” account in the Comprehensive Income Statement.

5.14 Dividends

Dividends are posted when the right to collect them is vested by shareholders, by means of a resolution

by the General Meeting of Shareholders.

5.15 Income recognition

The most important income categories for the Group and Company are:

Container Terminal revenues from unitized cargo handling, that include:

• Vessel services

• Shore services

• Adaptation and parable

• Exploitation of Spaces

Conventional Terminal revenues, that include:

• Vessel services

• Shore services

• Adaptation and parable

• Exploitation of Spaces

• Income from Other benefits

Passenger Terminal revenues, that include:

• Vessel services

• Shore services

• Adaptation and parable

• Income from Other benefits

Revenue from Exploitation of Spaces/New Activities, that include:

• Exploitation of Spaces

• Income from Other services (parking)

Revenue from intermodal services including:

• Income from Other services (railways)

The Group and Company recognize income, excluding interest, dividend income and other related income

from financial instruments recognized in accordance with IFRS 9, upon the transfer of promising goods

or services to customers, in amounts that reflect the reward to which the Group and Company is expected

to be entitled of these goods or services based on the following five-step approach:

Step 1: To identify the Contract

Step 2: To identify the separate performance obligations within a Contract

Step 3: To determine the transaction price.

Step 4: To allocate the transaction price to the performance obligations in the Contract

Step 5: To recognize revenue when or as a performance obligation is satisfied.

Revenue is recognized, in accordance with IFRS 15, at the amount to which the Group and the Company expect

to be entitled in consideration for the transfer of vessel, shore (excluding storage services), stowage and

handling services to a customer when the customer acquires the control of services, determining the time of

the transfer of control - either at a given point in time or over time.

Revenue is defined as the amount to which a fiscal entity expects to be entitled in return for the services it has

provided to a customer, excluding amounts collected on behalf of third parties (value added tax, other sales

taxes). Variable amounts are included in the price and are calculated using either the "expected value" method

or the "most likely amount" method. The Group and the Company recognize revenue when (or as) they satisfy

the obligation to perform a contract by transferring the promised services to the customer. The customer takes

over control of the good or service if it has the ability to direct the use of and derive substantially all of the

economic benefits from that service. Control is transferred over a period or at a specific point in time.

Contracts to customers mainly consist of a liability to perform or provide a service and the prices are fixed and

derived from price lists. Revenues from the performance of liability and the provision of services are recognized

at the time the services are provided and are measured according to fixed prices resulting from price lists.

Regarding storage services, which are included in land and vessel services where the customer is charged a

daily rate for each day that the cargo remains in the warehouse, for space exploitation services as well as for

the income from other services that include re-invoiced costs to the customer, revenue from parking and

revenue from intermodal services the Company has determined that there is a single performance obligation,

which is to provide the customer with the relevant services. The Company has concluded that the revenue from

the aforementioned services meets the criteria to be recognized over time, because the customer

simultaneously receives and consumes the benefits of the Company's provision as the Company performs and

is recognized according to the period in which the related services were provided services. Prices are based on

price lists or contracts with customers. A receivable from a customer is recognized when there is an

unconditional right for the entity to receive the consideration for the performed contractual obligations to the

customer.

The Group and the Company do not enter to contracts where the period between the transfer of the

promised services to the customer and payment by the customer exceeds one year. Consequently, the

Group and the Company do not adjust the transaction price for the time value of money. The Group and

the Company provide customers with discounts on sales volume based on the limits specified in the

contracts between them. Most rebates are settled within the financial year.

Conventional liabilities

In cases where the Group and the Company receive a price from the customer (prepayment) before the

execution of the liabilities of the contract and the transfer of goods or services, a contractual liabilities

recognized. The contractual obligation is derecognized when the liabilities of the contract are fulfilled and

the income is recorded in the statement of comprehensive income. The Group and the Company have

classified in this category the line "Customer Advances"

Conventional asset

At the end of the year, the Group and Company recognize a contractual asset for accrued revenue that

has not yet been priced to Clients and which is included in the Advances and other receivables in the

Statement of Financial Position. When the relevant invoice is issued to customers, the Group and

Company recognizes a relevant claim, as the issue of the invoice is the moment when the Group and

Company's right in exchange becomes unconditional (if only the passage of time is required to make

payment of the said consideration). The Company's right becomes unconditional once the relevant

invoices are issued. The Group and Company evaluate the conventional assets for impairment in

accordance with IFRS 9.

5.16 Earnings per Share

Earnings per share are calculated by dividing the net profit for the year by the common shareholders

with the number of common shares outstanding during the year. There were no bonds convertible into

shares or other potential securities convertible into shares that are less profitable during the periods to

which the accompanying financial statements refer to the consolidated financial statements and

consolidated financial statements, and therefore no impairment earnings per share have been calculated.

5.17 Post service personnel benefits

a)

Benefits after termination of service

The company pays compensation to retiring employees in accordance with the provisions of the applicable

sectoral collective labour agreements in effect from time to time.

Defined-contributions plan is a pension program, to which the Group and Company pay fixed contributions to

a third legal person without other obligations. The Company has no legal or deemed obligation to pay additional

contributions if the invested assets are inadequate to deal with the anticipated benefits for the employees’

service concerning the current and previous periods. A defined-benefits plan is a pension plan that is not a

defined-contribution plan.

Usually, the defined benefits programs define the amount of pension benefit that an employee will receive after

his retirement, that depends on many factors as age, years of professional experience and compensation.

The liability recognized in the Statement of Financial Position in respect of defined benefit plans is the present

value of the defined benefit obligation less the fair value of the plan’s assets. The defined benefit obligation is

calculated annually by independent actuaries using the projected unit credit method. The present value of the

defined benefit obligation is determined by discounting the estimated future cash outflows using discount rates

of interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will

be paid, and that have terms to maturity approximating to the terms of the related pension plan.

The current service cost of the defined benefits program is recognized at the Income Statement, excluding the

case of being included at the cost of an asset. The current service cost reflects the increase in defined benefits

obligation that derives from the employees’ occupation during the period, as well as changes due to curtails or

settlements.

The cost of previous work experience is recorded directly at the Income Statement. The net interests’ cost is

calculated as the net amount between the liability of the defined benefits program and the fair value of the

program’s assets by the discount rate. This cost is included in the Income Statement at the employee benefit.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are

charged or credited to equity through credit or debit of other comprehensive income in the period in which

they arise.

For the defined contributions programs, the Group and Company pay contributions to public or private insurance

funds either necessarily, or conventionally or voluntarily. After the contributions’ payment no further

commitments arise for the Group and Company. The contributions are recognized as employee contributions’’

cost, when they are rendered payable. The prepaid contributions are recognized as assets at the depth that

the prepayment will lead to decrease in future payments or cash refund.

(b)

Termination Benefits

The employment termination benefits are paid when the employees leave before their retirement date. The

Group and Company register these benefits either when it is committed, or when it terminates the employees’

employment according to a detailed program for which there is no chance of withdrawal, or when these benefits

are offered as a motive for voluntary leaves. The employment termination benefits due 12 months after the

Financial Statements reporting date are prepaid.

(c)

Short- term benefits

Short term employee benefits both in money and kind are accounted for as expense when accrued.

5.18 Leases

At the beginning of the contract date, the Group and Company estimate if the contract is or includes a

lease. A contract is or includes a lease if the contact transfers the use right control of a recognized asset

for a certain period and price.

Group and Company as a lessor

Leases to which the lessor does not transfer substantially all the economic risks and rewards arising from

ownervessel of the leased asset are classified as operating leases. When the assets are leased on an

operating lease, the asset is included in the statement of financial position on the basis of the nature of

the asset.

Rental income from operating leases is recognized under the terms of the lease using the

straight line method.

A lease that transfers substantially all the economic benefits and risks arising from ownervessel of the

leased asset is classified as financial lease.

Assets under finance lease are de-recognized and the lessor recognizes a receivable equal to the net

investment in the lease. The lease receivable is discounted using the effective interest rate method and

the book value is adjusted accordingly. Lease receivable increase on the basis of interest on the finance

lease receivable and decrease with the collection of rent.

Income from rentals of operating leases that refer to exploitation of sites are recognized equally to lease

duration and classified in caption “Sales”.

Group and Company as a lessee

The Company recognizes lease liabilities for the leases payments and assets with use rights that represent

the right of use of the underlying assets.

i. Assets with right of use

The Group and Company recognize assets with right of use during the start date of the lease period (the

date that the underlying asset is available for use). Concerning the subsequent measurement, the Group

and Company applie the cost method for measurement of right of use assets. Consequently, the right

of use assets will be measured at the cost after deducting the accumulated depreciations and

accumulated impairment losses and will be adjusted due to re-measurement of the lease liability. The

right of use assets are depreciated on a straight-line basis over the shorter of its estimated useful life

and the lease term.

ii. Lease liabilities

At the commencement date of the lease, the Group and Company recognize lease liabilities measured at

the present value of lease payments to be made over the lease term. The lease payments include fixed

payments (including in-substance fixed payments) less any lease incentives receivable, variable lease

payments that depend on an index or a rate, and amounts expected to be paid under residual value

guarantees. The lease payments also include the exercise price of a purchase option reasonably certain

to be exercised by the Group and Company and payments of penalties for terminating a lease, if the

lease term reflects the Company exercising the option to terminate. The variable lease payments that do

not depend on an index or a rate are recognized as expense in the period on which the event or condition

that triggers the payment occurs.

In calculating the present value of lease payments, the Group and Company use the incremental

borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily

determinable. After the commencement date, the amount of lease liabilities is increased to reflect the

accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease

liabilities is re-measured if there is a modification, a change in the lease term, a change in the in-

substance fixed lease payments or a change in the assessment to purchase the underlying asset.

The Company accounts the concession agreement which has signed with the Greek State regarding the

right of use of certain port areas and assets within the port of Thessaloniki, in compliance with IFRS 16.

5.19 Expenses

Expenses are recognized in the income statement on an accrued basis. Interest expenses recognized at

accrual basis.

5.20 Investments in subsidiaries

The Company records investments in subsidiaries in the Financial Statements at acquisition cost less any

impairments.

6. Risk Management

Financial risk factors

The Group and Company are not exposed significantly to financial risks, such as the market risk (changes

in exchange rates, interest prices), the credit risk and liquidity risk. The financial instruments of the

company comprise of bank deposits (sight, time), trade and other debtors and financial assets. The

Group and Company’s risk management plan seek to limit any negative impacts on the financial results

of the company arising from the inability to predict how financial markets will perform and from

fluctuations in cost and sales variables.

6.1

Market Risk

(i) Exchange rate risk:

The Company does business with domestic and foreign clients and the

transaction currency is Euro. BGN has a locked exchange rate to EURO which is the functional currency

of the Group and the Company with an exchange rate of 1,95583 and therefore there is no foreign

exchange risk.

(ii) Price risk:

The Group and Company are not exposed to price risk since it is a Service Provider and

is not affected by fluctuations in raw materials prices. The services it renders are priced based on its

published pricelist, the prices of which are increased or decreased when it is deemed necessary by the

Group and Company. Regarding cost of services provided, since it mainly comprises of payroll costs, it is

affected due to increases via inflationary trends.

(iii) Interest rate risk

: The Group and Company are not exposed to significant interest rate risk as it

has no loan obligations. The Group holds time deposits that are interest bearing.

As of 31 December 2023, if the interest rates on Euro deposits were 0.5% lower, with the other variables

constant, Group's profits would be lower by € 476 thousand (2022: € 469 thousand reduced profits).

6.2

Credit risk

The exposure of the Company and the Group to credit risk is limited to the financial assets as these are

analyzed below:

Amounts in thousands €

2023

2022

2023

2022

Group

Group

Company

Company

Financial assets categories

Long-term receivables

71

103

71

103

Guarantees

7.000

7.000

7.000

7.000

Receivables from customers

4.978

7.146

4.988

6.967

Advances and other receivables

4.177

5.605

5.329

6.739

Other long-term receivables

0

0

67

1.470

Cash and cash equivalents

95.241

93.887

93.952

92.264

Total

111.467

113.741

111.408

114.543

The credit risk to which the Company and the Group are exposed against their customers is limited, due

to its large customer base, and since it obtains, as standard practice, advances or letters of credit before

commencing work carried out.

Furthermore, regarding the financial assets as well as the cash and cash equivalents, the Company’s

Management applies a dispersion policy for the number of banks it has transactions with, as well as an

evaluation policy for their creditworthiness.

Other long-term receivables concern intercompany loans from Company to its subsidiary ThPA Sofia EAD,

that becomes due after 2024.

The decrease is due to a fair value loss on the loan of € 1.4 million.

The Ageing analysis of customers is listed below:

GROUP * (REVISED)

Amounts in thousands €

Not past

due and

not

impaired

0-30

days

31-60

days

61-90

days

91-300

days

>300

days

Total

Receivables from customers

1.238

2.254

379

353

517

1.119

5.860

Contractual assets

2.092

0

0

0

0

0

2.092

Less: Provision

0

0

0

0

-240

-642

-882

Total 31.12.2023

3.330

2.254

379

353

277

477

7.070

Receivables from customers

1.162

3.669

948

437

838

617

7.671

Contractual assets

3.449

0

0

0

0

0

3.449

Less: Provision

0

0

0

0

-44

-481

-525

Total 31.12.2022

4.611

3.669

948

437

794

136

10.595

COMPANY * (REVISED)

Amounts in thousands €

Not past

due and

not

impaired

0-30

days

31-60

days

61-90

days

91-300

days

>300

days

Total

Receivables from customers

1.238

2.254

379

353

527

1.119

5.870

Contractual assets

2.092

0

0

0

0

0

2.092

Less: Provision

0

0

0

0

-240

-642

-882

Total 31.12.2023

3.330

2.254

379

353

287

477

7.080

Receivables from customers

1.187

3.582

814

338

1017

554

7.492

Contractual assets

3.449

0

0

0

0

0

3.449

Less: Provision

0

0

0

0

-44

-481

-525

Total 31.12.2022

4.636

3.582

814

338

973

73

10.416

*Regarding the financial year ended 31.12.2022, for comparability reasons, an amount of € 611 thousand

relating to receivables from rent debtors is reclassified from the line "Prepayments and other receivables"

to the line "Receivables from customers", including the corresponding provision for doubtful debts of €

263 thousand for these receivables. In addition, an amount of € 82 thousand relating to provisions for

grant income and interest is not included in the contractual assets.

The Group does not accumulate credit risk in relation to trade receivables, as it has a wide range and a

large number of customers.

6.3

Liquidity risk

There is no significant liquidity risk for the Group and the Company, as its operating costs are covered

by cash and cash equivalents and other financial assets, covering in total 86,41% (Group: 87,50%) and

84,74% (Group 85,71%) of current assets for fiscal years 2023 and 2022 correspondingly.

GROUP

Amounts in thousands €

2023

Balance

31/12/2023

Within 2

months

2 to 12

months

1 to 2

years

2 to 5

years

After 5

years

Total

Liabilities to suppliers

4.984

4.984

4.984

Current liabilities from leases

1.997

50

2.048

2.098

Long-term lease liabilities

45.655

2.079

6.894

64.966

73.939

Other liabilities and accrued expenses

6.787

5.581

1.207

6.787

Other long-term liabilities

288

288

288

Total

59.711

10.615

3.254

2.367

6.894

64.966

88.096

Amounts in thousands €

2022

Balance

31/12/2022

Within 2

months

2 to 12

months

1 to 2

years

2 to 5

years

After 5

years

Total

Liabilities to suppliers

7.748

7.748

7.748

Current liabilities from leases

1.966

104

1.993

2.097

Long-term lease liabilities

45.413

1.996

5.712

67.048

74.756

Other liabilities and accrued expenses

6.177

4.983

1.193

6.177

Other long-term liabilities

364

364

364

Total

61.668

12.835

3.186

2.360

5.712

67.048

91.141

COMPANY

Amounts in thousands €

2023

Balance

31/12/2023

Within 2

months

2 to 12

months

1 to 2

years

2 to 5

years

After 5

years

Total

Liabilities to suppliers

4.999

4.999

4.999

Current liabilities from leases

1.997

50

2.048

2.098

Long-term lease liabilities

45.655

2.079

6.894

64.966

73.939

Other liabilities and accrued expenses

6.708

5.501

1.207

6.708

Other long-term liabilities

288

288

0

288

Total

59.647

10.551

3.254

2.367

6.894

64.966

88.032

Amounts in thousands €

2022

Balance

31/12/2022

Within 2

months

2 to 12

months

1 to 2

years

2 to 5

years

After 5

years

Total

Liabilities to suppliers

7.593

7.593

7.593

Current liabilities from leases

1.929

104

1.956

2.060

Long-term lease liabilities

45.413

1.996

5.712

67.048

74.756

Other liabilities and accrued expenses

5.999

4.806

1.193

5.999

Other long-term liabilities

364

364

364

Total

61.298

12.503

3.149

2.360

5.712

67.048

90.772

6.4

Capital risk management

Capital risk management

Group and Company`s objectives in relation to capital management are to ensure the potential of smooth

operation in the future, in order to provide satisfactory returns to shareholders and other participants and

to maintain an ideal distribution of capital and thus to reduce the cost of capital.

The Group and Company may change the dividend to shareholders in order to maintain or adjust its

capital structure, return capital to shareholders, issue new shares or sell assets to reduce its debt.

The Group and company do not use loan capital and, consequently, the leverage factor is zero.

6.5

Fair value

The fair value of a financial asset is the amount that is collected for the sale of a financial asset or paid

for the settlement of a liability in a transaction under normal conditions between two commercial

counterparties on its valuation date. The fair value of the financial assets of the Financial Statements of

December 31, 2023, was determined by the best possible estimate by the Management. In cases where

there are no data available or these data are limited from active money markets, the valuations of the

fair values have arisen by the Management’s estimate in compliance with the information available.

The Company and the Group use the hierarchy below in order to establish and disclose the fair

value of its financial instruments, per measurement technique:

Level 1:

Negotiable (not adjusted) values on active markets for the same assets or liabilities;

Level 2:

Other techniques where all inflows with a significant impact on the recorded fair value

are observable, either directly or indirectly.

Level 3:

Financial assets are valued through valuation techniques in which the most significant

inputs are unobservable. In collecting unobservable inputs, the best available information, including

Company data, is used while reflecting the assumptions of market participants (e.g. assumptions

about risk). Level 3 financial data includes non-traded equity securities or equity securities traded

in markets that are not considered active and loans originated by the Company.

The Company evaluated a Loan with nominal value of € 1,470 thousand (2022: € 1,470 thousand)

to the subsidiary ThPA Sofia EAD at a fair value of € 67 thousand (2022: € 1,470 thousand) having

procceded to impairment in 2023. The valuation was based on the cash flow method and the

decrease in fair value is due to the loss-making operating activities of the subsidiary and pending

the finalization of the expansion model in the Bulgarian container transport market.

Translated with DeepL.com (free version)The categorization of the Company's financial assets

measured at their fair value is presented in the following tables:

2023

Amounts in thousands €

Level 3

Loans

Other long-term receivables valued at fair value through profit or loss

statement

67

Financial assets measured at fair value

67

2022

Amounts in thousands €

Level 3

Loans

Other long-term receivables valued at fair value through profit or loss

statement

1.470

Financial assets measured at fair value

1.470

The movement of financial assets valued at fair value at level 3 for the Company is as follows:

Amounts in thousands €

1/1-31/12/2023

1/1-31/12/2022

Balance January 1st

1.470

770

Additions

0

700

Losses from valuation of financial assets at fair value

-1.403

0

67

1.470

The amounts with which cash holdings, receivables and short-term liabilities are disclosed in the Financial

Position Statement, approach their corresponding fair values due to their short-term maturity.

Consequently, there are no differences between the fair values and the corresponding book values of the

Financial Assets and Liabilities.

6.6

Economic conjuncture risk - Macroeconomic business environment in Greece

Management closely monitors and continuously assesses the impact of the conflict in Ukraine and Gaza

Strip, and its effects on the macroeconomic and financial environment, such as the energy crisis, the

increase in energy costs and bank interest rates, but also inflationary pressures, and to a minor extent,

the evolution of the COVID-19 pandemic, so as to ensure that all necessary actions and measures will be

taken in order to minimize their possible effects on the Company's activities. The Management is not able

to fully and accurately predict the possible developments in the Greek economy, however, based on its

assessment, it has come to the conclusion that no additional provisions for the impairment of the

Company's financial and non-financial assets are required on December 31, 2023.

More specifically, the Group constantly examines:

• The recoverability of trade receivables given the strict credit policy it applies and the case-by-case credit

security.

• Ensuring the number of sales due to the diversity of its activities.

Group's liquidity is quite significant, with approximately €95 million available and a zero-leverage ratio. It

is estimated that due to its good financial situation, the position of the Group is strong enough to cope

with the relatively difficult environment that has been formed for the next period.

In addition, it is pointed out that there is no seasonality in the activities of the Group and the Company.

7.

Segmental reporting

The Group operates in Greece and Bulgaria, irrespective of the fact that its customer base includes

international companies. Moreover, the Company does not engage in commercial or industrial activities

other than the provision of services solely within the boundaries of the Port of Thessaloniki.

Its business activities regard the provision of services to:

•

unitized cargoes (containers);

•

conventional cargoes (bulk, general, RO-RO);

•

coastal and cruise passengers;

•

vessels (anchoring, mooring, berthing and other services);

•

users of its Port and non-port facilities, including the operation of car parking stations (organized

or not);

•

intermodal transports (dry-port) from the Company itself and its subsidiary ThPA Sofia EAD.

ThPA S.A. Management assesses the results of these activities and takes business decisions based on

the internal financial information system. This system is organized depending on both the type of service

rendered and the differences they generate during the production process, given they are provided to

different types of cargoes (Containerized and Conventional), passengers and other users, as well as the

organizational structure of the Company.

Based on what is cited above, the Company has identified the following five (5) operating segments

for disclosure:

- Container Terminal,

- Conventional Cargo,

- Passenger Traffic,

- Exploitation of Sites

- Intermodal

7.1

Financial data per segment

Group and Company activities per operating segment and of Assets and Liabilities for fiscal years 1.1-

31.12.2023 and 1.1-31.12.2022 can be broken down as follows:

GROUP

Fiscal Year 2023

Results

per Segment

on

31.12.2023

Amounts in thousands €

Container

Terminal

Conventional

Port

Passenger Port

Launching

Premises

Intermodal

Non-

allocated

items

Group

Total

Sales by sector

to external customers

59.750

20.156

889

3.939

1.137

0

85.870

to other sectors

0

0

0

0

0

0

0

Total sales by sector

59.750

20.156

889

3.939

1.137

0

85.870

Cost of sales

-29.745

-14.862

-638

-1.756

-1.307

0

-48.308

Gross profit by segment

30.005

5.294

251

2.183

-170

0

37.562

Other income

451

329

1

194

43

660

1.678

Other expenses

-3.924

-2.853

-126

-387

-706

-4.745

-12.741

Operating result by segment

26.532

2.770

125

1.989

-833

-4.085

26.499

Financial income/(expenses) net

0

0

0

0

0

-106

-106

Profit before tax by segment

26.532

2.770

125

1.989

-833

-4.191

26.392

Income tax

-6.885

-719

-33

-516

164

1.846

-6.142

Profit after tax by segment

19.647

2.051

93

1.473

-669

-2.345

20.251

Total depreciation and

amortisation of tangible and

intangible assets

-4.704

-2.303

-73

-190

-65

-234

-7.569

Profit before tax, financial

and amortisation

31.236

5.073

198

2.179

-768

-3.852

34.067

Fiscal Year 2022 * (Revised)

Results

per Segment

on

31.12.2022

Amounts in thousands €

Container

Terminal

Conventional

Port

Passenger Port

Launching

Premises

Intermodal

Non-

allocated

items

Group

Total

Sales by sector

to external customers

53.325

25.661

677

3.332

2.280

0

85.275

to other sectors

0

0

0

0

0

0

0

Total sales by sector

53.325

25.661

677

3.332

2.280

0

85.275

Cost of sales

-27.740

-15.684

-535

-1.659

-2.795

0

-48.414

Gross profit by segment

25.585

9.977

142

1.673

-515

0

36.861

Other income

65

260

1

289

11

421

1.047

Other expenses

-4.714

-2.721

-138

-310

-472

-3.620

-11.974

Operating result by segment

20.936

7.516

5

1.653

-976

-3.198

25.933

Financial income/(expenses) net

0

0

0

0

-36

-1.683

-1.719

Profit before tax by segment

20.936

7.516

5

1.653

-1.012

-4.881

24.214

Income tax

-4.632

-1.663

-1

-366

1

1.040

-5.621

Profit after tax by segment

16.304

5.853

4

1.287

-1.012

-3.842

18.594

Total depreciation and

amortization of tangible and

intangible assets

-4.270

-2.122

-31

-184

-296

-111

-7.013

Profit before tax, financial

and amortization

25.205

9.638

36

1.837

-682

-3.088

32.946

*Note: For the financial year ended 31.12.2022, for comparability reasons, the amount of € 3.029

thousand is reclassified from Other income and profits to Sales.

COMPANY

Fiscal Year 2023

Results per Segment

on 31.12.2023

Amounts in thousands €

Container

Terminal

Conventional

Port

Passenger

Port

Launching

Premises

Intermodal

Non-

allocated

items

Company Total

Sales by sector

to external customers

59.750

20.156

889

3.939

1.088

0

85.822

to other sectors

0

0

0

0

0

0

Total sales by sector

59.750

20.156

889

3.939

1.088

0

85.822

Cost of sales

-29.745

-14.862

-638

-1.756

-1.242

0

-48.244

Gross profit by segment

30.005

5.294

251

2.183

-154

0

37.578

Other income

451

329

1

194

26

660

1.661

Other expenses

-3.924

-2.853

-126

-387

-504

-6.384

-14.178

Operating result by segment

26.532

2.770

125

1.989

-632

-5.724

25.061

Financial income/(expenses) net

0

0

0

0

0

-1.392

-1.392

Profit before tax by segment

26.532

2.770

125

1.989

-632

-7.116

23.669

Income tax

-6.885

-719

-33

-516

164

1.846

-6.142

Profit after tax by segment

19.647

2.051

93

1.473

-468

-5.269

17.527

Total depreciation and amortisation of

tangible and intangible assets

-4.704

-2.303

-73

-190

-24

-234

-7.528

Profit before tax, financial and

amortisation

31.236

5.073

198

2.179

-608

-5.490

32.588

Fiscal Year 2022 * (Revised)

Results

per Segment

on 31.12.2022

Amounts in thousands €

Container

Terminal

Conventional

Port

Passenger

Port

Launching

Premises

Intermodal

Non-

allocated

items

Company Total

Sales by sector

to external customers

53.325

25.661

677

3.332

595

0

83.590

to other sectors

0

0

0

0

0

0

Total sales by sector

53.325

25.661

677

3.332

595

0

83.590

Cost of sales

-27.740

-15.684

-535

-1.659

-547

0

-46.166

Gross profit by segment

25.585

9.977

142

1.673

48

0

37.425

Other income

65

260

1

289

0

602

1.216

Other expenses

-4.714

-2.721

-138

-310

-50

-3.620

-11.552

Operating result by segment

20.936

7.516

5

1.653

-2

-3.018

27.089

Financial income/(expenses) net

0

0

0

0

-1.683

-1.683

Profit before tax by segment

20.936

7.516

5

1.653

-2

-4.700

25.406

Income tax

-4.632

-1.663

-1

-366

1

1.040

-5.621

Profit after tax by segment

16.304

5.853

4

1.287

-2

-3.660

19.786

Total depreciation and amortization of

tangible and intangible assets

-4.270

-2.122

-31

-184

-4

-111

-6.721

Profit before tax, financial and

amortization

25.205

9.638

36

1.837

1

-2.907

33.810

*Note: For the financial year ended 31.12.2022, for comparability reasons, the amount of € 3.029 thousand is

reclassified from Other income and profits to Sales.

GROUP

FISCAL YEAR 2023

Results

per Segment

on 31.12.2023

Amounts in thousands €

Container

Terminal

Conventional

Port

Passenger

Port

Launching

Premises

Intermodal

Non-

allocated

items

Group

Total

ASSETS

Tangible fixed assets Proprietary

62.582

1.829

4.343

815

0

16.369

85.938

investment property

0

0

0

3.659

0

0

3.659

other non-current assets

27.812

8.579

378

3.361

462

13.275

53.867

Current assets

3.550

7.844

163

490

35

96.769

108.852

Total assets

93.944

18.252

4.884

8.326

498

126.413

252.317

EQUITY & LIABILITIES

Equity

0

0

0

0

0

182.806

182.806

Long-term liabilities

34.453

11.453

485

2.461

591

934

50.378

Short-term liabilities

5.823

3.432

64

246

77

9.490

19.132

Total Equity & Liabilities

40.276

14.885

549

2.708

668

193.230

252.317

FISCAL YEAR 2022

Results

per Segment

on 31.12.2022

Amounts in thousands €

Container

Terminal

Conventional

Port

Passenger

Port

Launching

Premises

Intermodal

Non-

allocated

items

Group

Total

ASSETS

Tangible fixed assets Proprietary

63.890

2.820

584

798

0

14.938

83.030

investment property

0

0

0

3.471

0

0

3.471

other non-current assets

26.449

11.595

306

2.975

269

13.153

54.746

Current assets

4.804

8.616

50

273

0

95.800

109.545

Total assets

95.144

23.031

940

7.516

269

123.891

250.792

EQUITY & LIABILITIES

Equity

0

0

0

0

0

177.386

177.386

Long-term liabilities

31.941

14.766

388

2.310

315

809

50.528

Short-term liabilities

6.492

4.442

58

298

26

11.561

22.877

Total Equity & Liabilities

38.433

19.208

446

2.608

341

189.756

250.792

COMPANY

FISCAL YEAR 2023

Results

per Segment

on 31.12.2023

Amounts in thousands €

Container Terminal

Conventional

Port

Passenger

Port

Launching

Premises

Intermodal

Non-

allocated

items

Company

Total

ASSETS

Tangible fixed assets Proprietary

62.582

1.829

4.343

815

0

16.369

85.938

investment property

0

0

0

3.659

0

0

3.659

other non-current assets

27.812

8.579

378

3.361

462

13.342

53.935

Current assets

3.550

7.844

163

490

35

96.643

108.725

Total assets

93.944

18.252

4.884

8.326

498

126.354

252.258

EQUITY & LIABILITIES

Equity

0

0

0

0

0

182.811

182.811

Long-term liabilities

34.453

11.453

485

2.461

591

934

50.378

Short-term liabilities

5.823

3.432

64

246

77

9.426

19.068

Total Equity & Liabilities

40.276

14.885

549

2.708

668

193.171

252.258

FISCAL YEAR 2022

Results

per Segment

on 31.12.2022

Amounts in thousands €

Container Terminal

Conventional

Port

Passenger

Port

Launching

Premises

Intermodal

Non-

allocated

items

Company

Total

ASSETS

Tangible fixed assets Proprietary

63.890

2.820

584

798

0

14.931

83.023

investment property

0

0

0

3.471

0

0

3.471

other non-current assets

26.449

11.595

306

2.975

269

16.225

57.818

Current assets

4.804

8.616

50

273

0

95.133

108.877

Total assets

95.144

23.031

940

7.516

269

126.289

253.189

EQUITY & LIABILITIES

Equity

0

0

0

0

0

180.153

180.153

Long-term liabilities

31.941

14.766

388

2.310

315

809

50.528

Short-term liabilities

6.492

4.442

58

298

26

11.191

22.508

Total Equity & Liabilities

38.433

19.208

446

2.608

341

192.154

253.189

Non-allocated assets mainly regard cash holdings, financial instruments, deferred taxation, as well as

tangible fixed assets utilized for own purposes which regard infrastructure works not directly relating

to any Operating Segment, while non-allocated liabilities mainly regard all of equity, liabilities from

suppliers, income taxes, fixed asset subsidies and other provisions.

Major Customers

: Two customers active in the operating segment of the CONTAINER TERMINAL

account for a percentage of more than 10% on the total revenue of the Group 17,18 % & 11,90%

(2022: 14,94 %). For the Company in 2023, the percentage is 17,19% & 11,89% (2022: 15,24 % and

11,25% respectively).

7.2 Calculation of earnings before tax, financial results and total depreciations (EBITDA)

The Group monitors the EBITDA index and cites the calculation thereof, as it is not precisely defined in

the IFRS, as such have been adopted by the European Union:

GROUP

Amounts in thousands €

2023

2022

Profit before tax

26.392

24.214

Plus:Depreciation and amortisation of tangible, intangible and right-of-use

assets

(Note 8.2, 8.3, 8.4, 8.22)

7.637

7.076

Less: Depreciation of subsidised fixed assets

-68

-63

Plus: Net financial income/expenses (Note 8.23)

106

1.719

Operating profit (EBITDA)

34.067

32.946

COMPANY

Amounts in thousands €

2023

2022

Profit before tax

23.669

25.406

Plus:Depreciation and amortisation of tangible, intangible and right-of-use

assets

(Note 8.2, 8.3, 8.4, 8.22)

7.596

6.784

Less: Depreciation of subsidised fixed assets

-68

-63

Plus: Net financial income/expenses (Note 8.23)

1.392

1.683

Operating profit (EBITDA)

32.588

33.810

8. Item analysis & other disclosures

8.1

Investment property

GROUP/COMPANY

Amounts in thousands €

31.12.2023

31.12.2022

Opening balance

3.471

3.231

Profits upon revaluation differences (Note 8.18)

188

240

Balance at the end of period

3.659

3.471

The Group and Company own four plots of land outside the Port Zone which are held to generate rent or

increase the value of its capital and which are free of all liens. The Group and Company have selected the fair

value method for book value calculation of its investment properties. Profits or losses arising from a change in

fair value in investments in real estate are included in the net profit or loss for the period in which that change

occurs.

The fair value of investment properties in level 3 is measured at the Group and the Company by independent

external valuers, using the residual method for the 2 properties with a fair value of € 3.56 million as at 31

December 2023 and the Comparables or Land Market Method for the remaining 2 properties with a fair value

of € 102 thousand as at 31 December 2023. The following assumptions have been made for the purpose of the

valuation:

- the soil of each property is not subject to specific conditions

- the properties are free of mortgages

- the properties are not affected by current or potential future planning regulations.

The most important assumptions used for the valuation of the two investment properties using the residual

method are as follows:

- capitalisation rate of 7.5% -7.75%

- Unit rental price per m2 from Euro 11,25 / sqm to Euro 22,5 / sqm depending on the part of the property

- Construction costs per m2 from Euro 675 / m2 to Euro 1,050 / m2 depending on the part of the property.

- Other construction costs 8% (consultants' fees, consultants' fees, contingencies).

- Total development time 2 and 2.3 years.

The most important assumption that has been used to value the properties using the comparables method is

the estimated unit price per m2.

The Group and the Company are also affected by changes in the fair value of investment properties. A change

in the rate of return of + 10 % will result in a corresponding change of approximately € 729 thousand in the

results for the year, while a change at -10 % will result in a corresponding change of approximately € 425

thousand.

A change in construction costs at +/- 10 % would result in a corresponding change of approximately € 537

thousand in the result for the year, while a change in the market rent at +/-10 % would result in a corresponding

change of approximately € 802 thousand.

There are no collateral security interests and pledges on the investment properties. The Management estimates

that the value of the properties is not affected by existing legislation and that they are free of encumbrances.

Two of the four investment properties are leased to third parties for the use of parking spaces. Rental income

from investment properties amounted to €136 thousand for the year ended 31 December 2023 (2022: €157

thousand) and is included in Other Income in the Statement of Comprehensive Income.

8.2

Tangible Assets

GROUP

Amounts in thousands €

Buildings

Machinery

Vehicles

Furniture,

fittings

and

equipment

Assets under

construction

&

prepayments

Total of

Tangible

Assets

Cost

1 January 2022

27.733

80.949

3.484

6.754

28.531

147.449

Additions

1.940

7.217

187

457

6.483

16.285

Transfers

3.049

9.863

0

965

-13.877

0

Disposals/Write-offs

0

-474

-493

0

-581

-1.549

31 December 2022

32.722

97.554

3.178

8.176

20.555

162.186

1 January 2023

32.722

97.554

3.178

8.176

20.555

162.186

Additions

4.638

925

28

505

2.503

8.599

Transfers

624

727

0

361

-1.805

14

Disposals/Write-offs

0

-372

-992

-5

-14

-1.382

31 December 2023

37.985

98.834

2.214

9.037

21.240

169.416

Accumulated depreciation

1 January 2022

13.367

54.118

3.189

4.608

0

75.283

Depreciation

1.242

2.887

108

620

0

4.857

Disposals/Write-offs

0

-474

-510

0

0

-984

31 December 2022

14.609

56.531

2.788

5.228

0

79.155

1 January 2023

14.609

56.531

2.788

5.228

0

79.155

Depreciation

1.342

3.355

65

736

0

5.498

Disposals/Write-offs

0

-306

-972

-5

0

-1.283

31 December 2023

15.951

59.580

1.881

5.958

0

83.371

Net Present Value at 31

December 2022

18.113

41.024

390

2.948

20.555

83.030

Net Present Value at 31

December 2023

22.034

39.254

332

3.079

21.240

85.938

COMPANY

Amounts in thousands €

Buildings

Machinery

Vehicles

Furniture,

fittings

and

equipment

Assets under

construction

&

prepayments

Total of

Tangible

Assets

Cost

1 January 2022

27.733

80.949

3.481

6.754

28.531

147.447

Additions

2.044

7.217

187

453

6.380

16.281

Transfers

3.049

9.863

0

965

-13.877

0

Disposals/Write-offs

0

-474

-493

0

-584

-1.552

31 December 2022

32.826

97.554

3.175

8.172

20.449

162.176

1 January 2023

32.826

97.554

3.175

8.172

20.449

162.176

Additions

4.638

925

28

505

2.503

8.599

Transfers

624

727

0

361

-1.699

14

Disposals/Write-offs

0

-372

-992

-5

-14

-1.382

31 December 2023

38.088

98.834

2.211

9.033

21.240

169.406

Accumulated depreciation

1 January 2022

13.367

54.118

3.189

4.608

0

75.282

Depreciation

1.242

2.887

108

617

0

4.854

Disposals/Write-offs

0

-474

-510

0

0

-984

31 December 2022

14.609

56.531

2.788

5.225

0

79.153

1 January 2023

14.609

56.531

2.788

5.225

0

79.153

Depreciation

1.445

3.355

63

734

0

5.598

Disposals/Write-offs

0

-306

-972

-5

0

-1.283

31 December 2023

16.054

59.580

1.879

5.954

0

83.468

Net Present Value at 31

December 2022

18.216

41.024

388

2.947

20.449

83.023

Net Present Value at 31

December 2023

22.034

39.254

332

3.079

21.240

85.938

(Any differences in totals are due to rounding of the relevant figures)

Group`s assets are free of all liens. The Group has concluded insurance contracts covering possible risks of

earthquake, fire and other risks, from acts of god and also covering general civil liability for electromechanical

equipment and buildings which have been conceded to it by the Greek State, and employer’s civil liability for

machinery, vehicles, electric gantry cranes and ordinary gantry cranes.

An impairment assessment about fixed assets takes place when events and conditions suggest that their

residual value may no longer be recoverable. Should the residual value of fixed assets exceed their recoverable

value, the accessory sum regards an impairment loss, which is recorded directly as an expense in the income

statement.

During 2023, no conditions or events were identified to indicate that the carrying amount value may no longer

be recoverable.

In addition, the current environmental legislation does not have a negative impact on the Company's activities,

nor does it create conditions that the amortized value of fixed assets may no longer be recoverable.

Management has concluded that future cash costs regarding compliance to environmental legislation are not

material to the company's financial statements for the current year given that there are already environmental

approvals for the Company's operations and projects.

"Fixed assets under construction and advances" account includes projects in progress, the most important of

which is the extension of the 6th pier (€ 16 million), various infrastructure projects in the port facilities (€ 4.9

million) as well as advances for the purchase of machinery equipment (€ 1 million) in view of the mandatory

investments resulting from the concession contract.

The reductions in Assets under construction and advances, relate to the expensing of prior investments within

2023.

Finally, within the fiscal year, following a decision taken by the Management, the Company proceeded with the

destruction of old mechanical and other equipment of a non-depreciable value of € 3 thousand.

8.3

Intangible Assets

GROUP

Amounts in thousands €

Intangible assets costs as of

01.01.2022

5.373

Additions

1.255

Intangible assets costs as of 31.12.2022

6.628

Accumulated depreciations as of 01.01.2022

3.091

Depreciations 2022

459

Total depreciation until 31.12.2022

3.551

Net Present Value

as of 31.12.2022

3.077

Intangible assets costs as of 01.01.2023

6.628

Additions

553

Transfers

-14

Write off

-312

Intangible assets costs as of 31.12.2023

6.856

Accumulated depreciations as of 01.01.2023

3.551

Depreciations 2023

436

Total depreciation until 31.12.2023

3.986

Net Present Value

as of 31.12.2023

2.869

COMPANY

Amounts in thousands €

Intangible assets costs as of

01.01.2022

5.366

Additions

1.255

Intangible assets costs as of 31.12.2022

6.621

Accumulated depreciations as of 01.01.2022

3.089

Depreciations 2021

455

Total depreciation until 31.12.2022

3.544

Net Present Value

as of 31.12.2022

3.077

Intangible assets costs as of 01.01.2023

6.621

Additions

553

Transfers

-14

Write off

-312

Intangible assets costs as of 31.12.2023

6.849

Accumulated depreciations as of 01.01.2023

3.544

Depreciations 2023

436

Total depreciation until 31.12.2023

3.980

Net Present Value

as of 31.12.2023

2.869

(Any differences in sums are due to the rounding of the relevant items)

Intangible assets are mainly related to software programmes

and are free from all encumbrances.

8.4

Right of use asset

Right to use assets transactions from 1 January 2023 to 31 December 2023 along with the corresponding last

year are analyzed as follows:

GROUP

Concession Fee (TOTAL)

Amounts in thousands €

Concession Fee as of 01.01.2022

47.275

Additions

126

Write-off

-43

Concession Fee as of 31.12.2022

47.358

Accumulated depreciations as of 01.01.2022

5.663

Depreciations 2022

1.797

Write-off

-37

Total depreciation until 31.12.2022

7.423

Net Present Value as of 31.12.2022

39.934

Concession Fee as of 01.01.2023

47.358

Additions

663

Write-off

-36

Concession Fee as of 31.12.2023

47.985

Accumulated depreciations as of 01.01.2023

7.423

Depreciations 2023

1.599

Write-off

-34

Total depreciation until 31.12.2023

8.988

Net Present Value as of 31.12.2023

38.997