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

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.

Profits or losses ensuing from the sale of tangible fixed assets are determined as the difference between

the amount of the sale and its carried cost and recognized in profit or loss of the fiscal year in the “Other

income” or “Other expenses” accounts.

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.

The financial assets of the company are classified at the following categories based on the substance of

the contract and the purpose for which they were acquired.

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 flows; 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 (SPPI). Accordingly,

financial assets that do not meet the SPPI assessment are classified and measured at fair value through

profit or loss statement.

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

Reclassification of financial assets performed in rare cases due to the Group and Company's decision to

change the business model adopted for managing those financial assets.

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 ship, 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 liabilityis

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 start 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

ownership 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 ownership 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 “Other revenue”.

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.

Amounts in thousands €

2022

2021

2022

2021

Group

Group

Company

Company

Categories of financial assets

Long-term receivables

103

27

103

27

Guarantees

7.000

7.000

7.000

7.000

Trade customers

6.794

3.281

6.615

3.241

Advances and other receivables

5.957

4.920

7.092

6.045

Other long-term receivables

0

0

1.470

770

Other financial assets

0

75.584

0

75.584

Cash and cash equivalents

93.887

27.701

92.264

27.425

Total

113.741

118.513

114.543

120.093

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 Ageing analysis of customers is listed below

GROUP

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

1.162

3.537

907

388

769

293

7.056

Contract assets

3.530

0

0

0

0

0

3.530

Less: Provision

-44

-218

-262

Total 31.12.2022

4.692

3.537

907

388

725

75

10.324

Receivables from customers

1.552

1.606

122

214

3.495

Contract assets

2.633

0

0

0

0

0

2.633

Less: Provision

-214

-214

Total 31.12.2021

4.185

1.606

122

0

5.914

COMPANY

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

1.187

3.450

773

289

884

293

6.877

Contract assets

3.530

0

0

0

0

0

3.530

Less: Provision

0

0

0

0

-44

-218

-262

Total 31.12.2022

4.717

3.450

773

289

840

75

10.145

Receivables from customers

1.552

1.567

122

214

3.456

Contract assets

2.633

0

0

0

0

0

2.633

Less: Provision

0

0

0

0

-214

-214

Total 31.12.2021

4.185

1.567

0

122

0

5.875

Regarding the maturity of the given guarantees, the Other Financial Assets and the Cash and Equivalent

Equivalents, a relevant report is given in Note 8.9.

As of December 31, 2022, the Company cooperate solely with Greek banks while subsidiary with Greek

and Bulgarian banks.

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 84,74% (Group: 85,71%) and

90,20% (Group 91,09%) of current assets for fiscal years 2022 and 2021 correspondingly.

GROUP

Amounts in thousands €

2022

Within 2

months

2 to 12

months

1 to 2 years

2 to 5

years

After 5

years

Total

Trade payables

7.748

7.748

Short term lease liabilities

104

1.993

2.097

Long-term lease liabilities

1.996

5.712

67.048

74.756

Other liabilities and accrued expenses

4.983

1.193

6.177

Other long-term liabilities

364

364

Total

12.835

3.186

2.360

5.712

67.048

91.141

Amounts in thousands €

2021

Within 2

months

2 to 12

months

1 to 2 years

2 to 5

years

After 5

years

Total

Trade payables

5.946

5.946

Short term lease liabilities

104

1.993

2.097

Long-term lease liabilities

1.996

5.712

69.044

76.752

Other liabilities and accrued expenses

4.451

972

5.424

Other long-term liabilities

215

215

Total

10.501

2.965

2.211

5.712

69.044

90.434

COMPANY

Amounts in thousands €

2022

Within 2

months

2 to 12

months

1 to 2 years

2 to 5

years

After 5

years

Total

Trade payables

7.593

7.593

Short term lease liabilities

104

1.956

2.060

Long-term lease liabilities

1.996

5.712

67.048

74.756

Other liabilities and accrued expenses

4.806

1.193

5.999

Other long-term liabilities

364

364

Total

12.503

3.149

2.360

5.712

67.048

90.772

Amounts in thousands €

2021

Within 2

months

2 to 12

months

1 to 2 years

2 to 5

years

After 5

years

Total

Trade payables

6.116

6.116

Short term lease liabilities

104

1.956

2.060

Long-term lease liabilities

1.996

5.712

69.044

76.752

Other liabilities and accrued expenses

4.823

972

5.795

Other long-term liabilities

215

215

Total

11.043

2.928

2.211

5.712

69.044

90.938

6.6

Economic conjuncture risk - Macroeconomic business environment in Greece

Management closely monitors and continuously assesses the impact of the conflict in Ukraine 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, 2022.

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 €94 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.