VIS Containers Manufacturing : Annual Financial report for the fiscal year January 1, 2018 – December 31, 2020 (pdf 1287 kb)

A N N U A L

F I N A N C I A L R E P O R T

for the fiscal year

1 January 2020 - 31 December 2020

According to article 4 of Law 3556/2007

VIS CONTAINERS MANUFACTURING S.A.

GENERAL ELECTRONIC COMMERCIAL REGISTRY No: 122838007000 (Serial No.: 6055/06/Β/86/133)

G. GENNIMATAS AVE, 190 18 MAGOULA ATTICA Tel.:210 6161300, Fax: 210 6161399 e-mail: info@vis.gr

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Annual Financial Report for the fiscal year 1 January - 31 December 2020

1. Statements by the Members of the Board of Directors

The Members of the Board of Directors of the company under the name "VIS

CONTAINERS MANUFACTURING S.A.":

1. Dimitrios Filippou, Chairman of the Board of Directors & Managing Director
2. Georgios Hadjivassileiou, Executive Member of the Board of Directors - Vice- Chairman, Secretary and CEO
3. Kyriakos Soupionas, Executive Member of the Board of Directors & Chief Financial Officer

in our above capacity hereby state that to the best of our knowledge:

a. the financial statements of the company under the name "VIS CONTAINERS MANUFACTURING SA" concerning the fiscal year January 1, 2020 - December 31, 2020, which have been drawn up according to the applicable International Financial Reporting Standards truly depict the items of the assets and liabilities, the net book value and the profit and loss account of the Company.

b. The Board of Director's annual report truly depicts the Company's development, achievements and position, including the description of the main risks and uncertainties the company faces.

Magoula, 29 March 2021

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Annual Financial Report for the fiscal year 1 January - 31 December 2020

2. Independent Auditors' Report

To the shareholders of "VIS CONTAINERS MANUFACTURING COMPANY S.A." Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of the company "VIS CONTAINERS MANUFACTURING COMPANY S.A." (the Company), which comprise the balance sheet as at December 31, 2020, the profit and loss account and the statements of comprehensive income, changes in equity and cash flow for the year then ended, as well as a summary of significant accounting policies and other explanatory notes.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union.

Basis for opinion

We have conducted our audit in accordance with the International Standards on Auditing (ISAs) as they have been transposed in Greek Legislation. Our responsibilities under those standards are described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. During our audit, we have remained independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) as transposed in Greek legislation and the ethical requirements relevant to the audit of the financial statements in Greece. We have fulfilled our responsibilities in accordance with the provisions of the currently enacted law and the requirements of the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters and the associated risks of material misstatement were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Audit Matter

Recoverability of trade and other receivables (Note 5.5 and 5.6.6).

The financial statements include trade and other receivables of € 3.403.544 for which accumulated impairment losses of € 442.274 have been recognized. Our audit on trade and other receivables has been focused on understanding and reviewing credit control procedures, examining basic keys for providing credit to customers, confirming balances by direct mailing to debtors and confirming receipts after for the period of the financial reporting date.

Other Information

Management is responsible for the other information. The other information is included in the Board of Directors' Report, as referred to the "Report on other Legal and Regulatory Requirements" section, in the Declaration of the Board of Directors Representatives, but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained from the audit, or otherwise appears to be materially misstated. If, based on the procedures

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Annual Financial Report for the fiscal year 1 January - 31 December 2020

performed, we conclude that there is a material misstatement therein; we are required to communicate that matter. We have nothing to report in this respect.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, as endorsed by the European Union, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Audit Committee (art. 44 of Law 4449/2017) of the Company is responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs, as they have been transposed in Greek Legislation, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs as they have been transposed in Greek Legislation, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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