VIS Containers Manufacturing : Annual Financial report for the fiscal year January 1, 2019 – December 31, 2019

ANNUAL FINANCI AL REPORTfor the fiscal year

1 January 2019-31 December 2019

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

Table of Contents

• 1. Statements by the Members of the Board of Directors .............................................................................. 3

• 2.Independent Auditors' Report...................................................................................................................... 4

• 3.Report of the Board of Directors of "VIS CONTAINERS MANUFACTURING SA".................................... 8

• 4. Annual financial statements ....................................................................................................................... 32

• 4.1 Balance Sheet .............................................................................................................................................. 33

• 4.2 Income Statement ....................................................................................................................................... 34

• 4.3 Statement of Total Income ......................................................................................................................... 34

• 4.4 Statement of Changes in Net Position ...................................................................................................... 35

• 4.5 Statement of Cash flows ............................................................................................................................. 36

• 5. Notes on the financial statements ............................................................................................................. 37

• 5.1 General Information .................................................................................................................................... 37

• 5.2 Scope of works ............................................................................................................................................ 37

• 5.3 Framework for drawing up the annual financial statements ................................................................... 38

• 5.5 Significant accounting judgments, estimations and assumptions ......................................................... 42

• 5.6 Summary of accounting policies ............................................................................................................... 43

• 5.8 Breakdown of balance sheet items ............................................................................................................ 52

• 5.9 Breakdown of results items ....................................................................................................................... 60

• 5.10Αριθμός απασχολούμενου προσωπικού και κόστος μισθοδοσίας..............Error! Bookmark not defined.

• 5.11 Disputes in court or arbitration .................................................................................................................. 62

• 5.12 Fiscal years not subjected to tax inspection ............................................................................................ 62

• 5.13 Other eventual liabilities and receivables ................................................................................................. 63

• 5.14 Transactions with connected parties ........................................................................................................ 63

• 5.15 Risk management purposes and policies ................................................................................................. 63

• 5.16 Risk from exchange rates ........................................................................................................................... 64

• 5.17 Breakdown of the sensitivity of interest rate ............................................................................................ 64

• 5.18 Breakdown of credit risk ............................................................................................................................ 65

• 5.19 Breakdown of liquidity risk ........................................................................................................................ 65

• 5.20 Presentation of financial assets and liabilities per category .................................................................. 66

• 5.21 Capital management policies and procedures ......................................................................................... 67

• 5.22 Events after the date of the balance sheet ................................................................................................ 67

• 6. Information of article 10 of law 3401/2005 in 2019 .................................................................................... 68

• 7.Website where the company's published financial information is posted............................................ 68

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 "VISCONTAINERS MANUFACTURING SA"concerning the fiscal year January 1, 2019-December 31, 2019, 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, 22 June 2020

The Chairman of the Board & Managing Director

The appointed members by the Board of Directors

2.Independent Auditors' Report

To the Shareholders of the company under the name"VIS CONTAINERS MANUFACTURINGS.A."

Auditor's Report on Financial Statements

Opinion

We have audited the accompanying financial statements of the Company under the name

«VIS CONTAINERS MANUFACTURING S.A.» (the Company), which comprise the balancesheet as at 31 December 2019, the income statements and other total income, changes in equity and cash flows for the year then ended, as well as a summary of important accounting principles and methods and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects,the financial position of the company under the name «VIS CONTAINERS MANUFACTURING S.A.» as at 31 December 2019, its financial performance and its cashflows for the year then ended in accordance in accordance with International Financial Reporting Standards, as adopted by the European Union.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing that have been incorporated into Greek Law. Our responsibilities, according to these standards, are further described in the paragraph of our Report "Auditor's Responsibility for the Audit of Financial Statements". Throughout our appointment, we have been independent of the Company in accordance with the Code of Conduct for Professional Auditors of the Board of International Standards of Auditors as incorporated in the Greek Legislation and the ethical requirements relating to the audit of financial statements in Greece and we have fulfilled our ethical obligations according to the requirements of the applicable legislation and the abovementioned Code of Conduct. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Most important audit issues

The most important audit issues are those issues that, in our professional judgment, were of paramount importance in our audit on the financial statements of this fiscal year. These issues and the related risks of substantive inaccuracy were addressed in the context of the audit of financial statements as a whole, in order to form our opinion on them and we do not express a separate opinion on these issues.

Audit Issue

Recoverability of commercial receivables (notes 5.5 and 5.8.6).

Financial statements include commercial receivables amounting to€ 6,276,538 for whichaccrued depreciation equal to€ 468,899 has been recognized. Our audit of commercial receivables focused on the internal controls used by management to monitor them, the guarantees received, and the confirmation of balances by directly addressing letters to debtors and collection after the date of financial statements.

Other information

Management is responsible for other information. Other information is included in the Report of the Board of Directors, to which reference is made in the "Report on Other Legal and Regulatory Requirements", to the Statements of the Members of the Board of Directors, but do not include the financial statements and the auditor's report.

Our opinion on the financial statements does not cover other information and we do not reach any conclusion on it.

In relation to our audit on the financial statements, our responsibility is to read the other information and, thus, examine whether other information is essentially inconsistent with the financial statements or with the knowledge we acquired during the audit or whether they seem to present material error. If, on the basis of the work we have carried out, we conclude that there is material error in this other information, we are obliged to report this. We have nothing to report thereupon.

Management Responsibilities for Financial Statements

Management is responsible for the preparation and fair presentation of the Financial Statements in accordance with the International Financial Reporting Standards, as such have been adopted by the European Union, as well as those for internal controls that management deems necessary to enable 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 ability of the Company to continue its business by disclosing, where applicable, issues relating to the continuing activity and the use of the accounting base of going concern, unless the management either intends to liquidate the Company or cease its activity or has no other realistic alternative than proceeding with these actions.

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

Auditor's Responsibility for the Audit of the Financial Statements

Our goal is to obtain reasonable assurance that 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. The reasonable assurance is a high level of assurance, but it is not a guarantee that the audit carried out in accordance with the International Standards on Auditing, as incorporated into the Greek Legislation, will always detect a material error when it exists. Errors may result from fraud or error and are considered material when they could, individually or collectively, be reasonably expected to affect the economic decisions made by users based on these Financial Statements.

Within the duty of our audit, according to the International Standards on Auditing, as incorporated in the Greek Legislation, we exercise a professional judgment and maintain professional scepticism throughout the audit. Moreover:

• We identify and evaluate the risks of material misstatement in the Financial Statements, whether due to fraud or error, by designing and performing audit procedures that respond to those risks, and we obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of failing to detect a material error due to fraud is higher than that due to error, as fraud can involve collusion, forgery, deliberate omissions, false assurances or bypassing internal control.

• •We understand control-related internal controls that are designed to plan audit procedures appropriate to the circumstances, but not to express an opinion on theeffectiveness of the Company's internal control.

• •We assess the appropriateness of the accounting principles and methods used and the reasonableness of accounting estimates and relevant disclosures made by the management.

• •We express our opinion on the appropriateness of the management's use of the going concern basis and based on the audit evidence obtained about whether there is