FOR 2013 FISCAL PERIOD. (By virtue of Law 3556/2007, article 4) CRETA FARM S.A. S.A. Reg. no.: 11867/06/Β/86/38

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1 ANNUAL FINANCIAL REPORT FOR 2013 FISCAL PERIOD (By virtue of Law 3556/2007, article 4) CRETA FARM S.A. S.A. Reg. no.: 11867/06/Β/86/38 15 th km of Rethymnon - Herakleion National Road Municipality of Arkadion, Rethymni Postcode: 74100

2 CONTENTS A. Declarations of the Representatives of the Board of Directors... 3 B. Directors' Report... 4 C. Report of the Independent Auditor D. Annual Financial Statements BACKGROUND General information on the company and Group General information about the financial statements FINANCIAL STATEMENTS Statement of Financial Position Statement of Comprehensive Income List of changes in equity Statement of Cash Flows - Indirect method ACCOUNTING PRINCIPLES Accounting principles for inventories Accounting principles for changing policies, estimates and errors Accounting principles for events after the reporting date Accounting principles for income taxes Accounting principles for tangible capital commitments Accounting principles for leases Accounting principles for revenue Accounting principles for employee benefits Accounting principles for state subsidies Accounting principles for currency Accounting principles for borrowing cost Accounting principles for consolidated statements and subsidiaries Accounting principles for Joint Ventures Accounting principles for Financial Instruments Valuation basis for Financial Assets Accounting principles for profits per share Accounting principles for the impairment of assets Accounting principles for provisions and contingent receivables or liabilities Accounting principles for intangible assets Accounting principles for agriculture Accounting principles for business combinations Accounting principles for the areas of IFRS ANALYSIS OF BALANCES OF FINANCIAL STATEMENTS Analysis of asset accounts of financial position statement Analysis of equity accounts in the statement of financial position Analysis of liabilities accounts in the statement of financial position Analysis of total revenue accounts DISCLOSURES Presentation of the Financial Statements Inventories

3 5.3. Statement of Cash Flows Accounting policies, changes in accounting estimates and errors Events after the reporting date Income tax Tangible assets Revenue Employee benefits The effects of changes in foreign exchange rates Borrowing costs Related parties disclosures Consolidated financial statements and accounting for investments in subsidiaries Financial reporting on interests in joint ventures Earnings per share Impairment of assets Provisions, contingent liabilities and contingent assets Intangible assets Agriculture Financial instruments Operating segments Ε. Figures and information about 2013 fiscal year F. Information required by article 10, L. 3401/

4 A. Declarations of the Representatives of the Board of Directors It is hereby verified and declared that, to the best of our knowledge, the financial statements of CRETA FARM S.A. for 2013 fiscal period, which have been prepared in accordance with the applicable accounting standards, present a true view of the assets and liabilities, of the net position and of the profit and loss of the issuing entity, as well as of the entities included in the consolidation, accounted as a single entity. In addition, it is hereby verified and declared that, to the best of our knowledge, the Directors Report presents in a true manner the progress, performance and position of the company, as well as of the entities included in the consolidation and accounted as a single entity, including the description of the most significant risks and uncertainties they are facing. Rethymnon, Friday, March 28, 2014 The President of the Board and Managing Director The Vice-President of the Board and Managing Director The Member of the BoD Emmanuel Domazakis Konstantinos Domazakis Eleni Domazaki ID. no: Ι / 74 ID. no: ΑΒ / 06 ID. no: ΑΒ / 07 3

5 B. Directors' Report Dear Shareholders, In accordance with the provisions of Cod. Law 2190/1920 Article 43a par. 3, Article 107 par. 3 and Article 136 par. 2. Also in accordance with the provisions of Law 3556/2007 Article 4, paragraphs 2 (c), 6, 7 & 8 and the decision of the HCMC 7/448/11, Article 2, we submit you, for the year 2013, the annual report of the Board of Directors. This report summarized information on the Group and the company ''CRETA FARM S.A.'', financial information aimed at providing general information to shareholders and investors about the financial position and results, the overall progress and changes made during the closing of the fiscal year (01/01/ /12/2013), significant events that occurred and their impact on the financial statements for that period. Also a description of the principal risks and uncertainties that the Group and the Company may face in the future is given, and the significant transactions prepared between the issuer and associated individuals. This Report contains in a brief but essential way all major sub-issues, which are necessary under this legislation and is a true representation of all relevant information required by law in order to extract meaningful and comprehensive information on activity during the said period of the Company and the Group. The Group includes the following companies: No. Company name Registered Offices Participation % Participation Relation with parent company 1 CRETA FARM CISA Greece 100% - Parent 2 TETO-FARMA SA Greece 95% Direct Subsidiary 3 FARMA THESSALIAS SA Greece 98% Direct Subsidiary 4 Creta Farm Cyprus LTD Cyprus 100% Direct Subsidiary 5 Creta Farm Espana SL Spain 50% Direct Joint Venture 6 Creta Foods SA Luxembourg 100% Direct Subsidiary 7 Creta Farms LTD Cyprus 80% Indirect Subsidiary 8 Creta Farms Nordic AB Sweden 50% Direct Joint Venture 9 Creta Farms USA, LLC U.S. 80% Direct Subsidiary Β.1. Financial developments and performance of reporting period Changes in Economic Magnitudes Turnover Group sales reached 96.5 MM, showing 1.5% increase in comparison with The respective figures for the parent company reached 95.0 MM during 2013 and 89.0 MM during the respective period of 2012, i.e. increased by 6.6%, a fact that due to the negative financial situation proves the faith of consumers placed on company products. Earnings before interest, taxes, depreciation, and amortization and restructuring expenses The earnings before taxes, interest, depreciations, investment and restructuring costs of the Group reached 5.4 MM, vs. 5.2 MM in 2012, showing an increase of 3.2%. The respective company figures reached 7.2 MM for 1/1-31/12/2013 period vs. 9.2 MM for the respective period of Profits / (Losses) before taxes and interests The increased negative investment results, following the restructuring performed during the 1 st trimester of the period led to losses before taxes and interests amounting to 14.5 MM vs. 1.0 MM for the respective 2012 period. The relevant figures for the company are 10.0 MM losses vs. profits of 3.0 MM in Considering the extraordinary results charged to the period, the operating profits before taxes and interest lead to a marginal profit of 404 th. for the Group and 3.3 MM for the Company. 4

6 Key financial indexes Group Corporate 1/1 31/12/2013 1/1-31/12/2012 1/1 31/12/2013 1/1-31/12/2012 Gross margin 38.6% 38.9% 40.0% 41.9% EBITDA margin (adjusted) 5.6% 5.5% 7.6% 10.4% EBIT margin 0.4% 0.3% 3.5% 6.0% Β.2. Significant events During this period, the Management of the Group revised the system of corporate governance, focusing on its international orientation and on the constantly changing national conditions. In particular, within the context of operation of the Board of Directors, a Committee for Provisions and Impairments was established, with the purpose of taking decisions for the impairment of receivables and also for taking decisions about the formulation of provisions for events that are expected to lead to a future outflow of resources. This Committee is attended by an executive member of the Board, by the Internal Auditor, by the Financial Director and by the Legal Consultant. Within the context of operation of the above Committee, the Group proceeded in changing its estimates about asset impairment. This change charged the results of the company with 13.4 MM and of the Group with 14.9 MM. It is noted, that in order to understand better the performance of the Group during the 1 st six-month period, this effect is presented discretely in the statement of comprehensive income. The Management, within the context of its policy for the development of strategic collaborations at international level, and in order to facilitate the implementation of this policy and alleviate any possible objection by future associates took significant decisions for the complete restructuring of the Group, which shall be presented for approval to the competent bodies. The proposals by Management include the absorption by parent company CRETA FARM C.I.S.A. of its subsidiaries TETOFARMA S.A. and FARMA THESSALIAS S.A., and the increase of the capital of its subsidiary in the USA, Creta Farm USA through the capitalization of an equal receivable. The above actions fall in the long-term planning of the Management, which is based on the following pillars: The creation of a flexible structure in the domestic market, by concentrating in the parent company the domestic operations of the Group. Focus on alternative collaboration models for direct infiltration in foreign markets through concession agreements for the royalties regarding the innovative productive methodology. Adjustment of the structures of the system of corporate governance to the international orientation of the Group. Use of the Group s assets in new developing activities. Constant improvement of the technological support and information of the Group s operations. Loans The company took out a common Debenture Loan for the amount of 3 MM with the following credit institutions: NATIONAL BANK OF GREECE SA EUROBANK ERGASIAS BANK S.A. ALPHA BANK (former COMMERCIAL BANK OF GREECE SA) "PIRAEUS BANK S.A. (as special successor of Cyprus Bank Public Limited Company ) PIRAEUS BANK S.A. On April 16, 2013, through bilateral financing / credit agreements using an open current account, there has been a premature withdrawal of the amount in proportion to the participation rate of the above in the issued Loan, while on 9/7/2013, the final agreement for the syndicated mortgage-backed debenture loan was signed. General Shareholder Assembly On June 28, 2013 the Ordinary General Assembly of the shareholders met at the company s registered offices in Rethymnon. In summary, the decisions taken were the following: 5

7 The financial statements of 2012 fiscal period were approved. The option not to pay any dividend from the results of 2012 fiscal period was approved. 6

8 Β.3. Risks and uncertainties Main risks and uncertainties In summary, the risks and uncertainties are noted below: The food industry is a highly competitive environment. Despite the fact that the infiltration of imports is reduced, the rapid reduction of available income may turn part of consumers to products of lower price, and usually lower quality. Any increase in the international prices of raw materials or any shortages in them may significantly affect the production cost for the company. The Group operates in a regulatory environment that relates to environmental and health and safety standards. Changes in the regulatory environment can lead to legal liabilities and additional costs. The financial crisis affecting Greece in the past four years could have a further impact on the financial figures of the company. The additional measures taken for period shall further reduce the available income and may affect demand for company products. In addition, the anticipated reduction of tourism for the current period may have a negative impact on sales in the area of HORECA. Objectives and risk management policies The Group is exposed to financial risks, such as market risks (changes in the exchange rates, interest rates, market prices), credit risk and financial liquidity risk. The general risk management program of the Group is focused on the unpredictability of the financial markets and seeks to minimise the potential negative influence thereof on the Group's financial performance. Credit risk Credit risk relates to the possibility of a contractor causing financial loss to the Group due to breach of contractual obligations. Receivables from customers are a class of financial instruments that may adversely affect the smooth liquidity of the Group. Under control of credit risk, the Group shall, on the basis of the policy followed, to the extent of highest possible proliferation of sales to a large number of customers, while consistently applying a clear credit policy which is monitored and evaluated on an on-going basis so that allocations not to exceed every customer's designated credit limit. Furthermore, some claims are secured through a credit insurance company or factoring. To manage credit risk, clients are grouped according to category of falling, their credit characteristics, the majority of their claims and any problems in the past they have shown. Any receivables considered bad are reassessed at each reporting period and relevant provision for impairment is formed. Liquidity risk Liquidity risk refers to the fact that the Group might fail to meet its financial obligations. The Group handles its liquidity needs by daily monitoring its cash flows and conducting rolling forecasts thereof on a weekly and monthly basis. In the current environment of drastically reduced credit, careful handling of operating capital is essential. Currency risk Currency risk concerns the possibility that the fair value or cash flows of a financial instrument will fluctuate because of changes in foreign currency exchange rates. Most of commercial transactions of companies in the Group are made in the currency of the primary economic environment (functional currency) which is the Euro. The activities of the Group in foreign markets is not of such volume to have significant risk of affecting the reasonable value or the future cash flows of the financial means of the Group or Company, which could lead to significant variations due to changes in foreign currency exchange rates. Interest rate risk The Group's loan obligations are connected to fluctuating interest rates, which depending to the conditions of the market, may either remain fluctuating or convert to fixed interest rates. The company does not use financial derivative products. As in the previous year, the remaining financial assets and liabilities are not significantly affected by interest rate fluctuations. 7

9 Risk of live assets The operations related to live assets include certain special risks. These risks refer to animal illnesses and the possible loss of large stock. The company, in an effort to adjust to E.U. directives and to pertinent legislation, maintains a high level of health specifications, thus minimizing any possible risks. Β.4. Predicted course and development Domestic market The Group is now capable of increasing its sales and market share in the domestic market, and 2013 is the year when Creta Farms significantly increased its share. The Group strategy, which led to the success of 2013 and shall be followed in the next years, is based on the following aspects: A leading product, both in terms of quality and of flavor. Significant innovations, following modern nutritional trends and covering consumer needs. Consistent and focused support to EN ELLADI products, the largest and most unique offer by the Group in foods. The Group is closely following its business plan based on the following four principles: innovation, quality, flexibility, and vigilance. In the domestic market, the main objective is the continuous increase of market shares, while improving profitability, resulting from the best possible assortment, the most effective management of available resources, and carefully planned choices at every level. Foreign markets The business plan of the Group with regard to foreign markets is firstly focused on the steady development of affiliates (Spain, Cyprus), and secondly on the development of new, modern models for penetrating the market and making collaborations concerning the assignment of royalties over the patents held by the company. At the same time, the development plan for the exports of the company is intensified, aiming to the placement of our products in strategic markets (e.g. Germany) - its results are expected to show within the current year. Β.5. Transactions with related parties Supplier Parent CLIENT Subsidiaries / Joint Ventures Other related parties Parent 3, ,894 Subsidiaries 2, ,774 Total TOTAL 2,278 4, ,668 Debtors Parent Subsidiaries Other related parties Total Creditor Parent 16,776 8,914 25,691 Subsidiaries TOTAL - 16,817 8,931 25,748 Expenses Parent Subsidiaries Other related parties Total Revenue Parent 3,648-3,648 Subsidiaries 2, ,367 TOTAL 2,367 3,648-6,015 Β.6. Litigation Matters No cases under litigation or other court cases are expected to have a significant impact on the financial statement of the Group. Β.7. Company Governance Statement Company Governance in General 8

10 Company Governance refers to a set of principles on which is sought adequate organization, operation, management and control of a company with long-term goal of maximizing value and safeguarding the legitimate interests of all those connected with it. In Greece, the Company governance framework has been developed mainly through the adoption of binding rules, such as the Law 3016/2002, which requires the participation of non-executive and independent non-executive members in the Board of Greek listed companies, the establishment and operation of an internal control unit and the adoption of bylaws. In addition, a host of other acts incorporating in the Greek legal framework the European company law directives, creating new Company governance rules, such as the Law 3693/2008, which requires the establishment of audit committees, and important disclosure obligations with regard to ownership and governance of a company, Law 3884/2010 relating to rights of shareholders and additional Company disclosure obligations to shareholders in preparation of the General Assembly and the Law 3873/2010, which transposed in Greek law Directive 2006/46/EC of the European Union on the annual and consolidated accounts of certain types. Finally, in Greece, like most other countries as well, the Law on public limited companies (Law 2190/1920, which was amended by several provisions of the above) contains the basic rules of their governance. Company Voluntary Compliance with the Code of Company Governance Our company fully complies with the requirements and settings in the aforementioned legislative texts which constitute the minimum content of any Code of Company Governance and comprise (these provisions) such informal code. In 2013, the Company took significant steps in the further processing, development and formation of a Code of Company Governance, which sets and adopts standards and principles of best governance practices. Deviations from the Code of Company Governance and explanations The company declares that complies faithfully and strictly with the provisions of the Greek legislation (Cod. Law 2190/1920, Law 3016/2002 and Law 3693/2008) which form the minimum requirements to be met by any Code of Company Governance applied by companies, whose shares are traded on a regulated market. These minimum requirements are integrated in the above Code of Company Governance (HFE) to which the Company is subject; however, this Code includes a series of additional (to the minimum requirements) special practices and principles. In connection with such additional practices and principles certain differences exist at the present time, which are followed by a brief analysis and explanation of the reasons for them. Relative reference to non-application of certain provisions is made by the Code of Company Governance itself (E.I.A.) for companies that do not belong to the FTSE-20 and FTSE-40. The Company, as the case may be, diverges or does not apply as a whole a number of provisions of the Code which are indicated in each case of divergence. Regarding the role and responsibilities of the Board: The Board has not proceed to constitution of a separate committee, which is directing during the process of nominations for election to the Board and prepares proposals to the Board regarding the remuneration of executive directors and key highest rank executives since the company's policy in relation to these fees is fixed and formed. Regarding the role and qualities required of the President of the Board: no explicit distinction is established between the responsibilities of the President and the CEO nor is judged as appropriate, in view of the organizational structure and operation of the Company, to establish this distinction. the Board does not appoint an independent Vice derived from its independent members, but an Executive Vice President, to facilitate the smooth functioning of the Board and the achievement of the Company's objectives. Relevant reference to non-appliance by companies not belonging to FTSE-20 and FTSE-40 is also included in the Code of Company Governance of HFE (SEV). Regarding the election of candidates for membership of the Board: the maximum term of board members is not four years, but longer (five years), yet in accordance to the limits set by Law 2190/1920, so there is no need for the election of a new Board in shorter time frames, which leads to burdening with additional formalities (legalization before third, etc.) the Company at the time to complete the development and drafting of the Code of Company Governance will consider establishing a Board Members Nomination Committee Regarding the overall functioning of the Board: 9

11 no specific regulations of the Board exist, since the existing provisions of the Rules of Operation of the company are assessed as sufficient for the organization and function of the Board. Please note that the Company has drawn and is following first, the Service Rules and second, the Procedures of Total Quality Management (Process Manual), which together constitute the Operating Rules of the Company. the Board at the beginning of each calendar year is not adopting a calendar of meetings and a 12-month agenda, to be reviewed depending on the needs of the Company, as the company considers that the functioning of the Board is adequately covered by current Operating Rules and their relevant provisions. Additionally, the convening of Board is very easy, due to objective circumstances, where imposed by the company's needs or the law, without a predetermined plan of action. non-executive members do not meet regularly without the presence of executive members in order to evaluate the performance of the executive members and determine their remuneration, since all pay related issues are clearly defined by the existing Rules of Operation and any deviation or non-response to institutional roles is discussed in the presence of all members of the Board. provided that for election as members of the Board are proposed persons who have demonstrated ability and experience, organizational and managerial skills, there is no provision for an introductory information programs for new board members and continuing training and retraining for other members. all claims by any part on the recruitment of external consultants are examined by the Administration and approved in each case, based on individual Company needs. Consequently, there is no specific provision for providing resources to the committees of the Board to fulfill their duties and to hire external consultants. Regarding the evaluation of the Board: Apart from evaluating the Board through the Management Report of the Annual General Meeting of the shareholders, the Board will monitor and review the implementation of its decisions on an annual basis following actuarial reports. Regarding the Internal Control System: The Internal control Office is referred to the Control Committee of the Board, established by the Extraordinary General Meeting of 28/04/2009. For the basic functions of the Control Committee are in force and applied all matters referring to the provisions of Law 3693/2008 and international best practices, without a more specific regulation. Regarding the level and structure of fees: The remuneration of the Chairman of the Board and CEO and members of the Board, executive and non, for their participation in Board meetings and committees thereof, is approved by the General Meeting of the shareholders, always in agreement with the current policies of the Company. The remuneration of executive directors is not determined by contracts and refers to fees for their participation in Board meetings. Consequently, there are no contracts of the executive members of the Board to provide that the Board may recover all or part of the bonus given due to the revised financial statements for previous years or in general under inaccurate financial data used to calculate the said bonus, since any rights for bonus are allocated only after final approval and examination of financial statements. Company Governance Practices In addition to the provisions of Law or Code The Company, within the framework of implementing a structured and adequate Company governance system, has implemented specific practices of good Company governance, some of which are in addition to those provided by the relevant laws (Cod. Law 2190/1920, 3016/2002 and 3693/2008). The company shall keep up to date, Operation Regulations with references beyond the traditional principles governing Operating Regulations. As noted above, the Company has drawn and is following first, the Service Rules and second, the Procedures of Total Quality Management (Process Manual), which together constitute the Operating Rules of the Company. In summary, the areas covered by the Procedures of Total Quality Management (Process Manual) are: 1. Scope of the agreement 2. Scope 3. Definitions 4. Management System 5. Management responsibility 6. Resource management 10

12 7. Product implementation 8. Metering, analysis, and improvement 9. Total Quality Policy A. Total Quality Policy B. Safety Policy C. Environmental Policy D. Prevention Policy / Policy for Handling End-Product Risks resulting from intentional acts E. Employee Health and Safety Policy The concept of the Rules of Operation promotes compliance with laws and internal company policies to avoid risks and other legal consequences for the Company and each member of staff, from ordinary employees to members of Management. The main objectives of the Rules are: Prevention of delinquent behaviour; Compliance with policies to reduce the risks around the reputation and public image of the Group; Continuing education of staff on the dangers posed by acts of corruption, fraud, misuse of personal data, deterioration of economic statements, leakage of confidential information, etc.; Identifying breaches relating to compliance issues, investigation and submission of proposals and corrective actions or measures required. Due to its nature and purpose, the Company has developed policies and procedures in compliance with ISO, also acquiring the relevant certifications. More specifically the management manual is consistent with the following standards: BS EN ISO 9001:2008 BS EN ISO 14001:2004 BS EN ISO 22000:2005 BRC GLOBAL STANDARD ISO/TS ISO/FSSC non GMO - EN ELLADI DRY SALAMI MINI non GMO - Production of Feed Specifically, the Operation Rules include: 1. Employees Recruitment procedure 2. Internal Transfers and Promotions of Company's Employees 3. Probationary employment period of employees 4. Transfer of employees 5. Employees Working Time Limits 6. Recreational holiday (annual leave of employees) 7. Additional leaves granted to employees 8. Innocent Obstruction (illness) 9. Exempted Holidays 10. Termination of employment contract 11. Powers and duties of employees 12. Education of employees 13. Requests or complaints from employees 14. Ethical behaviour standards for employees - their obligations 15. Disciplinary sanctions on employees Main Characteristics of Internal Control and Risk Management Systems in Relation Process of Preparation of Financial Statements and Financial Reports 11

13 The System of Internal Control and Risk Management of the Company in connection with the process financial statements and financial reporting includes safeguards and control mechanisms at different Organization levels as described below: Safeguards at Company level Identifying, evaluating, measuring and managing risks: The size and complexity of the Group's business requires a complex system for identifying and managing risks that apply to all subsidiaries of the Group. The identification and assessment of risks is primarily in the training phase of strategic planning and annual business plan. The topics addressed vary depending on the market conditions and industry and include, indicatively, political developments in the markets where the Group is activating or which are important sources of raw materials, changes in technology, macro-economic indicators and competitive environment. Planning and monitoring / Budget: The course of the company is monitored through a detailed budget by activity sector and specific market. Given the nature of activities the development of the Group's financial results depends largely on external factors clearly influenced by the overall economic slowdown and uncertainty surrounding the Greek and the global market. In this situation, the Group has taken the appropriate steps to respond to new circumstances and exploit new market conditions. For all these reasons the budget is adjusted periodically to take account of these changes. The administration monitors the evolution of economic fundamentals of the Group through regular reports, comparisons to budget and meetings of the management team. Adequacy of Internal Control System Management has designed and performs on-going oversight activities, which are incompanyd into the operation of the Company and which ensure that the Internal Control System maintains its effectiveness over time The Company also carries out regular individual assessments of the adequacy of Internal Control System, conducted primarily by the Office of Internal Control. The Company has an independent Internal Auditor who among other things ensures that the identification and risk management procedures implemented by the Management are adequate, ensures effective functioning of the Internal Control System and the quality and reliability of the information provided by the Management to the Board regarding the Internal Control System. The drafting of the Plan (or Manual) of Control of Service is based on performed for this scope risk assessment, and issues identified by the Management and the Control Committee. The Plan (or Manual) of Control shall be submitted for approval to the Control Committee. The risk assessment process is conducted annually and takes into account the risk assessment carried out under the responsibility of the Board in the Risk Management framework of the Company. The adequacy of the Internal Control System is monitored on a regular basis by the Control Committee through quarterly reports submitted to it by the Internal Control Office. Reports of Management and Internal Control Office provide an assessment of major risks and effectiveness of Internal Control System on managing them. Any weaknesses identified are communicated through petitions, including the impact they had or may have as well as actions by the Management to correct them. To ensure the independence of the regular audit of financial statements of the Group, the Board follows specific policy and procedure for formulating a recommendation to the General Meeting to elect a statutory auditor. Indicatively, this policy provides election of statutory auditor for the consolidated and Company financial statements who must belong to an auditing firm of international recognized standing and while ensuring its independence. Roles and responsibilities of the Board: The role, powers and responsibilities of the Board are described in the Internal Operating Regulation of the Company. Prevention and suppression of financial fraud: In the context of risk management areas considered of high risk regarding financial fraud are monitored with appropriate surveillance systems and accordingly increased safeguards. Examples include the existence of detailed organizational structure, operating regulations and detailed procedures and approval levels. Also, in addition to the control mechanisms applicable by each division, all the company's operations are subject to audits by the Internal Control Service, whose results are presented through the Control Committee to the Board. Internal Operating Regulations: The Company, as mentioned above, has prepared an Internal Operating Regulation (which includes the Service Rules and Procedures of Total Quality Management (Process Manual)). Within the framework of the Rules are also defined powers and 12

14 responsibilities of the key employment positions, thereby promoting an adequate segregation of responsibilities within the Company. Safeguards in informational systems The Company has developed an adequate framework to monitor and control its information systems, defined by individual control mechanisms, policies and procedures and is sufficiently defined by both the approved Operating Regulations and the Internal Control Manual. Also, specific process is provided to safeguard against any problems in the systems of the Group through an approved program of Business Continuity (including back up of the critical components of the Company to recover its functionality in the near time, while during the current year is discussed the possibility of creating a Disaster Recovery Site. Finally, specific rights of login have been set (Access Rights) in the various information systems for all employees depending on the position and role they occupy, while is also kept a relevant entry file (entry log) in the systems of the Company. Safeguards in drafting process of financial statements and financial reports As part of procedures for financial reporting of the Company exist and function specific safeguards, which are associated with the use of tools and methodologies based on commonly accepted international practices. The main areas in which safeguards are operating relating to the preparation of financial reports and financial statements of the Company are as follows: Organization - Allocation of Powers The assignment of responsibilities and powers of both the company's senior Management and middle and inferior officers, ensures the strengthening of the effectiveness of Internal Control System, while maintaining the required separation of responsibilities (segregation of duties). Proper staffing of financial services by individuals who possess the requisite technical knowledge and experience to the responsibilities entrusted to them. Procedures for accounting and preparation of financial statements Unified policies and ways of monitoring the accounting departments notified to the Group's subsidiaries, which include definitions, accounting principles used by the Company and its subsidiaries, instructions for the preparation of financial statements and financial reporting, consolidation, etc. Automated checks and audits carried out between different information systems while requiring specific approval of accounting treatment of non-recurring transactions. Procedures to safeguard assets Presence of safeguards for assets, reserves, cash - checks and other assets of the company as indicatively physical security of fund or warehouses and stocktaking and comparison of the measured quantities with those of accounting. Schedule of monthly physical inventories to confirm the balances of physical and accounting storage and an analytical handbook for stock-taking. Trade credit authorities Existence of Regulation on approval levels (Chart of Authorities), in which are depicted the assigned powers to various officers of the company to conduct specific transactions or actions (e.g. payments, receipts, legal transactions, etc.). General Assembly and Rights of Shareholders The role, responsibilities, meeting, participation, the ordinary and extraordinary quorum and majority of the participants, the Chair, the Agenda and the overall functioning of the General Assembly of shareholders are described in the Statute, as it has been updated under the provisions of Law 2190/1920, as amended, applies (with the inclusion of L. 3884/2010 on minorities interests). Consequently, for all procedures relating to the overall functioning of the General Assembly applies the current legal framework. Composition and Operation of the Board of Directors, Supervisory Bodies and Committees of the Company Board of Directors (BoD) General provisions The elected Board of Directors consists of seven (7) members of which three (3) members are executive, four (4) members are non-executive, and three (3) of the latter are also independent. Their term lasts for five (5) years, ending on 30.6,2016. Specifically: 13

15 No. Name Property End of term 1 Emmanuel S. Domazakis President of the BoD & Managing Director - Executive member 30/06/ Konstantinos S. Domazakis Vice-President of the BoD & Managing Director - Executive member 30/06/ Eleni Domazaki Board member - Non-Executive member 30/06/ Ioannis Morakis Board member - Executive member 30/06/ Emmanuel Kotzampasakis Board member - Independent - Non-Executive member 30/06/ Georgios Stephanopoulos Board member - Independent - Non-Executive member 30/06/ Emmanuel Kozonakis Board member - Independent - Non-Executive member 30/06/2016 The Board met twenty-one (21) times in 2013 and at the meetings, having established the legal quorum, members attended in person. The Board manages the Company as a collective body, taking decisions in accordance with the principles of Company Governance as outlined in the legislation of the S.A., the finance laws, regulations of the Athens Stock Exchange and supervisor authorities. Members of the Board, obtain any relevant information in relation to the operation of the Company. They must act in good faith by focusing on the interests of the Company and its Shareholders. Roles and responsibilities of the Board The Board of Directors is the supreme governing body of the Company and primarily sets the strategy and policy of development, oversees and controls the management of the assets of the Company. The composition and properties of members of the Board are established by the Law and the Statute of the Company. Prime duty and responsibility of board members is the constant pursuit of enhancing long-term economic value of the Company and the protection of the general Company interest. To achieve the Company objectives and the smooth operation of the Company, the Board may delegate part of its powers, except those that require collective action, as well as the governance, administration or management of the affairs and representation of the Company to the Chairman of the Board, CEO, one or more members (executive and nonexecutive members), Directors or officers of the Company. Members of the Board and every third person entrusted with the responsibilities of the Board shall be prohibited from pursuing their own interests contrary to the interests of the Company. Members of the Board and any third party entrusted with responsibilities, must promptly disclose to the other members of the Board their own interests, which may arise from transactions within the Company in office, and any other conflict of same interests with those of the Company or its affiliated companies within the meaning of art. 42(e), par. 5 of Cod. Law 2190/1920, which arises in the course of their duties. Election and electability of Board members The Board of Directors is elected by the General Meeting (ordinary or extraordinary). The Board members shall be persons fully able to act. Posterior reduction of legal capacity to elected member also incurs their inability to exercise management of the company and hence be a member of the Board of Directors of the company. The following may not be members of the Board: Members of parliament Prosecutors, judges, assistants, magistrates, secretaries of the courts Public officials Brokers, who cannot exercise delegation of a limited company whose shares are publicly traded. Withdrawal of Members of the Board of Directors Members of the Board are freely withdrawn by the General Meeting. The withdrawal, and if not stated explicitly, may be implied by the appointment by the General Meeting of the new Board of Directors before the term expiry of the first. The withdrawal can be made by Ordinary or Extraordinary General Meeting. In case of withdrawal of a Board Member does not entitle to compensation on the part of the said Member. The withdrawal of Members shall not incur any consequences, as to the termination of any relationship with Members of the company, which is based on a separate contract or lease of service. Therefore, if the withdrawal is accompanied by possible termination of employment contract, the withdrawn consultants may demand compensation in accordance with the provisions of labour law. The withdrawal of the Board automatically entails also revocation of the Member or Members or others, entrusted by a decision of the Board, total or partial administration or representation of the company. 14

16 Resignation of Members of the Board of Directors Members of the Board of Directors of the Company may freely resign from office. The resignation occurs as soon as reported to the company. The disclosure to the company takes place by written notification to the President of the Board of Directors. Replacement of Members of the Board of Directors The occurrence of the vacancy (due to resignation or death) of Member of the Board is followed by the election of a successor by the Board itself. The election must be ratified by the first General Meeting of Shareholders, which will be held in future. If not ratified the election of a successor Member of the General Meeting, then it shall elect another person for the vacancy position, but the operations conducted by the substitute up to the General Meeting are valid. Powers and responsibilities of the Board of Directors The Board manages the corporation as a collective body, taking decisions in accordance with the provisions of Law 2190/20. The Board of the Company is responsible for its representation in and out of court. All members have one vote and all are responsible for decisions taken. The responsibilities of the Board are exercised in the defined by law or under statute framework in accordance with its dominant discretion. The Board reports to the General Meeting of the company and is responsible for the following actions: Judgment on any transaction relating to the company's management, management of its property and the general pursuit of purpose. Formulating proposals for distribution of profits and holding of the required for the operation and viability of the company's reserves. Approving the balance sheet and income statement. Approving special reports of half-yearly and annual financial statements of the company. Drafting activities report for every administrative year. Protecting any private and confidential information concerning the company. Approving the organization chart of the company. Approving the bylaws and any amendments thereto. Appointing the Internal auditor. Receiving periodic reports on internal control. Strategic planning of the business policy of the company. Ensuring long-term growth and profitability of the company. Enhancing the economic value and profitability of the company and shareholders. Keeping Board meeting minutes. Providing authorization for representing the company, issuing, endorsement and reimbursement of checks, of own or others. Approving and recruiting senior executives and approving of any fixed term contracts. Full understanding by the members of the Board of Directors of the specific provisions adopted by the Hellenic Capital Market Commission. Approving of important agreements relating to acquisitions and mergers. Responsibilities - Duties of Members of Board of Directors Prime duty and responsibility of board members is the pursuit of enhancing long-term economic value of the Company and the protection of the general Company interest. Due to the increased dispersion of capital in the investment community is required the protection of minority and the exemption of Board's decisions from any other motivation beyond the interest of the company. The Board members must only pursue short-term strengthening of the market value of stock and in any case they are prohibited to pursue interests contrary to the interests of the company. 15

17 Each Board member shall be liable to the company in managing the Company affairs of any of their fault. In addition, he shall be held personally responsible if the balance sheet purposefully contains omissions or false statements, hiding the actual condition of the company. Each Board member is obliged to strictly keep the secrets of the company. It is prohibited for members of the Board, to carry on a profession, without permission of the General Meeting, either on their behalf or on behalf of third parties, acts within the objectives of the company. When such issue arises, should be convened Extraordinary General Meeting, which is empowered to give in advance authorization in question. In case of violation of this prohibition, the company is entitled to claim damages from the Members who carried out the violation or to require acquisition of the utility. Members of the Board and any third party entrusted with responsibilities, must promptly disclose to the other members of the Board their own interests, which may arise from transactions within the Company in office, and any other conflict of same interests with those of the Company or its affiliated companies (within the meaning of art. 42e, par. 5 of Law 2190/1920), which arises in the course of their duties. The Board of Directors each year prepares a report detailing the company's transactions with affiliates. Meetings of the Board of Directors The Board meets at regular intervals in accordance with the Statute, and extraordinarily when required by circumstances at the headquarters of the company. The convocation and the meeting of the Board is conducted at the headquarters of the company. The Board is a quorum and convenes validly when are present or represented in this half of its Members plus one. Each Member is allowed to represent in the meeting only one other Member. The authorization for representation can be provided by a notary document, plain document or plain fax. The representation in the Board cannot be entrusted to persons who are not Members thereof. Unless provided otherwise by law, decisions of the Board are validly taken by absolute majority of present and represented Members. For the meeting the following procedures are observed: The meeting is convened by the President of the Board by request notified to members at least two days before the meeting. The request also clearly indicates the topics on the agenda (otherwise the decision taking may only be permitted if are present or represented all members of the Board and no one objects to taking of decisions). Quorum is examined. Quorum is examined. Discussions and decisions of the Board are kept in a special register. Copies of minutes of the Board's meetings, for which there is a requirement of registration in the Companies Register as election of new Board members, constitution of the Board to a body etc., are submitted to the Ministry of Commerce within twenty (20) days of the meeting as provided by the law. Remuneration of Board Members Fees paid to Board members, which can be supplied pure or combined, are divided into the following categories: Payment on profits Payment of participation in Board meetings Payment for Directors service Payment under a special working hire relationship Loans from the company to the Board Members or their relatives up to the third degree by blood or marriage or their spouses as well as providing credit to them in any way or providing guarantees for them to third parties are strictly prohibited. This prohibition applies to loans or credits granted by dependent companies in which the company is a member. A Company is designated as the dependent of another (head), when the shares representing more than 1 V of its deposited capital, are owned by it (head). Payment on profits 16

18 Executive Board Members, subject to decision of the General Meeting, depending on the time of participation in the management and representation of the company and the financial outcome of the company's activities, are entitled to receive remuneration as a percentage of annual net profits of the company. The calculation of remuneration on the profits of the year requires a relevant decision of the Board while the right of the member of the Board of Directors on these fees is based upon specific approval thereof by the General Meeting. Non approval by the Annual General Meeting of the above fees, comprises non-approval of the annual financial statements. Any fees awarded to Members of the Board from the profits, will be received from the balance of net profit remaining after the deductions for regular reserve and first dividend equal to at least 6% of the deposited share capital (art. 24, L. 2190/20). The above fees are not subject to judicial limitation. Payment of participation in Board meetings Executive and Non-Executive Members of the Board of Directors attending meetings of the Board are entitled to receive remuneration for their participation in Board meetings, provided that they are approved (by amount and payee) by the Annual General Meeting of the company. The paying of this remuneration requires a prior relevant decision of the Board while the right of the member of the Board of Directors on these fees is based upon specific approval thereof by the General Meeting. Therefore if the General meeting does not approve these fees, the beneficiaries of these fees must return them to the company. The General Meeting may approve these fees, only in regard to the year to which the meeting is referring. These fees may be reduced by relevant court decision also in the case that shareholders representing 1/10 of the share capital oppose the decision taken at the Annual General Meeting. These fees can also be provided during the years in which the company has no profits. Payment for Directors service Executive Members The Executive Members of the company subject to relevant decision of the Annual General Meeting are entitled to fees for services of management and representation of company. The paying of this remuneration requires a prior relevant decision of the Board while the right of the member of the Board of Directors on these fees is based upon specific approval thereof by the General Meeting. Therefore if the General meeting does not approve these fees, the beneficiaries of these fees must return them to the company. The General Meeting may approve these fees, only in regard to the year to which the meeting is referring. These fees may be reduced by relevant court decision also in the case that shareholders representing 1/10 of the share capital oppose the decision taken at the Annual General Meeting. Non-Executive members The Non-Executive Members of the Board who, in application of L. 3016/02, are appointed specific responsibilities, subject to decision of the Annual General Meeting, are entitled to fees for conducting those duties. Remuneration will be commensurate with the time available to fulfill their duties and the amount will be predetermined by decision of the Board. The right of Non-Executive Members of the Board of Directors to these fees is based upon specific approval of such fees by the Annual General Meeting. Therefore if the General meeting does not approve these fees, the beneficiaries of these fees must return them to the company. The General Meeting may approve these fees, only in regard to the year to which the meeting is referring. These fees may be reduced by relevant court decision also in the case that shareholders representing 1/10 of the share capital oppose the decision taken at the Annual General Meeting. Total fees and any claims of non-executive members of the Board are separately reported in the Financial Statements of the company. Payment under a special working relationship or order Executive Members of the company may provide services to the company in addition to those provided as Directors. For those fees must be satisfied the following conditions: A special work agreement or order must be contracted between the company and a member or members of the Board. Before conclusion of contract is required consent of the General Meeting (ordinary or extraordinary) for the preparation of this contract. The essential terms of the contract (including the remuneration/salary of the consultant) must be submitted to the General Meeting and approved by it (in the usual quorum). 17

19 In reaching the consensus of the General Meeting should not oppose shareholders representing at least 1/3 of the share capital represented at the General Meeting. President of the BoD The President of the Board represents the Company before the Courts and any Authority, leads and conducts meetings of the Board and acts on any jurisdiction thereof as provided by law, the Statute and Bylaws. Managing Director The Managing Director is the senior executive of the Company. The Managing Director presides over all services of the Company and directs their work. As part of Operational Planning, Regulations and Decisions of the Board governing the operation of the Company, he takes all necessary decisions and submits to the Company's Board of Directors all proposals and recommendations needed to implement the objectives of the Company. It should be noted that for administrative purposes has been chosen by the company's Management that the President of the Board be the Managing Director. The brief CVs of the Board members are listed in the Annex to this report. Audit Committee The Company has established an Audit Committee, appointed by the General Meeting of the shareholders and consists of three (3) non-executive members No. Name Property Date of inauguration 1 Emmanuel Kozonakis Board member - Non-Executive member 01/07/ Emmanuel Kotzampasakis Board member - Non-Executive member 28/04/ Eleni Domazaki Board member - Non-Executive member 01/07/2011 Four (4) meetings were held in The Audit Committee has the following responsibilities: Oversee the financial monitoring process and the reliability of financial statements of the Company and to examine the main elements of financial statements involving significant judgments and estimates in terms of Management. Monitor the effective operation of internal control and risk management system of the Company. Ensure the proper functioning of the Internal Audit Service of the Company. Monitor the progress of the regular audit of financial statements of the Company. Monitor the issues relating to the existence and maintenance of objectivity and independence of the regular auditor, and in particular with regard to potential additional non-audit services provided by them. Note that there will be a reassessment of the responsibilities of the Audit Committee in the drafting of the Company Governance Code of our Company. Information required under Article 10 paragraph 1 of Directive 2004/25/EC on public takeover bids The disclosure of the required information has been included in section B.12. Explanatory report by the Board of Directors. Appendix Brief CVs of members of Board and Audit Committee Emmanuel Domazakis Born in 1960 in Rethymnon, Crete. He graduated from the Department of Mechanical Engineering of National Technical University (Metsovion). He oversees the sector of investments as well as supervises the production process - research and development of meat and sausage industry. Konstantinos Domazakis Born in 1961 in Rethymnon, Crete. He is a graduate Economist with specialization in Marketing and Management. Supervises the organization of the Commercial Department of the Company, the management of Animal Unit, the sausage Manufacturing and the Economic Management. Eleni Domazaki Born in Rethymnon, Crete. She is a businesswoman, wife of the Founder of the company involved in the management of the company for over 20 years. Ioannis Morakis Born in 1964 in Athens. He is a certified Agronomist specialized in Food Technology. He has served for numerous years as Director of Industrial Production for the company and now serves as its General Manager. 18

20 Emmanuel Kotzampasakis He graduated from the Department of Chemical Engineering, National Technical University, holds a master s degree and doctorate in the Department of Chemical Engineering, Institute of Science and Technology, University of Manchester. He lives in the United States working as a Company Officer of Aspen Technology Inc (Aspen Tech). Currently serves as Senior Vice President on the sector of Sales and Strategy of the Company. The headquarters of Aspen Tech are located in Boston, USA and they are the premier provider of enterprise operating systems and services to industrial processing (Process Industries) with a global activity and revenues of 350 million U.S. dollars. He has previously served in positions in Aspen Technology such as: Senior Vice President for issues on Strategy and Marketing, Senior Vice President for the sector of Engineering Business Unit and finally Vice President in the Engineering department of Software Products. Prior to joining Aspen Tech, he served as Chief Executive Officer in Linnhoff March, which is located in United Kingdom and involves in process software and design issues. Before Linnhoff March, was an assistant professor in the department of chemical engineering of science and technology institute of the University of Manchester in the UK. Georgios Stephanopoulos Born on 1/6/1947. He is a business consultant and lives in the United States. Emmanuel Kozonakis He has graduated from the Superior School of Commerce (A.S.O.E.E.), Accountant. Born in Herakleion, Crete, on 8/9/1948. Β8. Equity shares No shares are held by both itself and its subsidiaries and affiliated companies. Β.9. Dividend Policy The Board of Directors, in optimizing the capital structure, will propose during the General Meeting not to distribute dividends for the current financial year. Β.10. Information on Employment Issues The number of employed personnel on amounted to 586 persons for the Group and 575 for the company. On , the Group employed 602 persons and the company 566. Β.11. Branches The company has 5 branches, which are detailed below: Krioneri Attica, Athens Branch Heraklion, Heraklion Branch Thessaloniki, Thessaloniki Branch Larissa, Larissa Branch Patras, Patras Branch Β.12. Explanatory report by the Board of Directors (by virtue of par. 7 and 8, article 4 of law 3556/2007) Share capital structure On December 31, 2013, the share capital of the company amounted to 12,381,600 and was divided to 29,480,000 common registered shares, each of 0.42 nominal value. All the shares bearing voting rights and are listed in Athens Stock Exchange. The owner of each share bears the rights provided for by cod. law 2190/1920. These are, in brief: Right to collect dividend as each time suggested by the Board and approved by the General Meeting Right of return of contribution upon liquidation of the Company Pre-emption in the capital increase Right to participate in the General Meeting subject to compliance with due process Restrictions on share transfer The shares of the Company can be freely transferred. A pre-emption right for existing shares is granted only in case of share capital increase. Significant direct or indirect holdings (Articles 9 and 11 of Law 3556/2007) 19

21 Shareholder No. of shares % Number of voting rights Number of voting rights (indirect)* % Konstantinos Domazakis 11,974, ,974, Emmanuel Domazakis 11,895, ,895, Shareholders < 5% 5,610, ,610, Total 29,480, ,480, *The numbers listed in that column show the voting rights that have been disclosed to the company that are exercised through attorneys. All (100%) Company shares are common, registered and indivisible and there are no special categories of shares. The rights and obligations pertinent to the shares are those provided for by C.L. 2190/1920. Holders of shares with special control rights There are no shares providing special control rights. Limited voting rights There are no known restrictions on the voting right (such as restrictions on the voting rights for holders of a specific percentage or number of votes, deadlines for voting or systems whereby, with the Company's cooperation, the financial rights attaching to securities are separated from the holding of securities). Agreements between shareholders The Company is unaware of such agreements. Rules governing the appointment and replacement of members of Board of Directors There are no rules different to those provided for by cod. law 2190/1920. Responsibility of Board of Directors to issue new shares or purchase own shares Upon relevant decision taken by the Shareholders General Assembly, the BoD is entitled, within 5 years, after majority vote by 2/3 of its members, to increase the capital stock by issuing new shares. The amount of the increase cannot exceed the amount of the capital stock paid on the expiration date of the relevant decision. The above BoD power can be renewed by the General Assembly for a time period not exceeding 5 years in each renewal. Own shares can be purchased after authorization by the Shareholder General Assembly and this purchase cannot exceed, based on cod. law 2190/1920, 10% of existing shares. Significant agreements entered into force, altered or terminated upon a change of control following a public takeover bid There are no such agreements. Agreements between the issuer and the Board of Directors or staff There are no such agreements. Your sincerely, The President of the Board of Directors & General Manager Emmanuel Domazakis 20

22 C. Report of the Independent Auditor To the Shareholders of ''CRETA FARM C.I.S.A. Forage Enterprises". Report on the Corporate and Consolidated Financial Statements We have audited the attached corporate and consolidated financial statements of CRETA FARM S.A. Company and its subsidiaries, consisting of the corporate and consolidated statement concerning its financial standing as on December 31, 2013, and the corporate and consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended and a summary of significant accounting policies and other explanatory information. Responsibility of Management for the Corporate and Consolidated Financial Statements The Management is responsible for the preparation and fair presentation of these corporate and consolidated financial statements in accordance with the International Financial Reporting Standards, as adopted by the European Union, as well as for the internal safeties Management considers necessary to allow the preparation of the company and consolidated financial statements free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express our opinion on these corporate and consolidated financial statements on the basis of our audit. We have conducted our audit in accordance with International Auditing Standards. These standards require that we comply with the codes of ethics, as well as plan and carry out our audit in such a way so as to obtain reasonable assurance that the financial statements are free from material misstatement. The audit consists of carrying out processes to obtain substantiating documents regarding the amounts and information in the corporate and consolidated financial statements. The procedures selected depend on the auditor s judgement, including the assessment of material misstatement risks of the corporate and consolidated financial statements, whether due to fraud or error. In making these risk assessments, the auditor considers the internal safeguards relevant to the Company s preparation and fair presentation of financial statements in order to plan audit procedures appropriate under the circumstances, rather than expressing an opinion on the effectiveness of the Company s internal safeguards. This audit also includes the evaluation of suitability regarding the accounting principles and methods employed and the fairness of the assessments performed by Management, as well as the evaluation of the entire presentation of the corporate and consolidated financial statements. We consider that the audit evidence collected are sufficient and appropriate to establish our audit opinion. Our opinion It is our opinion that the attached corporate and consolidated financial statements present fairly, from any substantial point of view, the financial standing of CRETA FARM S.A. and its subsidiaries, as on December 31, 2013, their financial performance and cash flow for the fiscal period ending on the above date, in accordance to the International Financial Reporting Standards, as adopted by the European Union. Point of Emphasis The Management during this period has re-examined certain evaluations concerning the asset impairment risks based on the most recent data. As a result, it created addition impairment provisions amounting to 14.9 MM for the Group and 13.4 MM for the Company, and after calculating the relevant deferred tax ( 3.8 MM and 3.5 MM respectively) the total effect on equity referred to 11 MM for the Group and 9.9 MM for the Company. Relevant reference is made to the notes on the financial statements, in paragraphs and Report on other Legal and Regulatory issues a) In the Administration Report of the Board of Directors is included a statement of corporate governance, which provides the information specified in paragraph 3d of Article 43a of the C.L. 2190/1920. b) We confirmed validated the agreement and matching of the content of the Report of the Board of Directors to the attached corporate and consolidated financial statements, within the context of articles 43a, 108, and 37 of Codified Law 2190/1920. Paleo Faliro, March 31, 2014 The Certified Auditor - Accountant Dimitris Ntzanatos SOEL Reg no

23 D. Annual Financial Statements The accompanying financial statements were approved by the Board of ''CRETA FARM S.A." on March 28, 2013 and made public by posting them on the Internet at and on the website of Athens Stock Exchange, where they will remain available to investors for at least five (5) years from the date of drafting and publication thereof. Please note that the concise financial details and information published in Press, which result from the financial statements, aim to provide the reader with a general update on the financial standing and results of the issuing entity, but do not offer a complete view on the financial position, financial performances and cash flows of the Company and Group, as provided for by the International Financial Reporting Standards. The President & Managing Director The Vice-President & Managing Director Emmanuel Domazakis Konstantinos Domazakis ID No.: Ι / 74 ID No.: ΑΒ / 06 The Chief Financial Officer The Head Of Accounting Ioannis Papadopoulos Evangelos Tsakiris ID No.: Ξ / 86 ID no.: Σ /00 OEE License Reg. no.: Accountant, 1 st Class 22

24 1. BACKGROUND 1.1. General information on the company and Group Company name These financial statements refer to the Group, where the parent company is called: "CRETA FARM C.I.S.A Company "CRETA FARM CISA" (Industrial & Commercial S.A.) is legally a Limited Liability Company (Societe Anonyme), established in Greece (Rethymnon) in October 1979 and its headquarters is located in the municipality of Arkadi, Rethymnon, 15 th Km National Road Rethymnon - Heraklion (P.C , site Latzimas). The company's shares are traded on the Athens Stock Exchange from April 3, The company's shares are traded in the ''Mid and Small Capitalization'' category. It belongs to the class "Foods and Beverages - Foods" Object and operations Details of the activities undertaken by the Group are: 1. Importation, production, breeding, fattening, forwarding, exportation, distribution, exploitation and marketing of animals of domestic or foreign origin, as well as the operation and exploitation of slaughterhouses. 2. Importation, representation, production, processing, breeding, processing, standardising, packaging, forwarding, freezing, storing, exporting, distributing, exploitation and marketing of fresh, chilled and frozen meat, related articles, products, or by-products thereof, and other related third-party production. 3. Importation, representation, production, processing, breeding, processing, standardising, packaging, forwarding, freezing, storing, exporting, transporting, exploitation and marketing of fish, fish catch, and marine organisms of any type, fries of marine organizations of any type, of similar articles, products and by-products, and other related third-party production. 4. Importing, representation, production, processing, breeding, processing, standardization, packaging, forwarding, freezing, storing, exporting, transporting, exploitation and marketing of olive oil and oils, coffee and beverages, wine, wine products, raki, tsikoudia, rakomelo, ouzo, tsipouro, beverages and soft drinks of any kind, alcoholic or not, of similar types, products and by-products of them, and other related third-party production. 5. Importing, representation, production, processing, breeding, processing, standardising, packaging, forwarding, freezing, storing, exporting, transporting, exploitation and marketing of animal food, fish food, specialized food, and all kinds of agricultural products, organic - environmentally - friendly products / cultivation methods, frozen or non-frozen food, bakery goods, pastry products, sweets and confectionary products, all kinds of agricultural, breeding, fishing and farming products, including all food in general, as well as the pertinent raw materials and all kinds of consumer goods. 6. Construction, operation, and management of facilities and waste processing plant, plants producing organic fertilizers, waste composting, neutralization, treatment, disposal and wastes management (solid and liquid) of the Company's facilities and plants, as well as the exploitation, transportation, trading and provision of pertinent services with regards to any kinds of products and by-products, resulting from the operation and management of the above facilities and plants, including the production of electrical power for own-use or sale. 7. Undertaking and manufacture of any kinds of technical projects for the private segment (indicatively: buildings, repairs, etc.). 8. Activation in the field of restaurant and alimentation product field, as well as importing, representation, forwarding, storage, exportation, distribution, exploitation and marketing of all kinds of items and products necessary for the operation and exploitation of dining and feeding areas (health concern facilities). 9. Research, development, monitoring, improvement, forwarding, concession, provision of relevant consulting services and training, and marketing of modern and/or innovative methods and expertise on cultivation, fattening, production, processing, packaging, refrigeration, forwarding, exploitation, management and trading of every Company object within the context of its purpose Company with limited duration The duration of the company, under it statute, expires in Based on applicable legislation, indefinite duration for a company is not allowed; however, it can be extended after a decision taken by the shareholder General Assembly, with quorum and plurality voting as provided for by its statute. 23

25 1.2. General information about the financial statements The financial statements are the Consolidated Financial Statements for the Group and the Separate Financial Statements for the parent company CRETA FARM C.IS.A Period and currency The financial statements refer to the fiscal period between 1/1/2013 and 31/12/2013. The amounts stated in them are in thousands of, unless stated otherwise. The comparative figures refer to the 2012 fiscal year (1/ ) Application of IFRS Every IFRS issued by the International Accounting Standards Board and adopted by the European Union, in force during the reporting period has been implemented in full Going concern The financial statements have been prepared on the basis of going concern. The administration assesses that there is no evidence of challenging the applicability of this principle Fair view The management has concluded that the financial statements present fairly the financial position, the financial performance and the cash flow of the company and the group Structure of notes The notes are systematically structured, in a manner allowing the reader to easily locate the information desired. These are structured in chapters with the following order and content: 1. General Information: An introduction is made, while providing certain general information deriving from I.A.S. 1 Presentation of Financial Statements. 2. Financial Statements: Here the financial statements for the Company and Group are presented. 3. Accounting principles: The accounting principles applied per standard are mentioned here. 4. Risks: Certain basic information concerning risks per category are provided. 5. Analysis of balances in the financial statements: The balances of the Net Position Statement and the Statement of Comprehensive Income are analysed. 6. Notifications: Every disclosure required by the International Financial Reporting Standards are provided in this chapter Approval of financial statements The financial statements were approved by the Company Board of Directors on March 28,

26 2. FINANCIAL STATEMENTS 2.1. Statement of Financial Position (amounts in th. of ) Notes Group Corporate ASSETS Tangible assets , ,874 80,004 82,305 Intangible assets ,116 9,353 4,350 7,201 Live assets ,706 3,810 2,705 2,361 Goodwill ,947 9, Investments in subsidiaries ,530 23,576 Other investments Other long-term receivables Inventories ,427 10,010 6,891 9,399 Clients and other trade receivables ,152 32,549 15,672 34,496 Other receivables 4.1,10 12,969 13,616 31,515 29,185 Cash available and cash equivalents 4.1,11 2,532 4,261 2,404 3,664 TOTAL ASSETS 154, , , ,397 EQUITY AND LIABILITIES EQUITY Share Capital ,382 12,382 12,382 12,382 Share premium ,753 1,753 1,753 1,753 Reserves ,736 50,347 41,287 41,287 Profits / (Losses) carried forward (47,548) (26,102) (17,838) (2,204) Total equity 17,322 38,379 37,583 53,217 Shareholders Equity 17,322 38,379 37,583 53,217 Non-controlling interests (2,040) (1,688) - - Total equity 15,282 36,691 37,583 53,217 LIABILITIES Deferred tax liabilities 8,498 10,257 5,863 7,919 Forecasts , Other long-term liabilities Long term interest-bearing liabilities ,484 51,327 46,484 51,327 Long-term liabilities 55,719 62,674 53,074 60,234 Suppliers and associated liabilities ,318 34,353 19,833 31,927 Other liabilities ,531 9,287 8,139 8,317 Short-term loans ,468 45,205 48,774 38,702 Short-term Liabilities 83,318 88,846 76,745 78,946 Total Liabilities 139, , , ,180 TOTAL EQUITY AND LIABILITIES 154, , , ,397 25

27 2.2. Statement of Comprehensive Income Statement of total revenue Group Corporate (amounts in th. of ) Notes 1.1, , , , Sales (non-live assets) 86,154 83,105 87,894 82,408 Sales (live assets) 5,19 10,374 12,002 7,120 6,690 Total sales ,528 95,107 95,014 89,097 Cost of sales (48,747) (53,404) (50,379) (49,330) Gross profit (of non-live assets) 37,407 29,701 37,515 33,077 Effect of including live assets at fair value 5,19 (1,105) (777) 344 (137) Development costs for live assets 5,19 (9,458) (3,901) (6,982) (2,267) Gross result from operations 37,219 37,025 37,997 37,363 Administrative expenses (5,460) (6,919) (4,485) (5,094) Selling expenses (30,648) (29,114) (29,517) (26,440) Other income / expenses (707) (742) (660) (462) Earnings before interest, taxes, depreciation, and amortization and restructuring expenses 5,431 5,261 7,206 9,252 Investment results / Value impairments 5,16/5,20 (14,914) (1,273) (13,429) (2,332) Financial income / expenses (8,959) (8,865) (7,499) (7,475) Profits / (Losses) before tax (23,469) (9,889) (17,593) (4,440) Taxes ,573 (83) 1,959 (14) Profits / (Losses) after tax (21,895) (9,971) (15,634) (4,454) Attributable to: Parent company owners (21,447) (9,400) (15,634) (4,454) Non-controlling interests (448) (571) - - Profits / (Losses) after tax per Share - basic (in ) 5,15 (0.7275) (0.3189) (0.5303) (0.1511) Other comprehensive income Group Corporate 1.1, , , , Profits / (Losses) after tax (21,895) (9,971) (15,634) (4,454) Revaluation of tangible assets Exchange differences on translation of foreign exploitation TOTAL COMPREHENSIVE INCOME (21,409) (9,752) (15,634) (4,454) Attributable to: Parent company owners (21,057) (9,223) (15,634) (4,454) Non-controlling interests (351) (529)

28 2.3. List of changes in equity (amounts in th. of ) Share Capital Balance on January 1, ,382 Shar e prem ium Group Fair value reserves Reserves Results carried forward Sharehold er equity Noncontrolling interests Total equity 1, ,044 38,126 (11,288) 53,016 (1,160) 51,857 Changing accounting policy (6,312) (6,312) (6,312) Reformulated balance on January 1, ,382 1, ,044 38,126 (17,600) 46,704 (1,160) 45,545 Total comprehensive income of period 01/01-31/12/2012 (9,400) (9,400) (571) (9,971) Other comprehensive income of period 01/01-31/12/ Changing accounting policy Share capital increase - - Transfer of profits to reserve - - Translation differences - - Income / expenses registered directly to equity - - Balance on December 31, ,382 1, ,044 38,303 (26,100) 38,381 (1,688) 36,693 Balance on January 1, ,382 1, ,044 38,303 (26,100) 38,381 (1,688) 36,693 Total comprehensive income of period 1/1-31/12/2013 (21,447) (21,447) (448) (21,895) Other comprehensive income of period 1/1-31/12/ Share capital increase - - Transfer of profits to reserve - - Translation differences - - Income / expenses registered directly to equity - - Balance on December 31, ,382 1, ,044 38,692 (47,547) 17,324 (2,040) 15,284 (amounts in th. of ) Share Capital Corporate Share premium Fair value reserves Reserves Results carried forward Total equity Balance on January 1, ,382 1,753 5,945 35,342 7,662 63,083 Changing accounting policy (6,312) (6,312) Reformulated balance on January 1, ,382 1,753 5,945 35,342 1,350 56,771 Total comprehensive income of period 01/01-31/12/2012 (4,454) (4,454) Changing accounting policy Dividend pay-out for year Share capital increase - Transfer of profits to reserve - Translation differences - Income / expenses registered directly to equity - Balance on December 31, ,382 1,753 5,945 35,342 (2,204) 53,217 Balance on January 1, ,382 1,753 5,945 35,342 (2,204) 53,217 Total comprehensive income of period 1/1-31/12/2013 (15,634) (15,634) Other comprehensive income of period 1/1-31/12/ Share capital increase - Transfer of profits to reserve - Translation differences - Income / expenses registered directly to equity - Balance on December 31, ,382 1,753 5,945 35,342 (17,838) 37,583 27

29 2.4. Statement of Cash Flows - Indirect method Group Corporate 1.1, , , , Operating activities Profits before tax (going concern) (23,469) (9,889) (17,593) (4,440) Profits before tax (discontinued activities) Plus /(minus) adjustments for: Depreciations 5,027 5,011 3,872 3,885 impairment of assets 14,914 1,273 13,429 2,332 Forecasts (353) 796 (261) 795 Translation differences Results (incomes, expenses, profits and losses) of investments (74) (31) (950) (859) Interest and related expenses 9,017 8,897 8,432 8,334 Plus /(minus) adjustments for changes in working capital or related to operating activities: Decrease (increase) of inventories (774) 110 Decrease / (increase) of receivables 10,417 2,398 11,552 4,983 (Decrease) / increase of liabilities (excluding banks) (12,287) (3,365) (12,561) (5,637) Minus: Debit Interest and related expenses paid (7,286) (7,799) (7,065) (7,449) Income tax paid (186) (195) (97) (112) Operating cash flows from discontinued activities Total inflows /(outflows) from operating activities (a) (3,989) (2,145) (1,932) 1,941 Investments Acquisition of subsidiaries, associates, joint ventures, and other investments (100) - (150) (488) Cash advances and loans to third parties (442) (2,576) (2,442) (4,660) Proceeds from the sale of subsidiaries, associates, joint ventures and other investments (175) Purchase of tangible and intangible fixed assets (1,012) (1,597) (973) (1,488) Proceeds from sales of tangible and intangible fixed assets Interest received Dividends received Proceeds from grants to fixed assets Investment cash flows from discontinued operations Total inflows /(outflows) from investments (b) (1,645) (4,124) (3,426) (6,624) Financial activities Proceeds from increase in share capital Payments for share capital reduction Collections from loans 6,564 9,624 6,038 7,624 Ταμιακές προκαταβολές και δάνεια από τρίτους Loan repayments (2,039) (3,897) (1,323) (3,533) Repayments from leases (amortization) (617) (601) (617) (601) Dividends paid Financial cash flows from discontinued activities Total inflows /(outflows) from financing activities (c) 3,907 5,126 4,098 3,490 Net increase /(decrease) in cash available and cash equivalents of periods (a) + (b) + (c) (1,727) (1,144) (1,260) (1,192) Cash and cash equivalents at beginning of period 4,261 5,405 3,664 4,856 Effect of exchange rates on cash and cash equivalents (2) 0 - Cash and cash equivalents at end of period 2,532 4,261 2,404 3,664 28

30 3. ACCOUNTING PRINCIPLES 3.1. Accounting principles for inventories Inventories are valued in principle at the end of the reporting period, by type, at the lowest price between their cost and their net realizable value. Raw materials, etc., integrated into products, in principle are not underestimated, as long as the produced product is estimated to have a cost of inventory less than net realizable value. If there is a reason to devaluate raw materials, etc., this is performed at replacement cost. For reserves valued at net realizable value, prediction devaluation is conducted. For each period of reference, the Net Realizable Value is examined and it is possible to revert the provision. Fixed Overhead Production Expenses are allocated based on normal capacity. If actual production differs significantly from normal capacity, settlements are made in sharing so that burden will be based on the normal capacity and differences will directly affect the income statement rather than production costs. Variable Overhead Production Expenses are divided based on actual data (measurements). By-products and Residues are valuated at Net Realizable Value and this amount is deducted from the total cost of ready products. Live assets, until harvest, are valuated at fair value. This is considered as Cost of Inventories, under IAS Accounting principles for changing policies, estimates and errors The selection policies of the company, are selected only for cases not covered by a standard or interpretation, and with criteria to: present fairly the Financial Statements, reflect the substance rather than form, be unbiased, be conservative, be complete. An Accounting Policy changes when imposed by a standard or interpretation and improves the reliability of information. When there is a change in Accounting Policy based on standard or interpretation, the relevant provisions in terms of retroactivity are applied. When an Accounting Policy applies retroactively, all Financial Statements change to the extent possible. Where not possible, are only changing in the year inventory, the balance carried forward and other potential accounts, if possible. The changes in estimates affect the Results of the year made and in future years as appropriate. It can also affect equity or other accounts of the statement of financial position of the period the changing is made. The errors, if possible, are corrected retroactively fully for the previous period (Statement of Financial Position, Statement of Comprehensive Income, Cash Flows, Table of Change in Equity, Notes) for the period prior to the comparable, by changes in balances at beginning of the comparable period in the Statement of Financial Position Accounting principles for events after the reporting date The significant events after the date of reference are evaluated by management based on IAS 10 provisions and are classified into corrective and "non- corrective" events. Financial statements are only corrected with corrective events. If, after the reporting date, and until the approval of the financial statements, it is found that the principle of going concern no longer applies to the company, the financial statements are prepared without applying this principle Accounting principles for income taxes With regard to provisional differences, between the book value and the tax-recognised value, the deferred tax receivable or payable is calculated and accounted. 29

31 The results are affected by current tax and deferred taxes accounted in the fiscal year, apart from taxes referring to items affecting equity capitals through the Statement of Comprehensive Income, which are transferred to equity capitals through this statement. The deferred receivables are accounted only if it is resulted that there are going to be future profits allowing the setting off of taxes. The same applies for accounting losses. These include the deferred tax receivable, only if it is estimated that in the period during which such losses shall be tax-recognizable there shall be respective profits. Current tax is calculated on the basis of the applicable tax rate, while deferred taxes use the rate expected to apply when the pertinent receivables or payables shall be settled Accounting principles for tangible capital commitments A Tangible Capital Commitment, or its addition, is initially evaluated at cost. The cost of a Tangible Capital Commitment results from the following: the initial cost and any: cost for improvement, cost for replacement, cost for maintenance in special occasions. The Initial Cost of a Tangible Capital Commitment includes the following: total net acquisition cost, cost for transportation and assembly until it becomes operational, any capitalized borrowing cost, evaluated re-assembly and restoration costs. After the initial acquisition, the following categories of tangible capital commitments are registered in cost, minus depreciations and provisions: Machines Transportation means Furniture and appliances Office equipment and other equipment Assets under construction After initial acquisition, the following categories of tangible capital commitments are registered in adjustment values: Land Buildings In regards to tangible capital commitments, the linear amortization method is used. The amortization coefficients employed are the following: Buildings, from 2%, to 5%, Machines, from 3%, to 17%, Transportation means, from 11%, to 17%, Furniture and appliance, from 14%, to 33%, Office equipment, from 14%, to 33%. The useable life in years is as follows: Buildings, from 20 to 50, Machinery, from 6 to 30, Transportation means, from 6 to 9, Furniture and appliances, from 3 to 7, Office equipment, from 3 to Accounting principles for leases Accounting lessee principles for leasing contracts 30

32 A leasing contract applies when there is an actual transfer of every benefit and risk pertinent to the ownership of an item by the lessor to the lessee. Initially, the advance paid Minimum Rent Payments, along with the Calculated Lease Rate, or if impossible, with the Differential Lessee Loan Rate, by crediting the pertinent liability are charged to assets. The long-term section of liabilities for leases is registered in the long-term liabilities, separated from the short-term section registered in short-term liabilities. Each period the rents are split into "sinking fund" which reduces the liability and ''interest'' appearing in financial expenses in the income statement. The fixed assets coming from leases are handled in accordance to the pertinent accounting principles affecting them and are registered in adjustment values. The company is not a lessor to finance leases Accounting principles for the lessee for operating leases Operating lease is when there is no substantial transfer of all benefits and risks resulting of ownership from the lessor to the lessee. Rents, including any offset advances, are registered in the Income Statement, using the linear method, for the entire term of the contract, regardless of the their time of payment Accounting principles for the lessor for operating leases Operating lease is when there is no substantial transfer of all benefits and risks resulting of ownership from the lessor to the lessee. The assets leased to third parties are properly registered and monitored in the accounting books. Amortizations and other expenses pertinent to the acquisition of the rents are transferred to expenses. Income from rent is transferred to the Income Statement, using the linear method during the leasing period Accounting principles for revenue Incomes are only inflows belonging to the company. Deferred taxes are not included. A sale of goods applies if: the risks and the benefits related to ownership are transferred, there is no control applied by the seller over the goods, the price is expected to be collected, the revenue and cost can be reliably evaluated. The principle of matching revenues to expenses is followed, if a sale is connected to costs. The sales of services are limited at the end of the fiscal year, based on the executed part. Concerning services accounted on the basis of partial completion, the pertinent clauses of IAS 11 apply. The interest is calculated by using the actual rate methods, the rights only if they are earned in accordance to the contract, and the dividends when the right to collect them is established Accounting principles for employee benefits All Short-term benefits, are recognized when made. Benefits to Retirement shall be accounted directly as an expense when made. For the Defined Contribution Plans, the liability charged to the costs in the year created is accounted Accounting principles for state subsidies State subsidies are registered if it is fair certainty that: they shall be collected, and that the company shall fulfil its obligations. State subsidies are transferred to equity capitals through the Profit and Loss Statement, correlating income with cost. If the subsidies cover expenses, they are transferred to Profit and Loss Statement, depending on the transfer of expenses. The Subsidies of Fixed Assets are initially registered as deferred income (transitional liability account), and from there, they are partially registered in revenue, depending on the depreciation of the fixed asset. 31

33 3.10. Accounting principles for currency Registration for these transactions in the functional currency is made at the current exchange rate on the transaction date. Financial Items are valued at the rate of reporting date. Non-Financial Items that are denominated in cost are measured at the rate of the date of the transaction. Non-Financial Items that are denominated in fair value are measured using the exchange rate of their valuation date in fair value. Exchange Differences arising from the valuation of Financial Items are carried in the Profit and Loss Statement. Exchange Differences of Valuation of non-financial Items are carried: to Results, provided that losses will be transferred there as well, to Equity, directly or through the Other Income Statement, if so provided. Translation of Financial Statements of foreign subsidiary is made: For assets, at the Rate of report date. For Income Statement, at the rate of transaction date or the average Rate for the period. Any exchange difference is transferred to equity through the miscellaneous comprehensive income statement Accounting principles for borrowing cost The Borrowing Cost is charged to the Profit and Loss Statement for its specific fiscal year, apart from the section that is capitalized. The Borrowing Cost referring to acquisition, production or manufacture of a Special Asset is capitalized, including the cost of the asset. If the borrowing is directly related to a Special Asset, the Borrowing Cost is capitalized minus any expenses arising from the provisional use of the borrowed capitals. If the borrowing is of general nature, the borrowing cost is calculated at the amount of investment for the Special Asset, on the basis of a borrowing rate relative to the interest rates applicable for the company Accounting principles for consolidated statements and subsidiaries Every company (subsidiary) controlled by the parent company, on the basis of the criteria set by IAS 27, if on the closing date this control existed, are consolidated with total consolidation. The separate financial statements refer to statements where investments in subsidiaries, associated companies and joint ventures are handled based on the participation right, and on the proportion between assets and results. Consolidation is performed using the reference date of the parent company. During consolidation, every asset and result of parent and subsidiary are firstly added line by line. Any intercompany balances, mutual intercompany transactions, incomes from subsidiary dividends, profits or losses from transactions with inventories, assets, etc., are eliminated. During consolidation, the book value of the parent company participation is set off with the equity of the subsidiary and any goodwill is handled in accordance to IFRS 3. The results of a subsidiary are consolidated from the date it is acquired. Non-controlling interests are noted separately in the statement of Financial Position and in the Statement of Comprehensive Income. In the Separate Financial Statements, investments in subsidiaries are evaluated at cost of ownership Accounting principles for Joint Ventures A Joint Venture is the undertaking of an activity requiring mutual control. Mutual control applies when for strategic decisions, it is necessary to have unanimity by the members applying control. For each Joint Venture, there is Contractual Arrangement. The Jointly Controlled Financial Entities are consolidated by Proportionate Consolidation. Proportionate Consolidation means that a proportion is used in order to consolidate every account from the Balance Sheet and Profit and Loss Statement, depending on the participation rate in the Joint Venture. The registration of J/V funds consolidated through proportionate consolidation in the consolidated financial statements is performed along with the other funds, since the consolidation is made "line by line" Accounting principles for Financial Instruments The Financial Instruments refer to each contract creating for the first contracting party a financial asset and for the second contracting party a financial liability or equity security. Financial Assets: a) cash available, b) participations, d) demand for collecting cash or other Financial Assets, d) demand for swapping Financial Assets or Financial Liabilities on favourable terms, e) contract for acquiring equity stock of variable amount, f) contract for derivatives regulated with equity shares. 32

34 Financial Liabilities: a) Obligation to deliver cash or other Financial Assets, b) right to swap Financial Assets or Financial Liabilities on unfavourable terms, c) contract for delivering equity stock of variable amount, d) contract for derivatives regulated with equity shares. An Equity Security is any contract of right to Equity ratio of a third party. A Financial Instrument is classified in Financial Assets, Financial Liabilities, Equity, or as an Equity Security, based on the content of the pertinent contract. The expenses or other costs performed for net position items are transferred and charged to the Net Position via the Miscellaneous Expenses Statement, as incurred. Any Incomes, Expenses, or other costs performed for Financial Assets that are not items of the Net Position, are transferred to results, as incurred. All amounts relating to transactions with Treasury Shares are transferred to equity through the Other Income Statement and do not affect the results. The funds in the Financial Statements are initially registered without setting off. In this rule there is the exception that a Financial Asset and a Financial Liability are set off only when: there is a valid legal right to set off, settlement is provided for based on the balance, settlement (liquidation) is provided for both the receivable and the liability Valuation basis for Financial Assets For later valuation, the Financial Assets are divided into: Assets At Fair Value through Results Investments Deferred until Expiration Loans and Receivables Financial assets available for sale A Financial Asset or a Financial Liability is defined as being at Fair Value through Results if: it is held for commercial exploitation, or at the initial recognition, it was defined at Fair Value through Results. A Financial Asset or Financial Liability, at Fair Value through Results is initially accounted at their fair value, while if it is not at "Fair Value through Results, it is initially accounted at fair value, plus direct transaction costs. In a later evaluation, the Financial Assets are initially evaluated at fair value, without taking into consideration any distribution cost, apart from specific exceptions stated below. Loans and Receivables are evaluated at Depreciated Cost, by using the Actual Rate Method. Investments Deferred until Expiration are evaluated are Depreciated Cost, using the Actual Rate Method. Participations that can be evaluated at fair value are evaluated at this, by using stock market prices on the date of the Balance Sheet, if possible, or by using other evaluation techniques, based on external information. In a later evaluation, the Investment Titles that are not listed and cannot be reliably valuated are valuated at cost. Financial Liabilities, with the exception of those at Fair Value through Results are evaluated at Depreciated Cost, using the Actual Rate Method, with the exception of specific instances. Every Financial Asset, apart from those at Fair Value through Results, is subjected to value impairment audits. The value impairment loss for a Financial Asset at cost or the Depreciated Cost are registered in the Results of the period Accounting principles for profits per share Basic Earnings per Share is the ratio of Profit Attributable to Ordinary Shares to the Average Weighted Common Shares. Earnings Attributable to Common Shares is earnings after taxes resulting from the Comprehensive Income Statement for the shareholders of group, only for Continuing Operations, deducting all the effects on earnings related to any preferred shares. Average Weighed Common Shares result from the circulating shares (common shares) multiplied with the days they were available Accounting principles for the impairment of assets First, possible impairment check is made for all assets, whether internal or external signs of impairment are shown, as defined by IAS

35 Goodwill in particular, intangible assets of indefinite duration and intangible assets in the process of production in progress, are examined for impairment once a year, regardless of the existence of indications of impairment. Impairment is made if the recoverable amount of an asset is below its book value, by the amount of the difference. Recoverable Amount of an Asset or a Cash Flow Generating Unit is the largest amount between: Fair Value minus estimated attribution costs, and Value in use If it is not possible to assess an individual item tested for impairment, the Cash Flow Generating Unit to which it belongs or Group of Cash Flow Generating Units are evaluated if assessment of the unit is not possible and sharing and relevant comparisons are made after the valuation. The provision for impairment of assets is transferred to the results, unless there is a relevant reserve of goodwill for the asset, so then the provision is offset to the extent possible. It is possible to reverse the valuation estimates in the future with a reverse effect on the results or equity in connection with the initial impact of the provision, except for impairment of goodwill which is not reversed Accounting principles for provisions and contingent receivables or liabilities A provision is registered only if: there is a lawful or expected commitment regarding the past, an outflow is possible in order to settle it, it may be reliably evaluated. There are three kinds of provisions: Provision for Future Operational Losses Provision for Unfavourable Contracts Provision for Restructuring The provisions for Future Operational Losses are not registered on the bases of IAS 37. These are related to the impairment of items, as per IAS 36. Concerning provisions for Unfavourable Contracts, i.e. when incomes are expected to be less than cost in a contract, a pertinent provision is formed. A provision for Restructuring is registered only if restructuring has commenced or its program has been announced. The provisions are accounted against results and may be reversed. Possible liabilities include the following: possible liability, based on past events, with uncertain result, not depending on the company or present commitment which is not accounted because it cannot be reliably evaluated. A possible liability does not create a Provision; it is simply announced whether it is possible to occur. A Possible Demand is a possible demand with uncertain development. If a demand is certain, it is not possible and is not accounted. For possible demands, no revenue provision is accounted; instead, it is included in the notes Accounting principles for intangible assets Intangible Assets are registered if: it is assumed that their benefits shall inflow in the company, and they can be reliably evaluated. The cost for research regarding internally created intangible assets are registered in the profit and loss statement when created. The development of internally created intangible assets is capitalized when: it is technically possible to complete them, there is an intention to complete them, it is possible to use or sell them, there is availability of resources for their completion, 34

36 it is possible to form a reliable evaluation of their cost, and it is considered that the Intangible Assets shall result to benefits, assuming there is a market for them, or that they shall be internally used. Intangible assets are initially registered at cost. The cost of an Intangible Asset that is bought is the following: the net invoice value plus duties and other charges, the Direct cost applied in order to commence its use, including borrowing cost Later evaluation of intangible materials is performed at cost. Depreciations and provisions or reversal for intangible assets have Direct impact on the results of operations Accounting principles for agriculture Live assets, from their initial registration, until their slaughter, are evaluated at reasonable cost minus their anticipated, at the site of sale, cost. The profit or loss resulting during the initial registration at fair value for live assets, as well as the change in fair value minus the cost of sale for later evaluations, is transferred to results. In order to define fair value, the live assets are grouped, depending on their significant properties, and depending on the manner they are made available to the market, and their evaluation is performed by using market prices Accounting principles for business combinations IFRS 3 applies to Consolidated Statements, while IAS 27 applies to Separate Statements for subsidiaries. A combination involves an acquiring party and entities acquired. The acquiring party acquires the controlled of the acquired party and there are benefits for this party, arising from this control. All business combinations are treated with the acquisition method. The procedure of the acquisition method refers to the following: specification of the acquiring party, specification of the acquisition cost, attribution of the acquisition cost to the various assets of the acquired party. The cost of ownership is the consideration provided by the acquiring party. This also includes any securities provided by the acquiring party. The expenses made for the combination are recognised directly in results. The fair values of the transferable assets are determined on the date or dates of exchange. If the acquisition is made through shares provided by the acquiring party and the company is publicly trading, the fair value may be the value allocated to it by the stock market. If the acquired party is publicly trading, the fair value could be the value of its shares in the stock market. In the event of specific reasons, it is possible to use a different valuation technique to ascertain the fair value of shares. The date of acquisition is the date on which control is acquired. This may coincide with the date of exchange. The recognizable assets of the acquired party (tangible and intangible, existing and contingent liabilities) are valuated only if this can be done reliably. Goodwill is calculated as a difference from the total cost of the acquisition minus the value of the recognized assets and liabilities, on the date of acquisition. The goodwill, if it is a debit, is registered in the assets of the consolidated Statement of Financial Position. Goodwill from an acquisition is not depreciated, but it is examined for impairment once per year or in a sooner period, if something significant took place. If there is a credit (negative) goodwill during the combination, the recognizable assets are revaluated at fair values and it negative goodwill continues resulting, it is moved to the profit and loss statement. A reverse takeover exists when the legally acquired party ends acquiring the control of the acquiring party. In a reverse takeover, the Consolidated Financial Statements are issued with the name of the legal parent but in the notes they are analysed based on the legal subsidiary Accounting principles for the areas of IFRS 8 An operating segment is a section with incomes and expenses, which is specifically observed by decision makers, and with specific financial information for it, while complying with the quantitative and other criteria set by IFRS 8. Segments with the same financial specifications can be merged into one, if the fundamental principle is kept and they are similar in regards to: products or services, the productive procedure, client categories, distribution method, any regulatory environment. 35

37 The amounts of assets for each segment presented are only those, and in the same form, presented to decision makers. They have allocations or offset resources in order to agree to the financial statements only if they are presented as such to the decision maker. The allocations of amounts are performed logically. 36

38 4. ANALYSIS OF BALANCES OF FINANCIAL STATEMENTS This chapter analyses the balances of the Statement of Financial Position and Statement of Comprehensive Income of the Group and the Company on the basis of referrals made in the above statements. Further analyses are given in a following chapter under the requirements of International Financial Reporting Standards Analysis of asset accounts of financial position statement Tangible assets Group Corporate Tangible assets 31/12/201 31/12/201 31/12/201 31/12/ Fields Plots 22,725 22,725 19,763 19,763 Buildings, building facilities 51,705 53,538 36,541 37,160 Machinery 15,408 17,715 14,108 16,120 Transportation means Furniture and other equipment Assets under construction 8,622 8,657 8,622 8,174 99, ,874 80,004 82, Intangible assets Group Corporate Intangible assets 31/12/ /12/ /12/ /12/2012 Development expenses 2,652 5, ,445 Industrial property rights Software 2,692 3,024 2,692 3,015 6,116 9,353 4,350 7, Live assets Group Corporate Live assets 31/12/201 31/12/201 31/12/201 31/12/ Live assets 2,706 3,810 2,705 2,361 2,706 3,810 2,705 2, Goodwill Group Corporate Goodwill 31/12/201 31/12/201 31/12/201 31/12/ Goodwill of acquisition of "ΤΕΤΟ-FARMA S.A." 2,226 2, Goodwill of acquisition of "Creta Farm USA, LLC" 7,722 7, ,947 9, Investments in subsidiaries Group Corporate Investments in subsidiaries 31/12/ /12/ /12/ /12/2012 TETO-FARMA SA - - 5,951 5,951 FARMA THESSALIAS S.A ,302 9,302 Creta Farm (Cyprus) LTD Creta Farms España, S.L ,188 2,138 Creta Foods SA Creta Farms Nordic AB Creta Farms USA, LLC - - 5,570 5,570 Frantoio Gentileschi S.P.A ,530 23, Other investments Group Corporate 31/12/201 31/12/201 31/12/201 31/12/201 Other investments Shares of non-listed foreign companies

39 Shares of listed domestic companies Other long-term receivables Group Corporate Other long-term receivables 31/12/ /12/ /12/ /12/2012 Guarantees given Other long-term receivables Inventories Group Corporate Inventories 31/12/ /12/ /12/ /12/2012 Commodities Products ready and semi-ready 3,559 4,915 3,297 4,689 By-products and Residues Raw and auxiliary materials, packaging materials 2,674 3,315 2,613 3,090 Consumables Spare parts Packaging ware ,427 10,010 6,891 9, Customers and other commercial receivables Group Corporate Clients and other trade receivables 31/12/ /12/ /12/ /12/2012 Trade receivables 11,098 26,417 14,623 29,149 Cheques receivables 1,051 6,040 1,046 5,268 Notes receivable ,152 32,549 15,672 34,496 The reduction of commercial receivables is due to the offsetting performed by the company within the context of applying since 1.1,2013 of the Code of Tax Presentation of Transactions (KFAS), where it is allowed to offset mutual counterclaims between the counterparties, regardless of the amount of the transaction and of the relation between the counterparties Other receivables Group Corporate Other receivables 31/12/201 31/12/201 31/12/201 31/12/ Advances and transitional accounts 2,328 1,943 4,853 3,578 Receivables from related parties 9,350 8,721 26,005 23,441 Sundry debtors 420 1, ,588 Receivables from taxes and fees Fixed-term deposit accounts Personnel receivables ,969 13,616 31,515 29, Cash available and cash equivalents Group Corporate Cash available and cash equivalents 31/12/ /12/ /12/ /12/2012 Cash Demand deposits 2,462 4,182 2,341 3,592 Deposits in foreign currency ,532 4,261 2,404 3, Analysis of equity accounts in the statement of financial position Share capital Group Corporate Share capital 31/12/ /12/ /12/ /12/2012 Share capital paid (29,480,000 x 0.42) 12,382 12,382 12,382 12,382 12,382 12,382 12,382 12,382 38

40 Share premium Group Corporate Share premium 31/12/ /12/ /12/ /12/2012 Share premium account 1,753 1,753 1,753 1,753 1,753 1,753 1,753 1, Reserves Group Corporate Reserves 31/12/201 31/12/201 31/12/201 31/12/ Statutory reserves 1,502 1,502 1,502 1,502 Taxed reserves 2,028 2,028 2,028 2,028 Tax-free reserve as per special legal clauses 14,456 14,456 14,432 14,432 Translation differences 159 (230) - - Reserve for first application of IFRS 19,963 19,963 17,123 17,123 Reserve for adjustment of assets 12,044 12,044 5,945 5,945 Reserve funds created from tax-free incomes Reserve created from specially taxed incomes Other reserves ,736 50,347 41,287 41, Analysis of liabilities accounts in the statement of financial position Forecasts Group Corporate Forecasts 31/12/201 31/12/201 31/12/201 31/12/ Provision for staff retirement Other provisions , Long term interest-bearing liabilities Group Corporate Long term interest-bearing liabilities 31/12/201 31/12/201 31/12/201 31/12/ Debenture loans 41,490 43,297 41,490 43,297 Long-term loans 2,008 4,415 2,008 4,415 Leasing liabilities 2,986 3,615 2,986 3,615 46,484 51,327 46,484 51, Suppliers and relevant liabilities Group Corporate Suppliers and relevant liabilities 31/12/201 31/12/201 31/12/201 31/12/ Trade liabilities 11,077 26,444 11,823 24,957 Cheques payable 7,942 7,456 7,721 6,550 Client and debtors advances ,318 34,353 19,833 31, Other liabilities Group Corporate Other liabilities 31/12/201 31/12/201 31/12/201 31/12/ Sundry creditors and transitional accounts 2,353 3,299 2,289 2,639 Liabilities to related parties Liabilities for taxes and contributions 5,669 5,402 5,655 5,365 8,531 9,287 8,139 8, Short-term loans Group Corporate Short-term loans 31/12/201 31/12/201 31/12/201 31/12/ Short-term loans 47,736 43,318 41,105 37,106 Short-term part of debenture loans 4, ,

41 Short-term part of long-term loans 2, , Short-term part of leasing liabilities ,468 45,205 48,774 38,702 40

42 4.4. Analysis of total revenue accounts Sales Total sales 1/1-31/12/201 3 Group 1/1-31/12/ /1-31/12/201 3 Corporate 1/1-31/12/201 2 Sales of goods 4,174 5,358 1,405 2,050 Sales of products 89,196 87,191 90,206 84,944 Sales of miscellaneous inventories 2,753 1,654 2,998 1,165 Provision of services ,528 95,107 95,014 89, Operating expenses Operating expenses 1/1-31/12/201 3 Group 1/1-31/12/ /1-31/12/201 3 Corporate 1/1-31/12/201 2 Personnel fees and expenses 14,371 17,266 13,804 15,634 Third party fees and expenses 2,890 3,583 2,164 2,468 Third party benefits 4,629 4,709 4,425 4,194 Taxes - Fees Miscellaneous expenses 22,493 20,253 21,850 18,532 Financial expenses 9,015 8,907 8,432 8,334 Depreciations 5,027 5,011 3,871 3,885 Forecasts ,539 60,982 55,628 54, Other income /expenses Other income / expenses 1/1-31/12/201 3 Group 1/1-31/12/ /1-31/12/201 3 Corporate 1/1-31/12/201 2 Income from third-party services Other sales Grants / Subsidies Rent Tax fines & surcharges (351) (292) (350) (290) Currency exchange differences (85) 27 (85) 27 Other extraordinary and intangible income / expenses 373 (301) 379 (14) Losses of doubtful collections (0) (2) (0) (2) Losses after the destruction of unsuitable stock (772) (801) (760) (633) Profits / losses after selling tangible assets (707) (742) (660) (462) Financial income / expenses Financial income / expenses 1/1-31/12/2013 Group 1/1-31/12/2012 1/1-31/12/2013 Corporate 1/1-31/12/2012 Credit interest Loan interest and expenses (7,678) (7,750) (7,148) (7,246) Other financial expenses and commissions (1,336) (1,157) (1,283) (1,088) (8,959) (8,865) (7,499) (7,475) Taxes Taxes 1/1-31/12/201 3 Group 1/1-31/12/ /1-31/12/201 3 Corporate 1/1-31/12/201 2 Income tax / deferred tax (1,759) (113) (2,056) (98) Large Property Tax (1,573) 83 (1,959) 14 41

43 5. DISCLOSURES 5.1. Presentation of the Financial Statements Accounting policies requiring judgment and estimates by Management The preparation of the financial statements in accordance with the International Financial Reporting Standards (IFRS) requires from management the formulation of opinions, evaluations and assumptions that affect the published financial details on the date the interim financial statements are prepared. The actual results may be different from those anticipated. The assessments and opinions are based on past experience and other factors, including expectations for future events that are considered logical under the conditions at hand, while they are constantly re-evaluated by using all available information. The company during the procedure for formulating the figures requiring an estimate at the time the financial statements are prepared, operates under the principle of prudence and based on the actual data provided by the competent agencies and on the estimates, when necessary, by experts, mainly legal consultants. Several of the estimates for the formation of provisions are based on specific assumptions or accounting practices, e.g. the expiration date of inventories, the availability or not of strong securities, the possibility of going concern and of collaboration with clients delaying in repaying their open balances, etc. The basic parameter for the estimates is the examination of the necessity for any revision thereof if there are changes concerning the conditions on which the estimate was based or as a result of new information or of wider experience. Specifically with regard to the evaluations about the possibility of recovery of receivables, the management has considered the objective evidence showing that its receivables have been impaired. These include observable information obtained by management after coordinated actions by specialised committees established by the company within the context of the corporate governance system, with regard to the following damaging events: significant financial difficulty for clients and issuers of receivable cheques, increase of the prospect that indebted persons shall go bankrupt or proceed to other financial restructuring, extended recession of the market specifically and in general. The general financial environment is affecting the entire market and the ability of numerous clients to fulfil their obligations, whether or not the company holds strong securities. As a result, stagnancy and negative trends seem to continue during the second quarter of 2013 and they seem to be aggravated by the negative publication about the nutritional scandal with horse meat, despite the fact that the Group has no involvement in it. A basic factor for shielding the Group against the consequences of the crisis is the establishment of an environment of absolute trust with its creditors and with the users of the financial statements. In conclusion, the evaluations by the management during the asset impairment review must also consider this parameter. Based on this data, the Management decided, in the evaluations for the asset impairment for 2013 fiscal period, to apply very strict criteria, following extensive internal research, and after considering the advice of its consultants. In no case whatsoever does the impairment mean that the management shall soften its strenuous efforts for the quickest possible liquidation of its receivables, and especially those covered by securities, or the effort to liquidate inventories considered short-lived but realisable. At the level assets shall be liquidated for which impairments have been performed, the available funds shall be increased by increasing the revenue and adjusting the impairments accordingly. Judgments Recoverability of receivables A judgment by the management is required on the recoverability of receivables, commercial and otherwise, and assessment of their being risky or not. Management considers all internal and external data available in order to identify the possible failure to recover certain amounts. The main criterion for calculating any impairment losses is that for each receivable that has not been liquidated at the scheduled time, either based on the contracts and commercial agreements, or based on the expiration of collectible securities, an equal impairment loss shall be created. Internally generated intangible assets 42

44 Management monitors the progress of internal research and development through information system. Judgment is required by management to separate the research phase and development phase. The development costs are recognized as assets when the criteria established by the provisions of relevant standards are observed. With regard to intangible assets concerning product development, the management of the company re-examines at the beginning of each fiscal year the useful lives thereof and the possibility of recovering the relevant amounts expended. As a result of the re-evaluation of such figures, and also following decisions for terminating specific plans due to liquidity issues, the useful lives of such assets shall be adjusted accordingly, or an impairment loss shall be formulated. Estimates Certain amounts included in or affecting financial statements and related disclosures are estimated, requiring formation of assumptions about values or conditions which cannot be known with certainty during the preparation of financial statements. An accounting estimate is considered significant if it is important for the image of the company's financial position and results and requires the most difficult, subjective or complex judgments by management, often as a result of the need to form estimates on the effect of matters that are uncertain. Impairment of assets The Group monitors the existing goodwill annually for possible impairment and is investigating the events or circumstances that make possible the existence of impairment. Determining whether impairment has occurred requires valuation of the respective unit, which is estimated using the discounted cash flows method. When there is available information the method of multipliers is used as well (multiples), to cross-check the results obtained by the method of discounted cash flows. In applying this methodology, we are based on a number of factors, including actual operating results, future business plans and market data (statistical and otherwise). In addition, other identified intangible assets with finite useful lives subject to amortization are tested annually for impairment by comparing the book value with the sum of undiscounted cash flows expected to arise from the asset. Inventories The tightening of the approach with regard to the inventories impairment review also took into consideration any delays in the use of packaging materials and in product forwarding, which create risks of not selling them in time, despite the management making every possible effort for the fast liquidation thereof. Income taxes The Group is subject to tax on income from various tax authorities. Determining the provision for income taxes requires significant estimates. There are many transactions and calculations for which the accurate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit issues based on estimates for the amount of additional taxes that may be due. When the final result from the taxes of those cases differs from the amount initially recognized in the financial statements, the differences affect the income tax and deferred tax provisions in the period in which these amounts are finalized. Contingent events The Group is involved in litigation and claims in the ordinary course of business. The administration believes that any resulting settlements would not materially affect the financial position of the Group. However, the definition of contingent liabilities related to litigation and claims is a complex process that involves judgments on the possible consequences and interpretations of laws and regulations. Changes in judgments or interpretations may lead to an increase or a reduction of contingent liabilities of the Group in future Risks Credit risk Credit risk relates to the possibility of a contractor causing financial loss to the Group due to breach of contractual obligations. Receivables from clients are a class of financial obligations that may adversely affect the smooth fluidity of the Group. Under control of credit risk, the Group shall, on the basis of the policy followed, to the extent of highest possible proliferation of sales to a large number of clients, while consistently applying a clear credit policy which is monitored and evaluated on an ongoing basis so that allocations not to exceed every client's designated credit limit. At the same time, part of receivables are secured through an insurance company or by using factoring. 43

45 To manage credit risk, clients are grouped according to category of falling, their credit characteristics, the majority of their claims and any problems in the past they have shown. Any receivables considered bad are reassessed at each reporting period and relevant provision for impairment is formed. Liquidity risk Liquidity risk refers to the fact that the Group might fail to meet its financial obligations. The Group manages its liquidity requirements by closely monitoring the debts of its long-term financial liabilities, as well as everyday payments. The liquidity needs are monitored in various time zones, on a daily and weekly basis, as well as on periods expending to 30 and 90 days. The long-term liquidity needs for the following 6 months and the next year are determined on a monthly basis. Currency risk Currency risk concerns the possibility that the fair value or cash flows of a financial instrument will fluctuate because of changes in foreign currency exchange rates. Most of commercial transactions of companies in the Group are made in the currency of the primary economic environment (functional currency) which is the Euro. Interest rate risk The loans of the Group are connected to fluctuating interest rates. Interest rate risk is hedged by using short-term and long-term loans by different banks. At the same time, there is constant monitoring of market interest rates and setting of strategy based on present tendencies. Specific risks - Biological assets risks The operations related to live assets include certain specific risks. These risks refer to animal illnesses and the possible loss of large stock. The company, in an effort to adjust to E.U. directives and to pertinent legislation, maintains a high level of health specifications, thus minimizing any possible risks. During 2012, there were no events affecting live assets that could influence the Group s financial position Analysis of reserves In Equity, accounts are presented about reserves. Their appearance in the Statement of Financial Position is brief, but in practice funds in Statement of Financial Position are composed of reserves that each has different features or limitations too. Then, an analysis of reserves is made using information on the nature of each. Analysis of reserves N o Analytical title of Reserve Fund Account shown on the Statement of Financial Position Group Company Nature of reserve fund, purpose and limitations 1 Ordinary reserve Other reserves 1,502 1,502 2 Reserve fund after revaluation of tangible fixed assets Non-distributed, formed based on cod. law 2190/90, with the purpose of covering losses carried forward Fair value reserves 12,044 5,945 Non-distributed. Formed based on clauses of IAS Tax-free reserve as per special legal clauses Other reserves 14,456 14,432 4 Reserve fund for first application of IFRS Other reserves 19,963 17, Reserve funds created from tax-free incomes Reserve funds created from specially taxed incomes Distributed on conditions, based on development laws, completely taxed in case of distribution. Formed based on IFRS 1 on the first application of IFRS. Non-distributed. Other reserves Distribution after complete taxation without limitations. Other reserves Distribution after complete taxation without limitations. 7 Other reserves Other reserves 2,513 2,028 Distribution after complete taxation without limitations Capital analysis Analysis of the company's equity by securities category is given below. Capital analysis No Type of capital titles (shares) Number of titles Period end Nominal value 50,736 41,287 Capital value Number of titles Period start Nominal value Capital value 1 Common registered shares 29,480, ,381,600 29,480, ,381,600 29,480,000 12,381,600 29,480,000 12,381,600 44

46 Each share of Company incorporates all rights and liabilities established by law and the Company's Statutes, which, though, does not contain provisions more restrictive than those provided by the Law. The holding of share security means automatic acceptance by its owner of the Company's statutes and legal decisions of the General Meetings of Shareholders Analysis of expenses per type In the list of comprehensive income, the expenses are presented per operation. Below, the expenses are presented per type. Corporate Expenses per type Cost of sales Administrative expenses Distribution expenses Personnel fees and expenses 6,417 1,790 5,597 Third party fees and expenses ,768 Third party benefits 2, ,652 Taxes and duties Miscellaneous expenses 2, ,195 Depreciations Forecasts 2, Purchases of and difference in inventories 46, Self-supplied (2,566) ,017 4,485 29,517 Group Expenses per type Cost of sales Administrative Distribution expenses expenses Personnel fees and expenses 6,699 1,987 5,685 Third party fees and expenses ,100 Third party benefits 2, ,664 Taxes and duties Miscellaneous expenses 2, ,699 Depreciations 3,000 1, Forecasts Purchases of and difference in inventories 47, Self-supplied (2,633) Decisions on dividends pay-out 59,309 5,460 30,648 In the current period the ordinary general meeting of decided against paying any dividend No dividend pay-out shall be decided for 2013, due to the negative result Policies and procedures for managing capitals The Group's objectives in managing capital is to ensure its ability to continue its activity (going-concern) and to ensure a satisfactory return to shareholders by pricing products and services in proportion to the level of risk. The capital is reviewed based on the leverage ratio. The ratio consists of the net debt divided to total capital. Net borrowing is calculated as the total borrowing minus cash available. The total capital is calculated as the equity noted on the statement of financial income plus net borrowing. Capital / total capital Group Corporate 31/12/ /12/ /12/ /12/2012 Total equity 15,282 36,691 37,583 53,217 Minus: Cash available and cash equivalents 2,532 4,261 2,404 3,664 Capital ratio 12,750 32,430 35,179 49,553 Total equity 15,282 36,691 37,583 53,217 Plus: Loans 101,952 96,532 95,257 90,028 45

47 Total capital employed 117, , , ,245 Capital / total capital 10.9% 24.3% 26.5% 34.6% Leverage ratio Group Corporate 31/12/ /12/ /12/ /12/2012 Total borrowing 101,952 96,532 95,257 90,028 Minus: Cash available and cash equivalents 2,532 4,261 2,404 3,664 Net loans 99,420 92,271 92,853 86,364 Total equity 15,282 36,691 37,583 53,217 Total capital employed 114, , , ,581 Leverage ratio 86.7% 71.5% 71.2% 61.9% The objective of the Group with regard to capital management is to retain leveraging at a satisfactory level. The Group handles the capital structure and proceeds to any necessary adjustment at the time the financial position and the characteristics of the risks of existing assets change. With the purpose or retaining or adjusting capital structure, the Group may adjust the amount of payable dividends, return capital to shareholders, issue share capital or sell assets in order to reduce loans Inventories Separation of balances at end of period The following table shows the balance at the end of the period by inventories category. In the following analysis relating to the reserves of the Group and the Company, biological assets are also included. Special reference to the biological assets is placed in a following paragraph that includes the disclosures of IAS 41 "Agriculture". Separation of balances at end of period Group Corporate No Category of inventories 31/12/ /12/ /12/ /12/ Commodities Products ready and semi-ready 3,559 4,915 3,297 4,689 3 By-products and Residues Production under way 2,706 3,810 2,705 2,361 5 Raw and auxiliary materials, packaging materials 2,674 3,315 2,613 3,090 6 Consumables Spare parts Packaging ware ,133 13,820 9,596 11,760 46

48 Cost of sales GROUP - Agreement on cost of sales N o Inventories Category of inventories 1/1/2013 Purchases of and difference in inventories 31/12/201 3 Difference in inventories Purchases minus discounts Purchases of and difference in inventories Production, ownproduction expenses, etc. Production expenses Selfsupplied 1 Commodities (5) 3,822 3,817 3,817 2 Products ready and semi-ready 5,069 3,892 1,177 1,177 1,177 3 By-products and Residues (95) (95) (95) 4 Production under way 3,810 2,706 1,105 1,105 1,105 Raw and auxiliary materials, 5 3,160 3, ,010 41,033 41,033 packaging materials 6 Consumables Spare parts Packaging ware (10) Expenses 1 Personnel fees and expenses 14,371 6,699 6,699 2 Third party fees and expenses 2, Third party benefits 4,629 2,128 2,128 4 Taxes and duties Miscellaneous expenses 22,493 2,211 2,211 6 Interest and relevant expenses 9, Depreciation of Assets 5,027 3,000 3,000 8 Operating provisions Self-supplied 1 Self-supplied (2,633) (2,633) (2,633) Cost of sales 59,309 COMPANY - Agreement on cost of sales N o Category of inventories Inventories 1/1/ /12/2013 Purchases of and difference in inventories Difference in inventories Purchases minus discounts Purchases of and difference in inventories Production, ownproduction expenses, etc. Production expenses Selfsupplied 1 Commodities ,217 1,280 1,280 2 Products ready and semi-ready 4,844 3,627 1,217 1,217 1,217 3 By-products and Residues (93) (93) (93) 4 Production under way 2,361 2,705 (344) (344) (344) 5 Raw and auxiliary materials, packaging materials Cost of sales 2,936 3,076 (141) 43,993 43,853 43,853 6 Consumables (4) Spare parts Packaging ware (10) Expenses 1 Personnel fees and expenses 13,804 6,417 6,417 2 Third party fees and expenses 2, Third party benefits 4,425 2,011 2,011 4 Taxes and duties Miscellaneous expenses 21,850 2,083 2,083 6 Interest and relevant expenses 8, Depreciation of Assets 3,871 2,478 2,478 8 Operating provisions Self-supplied 1 Self-supplied (2,566) (2,566) (2,566) 57,017 47

49 5.3. Statement of Cash Flows Cash equivalents Analysis of cash and cash equivalents and the reason they appear as cash and cash equivalents is shown in the table below. Cash equivalents N o Cash available and equivalents per type Group Company Justification of accounting as cash available and equivalents 31/12/ /12/ /12/ /12/ Cash at hand Asset nature 2 Checking accounts in 2,462 4,182 2,341 3,592 Deposits immediately liquefiable 3 Checking accounts in foreign currency Deposits immediately liquefiable Total of cash available and equivalent 2,532 4,261 2,404 3, Joint Venture flows The Joint Ventures have been consolidated in the consolidated statements, by applying the method of proportionate consolidation. The cash flows referring to these joint ventures are presented below. Joint Venture flows No Type of flows 1/1-31/12/2013 1/1-31/12/ Business operations (99) (938) 2 Investments (4) (24) 3 Financial activities 50 1,243 Total cash flows from Joint Ventures (53) Accounting policies, changes in accounting estimates and errors New standards, interpretations, revisions and amendments to existing Standards that have come into force and have been adopted by the EU The following amendments to and Interpretations of the IFRS have been issued by the International Accounting Standards Board (IASB) and the application thereof is compulsory from 01,01.13 or later. The most important Standards and Interpretations are noted below: Amendments to IAS 1 Presentation of Financial Statements - Presentation of other comprehensive income In June 2011, IASB proceeded to the issuing of the amendments of IAS 1 Presentation of Financial Statements. These amendments refer to the method for presenting items of other comprehensive income. The amendments do not affect the consolidated / corporate Financial Statements. IFRS 13 Fair value measurement In May 2011, IASB proceeded to the issuing of IFRS 13 Fair value measurement. IFRS 13 provides the definition of fair value and presents in a unified standard the context with regard to the determination of fair value and the required disclosures with regard to the calculation of fair value. IFRS 13 applies to instances where other IFRS require or allow the measurement of assets at fair values. IFRS 13 does not introduce any new requirements with regard to the determination of the fair value of an asset or liability. In addition, it does not change what are defined by othe Standards with regard to which assets are measured at fair value and does not refer to the method for presenting changes of fair value in the Financial Statements. Revision to IAS 19 Employee Benefits In June 2011, IASB proceeded to the issuing of the revised IAS 19 Employee Benefits. This revision aims to improve issues concerning the recognition and disclosure of requirements with regard to defined benefit schemes. Based on the revised standard, the margin method is abolished and consequently the option of deferring the recognition of actuarial profits or losses, while it requires that revaluations of the net liability (receivable) including the actuarial profits and losses resulting during the period of reference are recognized in the Statement of Comprehensive Income. Based on the revised standard, the Group and the Company reformed the comparable period as per the relevant transitional clauses of IAS 19 and in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The revision shall not affect the consolidated / corporate Financial Statements from the recognition difference of actuarial profits / (losses). Amendments to IFRS 7 Disclosures - Offsetting financial assets and financial liabilities 48

50 In December 2011, IASB published new requirements for disclosures that allow users of Financial Statements to perform better comparisons between the financial statements published based on IFRS and those published based on US GAAP. This amendment does not affect the consolidated / corporate financial statements. Amendment to IFRS 1 First-time adoption of IFRS - State loans In March 2012, IASB proceeded to the issuing of an amendment to IFRS 1 based on which first-time adopters of IFRS that have received state loans with preferential interest are allowed to refrain from the retroactive application of IFRS in the presentation of those loans during transition. This amendment does not affect the consolidated / corporate financial statements. Annual Standard Improvements Cycle IASB proceeded in May 2012 to the issuing of Annual Improvements to the International Financial Reporting Standards, cycle, which consists of a series of adjustments to 5 Standards and is a part of the programme for the annual improvements to Standards. The standards under improvement are IFRS 1, IAS 1, IAS 16, IAS 32, and IAS 34. These amendments are not very important and do not have an important impact on the Financial Statements of the Group/Company New standards, interpretations, revisions and amendments to existing Standards that have not come into force yet or have not been adopted by the EU The following new Standards and Revisions of Standards, along with the following Interpretations for the existing Standards, have been published but either they have not become effective yet, or have not been approved by the European Union. In particular: IFRS 9 Financial instruments (postponement of application) IASB proceeded on 12/11/2009 to the issuing of a new Standard, of revised IFRS 9 Financial Instruments which shall gradually replace IAS 39 Financial instruments: Recognition and Measurement. It is noted that on October 2010, IASB proceeded to the issuing of additions with regard to the financial liabilities chosen by the financial entity to be measured at fair values. In accordance with IFRS 9, all financial assets are initially measured at fair value plus specific transaction costs. The later measurement of financial assets is performed either at amortised cost or at fair value and depends on the entity's business model about the management of the financial assets and of the conventional cash flows of that asset. IFRS 9 does not allow reclassifications, save from the instances where the business model of the company has changed; in that case, it is necessary to reclassify in the future the affected financial instruments. In accordance with IFRS 9 principles, all investments in equities must be measured at the fair value thereof. However, Management has the option of presenting in other comprehensive income the realised and unrealised profits and losses of fair value of equity that are not held for trading. In November 2013, the IASB proceeded to amendments to the standard. A chapter was added, significantly revising hedge accounting and applying a new model improving the correlation between accounting and risk management, while introducing improvements in disclosures with regard to hedge accounting and risk management. With this amendment, the improvement regarding disclosures on change of fair value for an equity debt of the undertaking, as included in the standard, is readily available. Finally, IASB decided to postpone the application of the standard (annual periods starting on or after 01/01/2015), since the processes have not been completed and it would be impossible to provide sufficient preparation time to undertakings. Nevertheless, the undertakings may decide to apply it without hesitation. This Standard has not been adopted by the European Union. IFRS 10 Consolidated Financial Statements, IFRS 11 "Joint Arrangements", IFRS 12 Disclosures of Interests in Other' Entities", IAS 27 "Separate Financial Statements" and IAS 28 Investments in Associates and Joint-Ventures (applied for the annual periods starting on or after ). In May 2011, IASB issued three new Standards, and specifically IFRS 10, IFRS 11 and IFRS 12. IFRS 10 Consolidated Financial Standards presents a consolidation model that appoints control as the basis for the consolidation of all types of entities. IFRS 10 replaces IFS 27 "Consolidated and Separate financial statements and Interpretation 12 Consolidation - Special Purpose Entities. IFRS 11 Joint Arrangements sets the principles with regard to the financial information of the members participating in joint arrangement. IFRS 11 replaces IAS 31 Interests in Joint Ventures" and IFRIC 13 "Jointly Controlled Entities Non-Monetary Contributions by Venturers. IFRS 12 Disclosures of Interests in other Entities" unites, enriches and replaces the disclosure requirements for subsidiaries, jointly controlled entities, associate entities and nonconsolidated entities. Following the new Standards, IASB also issued the amended IAS 27 titled IAS 27 Separate Financial Statements and amendment IAS 28, titled IAS 28 Investments in Associates. The new Standards apply to the annual periods starting on or after 01/01/2014, while the retroactive application thereof is allowed. These Standards were approved by the European Union in December,

51 Transition Guidelines: Consolidated Financial Statements, Joint Arrangements, Disclosures of Interests in other Entities (Amendments to IFRS 10, IFRS 11, and IFRS 12) (applies to annual periods starting on or after 01/01/2013) In June 2012, IASB proceeded to this issuing, which provides clarifications with regard to the transitional clauses of IFRS 10. The amendments provide additional clarifications during transition to IFRS 10, IFRS 11, and IFRS 12, by reducing requirements for the provision of adjusted comparative information only to the previous period of comparison. In addition, with regard to the disclosures for non-consolidated entities, the amendments remove the requirement for presenting comparative information for periods prior the first application of IFRS 12. These amendments shall apply to the annual periods starting on or after January 01, 2013; however, they shall be substantially applied from the application date of the relevant standards, i.e. from January 01, These amendments were approved by the European Union in April, Investment Entities (Amendments to IFRS 10, IFRS 12, and IFRS 27) (applies to annual periods starting on or after 01/01/14) In October 2012, IASB issued amendments to IFRS 10, IFRS 12 and IAS 27. These amendments apply to the Investment entities category. IASB uses the term Investment Entities" to refer to those active solely in investing capitals for the return from the capital goodwill, for revenue for investments, or for both. Investment entities must evaluate the return of their investments based on fair value. This category may also include private investment funds companies, organisations handling investment funds, private pension funds, state investment funds and other investment funds. In exception to the requirements of IFRS 10 concerning consolidation, it is defined that investment entities shall measure specific subsidiaries at fair value through results and shall not consolidate them, by providing the necessary disclosures. These amendments apply to the annual periods starting on or after 01/01/2014, while the retroactive application thereof is allowed. These amendments were approved by the European Union in November, Amendments to IAS 32 Financial instruments: Presentation - Offsetting financial assets and financial liabilities (applies to annual periods starting on or after 01/01/2014) In December 2011, IASB proceeded to the issuing of amendments to IAS 32 Financial Means: Presentation" in order to provide clarifications with regard to the requirements of the Standard about offsetting instances. These amendments apply to the annual periods starting on or after 01/01/2014, while the retroactive application thereof is allowed. This amendment was approved by the European Union in December, Amendment to IAS 36 - Impairment of Assets" - Recoverable Amount Disclosures for Non-Financial Assets (applies on the annual periods starting on or after 01/01/2014) In May 2013, the IASB issued a limited-scope amendment for IAS 36 Impairment of Assets. This amendment specifies the disclosures required with regard to the recoverable amount of an impaired asset, if this amount is based on fail value minus cost of sales. A prior application is allowed if the company has already applied IFRS 13 Fair value measurement. This amendment applies to annual periods starting on or after 01/01/2014, while the retroactive application thereof is allowed. This amendment was approved by the European Union in December, Amendments to IAS 39 Financial instruments: Recognition and Measurement - Substitution of derivatives and suspension of hedge accounting (applies to periods starting on or after 01/01/2014) In June 2013, the IASB proceeded to the issuing of limited-scope amendment to IAS 39 Financial Means: Recognition and Measurement. The purpose of the suggested amendments is the introduction of a limited-scope exception, with regard to the suspension of hedge accounting, as per the principles of IAS 39. Specifically, if certain conditions are met, an exception is suggested when the counterparty of a derivative specified as a hedging means is substituted by one principle counterparty, as a result of changes in laws or regulations. A relevant exception shall be included in IFRS 9 Financial Instruments. These amendments apply to the annual periods starting on or after 01/01/2014, while the retroactive application thereof is allowed. This amendment was approved by the European Union in December, IFRIC 21 Levies (this applies to annual periods starting on or after 01/0/14) In May 2013, the IASB issued IFRIC 21. This Interpretation clarifies when a company must recognize the obligation to pay a levy imposed by the state in its Financial Statements. IFRIC 21 is an interpretation of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 37 sets the criteria for recognizing an obligation, one of which is the current commitment resulting from a past event, known as a binding event. The interpretation states that the binding event creating the obligation for the payment of the levy is the action described in the relevant law, which results to the payment of the contribution. This interpretation applies to annual periods starting on or after 01/01/2014, while the retroactive application thereof is allowed. This interpretation has not been adopted by the European Union. Amendment to IAS 19 Employee Benefits - Defined Benefit Plans: Employee contributions (applies from 01/07/2014) 50

52 In November 2013, the IASB proceeded to the issuing of limited-scope amendment to IAS 19 Employee Benefits. This amendment applies to employee or third party contributions with regard to defined benefit plans. The purpose of this amendment is to reduce the complexity of the accounting handling of contributions that are independent from the employee s years of service, such as the contributions calculated as a fixed rate over the payroll. This amendment applies from July 01, 2014 and its prior application is allowed. This amendment has not been adopted by the European Union. Annual Standard Improvements, & Cycles (apply from 01/07/2014) The IASB proceeded in December 2013 in the issuing Annual Improvements of the International Financial Reporting Standards, & Cycles. In Cycle there are imrpovements for standards IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38, while Cycle, the improvements refer to Standards IFRS 1, IFRS 3, IFRS 13 and IAS 40. The improvements in the Standards apply from July 01, 2014, while the priop application thereof is allowed. These annual improvements have not been adopted by the European Union. IFRS 14 Regulatory Deferral Accounts (applies from 01/01/2016) In January 2014, the IASB issued the standard titled Regulatory Deferral Accounts. The purpose of this Standard is to achieve comparability in the financial information of companies involved in rate-regulated activities. Rate regulation may significantly affect the value and the time of recognition of a company income. It is not allowed to apply this Standard to companies already applying the IFRS. This Standard applies from January 01, 2016 and its prior application is allowed. The above Standard has not been adopted by the European Union Voluntary changes in the accounting policy and quantitative effects During the adoption of the amendments to IAS 19, the total unrecognized cost of service included in the statements of financial position from 1.1,2012 (which is the transition date to the new IAS 19 as the starting date for the comparable period) and afterwards is transferred to the statement of comprehensive income and ceases being depreciated in the profit and loss statements of the following years. Specifically, the adjustments of accounts of comparable periods resulting from the adoption of the amendments to IAS 19 are as follows: Voluntary changes in the accounting policy and quantitative effects Obligations Titles of Financial Statement accounts Comparati ve period Group Before the comparativ e period Comparati ve period Corporate Before the comparativ e period Payables before the application of amended IAS Impact of amended IAS Payables after the application of amended IAS Equity before the application of amended IAS 19 37,008 45,860 53,533 57,087 Impact of amended IAS 19 (395) (395) (395) (395) Change in the deferred tax liabilities Equity after the application of amended IAS 19 36,693 45,545 53,217 56, Changing estimates Various estimates were changed during the fiscal period that affected results. The nature of the changes was analysed in a previous paragraph with regard to the accounting principles requiring judgment and evaluation. This change refers mainly to revisions in the estimates and assumptions about the rate of recovery of assets. With regard to the effects to the financial condition of the company and of the group, reference is made in a following paragraph, where the impairments of the assets are disclosed Events after the reporting date Significant, non-corrective events Fire at the warehouses in Rethymnon On Friday, March 14, 2014, a fire broke out at the Company warehouses located at Latzimas, in Rethymnon. The fire completely destroyed the warehouses containing raw and secondary materials and also packaging materials. Through the successful application of the emergency system and in compliance with the safety procedures, the Company immediately evacuated the facilities, averting any risks to the personnel of the company. The stock destroyed was fully insured and the procedures for collecting the indemnity are under way. The fire did not affect the production factor or the pig herding units. 51

53 The supply of the market with Company products has continued without implications for this period, using company stock held at other warehouses all over Greece. In addition, the supply of the company with the necessary raw materials began immediately, ensuring smooth and unproblematic production. It is noted that the company has been insured against the loss of profits. Until the reporting date, the amount of the total loss could not be specified Significant corrective events No corrective events tool place in the period after the reporting date Income tax Analysis of period income tax Analysis of fiscal year income tax No 1 2 Income tax for comprehensive income Income tax for miscellaneous comprehensive income Sign 1/1-31/12/2013 1/1-31/12/2012 Group Compa ny Group Compa ny 1,573 1,959 (83) (14) Total of tax for the fiscal year 1,573 1,959 (83) (14) Notes Analyzed as Notes 1 Current fiscal year tax +/ The income tax for the fiscal year, based on the taxed profits of the parent and Group companies. 2 Differences from tax audit +/ Additional taxes and surcharges at the end of the tax audit 3 Use of provision for tax audit +/ Use of provision formed in previous years 4 Deferred taxes of the fiscal year deriving from provisional fiscal year differences +/- 1,759 2, Extraordinary contribution +/ Based on L. 3845/2010. Deferred taxes as presumed for the year, referring to temporary differences arising from transactions made in the year 6 Large Property Tax +/- (186) (97) (195) (112) Unified Property Duty for Legal Entities 7 Other increasing tax elements +/ Taxes to equity 1,573 1,959 (83) (14) Readjustment of real estate value and change of tax coefficients - adjustments transferred into equity. In this period there was no transfer of tax income to equity through the statement of other comprehensive income Agreement of deferred tax receivables and liabilities Agreement of deferred tax receivables and liabilities N Group Corporate Fund of statement of financial position o. Receivable Liability Receivable Liability 1 Tangible assets - 11,423-8,651 2 Intangible assets Investments in subsidiaries Other long-term receivables Inventories Clients and other receivables 2,194-2,026-7 Other receivables Forecasts Long term interest-bearing liabilities Suppliers and other liabilities Short-term loans Balance on ,498 5, Offsetting of deferred tax assets / liabilities Under IAS 12, the entity shall offset deferred tax assets and deferred tax liabilities if the entity has a legally enforceable right to offset current tax assets against current tax liabilities while deferred tax assets and deferred tax liabilities are relating to income taxes imposed by the same taxation authority. Deferred taxes included in the statement of financial 52

54 position refer to the parent company and its subsidiary companies based in Greece. Accordingly, the amounts of deferred tax assets and liabilities appear offset on the view of the Statement of Financial Position Pending tax audits Pending tax audits No Group company Date of last audit Formulated provisions 1 CRETA FARM C.I.S.A. 31/12/2008 (199) 2 TETO-FARMA SA 31/12/ FARMA THESSALIAS S.A. 31/12/ Creta Farm (Cyprus) LTD Creta Farms USA, LLC Creta Farms España, S.L Creta Foods SA Creta Farms LTD Creta Farms Nordic AB Frantoio Gentileschi S.P.A. - - With regard to 2011 and 2012 periods, the company and the Group s domestic companies, have been subjected to the tax audit by the Certified Auditors - Accountants provided for by the clauses of article 82, par. 5, Law 2238/1994. The audit was completed and the relevant tax certificate was issued with unqualified opinion. With regard to 2003 period, the audit has been assigned to a Certified Auditor - Accountant and is under way. No significant impact on the financial position of the Group and company is expected Tangible assets Categories of fixed assets and depreciation method The main categories of tangible assets, noted in the financial statements, their evaluation manner at the end of the fiscal year, the depreciation coefficients, or the useable life years and the depreciation method are presented in the following table. Categories of Tangible Assets and information about depreciations No Category of tangible assets Evaluation manner after acquisition (199) Depreciation method 1 Fields Plots Adjustment Not depreciated 2 Buildings Adjustment without setting off depreciations Fixed 3 Machines Cost Fixed 4 Transportation means Cost Fixed 5 Miscellaneous equipment Cost Fixed 6 Tangible capital commitments under way Cost Not depreciated Basis of valuation of tangible assets The following table presents, per category and in brief, the evaluation basis for tangible assets before depreciation, as per clauses of IAS 26. The accounting principles for tangible capital commitments are presented in a previous paragraph. For tangible assets acquired on lease, special mention is made to the paragraph referring to leasing. Valuation of cost of ownership No Category of tangible assets Valuation of cost of ownership κατά την απόκτηση Valuation of cost of ownership μετά την απόκτηση 1 Fields Plots Cost Adjustment 2 Buildings Cost Adjustment without setting off depreciations 3 Machines Cost Cost 4 Transportation means Cost Cost 5 Miscellaneous equipment Cost Cost 6 Tangible capital commitments under way Cost Cost 53

55 Change in tangible assets The change in tangible assets per group and the balances in each category are shown in the table below. Group Cost of ownership Land properties Buildings Machines Transportati on means Furniture and other equipment Projects under way TOTAL Balance on December 31, ,710 67,739 50,515 3,253 8,003 7, ,129 Additions Translation differences - - (3) - (5) - (8) Reductions - (37) (23) (5) - (1) (67) Transfers (120) - (2) Balance on December 31, ,725 67,819 50,591 3,292 7,895 8, ,981 Additions Adjustment - (867) (479) (1,346) Translation differences - (5) (7) - (6) - (18) Write off of Frantoio Gentileschi SpA (7) - (7) Reductions - - (35) (8) (4) (27) (74) Balance on December 31, ,725 66,991 50,760 3,336 7,943 8, ,377 Depreciations Land properties Buildings Machines Transportati on means Furniture and other equipment Projects under way TOTAL Balance on December 31, ,080 30,371 2,801 6,782-53,034 Additions - 1,209 2, ,103 Translation differences - - (0) - (1) - (1) Reductions - (8) (17) (5) - - (29) Balance on December 31, ,281 32,877 2,893 7,056-57,107 Additions - 1,202 2, ,949 Adjustment (197) (197) Translation differences - (1) (2) - (4) - (7) Write off of Frantoio Gentileschi SpA (1) - (1) Reductions - - (15) (8) (1) - (23) Balance on December 31, ,285 35,353 2,967 7,223-60,827 Residual value on December 31, ,710 54,658 20, ,221 7, ,095 Residual value on December 31, ,725 53,538 17, , ,874 Residual value on December 31, ,725 51,706 15, ,622 99,550 54

56 Company Cost of ownership Land properties Buildings Machines Transportati on means Furniture and other equipment Projects under way TOTAL Balance on December 31, ,748 44,394 45,810 2,825 7,390 7, ,593 Additions Reductions (1) (1) Balance on December 31, ,763 44,394 45,885 2,870 7,400 8, ,487 Additions Reductions (11) (8) (3) (23) (45) Balance on December 31, ,763 44,403 46,085 2,914 7,458 8, ,245 Depreciations Land properties Buildings Machines Transportati on means Furniture and other equipment Projects under way TOTAL Balance on December 31, ,605 27,572 2,452 6,454-43,083 Additions , ,099 Transfers Balance on December 31, ,234 29,765 2,529 6,655-46,183 Additions 628 2, ,072 Reductions (5) (8) (13) Balance on December 31, ,862 31,977 2,592 6,810-49,241 Residual value on December 31, ,748 37,789 18, ,427 84,510 Residual value on December 31, ,763 37,160 16, ,174 82,305 Residual value on December 31, ,763 36,541 14, ,622 80, Dates of readjustments and valuers Information on the dates that revaluations of property were made and valuers appear in the table below: GROUP- Evaluation dates and valuers No Category of tangible assets Evaluation dates Valuers 1 Land properties 31/12/2010 King Hellas International Property Consultants 2 Buildings and their land property 31/12/2010 King Hellas International Property Consultants Methods and basic assumptions for valuations The methods used by independent appraisers under the European Appraisal Standard 2 are: The replacement cost method The income method The residual value method The existence or non-existence of legal urban planning obstacles was taken into account Distribution of depreciations Period depredations and allocation No Period Distribution of depreciations depreciations At production cist At operation expenses 1 Group 5,027 3,000 2,026 2 Corporate 3,871 2,478 1,394 55

57 5.8. Revenue Revenue analysis Revenues, as defined by IAS 18, shown in the financial statements, broken down by category are as follows: Revenue analysis Group Company N o 1/1-31/12/2013 1/1-31/12/2012 1/1-31/12/2013 1/1-31/12/2012 Revenue per category 1 Sales of goods 4,174 5,358 1,405 2,050 2 Sales of products 89,196 87,191 90,206 84,944 3 Sales of miscellaneous inventories 2,753 1,654 2,998 1,165 4 Sales of services Grants - various sales revenue Revenue from miscellaneous operations Financial income Total 96,700 95,419 96,096 90,179 Accounts presenting the above revenue appear in results 1 Sales 96,528 95,107 95,014 89,097 2 Other income / expenses Financial income / expenses Total 96,700 95,419 96,096 90, Employee benefits Provision for staff retirement Provision for staff retirement Group Company Balance on Change in period 1/ (353) (261) Balance on Employee benefits expense Expenses recognized for employee benefits in the period: Employee benefits expense 1/1-31/12/2013 1/1-31/12/2012 Group Company Group Company Personnel fees 11,188 10,702 13,637 12,138 Ancillary benefits Employer contributions 2,975 2,895 3,318 3,187 Total 14,371 13,804 17,266 15, Assumptions DEMOGRAPHIC ASSUMPTIONS Mortality table Personnel status changes Age of normal retirement Age of normal retirement for Heavy and Hazardous occupations: Mortality table. The Greek mortality rate, dated 1990, for men and women (Ministry for Development, Κ3-3974/99) Up to 40 years old: Voluntary leave 12%, dismissal 6% years old: Voluntary leave 4%, dismissal 2% 51 and above: Voluntary leave 0%, dismissal 0% In accordance with the statutory clauses of the Main Insurance Fund of each employee, and considering Law 3863/ Reduction by 5 years of the normal retirement age, considering Law 3863/ FINANCIAL ASSUMPTIONS Average annual rate of long-term population increase Average annual long-term increase of G.D.P. Increase of annual remuneration taken into consideration when calculating indemnity provided by L. 2112/20: 2% (in accordance to the E.U. convergence program - Lisbon Strategy) 3% (in accordance to the convergence program of the Ministry of Finance with the economies of the other European Monetary Union countries). 3.8%= Inflation %( e ) The above percentage, 1.8% ( e ), resulted from statistical processing, through exponential regression of wage data. 56

58 (adjustment percentage R2 = 77.6 %) Discount rate 4.0 % Assets for indemnity as per L. 2112/20 based on IAS 19 on the evaluation date None OTHER ASSUMPTIONS Indemnity le level Methodology for Recognizing actuarial (profits) / losses General principle for calculating actuarial volumes Actuarial evaluation method The application of legal provisions of Law 2112/20 was evaluated. Depreciation of the Actuarial (profits) / losses based on the methodology of par , IAS 19, in the Profit and Loss Statement for the coming period. Principle of going concern Projected Unit Credit Method Notes about the assumption of the Discount Rate In accordance to IAS 19, the rate applied for calculating the present values of retirement and lump-sump payments (i.e. the Discount Rate) must be defined using as point of reference the current payments for high quality corporate bonds. In case there is no such market, or if its depth is limited, then the discount rate must be defined using as point of reference the current yields of government bonds. In addition, the discount rate should reflect the estimated time schedule for the payment of benefits. Therefore, taking the entire yield curve at the valuation date and the estimated timing of benefit payments, the weighted average interest rate was estimated which is 4.0 % The effects of changes in foreign exchange rates Total exchange differences transferred to results distinguishing those involving valuation of items of IAS 39 at fair value through results and to other foreign exchange differences, as well as the movement of exchange rates relating to capital accounts, appear below. Analysis of foreign exchange financial statements No Descriptions A. Effect of exchange rate differences on results Present fiscal year previous fiscal year Group Company Group Company 1 Exchange differences on valuation of financial assets (85) (85) Other exchange differences transferred to results Total exchange differences transferred to results (85) (85) B. Change in exchange differences of equity Opening balance (230) - (407) - Plus: Period credits Minus: Period debits Balance at end (230) Borrowing costs During the period there was no borrowing cost to be capitalized in fixed assets that meet the requirements of IAS Related parties disclosures Group Structure Group Structure No Name of Group Company Relation with the issuing company Country Do they issue Financial Statements? For subsidiaries, related, joint-ventures Consolidation manner Participation % with the issuing company 1 CRETA FARM CISA Issuing company Greece Yes TETO-FARMA SA Subsidiary Greece Yes 95.0% Full consolidation 3 FARMA THESSALIAS SA Subsidiary Greece Yes 98.0% Full consolidation 4 Creta Farm Cyprus LTD Subsidiary Cyprus Yes 100.0% Full consolidation 5 Creta Farm Espana SL Joint Venture Spain Yes 50.0% Proportionate consolidation 6 Creta Foods SA Subsidiary Luxembourg Yes 100.0% Full consolidation 7 Creta Farms LTD Subsidiary Cyprus Yes 80.0% Full consolidation 57

59 8 Creta Farms Nordic AB Joint Venture Sweden Yes 50.0% Proportionate consolidation 9 Creta Farms USA, LLC Subsidiary U.S. Yes 80.0% Full consolidation Benefits to key management personnel Fees to key management personnel for 2013 amounted to 1,223 th. for the company and 1,283 th. for the company and the Group in 2012 period Transactions with related parties affecting results Transactions with related parties affecting results Company (Separate Statements) In the results of the issuer Distribution to related parties Key Transactions from the part of the issuing company Expense, cost, or loss Income or profit Subsidiaries management personnel Purchases of goods (2,367) (2,367) Sales of goods 2,690 2,690 Provision of services Interest and relevant expenses coming from loans and financing granted to related entities Other expenses, costs, or losses, of the issuing party from transactions with related parties Total transactions with related parties affecting results of the issuing company (1,223) (1,223) (3,590) 3,648 1,282 (1,223) Transactions with related parties affecting results Group (Consolidated statements) In consolidated results Distribution to related parties Transactions from the part of the issuing company Expense, cost, or loss Income or profit Subsidiaries that are not consolidated Purchases of goods - - Sales of goods - - Provision of services - - Interest and relevant expenses coming from loans and financing granted to related entities - - Key management personnel Other expenses, costs, or losses, of the issuing party from transactions with related parties Total transactions with related parties affecting results of the issuing company (1,223) (1,223) (1,223) - - (1,223) Transactions with related parties affecting receivables, liabilities or equity Transactions with related parties affecting receivables, liabilities or equity Company (Separate Statements) In the books of the issuer Attribution to related entities Transactions from the part of the issuing company Receivable Liability Subsidiarie s Joint Ventures Other related parties Receivables, liabilities and accounts of equity Loans and financing granted by the issuer 10,772 10,772 Other transactions with related parties creating a receivable for the issuer 19,017 9, ,120 Other transactions with related parties creating a liability for the issuer (2,484) (2,272) (7) (206) Total 29,790 (2,484) 18, ,914 Transactions with related parties affecting receivables, liabilities or equity Group (Consolidated statements) In the consolidated statements Attribution to related entities Transactions from the part of the issuing company Receivable Liability Subsidiarie s Joint Ventures Other related parties Receivables, liabilities and accounts of equity Other transactions with related parties creating a receivable for the issuer 9,120 9,120 Other transactions with related parties creating a liability for the issuer (206) - - (206) Total 9,120 (206) - - 8,914 58

60 59

61 5.13. Consolidated financial statements and accounting for investments in subsidiaries Non-controlling interest in equity In the statement of financial position the minority interests are shown as a whole, either resulting from the initial consolidation or resulting from subsequent results or effects through other comprehensive income. The total amount of non-controlling interest of this year was th., while the corresponding figure for the previous year ( ) is th. The change in the period is shown in the Statement of Changes in Equity Limitations on the movement of capitals from subsidiaries to the parent company There are no limitations on the movement of capitals from subsidiaries to the parent company save from those provided for by the pertinent legislation Preparation of consolidated and separate statements The company, in the present statements, presents the consolidated financial statements of the Group and the Separate Financial Statements of the Company. The Separate Statements are shown also because it is required by the law. In the Consolidated Statements, the subsidiaries have been consolidated, as per par. 9, IAS 27, as well as the Joint Ventures, as per IAS 31. Briefly, the main activity of the Group companies is listed below. Object of activity of consolidated companies No Name of Group Company Object of activity 1 TETOFARMA S.A. Exploitation of herding operations - (poultry farms - pig farms - incubating farms - slaughterhouses), preparation and marketing of ferments and foods for animal nutrition 2 FARMA THESSALIAS S.A. Production, rearing and fattening of foreign or domestic animals 3 Creta Farm Cyprus LTD Works or operations for the production, rearing and fattening of foreign or domestic animals, production of feed, processing, packaging, freezing and distribution of fresh, chilled and frozen meat, including products and by-products 4 Creta Farms USA, LLC Production and distribution of Creta Farm products in the American market 5 Creta Farms España, S.L. Production and distribution of Creta Farm products in the Spanish market 6 Creta Farms Nordic AB Production and distribution of Creta Farm products in the Swedish market 7 Creta Foods SA Holdings company 8 Creta Farms LTD Holdings company Preparation of consolidated and separate statements No Name of company included in Separate Statements Participation type Country of establishment Country of installation Evaluation manner Participatio n % Voting right % 1 CRETA FARM CISA Parent Greece Greece Cost 100% 100% 2 TETO-FARMA SA Subsidiary Greece Greece Cost 95% 95% 3 FARMA THESSALIAS SA Subsidiary Greece Greece Cost 98% 98% 4 Creta Farm Cyprus LTD Subsidiary Cyprus Cyprus Cost 100% 100% 5 Creta Farm Espana SL Joint Venture Spain Spain Cost 50% 50% 6 Creta Foods SA Subsidiary Luxembourg Luxembourg Cost 100% 100% 7 Creta Farms LTD Subsidiary Cyprus Cyprus Cost 80% 80% 8 Creta Farms Nordic AB Joint Venture Sweden Sweden Cost 50% 50% 9 Creta Farms USA, LLC Subsidiary U.S. U.S. Cost 80% 80% The above rates also applied in

62 5.14. Financial reporting on interests in joint ventures Method of valuation of joint ventures Joint Ventures Basic information about the joint ventures in which the issuing company participates is presented below: Joint Ventures and basic details of financial statements Joint Venture name Creta Farms Nordic AB Creta Farms España, S.L. Type Jointly controlled assets Jointly controlled assets Participation percentage 50.0% 50.0% Consolidation Proportionate Proportionate Presentation for proportionate consolidation Line by line Line by line Corporate events in the joint ventures The Group proceeded to the sale of its participation in the Italian joint venture titled Frantoio Gentileschi SpA. Specifically, the shares owned by the Group (50%) over the Italian member of the joint venture Grandi Salumifici Italiani were sold. The Group is now considering alternative collaboration models which include the assignment of rights of use for its innovative production methodology Earnings per share Parameters for calculating the numerator of the fraction used to calculate earnings per share (in ) No Descriptions A. Numerators of basic earnings per share 1/1-31/12/2013 1/1-31/12/2012 Group Company Group Company Profits after taxes for continued operations (21,446,788) (15,633,617) (9,399,952) (4,454,007) Minus: Dividends for preferred shares for this fiscal period Minus: Losses from acquisitions of preferred shares Minus: Losses from premature conversion of preferred shares to common shares Basic common share profits (21,446,788) (15,633,617) (9,399,952) (4,454,007) B. Numerators of diluted basic earnings per share Basic common share profits (21,446,788) (15,633,617) (9,399,952) (4,454,007) Plus: Adjustment of securities convertible to common shares Diluted common share earnings (21,446,788) (15,633,617) (9,399,952) (4,454,007) Parameters for calculating the denominators of the fraction used to calculate earnings per share Descriptions Denominator of basic earnings per share Number of Common Shares on commencement of fiscal period Increases 1/1-31/12/2013 1/1-31/12/2012 Weighted value Amount of shares Days Amount of shares Days Present fiscal period Previous fiscal period 29,480, ,480, ,480,000 29,480,000 Cash increase Total Average of Weighted Common Shares 29,480,000 29,480,000 29,480,000 29,480,000 Numerator of diluted earnings per share Average Weighted Common Shares 29,480,000 29,480,000 29,480,000 29,480,000 Debentures convertible to common shares Other securities convertible to common shares Total Average Weighted Common Shares with the addition of convertible securities 29,480,000-29,480,000-29,480,000 29,480,000 Basic earnings per share (in ) 1/1-31/12/2013 1/1-31/12/2012 No Descriptions Group Company Group Company A Basic earnings per share Basic common share profits (21,446,788) (15,633,617) (9,399,952) (4,454,007) Average Weighted Common Shares 29,480,000 29,480,000 29,480,000 29,480,000 61

63 Basic earnings per share (0.7275) (0.5303) (0.3189) (0.1511) B. Diluted earnings per share Diluted common share earnings (21,446,788) (15,633,617) (9,399,952) (4,454,007) Total Average Weighted Common Shares with the addition of convertible securities 29,480,000 29,480,000 29,480,000 29,480,000 Diluted earnings per share (0.7275) (0.5303) (0.3189) (0.1511) Events after the reporting date affecting earnings per share There are no events after the reporting date affecting earnings per share Impairment of assets Value impairment losses and reversals per category of assets As mentioned in a previous paragraph, during the current fiscal period the estimates by management were revised by applying stricter criteria in the assumptions concerning the recovery value of certain assets. The results and the impairment loss are mentioned in the following table: Value impairment losses and reversals per category of assets in 2013 No Asset category Total Amount Transfer to equity Transfer to Results Group Company Group Company Group Company A. Impairment losses 1 Inventories 2,938 2, ,938 2,938 2 Tangible assets 1, ,149-3 Intangible assets 2,440 2, ,440 2,440 Total 6,526 5, ,526 5,377 There have not been any impairment reversals during the current period Information for asset impairments Inventories An impairment was performed against the inventories, amounting to 2.9 MM by limiting the time for which provisions were created for the short-lived inventories. The tightening of the approach took into consideration any delays appearing in 2013 concerning the use of packaging materials and product forwarding, which create risks of not selling them in time, despite the management making every possible effort for the fast liquidation thereof. Tangible assets Considering the intent by management and the plan for using the assets of the Group, along with market conditions, the Group proceeded in impairing assets amounting to 1.1 MM. Intangible assets With regard to intangible assets concerning product development, the management of the company re-examines at the beginning of each fiscal year the useful lives thereof and the possibility of recovering the relevant amounts expended. As a result of reviewing these figures, as well as of the decisions for terminating specific plans due to liquidity issues, impairments were performed amounting to 2.4 MM to intangible assets Significant goodwill: Book values Analysis of balances and the method of valuation of the significant gains are provided below. Goodwill: Book values Goodwill or intangible assets titles For Descriptions 31/12/ /12/ Goodwill of acquisition of "ΤΕΤΟ-FARMA S.A." Parent 2 Goodwill of acquisition of "Creta Farm USA, LLC" Parent Goodwill related to the acquisition of subsidiary Goodwill related to the acquisition of subsidiary 2,226 2,226 Value in use 7,722 7,722 Value in use 9,947 9,947 Method for evaluating the recoverable amount 62

64 Goodwill: Value in use On , the impairment of the goodwill from acquiring subsidiaries was tested. Information on the assumptions of the impairment testing conducted are listed below. Goodwill: Value in use Goodwill title Goodwill after acquiring TETOFARMA S.A. Goodwill of acquisition of "Creta Farm USA, LLC" Evaluation method Discounting of future cash flows (DCF) Discounting of future cash flows (DCF) Basic evaluation assumptions Support of basic assumptions with historical details or internal data Market Risk Premium: 11,30% βeta: Risk Free Rate: 5% Cost of debt: 6.29% Internal data (5-year business plan) Business Plan 5 year 5 year Market Risk Premium: 5.8% βeta: Risk Free Rate: 1,84% Cost of debt: 5,85% Internal data (5-year business plan) Measurement flows 5 year (most perpetuity) 5 year (most perpetuity) Discount rate 6,92% 5,56% Growth 2% 2.00% Grounds for Growth Based on international conditions and the expected recovery. Date of impairment testing 31/12/ /12/ Provisions, contingent liabilities and contingent assets Provisions movement Provisions movement No Category of provisions Balance at beginning Based on international conditions and the expected recovery. Period provisions Group Use of provisions Balance on expiration of fiscal year 1 Provision for personnel terminating the service Provision for extraordinary risks and expenses , Provisions movement No Category of provisions Balance at beginning Period provisions Company Use of provisions Balance on expiration of fiscal year 1 Provision for personnel terminating the service Provision for extraordinary risks and expenses Contingent liabilities/ receivables Contingent receivables Based on the decision, under protocol no /2011, issued by the Deputy Minister for Economy, Competitiveness and Shipping, it was approved to include the parent company in the clauses of Law 3299/2004 concerning the provision of support to its investment through a subsidy with the purpose of expanding its unit for the production of prepared meat products; the total expense amounts to 5,150 th. and the subsidy rate is 25%. Contingent liabilities As of 31/12/2013, letters of Guarantee, amounting to 2,044 th., have been issued with regard to the contingent liabilities of the company and of the Group Intangible assets Depreciation method for intangible assets of limited lifecycle The depreciation methods, useable lifecycles or depreciation coefficients, regarding the categories of intangible assets observed at cost and with limited lifecycle, are presented below. 63

65 Depreciation method for intangible assets of limited lifecycle No Category of intangible assets Observation method Depreciation method Useable life (years) 1 Industrial property rights Cost Fixed Development expenses Cost Fixed Software Cost Fixed 5 20 From To The intangible assets of the Group and Company are of limited lifecycle Movement analysis of intangibles The movement analysis of the accounts of intangible assets in the period is shown in the tables below: Group Cost of ownership Development expenses Industrial property rights Software TOTAL Balance on December 31, , ,334 13,273 Additions 1, ,569 Translation differences (43) (43) Reductions (900) (10) - (910) Balance on December 31, , ,357 13,888 Additions Adjustment (4,332) - - (4,332) Translation differences (98) - - (98) Write off of Frantoio Gentileschi SpA - (1) (14) (15) Reductions (10) (12) - (23) Balance on December 31, ,225 1,020 5,347 9,592 Depreciations Development expenses Industrial property rights Software TOTAL Balance on December 31, , ,974 3,633 Additions Balance on December 31, , ,332 4,534 Additions ,085 Adjustment (2,123) - - (2,123) Translation differences (15) - - (15) Write off of Frantoio Gentileschi SpA - (0) (3) (4) Reductions - (0) - (0) Balance on December 31, ,655 3,476 Residual value on December 31, , ,360 9,640 Residual value on December 31, , ,025 9,354 Residual value on December 31, , ,692 6,115 Company Cost of ownership Development expenses Industrial property rights Software TOTAL Balance on December 31, , ,334 11,037 Additions 1, ,493 Reductions (900) (10) - (910) Balance on December 31, , ,343 11,620 Additions Adjustment (4,332) (4,332) Reductions (12) (12) Balance on December 31, ,078 1,020 5,347 7,446 Depreciations Development expenses Industrial property rights Software TOTAL Balance on December 31, , ,974 3,633 Additions Balance on December 31, , ,328 4,419 Additions

66 Adjustment (2,123) (2,123) Reductions (0) (0) Balance on December 31, ,655 3,096 Residual value on December 31, , ,360 7,404 Residual value on December 31, , ,015 7,201 Residual value on December 31, ,692 4, Significant intangible assets not accounted The company, since 2001 fiscal period, has registered the patent for Creta Farms "En Elladi" products, in which the animal fat is removed manually and virgin olive oil is added, as a substitute of animal fat. The relevant patent, which has been awarded by the Hellenic Industrial Property Organization and other international organisations, is not recognized as an intangible asset due to the limitations set by International Accounting Standard 38 Intangible assets Agriculture Groups of Live assets The categories of the live assets, as defined by Administration, are listed below. Groups of Live assets No Groups of Live assets Active in Term 1 Boars Group Only constant 2 Pork mothers Group Only constant 3 Suckling Group Only constant 4 Developing Group Constant and Consumable 5 Pre-Fattening Group Constant and Consumable 6 Fattening Group Consumables 7 Select Group Consumables Management of Live Asset Risks The Group owns a unit for the production of pork meat, certified by Lloyd s RegisterQualityAssurance for the reproduction, fattening and slaughtering of specially bred pork, i.e. consuming exclusively feed of natural origin and fattening without using antibiotics, while applying Hazard Analysis (HACCP) and the pertinent sanitary clauses. The pigs are under constant and complete veterinary control. The purpose is to ensure a high level of health for the animals at every level, a fact that allows the non-use of antibiotics during fattening. The slaughterhouse of the Company, aligned with international requirements, is equipped and follows technical procedures that ensure the proper slaughtering of animals and mainly the quality and safety of the produced fresh meat. This assurance is verified by the application of ISO and HACCP systems in every phase and procedure of production Method of valuation at fair values The method, by which valuation at fair values is made less costs of disposal of live assets, is described below. Method of valuation at fair values No Groups of Live assets Evaluation methods at fair value 1 Suckling Under the prevailing price per animal days of growth or per piece 2 Developing Under the prevailing price per animal days of growth or per piece 3 Pre-Fattening Under the prevailing price per animal days of growth or per piece 4 Fattening Under the prevailing price per animal days of growth or per piece 5 Select Under the prevailing price per animal days of growth or per piece 6 Pork mothers Based on prevailing prices per piece 7 Boars Based on prevailing prices per piece 65

67 Changes of live assets through adjustment The changes performed within the fiscal year to the live assets of IAS 41, as well as general information about the development of live assets, are presented below. Amounts in th. of Group Corporate 1/1-31/12/2013 1/1-31/12/2012 1/1-31/12/2013 1/1-31/12/2012 Fair value at the beginning of fiscal period 3,810 4,587 2,361 2,498 Period acquisitions Period sales (249) (1,534) (0) - Transportation to slaughterhouse during the fiscal period (10,452) (11,882) (7,439) (6,690) Fair value at the end of fiscal period 2,706 3,810 2,705 2,361 Profits (losses) after measuring at fair value minus the cost of live assets - evaluated at the point of sale 9,269 12,639 7,464 6,553 Integrated into: Turnover 10,374 12,002 7,120 6,690 Profits (losses) due to change of fair value of remaining live assets (1,105) (777) 344 (137) Integrated into: Profits (losses) due to change of fair value of remaining live assets (1,105) (777) 344 (137) Rearing cost for live assets remaining at the end of the fiscal period (9,458) (3,901) (6,982) (2,267) Results of fiscal period for the remaining live assets (10,562) (4,678) (6,638) (2,404) Live animals immature for slaughter 10,937 13,885 10,937 10,102 Live animals ready for slaughter 10,290 18,606 10,283 10,913 Total of live assets 21,227 32,491 21,220 21, Other information on live assets There are no limitations on the ownership of live assets, nor any live assets have been pledged in order to secure liabilities Financial instruments Categories of financial instruments The book value of financial assets and liabilities per category is listed below. Financial assets at fair value through results No Descriptions Asset account of presentation Group Company 31/12/ /12/ /12/ /12/ Cash Cash available and cash equivalents Checking accounts in Cash available and cash equivalents 2,462 4,182 2,341 3,592 3 Checking accounts in foreign currency Cash available and cash equivalents Shares of listed domestic companies Other investments Grand total 2,649 4,261 2,521 3,664 Loans and Receivables No Descriptions Asset account of presentation Group Company 31/12/ /12/ /12/ /12/ Trade receivables Clients and other trade receivables 11,098 26,417 14,623 29,149 2 Cheques receivables Clients and other trade receivables 1,051 6,040 1,046 5,268 3 Notes receivable Clients and other trade receivables Receivables from related 4 Other receivables 9,350 8,721 26,005 23,441 parties 5 Sundry debtors Other receivables 420 1, ,588 Total 21,922 43,143 41,981 59,526 66

68 All the above receivables are considered of short-term expiration. The fair value of the above financial assets is not defined separately, since the book value is considered to be similar to the their fair value. Financial assets available for sale No Descriptions Asset account of presentation Group Company 31/12/ /12/ /12/ /12/ Shares of non-listed companies Other investments Total Financial Liabilities N o Descriptions Liability account of presentation 31/12/2 013 Group 31/12/ /12/2 013 Company 1 Long term interest-bearing liabilities Long term interest-bearing liabilities 46,484 51,327 46,484 51,327 2 Short-term loans Short-term loans 55,468 45,205 48,774 38,702 3 Trade liabilities Suppliers and relevant liabilities 11,077 26,444 11,823 24,957 4 Cheques payable Suppliers and relevant liabilities 7,942 7,456 7,721 6,550 5 Client and debtors advances Suppliers and relevant liabilities Liabilities to related parties Other liabilities Total Loans The maturity of the loans is listed below: 121,78 0 GROUP - Maturity of loans < 1 year 1 to 5 years >5 yr Debenture loans 4,998 22,276 19,214 Long-term loans 2,110 2,008 - Leasing liabilities 624 2, ,732 26,440 20, , , /12/ ,26 8 COMPANY - Maturity of loans < 1 year 1 to 5 years >5 yr Debenture loans 4,998 22,276 19,214 Long-term loans 2,047 2,008 - Leasing liabilities 624 2, ,669 26,440 20, Financial instrument risks Currency risk The Group owns investments in financial entities abroad; hence its net assets are exposed to currency risk. This currency risk results from the exchange rate for US dollars for Euros. Sensitivity analysis of currency risk The table below shows the impact on earnings before taxes and equity of the Group and the Company from potential changes in interest rates between Euro / dollar, assuming all other variables constant. The table shows changes equal to -2% (favourable scenario) and +2% (negative scenario) in the $/ exchange rate. The assumption of this sensitivity analysis is considered sufficient in relation with the fluctuation of exchange rates during Group Corporate Change of $/ exchange rate -2.00% 2.00% -2.00% 2.00% Impact on profits before taxes (221) Impact on equity (168) 67

69 Interest rate risk sensitivity analysis The Group's policy is to minimize exposure to risk of interest rate cash flow regarding long-term funding. On December 31 st, 2013 the Group is exposed to changes in market interest rate relating to bank lending, which is subject to a variable interest rate. Should the interest rates for loans changed at a rate of ±10% assuming all other variables constant, the effect on results would amount to ± 843 th. and on equity to 624 th. without considering any positive impact on the interest collected from deposits. Credit risk analysis Group's exposure to credit risk is limited to financial assets (instruments) which on the balance sheet date are as follows: Financial Assets Descriptions 31/12/20 13 Group 31/12/ /12/20 13 Company 31/12/20 12 Financial assets at fair value through results 2,649 4,261 2,521 3,664 Loans and Receivables 21,922 43,143 41,981 59,526 Grand total 24,571 47,405 44,502 63,190 Delays The balance concerning receivables from clients refers to balances after impairments, without considering securities or other credit upgrades. The Management of the Group considers that any receivables that have not had their value impaired are of high credit quality, including demands in arrears that have not been impaired. Below the commercial receivables of the Group and of the Company are divided into: Non due, Due without significant risk of default Due with significant risk of default, and Impaired Company - Delay in receivables Descriptions Total Non due Due without risk of default Due with risk of default Impaired Trade receivables 17,603 10,729 3,894 2,980 (2,980) Cheques receivables 5,791 1,046-4,745 (4,745) Notes receivable (68) 23,465 11,778 3,894 7,793 (7,793) Group - Delay in receivables Descriptions Total Non due Due without risk of default Due with risk of default Impaired Trade receivables 14,416 11, ,319 (3,319) Cheques receivables 6,172 1,051-5,121 (5,121) Notes receivable (81) 20,672 12, ,520 (8,520) With regard to receivables due without risk of default, the age thereof is as follows: Company - Age of receivables (days) Descriptions Total < Trade receivables 10,729 1,130 1,311 2,145 2,295 3,849 Cheques receivables 1, Notes receivable Group - Age of receivables (days) 11,778 1,464 1,493 2,613 2,351 3,858 Descriptions Total < Trade receivables 11,074 1,130 1,488 2,313 2,295 3,849 Cheques receivables 1, Notes receivable ,129 1,464 1,675 2,781 2,351 3,858 68

70 Provisions for value impairment of financial assets Provisions for value impairment of financial assets Descriptions Account of presentation Group Corporate 31/12/ /12/ /12/ /12/ Trade receivables Clients and other trade receivables 3, , Cheques receivables Clients and other trade receivables 5,121-4,745-3 Notes receivable Clients and other trade receivables Sundry debtors Other receivables 1,535-1, Progress of provision accounts for the impairment of financial assets 10, , Progress of provision accounts for the impairment of financial assets Group Corporate Account of presentation 1/1/2013 Forecasts Reversals 31/12/2013 1/1/2013 Forecasts Reversals 31/12/201 3 Clients and other trade receivables 865 7,655-8, ,111-7,793 Other receivables - 1,535-1,535-1,535-1, Operating segments Segments, distinction criteria and revenue sources 865 9,190-10, ,645-9,328 The operating segments, the formation criteria thereof and the basic products are presented below. Segments, distinction criteria Segment title Pig rearing Segment title Prepared meat products industry Distinction criteria Production of live animals for sale or further processing Distinction criteria Production of products Basic products Pigs / Pork meat Basic products Prepared meat products Results per operating segment The results per operating segments are analysed below. Results per operating segment Prepared meat products industry Pig rearing Total 31/12/ /12/ /12/ /12/ /12/ /12/2012 Sales 83,707 82,642 12,821 12,465 96,528 95,107 Cost of sales (46,580) (45,322) (12,729) (12,760) (59,309) (58,082) Gross profit 37,127 37, (295) 37,219 37,025 Administrative expenses (5,149) (6,635) (310) (284) (5,460) (6,919) Distribution expenses (29,996) (28,579) (652) (536) (30,648) (29,114) Other income /expenses (778) (423) 71 (318) (707) (742) EBIT (προσαρμοσμένο) 1,204 1,684 (799) (1,433) Revenue per territory or country Turnover per territory or country Territory or country 1/1-31/12/2013 1/1-31/12/2012 Greece 93,758 91,253 Cyprus 1,726 1,752 Spain U.S.A Sweden Italy Total 96,528 95, No clients participating >10% in comprehensive income Two Group customers, active in the field of prepared meat products, participate with a rate that exceeds 10% of the consolidated turnover, representing 33% of it. 69

71 Ε. Figures and information about 2013 fiscal year Αρμόδια Υπηρεσία: Σύνθεση Διοικητικού Συμβουλίου: Διεύθυνση διαδικτύου: Εμμανουήλ Δομαζάκης, Πρόεδρος και Διευθύνων Σύμβουλος Εμμανουήλ Κοτζαμπασάκης, Μέλος Νόμιμος Ελεγκτής : Ελεγκτική Εταιρεία : Τύπος έκθεσης ελέγχου ελεγκτών: ΚΡΕΤΑ ΦΑΡΜ ΑΝΩΝΥΜΟΣ ΒΙΟΜΗΧΑΝΙΚΗ ΚΑΙ ΕΜΠΟΡΙΚΗ ΕΤΑΙΡΕΙΑ ΑΡ. ΜΗΤΡΩΟΥ Α.Ε /06/Β/86/38 ΑΡ. Γ.Ε.ΜΗ ο χιλ. Ε.Ο. Ρεθύμνου - Ηρακλείου, Δήμος Ρεθύμνης Νομού Ρεθύμνης, Θέση Λατζιμάς ΣΤΟΙΧΕΙΑ ΚΑΙ ΠΛΗΡΟΦΟΡΙΕΣ ΧΡΗΣΗΣ από 1 Ιανουαρίου 2013 έως 31 Δεκεμβρίου 2013 (δημοσιευόμενα βάσει του κ ν. 2190/20, άρθρο 135 για επιχειρήσεις που συντάσσουν ετήσιες οικονομικές καταστάσεις, ενοποιημένες και μη, κατά τα ΔΛΠ) Τα παρακάτω στοιχεία και πληροφορίες, που προκύπτουν από τις οικονομικές καταστάσεις, στοχεύουν σε μία γενική ενημέρωση για την οικονομική κατάσταση και τα αποτελέσματα της "ΚΡΕΤΑ ΦΑΡΜ Α.Β.Ε.Ε.". Συνιστούμε επομένως στον αναγνώστη, πριν προβεί σε οποιαδήποτε είδους επενδυτική επιλογή ή άλλη συναλλαγή με την εταιρία, να ανατρέξει στη διεύθυνση διαδικτύου της εταιρίας, όπου αναρτώνται οι οικονομικές καταστάσεις καθώς και η έκθεση ελέγχου του ορκωτού ελεγκτή λογιστή. Ημερομηνία έγκρισης από το Διοικητικό Συμβούλιο των οικονομικών καταστάσεων: Υπουργείο Ανάπτυξης, Ανταγωνιστικότητας & Ναυτιλίας Δευτέρα, 31 Μαρτίου 2014 Ντζανάτος Δημήτρης (ΑΜ ΣΟΕΛ 11521) Grant Thornton (AM ΣΟΕΛ 127) Με σύμφωνη γνώμη - Θέμα έμφασης Κωνσταντίνος Δομαζάκης, Αντιπρόεδρος και Διευθύνων Σύμβουλος Ελένη Δομαζάκη, Μέλος Ιωάννης Μοράκης, Μέλος Γεώργιος Στεφανόπουλος, Μέλος Εμμανουήλ Κοζωνάκης, Μέλος ΣΤΟΙΧΕΙΑ ΚΑΤΑΣΤΑΣΗΣ ΟΙΚΟΝΟΜΙΚΗΣ ΘΕΣΗΣ ΣΤΟΙΧΕΙΑ ΚΑΤΑΣΤΑΣΗΣ ΣΥΝΟΛΙΚΩΝ ΕΣΟΔΩΝ (ενοποιημένα και μη ενοποιημένα) (ενοποιημένα και μη ενοποιημένα) Ποσά εκφρασμένα σε χιλιάδες Ποσά εκφρασμένα σε χιλιάδες ΟΜΙΛΟΣ ΕΤΑΙΡΕΙΑ ΟΜΙΛΟΣ ΕΤΑΙΡΕΙΑ ΕΝΕΡΓΗΤΙΚΟ Ιδιοχρησιμοποιούμενα ενσώματα πάγια στοιχεία Κύκλος εργασιών (μη βιολογικά περιουσιακά στοιχεία) Άυλα περιουσιακά στοιχεία Κύκλος εργασιών (βιολογικά περιουσιακά στοιχεία) Λοιπά μη κυκλοφορούντα περιουσιακά στοιχεία Σύνολο κύκλου εργασιών Αποθέματα Μικτό κέρδος (των μη βιολογικών στοιχείων) Απαιτήσεις από πελάτες Επίπτωση επιμέτρησης βιολογικών περιουσιακών στοιχείων στην εύλογη αξία (1.105) (777) 344 (137) Λοιπά κυκλοφορούντα περιουσιακά στοιχεία ΣΥΝΟΛΟ ΕΝΕΡΓΗΤΙΚΟΥ Δαπάνες ανάπτυξης βιολογικών περιουσιακών στοιχείων (9.458) (3.901) (6.982) (2.267) Μικτό αποτέλεσμα από τις δραστηριότητες ΙΔΙΑ ΚΕΦΑΛΑΙΑ ΚΑΙ ΥΠΟΧΡΕΩΣΕΙΣ Κέρδη /(ζημίες) προ φόρων, χρηματοδοτικών και επενδυτικών αποτελεσμάτων (14.509) (1.023) (10.094) Μετοχικό Κεφάλαιο Λοιπά στοιχεία Ιδίων Κεφαλαίων Κέρδη /(ζημίες) προ φόρων (23.469) (9.889) (17.593) (4.440) Σύνολο Ιδίων Κεφαλαίων ιδιοκτητών μητρικής (α) Κέρδη /(ζημίες) μετά από φόρους (Α) (21.895) (9.971) (15.634) (4.454) Δικαιώματα Μειοψηφίας (β) (2.040) (1.688) Ιδιοκτήτες μητρικής (21.447) (9.400) (15.634) (4.454) Σύνολο Ιδίων Κεφαλαίων (γ) = (α) + (β) Δικαιώματα μειοψηφίας (448) (571) - - Μακροπρόθεσμες δανειακές υποχρεώσεις Προβλέψεις / Λοιπές μακροπρόθεσμες υποχρεώσεις Λοιπά συνολικά έσοδα μετά από φόρους (Β) Βραχυπρόθεσμες δανειακές υποχρεώσεις Συγκεντρωτικά συνολικά έσοδα μετά από φόρους (Α) + (Β) (21.409) (9.752) (15.634) (4.454) Λοιπές βραχυπρόθεσμες υποχρεώσεις Ιδιοκτήτες μητρικής (21.057) (9.223) (15.634) (4.454) Σύνολο υποχρεώσεων (δ) Δικαιώματα μειοψηφίας (351) (529) - - ΣΥΝΟΛΟ ΙΔΙΩΝ ΚΕΦΑΛΑΙΩΝ ΚΑΙ ΥΠΟΧΡΕΩΣΕΩΝ (γ) + (δ) Κέρδη μετά από φόρους ανά μετοχή - βασικά (σε ) (0,7275) (0,3189) (0,5303) (0,1511) Κέρδη /(ζημίες) προ φόρων, χρηματοδοτικών, επενδυτικών αποτελεσμάτων, αποσβέσεων και μεταβολής εκτιμήσεων Κέρδη /(ζημίες) προ φόρων, χρηματοδοτικών, επενδυτικών αποτελεσμάτων και (9.483) (6.223) αποσβέσεων ΣΤΟΙΧΕΙΑ ΚΑΤΑΣΤΑΣΗΣ ΜΕΤΑΒΟΛΩΝ ΙΔΙΩΝ ΚΕΦΑΛΑΙΩΝ ΣΤΟΙΧΕΙΑ ΚΑΤΑΣΤΑΣΗΣ ΤΑΜΙΑΚΩΝ ΡΟΩΝ (ενοποιημένα και μη ενοποιημένα) (ενοποιημένα και μη ενοποιημένα) Ποσά εκφρασμένα σε χιλιάδες Ποσά εκφρασμένα σε χιλιάδες ΟΜΙΛΟΣ ΕΤΑΙΡΕΙΑ ΟΜΙΛΟΣ ΕΤΑΙΡΕΙΑ Σύνολο ιδίων κεφαλαίων έναρξης περιόδου ( και αντίστοιχα) Λειτουργικές Δραστηριότητες Συγκεντρωτικά συνολικά έσοδα μετά από φόρους (21.409) (9.752) (15.634) (4.454) Κέρδη/(ζημίες) προ φόρων (συνεχιζόμενες δραστηριότητες) (23.469) (9.889) (17.593) (4.440) Λοιπές κινήσεις ιδίων κεφαλαίων Κέρδη/(ζημίες) προ φόρων (διακοπείσες δραστηριότητες) Διανεμηθέντα μερίσματα Πλέον /(μείον) προσαρμογές για: Αγορές /(πωλήσεις) ιδίων μετοχών Αποσβέσεις Σύνολο ιδίων κεφαλαίων λήξης περιόδου Απομειώσεις περιουσιακών στοιχείων ( και αντίστοιχα) Προβλέψεις (353) 796 (261) 795 Συναλλαγματικές διαφορές Αποτελέσματα (έσοδα, έξοδα, κέρδη, ζημιές) επενδυτικής δραστ/τητας (74) (31) (950) (859) ΠΡΟΣΘΕΤΑ ΣΤΟΙΧΕΙΑ ΚΑΙ ΠΛΗΡΟΦΟΡΙΕΣ Χρεωστικοί τόκοι και συναφή έξοδα Πλέον /(μείον) προσαρμογές για μεταβολές λογαριασμών κεφαλαίου κίνησης ή που σχετίζονται με τις λειτουργικές δραστηριότητες: 1. Το θέμα έμφασης της έκθεσης ελέγχου του Νόμιμου Ελεγκτή αφορά στο γεγονός ότι η Διοίκηση στην περίοδο επανεξέτασε ορισμένες εκτιμήσεις της Μείωση /(αύξηση) αποθεμάτων (774) 110 αναφορικά με τους κινδύνους απομείωσης στοιχείων του Ενεργητικού με βάση τα πλέον πρόσφατα δεδομένα. Σαν αποτέλεσμα διενήργησε πρόσθετες Μείωση /(αύξηση) απαιτήσεων προβλέψεις απομείωσης συνολικού ποσού 14,9 εκ. για τον Όμιλο και 13,4 εκ. για την Εταιρεία και μετά τον υπολογισμό του σχετικού αναβαλλόμενου (Μείωση) / αύξηση υποχρεώσεων (πλην δανειακών) (12.287) (3.365) (12.561) (5.637) φόρου (3,8 εκ και 3,5 εκ. αντίστοιχα) η συνολική επίπτωση στα ίδια κεφάλαια αφορούσε ένα ποσό της τάξης 11 εκ. για τον Όμιλο και 9,9 εκ. για την Μείον: Εταιρεία. Χρεωστικοί τόκοι και συναφή έξοδα καταβεβλημένα (7.286) (7.799) (7.065) (7.449) Καταβεβλημένοι φόροι (186) (195) (97) (112) 2. Κατά την τρέχουσα περίοδο ο Όμιλος προέβη σε μεταβολή της συγκρίσιμης περιόδου λόγω αλλαγών στο ΔΛΠ 19, όπως αναφέρεται στη σημείωση της Λειτουργικές ροές από διακοπείσες δραστηριότητες οικονομικής έκθεσης. Σε σχέση με τις ήδη δημοσιοποιημένες οικονομικές καταστάσεις, η μεταβολή επιβάρυνε τα ίδια κεφάλαια της προηγούμενης χρήσης 2012 Σύνολο εισροών /(εκροών) από λειτουργικές δραστηριότητες (α) (3.989) (2.145) (1.932) κατά 315 χιλ.. Επενδυτικές Δραστηριότητες Απόκτηση θυγατρικών, συγγενών, κοινοπραξιών & λοιπών επενδύσεων (100) - (150) (488) 3. Ο Όμιλος προέβη στη διάθεση της συμμετοχής του στην κοινοπραξίας "Frantoio Gentileschi SpA".Στη σημείωση της οικονομικής έκθεσης δίνονται Ταμιακές προκαταβολές και δάνεια προς τρίτους (442) (2.576) (2.442) (4.660) περισσότερες πληροφορίες. Η εν λόγω κοινοπραξία δεν ενσωματώθηκε στις ενοποιημένες οικονομικές καταστάσεις του Ομίλου. Εισπράξεις από πώληση θυγατρικών, συγγενών, κοινοπραξιών και λοιπών (175) επενδύσεων 4. Την 16η Απριλίου 2013 πραγματοποιήθηκε, μέσω διμερών συμβάσεων χρηματοδότησης/παροχής πιστώσεως με ανοικτό αλληλόχρεο λογαριασμό, πρόωρη Αγορά ενσώματων και άυλων παγίων στοιχείων (1.012) (1.597) (973) (1.488) εκταμίευση ομολογιακού δανείου ποσού 3κ. κατ αναλογία του ποσοστού συμμετοχής τους των ομολογιούχων. Τον Ιούλιο 2013 υπογράφηκε η σύναψη του Εισπράξεις από πωλήσεις ενσώματων και άυλων παγίων στοιχείων κοινοπρακτικού δανείου. Τόκοι εισπραχθέντες Μερίσματα εισπραχθέντα Στη σημείωση της οικονομικής έκθεσης γνωστοποιούνται οι επωνυμίες, η χώρα της καταστατικής έδρας για κάθε μία από τις εταιρείες και τις Εισπράξεις από επιχορηγήσεις παγίων κοινοπραξίες που περιλαμβάνονται στις ενοποιημένες οικονομικές καταστάσεις, καθώς και το ποσοστό που κατέχει άμεσα ή έμμεσα η μητρική εταιρεία και η Επενδυτικές ροές από διακοπείσες δραστηριότητες μέθοδος ενσωμάτωσης που εφαρμόστηκε για κάθε εταιρεία και κοινοπραξία. Σύνολο εισροών /(εκροών) από επενδυτικές δραστηριότητες (β) (1.645) (4.124) (3.426) (6.624) Χρηματοδοτικές Δραστηριότητες 6. Στη σημείωση 5.7 της οικονομικής έκθεσης αναφέρονται οι ανέλεγκτες φορολογικά χρήσεις των εταιρειών του Ομίλου. Εισπράξεις από αύξηση μετοχικού κεφαλαίου Πληρωμές για μείωση μετοχικού κεφαλαίου Τα ποσά των σωρευτικών προβλέψεων που έχει σχηματίσει ο Όμιλος και η Εταιρεία έχουν ως εξής: Εισπράξεις από εκδοθέντα / αναληφθέντα δάνεια Όμιλος Εταιρεία Εξοφλήσεις δανείων (2.039) (3.897) (1.323) (3.533) Ανέλεγκτες φορολογικά χρήσεις Εξοφλήσεις υποχρεώσεων από χρηματοδοτικές μισθώσεις (χρεολύσια) (617) (601) (617) (601) Λοιπές προβλέψεις Μερίσματα πληρωθέντα Χρηματοδοτικές ροές από διακοπείσες δραστηριότητες Ο αριθμός του απασχολούμενου προσωπικού κατά την 31/12/2013 ανήλθε σε 586 άτομα για τον Όμιλο και 575 για την εταιρεία. Κατά την 31/12/2012 ο Σύνολο εισροών /(εκροών) από χρημ/τικές δραστηριότητες (γ) Όμιλος απασχολούσε 602 άτομα και 566 η εταιρεία. Καθαρή αύξηση /(μείωση) στα ταμειακά διαθέσιμα και ισοδύναμα (1.727) (1.144) (1.260) (1.192) περιόδου (α) + (β) + (γ) 9. Οι πάσης φύσεως συναλλαγές (εισροές / εκροές) σωρευτικά από την έναρξη της οικονομικής περιόδου, καθώς και τα υπόλοιπα των απαιτήσεων και Ταμειακά διαθέσιμα και ισοδύναμα έναρξης περιόδου υποχρεώσεων της Εταιρείας και του Ομίλου στη λήξη της περιόδου που έχουν προκύψει από συναλλαγές τους με τα συνδεδεμένα μέρη, όπως αυτά ορίζονται Επίδραση συναλλαγματικών ισοτιμιών σε ταμειακά διαθέσιμα και ισοδύναμα (2) στο Δ.Λ.Π. 24, με διακριτή παράθεση των συνολικών αμοιβών διευθυντικών στελεχών και μελών της διοίκησης, των συναλλαγών τους, καθώς και των Ταμειακά διαθέσιμα και ισοδύναμα λήξης περιόδου απαιτήσεων και υποχρεώσεών τους, έχουν ως εξής: Όμιλος Εταιρεία - Εισροές Εκροές Απαιτήσεις Ρέθυμνο, 28 Μαρτίου Υποχρεώσεις Συναλλαγές και αμοιβές διευθυντικών στελεχών και μελών της διοίκησης Ο ΠΡΟΕΔΡΟΣ ΤΟΥ Δ.Σ. Ο ΑΝΤΙΠΡΟΕΔΡΟΣ ΤΟΥ Δ.Σ. - Απαιτήσεις από διευθυντικά στελέχη και μέλη της διοίκησης - - & ΔΙΕΥΘΥΝΩΝ ΣΥΜΒΟΥΛΟΣ & ΔΙΕΥΘΥΝΩΝ ΣΥΜΒΟΥΛΟΣ - Υποχρεώσεις προς τα διευθυντικά στελέχη και μέλη της διοίκησης Κατά την τρέχουσα περίοδο, τα ποσά που έχουν καταχωρηθεί ως λοιπά συνολικά έσοδα του Ομίλου, αφορούν σε συναλλαγματικές διαφορές που προκύπτουν από μετατροπή εκμετάλλευσης στο εξωτερικό, στο νόμισμα παρουσίασης του Ομίλου. ΔΟΜΑΖΑΚΗΣ ΕΜΜΑΝΟΥΗΛ ΔΟΜΑΖΑΚΗΣ ΚΩΝΣΤΑΝΤΙΝΟΣ Α.Δ.Τ. Ι / 74 Α.Δ.Τ. ΑΒ / Τα κέρδη /(ζημίες) ανά μετοχή υπολογίστηκαν βάσει των κερδών /(ζημιών) μετά από φόρους και δικαιώματα μειοψηφίας επί του σταθμισμένου μέσου όρου του αριθμού των μετοχών της μητρικής εταιρείας σε κυκλοφορία. 12. Τα ποσά παρουσιάζονται σε χιλ. όπως και στις οικονομικές καταστάσεις, εκτός αν αναφέρεται διαφορετικά. Τυχόν διαφορές σε αθροίσματα οφείλονται σε στρογγυλοποιήσεις Ο ΓΕΝΙΚΟΣ ΟΙΚΟΝΟΜΙΚΟΣ ΔΙΕΥΘΥΝΤΗΣ Ο ΔΙΕΥΘΥΝΤΗΣ ΛΟΓΙΣΤΗΡΙΟΥ 13. Καμία ενοποιούμενη εταιρεία δεν κατέχει μετοχές της μητρικής εταιρείας κατά την 31/12/2013. Ούτε η μητρική εταιρεία κατέχει ίδιες μετοχές την 31/12/2013. ΠΑΠΑΔΟΠΟΥΛΟΣ ΙΩΑΝΝΗΣ ΤΣΑΚΙΡΗΣ ΕΥΑΓΓΕΛΟΣ Α.Δ.Τ. Ξ / 86 Α.Δ.Τ. Σ / Οι ταμειακές ροές έχουν καταρτιστεί σύμφωνα με την έμμεση μέθοδο. Α.Μ. Αδείας Α' Τάξεως :