CODE: K4-02-021

Kifissia 26/08/2019

Announcement for commenting on the Financial Statements of the First Semester 2019

PAPERPACK SA continues its profitable course in the 1st Semester from 1/1/2019 to 30/06/2019. More specifically:

The Company's turnover amounted to € 10,031 thousand compared to € 8,642 thousand in the corresponding period of the previous year, increasing by 16.08%.

Operating Profits (EBITDA) of the Company stood at € 2,568 thousand against € 1,211 thousand in the corresponding period of the previous year. The significant increase is mainly due to the increase in turnover but also to the adoption of IFRS 16 from 1/1/2019. The relevant analysis of the impact of IFRS 16 on the Financial Statements is detailed in note 5.4 of the Half-Yearly Financial Statements.

Earnings before taxes amounted to € 1,590 thousand versus € 712 thousand in the corresponding period of the previous year.

Profit after tax stood at € 1,172 thousand versus € 496 thousand in the corresponding period of the previous year.

The number of employees of the Company as at 30/06/2019 was 162 while at 30/06/2018 it was 155.

Basic earnings per share stood at € 0.2964 versus € 0.1256 in the corresponding period last year.

The Company reported positive operating cash flow of € 2,758 thousand against operating cash flow of € 627 thousand and its cash flow amounted to € 2,079 thousand compared to € 3,183 thousand in the corresponding period of the previous year.

The Bank's lending excluding operating lease liabilities due to the application of IFRS 16, decreased by € 1,098 thousand compared to 31/12/2018.

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