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General Information on the Company and Group

The Group operates in the sector of producing flexible plastic packaging items mainly for the food industry but

also for other advanced special applications.

The Company “FLEXOPACK SOCIÉTÉ ANONYME COMMERCIAL AND INDUSTRIAL PLASTICS COMPANY”

(hereafter mentioned as “the Company” or “FLEXOPACK”) is specifically active in the production of flexible

plastic packaging materials that broadly appeal to many sectors, the most important of which is the food

packaging sector. The Company has developed advanced know-how in the production of multiple layer

packing films, holding the leading position in the Greek market as the competition comes from a limited

number of companies that are active abroad.

The Company was initially established as a General Partnership in 1979 in Koropi Attica. In 1998 it is

converted from a General Partnership to a Société Anonyme, its current form, under the corporate name

“FLEXOPACK SOCIÉTÉ ANONYME COMMERCIAL AND INDUSTRIAL PLASTICS COMPANY”, according to L.

1297/1972 and C.L. 2190/1920 (Gov. Gazette 11/5.1.1989, S.A. and L.T.D. issue). The company’s base

(constitutive and administrative) is located at the Municipality of Koropi Attica, at the location Tzima (Postal

Code 194 00, tel.: + 30 210 6680000) and is registered in the General Commercial Registry with GEMI

number 582101000.

The duration of the Company is indefinite.

The Company’s building facilities are located at the Tzima position in Koropi Attica, in two self-owned plots

with a total area of 29,432 sq. m. The total useful area of the building facilities amounts to 25,700 sq.m..

The Company within the year 2020 proceeded to the purchase of three land plots which are adjacent to its

existing facilities in Tzima Location of the Municipality of Kropia, with a total area of 14,160 sq.m., in order

to proceed in the future with the construction of an industrial building to expand its production facilities.

After the above purchases, the total area of land plots of the company amount to 43,592 sq.m..

From September 1995, the Company operates and is a holder of the ISO 9001 quality assurance certificate

for research, development, production, distribution and technical support of its products. The

aforementioned certificate has been granted to the Company from the company Βureau Veritas.

In April 2003 the Company was certified with the new hygiene standard, the British Retail Consortium (BRC).

This standard – with pan European recognition – introduces very high hygiene, products security and quality

demands.

In August 2022, the Company was certified with the ISO 50001:2018 energy management system. By this

manner, the Company aims at the adoption and implementation of the required procedures that will lead

to optimal energy utilization and performance.

The Company’s shares are listed and traded on the Athens Exchange from April 1996 (OASIS Code: ΦΛΕΞΟ).

Annual Financial Report that concerns the financial year 2022 (January 1st 2022 – December 31st 2022), has been

approved by the Board of Directors on the 11th of April 2023 and will be finally approval from the upcoming General

Shareholders Meeting of “FLEXOPACK PLASTICS S.A.”

2. Basis for the preparation of the financial statements

The consolidated and separate financial statements of FLEXOPACK PLASTICS SA of December 31

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2022

covering the period from January 1st up to December 31

st

2022 have been prepared in accordance with the

International Financial Reporting Standards (IFRS), as such have been adopted by the European Union.

Also, the financial statements have been prepared based on a) the historic cost principle apart from the

Provision for personnel indemnities, derivative financial instruments and stock options where the valuation

was made at fair and b) the going concern principle.

The consolidated Financial statements of the Company include the Financial statements of the parent

Company FLEXOPACK PLASTICS SA, as well as those of its subsidiaries mentioned in the following section

3.1.1 Group Structure and methods of companies’ consolidation.

The Financial statements are expressed in thousand euro.

It is noted that any differences in summations of the accompanying financial statements and analysis are

due to rounding.

Wherever it was deemed appropriate, the comparative financial accounts and items have been reclassified

in order to be aligned with any changes made in the presentation of the items of the current year.

The accounting principles, based on which the accompanying financial statements have been prepared and

which the Group applies systematically, are consistent with those applied in the previous financial year.

2.1 Adoption of New and Revised International Standards

1. New Standards, Interpretations, Revisions and Amendments to existing Standards that are

effective and have been adopted by the European Union

The following new Standards, Interpretations and amendments of IFRSs have been issued by the

International Accounting Standards Board (IASB), are adopted by the European Union, and their application

is mandatory from or after 01/01/2022.

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Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, Plant and Equipment”, IAS 37

“Provisions, Contingent Liabilities and Contingent Assets” and “Annual Improvements 2018-2020”

(effective for annual periods starting on or after 01/01/2022)

In May 2020, the IASB issued a package of amendments which includes narrow-scope amendments to three

Standards as well as the Board’s Annual Improvements, which are changes that clarify the wording or correct

minor consequences, oversights or conflicts between requirements in the Standards. More specifically:

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Amendments to IFRS 3 Business Combinations

update a reference in IFRS 3 to the Conceptual

Framework for Financial Reporting without changing the accounting requirements for business

combinations.

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Amendments to IAS 16 Property, Plant and Equipment

prohibit a company from deducting from

the cost of property, plant and equipment amounts received from selling items produced while the

company is preparing the asset for its intended use. Instead, a company will recognize such sales

proceeds and related cost in profit or loss.

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Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets

specify

which costs a company includes when assessing whether a contract will be loss-making.

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Annual Improvements 2018-2020

make minor amendments to IFRS 1 First-time Adoption of

International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the

Illustrative Examples accompanying IFRS 16 Leases.

The amendments do not affect the consolidated Financial Statements.

2. New Standards, Interpretations, Revisions and Amendments to existing Standards that have

not been applied yet or have not been adopted by the European Union

The following new Standards, Interpretations and amendments of IFRSs have been issued by the

International Accounting Standards Board (IASB), but their application has not started yet or they have not

been adopted by the European Union.

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IFRS 17 “Insurance Contracts” (effective for annual periods starting on or after 01/01/2023)

In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4. The

aim of the project was to provide a single principle-based standard to account for all types of insurance

contracts, including reinsurance contracts that an insurer holds. A single principle-based standard would

enhance comparability of financial reporting among entities, jurisdictions and capital markets. IFRS 17 sets

out the requirements that an entity should apply in reporting information about insurance contracts it issues

and reinsurance contracts it holds. Furthermore, in June 2020, the IASB issued amendments, which do not

affect the fundamental principles introduced when IFRS 17 has first been issued. The amendments are

designed to reduce costs by simplifying some requirements in the Standard, make financial performance

easier to explain, as well as ease transition by deferring the effective date of the Standard to 2023 and by

providing additional relief to reduce the effort required when applying the Standard for the first time. The

Group will examine the impact of the above on its Financial Statements, though it is not expected to have

any

.

The above have been adopted by the European Union with effective date of 01/01/2023.

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Amendments to IAS 1 “Presentation of Financial Statements” (effective for annual periods starting on

or after 01/01/2023)

In February 2021, the IASB issued narrow-scope amendments that pertain to accounting policy disclosures.

The objective of these amendments is to improve accounting policy disclosures so that they provide more

useful information to investors and other primary users of the financial statements. More specifically,

companies are required to disclose their material accounting policy information rather than their significant

accounting policies. The Group will examine the impact of the above on its Financial Statements, though it

is not expected to have any.

The above have been adopted by the European Union with effective date of

01/01/2023.

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Amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors: Definition of

Accounting Estimates”

(effective for annual periods starting on or after 01/01/2023)

In February 2021, the IASB issued narrow-scope amendments that they clarify how companies should

distinguish changes in accounting policies from changes in accounting estimates. That distinction is important

because changes in accounting estimates are applied prospectively only to future transactions and other

future events, but changes in accounting policies are generally also applied retrospectively to past

transactions and other past events. The Group will examine the impact of the above on its Financial

Statements, though it is not expected to have any. The above have been adopted by the European Union

with effective date of 01/01/2023.

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Amendments to IAS 12 “Income Taxes: Deferred Tax related to Assets and Liabilities arising from a

Single Transaction” (effective for annual periods starting on or after 01/01/2023)

In May 2021, the IASB issued targeted amendments to IAS 12 to specify how companies should account for

deferred tax on transactions such as leases and decommissioning obligations – transactions for which

companies recognise both an asset and a liability. In specified circumstances, companies are exempt from

recognising deferred tax when they recognise assets or liabilities for the first time. The amendments clarify

that the exemption does not apply and that companies are required to recognise deferred tax on such

transactions. The Group will examine the impact of the above on its Financial Statements, though it is not

expected to have any. The above have been adopted by the European Union with effective date of

01/01/2023.