Company's Number in the General Electronic Commercial Registry
:913601000 (former Company's Number in the Register of Societes
Anonymes: 14303/06/B/86/26)
16 Amaroussiou-Halandriou str.,151-25, Marousi, Greece
INDEX OF INTERIM CONDENSED FINANCIAL STATEMENTS | 2 | |
Website where the company's and consolidated financial statements are available | 5 | |
I) Statements of members of the board of directors | 6 | |
II) Report of the board of directors | 7 | |
A. Main Business Segment Activity | 7 | |
B. Financial Results for the First Half of 2025 | 7 | |
C. Risks related to Non-Financial Matters | 20 | |
D. Policies and Codes of AVAX, the parent Company of the Group | 24 | |
III) Independent auditor's review report | 32 | |
IV) Interim Condensed Financial Statements period from January 1st, 2025 to June 30th, 2025 | 33 | |
- Interim Condensed Statement of Financial Position | 33 | |
- Interim Condensed Statement of Income | 34 | |
- Interim Condensed Statement of Comprehensive Income | 35 | |
- Interim Condensed Statement of Cash Flow | 36 | |
- Interim Condensed Statement of Changes in Equity | 37 | |
V) Notes and accounting policies | 39 | |
Α. INFORMATION ABOUT THE COMPANY | 39 | |
Α.1 General Information about the Company and the Group | 39 | |
Α2. Activities | 39 | |
Β. FINANCIAL REPORTING STANDARDS | 40 | |
Β.1. Compliance with IFRS | 40 | |
Β.2. Basis of preparation of the financial statements | 40 | |
C. BASIC ACCOUNTING PRINCIPLES | 40 | |
C.1. Consolidated finacial statements (IFRS 10) & Business Combinations (I.F.R.S. 3) | 40 | |
C.2a. Property, Plant & Equipment (I.A.S. 16) | 46 | |
C.2b. Investment Property (IAS 40) | 47 | |
C.3. Intangible Assets (I.A.S. 38) | 47 | |
C.4. Impairment of Assets (I.A.S. 36) | 47 | |
C.5. Inventories (I.A.S. 2) | 48 | |
C.6. Financial Instruments: Presentation (IAS 32) | 48 | |
C.7. Financial Instruments: Disclosures (IFRS 7) | 49 | 2 |
C.8. Provisions, Contingent Liabilities and Contingent Assets (I.A.S. 37) | 49 |
C.9. The effects of changes in Foreign Exchange Rates (I.A.S. 21) | 49 | |
C.10. Earnings per share (I.A.S. 33) | 49 | |
C.11. Dividend Distribution (I.A.S. 10) | 49 | |
C.12. Income Taxes & Deferred Tax (I.A.S. 12) | 49 | |
C.13. Personnel Benefits (I.A.S. 19) | 50 | |
C.14. Leases (I.F.R.S. 16) | 51 | |
C.15. Borrowing Cost (I.A.S. 23) | 52 | |
C.16. Operating Segments (I.F.R.S. 8) | 52 | |
C.17. Related Party Disclosures (I.A.S. 24) | 52 | |
C.18. Revenue from contracts with customers (I.F.R.S. 15) | 53 | |
C.19. Financial Instruments (I.F.R.S. 9) | 54 | |
C.20. Restricted cash deposits | 56 | |
C.21. Non-current assets held for sale & discontinued operations (I.F.R.S. 5) | 56 | |
C.22. Significant accounting estimates and judgments | 57 | |
C.22.1 Impairment of goodwill | 57 | |
C.22.2 Income taxes | 57 | |
C.22.3 Deferred tax assets | 57 | |
C.22.4 Asset lives and residual values | 57 | |
C.22.5 Allowance for net realizable value of inventory | 58 | |
C.22.6 Allowance for doubtful accounts receivable | 58 | |
C.22.7 Provision for staff leaving indemnities | 58 | |
C.22.8 Contingent liabilities | 58 | |
C.22.9 Revenue from Contracts with Customers (I.F.R.S. 15) | 58 | |
C.22.10 Joint Arrangements (I.F.R.S. 11) | 58 | |
C.22.11 Fair Value measurement (I.F.R.S. 13) | 58 | |
D. NEW STANDARDS, INTERPRETATIONS AND AMENDMENT OF CURRENT STANDARDS | 58 | |
E. NOTES TO THE FINANCIAL STATEMENTS | 62 | |
1a. Primary reporting format - business segments | 62 | |
1b. Secondary reporting format - Geographical segments | 65 | |
1c. Information about key customers (>=10%) | 67 | 3 |
2. Property, Plant and Equipment | 68 | |
2a. Right of Use assets | 69 | |
3. Investment Property | 70 | |
4. Intangible Assets | 71 | |
5. Investments in Subsidiaries/Associates and other companies | 72 | |
5a. Financial assets at fair value through other comprehensive income | 72 | |
6. Trade and other receivables | 72 | |
6a. Other Debtors / Ongoing litigations | 72 | |
7. Cash and cash equivalent | 73 | |
7a. Restricted Cash Deposits | 73 | |
8. Trade and other payables | 73 | |
8a. Contractual assets/liabilities | 73 | |
9. Borrowings | 74 | |
9a. Liabilities from financing Leases (IFRS 16) | 74 | |
10. Change in financial activity | 75 | |
11. Other provisions and non-current liabilities | 76 | |
12. Income and other tax liabilities | 76 | |
13. Share Capital | 77 | |
14. Other Reserves | 77 | |
15. Revaluation Reserves for Financial Assets at fair value | 77 | |
16. Reserves from foreign profits Law 4171/61 | 77 | |
17. Reserves art 48 L.4172/2013 | 78 | |
18. Memorandum accounts - Contingent liabilities | 78 | |
19. Encumbrances - Concessions of Receivables | 78 | |
20. Number of employees | 78 | |
21. Contingent Receivables and Liabilities | 78 | |
22. Transactions with related parties | 79 | |
23. Fair Value measurement | 83 | |
24. Risk Management | 84 | |
25. Important Events during the First Half of 2025 & their Impact on Financial Results | 86 | |
26. Important Post Balance Sheet Date Developments & Events | 88 | 4 |
27. Approval of Financial Statements | 89 |
We hereby certify that the attached Interim Financial Statements, which are an integral part of the semi-annual financial report of article 5 of Law 3556/2007, are those approved by the Board of Directors of "AVAX SA" on 24.09.2025 and have been published by posting them on the internet, at (https://www.avax.gr), as well as on the Athens Stock Exchange web site, where they will remain at the disposal of the investing public for at least ten (10) years from the date of their compilation and disclosure. The Annual Financial Statements of the Group's subsidiaries are also published at https://www.avax.gr.
It is noted that the disclosed condensed financial statements and information resulting from the interim six-month condensed financial statements are intended to provide the reader with a general overview of the Company's and the Group's financial position and results but do not provide a comprehensive view of the financial position, the Company's and the Group's financial performance and cash flows, in accordance with International Financial Reporting Standards.
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