Annual consolidated financial statements for
the year ended December 31
st
, 2021
In accordance with International Financial Reporting Standards («IFRS») as adopted by
the European Union
These financial statements have been translated from the original statutory financial statements that have been prepared in the
Greek language. In the event that differences exist between this translation and the original Greek language financial statements,
the Greek language financial statements will prevail over this document.
Quest Holdings S.A.
S.A. Reg.No. 121763701000
2a Argyroupoleos Street
GR-176 76 Kallithea
Athens - Hellas
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-2-
I. Statement by the Members of the Board of Directors
In accordance with article 4 paragraph 2 of Law 3556/2007 to the best of our knowledge,
A. the enclosed financial statements of Quest Holdings S.A. for the year from 1 January to 31 December 2021 that
have been prepared in accordance with the applicable accounting standards, present in a true manner the assets,
liabilities, equity and results of the Company as well as of the companies included in the consolidated financial
statements taken as a whole and
B. the enclosed Annual Report of the Board of Directors presents in a true manner the development, performance
and financial position of Quest Holdings S.A. as well as of the companies included in the consolidated financial
statements taken as a whole, including the description of the principal risks and uncertainties that they face.
Kallithea, 6 April 2022
The Chairman The C.E.O. The Deputy C.E.O.
Theodore Fessas Apostolos Georgantzis Markos Bitsakos
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-3-
II. Annual Report of the Board of Directors
1. Significant events 4
2. Events after the balance sheet date of issuance 10
3. Performance Review 13
4. Risk factors 15
5. Related party transactions 20
6. Address of the Company 21
7. Outlook 2022 21
8. Corporate Governance Statement 30
9. Non-financial performance review 82
10. Explanatory Report of the Board of Directors (Art. 4 para. 7 and 8 of Law 3556/2007) 108
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-4-
Annual Report of the Board of Directors
This report of the Board of Directors of Quest Holdings SA (The Company) refers to the period from January 1st, 2021 to December
31st of the closed financial year 2021 and includes the actual depiction of the development and performance of the Company’s
and the Group’s activities, objectives, strategy and significant events. Furthermore, the report includes a description of the main
risks and uncertainties, non-financial items, corporate governance statement, significant transactions between the Company and
the Group with their affiliated parties, as well as additional information as required by law.
The report was drafted pursuant to the relevant provisions of Law 4548/2018, Law 3556/2007 and Decision 8/754 of the Board of
directors of the Hellenic Capital Market Commission dated April 14th, 2016. The consolidated and standalone Financial Statements
have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union
(EU).
The closed financial year is the thirty-fifth in a row and covers the period from January 1st, 2021 to December 31st, 2021.
The Group “Quest Holdings SA”, besides the Company, includes the subsidiaries, which the Company directly or indirectly controls.
The financial statements (consolidated and corporate), the auditor's report and the management report of the Company's Board of
Directors are posted at the following web address: https://www.quest.gr/en/investor-relations/Quest-financial-statements
The financial statements and audit reports of the Certified Auditors-Accountants, of the Group companies that are consolidated
and not listed (according to Decision 8/754/14.04.2016 of the Board of Directors of the Hellenic Capital Market Commission) are
posted at the following web address:
https://www.quest.gr/en/Investor-Relations/subsidiaries-financial-statements
During this financial year, the Company’s activities complied with the applicable legislation and its objectives as defined by its
articles of association.
The Board of Directors, in an attempt to review the Company’s operations, as well as the Company’s and its subsidiaries’ data (The
Group), informs you about the following:
1. Significant events
During the closed financial year and until the preparation of this Report, the following significant events took place:
Submission of a rehabilitation agreement for the company "G.E. Dimitriou SA"
The company having its seat in the Municipality of Kallithea, at 2A Argyroupoleos st., with General Electronic Commercial Registry
No. 121763701000 (the "Company"), following its earlier announcement on a relevant question raised by the Hellenic Capital Market
Commission (letter bearing reference no. 1526/21.7.2020) and in the light of the smooth operation of the market and the information
of investors, announced the co-signing of the rehabilitation agreement for "G.E. Dimitriou SA" and its intention to participate in its
share capital under the precondition, inter alia, of the prior ratification of the rehabilitation agreement between the company under
the name "G.E. Dimitriou SA" and its creditors by the competent Court.
On March 30, 2021, following the completion of the negotiation process between the company "G.E. Dimitriou SA" and its creditors,
a rehabilitation agreement was signed according to article 31 et seq. of law 4738/2020 (the "Agreement"), and was cosigned by
"Quest Holdings Société Anonyme" as investor. The Agreement was submitted on March 31, 2021 by the company "G.E. Dimitriou
SA" pursuant to a relevant application filed before the Multi-Member Court of First Instance of Athens requesting its ratification for
the restructure of the obligations of "G.E. Dimitriou SA" towards its creditors and the rehabilitation of "G.E. Dimitriou SA", in order
to become viable and continue its activity and operation.
In particular, the Agreement concerned the settlement and restructuring of the debts of "G.E. Dimitriou SA ", which on 31/12/2020
amounted to 48,837,414.17 euros, by virtue of the more specific terms and agreements that were included therein. Said debts, in
case the Agreement was ratified, would be limited to an amount up to 18,400,000 euros. The Agreement also provided that, in case
it was ratified by the competent Court and the other terms and conditions contained therein were met, within three (3) months upon
the issuance of the relevant court decision ratifying the Agreement, an Extraordinary General Meeting of the shareholders of "G.E.
Dimitriou SA" would be convened, in order for "Quest Holdings Société Anonyme" to enter as majority shareholder for the share
capital of "G.E. Dimitriou SA", following an increase in the share capital of "G.E. Dimitriou SA", amounting to 5,000,000 euros.
Disposal of 25% of TEKA Systems SA
The Company in 2021 sold the percentage of 25% it held in the company "TEKA Systems SA". With a consideration of 5,000
thousand euros. The above transaction resulted in a profit to the Company and the Group of 1,920 thousand euros.
Resolutions of the Ordinary General Meeting
On 18/06/2021, the Ordinary General Meeting of the Shareholders of the Company was held. Thirty-five (35) Shareholders were
present at the General Meeting, representing twenty-nine million thirty-five thousand eight hundred eighty-one (29,035,881)
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-5-
common registered shares with voting rights, i.e., 81.24%, out of a total of thirty-five million seven hundred forty thousand eight
hundred ninety-six (35,740,896) shares of the Company.
The quorum required by the law and the Articles of Association (not taking into account the 54,664 equity shares held by the
Company) was ascertained at the General Meeting and the Meeting resolved on all items of the Agenda, as follows:
Item 1
Submission for approval of the annual financial statements as at December 31, 2020 (Company financial statements and
consolidated financial statements), in accordance with the International Financial Reporting Standards (IFRS), together
with the Report of the Board of Directors and the Auditors’ Report.
The annual financial statements as at 31 December 2020 (Company financial statements and consolidated financial statements) in
accordance with the International Financial Reporting Standards (IFRS), together with the Report of the Board of Directors and the
Auditors’ Report, in accordance with Law 4548/2018, as such is in force were approved unanimously.
In favour: 29,035,881 votes, i.e., 81.24% of the share capital present.
Against: 0 votes.
Abstention: 0 votes.
Item 2
Approval of the overall management of the Board of Directors of the Company during the fiscal year 2020 and release of
the members of the Board of Directors and the Certified Auditors from any liability for compensation for the activities
during the fiscal year 2020.
The overall management of the Board of Directors of the Company during the fiscal year 2020, in accordance with article 108 of
law 4548/2018, and the release of the members of the Board of Directors and the Certified Auditors from any liability for
compensation for the activities during the fiscal year 2020 in accordance with article 117 of law 4548/2018 were approved
unanimously.
In favour: 29,035,881 votes, i.e., 81.24% of the share capital present.
Against: 0 votes.
Abstention: 0 votes.
Item 3
Information from the Chairman of the Audit Committee to the shareholders about the activities of the Audit Committee
during the fiscal year 2020
The Shareholders were informed in accordance with article 44, § 1i of Law 4449/2017, as such is in force, about the Annual Report
of the Audit Committee for the corporate fiscal year 01.01.2020 - 31.12.2020.
Item 4
Approval of remuneration and compensation of the members of the Board of Directors for the fiscal year 2020 and advance
payment of remuneration and compensation for the fiscal year 2021.
The remuneration and compensation paid to the members of the Board of Directors during the corporate fiscal year 2020 were
approved in their entirety, with regard to their participation in meetings of the Board of Directors and in the Committees of the Board
of Directors, in accordance with the specific provisions of article 109 of law 4548/2018 as such is in force.
The maximum amount of advance payments of remuneration and compensation paid to the members of the Board of Directors for
their participation in the Board of Directors and in the Committees of the Board of Directors for the current fiscal year 2021 was
further approved and the Board of Directors was authorized to set out the gross renumeration and compensation paid to each
member of the Board of Directors for his/her participation in the Board of Directors and in the Committees of the Board of Directors.
In favour: 28,966,499 votes, i.e., 81.05% of the share capital present.
Against: 382 votes.
Abstention: 69.000 votes.
Item 5
Submission for discussion and voting by the General Meeting of the Remuneration Report of the members of the Board
of Directors of the Company according to article 112 § 3 of Law 4548/2018.
Upon recommendation of the Remuneration Committee and following audit of the Remuneration Report by the Certified Auditors,
the Remuneration Report of the members of the Board of Directors of the Company for the fiscal year 2020, in accordance with
article 122 § 3 of law 4548/2018, was discussed and approved.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-6-
In favour: 28,966,499 votes, i.e., 81.05% of the share capital present.
Against: 382 votes.
Abstention: 69.000 votes.
Item 6
Approval of the amendment of the remuneration policy for the members of the Board of Directors
Upon recommendation of the Board of Directors and the Remuneration Committee of the Company, the proposed amendment of
the remuneration policy approved by the General Meeting on 25-6-2019 for the members of the Board of Directors was approved,
in accordance with the specific provisions of articles 110 and 111 of Law 4548 / 2018.
Furthermore, the Board of Directors was authorized to manage the remuneration policy, always in accordance with the relevant
recommendations of the Remuneration Committee.
In favour: 29,035,499 votes, i.e., 81.24% of the present share capital.
Against: 382 votes.
Abstention: 0 votes.
Item 7
Election of an auditing company of Certified Auditors - Accountants for the audit of the financial statements and the audit
for the issuance of the tax certificate for the fiscal year 1/1/2021 - 31/12/2021 and determination of its remuneration
The General Meeting approved the election of the société anonyme under the name KPMG Certified Auditors SA in order for it to
carry out the regular audit of the Company financial statements and the consolidated financial statements for the year 1/1/2021-
31/12/2021 and the tax compliance audit for the year 2021.
In favour: 28,814,839 votes, i.e., 80.62% of the present share capital.
Against: 221,042 votes.
Abstention: 0 votes.
Item 8
Approval of the distribution of a part of retained earnings of previous years amounting to 10,705,869.60 euros - Provision
of authorization to the Board of Directors of the Company for the implementation of the resolution
The distribution of a part of retained earnings of previous years was approved unanimously, i.e., the sum of 10,705,869.60 euros
out of a total sum of retained earnings amounting to 13,851,003.11 euros, which (total amount of retained earnings) relates to the
fiscal years until 2019.
Furthermore, the Board of Directors of the Company was authorized to implement the resolution.
In favour: 29,035,881 votes, i.e., 81.24% of the share capital present.
Against: 0 votes.
Abstention: 0 votes.
Item 9
Approval of the suitability policy for the members of the Board of Directors
The suitability policy for the members of the Board of Directors drawn up, in accordance with article 3 of Law 4706/2020, Circular
60/2020 of the Hellenic Capital Market Commission, the Internal Regulations of the Company, the Greek Code of Corporate
Governance and international best practices was unanimously approved.
Furthermore, the Board of Directors was authorised to manage the suitability policy for the members of the Board of Directors,
always in accordance with the relevant recommendations of the Company’s Nomination and Corporate Governance Committee.
In favour: 29,035,881 votes, i.e., 81.24% of the share capital present.
Against: 0 votes.
Abstention: 0 votes.
Item 10
Election of the new Board of Directors and appointment of its Independent members
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-7-
A new 12-member (expansion of the composition of the Board by one member) Board of Directors was elected, upon
recommendation of the Board of Directors and taking into account the recommendation of the Company’s Nomination and
Corporate Governance Committee, with a three-year term and, in any case, until the Ordinary General Meeting of the year 2024
with the following members, taking into consideration the provisions of Law 4548/2018, Law 4706/2020, Circular 60/2020 of the
Hellenic Capital Market Commission, the Company's Articles of Association, the Company's Internal Rules of Procedure, the Greek
Code of Corporate Governance and the Suitability Policy for the Company's Board members:
1. Theodoros Fessas, son of Dimitrios
2. Eftychia Koutsoureli, daughter of Sofoklis
3. Apostolos Georgantzis, son of Miltiadis
4. Markos Bitsakos, son of Grigorios
5. Maria Damanaki, daughter of Theodoros
6. Nikolaos Karamouzis son of Vassilios
7. Nikolaos Socrates Lambroukos, son of Dimitrios
8. Apostolos Tamvakakis, son of Stavros
9. Pantelis Tzortzakis, son of Michail
10. Emil Yiannopoulos, son of Polykarpos
11. Panagiotis Kyriakopoulos, son of Othon
12. Philippa Michali, daughter of Christos
Moreover, upon recommendation of the Board of Directors and taking into account the proposal of the Company’s Nomination and
Corporate Governance Committee the independent non-executive members, who meet the criteria of independence, in accordance
with 9 of Law 4706/2020, were elected from the above members. Such members are as follows:
1. Emil Yiannopoulos - Independent Non-Executive Member
2. Maria Damanaki - Independent Non-Executive Member
3. Nikolaos Karamouzis - Independent Non-Executive Member
4. Panagiotis Kyriakopoulos - Independent Non-Executive Member
5. Philippa Michali - Independent Non-Executive Member
6. Apostolos Tamvakakis - Independent Non-Executive Member
7. Pantelis Tzortzakis - Independent Non-Executive Member.
The Board of Directors will be constituted into a body after the end of the General Assembly.
In favour: 28,966,881 votes, i.e., 81.05% of the share capital present.
Against: 0 votes.
Abstention: 69,000 votes.
Item 11
Appointment of the new Audit Committee of the Company
The General Meeting decided, in accordance with the stipulations of article 44 of law 4449/2017 and Circulars No. 1302/28.4.2017
and 1508/17-7-2020 issued by the Hellenic Capital Market Commission that:
a) the Audit Committee be a Committee of the Board of Directors, consisting exclusively of Members of the Board of Directors;
b) the Audit Committee consist of three (3) Independent Non-Executive Members,
c) The term of office of the members of the Committee to be appointed by the Board of Directors in accordance with § 1c of article
44 of Law 4449/2017, as such is in force, follow their term of office as members of the Board of Directors, i.e., be for three years
commencing on the election of the Board of Directors and being extended, ipso jure, until the Ordinary General Meeting to be
convened after the expiration of the Board’s term of office, i.e., until the Ordinary General Meeting that will take place in 2024.
The members of the Committee will be appointed by the Board of Directors, in accordance with article 44, § 1c, of law 4449/2017,
as such is in force, from those members of the Board of Directors who have sufficient knowledge of the field in which the Company
operates and meet the criteria of article 44, of law 4449/2017, as such is in force.
Following the appointment of the members of the Audit Committee by the Board of Directors, the Committee will be constituted
into a body for the appointment of its President and its members.
In favour: 28,814,839 votes, i.e., 80.62% of the share capital present.
Against: 221,042 votes.
Abstention: 0 votes.
Item 12
Granting permission to the members of the Board of Directors and the Executives for carrying out the operations provided
for in § 1 of article 98 of law 4548/2018, as such is in force
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-8-
Permission was unanimously granted to the members of the Board of Directors and the Executives of the Company to carry out the
operations provided for in § 1 of article 98 of law 4548/2018, as such is in force.
In favour: 29,035,881 votes, i.e., 81.24% of the share capital present.
Against: 0 votes.
Abstention: 0 votes.
Item 13
Election of the New Board of Directors – Constitution into a Body & New Audit Committee – Constitution into a Body
The Company’s Board of Directors was constituted into a body as its meeting
held on 18 June 2021 as follows:
1. Theodoros Fessas, son of Dimitrios, Chairman of the Board of Directors, Executive Member
2. Eftychia Koutsoureli, daughter of Sofoklis, Vice Chairwoman of the Board of Directors, Non-Executive Member
3. Pantelis Tzortzakis, son of Michail, Vice Chairman of the Board of Directors, Independent Non-Executive Member
4. Apostolos Georgantzis, son of Miltiadis, Chief Executive Officer, Executive Member
5. Markos Bitsakos, son of Grigorios, Deputy Chief Executive Officer, Executive Member
6. Nikolaos Socrates Lambroukos, son of Dimitrios, Executive Member
7. Emil Yiannopoulos, son of Polykarpos, Independent Non-Executive Member
8. Maria Damanaki, daughter of Theodoros, Independent Non-Executive Member
9. Nikolaos Karamouzis, son of Vassilios, Independent Non-Executive Member
10. Philippa Michali, daughter of Christos, Independent Non-Executive Member
11. Panagiotis Kyriakopoulos, son of Othon, Independent Non-Executive Member
12. Apostolos Tamvakakis, son of Stavros, Independent Non-Executive Member
By virtue of resolution of the Ordinary General Meeting passed on 18-6-2021 it was decided that:
a) the Audit Committee be a Committee of the Board of Directors, consisting exclusively of Members of the Board of
Directors;
b) the Audit Committee consist of three (3) Independent Non-Executive Members,
c) The term of office of the members of the Committee to be appointed by the Board of Directors in accordance with §
1c of article 44 of Law 4449/2017, as such is in force, follow their term of office as members of the Board of Directors,
i.e., be for three years commencing on the election of the Board of Directors and being extended, ipso jure, until the
Ordinary General Meeting to be convened after the expiration of the Board’s term of office, i.e., until the Ordinary
General Meeting that will take place in 2024.
Following the above resolutions of the Ordinary General Meeting, the Board of Directors decided, at its meeting held
on 18-6-2021 that, according to article 44, § 1c, of law 4449/2017 in combination with Circulars No. 1302/28.4.2017
and 1508/17-7-2020 of the Hellenic Capital Market Commission, the Audit Committee, according to the
recommendation of the Company’s Nomination and Corporate Governance Committee passed on 21-5-2021, will
consist of the following Independent Non-Executive Members of the Board of Directors:
1. Emil Yiannopoulos, Independent Non-Executive Member
2. Panagiotis Kyriakopoulos, Independent Non-Executive Member
3. Apostolos Tamvakakis, Independent Non-Executive Member
The above members of the Board of Directors, according to the above recommendation of the Company’s
Nomination and Corporate Governance Committee, all have, as members of the Audit Committee, sufficient
knowledge of the field in which the Company operates. Moreover, at least one member of the Audit Committee, Mr.
Emil Yiannopoulos, has sufficient knowledge and experience in auditing or accounting and will be required to attend
the meetings of the Audit Committee regarding the approval of the financial statements. Therefore, the Audit
Committee with this composition can implement the competencies and obligations set out in § 3 of article 44 of Law
4449/2017.
The Audit Committee of the Company at its meeting dated June 18, 2021 elected Mr. Emil Yiannopoulos, son of
Polykarpos as its President and was constituted into a body as follows:
1. Emil Yiannopoulos, son of Polykarpos, President of the Audit Committee - Independent Non-Executive
Member of the BoD
2. Panagiotis Kyriakopoulos, son of Othon, Member of the Audit Committee, Independent Non-Executive
Member of the BoD
3. Apostolos Tamvakakis, son of Stavros, Member of the Audit Committee, Independent Non-Executive
Member of the BoD
The CVs of the above members of the Board of Directors and the Audit Committee have been posted on the
Company's website (www.quest.gr).
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-9-
Distribution of retained earnings of previous fiscal years
The Ordinary General Meeting of June 18, 2021 had decided to distribute retained earnings of previous fiscal years amounting to
€ 0.30 per share (gross amount), € 0.285 (Net amount after 5% tax withholding) excluding 54.664 treasury shares held by the
Company, from the profits of previous years.
As of Wednesday, June 23,2021, the Company’s shares would be traded on the Athens Stock Exchange without entitlement to the
above distribution (ex-dividend date). Entitled to receive the dividend were all shareholders recorded in the register of the
Dematerialized Securities System (DSS), administered by the ‘’Hellenic Central Securities Depository S.A.’’, as of Thursday, June
24, 2021 (record date).
The dividend payment date had been set for Monday, June 28, 2021, through the payor bank, ‘’Alpha Bank’’.
Participation in the company ‘’Intelli Solutions’’
On October 1
st
, 2021, the Company acquired 60% of the share capital of Intelli Solutions S.A. through its 100% subsidiary Uni
Systems S.M.S.A.
According to the terms of the agreement, Uni Systems acquired 55.2% through the purchase and sale of shares from the old
shareholders and then 4.8% through its participation in a decided share capital increase of Intelli Solutions. Thus, Uni Systems
acquired in total the 60% of Intelli Solutions S.A. share capital.
The total transaction price, for the acquisition of the percentage of 60% of the Intelli Solutions S.A., amounted to €3.800.000; the
total investment had been estimated to reach the amount of €5.200.000 during the next two years, due to provisions for extra
reimbursement of the old shareholders.
Intelli Solutions S.A. is a highly successful innovative software services company, with a more than 15 years successful history in
the market, and a footprint on both Greece and SE Europe. It specializes in digital transformation services, emphasizing on
Customer Engagement, Customer Onboarding and Retention and Revenue Assurance. The company has a broad clientele in
Telecom, Banking and Insurance sectors, Utilities and Online Betting.
Agreement for the exercise of the call option right of the participation of Quest Holdings S.A. in the subsidiary Cardlink
S.A.
On September 23, 2021, an agreement was signed with the company “Edgepay Holdings Limited” for the sale of 20% of the share
capital of the subsidiary “Cardlink S.A., pursuant to the shareholders’ agreement of January 23, 2015, with a total consideration of
€1,368 thousand.
Following the above transaction, the company “Quest Holdings S.A.” held 65% of the share capital of the subsidiary “Cardlink S.A.”
and the company “ Edgepay Holdings Limited “ 35% of the share capital of the above subsidiary.
Completion of the sale transaction of Quest Holdings’ participation in Cardlink to Worldline
At 30/09/2021, the company announced it had completed the sale transaction of its stake in Cardlink, to Worldline Group. The
consideration Quest Holdings received, amounted to circa €93m in cash, which resulted to a circa €85 capital gains (including all
transaction related costs) on invested equity over a period of less than 7 years.
Distribution of interim dividend
According to the decision made by its Board of Directors on November 24, 2021, the company decided to distribute an interim
dividend amounting to €1.25 per share (gross amount), € 1,1875 (net amount after 5% tax withholding), excluding treasury shares
that shall be held by the company. As of Tuesday 1
st
February 2022, the Company’s shares would be traded at the Athens Stock
Exchange without the right of the above distribution (ex-dividend date). Entitled to receive the interim dividend would be all the
shareholders recorded in the register of the Dematerialized Securities System (DSS) administered by the “Hellenic Central
Securities Depository S.A.”, as of Wednesday, February 2, 2022(record date). The interim dividend payment date had been set for
Monday, February 7, 2022, through the payor bank, ‘’ Alpha Bank”.
Sale of fractional shares that resulted from shares reverse split
On 19/07/2021 the process of intention sale of the 3.531 common shares of the company that occurred as fractional shares was
completed, through a reverse split of the old shares (4:1) and the decrease of the total number of outstanding shares of the company
from 47.849.772 to 11.962.443 common shares, pursuant to decision K2-7063-27/11/2013 of the Ministry of Growth and
Competitiveness.
The final gross product of the intention sale amounted to €48.220,99 which corresponds to €13,66 per share.
Holding the right to the intention sale were the shareholders, individuals possessing fractional shares, who were registered on as
of 16/12/2013 for the above corporate action (Record Date).
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-10-
The performance of the product of intention sale to the rightful shareholders, according to the amount which corresponds to them,
took place at the 30/07/2021 from the payor bank, “Alpha Bank”
2. Significant events after the date of preparation of the financial statements
Acquisition of Photovoltaic stations
Through the 100% indirect subsidiaries, WIND PARK BIOTIAS AMALIA and WIND PARK BIOTIAS MEGALO PLAI, the company
completed, on the 14
th
of January 2022, the acquisition of photovoltaic stations of electrical power production of total power 2MW,
which have been installed within the state of Attiki, for the total amount of €1.56m, including borrowings. With the above acquisition,
the total installed power of energy production stations for Quest Group’s energy branch, amounts to 30MW.
Decisions Taken by the Company’s Extraordinary General Assembly
Item 1: Stock split with a ratio of three (3) new to replace one (1) old share while at the same time – for number rounding purposes-
reduction of the share capital of the Company by three hundred fifty seven thousand and four hundred and eight euros and 96 cents
(€357.408,96), through a reduction in the nominal value of each share from 0.443333333 to 0.44 euros and according to article 31,
paragraph 2 of number 4548/2018, equal to the amount of deduction from the share capital - Alteration of article 5 of the Company’s
mission statement concerning share capital – Provision of the necessary authorization towards the Company’s board of Directors
for the implementation of the specific decisions taken.
After legal voting process, the General Assembly with 28.781.467 valid votes corresponding to at a percentage of 80,53% of the
registered share capital after voting rights, with valid votes representing shareholders, approved the proposed stock spilt with ratio
of three (3) new to replace one (1) old share with- for number rounding purposes- reduction of the share capital of the Company by
three hundred fifty seven thousand and four hundred and eight euros and 96 cents (€357.408,96), through a reduction in name
value of each share from 0,443333333 to 0,44 euros and according to article 31, paragraph 2 of number 4548/2018, equal to the
amount of deduction from the share capital. Thus, it approved the proposed alteration of article 5 of the Company’s mission
statement and especially paragraph 12 included in the specific document, which concerns share capital and provides authorization
to the Board of Directors of the Company, for the implementation of the specific decisions taken.
In Favor: 28.781.467 votes, 80,53% of existing share capital.
Against: 0 votes.
Αbstained: 0 votes.
Admission of bonus shares, resulting from the split of Company's shares
The Extraordinary General Meeting of the Company's shareholders, held on 28.02.2022, decided inter alia the reduction of the
nominal share value from Euros 1,33 to Euros 0,44 Euro and the simultaneous increase of the total number of shares from
35.740.896 to 107.222.688 common registered voting shares (split).
The 71.481.792 new shares shall be distributed free‐of‐charge to the shareholders of the Company in ratio of 3 new common
registered shares for each 1 old common registered share. Following the above corporate change, the share capital of the
Company amounts to Euros 47.177.982,72, divided into 107.222.688 common registered voting shares with a nominal value of
Euro 0,44 each. At the same time, a special purpose reserve was formed, according to art. 31 par. 2 of Law 4548/2018
amounting to Euro 357.408,96 for the purpose of rounding off the new nominal value of the share.
On 04.03.2022, decision No. 2807832/04.03.2022 of the Companies Directorate, Supervising Department of Listed and Sports
Joint‐Stock Companies of the Ministry of Economy and Development, by which the amendment of Article 5 of the Company
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-11-
Statute was approved, was registered with the General Commercial Registry (GCR) under Reg. No. 2589584/04.03.2022. The
Corporate Actions Committee of the Athens Stock Exchange at its meeting on 11.03.2022 approved the admission to trading of
the new shares of the Company resulting from the above.
By decision of the Company, the following are set:
(a) as “ex‐date” of the right to participate in the shares split is set 16.03.2022. From the same date, the shares of the Company
shall be traded on the Athens Stock Exchange at the new nominal value, i.e. Euro 0.44 per share, without the right to participate
in the bonus shares distribution, and the starting price of the Company's shares on the Athens Stock Exchange shall be formed in
accordance with the Athens Stock Exchange Regulation in conjunction with Decision No. 26 of the Board of Directors of the
Athens Stock Exchange, as in force, and
(b) beneficiaries to the abovementioned corporate action shall be the shareholders of the Company, registered in the
Dematerialized Securities System (DSS) records on 17.03.2022.
As commencement date of the trading of the new shares on the Athens Stock Exchange is set 21.03.2022. From the same date,
the abovementioned shares shall be credited to the shares and securities accounts of the shareholders in the DSS.
Military Conflict in Ukraine
The recent military conflict between Russia and Ukraine, is expected to have a negative impact in worldwide economic activity,
considering that Europe imports approximately 40% of natural gas and 25% of oil from Russia and is therefore likely to face new
price increases. Furthermore, Russia is the largest supplier of wheat worldwide, and along with Ukraine represent approximately
25% of total global exports. The relative impact highly depends on how the invasion develops. This entails whether the Russian
troops will intensify the operation in the Ukrainian capital, Kyiv. Further, if the conflict lasts month or the whole of 2022, the total
amount of Western sanctions that are imposed, as well as the extent to which Russia will react by withholding of crucial supplies of
natural gas from Europe or by unleashing malicious cyberattacks.
As was made clear with the pandemic, small pauses (in economic activity) in one place may cause turbulence in other distant
places. Shortages and price increases – whether involving natural gas, wheat, aluminium or nickel – may cause an avalanche in a
world that is still recovering from the pandemic. This entails that the invasion could have has double impact – slowing of economic
activity and increased of prices. The significant sanctions that damage Russia fiercely and extensively have the potential to cause
noteworthy damage to Europe.
The Group is active in the European Union and in areas of activity that are not directly and geographically linked with the events
taking place. However, it is estimated that there will be a negative effect to the degree that the conflict but also the sanctions
imposed by the West to Russia will last for a considerable amount of time. As mentioned before, there is no area of operation for
the Group in the involved countries and is therefore not feasible to estimate the impact on the Groups financial results.
In accordance with the developments, the most significant effects in the global economy may only appear in the long-term.
Publishing of decision regarding the rehabilitation agreement of “G.E.Dimitriou S.A.”
Published on the 1
st
of March 2022, and released to the press on March 15
th
, 22, the 146/2022 decision of the Court of Athens
regarding the application for the rehabilitation agreement of G.E.D., on the basis of which the application was accepted.
Following that, the deadline for the exercise of the judicial proceedings is expected to elapse, in order for an extraordinary
General Assembly of “G.E.Dimitriou S.A.”’s shareholders to take place, in order for “ Quest Holdings S.A.” to proceed as the
majority shareholder in the share capital of “G.E.Dimitriou S.A.”, after an increase in the share capital of “G.E.Dimitriou S.A,
amounting to 5.000.000 Euro.
No additional significant events took place after the date of publication of the financial statements.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-12-
3. Development of business activity
Company financial infomation
The results of the fiscal year are as follows:
The Company's revenues, mainly from administrative services, dividends and rents, amounted to € 13.2 million
compared to € 15 million in the previous year, out of which a sum equal to € 11.4 million (2020: € 13.3 million). million)
relates to dividend income.
Earnings before Taxes, Interest, Depreciation and Investment activities amounted to € 11.2 million compared
to € 13.4 million in the previous year.
Profits before taxes amounted to € 150.4 million compared to € 13.1 million in 2020.
The large increase in the Company's profitability in 2021 is due to the sale of its share in Cardlink to the Worldline
Group. The Company received € 93 million in cash while at Company level a profit of € 85.2 million was obtained
(Note 46 - Sale of subsidiary).
In addition based on the investment valuations using the Discounted Cash Flow (DCF) method, significantly higher
values emerged in the subsidiaries "Info Quest Technologies SMSA" and "Uni Systems SMSA " in relation to their
net values that were reflected in the Company's assets as a result of their strong financial performance. Therefore,
the Company reversed the impairment provisions it had made in previous years for the above 2 subsidiaries as
follows:
The above reversal resulted in a profit in the Company’s item “profit before taxes” amounting to euro 52,411
thousand.
Last, in 2021, the Company proceeded to the sale of its 25% share in the company "TEKA Systems SA". against a
price of € 5 million. The above transaction resulted in a profit of € 1.9 million for the Company.
The results after taxes amounted to profits of € 150.4 million, against losses of € 1.9 million.
Profits after taxes of the previous year were affected by the extraordinary tax burden of 11,069 thousand euros
according to Law 4646/2019 due to capitalization of reserves formed by specially taxed profits, pursuant to Law
2238/1994 of the share premium reserve and part of the fully taxed reserve in accordance with the provisions of Law
2579/98, with an increase in the nominal value of the shares from EUR 0.04 to EUR 5.93 per share and a reduction
of the share capital with reduction of the nominal value of shares by euros 4.60 to offset accumulated losses.
Investments in subsidiaries amounted to € 108.9 million recording an increase of € 43.8 million compared to the
previous year (Note 11 - Investments in subsidiaries) mainly due to the reversal of impairment of previous years of
the subsidiaries Unisystems SMSA and Info Quest Technologies SMSA.
Company %
Acquisition
cost
Accumulated
provisions for
impairment
Net book
value
Reversal of
impairment
provisions
2021 Net
Book Value
Info Quest Techologies S.A. 100% 25.375 13.431 11.944 13.431 25.375
Uni Systems S.A. 100% 60.432 38.980 21.452 38.980 60.432
Total 85.807 52.411 33.396 52.411 85.807
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-13-
There is a Bank loans to the Company at the end of the fiscal year amounting to € 11.9 million compared to a € 12
million borrowing at the end of the previous year.
Total equity of the Company amounting to € 204.4 million changed compared to 2020 (€ 65.5 million) due to the
results of the current fiscal year but also due to the cash distributions that took place within 2021, such as the
distribution of retained earnings of previous profits amounting to € 10.7 million.
Group financial information
Regarding the total (Continued and discontinued) activities of the Group, the results of the fiscal year are as follows:
The consolidated Sales of the Group amounted to € 947.9 million against € 721.4 million in the previous year,
increased by 31.4%. The increase in sales comes mainly from the commercial companies of the Group.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 75.6
million compared to € 59.9 million in the previous year, increased by 26.2%. This increase comes from all the
companies of the Group.
Consolidated earnings before taxes amounted to € 136.1 million compared to € 35.2 million in the year 2020
increased by 287% mainly due to the sale of the share in the company Cardlink to the Worldline Group. At Group
level, a profit of € 78.1 million arose (Note 46 - Sale of subsidiary).
Profit after taxes and before non-controlling interests (minority interests) amounted to € 125.9 million compared
to € 16.2 million in 2020. Profits after taxes and before non-controlling interests of the previous year (2020) are
negatively affected due to the events mentioned in the tax burden of the Company in the current and the previous
fiscal year.
Consolidated earnings after taxes and after non-controlling interests (minority interests) amounted to € 125
million compared to € 15.8 million in 2020.
The Group's Net Cash (Cash less loans) amount to € 84.9 million, compared to € 10.3 million in the previous year
increased by € 74.3 million due to the proceeds from the sale price of 65% of the subsidiary Cardlink SA.
Alternative Performance Measures (APMs)
The Group uses Alternative Performance Measures (APMs) to better evaluate its financial performance. The figure of
"Earnings before taxes, financial, investment results and total depreciation (EBITDA)" presented in the financial
statements, which is analyzed below. The above figure should be examined into account in conjunction with the
financial results prepared in accordance with IFRS and in no way replaces them.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-14-
Financial results of 2021 for the Group's main subsidiaries:
The Company's sales are classified in the income statement in the item "Other operating income"
The "Other" refers to the other subsidiaries of the Group, intra-group elimination and consolidation adjustments.
The main figures of the financial results of 2021 per Group segment and their change from the comparative period of
the previous year are presented in the following table:
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Earnings before tax 51.337 84.809 136.146 32.166 3.056 35.222
Plus:
Depreciation and Amortization - (Note 7, 9, 10, 26 &
41)
9.566 4.394 13.960 9.391 8.203 17.594
Financial results (5.326) (333) (5.659) (5.192) (623) (5.815)
Other gain / (loss) 2.171 78.033 80.203 (1.083) (64) (1.147)
Share of profit/ (loss) of associates - - - (79) - (79)
Earnings before tax, financial results, investing
results and depreciation / amortization (EBITDA)
64.059 11.503 75.562 47.912 11.946 59.858
31/12/2021 31/12/2020
Earnings before tax
150.386 13.115
Plus:
Depreciation and Amortization - (Note 7, 9, 10, 26 &
41)
124 127
Financial results (339) (156)
Other gain / (loss) 139.645 (3)
Earnings before tax, financial results, investing
results and depreciation / amortization (EBITDA)
11.204 13.401
COMPANY
31/12/2021
31/12/2020
GROUP
Quest
Holdings S.A.
Info-Quest
Technologies
S.M.S.A.
Foqus S.M.S.A.
Clima Quest
S.M.S.A.
Unisystems
(group)
QuestOnLine
S.A.
iSquare S.A. iStorm ACS S.A.
Quest Energy
(group)
Others
Continued
operations
Discontinued
operations
Quest Group
2021 13.168 334.858 11.919 5.166 154.253 37.218 250.663 51.037 137.362 9.255 -88.965 915.934 31.948
947.882
2020 15.042 235.415 0 0 134.150 29.279 173.780 34.713 127.404 9.438 -72.216 687.007 34.352
721.359
2021 Vs 2020
(%)
-12,5% 42,2% - - 15,0% 27,1% 44,2% 47,0% 7,8% -1,9% 23,2% 33,3% - 7,0%
31,4%
2021 11.203 9.971 492 296 12.510 996 7.277 3.850 21.339 7.398 -11.275 64.058 11.503
75.561
2020 13.401 6.166 0 0 8.176 1.134 5.640 2.681 16.812 6.721 -12.818 47.912 11.946
59.858
2021 Vs 2020
(%)
-16,4% 61,7% - - 53,0% -12,1% 29,0% 43,6% 26,9% 10,1% -12,0% 33,7% -3,7% 26,2%
2021 150.386 7.107 364 248 10.072 632 7.000 2.849 18.648 3.891 -149.859 51.337 84.809
136.146
2020 13.114 3.710 0 0 4.527 805 5.162 854 13.784 3.157 -12.947 32.166 3.056
35.222
2021 Vs 2020
(%)
1046,7% 91,5% - - 122,5% -21,5% 35,6% 233,5% 35,3% 23,3% 1057,4% 59,6% 2675,4%
286,5%
2021 150.413 5.333 274 187 8.327 555 5.455 2.465 16.106 3.577 -149.901 42.790 83.144
125.935
2020 -7.576 1.730 0 0 891 377 3.499 598 9.709 1.652 2.740 13.621 2.553
16.173
2021 Vs 2020
(%)
-2085,4% 208,2% - - 834,6% 47,1% 55,9% 312,3% 65,9% 116,6% -5570,5% 214,2% 3157,1%
678,7%
Sales
EBITDA
Profit/ (Loss)
before income
tax
Profit/ (Loss)
after tax
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-15-
Financial results of 2021 for the Group's operating segment:
The Company is presented under Unallocated activities.
12M 2021 (€ x 1.000)
Commercial
Activities
IT Services Courier Services Renewable Energy Unallocated
Continued
operations
Discontinued
operations
Total
Gross sales
691.438 154.859 137.566 9.255 510 993.628 31.948 1.025.576
Inter-company sales
(72.944) (1.868) (2.462) (312) (107) (77.694) - (77.694)
Net Sales
618.494 152.990 135.104 8.943 403 915.934 31.948 947.882
EBITDA*
22.894 12.504 21.360 7.398 (98) 64.058 11.503 75.561
% Sales 3,7% 8,2% 15,8% 82,7% -24% 7,0% 36,0% 8,0%
Earnings Before Tax (EBT)
18.139 10.048 18.669 3.891 591 51.337 84.809 136.146
% Sales 2,9% 6,6% 13,8% 44% 147% 6% 265,5% 14,4%
Earnings After Tax (EAT)
14.208 8.302 16.121 3.577 582 42.790 83.144 125.934
Earnings After Tax & NCI (EAT & NCI)
125.085
12M 2020 (€ x 1.000)
Commercial
Activities
IT Services Courier Services Renewable Energy Unallocated
Continued
operations
Discontinued
operations
Total
Gross sales
473.190 134.150 127.608 9.438 492 744.879 34.352 779.231
Inter-company sales
(53.236) (1.781) (1.682) (472) (702) (57.872) - (57.872)
Net Sales
419.955 132.370 125.927 8.965 (210) 687.007 34.352 721.359
EBITDA*
15.579 8.176 16.825 6.721 611 47.912 11.946 59.858
% Sales 3,7% 6,2% 13,4% 75,0% -291% 7,0% 34,8% 8,3%
Earnings Before Tax (EBT)
10.441 4.527 13.718 3.157 323 32.166 3.056 35.222
% Sales 2,5% 3,4% 10,9% 35,2% -154% 4,7% 8,9% 4,9%
Earnings After Tax (EAT)
8.059 2.884 11.561 1.999 (10.882) 13.621 2.553 16.173
Earnings After Tax & NCI (EAT & NCI)
15.790
% 2021 /2020
Commercial
Activities
IT Services Courier Services Renewable Energy Unallocated
Continued
operations
Discontinued
operations
Total
Sales
47,3% 15,6% 7,3% -0,2% 292,1% 33,3% -7,0% 31,4%
EBITDA*
47,0% 52,9% 27,0% 10,1% -116,1% 33,7% -4% 26,2%
Earnings Before Tax (EBT)
73,7% 122,0% 36,1% 23,3% 82,7% 59,6% - 286,5%
Earnings After Tax (EAT)
76,3% 187,9% 39,5% 78,9% 105,3% 214,2% - 678,6%
Earnings After Tax & NCI (EAT & NCI)
692,2%
delta in '000€ 2021 /2020
Commercial
Activities
IT Services Courier Services Renewable Energy Unallocated
Continued
operations
Discontinued
operations
Total
Sales
198.539 20.621 9.177 (22) 613 228.928 (2.404) 226.523
EBITDA*
7.315 4.329 4.535 678 (710) 16.146 (443) 15.703
Earnings Before Tax (EBT)
7.698 5.521 4.951 734 267 19.171 81.753 100.925
Earnings After Tax (EAT)
6.149 5.418 4.561 1.578 11.464 29.170 80.592 109.760
Earnings After Tax & NCI (EAT & NCI)
109.295
* EBITDA : Earnigs before tax, financial and investing results and depreciation / amortization
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-16-
The key indicators that reflect the financial structure, performance and management policy of the
Group are as follows:
4. Risk factors
The Group is exposed to financial risks, such as market risks (changes in exchange rates, interest rates, market prices), credit risk
and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to
minimize their potential negative impact on the Group's financial performance.
Risk management is carried out by the finance department of the Group, which operates according to specific rules approved by
the Board of Directors. The Board of Directors provides instructions and guidelines for general risk management, as well as specific
instructions for the management of specific risks, such as foreign currency risk, interest rate risk and credit risk.
(a) Foreign currency risk
The Group operates in Europe and, therefore, most of the Group's transactions are conducted in Euro. However, part of the Group's
purchases of goods is made in US Dollars. The quick payment of these suppliers significantly reduces the foreign currency risk.
The Group, on an ad-hoc basis, pre-purchases foreign currency and does not enter into currency future contracts with external
counterparties.
31/12/2021 31/12/2020
Current assets 401.379 68,34% 297.545 59,92%
Total assets 587.295 496.542
Equity 258.899 78,84% 147.077 42,09%
Total liabilities 328.396 349.465
Equity 258.899 285,21% 147.077 176,77%
Property, plant and equipment 90.776 83.201
Current assets 401.379 173,52% 297.545 123,91%
Current liabilities 231.315 240.129
31/12/2021 31/12/2020
Profit/ (Loss) after tax for the year 125.934 13,29% 41.116 5,70%
Sales 947.882 721.359
Profit/ (Loss) before income tax 136.146 52,59% 35.222 23,95%
Equity 258.899 147.077
Gross profit 149.406 15,76% 115.782 16,05%
Sales 947.882 721.359
Sales 947.882 366,12% 721.359 490,47%
Equity 258.899 147.077
Trade receivables 117.542 109.006
Sales 947.882 721.359
Trade receivables 117.542 35,79% 109.006 31,19%
Total liabilities 328.396 349.465
Financial Structure
Performance
Days
Credit Indicators
Χ360
45
Days
Χ360
54
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-17-
(b) Credit risk
The Group has established and implements credit control procedures in order to minimize doubtful debts and to recover the
receivables as soon as possible. The commercial risk to the Group as a whole is relatively small, because sales are dispersed to a
large number of customers. Wholesale sales are made mainly to customers with a positively evaluated credit history. The Credit
Control Department of each company of the Group sets credit limits per customer and applies specific terms of sales and receipts.
Where possible, physical and other collateral is required. Credit risk is expected to increase as the spread of coronavirus (COVID-
19) has led the world economy into a period of uncertainty and instability, the consequences of which are difficult to assess as the
economic impact will depend on duration, the intensity and degree of spread or attenuation of the disease in Greece and worldwide.
The break-down of short-term bank deposits based on the creditworthiness of banking institutions is as follows:
(c) Liquidity risk
Liquidity risk is kept low by having sufficient cash and adequate credit limits with cooperating banks.
(d) Interest rate risk
The Group does not have significant interest-bearing assets, so operating income and cash flows are substantially independent
from changes in interest rates. The Group's borrowings are linked to floating interest rates, which, depending on market conditions,
can either remain floating or be converted into fixed interest rates.
The risk of interest rate fluctuations comes mainly from long-term loans. Floating rate loans expose the Group to cash flow risk.
Fixed rate loans expose the Group to a risk of a change in fair value.
The following table illustrates the effect of the change in the borrowing rates on the Group:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
A
126 - - -
A+
5.110 - - -
A-
1.576 - 39 -
A1
- 27.442 - -
A2
- 632 - -
Aa2
- - - 39
B+
122.793 - 93.274 -
B-
439 - - -
BBB
113 - - -
BBB+
10 - - -
Ba2
- - - -
Baa1
6.147 - - -
Caa1
18.890 61.761 3.219 8.177
Caa2
7.345 6.000 373 25
Caa3
12 746 - -
162.562 96.581 96.905 8.241
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-18-
(e) Capital risk
The goal of the Group in the management of capital is to ensure its ability to continue its activity and maintain the
ideal capital structure, in order to reduce the cost of capital. In order to maintain or adjust the capital structure, the
Group may increase or decrease borrowing, issue or repurchase shares, adjust dividends to shareholders or return
capital to shareholders.
The net borrowings of the Group and the Company as at 31 December 2021 and 2020 were as follows:
(f) Risk of economic environment - Macroeconomic business environment in Greece
The macroeconomic and financial environment in Greece appears stable, however the current health crisis as a result of COVID-
19, the energy crisis and the Russia-Ukraine war escalate uncertainty.
The Management continuously assesses the possible impact of any changes in the macroeconomic and financial environment in
Greece in order to ensure that all necessary measures will be taken in order to minimize as much as possible any potential impact
Amounts in thousand Euro
Increase /
Decrease in basis
points
Effect on profit
before tax
2021
-0,25%
221
-0,50%
441
-0,75%
662
-1,00%
883
0,25%
(221)
0,50%
(441)
0,75%
(662)
1,00%
(883)
2020
-0,25%
191
-0,50%
382
-0,75%
573
-1,00%
764
0,25%
(191)
0,50%
(382)
0,75%
(573)
1,00%
(764)
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Total borrowings (Note 23)
78.469 86.627 11.990 11.977
Lease liabilities (Note 42)
22.673 24.157 414 500
Less : Cash and cash equivalents and restricted cash (163.036) (96.873) (96.905) (8.242)
Net Borrowings
(61.893) 13.911 (84.501) 4.236
Total equity 258.899 147.077 204.442 65.542
Total employed capital 197.006 160.988 119.942 69.779
Leverage ratio -31,42% 8,64% -70,45% 6,07%
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-19-
on the Group's activities. Based on its current assessment, it has concluded that no additional impairment provisions are required
for the Group's financial and non-financial assets as at 31 December 2021.
More specifically, the Group is constantly considering:
• Its ability to repay or refinance its existing borrowing, as on the one hand there is sufficient cash and on the other hand it
is not exposed to significant short-term borrowing.
• The recoverability of trade receivables given the strict credit policy applied and the case-by-case credit security.
• Ensuring the level of sales due to the diversification of its activities.
• The recoverability of the value of tangible and intangible assets, as the Group adjusts these values annually based on
their fair value.
Non-financial risks
In addition to the financial risks, the Group also focuses on non-financial risks related to specific issues, which have been identified
as essential in the context of sustainable development. These issues concern the full compliance with the legislation and the
implementation of corporate governance policies, human resources, the environmental impact of the companies' activity, the supply
chain and the evolution of the companies in the market in which they operate.
The effects on these areas are further analyzed in the Non-Financial Risks section of this report.
(g) Risks to the security of personal data
Companies face risks regarding the security of their systems and infrastructure, which could affect the integrity and security of any
form of information they manage, such as personal data of customers, associates or employees, and confidential corporate
information.
The Company collects, stores and uses data in the normal course of its operations and protects them in accordance with the data
protection legislation.
On 27 April 2016, the European Parliament and the European Council adopted the Data Protection Regulation (EU) (2016/679)
("Data Protection Regulation"). The Data Protection Regulation contains extensive obligations for companies in relation to
procedures and mechanisms for processing personal data and rights of data subjects and in cases of violation allows the
supervisory authorities to impose fines of up to 4% of the annual global turnover of the Group (or Euro 20 million whichever is
greater). The Data Protection Regulation entered into force on 25 May 2018 after a transitional period of two years.
In order to reduce the relevant risks, the Group in 2018 has established the Data Protection Division that develops all necessary
policies and procedures, oversees their implementation, designs new systems and security infrastructure and evaluates their
effectiveness and compliance with the regulatory framework for the protection of personal data.
(h) Determination of fair values
The fair value of financial assets traded in active markets (stock exchanges), such as derivatives, shares, bonds, mutual funds, is
determined based on the published prices valid at the date of preparation of the financial statements.
The fair value of financial assets that are not traded in active markets is determined using valuation techniques and assumptions
based on market data at the date of the financial statements.
The nominal value of trade receivables, less the relevant provision, is estimated to be close to their fair value. The fair values of
financial liabilities for the purpose of their presentation in the financial statements are calculated based on the present value of
future cash flows arising from specific contracts using the current interest rate available to the Group for the use of such financial
instruments.
(i) Impact of the COVID-19 pandemic on financial matters
The coronavirus pandemic (COVID-19), which appeared and spread in Greece, had a negative impact on global economic activity,
but did not adversely affect the Group's business activities. The rapid spread of COVID ‐ 19 in both previous and current fiscal year
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-20-
worldwide has led to the disruption and shutdown of many businesses. The Group is constantly considering the possibility of facing
in the future effects on some of its active markets, from the imposition of quarantine measures, the effects of market downturns and
changes in customer behaviour due to the fear of the pandemic. In addition, customers, distributors, service providers or suppliers
of the Group may face financial difficulties, apply for bankruptcy protection, close down or suffer from business disruption due to
the pandemic.
In addition, as a result of Covid-19, there has been and continues to be an impact on the Group's activities as a result of the global
shortage due to the suspension of production plants in semiconductors, which to some extent affected the availability of several
product categories.
It is therefore estimated that the effects of the pandemic on the operation of Quest Group are manageable, based on the data
available so far, due to the diverse activities of the group.
(j) Impact of the energy crisis
The global energy crisis that has prevailed in Greece and in the global economy for some months, has not had a serious impact on
the financial figures and results of the Group due to the nature of the sectors in which it operates. However, it is estimated that in
the coming months the operating costs of the Group's facilities will increase, while at the same time due to the increase in energy
costs, the disposable income of households and businesses may decrease, which will potentially have an impact on consumption
in some of the products and services provided by the companies of the Group.
In conclusion, to the extent that the energy crisis will not have a very long duration or intensity, it is expected that there will be no
significant impact on the financial results of the Group.
(k) War Conflict in Ukraine
The recent war between Russia and Ukraine is estimated to have a negative impact on the global economic activity as Europe gets
almost 40% of its gas and 25% of its oil from Russia and is likely to face new increases in prices. In addition, Russia is the largest
supplier of wheat in the world and together with Ukraine represent almost 1/4 of total world exports. The impact depends on how
the war develops and how long it lasts.
As it became clear from the pandemic, short breaks (of economic activity) in an area can cause disturbances in places far away.
Individual shortages and price increases — whether gas, wheat, aluminium, or nickel — could cause an avalanche in a world still
struggling to recover from the pandemic. This means that the war could have a double effect - a slowdown in economic activity and
an increase in prices.
The Group operates in the European Union and in industries that are not directly geographically related to the events in Ukraine,
however, it is estimated that there will be a negative impact to the extent that the conflict and sanctions imposed from the Western
nations on Russia will last a long time. As already mentioned, there is no Group activity in the countries involved and it is, thus, not
possible to assess the impact on the Group's financial figures.
Depending on the developments, the most significant effects on the world economy may only be seen in the long run.
5. Related party transactions
The Company purchases goods and services and provides services to various related companies, in the ordinary course of
business. These related companies consisting of subsidiaries, associates and other related companies.
The following transactions were carried out with related parties:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-21-
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
i) Sales of goods and services
Sales of goods to:
4.527 3.276 - -
- Other related parties
4.527 3.276 - -
Sales of services to:
1.489 2.366 1.490 1.499
-Unisystems Group
- - 589 591
-Info Quest Technologies
- - 200 203
-ACS
- - 293 289
-iStorm
- - 19 17
-iSquare
- - 182 183
- Other direct subsidiaries
- - 199 207
- Other related parties
1.489 2.366 7 8
Dividends
- 424 11.429 13.309
-Info Quest Technologies
- - 2.000 -
-ACS
- - 7.029 11.385
-iSquare
- - 2.400 1.500
- Other related parties
- 424 - 424
6.015 6.065 12.919 14.807
ii) Purchases of goods and services
Purchases of goods from:
- 903 - -
- Other related parties
- 903 - -
Purchases of services from:
1.618 2.544 126 157
-Unisystems
- - 7 36
-Info Quest Technologies
- - 39 41
- Other related parties
1.618 2.544 80 80
1.618 3.447 126 157
iii) Benefits to management
Salaries and other short-term employment benefits
6.108 5.871 471 367
6.108 5.871 471 367
COMPANY
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-22-
Transactions with other related parties also include transactions with the associate "BriQ Properties REIC" up to July 31st, 2017
which, although not directly nor indirectly owned by the Company, remains an associate company due to common key shareholders
and significant business relationships, which mainly concern real estate leases.
Following the adoption of IFRS 16, Company’s lease liabilities to related parties are analyzed as follows:
6. Address of the Company
The Company's headquarters are located in Kallithea, Attica, and its offices operate in an office building on 2
A
, Argiroupoleos street.
7. Outlook 2022
2021 Report -2022 Prospects
Quest Group in 2021 continued the positive course of previous years and showed a significant improvement in all its
financial figures. Particularly:
In 2021, on a consolidated basis, revenues amounted to € 948 million, an increase of 31% compared to 2020. Earnings
before interest, taxes, depreciation and investment results amounted to € 75.6 million (higher by 26% compared to
2020). Earnings before taxes (EBT) amounted to € 136.1 million (compared to € 35.2 million in 2020), while earnings
after taxes and non-controlling interests (EAT after NCI) amounted to € 125 million (compared to € 15.8 million in
2020).
In the third quarter of 2021, the sale process of the share in Cardlink SA was completed which brought extraordinary
capital gains of € 85 million to the parent company and € 75.8 million on a consolidated level. The EBT and EAT of
2021 include extraordinary profits of € 2 million, which are mainly related to the sale of the minority participation in the
company TEKA Systems SA during the first half of the year. It is also noted that EAT for 2020 included an extraordinary
tax burden of € 11.1 million due to capitalization of older reserves.
iv) Period end balances from sales-purchases of goods / servises / dividends
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Receivables from related parties:
-Unisystems
- - 110 113
-Info Quest Technologies
- - 2.021 14
-ACS
- - 22 22
-iSquare
- - 19 19
- Other direct subsidiaries
- - 2.270 720
- Other related parties
3.463 3.061 16 16
3.463 3.061 4.457 905
Obligations to related parties:
-Info Quest Technologies
- - 3 3
-ACS
- - 13 13
- Other related parties
138 1.364 5 2
138 1.364 22 19
COMPANY
GROUP
BriQ Properties REIC
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Lease liabilities, opening balance
9.803 11.085 477 548
Lease payments
(5.475) (3.637) (278) (185)
Contract Modifications
2.844 1.485 148 71
Interest expense
1.222 870 61 44
Lease liabilities, ending balance
8.394 9.803 408 477
GROUP
COMPAΝY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-23-
Excluding capital gains from divestments as well as gains from the subsidiary Cardlink – a discontinued activity-, gains
from continuing operations were also positive. In particular, with regard to continuing operations, revenues amounted
to € 916 million, marking an increase of 33% compared to 2020, earnings before interest, taxes, depreciation and
investment results amounted to € 64 million (33.7% higher than in 2020) and earnings before tax (EBT) amounted to
€ 51.3 million (compared to € 32.2 million in 2020 showing an increase of 59.6%).
In addition, Quest Group in 2021 made significant investments that together with the net borrowing undertaken for
them amounted to € 20 million, out of which over € 17 million relate to development investments (Growth Capex &
New Investments).
The revenues mainly from the sale of Cardlink in combination with the efficient management of working capital, mainly
in the Fourth Quarter, and the good organic profitability led - despite the significant growth of sales – to positive figures
in the Group's cash position and net cash available at the end of 2021 amounted to € 84.8 million compared to € 10.2
million at the end of 2020. Last, net cash flows from operating activities amounted to approximately € 8.5 million.
In particular, the course of 2021 and the prospects for 2022 per activity are broken down as follows:
• IT Products (Info Quest Technologies, Quest on Line (you.gr), iSquare, iStorm, QClima, FoQus)
o In 2021 the total revenues amounted to € 618.5 million (increase of 47.3% compared to € 420 million in
2020), EBITDA amounted to € 22.9 million (higher by 47% compared to € 15.6 million before 2020), while
earnings before tax (EBT) amounted to € 18.1 million (higher by 73.7% compared to € 10.4 million in 2020).
o For 2022, revenue growth was initially projected mainly due to market share growth, the development of
new product categories and the development of e-commerce (mainly from April onwards). At the same time,
there are reservations about the impact of energy costs as well as of the developments in Ukraine on
consumption and the economy. As a result, it is not possible to make predictions at this stage regarding the
consequences of the above on the Group's activity.
• It Services (Unisystems Group)
o Revenues in 2021 amounted to € 153 million (increase of 15.6% compared to 2020), EBITDA amounted to €
12.5 million (increased by 53% from 2020) while earnings before taxes (EBT) amounted to € 10 million (122%
higher than in 2020). Earnings before taxes (EBT) of 2020 were negatively affected by € 0.8 million due to
impairment of the company's real estate.
o For 2022, the initial estimates predict a further increase in revenues from both growth in Greece and abroad.
This sector is expected to be strengthened by the acquisition of Intelli Solutions, which is estimated to have an
annual revenue of over € 3.0 million and an operating margin of approximately 30% EBITDA. Regarding the
increased energy costs, the activity of Unisystems is estimated not to be particularly affected at the moment,
however, there is a reservation about the impact of the developments in Ukraine on the economy. As a result, it
is not possible to make predictions at this stage regarding the consequences of the above on the Group's activity.
• Postal Services (ACS Courier)
o In 2021 revenues amounted to € 135.1 million (increase of 7.3% compared to 2020), EBITDA amounted to € 21.4
million (27% higher than 2020) while earnings before taxes (EBT) amounted to € 18.7 million (36% higher than
in 2020). It is noted that a significant part of the increase in profits in 2021 (amount over € 3 million) is due to a
reversal of previous forecasts, while even without extraordinary profits, profitability moved positively compared to
2020 but at lower rates.
o For 2022 the initial estimates predict an increase in revenues coming mainly from courier services (due to the
increase in e-commerce). The courier sector, which contributes more than 93% of the company's revenue, will
show an increase (mainly after the first four months of 2022), while the postal sector will show a decrease due to
the acceleration of de-materialisation of accounts. There are reservations about the impact of energy costs as
well as of the developments in Ukraine on consumption and the economy. As a result, it is not possible to make
predictions at this stage regarding the consequences of the above on the Group's activity.
• Generation of Electricity from Renewable Sources and Other Activities (Quest Energy)
o Revenues in 2021 amounted to € 8.9 million, EBITDA amounted to € 7.4 million (compared to profits of € 6.7
million in 2020) while earnings before taxes (EBT) amounted to € 3,9 million (compared to profits of € 3.2 million
in 2020).
o Continuing its growth, the company, in the beginning of 2022, increased the installed base and now the total
installed capacity of the operating stations reaches 30 MW. For 2022, the gradual implementation of new
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-24-
investments is planned, with the aim for the total power of the projects to exceed 32MW, while a mild growth in
all figures of the company is estimated.
• Electronic Transactions Services (Cardlink) – Discontinued Activity
Following the agreement with Worldline and according to the IFRS, the activity is characterized as
"discontinued" and has ceased to be consolidated in the results of the Group from October 1, 2021. The
figures incorporated in 2021 relate to 9M and were revenues of € 32 million, EBITDA € 11.5 million.
• Total Ongoing Activities
o Revenues for 2021 amounted to € 916 million (increase of 33.3% compared to 2020), EBITDA amounted to € 64
million (increase of 33.7% compared to € 47.9 million in 2020) while Earnings before taxes (EBT) amounted to €
51.3 million (increase of 59.6% compared to € 32.2 million in 2020).
In short, Quest Group in 2021:
o Achieved double-digit sales growth + 33% yoy (€ 916 million) from ongoing activities. It is also noted that it had
an increase in sales in all companies and now has 3 companies with sales over € 150 million.
o There was a significant improvement in profitability from ongoing activities, EBITDA (+ 33.7%) and EBT (+ 59.6%)
coming from almost all companies.
o Successfully implemented the divestment of Cardlink SA (with EV € 155 million) as well as TEKA Systems SA
with significant capital profits amounting to € 77 million and enhancement of liquidity over € 90 million.
o Expanded the portfolio of its subsidiaries & activities with Intelli Solutions, FoQus, Clima Quest & Team Candi.
o Distributed to its shareholders from retained earnings of previous years € 0.30 / share (approximately € 11 million
in cash).
o Implemented significant investments mainly related to the development of the new ACS facilities and the
acquisition of Intelli Solutions amounting to approximately € 20 million.
o Achieved all its subsidiaries to be profitable, all sectors of activity to have a significant contribution to EBT
profitability with five of the subsidiaries presenting EBT over € 4 million.
o Continued and expanded its activities related to the training and development of its personnel and executives
along with their effective goal setting.
Quest Group continues to implement its business plans having as top priority the increase of revenues, the reduction
/ control of operating costs, the reduction of risks with controlled credit exposure and the reduction of credit risk, as
well as the production and gradual improvement of positive operating cash flows.
The key goals and priorities of Quest Group for 2022, taking into account the current conditions, are:
• The continuation of the organic development of the activities and the development of all the areas of activity.
• Ensuring adequate cash flow and maintaining positive operating cash flows.
• The continuation of planned investments to support the further development of its operations in areas that will
have greater growth in the future such as e-commerce.
• The search for further growth through acquisitions.
Regarding the prospects for 2022, and the impact of the pandemic (Covid 19) it is estimated that there will be limited
if not zero impact on the figures of the Group. The initial estimates for 2022 included a positive trend for the figures
from the ongoing activities and in particular the figures of the consolidated sales, the operating EBITDA and the
profitability before taxes in relation to 2021. Nevertheless, there is considerable concern and reservation about the
impact the energy costs and the developments in Ukraine will have on the economy and consumption. The exact
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-25-
course of the measures will depend on the duration and impact of the increased energy costs as well as of the
developments in Ukraine and their impact on consumption and the economy in general.
Taking into account the financial conditions, as well as the prospects of Greece, the main goals of the Group
Management for 2022, per sector of activity / subsidiary are as follows:
Parent Company Quest Holdings
2021 was a year of stability for Quest Holdings which maintained similar organic figures to 2020 and showed significant
goodwill mainly from the sale of Cardlink.
For 2022, the main goal of the parent company is to maintain a simple and efficient operating model with limited
operating costs for the consolidated sizes of the Group, to re-evaluate and improve the structure of the Group, to
maintain as much as possible the organic figures of its subsidiaries to achieve their goals, as well as to implement their
strategic plans and finally to look for new investment opportunities in the same or new sectors with growth prospects
and / or higher profit margins.
2022 is the first year of implementation of the new five-year plan of the Group which forecasts significant growth and
investment in the coming years. It is estimated that more detailed information of this plan will be presented during the
first half of 2022.
Α. Product Trade Sector (Information and Communication Technology) ICT
Info Quest Technologies – Quest on Line
Distribution of Products and IT Solutions
2021 is a milestone year for Info Quest Technologies after completing 40 years of successful course in the Greek
market. The company managed to achieve the goals it had set, facing the unprecedented business challenges and
creating optimistic prospects for the future.
As expected, the COVID-19 pandemic continued to have a significant impact on its operation and activity in 2021.
As a member of a large supply chain that connects more than 200 technology suppliers with the Greek market, the
company, utilizing a specialized, large workforce, continued to set as main goals of this period the health and safety
of its employees and customers and its business continuity.
Employee Health, Safety and Prosperity
Since the beginning of the pandemic, Info Quest Technologies has taken all the necessary hygiene and safety
measures in order to ensure as much as possible the protection of the health of employees and customers and the
continuity of business. It implemented a hybrid work model (teleworking and physical presence) and organized the
systematic checks / rapid test for employees mainly in the Logistics Center / Service where their physical presence
was necessary. At the same time, it continued, utilizing mainly on-line training platforms, the continuous development
of its employees, and also the implementation of programs to strengthen the concept of "belonging", teamwork,
cooperation and employee satisfaction in the new hybrid work environment.
Business Continuity and seamless market support
As in the early days of the pandemic, the digital transformation of businesses and consumers continued and
accelerated significantly as ICT technology emerged as a key pillar enabling the continuation of key operations of
businesses, organizations and individuals. Info Quest Technologies, as a leading company in the field, recognizing
its role and responsibilities, contributed greatly to achieving the optimal use of technology by the entire society.
Proper management of the supply of goods in an extremely unfavourable environment due to the lack of raw
materials, but also the large increase in the cost of maritime transport became particularly important. Respectively,
the optimal management of all financial parameters was of utmost importance, given the new market conditions. To
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-26-
the greatest extent possible, the goal was achieved and the adequacy of products for the market was ensured, giving
the company a competitive advantage. At the same time, new services and Apps were developed for customer
service in the new digital environment, while the company continued its efforts to strengthen its position in the catering
areas, based on its business strategic plan.
At the same time, with the aim of better supporting companies and large organizations in the implementation of their
digital transformation, it proceeded with the acquisition of the company TEAM CANDI, a strategic partner of
Microsoft in the Modern Workplace environment.
During the year the company elaborated and completed the new 5-year business plan 2021 - 2026, identifying the
directions that will lead to its sustainable development in the coming years. At the same time, it continued the
implementation of the significant investment in the new Logistics Centre in Aspropyrgos, Attica, which is expected to
be completed in 2022.
Finally, taking into account the frequency of severe phenomena, as a result of the climate crisis (such as large-scale
summer wildfires), it has redefined and closely monitors the risks associated with climate change which may affect
its operation.
As a result of the aforementioned, in 2021 Info Quest Technologies presented:
- Sales increase by 42% (vs 2020) with the achievement of the budget in all areas of its activity.
- Gross profitability increase by 38% (vs 2020). The EBT amounted to € 7.1 million, showing an increase of
91% compared to 2020.
- The doubtful receivables remained zero and the DSO was improved by 5.3 days (52.9 compared to 58.2 in
2020).
In addition, in the second half of 2021, the company FoQus, the exclusive representative of POCO smartphones,
produced by Xiaomi, started its business. It is noted that in the past the activity was part of Info Quest Technologies,
which continues to have full responsibility for sales. During the first half of its operation, FoQus sales amounted to €
12 million.
More details by field of activity:
- In the IT and Communications products sector, sales increased by 39% compared to the previous year.
Sales in all major product categories were boosted, sales in the domestic electric appliances sector were
boosted, the network of partner resellers was expanded and partnerships were developed in new product
areas, such as power stations. It is worth mentioning the particularly important contribution of the company
in the implementation of the program "Digital Care", for the provision of equipment to students of all levels
of State education to support e-learning, by distributing 51,000 devices (€ 21 million).
- In the field of Mobility, the company presented for another year excellent results, with the main pillar of
growth being Xiaomi products whose sales increased by 63% compared to last year. Xiaomi Smartphones
became the # 1 brand in Retail, with a market share that exceeded 36% in some months, having established
itself among the top two brands in the Greek market, presenting, among other things, a wide range of 5G
devices for all networks. Respectively, the ecosystem of smart interconnected Xiaomi products showed a
large increase in sales with products such as the scooter, the robotic vacuum cleaner and wearables to be
the undisputed stars in the respective categories. Also, an important event for the activity was the opening
of the Xiaomi Store in Nicosia (3 stores in total), a fact that contributes in many ways to the promotion of
the unique ecosystem of Xiaomi interconnected devices (Smartphones & AIoT) to the consumers in Cyprus,
as well as to the 93 Shop in a Shop in partner stores nationwide. At the same time, the infrastructure and a
network of partners were created and the distribution of Segway e-motorcycles began, which are the
company's proposal in the field of electromobility.
- Strategic activity in the Cloud showed a steady rise of 66% YoY with a positive impact from the need for
businesses to have remote access to their core infrastructure, process automation, and infrastructure
security. During the year the company invested significantly in strengthening its know-how and in developing
solutions and services in Microsoft technologies (Modern Workplace, Azure with its emergence as the No.
1 distributor of M365 solutions and the fastest growing overall distributor) and DocuSign. Particularly
important during the year was the smooth integration of the new subsidiary Team Candi, aiming to create
new solutions and services and added value
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-27-
Prospects for 2022
Info Quest Technologies has shown an excellent course in recent years, with continuous growth in all areas of its
focus, transformation of its business model and excellent financial results; it tripled (3x) its turnover in 6 years (2016
€ 108, 6 million -> 2021 € 335 million) and achieved the goals of the business plan for the period 2017-2021
significantly earlier.
In 2022, Info Quest Technologies continues its development in all sectors, aiming to continue being the market leader
in new era of the 4th industrial revolution, the digital transition, and the climate crisis. It starts the implementation of
its new 5-year business plan, prepares to contribute to the optimal utilization of the resources of the Greece 2.0
Program for the digital upgrade of the country, develops new services, continues to pay close attention to
developments, evaluates new opportunities and looks ahead with vision and high goals.
• Continues, having as first priority the health of its employees and customers, to operate with all
appropriate safety and protection measures.
• Continues to transform its business model
• Continues its digital transformation, with investments in Cloud infrastructure, digitization and process
automation, utilization of AI & Big Data Analytics technologies in the decision-making process and
redefinition of monitoring and improvement of key performance indicators (KPIs)
• Proceeds to the completion of the new state-of-the-art Logistics centre, which will allow the
implementation of its business plans.
• Continues its development plan, adding new products and services to its portfolio, seeking to offer even
more options to its customers in all areas of its activity.
• Continues to develop its human resources by strengthening e-learning programs in digital skills, while
enhancing its potential with young talented employees.
• Continues to invest in an advanced and inclusive work environment.
• Invests heavily in innovation and explores new areas of development
• Implements initiatives and develops new services, aimed at reducing the environmental impact of both the
company and its customers
• Continues to contribute, through targeted CSR programs, to the support of groups so that no-one is left
behind in the new digital world.
Of course, it is worth noting that the impact of a possible further deterioration of the COVID pandemic on the market
and negative effects of rising energy costs or any extreme weather phenomena on the economy is still a source of
concern.
Technology products & Cloud solutions
In the field of technology products and services, closely following the technological developments (WiFi 6 & 5G, IoT
& Connected Devices, Big Data / Analytics & AI, Robotics Process Automation, etc.) the Company prepares for the
best market service within its object of works in the important projects of digital transformation of the state but also
of the business market, by strengthening its presence and placing itself in new categories (always connected laptops,
smart devices, new cloud services, home electrical appliances, air conditioning). It will especially focus on the
development of a range of products in the context of the implementation of the model of circular economy
(reconstructed computer systems), energy storage and the transition to a greener daily life. At the same time, it will
continue its investments in the Cloud, mainly strengthening its services in Microsoft Modern Workplace & Azure,
DocuSign and Security technologies, and including new companies in its Portfolio (such as Fortinet, a leading
company in Enterprise Security), which will add further value to the Greek market. In order to strengthen its services,
it will seek to further develop the specialized subsidiary TeamCandi, by designing new solutions and services.
Mobility & Internet of Things
In the field of mobility, it is estimated that Xiaomi will further increase its share of Smartphone sales by focusing on
the availability of new 5G devices at affordable prices. A significant increase is also expected in the sales of POCO
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-28-
Smartphones, through FOQUS. At the same time, the company aims to further strengthen and lead the field of smart
devices and the Internet of Things, introducing new products for smart home, health and wellness and micro-mobility
from the Xiaomi ecosystem. In terms of distribution channels, it will continue to develop online sales channels,
develop the chain of Authorized Xiaomi Stores (4 new stores) and specialized Mi Zones in large retail chains, as well
as expand abroad, mainly in the markets of Cyprus and Malta. At the same time, it expects to further expand its sales
in its new activity in electromobility with a series of specialized products (e-Mobility).
In conclusion, although the pandemic is in progress and the uncertainty in the economy is quite high, the Company's
Management estimates that the continuous monitoring of the developments, the systematic preparation for
integration in new areas and the targeted investments, the gradual implementation of large-scale projects and the
acceleration of the transition to the new digital age, will help the company achieve its goals and create added value
for the entire Greek society.
Quest On Line SMSA
(electronic store www.you.gr)
The Covid-19 pandemic brought about significant changes, among others, in consumer behaviour, accelerating the
faster penetration of e-commerce in the Greek market. The position of the Group in e-commerce with the online store
you.gr, is considered very successful, a fact that was confirmed by the course of the online store in 2021.
Quest OnLine has continued to make significant investments in systems and infrastructure, offering multiple choices
to consumers in a secure, modern and easy-to-use e-shopping environment. At the same time, it expanded the range
of products available in the online store, introduced new services mainly in the direction of customer service, such
as the Loyalty scheme it has developed, personalized communication according to purchasing behaviour
(personalization) and the speed of completion of each transaction. The strengthening of communication was also
particularly important, with the aim of increasing recognizability.
At the same time, the new 5-year business plan 2022 - 2026 of the company was recently completed, where the new
development directions were identified.
As a result, you.gr showed a significant increase in the key performance indicators (KPIs) of the online store and
increased its market share, with greater growth than the overall and online market (GfK data). The company
successfully participated in the "Digital Care" Program, serving 21,000 beneficiaries.
Continuing the growth of the last years and having as constant priorities the health and safety of its employees and
customers and the optimal service of every customer, Quest On Line presented in 2021 an increase of sales + 27%
compared to 2020 and an increase of Gross Profitability by + 22%. The enhanced investment in communication, led
to EBT € 715m, reduced by 14% compared to the previous year.
Prospects for 2022
With continuous investments, always focusing on the "smart customer", Quest Online, in the last 6 years has more
than tripled its turnover (2016 € 11.6 million -> 2021 € 37.2 million), showing a significantly higher growth from market
development.
Given the market conditions, the continuous acceleration of the penetration of e-commerce in our country and having
constantly as priority the health and safety of its employees and customers, the company expects to continue its
growth at the same pace. It will continue to focus on constantly improving the shopping experience of each customer,
investing in new innovative technologies, new ways of approaching consumers (such as social shopping) and new
partnerships, expecting You.gr to establish itself in the preferences of consumers who choose online purchases.
Clima Quest Μ.Α.Ε.
2021 was the first twelve-month fiscal year of Clima Quest, which is the exclusive distributor of Gree, the largest
manufacturer of air conditioning systems in the world, in Greece and the Group's growth axis in the sector. GREE
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-29-
develops and manufactures air conditioning systems, heat pumps, water systems and dehumidifiers, offering
complete and integrated solutions for home, commercial and industrial applications. At the heart of all of Gree's
business are environmental innovation and sustainability, reflected in its commitment to provide the most efficient
and sustainable solutions to meet all cooling and heating needs.
During the year the company was staffed with experienced executives, mainly engineers, while the main focus was
the development of the network of partners, both in terms of the channel of specialized installers and large retailers
serving the consumer market. The turnover of the company in 2021 amounted to € 5.2 million with the gross profit
reaching 24% and EBT amounting to € 239 thousand. The company developed a commercial activity with 135
partners and had a significant market penetration, with its market share in the air conditioners sector reaching 6% in
the market of installers, which constitutes 80% of its sales, a course that is considered particularly satisfactory for
the first year of operation.
Prospects for 2022
Clima Quest will continue its development course, aiming at its further consolidation in the market. Given the
investment in know-how, the emphasis on innovation given by the manufacturer, the wide range of products, the
orientation towards providing more "green" solutions for both the home and the professional market, the company is
preparing to take advantage of all opportunities as well as the state sponsored programs, contributing to a better and
cleaner environment in our country.
ISquare S.Α.
(Apple products)
Prospects for 2022
2021 was another difficult year due to the pandemic, as the market remained closed for much of the first half of the
year, until mid-April. In the second half of the year, there was a significant improvement in the economic and
consumer climate, due to vaccinations, the gradual opening of the market, the opening of tourism and, more
generally, the return to partial normalcy.
ISquare continued its excellent course in 2021 with strong double-digit sales growth in all product categories. There
was strong demand for the iPad & Mac categories that experienced large growth due to teleworking, distance learning
and the initiative “Digital Care”.
In conclusion, 2021 closed with a 44% increase in sales and the company exceeded € 250 million in sales.
For 2022 the company is moderately optimistic that it will be another positive year with further sales growth. Despite
the difficulties and exceptional occurrences, the Company believes that the containment of the Covid pandemic19,
the vaccinated population, the partial return to normalcy and the full opening of the market will help improve the
economic climate and increase consumption. Problems in the supply chain with rising prices and a shortage of basic
raw materials, the ongoing pandemic (albeit at a slower pace), the energy crisis with explosive price increases, and
finally the escalating war in Ukraine remain strong barriers to development that increase uncertainty in Europe and
the rest of the world.
Nevertheless, the company will continue its investment plan as scheduled, which concerns the upgrades of the points
of sale in the retail stores, the training of the sale assistants and the overall upgrade of the Apple experience for the
consumers. In Cyprus, it will continue to expand its network through authorized resellers, thus, strengthening its
presence on the island, which will further enhance ISquare sales in Cyprus. Finally, as every year, Apple's new
innovative products are expected, which will further boost ISquare sales.
In conclusion, regarding ISquare and the Apple ecosystem in general in Greece and Cyprus, we believe that in 2022
the company will have a positive year with further growth of all its figures in terms of sales, strengthening against the
competition, increasing market shares and profitability.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-30-
iStorm S.Α.
(Apple Retail Stores - Apple Premium Reseller)
Prospects for 2022
IStorm SA (www.istorm.gr) has been active in the market since 2010 having as its object of works the development
and operation of store templates exclusively for Apple products (Apple Premium Reseller - APR). IStorm stores offer
the best Apple ecosystem experience, with all Apple products available, as well as a wide variety of peripherals and
accessories, top-of-the-line service and technical support, free seminars and knowledgeable staff. There are
currently ten (10) iStorm stores in operation. There are 7 stores in Greece, out of which four (4) in Athens, two (2) in
Thessaloniki and one (1) in Rhodes. There are three (3) stores in Cyprus, one (1) in the centre of Nicosia, one (1) in
the marina of Limassol and one in the Metropolis Mall in Larnaca.
2021 was another difficult year due to the pandemic, as the market remained closed for much of the first half of the
year, until mid-April. In the second half of the year, there was a significant improvement in the economic and
consumer climate, due to vaccinations, the gradual opening of the market, the opening of tourism and, more
generally, the return to partial normalcy.
IStorm achieved extremely high growth rates with sales growth of 47%, strong penetration of its online store in total
sales due to closed stores in the first four months of the year. All product categories had strong double-digit growth.
At the same time, it added another store (the tenth) in Larnaca, Cyprus, thus, strengthening its presence on the
island.
In conclusion, 2021 closed with a 47% increase in sales and the company exceeded € 51 million in sales.
For 2022, it is estimated that the very positive course recorded in 2021 will continue with further growth at all levels.
IStorm intends to continue investing both in physical stores and in its online store as well as in new services that it
plans to launch in 2022 which will further improve the customer experience.
The company will continue its investment plan by opening at least three (3) new stores in Greece and Cyprus in order
to continue the investigation for the further expansion of its network in new cities. The company also designs new
innovative services to further improve the experience of its customers, but also to make its products more affordable
by giving real value. At the same time, in 2022, the large investment in the installation and operation of the company's
central CRM will begin, something that will significantly help the Company commercially and will improve customer
service and monitoring. IStorm will also continue to further improve and enhance its online store and call center, as
alternative sales, contact and customer support channels.
In conclusion, 2022 is expected to be a year of strong investments that will improve the productivity of the company,
the services provided to its customers, the further expansion with new stores, the strengthening of the online store,
and the general improvement of the experience. All this will mean the further development of iStorm and there is
optimism for its results.
B. ΙT Solutions Sector
Uni Systems
Integrated IT and Telecommunications Solutions and Services
2021 Report
Uni Systems SMSA in 2021 significantly increased its turnover by 15% compared to 2020 (from € 134.1 million to €
154.2 million). Particularly significant was the increase in revenue by 26% from foreign markets that now represent
50% of the company's total revenue (from € 60.7 million in 2020 to € 76.6 million in 2021). For the second consecutive
year, there was an increase in revenues in the Greek market by 4.3% (from € 73.4 million to € 76.5 million) which came
mainly from the banking sector and the wider public sector.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-31-
The main foreign market was the Organizations and Institutes of the European Union. In 2021, Uni Systems had a
presence with projects in over 25 countries and in over 65 different organizations. Indicatively, we mention the contracts
with DG DIGIT, ESMA, EBA, ECHA, ECDC, EIT, EMA, European Parliament and EIOPA. The company's total revenue
from foreign markets now accounts for 50% of the company's total annual revenue and 55% of service revenue. For
2021, the company also participates in major IT consulting projects. By way of indication, we mention the projects in
EuLISA and EIOPA.
In the domestic market, UniSystems moved positively, especially in the Financial Sector, where it recorded a growth
of 5.8% by renewing large contracts or contracting new services and projects. In the wider public sector, UniSystems
grew by 27.6%, without the major projects of the Development Fund (GREECE 2.0-RRF) having yet started. Last, in
the wider private sector, the company recorded a decline of -15% in 2021 mainly due to various one-off contracts that
were implemented in 2020 and did not continue in 2021.
The organic profitability (EBIT) of the company in 2021 increased significantly (+ 193%) compared to 2020, mainly due
to the improvement of the implementation efficiency of major projects in Greece and abroad and the organizational
changes made to the technical divisions of the company. As in previous years, the Management of the company
emphasized on the development of the company and the increase of personnel in the field of services and software,
the as much as possible limited use of loan funds, and the production of positive cash flows.
In 2021, the Company's Management continued the organizational changes at the level of software technical
management, the autonomous technical division of foreign project implementations, horizontal solutions and Business
Development. Particular emphasis was placed on improving software development processes, quality and complex
project management. The development of the autonomous technical division of solutions and services Managed
Services continued.
During 2021, the development and expansion of research and innovation initiatives (RDI) with participation in various
research programs in Greece and abroad continued. The company participated in over 69 research proposals. Of
these, 9 were approved with a total budget of € 4 million for the company. During the same period the company
developed a wider network of collaborations (companies, universities, research centers) in Greece and abroad with
the aim of information, cooperation, transfer of know-how in matters of innovation and research.
In 2021 the company proceeded with strategic placements / participations in other dynamic companies that have self-
produced software with wider perspectives. In Intelli Solutions, which operates in Digital On-Boarding and Customer
Experience solutions, in OpteChain, which operates in Digital Signage and Electronic Vehicle Charging solutions, in
Probotech, which offers integrated navigation platforms for Unmanned Aircraft Systems (UAS) and, finally, in
Museotek, which offers solutions for digital tours of museums and collections.
In 2021 the company proceeded with the preparation of a 5-year strategic development plan in collaboration with the
support of the internationally renowned strategy company Oliver Wyman. The plan identifies the strategic development
areas in terms of solutions, markets, as well as key internal areas of improvement in order to transform the company
and continue its successful course in the coming years.
The COVID-19 pandemic found the company ready to move immediately to a teleworking model, with no significant
impact on the productivity or effectiveness of its customer support. In general, the pandemic had almost zero impact
on the company's financial results and in some cases rather positive (reduction of travel costs, increased demand for
specific services or solutions).
Prospects for 2022
The initial estimates for the financial year 2022 and in case there are no adverse political, economic and social
developments, predict an increase in turnover, a continuation in the improvement of profitability and expansion of sales
abroad and the generation of positive cash flows.
A key element of optimism for the company is the total contracted outstanding balance of projects amounting to over
€ 400 million. In the internal market there is optimism in relation to the major digital modernization projects of the Greek
State and the new projects of the Development Fund (Greece 2.0-RRF). The company has already contracted
important projects such as the new ERP system of the Greek State and the information system of the Army Pension
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-32-
Fund. Also in 2022, the main volume of the Development Fund projects, are or will be underway, for which the company
considers that it will be a key contender.
The main risk is the difficulty of finding specialized personnel in information and communication technologies both in
Greece and abroad. This creates a pressure on salaries as well as a delay in meeting the increased demand that is
noted now, and which will increase in the future.
C. Electronic transactions / payments Sector
Cardlink – Discontinued Activity.
Provision of POS terminals network services
Cardlink activity in the first nine months of 2021 recorded an increase in sales (+ 25%) and higher growth in profitability.
Following the agreement with Worldline and according to the IFRS, the activity is characterized as "discontinued" and
has ceased to be consolidated in the results of the Group from October 1, 2021.
D. Postal Services Sector
ACS
Postal Services
2021 Report
The company in 2021 had an overall positive course, with its total revenues amounting to approximately € 137.3 million
(+ 7.8% compared to 2020). Revenue growth came from courier services which showed double-digit growth of about
11.5% despite the lag in the 4
th
quarter compared to 2020 (in 2020 there was a lockdown). Revenue from postal
services decreased by 24% compared to the previous year due to the acceleration of the de-materialisation of accounts
and documents, while the activity of postal services in 2021 now accounts for only 6.5% of total revenue. The
company's operating EBITDA in 2021 amounted to € 21.3 million (higher by about 27% compared to 2020) while the
EBT amounted to € 18.6 million (higher by 35.3% compared to 2020). The significant increase in profits is mainly due
to € 3 million in reversal of previous negative forecasts. Even without these forecasts the course of profits was positive
but at a slower pace.
At the same time, the company proceeded to upgrade its computer infrastructure and new solutions for its customers,
as well as to develop a network of points to better serve the needs of e-commerce customers in order to increase its
share in this market. The company in 2021 continued the investments for the completion of its new modern facility in
Attica which is expected to be fully operational in the first half of 2022. This facility is estimated to give the company
new capabilities and increased capacity and will allow it to operate more productively but also to increase its market
shares in the coming years.
Prospects for 2022
For 2022, ACS bases its revenue growth mainly on courier services. The market for courier services is estimated to
grow - mainly after the first four months - while the postal sector will decline due to the acceleration of the de-
materialisation of accounts. Initial estimates for 2022 predicted a slight single digit growth in the company's revenues,
as the first four months are expected to be a transitional period and move negatively with regard to volumes given that
in the corresponding four-month period of the previous year there was a lockdown. At the same time, further smoothing
of operating expenses is estimated, which will help boost profitability. There are concerns about the impact of high
energy costs as well as of the developments in Ukraine on consumption and the economy.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-33-
E. Renewable Energy Sources Sector
Quest Energy S.A.
(Renewable Electric Energy Sources)
Revenues in 2021 amounted to € 9.2 million, EBITDA to € 7.4 million while earnings before taxes (EBT) amounted
to € 3.9 million (compared to profits of € 3.2 million in 2020). The total installed capacity of the portfolio of operating
stations was 28 MW.
For 2022, gradual implementation and new investments are foreseen, with the aim of the total power of the
photovoltaic stations to exceed 32MW. The new investments will be financed partly with Equity and partly with bank
lending.
8. Corporate Governance Statement
This Corporate Governance Statement is prepared in accordance with the provisions of article 150 et seq. of Law
4548/2018, as such in force, article 1-24 of Law 4706/2020, resolutions no. 1/891/30-9-2020, 2/905/3-3-2021 and
2/917/17-6-2021 passed by the Board of Directors of the Hellenic Capital Market Commission, circular no. 60/18-9-
2020 of the Hellenic Capital Market Commission, the relevant letters, remarks, recommendations and replies of the
Hellenic Capital Market Commission, the Hellenic Corporate Governance Code (HCGC) 2021, which has been
adopted by Quest Holdings SA (hereinafter referred to as the “Company”) according to the resolution of its Board of
Directors passed on 15-7-2021, and the other applicable legislation.
The Board of Directors has carried out the annual review of the Company and Group Companies’ strategy (as results
from this annual financial report), the main business risks (as such are included in this annual financial report, as well
as and in the risk registers of the Company and the Group Companies), as well as the internal control systems
according to the relevant recommendations and updates of the Audit Committee.
a. Introduction
As it is known, the recent law 4706/2020 contains, among others, provisions on the corporate governance of societes
anonymes with shares or other securities listed on a regulated market in Greece (articles 1-24 of the law) which
(provisions) entered into force on 17-7-2021.
The thematic sections of the law concern:
➢ the Board of Directors (composition and responsibilities of the Board of Directors, responsibilities of
Members and suitability policy for Board members, evaluation, training),
➢ the BoD Committees (Audit Committee, Compensation Committee and Nominations Committee),
➢ information of investors (information of shareholders by the Board of Directors, shareholder service unit,
corporate announcements unit, disposal of assets and share capital increases),
➢ organizational arrangements (corporate governance system, including internal control system, risk
management and regulatory compliance, Rules of Procedure, Internal Audit Unit and Corporate
Governance Code), and
➢ penalties for violations of the provisions of the law.
The provisions of the law updated the legal framework for corporate governance of societes anonymes whose shares
or other securities are listed in a regulated market in Greece. The update aims to strengthen the corporate
governance framework, taking into account on the one hand the changes in the legislative and regulatory framework
that govern the operation of these companies at EU level, during the period between the introduction of Law
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-34-
3016/2002 (Government Gazette A 110) and the entry into force of the new law, and on the other hand the current
trends on corporate governance. In particular, the new regulations seek to tailor the corporate governance structures
and procedures of societes anonymes, so that they meet the increased demands of the modern capital market and
they do not affect the functional and decisive autonomy of the company, which is governed by corporate law, and
the applicable capital market legislation. It also seeks to clarify issues that have been dealt with both by legal practice
and theory, such as the role of non-executive board members. In this light, a detailed set of provisions was introduced
that governs the operation of the board of directors of listed companies, two new BoD Committees are enacted, in
addition to the audit committee which was introduced by article 44 of law 4449/2017 (Government Gazette A 7),
aimed at ensuring in-depth processing by non-executive board members of matters relating to the remuneration and
nomination of board members, which are then submitted to the board for approval, as well as the effective and
rational compliance of the company with the applicable legal framework. At the same time, the required
organizational structures of the company are materially upgraded. The aim is to consolidate good and effective
governance practices by societes anonymes and to, therefore, enhance the confidence of shareholders or potential
shareholders in them.
Quest Group Companies’ Corporate Governance system was already developed to a very satisfactory degree even
before the enactment of the new law and was in full compliance with the applicable legislation and the Hellenic
Corporate Governance Code (HCGC), which has been adopted by the Company since 2013.
Quest Group has recognized for several years that the modern corporate governance, constitutes a central pillar for
its development, and for its transformation from a family business to an important, professionally managed Business
Group.
Therefore, it has attached and attaches great importance to the strict regulatory compliance, to the adoption of
HCGC 2021, to the composition and effective operation of its BoD, to the participation of a large number of
independent members in the BoD, to the operation of the BoD Committees (in addition to those set out by the law
and the HCGC) including the Corporate Governance committee, to the existence of detailed and constantly updated
internal operating regulations, to the existence and adoption of modern policies, sustainability, its system of
principles and values and, above all, to the creation and continuous development of an excellent working
environment and the development of the employees in the Group.
The relevant initiatives of the Group had started long before their legal enactment and have been continuous, such
as the appointment of BoD Committees (Compensation Committee, Nominations and Corporate Governance
Committee, Sustainability Committee) and Corporate Secretary, the preparation and implementation of an action
plan for enhancing the effectiveness of the Board, of programs for the attraction and retention of talents, as well as
for the development of all employees, the development and operation of a complete structure of risk management,
the strengthening of the internal control function, a number of actions in matters of sustainability and the routine
monitoring and publication of results, etc. Group Executives have actively participated in working groups of Greek
Market Agencies for the preparation of proposals to the competent Ministries and supervisory Authorities and in
workshops / conferences on developments in corporate governance and related developments in Greek legislation.
The importance of corporate governance is also a focal point of reference in the public discourse of the Group's
Management, as well as in the official corporate texts.
The Quest Group Corporate Governance system supports and ensures a modern and effective way of managing
the Group and ensures the interests of all stakeholders, taking into account the size, nature, scope and complexity
of their activities. It consists of the following:
▪ The Board of Directors, which shapes at a group level the vision, the mission, the principles, the values,
the culture of the Group as well as the strategy, the goals and the business planning.
▪ The Committees of the Board of Directors, which contribute to the effective coordination, control and
monitoring of the various activities in the Group and operate with a view to their alignment with the broader
strategy and objectives of the Group.
▪ The Management Committees at Group level consisting of Company and Group executives.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-35-
▪ The organizational Units of the Company that coordinate and supervise key operations of Quest Group and
contribute to the optimization of cooperation, the achievement of synergies and economies of scale, the
utilization of common resources and the monitoring of critical operations at Group level.
▪ The Group Policies and the uniform Standard Procedures, which are a key tool for improvement,
development and effective management at Group level.
▪ The other organizational structures, functions, policies and procedures of each Group Company, which
allow the operational autonomy of the Group Companies as well as their simple and flexible organization.
Image 1. Schematic representation of Quest Group Corporate Governance System
The new law 4706/2020 was for the Company an occasion for a comprehensive review and upgrade of the corporate
governance system at Group level and the Group Management set the following goals the day after the law was
passed:
▪ To adapt the existing system of corporate governance so that it becomes fully compliant with the provisions
of the new law,
▪ To make use of said obligation to adapt in order to improve specific aspects of its corporate governance
system, in line with international good practice, as well as the new HCGC (2021), and
▪ To adapt the corporate governance systems of the important subsidiaries of the Group, in accordance with
the provisions of the new law.
Compliance with Law 4706/2020 and the new HCGC was taken very seriously by the Board of Directors of the parent
company (Quest Holdings), and followed the four phases and the corresponding basic steps mentioned hereinafter:
Phase 1: Preparation – General Planning
The Phase of preparation included:
✓ Detailed information of the Board of Directors by the head of the Group Legal Services Department and
Corporate Secretary regarding the requirements of the above law and the compliance needs.
✓ Recommendation of the Nominations and Corporate Governance Committee (NCGC) regarding the
establishment of a Project Management Team (PMT) with the aim of shaping the overall planning and assigning
to an external consultant - in collaboration with the PMT - the implementation of the compliance project.
✓ Preparation of the Master Plan by the PMT, which foresaw all the required actions, participants, roles, schedule,
etc., conduction of gap analysis by the PMT and preparation of a RFP by the PMT for the selection of a
consultant, conduct of tender, evaluation of offers, selection of consultant.
✓ Approval of all the above by NCGC and the Board.
Phase 2: Implementation of the new Corporate Governance System (CGS)
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-36-
The Group set the bar very high, seeking the design and adoption of a corporate governance system, which will not
only ensure its compliance with the new law, but the introduction and integration of best international practices,
which will contribute to the creation of a great professional organization.
The result of the project was the production, in collaboration with the external consultant, of a set of updated, or
even new, documents (Codes, Regulations, Systems, Policies and Procedures), which constitute the new adapted
Corporate Governance System of the Group. The documents after extensive processing by both the PMT, as well
as by the executive Management and the members of the Board of Directors of the Company and confirmation of
their strict observance of the requirements of Law 4706/2020 and the HCGC (2021), and, of course, adoption of
international good practices, were approved by the competent corporate bodies and now govern the operation and
activity of the Company and its important subsidiaries.
Image 2. The project at a glance
The main objectives after the completion of the compliance project, which led to the new Corporate Governance
System (hereinafter referred to as the "CGS"), was the effective internal dissemination of CGS, its adoption by the
entire ecosystem of the Company and its important subsidiaries, the monitoring and its continuous evaluation, its
continuous development based on regulatory compliance requirements and international good practices and the
creation of sustainable value for the Group.
Phase 3: Roll out of a new Corporate Governance System
To achieve the above, a special project was designed and implemented in collaboration with the consultant on "Roll
out of a Corporate Governance System and Information Systems Support Planning", which began in September
2021 and was completed within the first quarter of 2022. The main objectives of this project were:
✓ The effective integration, implementation and monitoring of the CGS, through the appropriate tools and training
first of all of those directly involved and participating in the CGS,
✓ The identification of appropriate solutions and tools / information systems (Governance, Risk and Compliance
- GRC), which will effectively support the implementation of the CGS (but also other systems such as Risk,
Compliance, etc.)
✓ The design of internal and external communication.
The main sections of the project concern:
• The operational depiction of the overall CGS in the form of a comprehensive program by identifying actions,
participants, responsibilities, schedules, implementation status, supporting documents, etc., in a Program
Management logic and organisation and the development of a relevant tool.
• The design, organization and implementation of a specialized training program, with about 20 sessions,
organized thematically and addressed to the respective entities (BoD, Committees, important subsidiaries)
and executives involved in the relevant thematic unit, the development of relevant educational material and
training all parties involved with an emphasis on the overall CGS, the individual functions and actions that
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-37-
directly concern them and the management tool that has been developed. By way of indication, all the
members of the Board of Directors (in at least 4 different training sessions), the management of important
subsidiaries, the executives, the persons responsible for preparing financial statements, internal control,
risk management, regulatory compliance, human resources, as well as other executives, as appropriate,
participated in the training sessions.
• The collection of comments and recommendations based on the operation of the CGS and its adaptation,
where required.
• The design of internal and external communication.
• The mapping of the Group’s needs and the offered market solutions in matters of corporate governance
support information systems (GRC tools) and the planning of relevant actions
Phase 4: Communication implementation and CGS operation support
This Phase concerns:
• The development of communication material and the implementation of internal communication actions in
order to disseminate the CGS to all employees in the Group, as well as to new members
• The development of communication material and the implementation of external communication actions to
all stakeholders of the Group
• The monitoring of the CGS operation and provision of ongoing support to all CGS stakeholders by a
dedicated Project Management Team within the Group.
The main benefits from the implementation and operation of the overall project of Corporate Governance are:
✓ The smooth adoption and implementation of the new Corporate Governance (CG) framework in the parent
company and the important subsidiaries of the Group.
✓ The codification of all CG policies & procedures in a concise and supervisory action plan per project
management tool.
✓ The training of all parties involved in order for everyone to become aware and get an overall picture of the CG
as well as the responsibilities and tasks they undertake.
✓ The support of the persons responsible for the implementation with an immediate solution for monitoring the
implementation of actions (through the above table and presentation / visualization application).
✓ The timely resolution of key issues of planning and practical implementation of the CGS actions and
incorporation of improvement proposals.
✓ The communication in an intelligible and comprehensible way of the new CG framework and its importance for
the Group and for each company of the Group separately.
✓ The mapping of the total support needs of CG by Information Systems (IT).
✓ The consulting for the identification of the total needs and solutions for planning the future support with IT.
Law 4706/2020 did not come suddenly or in contradiction with what is required by the international good practices
in CG issues in particular, but also in wider issues concerning Environment, Social Responsibility and Governance
(hereinafter referred to as "ESG"). In this sense, for organizations such as the Company and its Group, which have
as their main pillar of development the modern CG, Law 4706/2020 did not "trigger the developments"; it merely set
out a specific framework of compliance, as well as relevant rules and monitoring and certification procedures. At the
same time, however, it acted as a catalyst for a holistic approach to the CGS, both in terms of content with the main
emphasis on the integration of good practices, as well as in terms of its organization, processes and support systems.
Based on the above, specific additions / improvements were made on very material issues, such as the composition
/ suitability of BoD members, the operation of independent members, the BoD evaluation, the BoD training, the
senior management evaluation, the risk management, the regulatory compliance organization, etc.
It was also an occasion for strengthening the executive potential, with the creation of new positions, such as the
position of head of regulatory compliance and head of ESG.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-38-
Moreover, it gave rise to training, information and wider engagement of a very large number of executives and
employees with CG issues. This is perhaps the biggest benefit, as it has strengthened the culture of good CG as
one of the core values that shape and determine the identity of the Group.
Furthermore, it essentially prepared the Group for its ESG strategy (for the G-Governance arm), as there is a very
clear picture, directions and focus on Governance issues.
Finally, it gave the Group the opportunity to discuss, but also compare with what is applied in Greece and
internationally on CG issues, drawing useful conclusions and strengthening the belief that it is an example of good
corporate governance practice for Greece, comparable also with international good practices.
With the integration of the new Corporate Governance System, the Group mainly looks forward to the following:
✓ full compliance with the applicable legal and regulatory framework,
✓ maintenance and strengthening the Group's character as an important, well-organized group of companies,
following its transformation from a successful family business,
✓ ensuring an excellent working environment for all its employees, perfectly in line with the wider social needs
and developments and attracting and retaining talent from around the world,
✓ the effective information and dissemination of the CG system to all stakeholders and their participation in it,
✓ the effective delimitation of related responsibilities and functions such as Internal Control, Risk Management
and Regulatory Compliance, in order to avoid ovelaps and to continuously simplify procedures,
✓ the effective monitoring of the implementation of the CG system and its support by appropriate tools and
information systems,
✓ ensuring the long-term viability of the Group through the existence of a modern and effective management
framework,
✓ strengthening the competitiveness and sustainability of the Group,
✓ the recognition of the Group by all stakeholders as a leader in CG issues and the creation of significant goodwill.
b. Corporate Governance Code
The Company complies with the applicable legislation on Corporate Governance (i.e., with law 4706/2020 and the
resolutions and circulars of the Board of Directors of the Hellenic Capital Market Commission and other competent
Bodies and Authorities), as well as with HCGC 2021, which has been adopted by Company following resolution of
its Board of Directors passed on 15-7-2021 and in accordance with article 17 of Law 4706/2020 and has been posted
on the ECGS website, as well as on the Company's website, as follows:
https://www.esed.org.gr
https://www.quest.gr/el/the-group/corporate-governance
The HCGC is implemented by the Company with the following deviations in the 2021 fiscal year:
i. Due to the commencement of the implementation of the provisions of Law 4706/2020, the regulatory
decisions and the HCDC after mid 2021, according to the planning of the individual actions, it was not
possible to prepare a succession plan of the CEO in 2021. However, the Nominations and Corporate
Governance Committee is in the process of preparing a comprehensive succession plan of the Chief
Executive Officer, which takes care to: • identify the required quality characteristics that the Chief
Executive Officer must have, • constantly monitor and identify possible candidates in the company, •
look for possible external candidates, if required • interact with the CEO regarding the evaluation of
candidates for his position and other senior management positions.
ii. The contracts of the executive members of the Board of Directors do not include a provision that the
Board of Directors may demand the return of all or part of the bonus awarded, due to breach of
contractual terms or inaccurate financial statements of previous years or, in general, incorrect financial
data used for the calculation of such bonus. Given that the Board of Directors approved at the end of
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-39-
2021 a new System of Variable Remuneration of Senior Executives which provides for the above, as
well as enacts specific conditions, terms, objectives and criteria for awarding variable remuneration, it
is considered whether additional terms need to be included in the contracts of the executive members
of the Board of Directors.
iii. As a result of the entry into force of the provisions of Law 4706/2020, the regulatory decisions and the
HCDC after mid 2021, according to the planning of the individual actions for the evaluation of the Board
of Directors, the Committees, the Chairman and its members, the relevant procedure is to be
implemented within the first half of 2022 in accordance with the relevant Evaluation Procedure
approved by the Board of Directors. The evaluation process is chaired by the Chairman in cooperation
with the nominations committee. The Board of Directors also evaluates the performance of its
Chairman, a process chaired by the Nominations and Corporate Governance Committee. During the
collective evaluation, the composition, diversity and effective cooperation of the members of the Board
of Directors for the fulfilment of their duties will be taken into account, among other things. The individual
evaluation will take into account, inter alia, the capacity of the member (executive, non-executive,
independent), his/her participation in committees, the assumption of special responsibilities / projects,
the time dedicated, his/her behaviour as well as the use of knowledge and experience. The results of
the evaluation of the Board of Directors will be announced and discussed in the Board of Directors and
will be taken into account in its work on the composition, the plan for the inclusion of new members,
the development of programs and other related issues of the Board of Directors. Following the
evaluation, the Board of Directors may take measures to address the identified weaknesses. Moreover,
the annual performance appraisal of the Company's CEO will be implemented for the fiscal year 2022
within the first months of 2023, in accordance with the approved Senior Executive Evaluation
Procedure. The results of the evaluation will be communicated to the CEO and will be taken into
account in determining his variable remuneration. A brief description of the individual and collective
evaluation process of the Board of Directors, the Committees, as well as a summary of any findings
and corrective actions will be included in the Corporate Governance Statement for the year 2022.
iv. The Corporate Governance Statement does not include the Compensation Report for the members of
the Board of Directors, due to the fact that its content is pending, as it is usually subject to approval by
the upcoming Ordinary General Meeting. Its publication is imminent upon completion of its content and
its audit by the certified auditors and, in any case, in time before the Ordinary General Meeting of the
Company's Shareholders.
c. Description of the main features of the Company's Internal Control and Risk
Management system in relation to the process of preparation of the financial statements
i. Internal Control System
The Company implements a Corporate Governance System in accordance with applicable law. Part of the Corporate
Governance System, is the Internal Control System. Internal Control System (or "ICS") means all the internal control
mechanisms and procedures, including risk management, internal control and regulatory compliance, that cover on
a continuous basis every activity of the Company and the Group Companies and contribute to safe and efficient
operation (article 2 of law 4706/2020). It consists of:
✓ Control Environment
✓ Risk Management
✓ Control Activities
✓ Information & Communication System
✓ ICS Monitoring Activities
The Company's Board of Directors is responsible for ensuring the adequate and efficient operation of the Company
and the Group Companies’ ICS, ensuring that the functions that make up the ICS are independent of the business
sectors they control, and that they have the appropriate financial and human resources, as well as the powers to
operate them effectively.
In particular, the three (3) lines of defence (Internal Audit, Risk Management, Regulatory Compliance) within the
framework of the Group ICS, are structured as follows:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-40-
Image 3. The model of the three lines of Quest Group
A. Internal Control
The mission of the Internal Audit Department (ICD) and its manager is to provide independent, objective assurance
services (audits) and consulting services (in matters such as providing professional opinion on critical issues, etc.),
designed to add value to the Company and the Group Companies and contribute to the upgrade and improvement
of business operations.
The goal of the ICD is to assist the Company and the Group Companies to achieve their objectives, applying a
systematic and scientific method for monitoring, evaluating and improving the effectiveness of risk management
processes, quality control mechanisms and the internal control system and the corporate governance.
The Company has an independent ICD. The manager of the ICD is appointed by the Board of Directors of the
Company, upon recommendation of the Audit Committee, is a full-time employee with a dedicated job, is personally
and operationally independent and objective in the performance of his duties and has the appropriate knowledge
and relevant professional experience.
The ICD manager functionally reports to the Audit Committee and administratively reports to the CEO of the
Company, in accordance with the applicable legislation and the Rules of Procedure of the Company.
As set out by the applicable legislation, the Internal Control Department has the particular responsibility to:
✓ monitor, control and evaluate the implementation of the Company's Rules of Procedure and the Internal
Control System (especially in terms of: i) the adequacy and correctness of the financial and non-financial
information provided, ii) risk management, iii) the regulatory compliance and iv) the corporate governance
code adopted by the Company), the quality assurance mechanisms, the corporate governance mechanisms
and the observance of the commitments contained in the Company’s bulletins and business plans regarding
the use of the funds raised from the regulated market.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-41-
✓ prepare reports to the audited units with findings regarding the above case, the risks arising from them and
recommendations for improvement, if any. The ICD reports, after incorporating the relevant views by the
audited units, the agreed actions, if any, or the acceptance of the risk of non-action by them, the limitations
on its scope of control, if any, the final internal control recommendations and the results of the response of
the audited units of the Company to its recommendations, are submitted to the Audit Committee quarterly.
✓ submit every three (3) months at least to the Audit Committee reports, which include the most important
issues and recommendations, regarding the tasks of the above cases, which the Audit Committee presents
and submits together with its comments to the Board of Directors
The Board of Directors and the Audit Committee stipulate that the ICD manager and members have full access to
all the activities and units of the Company and the Group Companies, as well as to all the data and information of
the Company and/or connected companies or subsidiaries and/or third parties provided that this is expressly set out
in the relevant contracts with third parties or on the basis of relevant decisions of the corporate bodies of the
connected or subsidiary companies and/or third parties.
The ICD manager has direct access and communication with the members of the Audit Committee without the
presence of the management team of the Company or the Group Companies.
Furthermore, the ICD acts in accordance with the guidelines set by International Standards for the Professional
Practice of Internal Auditing and adopts the program of improvement and quality.
Β. Risk Management
The Company, in the context of updating the Group's Corporate Governance System, has designed and implemented
the Risk Management System, through which all significant Risks in the categories of Strategic, Operating, Financial
and Non-Financial issues are identified, assessed and managed.
The methodology follows the standards of ISO 31000 and COSO ERM and is followed by all important subsidiaries,
with the appropriate organizational structure, described in the Rules of Procedure of the Risk Management
Committee, the Rules of Operation of the Risk Management system and the Risk Management system.
The Group Risk Officer has the general coordination at Group level, and reports to the Audit Committee.
Risk Managers coordinate risk management at key affiliates.
Risk Owners undertake the monitoring, management and control of individual risks.
The implementation of the Risk Management System is supervised by the Risk Management Committee of Quest
Holdings and is supervised by the Audit Committee of the Company BoD. The Risk Management System is
schematically illustrated below:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-42-
Image 4. Quest Group Risk Management Process
The Board of Directors of the Company sets the limits of tolerance and willingness to take risks by issuing the risk
appetite statement annually and is followed by the Boards of Directors of the subsidiaries with similar, specialized
statements.
The Group companies regularly review (at least three times a year) the risk register and the risk management plan.
The causative factors of risks are examined and the appropriate risk management measures are designed, including
risk mitigation measures and related control activities for the continuous monitoring of risks, as well as the
corresponding indicators.
Particular emphasis is given to the risks related to the processing and disclosure of the financial statements of the
Group companies.
Operational and financial performance is examined on a regular basis, and the budget is compared with the results
of previous years in order to achieve the best performance. Also, on a monthly basis, the discrepancies between the
actual results, the budgeted results and the comparison are analysed in order to ensure the accuracy and
completeness of the results.
The results of risk management, as well as their management proposals, are audited at two levels, by the Risk
Management Committee and the Audit Committee of the Board. Finally, they are approved by the BoD of the parent
company and the respective BoD of subsidiaries.
The whole risk management methodology is supported by a specialized application, which covers all the needs,
starting from setting the goals and aspirations of each company and moving to the identification, analysis and
evaluation of each risk, as well as all its parameters. It also captures all planned actions to mitigate the risks, as well
as the control activities and the evaluation of their effectiveness.
All Company activities are subject to audits by the Internal Control Department and their results are presented to the
Audit Committee and/or to the Board of Directors of the Company. Moreover, the Audit Committee reviews the
management of the Company's main risks and uncertainties and their periodic review. In this context, it evaluates
the methods used by the Company for identifying and monitoring risks, treating the main ones through the internal
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-43-
control system and the Internal Control Department as well as disclosing them in the published financial information
in a correct manner. Recognized reputable international auditing firms conduct audits and certify the financial
statements of the Company and the Group's subsidiaries.
C. Regulatory Compliance
The Company is committed to strictly comply with the applicable legislation and responsible business behaviour, in
harmonization with the principles and values of Quest Group, in all aspects of their activities and operation. To this
end, it implements a Regulatory Compliance System that includes four main pillars, as described in the relevant text:
1. Compliance Strategy
2. Compliance Risk Management
3. Compliance Policies and Procedures
4. Forming a Compliance Culture
The Regulatory Compliance System coordinates and supports the Management of the Company and the Group
Companies for the achievement and continuous improvement of the objectives related to compliance, providing
specialized knowledge, guidance, support and monitoring.
The Code of Behaviour and Ethics is a guiding tool for the demonstration of good professional conduct, ethics and
integrity. The Code sets out the commitments of the Company and its subsidiaries and the required behaviour
regarding the principles and rules that govern each activity of the Company and its subsidiaries, as well as the
relations between the Group companies, their employees and other stakeholders.
The Company and the Group Companies enact adequate mechanisms for the timely recognition and management
of incidents of illegal or unethical actions and in particular ensure the establishment of mechanisms for managing
complaints and communication channels.
The general coordination at Group level is carried out by the Manager of Regulatory Compliance of the Group, who
reports to the Audit Committee.
Compliance Officers coordinate the management of the regulatory compliance system in key subsidiaries.
The implementation of the Regulatory Compliance System is monitored by the Audit Committee of the Company's
Board of Directors.
Furthermore, the Company has a Regulation of Procedure for the Regulatory Compliance Unit / System which
includes the definition of the organizational and operational framework of the Compliance Management System of
the Company and the Group Companies and ensures that the roles of the Regulatory Officers of the Group, especially
in the important companies thereof:
▪ are independent of the business sectors they control,
▪ have the appropriate financial and human resources,
▪ have the powers to function effectively in order to carry out their role,
▪ are described by clear, enforceable and duly documented benchmarks and allocation of duties.
The organization of the Regulatory Compliance Unit within the Group is crucial to ensure that the Regulatory
Compliance System consistently achieves its objectives.
The appointment of the Head of the Group Regulatory Compliance Unit is approved by the Board of the Company
upon recommendation of the Audit Committee and the Regulatory Compliance Officers of the Group Companies are
appointed by the respective BoDs.
The Board of Directors of the Company and each Company of the Group, ensures that:
(a) the Regulatory Officer has sufficient knowledge and experience to carry out his/her responsibilities, and
(b) has full access to all necessary data, systems and information for the fulfilment of his/her responsibilities by taking
the necessary measures.
The above is supervised by the Board of the Company through the Audit Committee.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-44-
ii. Information Systems
The development of secure ICT infrastructure as well as ensuring business continuity constitutes an integral part of
the strategic plan of the Company and its subsidiaries. Due to the increasing risks in the internal and external
operating environment of ICT systems, the continuous, systematic and methodical risk analysis has been established
and the adoption of appropriate organizational and technical security measures.
In the context of ensuring business continuity, a project for the implementation of alternative Cloud ICT infrastructures
(Microsoft Azure) was completed, in order to ensure the immediate availability of the Group's ERP system, in case
an event results in the non-availability of the primary computer centre.
The Company's Information Security Policy describes the protection specifications of ICT infrastructures in order to
achieve the availability, integrity and confidentiality of information. The Policy covers all protection measures taken,
including the protection of equipment, software, data, telecommunications, information and training of personnel, the
fair use of equipment and confidential information by users, etc.
iii. Basic information on the operation of the General Meeting of Shareholders, their
basic powers and description of their rights and how to exercise them
The General Meeting is the supreme decision-making body of the Company, convened by the Board of Directors
and can decide on all important issues of the Company, in accordance with the applicable legislation. Shareholders
are entitled to participate either in person or by legal representative, in accordance with the applicable legislation.
The Annual Ordinary General Meeting is held once a year in accordance with the provisions of the applicable
legislation and the Articles of Association of the Company, in order, among other things, to approve the annual
financial statements of the Company and the Group, to decide on the distribution or not of profits and to approve the
overall management of the members of the Board and release the Auditors from any responsibility.
The corporate governance system of the Company includes adequate and effective mechanisms of communication
with the shareholders, in order to facilitate the exercise of their rights and the shareholder engagement. In this
context, the Company complies with its obligations to inform the shareholders at the General Meeting on its specific
matters, upon their relevant request, in accordance with the provisions of Law 4548/2018.
The Company discloses all information related to the General Meeting of Shareholders in a way that ensures easy
and equal access to all shareholders. All publications and related documents are posted on the Company's website
in Greek and English. The Company publishes and posts on its website the information set out in the applicable
legislation (as by way of indication law 4548/2018), regarding in particular the preparation of the General Meeting,
as well as information on the activities of the General Meetings, in order to facilitate the effective exercise of
shareholders' rights. At least the Chairman of the Board of Directors and the Chief Executive Officer are present at
the General Meeting and are available to provide information on the issues raised by the shareholders for discussion.
Responsible for the above information and communication with the shareholders is the Division of Shareholder
Relations and Compliance with the Principles of the Capital Market (which covers the responsibilities of the
Shareholder Services Unit).
The rights of the Company's shareholders are defined in the Articles of Association, which has been posted on the
Company's website (https://www.quest.gr/el/the-group/corporate-governance) and the applicable legislation.
iv. Information on the composition and operation of the Board of Directors, its
Committees and other committees or bodies of the Company
1. Board of Directors
The Board of Directors (BoD), in accordance with its Rules of Procedure, exercises its duties in accordance with the
provisions of the Company's Articles of Association and the applicable Greek legislation (Law 4548/2018, Law
4706/2020, as well as in accordance with the provisions of Law 4449/2017, the regulatory decisions and documents
no. 1302/28.4.2017 and 1508/17.7.2020 of the Hellenic Capital Market Commission addressed to listed companies).
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-45-
Furthermore, its Rules of Procedure also indicate areas where the role and responsibilities of the Board of Directors
are of particular importance to the Company.
The Board of Directors, as the supreme management body of the Company, is mainly responsible for:
o defining the vision, the mission, the values and the culture of the Company,
o planning and monitoring the implementation of the Company's strategy and approving and monitoring the
Company's business plan, in order to promote the corporate interest in a sustainable way and to defend the
interests of all stakeholders,
o passing resolutions concerning the management of the Company, the management of its assets and the
overall achievement of its scope of works,
o defining and supervising the corporate governance system of provisions 1 to 24 of Law 4706/2020, and the
periodic monitoring and evaluation, at least every three (3) fiscal years, of its implementation and
effectiveness, taking the appropriate actions for addressing deficiencies,
o ensuring the adequate and efficient operation of the internal control system, aiming in particular at:
▪ the consistent implementation of the business strategy, with the efficient use of available resources,
▪ identifying and managing the substantial risks associated with its business and operation,
▪ the efficient operation of the internal control unit,
▪ ensuring the completeness and reliability of the data and information required for the accurate and
timely determination of the financial situation of the Company and the preparation of reliable financial
statements, as well as of its non- financial situation, according to article 151 of law 4548/2018,
▪ complying with the regulatory and legal framework and the internal regulations, policies and
procedures, governing the operation of the Company.
o determining the extent of the Company's exposure to risks, which it intends to undertake in the context of
achieving its purpose and in particular its long-term goals and business strategy,
o ensuring that the annual financial statements of the Company, the annual management report and the
corporate governance statement, their consolidated form, as well as the compensation report of the
members of the Board of Directors, are prepared and published in accordance with the provisions of the law
and the relevant accounting standards,
o the recommendation to the General Meeting (GM) for the appointment of the certified public accountant or
auditing company,
o defining the sustainability policy and the ESG strategy,
o the appointment of the Committees that will support its work and the approval of their Rules of Procedure,
o the supervision of the implementation of its decisions by the executive management and the overall
monitoring and control of the performance of the Company and the executives,
o the definition of the responsibilities of the Chief Executive Officer and the Deputy Chief Executive Officer,
and of the managing directors when appointed,
o the determination of the appropriate structures, reporting lines and responsibilities for the achievement of
the Company's objectives,
o ensuring the smooth succession of its members and senior executives of the Company,
o its effective operation, its regular evaluation, as well as of its Committees and members, and their
continuous improvement,
o the composition and operation of the BoD and its Committees in accordance with the applicable legislation,
as well as for the compliance with every obligation that arises out of the applicable legislation and the
corporate documents and policies and procedures that govern it, and
o the other responsibilities as they are set out according to the Company's Articles of Association, its Internal
Rules of Operation and the applicable legislation.
In addition to the above, based on collective responsibilities, the Board of Directors may delegate part or all of the
management and representation powers of the Company, except those that require collective action, to one or more
persons, members of the Board, employees of the Company or third parties determining at the same time the extent
of this delegation.
The size and composition of the Board of Directors allow the effective exercise of its responsibilities and reflect the
size, activities and strategic development plan of the Company. The Board of Directors consists of a minimum of
seven (7) to a maximum of thirteen (13) members, who may be executive, non-executive or independent non-
executive members.
The selection, replacement or renewal (or not) of the term of office of the members of the Board of Directors is carried
out according to the Suitability Policy for Members of the Board of Directors approved by the General Meeting with
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-46-
the aim to appoint members at the Board of Directors who are adequate and of high level in order to ensure the
effective fulfilment of its duties pursuant to the business model and the Company strategy.
The independent non-executive members are elected by the General Meeting or appointed by the Board of Directors
in accordance with § 4 of article 9 of Law 4706/2020, and as a rule constitute at least 50% of the members of the
Board. In exceptional cases and if the Company invokes a special reason that is substantiated this number may be
lower, but in no case less than one third (1/3) of the total number of members of the Board and in each case not less
than two (2) members.
The independent non-executive members of the Board of Directors meet the criteria of independence as provided
for in Article 9 of Law 4706/2020 and are developed in detail in the Internal Rules of Procedure of the Company and
in the Procedure for notifying any dependent relationships with independent non-executive members. The fulfilment
of the conditions for the designation of a member of the Board of Directors as an independent member is reviewed
by the Board of Directors at least annually per fiscal year and in any case prior to the publication of the annual
financial report, which includes a relevant finding.
The Board of Directors defines the status of its members as executive or non-executive, and further, posts and keeps
up to date the information and documents regarding the election of its candidate members (executive, non-executive
and independent non-executive), in accordance with article 18 § 1 and article 4 § 4 of law 4706/2020, coordinated
by the Corporate Secretary.
Upon its constitution into a body, the Board of Directors elects, by absolute majority among its members, the
following:
1. the Chairperson of the Board,
2. the Vice- Chairperson or more Vice- Chairpersons (who will replace the Chairperson in all his/her capacities
in case of absence or impediment);
3. the Chief Executive Officer,
4. the Deputy Chief Executive Officer or the Managing Directors, if any;
5. the other members.
The Board sets up Committees that support its work and make recommendations to it for its decision-making. The
following Committees currently operate within the Board of Directors, whose role and responsibilities are broken
down in the respective Rules of Operation applied by the Company in each of them:
1. Audit Committee,
2. Nominations and Corporate Governance Committee (hereinafter referred to as "NCGC"),
3. Compensation Committee,
4. Sustainability Committee,
5. Strategic Planning Executive Committee.
The Board of Directors with its relevant decisions may establish other Committees.
Finally, the Board of Directors, applying best corporate governance practices, at its discretion, exclusively appoints
independent non-executive members as members of the Audit Committee and the Compensation Committee.
The term of office of the members of the Board of Directors is three years (3 years), which is automatically extended
until the first ordinary General Meeting after the end of their term, which however cannot exceed four years.
Board members may be re-elected and are freely revocable. Subject to the above, the term of office of the Board of
Directors may be extended until the expiration of the deadline, within which the next ordinary General Meeting of the
Company's shareholders must convene.
The Board of Directors convenes whenever the law, the Articles of Association, or the needs of the Company so
require. In any case, the Board of Directors must meet with the necessary frequency in order to perform its duties
efficiently and productively.
At the beginning of each calendar year, the Board of Directors adopts by decision of the Chairperson and under the
guidance of the Corporate Secretary a calendar of meetings and an annual action plan, which may be revised
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-47-
according to changes in the institutional framework and the needs of the Company, in order to ensure the full and
timely fulfilment of its duties, and to adequately examine all items on which it passes resolutions.
The Chairperson of the Board, the Presidents of the Committees and the Independent Vice- Chairperson are
responsible for calling executive sessions of the members of the Board. These sessions are attended by members
of the Board of Directors, Company and Group executives, third parties (e.g., the certified auditor of the Company)
and external consultants. During the executive sessions it is not necessary to keep detailed minutes but in each case
the participants, the items discussed and any subsequent actions agreed are recorded.
The Independent Vice Chairperson calls, at least two (2) meetings per year, with the presence of only the non-
executive members of the Board, in order to discuss:
➢ The monitoring of the Company's strategy and its implementation, as well as the achievement of its goals.
➢ Any issues related to the performance of the executive members of the Board of Directors, including the
monitoring and control of their performance.
➢ Any issues related to the corporate governance of the Company.
At the same time, the Independent Vice Chairperson calls, at least one (1) meeting per year, with the presence of
only the non-executive members of the Board, in order to prepare, if possible, jointly their report to the Ordinary
General Meeting of the Company, as well as other reports, if required.
a. Suitability Policy for the Members of the Company Board of Directors
This Suitability Policy for the Members of the Board of Directors is prepared in accordance with article 3 of Law
4706/2020 and Circular 60/2020 of the Hellenic Capital Market Commission, the Company’s Internal Rules of
Operation, the HCGC and has been approved by virtue of resolution passed on 18.6.2021 by the Ordinary General
Meeting of the Company and has been posted on the Company’s website (https://www.quest.gr/el/the-
group/policies).
The Policy is fully harmonized with the applicable Greek Legislation. Furthermore, during its preparation, the size,
the internal organization, the risk appetite, the nature and the complexity of the Company's activities have been taken
into account.
More specifically, the Policy complies with the provisions of Law 4706/2020 and the regulatory decisions and circulars
issued by virtue of said law, is in accordance with the provisions of the Company's Internal Rules of Procedure, and
follows, in its entirety, the Greek Code of Corporate Governance of the Hellenic Corporate Governance Council
(HCGC), which has been adopted by the Company. It also incorporates good practices that are followed
internationally by companies of similar characteristics to those of the Company.
The purpose of the Policy is to define all principles concerning the selection, replacement or renewal (or not) of the
term of office of the members of the Board of Directors, as well as the criteria for evaluating the individual and
collective suitability of the members of the Board of Directors.
At the same time, the Policy reflects the commitment and goals of the Company regarding the appropriate and quality
staffing of the Board, which forms part of the implementation of the overall strategy as well as the medium and long-
term business goals of the Company, having in mind the corporate interest, the defence of the interests of all
stakeholders, transparency, competitiveness, efficiency and the implementation of best practices in corporate
governance.
The Policy applies to both existing and prospective new members of the Board of Directors of Quest. Furthermore,
elements of this Policy may be applied mutatis mutandis to the members of the BoD of all Quest subsidiaries.
It also applies to third parties to whom the power to represent the Company for the evaluation of the eligibility
restrictions set out in § 5 of article 3 of Law 4706/2020 (non-existence of liability for loss-making transactions with
affiliated companies) is delegated.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-48-
The Board of Directors, upon recommendation of the Nominations and Corporate Governance Committee (NCGC),
is responsible for selecting, replacing or renewing the term of the members of the Board of Directors and for initiating,
guiding and coordinating the process for nominating the appropriate candidates to the Board of Directors, without
prejudice to the of shareholders' rights.
The NCGC has an advisory nature to the Board, identifying candidates who, in its opinion, meet the relevant diversity
criteria (representation per gender, international experience, term of office, age group, specialization). The
propositions of the NCGC are submitted to the Board of Directors, which recommends, according to these proposals,
to the General Meeting of Shareholders, the members of the Board of Directors proposed to be elected in accordance
with article 78 of Law 4548/2018.
The selection, renewal of the term of office and replacement of a member of the Board of Directors shall take into
account the assessment of the individual and collective suitability of the existing Board of Directors, as well as any
changes necessary to adapt the composition of the Board to the culture, values and general strategy of the company.
The criteria of individual and collective suitability are detailed in the Policy, as is the relevant evaluation process.
The main goal of the Company is to ensure that the Board collectively has the necessary skills, related to its business
activity and the basic risks associated with it. For this purpose, an adequacy table is compiled, updated and monitored
on an annual basis by the NCGC, which includes the, from time to time, collective qualifications of the Board, as
shown hereinbelow:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-49-
Table 1. Table of Suitability of Members of the BoD
Suitability Assessment
The suitability assessment of the BoD forms part of the overall supervision of corporate governance by the BoD. The
principles and criteria regarding the collective and individual suitability (especially the matters regarding moral
standing, independence of will, etc.) are subject to continuous supervision by the Chairman of the Board and the
NCGC, and object of evaluation during the relevant periodic evaluation process of the BoD to which reference is
made hereinbelow. The continuous supervision of the Board and the results of the evaluation can provide information
for assessing the suitability of the Board.
Information of the Members of the BoD
The Chairman of the Board, assisted by the Company Secretary, takes care of the introductory briefing of the new
members according to the relevant Training Policy for the Members of the Board of Directors. In particular, he ensures
that each new member is informed, prior to undertaking his/her duties, about the vision, principles and values, the
culture, business activities, business model, strategy, corporate governance system, operating regulations for the
Board of Directors and its committees in which s/he shall participate, and about whatever else is deemed necessary,
on a case-by-case basis, in order for the new members to acquire, as soon as possible, the level of knowledge,
perception and familiarity with the Company required in order for them to perform their duties effectively.
Succession Plan
The Board of Directors ensures the appropriate succession plan for the smooth continuation of the management of
the Company's affairs and the decision-making after resignations or replacements of members of the Board of
Directors, especially executive members, as well as members of its committees. In particular, NCGC in collaboration
with the Chairman of the Board and with the support of the relevant senior executives, as well as external consultants,
where necessary, designs and plans the smooth succession and continuity of the Company's management (i.e.,
Board members including Chairperson, Vice Chairperson(s), CEO, Deputy CEO, members of the Board of Directors
who are members of the BoD committees), in the context of the wider diligence for the smooth and effective
succession and development of the top executive management of the Company and (NCGC), makes relevant
recommendations to the Board of Directors. This planning takes into account the findings of the Board of Directors'
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-50-
evaluation, in order to achieve the required changes in composition or skills and to maximize the effectiveness and
collective suitability of the Board of Directors and the time constraints for the appointment of Board members as
independent members according to article 9 of Law 4706/2020.
b. Human Rights and Diversity Policy
Furthermore, the Company has a Human Rights and Diversity Policy, which has been posted on the Group
companies’ intranet. In accordance with this Policy, the Group companies seek equal opportunities and integration
of all employees through the employment policies and practices applied. To this end, the main goal is to create an
environment of acceptance, where everyone will feel the respect and appreciation of others without being influenced
by any personality and perceptions diversity.
This behaviour extends to all stakeholders of the Group companies, such as suppliers, customers and partners.
Employees participate in the activities and development of the companies based on their will to participate, their
experience and their skills, without their participation being hindered by any diversity. The importance of diversity in
the workplace is recognized and applauded, in order to reflect the existing diversity of employees.
Meritocracy in the selection, training and development of employees is supported.
The companies make sure that there are no restrictions on the execution of the work or on the access to the work
due to diversity.
The evaluation of the employees and the executives of the companies of all management levels, including the
members of the Boards of Directors of the companies, is based on the knowledge, skills, experience, ethics,
cooperation and the practical acceptance and application of the Group’s Principles and Values and is not affected in
any way by any diversity between employee and executive.
The Company recognizes the benefits of the diversity of the members of the Board of Directors, the executives and
in general of the employees of both itself and its subsidiaries and considers that through said diversity it will maintain
and enhance its competitiveness.
In particular, the Company seeks that its non-executive members of the Board of Directors have significant
knowledge and experience both from professional sectors related to those in which the Group companies operate,
and from other sectors such as commercial, financial, business, technology, consulting, auditing, business
administration and human resource development and others. It is desirable to have a balanced participation of
members from all the above industries. Adequacy of knowledge and skills, moral and reputation requirements, the
absence of conflict of interest, the independence of judgment, the dedication of sufficient time, the lack of fault in
loss-making transactions are some of the requirements in the selection of candidate board members. Nevertheless,
age diversity is also pursued, as far as possible, which conveys experiences of different time periods and trends.
The selection of the members of the Board of Directors is made after a relevant recommendation by the NCGC, with
objective criteria, by way of indication knowledge and business experience, skills and leadership skills, character,
integrity, ethos, adoption of the Group Principles and Values and the breadth of views, without being influenced by
gender, nationality, age, political beliefs or any other illegitimate criteria. In the current composition of the Board of
Directors genders are sufficiently represented by at least 25%. The Nominations and Corporate Governance
Committee plays an important role in creating a succession plan for the members of the Board of Directors, which
will take into account the diversity in gender, knowledge, skills, culture and experience of the candidates, in order to
create a dynamic team, which in addition to diversity will combine effective collaboration of members.
Please find hereinbelow tables presenting the representation of each gender at Board of Directors and Company
Executives level in 2021, as well as at human resources level in the Group as a whole in the years 2019, 2020 and
2021:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-51-
Quest Holdings BoD (as at 31/12/2021)
Number
%
Men
9
75%
Women
3
25%
Total
12
100%
Table 1. Table of Company BoD
Quest Holdings Executives* (as at 31/12/2021)
Number
%
Men
8
53%
Women
7
47%
Total
15
100%
*Executives include levels Manager and above.
Table 2. Table of Company Executives
Quest Group Human
Recourses (as at 31/12/2019)
Quest Group Human Recourses
(as at 31/12/2020)
Quest Group Human Recourses (as at
31/12/2021)
Number
%
Number
%
Number
%
Men
1.352
71%
1.685
75%
1.697
73%
Women
553
29%
571
25%
632
27%
Total
1.905
100%
2.256
100%
2.329
100%
Table 3. Table of Group’s Human Resources
c. Composition of BoD and Committees
The Board of Directors has been elected by decision of the Ordinary General Meeting dated 18.6.2021, upon
recommendation of the Board of Directors and taking into account the recommendation of the Nominations and
Corporate Governance Committee of the Company, with a three-year term of office and in any case until the Ordinary
General Meeting of the year 2024. It comprises of the following members, taking into account the provisions of Law
4548/2018, Law 4706/2020, Circular 60/2020 of the Hellenic Capital Market Commission, the Company's Articles of
Association, the Company's Internal Rules of Procedure, the HCGC 2021 and the Suitability Policy for the members
of the Board of Directors of the Company:
1. Theodoros Fessas, son of Dimitrios
2. Eftychia Koutsoureli, daughter of Sophocles
3. Apostolos Georgantzis, son of Miltiadis
4. Markos Bitsakos, son of Grigorios
5. Maria Damanaki, daughter of Theodoros
6. Nikolaos Karamouzis son of Vassilios
7. Nikolaos Socrates Lambroukos, son of Dimitrios
8. Apostolos Tamvakakis, son of Stavros
9. Pantelis Tzortzakis, son of Michail
10. Emil Yiannopoulos son of Polykarpos
11. Panagiotis Kyriakopoulos son of Othon
12. Philippa Michali daughter of Christos
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-52-
Morevoer, the independent non-executive members, who meet the criteria of independence according to article 9 of
law 4706/2020, were elected from the above members, upon recommendation of the Board of Directors and taking
into account the recommendation of the Nominations and Corporate Governance Committee of the Company as
follows:
1. Emil Yiannopoulos - Independent Non-Executive Member
2. Maria Damanaki - Independent Non-Executive Member
3. Nikolaos Karamouzis - Independent Non-Executive Member
4. Panagiotis Kyriakopoulos - Independent Non-Executive Member
5. Philippa Michali - Independent Non-Executive Member
6. Apostolos Tamvakakis - Independent Non-Executive Member
7. Pantelis Tzortzakis - Independent Non-Executive Member.
The 12-member Board of Directors, elected by the Ordinary General Meeting of June 18, 2021 with a term of office
until the Ordinary General Meeting of 2024, following a proposal by Mr. Theodoros Fessas and a decision of the
Board of Directors, was constituted as a body as follows:
1. Theodoros Fessas - Chairman of the Board - Executive Member.
2. Eftychia Koutsoureli - Vice Chairwoman of the Board - Non-Executive Member.
3. Pantelis Tzortzakis - Vice Chairman of the Board - Independent Non-Executive Member.
4. Apostolos Georgantzis - Chief Executive Officer - Executive Member.
5. Markos Bitsakos - Deputy Chief Executive Officer - Executive Member.
6. Nikolaos Socrates Lambroukos - Executive Member, Managing Director on Strategy and Corporate
Development, as well as Corporate Governance
7. Emil Yiannopoulos - Independent - Non-Executive Member.
8. Maria Damanaki - Independent - Non-Executive Member.
9. Nikolaos Karamouzis - Independent - Non-Executive Member.
10. Philippa Michali - Independent - Non-Executive Member.
11. Panagiotis Kyriakopoulos - Independent - Non-Executive Member.
12. Apostolos Tamvakakis - Independent - Non-Executive Member.
The same Ordinary General Meeting held on 18-6-2021 decided, in accordance with the provisions of article 44 of
Law 4449/2017 and circulars no. 1302/28.4.2017 and 1508/17-7-2020 of the Hellenic Capital Market Commission,
as follows:
a) the Audit Committee will be a Committee of the Board of Directors, consisting exclusively of Members of the Board
of Directors,
b) the Audit Committee will consist of three (3) Independent Non-Executive Members,
c) The term of office of the members of the Committee to be appointed by the Board of Directors in accordance with
§ 1c of article 44 of Law 4449/2017, as such is in force, will follow their term of office as members of the Board of
Directors, i.e., it will be for three years commencing on the election of the Board of Directors and will be automatically
extended until the Ordinary General Meeting to be convened after the end of its term, i.e., until the Ordinary General
Meeting of 2024.
The members of the Committee were appointed according to resolution passed by the Board of Directors on 18-6-
2021 in accordance with article 44, § 1c, of law 4449/2017, as such is in force, in combination with circulars no.
1302/28-4-2017 and 1508/17-7-2020 of the Hellenic Capital Market Commission. The members of the Audit
Committee, proposed by the Nominations and Corporate Governance Committee on 21-5-2021 from the members
of the Board of Directors, who have sufficient knowledge in the field in which the Company operates and meet the
criteria of article 44, of law 4449/2017, as such is in force, as follows:
1. Emil Yiannopoulos, Independent Non-Executive Member
2. Panagiotis Kyriakopoulos, Independent Non-Executive Member
3. Apostolos Tamvakakis, Independent Non-Executive Member
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-53-
Following the appointment of the members of the Audit Committee by the Board of Directors, the Committee was
constituted into a body and appointed its Chairman and Members, as follows:
1. Emil Yiannopoulos, Independent Non-Executive Member
2. Panagiotis Kyriakopoulos, Independent Non-Executive Member
3. Apostolos Tamvakakis, Independent Non-Executive Member
According to its resolution dated 23/6/2021, the Board of Directors elected among its members, pursuant to the
provisions of Law 4706/2020, the HCGC, the Rules of Procedure of the Board of Directors and the Articles of
Association of the Company, the members that constitute the following Committees:
(a) Strategic Planning Executive Committee
Theodoros Fessas, President
Apostolos Georgantzis, Member
Markos Bitsakos, Member
Nikolaos Socrates Lambroukos, Member
(b) Nominations & Corporate Governance Committee
Apostolos Tamvakakis, President
Maria Damanaki, Member, Member
Nikolaos Karamouzis, Member
(c) Compensation Committee
Nikolaos Karamouzis, President
Philippa Michali, Member
Panagiotis Kyriakopoulos, Member
(d) Sustainability Committee
Eftychia Koutsoureli, President
Maria Damanaki, Member
Pantelis Tzortzakis, Member.
d. CVs of the Members of the Company Board of Directors and Executives
The brief CVs of the above Members of the BoD are posted on the Company's website: https://www.quest.gr/el/the-
group/board-of-directors and hereinbelow:
Theodoros Fessas, Chairman
Mr Fessas is the founder and main shareholder of the company Quest Holdings. Quest Holdings, founded in 1981
(as Info-Quest), is listed on the Athens Stock Exchange (1998) and operates through its subsidiaries in the field of
information technology (Info-Quest Technologies, iSquare, iStorm, Uni Systems, FoQus), electronic trade
(www.you.gr), courier services (ACS Courier Services), management of electronic transactions (Cardlink), courier
services (ACS Courier Services), renewable energy sources (Quest Energy), and air conditioning products and
services (Clima Quest).
He has served as the Chairman of the Board the Hellenic Federation of Enterprises (SEV) (2014-2020), he is the
Honorary President of the Federation of Hellenic Information Technology & Communications Enterprises (SEPE)
and member of the Board of the Foundation for Economic and Industrial Research (IOBE).
He holds a degree in Mechanical-Electrical Engineering from the National Technical University of Athens and a
Master's degree in Thermodynamics from the University of Birmingham, Great Britain.
Eftychia Koutsoureli, Vice-Chairwoman – Eexecutive Member of the BoD
Mrs. Effie Koutsoureli is a graduate of the Deree College with studies in Business Administration and Economics.
She developed her own business in the field of trade and was a Founding Member of Info Quest SA as well as a
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-54-
shareholder until 1984 when the SA was established. She has worked in various administrative areas of the company,
contributing to the development and transformation of the company to a Group of Companies with activities in the
fields of Information and Digital Technology, Postal Services and Renewable Energy Sources. For many years she
managed the sector of Marketing and Communications in Information and Communications, while today she holds
the position of Head of Corporate Affairs and Communications of the Group’s companies. In 2013 she was appointed
President of the CSR Committee of the Board for the introduction of CSR and Sustainability Strategies in the
companies of the Group. Since 2015 she is Vice Chairwoman of Quest Holdings and member of the Board of the
Group's companies, while in 2007-2010 she served as member of the Board of Directors of the Federation of Hellenic
Information Technology and Communications Enterprises (SEPE). She also serves as Board member in various
Organizations and Charities
Pantelis Tzortzakis, Independent non-Executive member of the BoD
Mr. Pantelis Tzortzakis was born in 1962 in Pompia, Heraklion, Crete. He studied Business Administration at the
University of Piraeus and Computer Science at Brooklyn College, New York. He was the founder of Forthnet SA,
starting with the IT Institute of the Foundation for Research & Technology-Hellas (FORTH) in 1987, where he took
over the responsibility of transforming it from research into a company, attracting investment funds from Greece and
abroad. He served as Managing Director of Forthnet since its incorporation (1995) until 2011. From 2008 to 2011,
he also served as Chairman of the Board of Directors and Chief Executive Officer of the pay-as-you-go NOVA satellite
platform. From 2007 to 2011 he was Chairman of the Board of Directors of SEPE (Federation of Hellenic Information
Technology and Communications Enterprises). From 2006 to 2009 he was a member of the Supervisory Board of
NETIA SA (Supervisor Board), Poland's largest alternative telecommunications company. In 2011, he was appointed
as Consultant to the Prime Minister on issues of Technology, Information Technology and Communications, while
from June 2011 until May 2012 he was Deputy Minister at the Ministry of Administrative Reform and E-Government.
From September 2012 to May 2013, he was responsible for the coordination for the Development of Innovation at
the Ministry of Development, Competitiveness, Infrastructures and Networks.
Apostolos Georgantzis, Chief Executive Officer – Executive Member
Mr. Georgantzis holds the position of CEO of Quest Holdings from the end of 2015 while he holds the position of
CEO of ACS S.A. since the end of 2003. He has studied Mechanical Engineering at Imperial College of Science
Technology and Medicine (Great Britain) where he completed his postgraduate studies and holds a BEng and MSc.
He has worked as an executive, freelancer and entrepreneur in various positions in the fields of construction,
investment and IT. Mr. A Georgantzis was born in Piraeus in 1968, speaks English and French and is married with
two children.
Markos Bitsakos, Deputy Chief Executive Officer – Executive Member of the BoD
Mr. Bitsakos was born in 1959. He studied Economics at the University of Piraeus, is a graduate of the annual MBA
course of HMA and holds the annual Magazine Management Certificate of the International Federation of Periodical
Publishers (FIPP). He has worked in many different business fields (services, trade, industry, media) and in various
positions in the Financial Division, Administrative Division, as CEO and CFO. From 2003 until the beginning of 2007,
he held the position of Chief Financial and Administrative Officer in Quest Holdings Group and from 2007 to February
2010 he held the position of Chairman and CEO of DAFNI COMMUNICATIONS and NIKI EDITORIAL.
Nikolaos Socrates Lambroukos, Managing Director
Mr. Lamproukos holds a degree in Mechanical Engineering (National Technical University of Athens), an MBA
(Manchester Business School), and a PhD and Post Doc (London Business School). He is a founding member and
Chairman of the Board of Directors of BPM S.A., a business consulting firm. He has served as Managing Director of
INTRACOM Holdings Group, CEO of INTRACOM IT Services Group, Chairman of the Board of Directors of ALTEC
TELECOMS S.A., INTRACOM Jordan, INTRACOM IT Services Denmark, etc., Chairman of the Audit Committee of
MOTODYNAMIKI S.A., as well as executive member of the BoD of many companies. He is a member of the General
Council of the Hellenic Federation of Enterprises (SEV), Trustee at the Board of Trustees of the Hellenic American
University, and a member of the BoD of the Foundation for Economic & Industrial Research (IOBE) He has also
worked as professor extraordinarius at the Athens University of Economics and Business, Research Fellow at the
London Business School, and has published scientific papers in international scientific journals.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-55-
Emil Yiannopoulos, Independent non-Executive member of the BoD
Mr. Emil Yiannopoulos is Member of the Chartered Institute of Internal Auditors of England and Wales FCA, ICAEW
since 1980. He was born in London and studied in England (graduate of Southgate College, London, with a degree
in Business Strategy and Economics). Member of the supervisory board of the Institute of the Chartered Institute of
Internal Auditors of England and Wales (ICAEW) from 2017 to 2019 representing the members of Europe and
Eurasia.
He has been an Executive of PwC London for 13 years, PwC of Greece (Athens) for 26 years, and PwC of USA and
Bermuda.
He has been a partner of PwC Greece since 1994 and Executive Committee member for 15 years. He has held
senior leadership positions such as Audit and Assurance practice leader in PwC of Greece (Athens). Founded in
1994 and led PwC’s Deals and Transaction Advisory Services business until 2009. Founded in 2008 and led PwC
Greece’s NPL advisory team. Advisor to Greek banks and foreign buyers of relevant loan portfolios.
Independent non-executive Member of the BoD of Quest holdings and President of the Audit Committee since June
2021. Non-executive Member of the BoD of PQH (Single Special Liquidator for all 17 credit and financial
institutions under special liquidation in Greece) since 2016. Fresh-Life UG - Chairman of the Advisory Board since
2020, a company with an infant nutrition business in the markets of Germany and the United Kingdom. Former
Honorary treasurer, Non-executive, on Board of Governors of St Catherine’s School and Campion School.
Maria Damanaki, Independent non-Executive member of the BoD
Maria Damanaki serves as a Principal Advisor to SYSTEMIQ (London), the Paradise Foundation (China), and
Rockefeller Brothers Foundation (USA). She sits on the Boards of Prince Albert II of Monaco Foundation,
Oceanographic Institute (Monaco), Friends of Ocean Action (World Economic Forum), European Marine Regions
Forum (Berlin), Marine Stewardship Council (MSC) (London), Global Fishing Watch, LAMPSA Hellenic Hotels SA
and Quest Holdings.
She served for five years as the Global Managing Director for Oceans at The Nature Conservancy USA. She also
served as the European Union Commissioner for Maritime Affairs and Fisheries. Under her leadership, the
Commission brought fish populations back to healthier levels—from as few as five sustainable stocks in 2010 to up
more than 30 today. She also served as a Greek politician for many years. She was the first woman leader of a Greek
political party. Author of four books on Gender and Human Rights issues, Education and European Policy.
Nikolaos Karamouzis, Independent non-Executive member of the BoD
Mr. Nikolaos Karamouzis is President of Grant Thornton, Greece, member of the Management Board of Eurobank
Ergasias S.A., and sits on the Boards of Directors of both Eurobank Cyprus, and Eurobank Private Bank Luxembourg.
He is the Chairman of the Hellenic Advisory Board, South East European Studies at Oxford (SEESOX), St Antony’s
College, Oxford University, member of the Advisory Board of diANEOsis, Vice-Chairman of the Steering Committee
of the Organization for the Promotion of Alternative Dispute Resolution Methods (OPEMED), Member of the Board
of Directors of the Onassis Foundation, Member of the Board of Directors of the Foundation for Economic and
Industrial Research (IOBE), and Member of the Advisory Board of the Holy Archdiocese of Athens’ Apostoli
(“Mission”) Charity Organization. Up until March 2019, he chaired the Boards of Directors of both Eurobank Ergasias,
and the Union of Greek Banks. At Eurobank Ergasias Bank, he also served as President of the Strategic Planning
Committee, and was a member of the Risk Management and Nomination Committees of the Bank’s Legal Council.
Dr. Karamouzis was CEO of Geniki Bank, and sat on the Strategic Planning Committee of the Piraeus Bank Group
as a Management Consultant. He also served as Deputy CEO of Eurobank, headed Wholesale Banking for 14 years,
and was Deputy Governor of the National Bank of Greece, Chairman of the National Investment Bank for Industrial
Development (ETEVA), Deputy Director of the Hellenic Industrial Development Bank (ETVA), Director of the National
Bank of Greece Foreign Exchange Division, Advisor to the Federal Reserve Bank of Cleveland in the United States,
and Vice Chairman of the Board of Directors of the Hellenic Federation of Enterprises (SEV).
He is an Emeritus Professor at the University of Piraeus. He holds a bachelor’s degree in Economics from the
University of Piraeus, a master’s degree in Economics from the American University, USA, and a Ph.D. in Monetary
Policy and International Finance from the Pennsylvania State University, USA.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-56-
Panagiotis Kyriakopoulos Independent non-Executive member of the BoD
Mr. Panos Kyriakopoulos has been Chairman and CEO of STAR INVESTMENTS, since July 2002, one of the leading
Mass Media and Technology Groups in Greece, controlling a TV station, Radio Stations, the production company
Green Pixel S.A., the Greek Yellow Pages and DIGEA SA [digital broadcasting]. In parallel Mr. Kyriakopoulos is a
member of the BoD of Euroseas Ltd and Eurodry Ltd (Ship owning company listed in NASDAQ), President of the
Association of the Private National Broadcasting Television Companies and a member of the Board of Directors of
the Hellenic Federation of Enterprises [SEV]. He has been in the past a member of the BoD in various companies
such as GEK-TERNA and AGET HERACLES. From July 1997 to July 2002, he was the C.E.O of the Hellenic Post
Group and up to 2006 a member of the BoD. From August 1996 to July 1997 Mr. Panos Kyriakopoulos was an
advisor to the technical company ATEMKE S.A. From July 1986 up to July 1996 he was the Managing Director of
Globe Group of Companies, a group active in the areas of ship owning and management, textiles, food and
distribution. He has served the Greek Army from October 1984 to June 1986. Mr. Kyriakopoulos has a B.Sc. degree
in Marine Engineering from University of Newcastle upon Tyne, England. He has a M.Sc. degree in Naval
Architecture and Marine Engineering from the Massachusetts Institute of Technology (MIT), USA and a Master’s
degree in Business Administration (MBA) from Imperial College, London. He is 60 years old, married with two
children. He speaks English and French. Mr. Panos Kyriakopoulos has been decorated by the Hellenic Republic with
the Star and the Cross First Class of Merit and Honor and has been awarded a merit by the Ministers of Transport
and Communications and National Economy for his service to the Hellenic Post Group. He has also been awarded
by the President of the Hellenic Republic the rank of a Brigadier General (hon) of the Hellenic Army.
Philippa Michali, Independent non-Executive member of the BoD
Ms. Philippa Michali is the Chief Executive Officer of Allianz Hellas covering both Greece & Cyprus. She is a member
of the Executive Committee of the Hellenic Association of Insurance Companies and holds the position of
Chairperson of the Human Resources Committee. She is also a board member of the Greek-German Chamber of
Industry and Commerce and a member of the General Council of the Hellenic Federation of Enterprises. Previously,
she served as Head of Market Management & Communications (since 2011) and a member of Allianz Greece
Executive Committee (since 2013). Prior to moving in Allianz’s insurance sector, in 2009, as Deputy Market
Management Manager and Local Innovation Manager, Ms. Michali worked as a fund manager in Allianz Mutual
Funds Mgmt Co. for 10 years. In 2020, Philippa for a third consecutive year, has been recognized by Fortune
magazine as one of the Most Powerful Women in Greece for 2019. She holds a Bachelor Degree in Banking &
Financial Management from the University of Piraeus and a Master’s Degree in Business Administration (MBA) from
ALBA Graduate Business School. She has twin boys
Apostolos Tamvakakis, Independent non-Executive member of the BoD
Mr. Apostolos Tamvakakis is a graduate of the Athens University of Economics and Business, with a Master’s degree
in Econometrics and Mathematical Economics. He has worked at Mobil Oil Hellas, Investment Bank, ABN-AMRO as
Deputy General Manager and Deputy Governor at National Mortgage Bank and National Bank of Greece. He was
then Chairman and Chief Executive Officer of LAMDA DEVELOPMENT, and since March 2009 he has been in
charge of the Latsis Group's strategy and business development in Geneva. From December 2009 until June 2012,
he was Chief Executive Officer of the National Bank of Greece. He has served as Vice Chairman of the HELEX
Group, Chairman of the Steering Committee of the Interalpha Group of Banks, President of Ethnokarta, National
Stock Exchange and ETEBA, President of the Southeastern European Board of the Europay Mastercard Group, and
has been a member of many boards and committees.
The brief CVs of the Company's executives are as follows:
Eleni Aggloupa, DPO, Director, Group Personal Data Protection Division
Elena Aggloupa was born in Athens in 1978 and is a lawyer at the Supreme Court. She is a graduate of the Law
School of the Aristotle University of Thessaloniki, and holds a postgraduate degree from the National Kapodistrian
University of Athens in Commercial Law. She is a Lawyer with experience in the fields of personal data and digital
technologies and is a certified (ISO/ IEC 17024) data protection officer by Tuv Austria Hellas. From 2008 to 2018
she held the position of Legal Advisor in Quest Group companies. She has long experience in the private sector and
also as a freelance lawyer. She is a member of the Athens Bar Association. She speaks Greek, English, Italian. Mrs.
Aggloupa has served as Quest Group DPO since 2018.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-57-
Konstantinos Vogiatzoglou, Director, Group Information Security Division
During the last 8 years, he has worked as an IT Risk & Information / Cyber Security Professional in large multinational
companies in the Consulting, Technology and Banking Sector. Mr, Vogiatzoglou has participated in IT / Cyber
Security projects working as a specialized professional in the Technology Sector, in the areas of Cyber Security,
Information Security Governance and Ethical Hacking.
He holds a degree in Information and Communication Systems Engineering as well as a postgraduate degree in
Information Systems Security from the University of Aegean. In addition, he holds important professional certifications
such as ISACA Certified Information Security Manager (CISM), Offensive Security Certified Professional (OSCP),
ISACA Certified Information Systems Auditor (CISA), Cisco Certified Network Associate (CCNA) and Certified Red
Team Professional (CRTP).
Vassilios Giannopoulos, Director, Group Strategy & Business Development Department
He started working for Quest group in 2013. He has worked as an executive in companies in the field of information
technology, telecommunications and pay-TV. In 2010 he was elected member of the Board of the European
Competitive Telecommunications Association (ECTA).
Mr. Giannopoulos is a graduate of the National Technical University of Athens, Department of Chemical Engineering
and holds an MSc in Information Technology with distinction from UCL and an MBA from the Athens Laboratory of
Business Administration (ALBA). He was born in Athens in 1970 and speaks English and German.
Luisa Grigorakou, Manager, Group Training & Human Resources Development Department
Mrs. Grigorakou has worked for different businesses (Greek, EMEA, GLOBAL), and has gained many years of
experience in designing and implementing focused HR & OD actions, such as Competency Model Design,
Assessment & Development Centres, Culture change programs, 360 assessment, Performance Management
Systems, Talent Attraction & Management programs, Leadership programs.
At the same time, she has experience as a group facilitator & personal coach.
Mrs. Grigorakou holds an M.Sc. in Industrial Psychology and is a certified Business Coach and systemic approach
consultant.
Vasiliki Delistathi, Legal Advisor, Head of the Group Legal Services Department and Corporate Secretary to
the BoD
Mrs. Deilistathi holds a BA in Law from the University of Athens, a Ph.D. in administrative law, and is a lawyer at the
Supreme Court. She is an Accredited Mediator (Ministry of Justice, Transparency & Human Rights) and Mediator
Trainer (IMC, IMI). She teaches at the Athens University of Economics and Business in the framework of the MBA
"Certificate In Negotiations" and in 2020 at Panteion University (Mediator Training Institution) as key Instructor of
Mediators. She is specialized in all types of corporate transactions of listed or unlisted companies, including
privatizations, establishment and liquidation of legal entities, purchase and sale of shares or corporate assets and
conduction of legal audits, corporate transformations (domestic and foreign), company takeovers, cross-border
transactions, and financial transactions including financial restructuring of corporate lending, collateral contracts,
bond loans. She is also specialised in capital market law and corporate governance, public procurement and matters
of intellectual property, as well as in the field of alternative energy and real estate investment companies, and has
mediated in commercial and family disputes, as well as in conflicts in the workplace. She has worked with law firms
in Greece and abroad (as an external partner or partner) and has provided her legal services (as Legal Advisor or
Director of Legal Services & Secretary to the Board) to the Greek groups "Hellenic Exchanges" (1999-2007), "
Hellenic Railways Organisation - OSE" (2007-2012). She is an external special associate at "Transparency
International" and a member of professional and scientific bodies and associations in Greece and abroad, as well as
associations of social contribution. She is a member of the Advisory Committee of the Organization for the Promotion
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-58-
of Alternative Dispute Resolution Methods (OPEMED), Scientific Associate and Mediator in the European Mediation
and Arbitration Organization (EODD).
Gerasimos Zournatzis, Director, Group Human Resources Division
Mr. Zournatzis is the Human Resources Director of the parent company Quest Holdings and also holds the position
of Human Resources Director of the subsidiary Unisystems Information Systems.
He has long experience in Greek and multinational companies since 1983 and has been working in the Quest group
since 1999.
During his work experience he has been involved in a large number of projects in the field of Human Resources.
He holds a BSc in Accounting - Finance from the American College of Greece (Deere College) and an MBA with a
specialization in Human Resource Management from Baker College, Center for Postgraduate Studies in Michigan,
USA.
He is a member of the Labour Committee of the Hellenic Federation of Enterprises and has participated as a
volunteer-trainer in many programs of Junior Achievement Greece.
Mr. Zournatzis was born in 1962 in Athens, speaks English and is married with two children.
Nikolaos Zotos, Director, Governance, Risk & Quality Division
Mr. Zotos holds the position of Risk, Security & Quality Officer in Quest Holdings. He is the GDPR Coordinator at
Quest Holdings and Quest Energy. He is a member of the CSR and Sustainability Coordination Group and the Risk
Committee of Quest Holdings.
He started his collaboration with the Group in 1984 as an IT technician at Info Quest. From 1987 to 2003 he held the
position of Technical Services Director at the same company. He then took over the position of Director of Safety
and Quality.
He was born in 1957. He studied at the Department of Electrical Engineering of the University of Patras. He speaks
English.
He worked as a freelancer and as an IT technician in a Greek company.
Athanasios Kapetsis, Director, Group Building Facilities and Infrastructure Division
Thanasis Kapetsis is the Director of Group Building Facilities and Infrastructure. His cooperation with the Group
began in 2002, while in 2004 he took over the position he holds until today.
He was born in Athens in 1963. He studied Civil Engineering at the National Technical University of Athens. He
speaks English and French.
He has worked as a freelance static designer, while he has studied and supervised the construction of large building
projects.
Dimitrios Kyriakopoulos, Manager, Group Internal Audit Department
Mr. Kyriakopoulos is Manager of the Internal Audit Unit of Quest Group since 2017. He is a Certified Auditor (FCCA)
with significant experience in Internal Audit and Corporate Governance.
He holds a BSc in Business Finance and Economics from the University of East Anglia, UK and an MA Finance and
Investment from the University of Exeter.
In 2005 he started his professional career at PWC as External Auditor. In 2010 he worked as Financial Controller
SEE in the Financial Department of General Electric Healthcare and from 2011 to 2017 he held the position of
Manager, Internal Audit Service in ELTA Group.
Konstantinia Pappa, Manager, Regulatory Compliance Department
Mrs. Pappa was born in 1976. She studied Law (LLB) at the University of Glamorgan in Great Britain and then
graduated from the Law School of the National and Kapodistrian University of Athens. She attended the annual
program of the Institute of Training of the Body of Certified Public Accountants in Risk Management and Internal
Audit and received a professional certification. She also a holds a certification in Regulatory Compliance in the
Financial System by the National and Kapodistrian University of Athens. From her university years she has worked
in law firms specializing in criminal and commercial law and from 2006 to 2010 she had her own law firm. From 2011
to 2020 she worked for the insurance company D.A.S. Hellas SA (ERGO Group) holding positions of responsibility.
From 2012 to 2020 Mrs. Pappa held the position of Regulatory Compliance Officer. Since October 2021, she is the
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-59-
Manager of the Regulatory Compliance Department of Quest Group.
Dimitrios Papadiamantopoulos, Director: a) Group Financial Control and Administrative Information Division
and b) Shareholder Relations and Compliance with the Principles of the Capital Market Division
He studied economics at the Athens University of Economics and Business. He has previously worked in similar
positions in IT companies and companies in the stock market.
Evangelos Roussos, Director, Group Procurement Division
Since 2006 he is the director of procurement, administrative organization and physical security in the company ACS
SA of Quest Group.
Since 2014 he has been a member of the management team of Quest Group as Procurement Manager.
Mr. Roussos was born in 1959 in Piraeus. He studied accounting. He has long experience in procurement and
personnel management in the field of technical companies.
He is married with four children.
Alexandros Roustas, Manager, Investor Relations Department
Alexandros Roustas is the Investor Relations Manager of Quest Holdings and the CEO of Quest On Line, which
manages the online store you.gr
From 2013 until today he also holds the position of CEO of IQBILITY, the group company that supports and invests
in start-ups in the field of technology.
In the past he has worked in technical and commercial divisions of telecommunications companies.
He holds a degree in Electrical Engineering from NTUA and a postgraduate degree in Business Administration.
Rania Skordili, Director, Group Corporate Communications
Rania Skordili holds the position of Corporate Communications Director of Quest Holdings. He has been part of the
Group's staff since 2000, having more than 30 years of experience in the fields of Communication and Marketing.
She also holds the position of Marketing Director at the subsidiary Info Quest Technologies and participates in the
Sustainability team of the Organization. During her professional career, she has contributed to the development of
many successful brands and the implementation of innovative projects in the Greek market. He is a graduate of the
Department of Physics of the National and Kapodistrian University of Athens and holds an MSc in Information
Science from City University, Great Britain.
Haris Stefanouris, Manager, Group Compensation and Benefits Department
Mr. Stefanouris is Manager of Compensation and Benefits of Quest Group and responsible for Compensation &
Benefits on behalf of all the subsidiaries of the Group since 2013.
He studied Chemistry, specializing in Food & Beverage, at the Department of Wine, Vine and Beverage Sciences of
the University of West Attica, while he holds a MSc in Food Science from the University of Leeds.
He has served as a Human Resources Executive (HRD) in various professional sectors such as: Retail, Mobile
Telephony, FMCG, Banking, IT and Engineering Services. He was born in Athens in 1969, speaks English and
Italian, is married with two children.
Eleni Christogianni, Manager, Group ESG Department
Mrs. Christogianni has over 20 years of experience in consulting and strategic planning. From June 2021 she took
over the position of ESG Manager of Quest Group being responsible for the coordination of Sustainability and ESG
issues. In her previous position at the Centre for Sustainability (CSE), as a member of the Consulting Services team,
certified by GRI, she gained extensive experience in creating corporate responsibility and strategy reports on
Sustainability issues. At the same time, at the Institute of Corporate Responsibility, she was responsible for
coordinating the participation as well as the evaluation of large Greek companies in the National Corporate
Responsibility Index (CR Index). In the past she has worked for 8 years at COSMOTE (OTE GROUP) where she
was in charge of the Departments of Commercial Planning as well as Products and Services of corporate clients.
Previously at PwC and IBM England, Mrs. Christogianni worked as Management Consultant gaining significant
international experience in strategy projects in the Telecoms industry. She holds a Bachelor’s Degree in Economics
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-60-
& Economic History from the London School of Economics (UK) and a Master’s Degree in Communications Policy
from City University (UK).
e. Competencies of the Board of Directors, the Chairman, Vice-Chairpersons Chief Executive Officer, Deputy
Chief Executive Officer, Managing Director, Board Members (executive, non-executive and independent non-
executive members)
The powers and competencies of the Board of Directors of the Company are those described in its Articles of
Association, in the Internal Rules of Procedure of the Company, in the Rules of Procedure of the Board of Directors,
in HCGC 2021, in law 4706/2020, law 4548/2018, as such is in force, as well as in other applicable legislation. All
the competencies of the Board of Directors are subject to articles 97 to 101 of Law 4548/2018 as such is in force.
In accordance with the Company's Articles of Association (article 12) and the law, the Board of Directors may
delegate, by its decision, the exercise of a part or all administrative, management and representation powers to one
or more persons, whose title and competence are always determined by decision of the BoD. The competencies of
the Chairman, the Vice-Chairpersons of the Board of Directors, the Chief Executive Officer, the Deputy Chief
Executive Officer, the Managing Director and the members are set out in the Rules of Procedure of the Board of
Directors, the Articles of Association, the Code of Corporate Governance and the applicable legislation. In particular
with regard to the competencies of the Chairman, Vice-Chairpersons, Chief Executive Officer, Deputy Chief
Executive Officer, Managing Director, and members of the Board of Directors (executive, non-executive and
independent non-executive):
i. The Chairman of the Board of Directors of the Company has the following competencies:
The Chairman presides over the meetings of the Board of Directors and directs its work in order to achieve its efficient
and effective operation.
The Chairman’s competencies set out in the applicable Greek legislation, Quest’s Articles of Association, the
assignment of responsibilities under the relevant provisions of company law and the HCGC adopted by the Company,
and include the following:
1. Ensuring the good organization and efficiency of the works of the Board and its Committees.
2. Defining the items on the agenda, ensuring that the Board takes decisions on all issues related to its
responsibilities and dedicates the required time to the issues that concern it.
3. Convening and chairing the meetings of the Board and ensuring their effective conduct by promoting
constructive dialogue and effective contribution of the views of the members of the Board.
4. Ensuring the timely and correct information of the members of the Board of Directors for the preparation
of the meetings of the Board of Directors.
5. Ensuring constructive relationships between executive and non-executive members and creating a
culture of openness, teamwork, collaboration and constructive dialogue.
6. Supervising the effective integration of new Board members, the suitability of the Board on an ongoing
basis and the preparation of the succession plan of the Board members.
7. Supervising the evaluation process of the Board of Directors and ensuring that appropriate actions are
taken to address the deficiencies identified.
8. Ensuring the effective communication of the Board of Directors with the shareholders and other
stakeholders, so that their positions on important issues are understood.
9. The other responsibilities that, as the case may be, refer to these Rules of Operation or to the applicable
legislation.
Finally, the Chairman, in addition to the above competencies related to the operation of the Board, and to the
extent that he has an executive capacity, will exercise the executive responsibilities provided by virtue of the
relevant powers delegated by the Board, in order to participate in all decisions that substantially affect the course
of the Company.
ii. The Vice-Chairpersons of the Board of Directors of the Company have the following competencies:
The Vice-Chairpersons of the Board of Directors replace the Chairman in his duties, where the Chairman is prevented
from exercising them and, in general, where provided by the Articles of Association, the law, this Regulation and the
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-61-
other Policies and Procedures of the Company. In case of appointment of more than one Vice-Chairpersons, the
relevant decision will determine the manner of replacement on a case-by-case basis. The Vice-Chairpersons act as
liaisons between the Chairman and the other members of the Board, while they participate in meetings with
shareholders of the Company to discuss issues related to its governance.
Notwithstanding the above, in the event that the Chairman has executive duties, the Board elects at least one Vice-
Chairperson among its independent non-executive members, in order for the latter to contribute to the independence
of the Board, to adequately inform its non-executive members and effectively participate in the supervisory and
decision-making process.
When the Chairman has an executive capacity, then the independent non-executive Vice-Chairperson does not
replace the President in his executive duties.
The Independent Vice-Chairperson of the Board has the following specific competencies:
1. Leads, in collaboration with the NCGC, the evaluation process of the Chairman by the BoD, in accordance
with the provisions of the BoD Evaluation process.
2. In collaboration with the Chairman of the Board, plans and coordinates the individual meetings of non-
executive members.
3. Takes care of the submission of the annual reports of the independent members of the Board of Directors
to the ordinary General Meeting of the Company.
iii. The Chief Executive Officer and the Deputy Chief Executive Officer:
In addition to the specific executive responsibilities assigned to the Chief Executive Officer and the Deputy Chief
Executive Officer according to the relevant decisions of the Board of Directors, their role in the operation of the BoD
relates to the specific responsibility of coordinating the recommendations of executive members and other senior
executives of the Company and the Group companies submitted to the Board.
iv. The Managing Director(s)
Upon recommendation of the Chairman of the Board, it is possible to appoint one or more Directors. His / her
individual responsibilities are proposed by the Chairman of the Board and approved by the BoD.
v. The Members of the BoD (executive, non-executive, independent non-executive)
Regardless of their status as executive, non-executive, or independent non-executive, all members of the Board
recognize that they are subject to a statutory duty of care and loyalty to the Company.
The members of the Board of Directors exercise due diligence for their regular information regarding the business
developments and the major risks, to which Quest is exposed. In this context, they must be informed in a timely
manner about changes in legislation and the market environment and communicate regularly with the Company's
executives. Furthermore, when making decisions, they have to vote based on their best and independent business
judgment.
The executive members of the Board of Directors are responsible for submitting proposals to the Board of Directors
regarding the Company's strategy and the implementation of the relevant decisions of the Board of Directors and the
General Meeting. They inform the Board of Directors about the implementation of the Company's strategy and
objectives, as well as about any other issue concerning the operation of the Company and its relationship with the
shareholders and other stakeholders.
Non-executive members:
✓ consider the proposals of the executive members on the basis of the information they receive and express
their views,
✓ consult with the executive members, monitor and examine the Company's strategy and its implementation,
and
✓ monitor the efficiency and performance of the Company and in particular the performance of the executive
members of the Board.
In addition, the Independent Vice-Chairman arranges that non - executive members submit, jointly or - if this is
required by the circumstances - separately, reports to the ordinary or extraordinary General Meeting of the Company,
regardless of the reports submitted by the Board.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-62-
f. Participation of the BoD Members – Corporate Secretary – Meetings of the BoD - Minutes
The following table includes the members of the Board of Directors in the fiscal year 2021, i.e., from 1/1/2021 to
31.12.2021 and each one’s capacity:
The Board
of Directors met 51 times in 2021.
The attendance of each member of the Board of Directors in 2021 is shown in the following table:
NAME & SURNAME
NUMBER OF MEETINGS HELD
DURING HIS/HER TERM OF
OFFICE
NUMBER OF MEETINGS IN
WHICH S/HE PARTICIPATED
NUMBER OF MEETINGS IN
WHICH S/HE WAS
REPRESENTED
Theodoros Fessas 51 51 -
Eftychia Koutsoureli 51 51 -
Pantelis Tzortzakis 51 51 -
Apostolos Georgantzis 51 51 -
Markos Bitsakos 51 51 -
Nikolaos Socrates
Lambroukos
51 51 -
Emil Yiannopoulos 24 24 -
Maria Damanaki 51 51 -
Nikolaos Karamouzis 51 49 2
Panagiotis Kyriakopoulos 24 24 -
Philippa Michali 24 23 1
Apostolos Papadopoulos 27 27 -
Apostolos Tamvakakis 51 51 -
Faidon Tamvakakis 27 27 -
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-63-
The Board of Directors and its Committees are supported by a Corporate Secretary who is appointed by the Board
and it’s not a member of the BoD. The work of the Corporate Secretary is:
✓ to provide practical support to the Chairman and the other members of the Board, collectively and
individually, having in mind the compliance of the Board with the relevant laws, regulations and internal
policies and procedures of the Company as well as the effective operation of the Board and its Committees.
✓ to ensure the systematic and smooth exchange of information between executives and the Board, as well
as the members of the Committees and the Board.
✓ to support the Chairman in the organization and conduct of the meetings of the Board and its Committees
and in particular to prepare the annual calendar of meetings of the Board and the agenda of each meeting
for approval by the Chairman, as well as to arrange the signing and filing of the relevant minutes of the
Board and its Committees.
✓ to ensure, in consultation with the Chairman, the immediate, clear and complete information of the Board of
Directors, the inclusion of new members, the organization of General Meetings, the facilitation of
shareholders' communication with the Board of Directors and the facilitation of communication of the Board
of Directors with the top management executives.
Furthermore, the Corporate Secretary has the responsibilities and duties that fall under the indicative and not
restrictive following Policies / Procedures:
✓ Conflict of Interest Management Policy and Procedure,
✓ Training Policy for Board members,
NAME & SURNAME CAPACITY
DATE OF ASSUMPTION OF
DUTIES
END OF TERM OF OFFICE
Theodoros Fessas Chairman, Executive Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Eftychia Koutsoureli
Vice Chairwoman – Non-
Executive Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Pantelis Tzortzakis
Vice Chairman – Independent Non-
Executive Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Apostolos Georgantzis CEO - Executive Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Markos Bitsakos Deputy CEO - Executive Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Nikolaos Socrates
Lambroukos
Managing Director
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Emilios Yiannopoulos
Independent Non-Executive
Member
Assumption: 18/6/2021
18/6/2024 or the following
ordinary GM
Maria Damanaki
Independent Non-Executive
Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Nikolaos Karamouzis
Independent Non-Executive
Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Panagiotis Kyriakopoulos
Independent Non-Executive
Member
Assumption: 18/6/2021
18/6/2024 or the following
ordinary GM
Philippa Michali
Independent Non-Executive
Member
Assumption: 18/6/2021
18/6/2024 or the following
ordinary GM
Apostolos Papadopoulos
Independent Non-Executive
Member
Assumption: 15/7/2020 18/6/2021
Apostolos Tamvakakis
Independent Non-Executive
Member
Assumption: 15/7/2020 & Re-
election: 18/6/2021
18/6/2024 or the following
ordinary GM
Faidon Tamvakakis
Independent Non-Executive
Member
Assumption: 15/7/2020 18/6/2021
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-64-
✓ Procedure for the Evaluation of the independence of the non-executive members of the Board of Directors,
according to the independence criteria set by Quest, pursuant to article 9 of law 4706/2020,
✓ Transactions Notification Procedure
✓ Privileged Information and Proper Information of the Public Procedure.
The non-executive members have timely access both to the required information regarding the items of the agenda
as well as to the executive members of the Board of Directors and the company’s top management for their
information.
The Corporate Secretary arranges that the members of the Board receive in hard copy or by electronic means the
supporting material (data, analyses, recommendations, studies, etc.) concerning the items on the agenda of each
meeting. Said supporting material shall, as far as possible, be made available to the members of the Board of
Directors three (3) calendar days prior to the meeting.
If deemed required by them, the non-executive members seek with the support of the Chairman of the Board the
timely receipt of additional information so that they can prepare and express their views during the meetings. Where
necessary, they seek clarifications and further information from executive members or the senior management.
All members of the Board maintain the confidentiality of the material (paper or electronic) and the information
disseminated.
Recommendations on the items of the agenda constitute an integral part of the minutes recorded for each board
meeting.
All decisions of the Board of Directors are taken by absolute majority of its members, who are present and / or
represented at the relevant meeting.
Each member of the Board has one (1) vote. In case of a tie on a specific item, the vote of the Chairman of the Board
prevails and is decisive.
Decisions are made on the basis of good information provided to all members of the Board and dedication of the
necessary time to discuss the key issues (such as purpose, assumptions, individual scenarios, risks, etc.).
Factors that can influence the effective decision making for the benefit of the Company are identified in a timely
manner (conflict of interest, lack of comprehensive dialogue and communication of views, etc.) and relevant
measures are taken to manage them (BoD members’ diversity and adequacy of knowledge, adequate preparation
and presentation of proposals by standing committees of the Board of Directors, communication of the Chairman of
the Board of Directors and the Presidents of the Committees on a case-by-case basis with key stakeholders and
receipt of specialized advisory services, etc.).
The meetings of the Board of Directors take place at the offices of the Company in the Municipality of Kallithea,
Attica. Alternatively, and to the extent that no member of the Board of Directors objects, the meetings may be validly
held at any venue other than the Company's registered office, either in Greece or abroad, provided that all its
members are present or represented at that meeting. Exceptionally and if, at the discretion of the Chairman of the
Board, it is so required by the circumstances (e.g., reasons of urgency or no need for consultation for more current
decisions of collective representation), resolutions may be passed by signing the minutes without holding a meeting
in accordance with the provisions of the law and the Company’s Articles of Association.
In compliance with the relevant decisions and provisions of the law and the Company’s Articles of Association, the
meetings of the Board of Directors, may be held via teleconference. In this case, the invitation to the members of the
Board includes the necessary information and technical instructions for their participation in the meeting.
The meetings of the Board of Directors are chaired by the Chairman and in case of his absence or impediment, by
the Vice-Chairperson.
The Chairman of the Board ensures that the items of the agenda and in particular the items of strategy are adequately
discussed and that the open dialogue and the presentation of different points of view are not discouraged.
He further ensures that the executive members and the Presidents of the BoD Committees have sufficient time to
present the results of their work and their recommendations and to discuss them with the other members of the
Board.
All members of the Board must be prepared for the meeting having studied the supporting material in order to
maximize the time available for dialogue and decision making.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-65-
All members of the Board must participate in the discussions of the items and the Chairman of the Board must
encourage and ensure their participation. Furthermore, the views of the members of the Board and the discussions
between them must be conducted in a completely professional manner, with decency, mutual respect, formulation of
substantiated arguments and opinions, under the coordination of the Chairman of the Board.
The Board of Directors is in quorum and duly in session, when half of the members plus one, are present or
represented. In no case can the number of members present be lower than three (3). In order to find quorum any
eventual fraction that may result shall be omitted.
Pursuant to the provisions of article 5 of law 4706/2020, in the meetings of the Board of Directors that have as item
the preparation of the financial statements of the Company or their agenda includes items whose approval requires
resolution of the General Assembly passed with increased quorum and majority, according to Law 4548/2018, the
BoD is in quorum when at least two (2) independent non-executive members are present.
The members of the Board who are absent from a meeting may be represented by other members of the Board, who
have a written mandate to this end this in the form of a proxy. A member of the Board of Directors may, in this way,
represent up to one (1) other member of the Board of Directors, who is absent. Representation on the Board of
Directors may not be assigned to persons who are not members of the Board of Directors, unless the representation
is assigned to any alternate member of the Board of Directors.
A member of the Board of Directors who is unjustifiably absent for more than six (6) months from the meetings of the
Board of Directors, is considered - by decision of the Board of Directors - to have resigned. In addition, pursuant to
the provisions of article 5 of Law 4706/2020, in case of unjustified absence of an independent member in at least two
(2) consecutive meetings of the Board, this member is considered resigned.
Discussions, consultations between executive, non-executive and independent members and the decisions of the
Board and its Committees are recorded in minutes which do not need to be a complete recording of what was said
at the meeting (full transcript), but they should capture the way the Board and Its members fulfil their duties to the
Company in accordance with the requirements of the institutional framework, in particular in relation to the active
participation of non-executive members.
Moreover, upon request by a member of the Board of Directors, the Chairman shall be obliged to record to the
minutes an accurate summary of said Member’s view. The Chairman shall be entitled to refuse to record any view
that does not clearly relate to the agenda or whose contents are contrary to the accepted principles of morality and
the law. A list of the members who are present or represented in the Board Meeting shall also be included in the
minutes.
The minutes of each meeting are distributed and approved no later than two (2) weeks after each meeting or at the
next meeting of the Board (if it is earlier) and are kept by the Corporate Secretary in Greek. The Corporate Secretary
ensures that the text of the minutes of each meeting is signed by the Chairman of the Board or his deputy and by all
members present or represented at the meeting. In case a member refuses to sign the minutes, a relevant mention
is made in the minutes. The signatures of the members or their representatives can be replaced by exchanging
messages via e-mail or other technological / digital solutions that ensure the confidentiality of information.
The minutes of the Board of Directors are recorded in brief in a special book, which may be kept electronically. Copies
and excerpts of the minutes of the Board of Directors are officially issued by the Chairman or his / her Deputy and
by the Chief Executive Officer, without any need for further ratification. The Company submits the minutes of the
Board of Directors or the General Meeting on the composition or the term of office of the members of the BoD to the
Hellenic Capital Market Commission within twenty (20) days upon adjournment of such meeting.
The members of the Board of Directors are entitled to remuneration or other benefits, in accordance with the law, the
Company's Articles of Association and the Company's remuneration policy. Any remuneration or benefit granted to
a member of the Board of Directors which is not regulated by the law or the Articles of Association shall be borne by
the Company only if approved by a special decision of the General Meeting without prejudice to the provisions of
articles 110 to 112 of Law 4548/2018, as such is in force. A fee consisting of participation in the profits of the year
may be provided. The amount of the above fee is determined by resolution of the General Meeting, which is passed
by simple quorum and majority. Any remuneration granted from the profits of the year is received from the balance
of the net profit that remains after all legal deductions for formation of the legal reserve and distribution of the minimum
dividend in favour of the shareholders, without prejudice to the provisions of articles 110 to 112 of law 4548 / 2018,
as such is in force. Any remuneration to members of the Board of Directors for services to the Company under a
special relationship, e.g., by way of indication, employment contract, project or mandate is paid observing the
conditions of articles 99 to 101 of law 4548/2018, as such is in force. The General Meeting may allow an advance
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-66-
payment for the period up to the next Ordinary General Meeting. The advance payment of the fee is subject to its
approval by the next Ordinary General Meeting.
The remuneration report for 2021 will be posted on the Company's website https://www.quest.gr/el/Investor-
Relations/general-meetings
g. Evaluation of the BoD, its Committees and the BoD Members
The regular evaluation of the BoD, its Committees and members, is a key feature of the organization and operation
of the Board of Directors of the Company and aims at the continuous development and improvement of their
efficiency.
The evaluation of the Board of Directors is carried out based on the Suitability Policy for the members of the Board
of Directors and the Evaluation Procedure for the Board of Directors and its Committees. The results of the evaluation
are taken into account in the planning and updating of the succession plan of the members of the Board of Directors
implemented by the Company, as well as in the planning of actions for the continuous improvement of the efficiency
of the BoD.
The Board of Directors, upon relevant recommendation of the NCGC, has the primary responsibility of identifying
gaps in terms of the collective suitability of the Board, recognizing when new members should be added, as well as
their required profile to optimize its effectiveness.
According to the above corporate procedures, the suitability of the Board of Directors is evaluated on an ongoing
basis and in particular prior to the publication of the annual financial report. Therefore, the evaluation is carried out
on an annual basis by the Board, with or without the assistance of an external consultant. In addition, it is carried out
on a three-year basis with the mandatory assistance of an external consultant (collective evaluation of the Board
which includes the evaluation of the Board as a whole, its Committees and each member individually).
The collective evaluation includes the evaluation of the effectiveness and the fulfilment of the duties of the Board of
Directors and its Committees, but also of each member individually according to his/her role in the Board of Directors.
The results of the evaluation are presented to the Board and measures are taken to address the identified
weaknesses (requested profile of members and composition of the Board, succession plan, changes in organization
and operation, integration of technological solutions, changes in training, etc.).
The assessment process of the Board of Directors is chaired by the Chairman, in cooperation with the NCGC, while
the Chairman is assessed by the Board chaired by the Independent Vice Chairperson, with the assistance of the
NCGC. The Chairman of the NCGC firstly presents the results to the Chairman of the BoD and thereafter the
individual results of each member’s assessment to each member privately.
h. Succession plan
The Board of Directors ensures the smooth succession and continuity of the Company's management through the
succession plan for the Board members. The Chairman of the Board and the NCGC are in charge of the process of
drawing up the succession plan as a key tool of good corporate governance that protects the viability of the Company
and strengthens the confidence of shareholders and other stakeholders. The plan is presented - to the extent required
- to all members of the Board by the Chairman of the BoD. Furthermore, the NCGC, if requested by the Board of
Directors, is informed and examines whether there is a succession plan for the Group Companies (in which the
Company holds more than 50% of their share capital) in collaboration with the Executive Board members of the
Company and the Management of the Group Companies.
For the preparation and annual updating of the succession plan, the NCGC conducts on an annual basis:
Identification of needs
The NCGC recognizes the need to nominate new potential candidates for the Board of Directors taking into account:
• the results of the annual evaluation of the Board of Directors, its Committees and members,
• any changes in the Suitability Policy for the Board members (e.g., new knowledge / skills, diversity goals) and
changes in the duties and responsibilities of the Board and its Committees,
• the planned changes in the composition of the Board of Directors (e.g., 9-year criterion for independent
members, resignation of executive members, etc.),
• the opinions and personal plans of each member for the time of his term of office in the Board of Directors (by
holding face-to-face meetings between the members and the Chairman of the BoD or the President of the
NCGC),
• the level of "readiness" of the Company and Group Companies’ executives that have been recognized as
candidate new executive members of the Board (pipeline), by informing the CEO about the annual assessment
of the individual performance and the implementation of their development plan,
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-67-
• the results of benchmarking of potential executives of the industry, when required.
Succession plan
Based on the above needs, the NCGC examines the succession plan on an annual basis. The plan includes the
potential candidates per director position (directors’ pipeline), the annual assessment of the performance of potential
candidates from the Company and the Group Companies executives against the relevant development plan that has
been defined and possible transition scenarios.
The process of searching for candidates for scheduled departures starts one (1) year for non-executive Board
members and five (5) years for Executive Board members prior to the expected departure, avoiding the simultaneous
succession in critical roles or a large number of Board members.
Moreover, the succession plan may include a transition plan to temporarily fill vacancies on the Board in case of
emergencies (e.g., temporary replacement).
For the preparation and updating of the succession plan, the NCGC:
• recognizes new candidates (director pipeline) either from the top management of the Company and the
Group Companies or outside the Company, starting in time the process of nominating candidates for the
Board outside the Company based on the operating regulations of the NCGC,
• suggests further actions in the development plan and preparation of the candidate successors of BoD
members in the existing succession plan by way of indication:
o participation in the BoD of other companies, participation in the executive committees of the Company
or presence in the BoD of the Company (shadowing),
o training in the required role skills,
o assignment of new roles / responsibilities within the Group,
o provision of advisory support to the candidate member (mentoring, feedback, coaching),
o planning and proposing actions for the transition plan which may include by way of indication:
- the temporary increase of the members of the Board of Directors or of its Committees,
- the assignment of transitional roles e.g., member of the Committee for one (1) year before his/her
appointment as President of the Committee,
- the gradual assignment of additional roles to senior executives.
i. Professional commitments of the Members of the BoD
The members of the Board of Directors have notified the Company, until December 31, 2021, of the following other
professional commitments (including significant non-executive commitments to companies and non-profit
organisations):
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-68-
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.FOUNDATION FOR ECONOMIC &
INDUSTRIAL RESEARCH
1.MEMBEROFTHEBoD
2.Info Quest Technologies SA 2.MEMBEROFTHEBoD
3.ACS SA 3. MEMBER OF THE BoD
4.QuestOnLine SMSA 4. MEMBER OF THE BoD
5.Uni Systems SMSA 5. MEMBER OF THE BoD
6.ISQuare SMSA 6. MEMBER OF THE BoD
7.QUEST ENERGY SMSA 7. MEMBER OF THE BoD
8.VIOTIA WIND FARM AMALIA SA 8. MEMBER OF THE BoD
9.VIOTIA WIND FARM MEGALO PLAI
SA
9. MEMBER OF THE BoD
10. FOQUS SMSA 10. MEMBER OF THE BoD
11.Cardlink One SA 11.MEMBEROFTHEBoD
12.ΒriQPropertiesREIC
12.CHIARMAN OF THE BoD, NON
EXECUTIVE MEMBER
13.XYLADES ENERGIAKI SA 13. MEMBER OF THE BoD
14.WIND ZIEBEN ENERGY SMSA 14.MEMBEROFTHEBoD
15.FOS ENERGEIA KAVALA SMSA 15. MEMBER OF THE BoD
16. NUOVO KAVALA PHOTTOPOWER
SMSA
16. MEMBER OF THE BoD
17.PETROX SOLAR POWER SMSA 17. MEMBER OF THE BoD
18. BETA SYNENERGIA KARVALI
SMSA
18. MEMBER OF THE BoD
19. PHOTTOPOWER EVMIRIO BETA
SMSA
19. MEMBER OF THE BoD
20. ENERGEIA FOTOS VITA XANTHIS
SMSA
20. MEMBER OF THE BoD
21.MYLOP OTAMOSFOS2SMSA 21. MEMBER OF THE BoD
22.KINIGOSSA 22. MEMBER OF THE BoD
23.CLIMA QUEST SMSA 23. MEMBER OF THE BoD
Theodoros Fessas
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-69-
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.GREEK COAST SA 1. CHAIRWOMAN OF THE BoD & CEO
2. QUEST ENERGY SMSA 2. VICE CHAIRWOMAN OF THE BoD
3. ACS SA 3. VICE CHAIRWOMAN OF THE BoD
4. Uni Systems SMSA 4. MEMBER OF THE BoD
5. Cardlink One SA 5. VICE CHAIRWOMAN OF THE BoD
6.ΒriQ Properties REIC
6. NON EXECUTIVE MEMBER OF THE
BoD
7. XYLADES ENERGIAKI SA 7. VICE CHAIRWOMAN OF THE BoD
8. WIND ZIEBEN ENERGY SMSA 8. VICE CHAIRWOMAN OF THE BoD
9. FOS ENERGEIA KAVALA SMSA 9. VICE CHAIRWOMAN OF THE BoD
10. NUOVO KAVALA PHOTTOPOWER
SMSA
10. VICE CHAIRWOMAN OF THE BoD
11. MYLOPOTAMOS FOS 2 SMSA 11. VICE CHAIRWOMAN OF THE BoD
12. PETROX SOLAR POWER SMSA 12. VICE CHAIRWOMAN OF THE BoD
13. BETA SYNENERGIA KARVALI
SMSA
13. VICE CHAIRWOMAN OF THE BoD
14. PHOTTOPOWER EVMIRIO BETA
SMSA
14. VICE CHAIRWOMAN OF THE BoD
15. ENERGEIA FOTOS VITA XANTHIS
SMSA
15.VICE CHAIRWOMAN OF THE BoD
16. Quest On Line SMSA 16. VICE CHAIRWOMAN OF THE BoD
17. KINIGOS SA 17. VICE CHAIRWOMAN OF THE BoD
18. CLIMA QUEST SMSA 18. VICE CHAIRWOMAN OF THE BoD
19. ISQuare SMSA 19. VICE CHAIRWOMAN OF THE BoD
20. iStorm SMSA 20. VICE CHAIRWOMAN OF THE BoD
21. Info Quest Technologies SMSA 21. VICE CHAIRWOMAN OF THE BoD
22. Sarmed Warehouses SA 22. CHAIRWOMAN OF THE BoD
23. FOQUS SMSA 23. VICE CHAIRWOMAN OF THE BoD
Eftychia Koutsoureli
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1. INNOGROWTH Investment and
Consulting SMSA
1. Chairman of the BoD & CEO
2. Hellenic Development Bank SA
2. Vice Chairman of the BoD –
Executive Member
3. HELLENIC EXCHANGES - ATHENS
STOCK EXCHANGE SA HOLDINGS
3. Member of the BoD
4. Athens Exchange Clearing House
SA
4. Member of the BoD
Pantelis Tzortzakis
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-70-
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.Info Quest Technologies SMSA 1. MEMBER OF THE BoD
2.ACS SA 2. CHAIRMAN & CEO
3.Uni Systems SMSA 3. VICE CHAIRMAN OF THE BoD
4.ISQuare SMSA 4. MEMBER OF THE BoD
5.iStorm SMSA 5. MEMBER OF THE BoD
6.Quest On Line SMSA 6. VICE CHAIRMAN OF THE BoD
7.ACS UK LTD 7. Director
8.SUNMED LAND INVEST INC 8. Director
9.Cardlink One SA 9. CHAIRMAN OF THE BoD
10.Quest Energy SMSA 10. VICE CHAIRMAN OF THE BoD
11.ΒriQ Properties REIC
11. EXECUTIVE MEMBER OF THE
BoD
12.XYLADES ENERGIAKI SA 12. VICE CHAIRMAN OF THE BoD
13.WIND ZIEBEN ENERGY SMSA 13. VICE CHAIRMAN OF THE BoD
14.FOS ENERGEIA KAVALA SMSA 14. VICE CHAIRMAN OF THE BoD
15.MYLOPOTAMOS FOS 2 SMSA 15. VICE CHAIRMAN OF THE BoD
16.NUOVO KAVALA PHOTTOPOWER
SMSA
16. VICE CHAIRMAN OF THE BoD
17.PETROX SOLAR POWER SA 17. VICE CHAIRMAN OF THE BoD
18.BETA SYNENERGIA KARVALI
SMSA
18. VICE CHAIRMAN
19.PHOTTOPOWER EVMIRIO BETA
SMSA
19. VICE CHAIRMAN OF THE BoD
20.ENERGEIA FOTOS VITA XANTHIS
SMSA
20. VICE CHAIRMAN OF THE BoD
21.KINIGOS SMSA 21. VICE CHAIRMAN OF THE BoD
22.Quest International société à
responsabilité limitée
22. Member of the BoD (A' Director)
23.CLIMA QUEST SMSA 23. MEMBER OF THE BoD
24. Plaza Hotel Skiathos SMSA 24. MEMBER OF THE BoD
25. Sarmed Warehouses SA 25. MEMBER OF THE BoD
26. FOQUS SMSA 26. MEMBER OF THE BoD
Apostolos
Georgantzis
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-71-
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.Info Quest Technologies SMSA 1. MEMBER OF THE BoD
2.ACS SMSA 2. MEMBER OF THE BoD
3.QUEST ENERGY SMSA 3. CHAIRMAN & CEO
4.Uni Systems SMSA 4. MEMBER OF THE BoD
5. FOQUS SMSA 5. MEMBER OF THE BoD
6.Unisystems Luxembourg s.a.r.l. 6. Director
7.iStorm SMSA 7. CHAIRMAN & CEO
8. ΒriQ Properties REIC
8. NON EXECUTIVE MEMBER OF THE
BoD
9. XYLADES ENERGIAKI SA 9. CHAIRMAN & CEO
10. WIND ZIEBEN ΕNERGY SMSA 10. CHAIRMAN & CEO
11. FOS ENERGEIA KAVALA SMSA 11. CHAIRMAN & CEO
12. MYLOPOTAMOS FOS 2 SMSA 12.CHAIRMAN & CEO
13. NUOVO KAVALA PHOTTOPOWER
SMSA
13. CHAIRMAN & CEO
14. PETROX SOLAR POWER SMSA 14. CHAIRMAN & CEO
15. BETA SYNENERGIA KARVALI
SMSA
15. CHAIRMAN & CEO
16. PHOTTOPOWER EVMIRIO BETA
SMSA
16. CHAIRMAN & CEO
17. ENERGEIA FOTOS VITA XANTHIS
SMSA
17. CHAIRMAN & CEO
18. VIOTIA WIND FARM AMALIA SA 18. ΑΝΤΙΠΡΟΕΔΡΟΣ ΔΣ
19. VIOTIA WIND FARM MEGALO
PLAI SA
19. ΑΝΤΙΠΡΟΕΔΡΟΣ ΔΣ
20. KINIGOS SA 20.CHAIRMAN & CEO
21. Quest International société à
responsabilité limitée
21. MEMBER OF THE BoD
22.KIFISSIA SPORTS CLUB 22. CHAIRMAN OF THE BoD
23. CLIMA QUEST SMSA 23. MEMBER OF THE BoD
24. Plaza Hotel Skiathos SMSA 24. MEMBER OF THE BoD
25. Sarmed Warehouses SA 25. MEMBER OF THE BoD
Markos Bitsakos
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1. BPM Α.Ε. 1. CHAIRMAN OF THE BoD
2. LANDIS SA 2. CHAIRMAN OF THE BoD & CEO
3. HELLENIC AMERICAN UNIVERSITY 3. TRUSTEE, BOARD OF TRUSTEES
4. EDUCATION & SCIENCE CENTER 4. MEMBER OF THE BoD
5.HELLENIC - KENYAN CHAMBER 5. MEMBER OF THE BoD
6. IDEATE CONSULTING SERVICES
LIMITED PARTNERSHIP
6.GENERAL PARTNER
Nikolaos Socrates
Lambroukos
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-72-
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1. PQH Single Special Liquidator SA,
SPECIAL LIQUIDATOR OF CREDIT
INSTITUTIONS
1. Non Executive Member of the BoD
Emil Yiannopoulos
2. Chairman of the Advisory Committee,
non-executive member
2. Fresh-Life UG
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.SYSTEMIQ Ltd. (London) 1.INDEPENDENT ADVISER
2.Paradise Foundation (Non-profit
foundation - China)
2.INDEPENDENT ADVISER
3.Rockfeller Brothers Foundation (Non-
profit foundation - USA)
3.INDEPENDENT ADVISER
4.Prince Albert II of Monaco Foundation
(Non-profit foundation)
4. Member of the BoD (Non- executive)
5.Oceanographic Institute (Non-profit
foundation - Monaco)
5. Member of the BoD (Non- executive)
6.Marine Regions Forum (Non-profit
foundation - Berlin)
6. Member of the BoD (Non- executive)
7.Marine Stewardship Council (MSC)
(Non-profit foundation - London)
7. Member of the BoD (Non- executive)
8.Friends of Ocean Action (World
Economic Forum).
8. Member of the BoD (Non- executive)
9.Global Fishing Watch (Non-Profit
foundation)
9. Member of the BoD (Non- executive)
10.Global Fishing Watch (Non-Profit
foundation)
10. Member of the BoD (Non- executive)
Maria Damanaki
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.SMERemediumCap 1.Chairman
2.Eurobank Cyprus 2.Vice-Chairman
3.Eurobank Private Bank Luxembourg 3.Member of the BoD
4.Grant Thornton 4.Chairman
5. FOUNDATION FOR ECONOMIC &
INDUSTRIAL RESEARCH
5.Member of the BoD
6.Alexander S. Onassis Public Benefit
Foundation
6.Member of the BoD
7.diaNEOsis Research and Policy
Institute
7.Μember of the Advisory Board
8.ELIAM | HELLENIC FOUNDATION
FOR EUROPEAN & FOREIGN POLICY
8.Member of the Advisory Committee
9.Stanton Chase International A.E. 9.Member of the BoD
Nikolaos
Karamouzis
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-73-
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
Allianz Hellas Insurance Company
SMSA
CEO
Executive Committee - Chairwoman
Project Management Committee -
Chairwoman
Investment Committee - Chairwoman
Human Resources, Remuneration and
Benefits Committee - Chairwoman
Sales Ethics Committee - Chairwoman
Committee on Financial Results and
Tax Issues - Member
Risk Management Committee - Member
Inventory Management Committee -
Extraordinary Member
Management Committee of Insurance
Operations - Extraordinary Member "
Allianz Mutual Fund Management
SMSA
Chairwoman of the BoD
Association of Insurance Companies of
Greece
Member of the BoD-
Executive Committee - Member
Human Resources Committee -
Chairwoman
Hellenic-German Chamber of
Commerce and Industry
Member of the BoD
-Finance & Investment Committee -
Member
ALBA EXECUTIVE DEVELOPMENT &
APPLIED RESEARCH IN BUSINESS
ADMINISTRATION
BoD- Independent Member of the BoD
Hellenic Federation of Enterprises
General Council - Member
Philippa Michali
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
Star Investments SA
Chairman & CEO
Cambridge Finance Private Limited Company
Administrator
Euroseas Ltd
Member of the BoD- Independent
Eurodry Ltd
Member of the BoD- Independent
Xrysos Odigos SA Chairman of the BoD
Radio Communication SA Executive
Hellenic Federation of Enterprises Member of the BoD
Association of Private Television Stations of National Broadcast
Chairman of the BoD
R.K Deepsea Ltd Director
Panagiotis
Kyriakopoulos
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-74-
j. Conflict of interest – Privileged information – related members
The members of the Board of Directors and every third person to whom the BoD had delegated responsibilities, must:
a. keep strictly confidential all Quest confidential corporate matters which have not been disclosed to the
general public and of which they have become aware in their capacity as consultants.
b. abstain from pursuing their own interests, which conflict with the interests of the Company and disclose in
a timely manner any situations of conflict of interest, abstaining, where necessary, from the relevant voting
in accordance with the relevant Policies and Procedures of the Company.
c. comply with the other provisions of the law regarding the obligations of the members of the Board of
Directors, such as the provisions on management of privileged information, transactions with related parties,
etc., as well as any relevant Policies and Procedures of the Company.
d. promptly inform the Corporate Secretary and the NCGC about any change in the external professional
positions they hold and any assumption of a new position (e.g., participation in boards of directors of other
companies) or other information to update their CV.
The Company has drawn up a Conflict-of-Interest Policy, fully harmonized with the Greek legislation and has, in
particular, taken into account the applicable legal framework, such as Law 4548/2018 and Law 4706/2020. The
relevant policy is binding on the members of the Board of Directors, the executives as well as the other employees
of the Company.
The policy defines the duty of loyalty owed to the Company by the above persons and their obligation to ensure that
corporate decisions are made in the interest of the company and free from any real or potential conflict of interest
arising out of their personal and professional activities, relationships and interests.
For the implementation of the policy, the Company has prepared a Procedure for the Prevention and Management
of Situations of Conflict for the members of the Board of Directors as well as for each executive or third party who
has been delegated responsibilities from the BoD which specifies all mechanisms of conflict-of-interest prevention,
recognition and response.
The independent non-executive members of the Company's Board of Directors have special obligations to notify and
/ or avoid possible conflicts of interest, upon assuming their duties and on an annual basis, as described in the
Procedure for Notifying Dependency Relations of the Company's Independent Board Members while reference on
conflict-of-interest for all Company stakeholders is also included in the Code of Ethics & Conduct as well as in the
Regulatory Compliance System.
The Company also implements the Procedure for the Management of Privileged Information and Proper Information
of the Public, which complies with the applicable legislation and the relevant obligations it has as a listed company
on the Athens Stock Exchange and additionally contributes to achieving equal treatment, protection and
strengthening of investor trust and protecting the integrity of financial markets.
In particular, the process includes the mechanisms for recognizing privileged information and the process of
evaluating information as privileged or not. According to the evaluation result, the process describes the
NAME & SURNAME COMPANY NAME PROFESSIONAL COMMITMENT
1.GEK TERNA 1.Vice-Chairman, Independent Non Executive Member
2.PLAISIO COMPUTERS 2.Vice-Chairman of the BoD, Independent non Executive Member
3.EOS CAPITAL PARTNERS
ALTERNATIVE INVESTMENT
MANAGEMENT SA
3.Chairman & CEO, Executive
4.EUROSEAS LTD 4.Member of the BoD, Independent, Non Executive
5.EURODRY LTD 5.Member of the BoD, Independent, Non Executive
6.EOS HELLENIC RENAISSANCE FUND
GP, Sarl (LUXEMBURG)
6.Member of the BoD, Executive
7.HELLENIC AMERICAN UNIVERSITY
(USA)
7.Member of the BoD
8.ERGO INSURANCE SMSA 8.Member of the BoD, Independent, Non Executive
9.MINERVA OIL & FOOD COMPANY
SA
9.Member of the BoD
10.EUROCATERING SA 10.Member of the BoD
11.PQH Single Special Liquidator SA 11.Chairman of the Settlements and Liquidation Committee
12. HELLENIC OLYMPIC COMMITTEE
12.Member of the Marketing Committee
Apostolos
Tamvakakis
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-75-
methodologies / actions for managing privileged information related to the publication or not of the privileged
information (disclosure, postponement, refutation).
The procedure analyzes the obligations of the persons who possess privileged information while it is emphasized
that said individuals are personally responsible for observing the legislation and the implementation of the relevant
procedure.
Moreover, the process of compiling and updating lists of persons holding privileged information is also described.
The procedure includes a detailed description of the sanctions, criminal or administrative, imposed on persons
holding privileged information.
Finally, the Company has established a transaction procedure with related parties in accordance with § 3 of article
14 of law 4706/2020. In the relevant procedure:
• defines who the Company related parties are, establishes the rules and procedures aimed at ensuring the
transparency and effective supervision of the Company's contracts or transactions with related parties; and
• sets out the rules and procedures for the detection, evaluation, approval and disclosure of related party
transactions based on the relevant provisions of corporate law.
For the valid representation, management of the corporate affairs and undertaking of every obligation by the
Company, two signatures shall be required under the corporate name, unless otherwise determined by a relevant
decision of the Board of Directors.
The Company has undertaken the obligation, towards its members of the Board of Directors and Executives, to whom
by virtue of a BoD decision the management of the Company and / or the fulfillment of certain duties and / or the
exercise of part of its powers and responsibilities has been assigned, to fully compensate them in the performance
of their duties.
During this fiscal year and until today, no cases of conflict of interests of the members of the Board of Directors have
been identified, which fall under the provisions of article 97 of Law 4548/2018.
k. Information on the number of shares held by the members of the Board of Directors key executives
Please find hereinafter a table, which shows the number of shares held by each Board Member and each key
Executive as at 31.12.2021:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-76-
l. Sustainability Policy
The Group adopts and implements sustainability policies based on transparency, ethical business and respect for all
stakeholders. They focus on issues related to the creation of economic, social and environmental benefits throughout
the value chain of the Company and the Group Companies and to all stakeholders.
The concept of sustainability is developed in the Quest Group companies by promoting their corporate interest and
competitiveness, while at the same time it aims to create value, for the benefit of all stakeholders. The policy
describes the individual commitments of the Group regarding the following pillars:
• Corporate governance
• Market and Customers
Name No. of shares
Theodore Fessas 17.878.065
Eftychia Koutsoureli 9.024.729
Pantelis Tzortzakis 0
Apostolos Georgantzis 51.873
Markos Bitsakos 0
Nicolaos Socrates Lambroukos 7.000
Emil Yannopoulos 0
Maria Damanaki 0
Nikolaos Karamouzis 0
Panagiotis Kyriakopoulos 0
Phillipa Michali 0
Apostolos Papadopoulos 0
Apostolos Tamvakakis 0
Phaidon Tamvakakis 0
Eleni Aggloupa 0
Konstantinos Vogiatzoglou
0
Vassilios Giannopoulos
0
Luisa Grigorakou 0
Vasiliki Delistathi 0
Gerasimos Zournatzis 5.175
Nikolaos Zotos 1.200
Athanasios Kapetsis 40
Dimitrios Kyriakopoulos 0
Konstantinia Pappa 0
Dimitrios Papadiamantopoulos 0
Evangelos Roussos 0
Alexandros Roustas 0
Rania Skordili 1.245
Haris Stefanouris 0
Eleni Christogianni 0
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-77-
• Human resources
• Environment
• Society
• Relations with Stakeholders.
2. BoD Committees
i. Audit Committee
The Ordinary General Meeting of 18-6-2021, decided, according to the provisions of article 44 of Law 4449/2017 and
circulars no. 1302/28.4.2017 and 1508/17-7-2020 of the Hellenic Capital Market Commission, as follows:
a. the Audit Committee will be a Committee of the Board of Directors, consisting exclusively of Members of
the Board of Directors,
b. the Audit Committee will consist of three (3) Independent Non-Executive Members,
c. The term of office of the members of the Committee to be appointed by the Board of Directors in accordance
with § 1c of article 44 of Law 4449/2017, as such is in force, will follow their term of office as members of
the Board of Directors, i.e., it will be for three years commencing on the election of the Board of Directors
and will be automatically extended until the Ordinary General Meeting to be convened after the end of its
term, i.e., until the Ordinary General Meeting of 2024.
The members of the Committee were appointed according to resolution passed by the Board of Directors on 18-6-
2021 in accordance with article 44, § 1c, of law 4449/2017, as such is in force, in combination with circulars no.
1302/28-4-2017 and 1508/17-7-2020 of the Hellenic Capital Market Commission. The members of the Audit
Committee were proposed by the Nominations and Corporate Governance Committee on 21-5-2021 from the
members of the Board of Directors, who have sufficient knowledge in the field in which the Company operates and
meet the criteria of article 44, of law 4449/2017, as such is in force.
Following the appointment of the members of the Audit Committee by the Board of Directors, the Committee was
constituted into a body in order to appoint its Chairman and Members.
The Rules of Operation of the Audit Committee were updated according to the resolution of the Board of Directors
passed on 15.7.2021 and have been prepared to ensure compliance with § 4 of article 10 of law 4706/2020, reflect
the responsibilities of the Committee in harmonization with law 4449/2017 "on mandatory audit of annual and
consolidated financial statements and public supervision of the audit work" (article 44), as amended by article 74 of
law 4706/2020 and the relevant circulars of the Hellenic Capital Market Commission (1302/28.04. 2017 and
1508/17.7.2020) and have been posted on the Company's website (https://www.quest.gr/el/the-group/committees).
The preparation of the Rules, has taken into account the aforementioned, the Greek Code of Corporate Governance
of the Hellenic Corporate Governance Council adopted by the Company, the Company's Rules of Procedure, the
applicable legislation and best international practices.
The main mission of the Audit Committee is to support the Board of Directors in fulfilling its supervisory responsibility
towards the shareholders, the investors and other parties making transactions with the Company in general for
monitoring:
➢ The completeness and integrity of the annual and consolidated financial statements of the Company.
➢ The effectiveness and efficiency of corporate governance, internal control, risk management, quality
assurance and compliance systems that have been established by the Management and the Board.
➢ The compliance of the Company with the, from time to time, applicable legal and regulatory framework, as
well as with the Code of Conduct and Ethics.
➢ The audit function and the performance of the work of the external auditors regarding the statutory audit of
the financial statements.
➢ The evaluation of the internal control department which it supervises.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-78-
➢ The process of selecting the certified public accountants or auditing firms and monitoring their independence
on an ongoing basis.
In order to fulfill its goals, the Audit Committee has unhindered and full access to the information needed to exercise
its responsibilities.
The executive members of the Board of Directors and the Management of the Company and Quest Group must
cooperate and respond to relevant requests of the Audit Committee. The Committee shall secure the resources
necessary for the implementation of its work. The budget of the Audit Committee is approved by the Board of
Directors of the Company.
The Committee oversees, in addition to internal control, the other functions of the Internal Control System, in
particular the risk management system (with the reports of the Risk Management, Safety & Quality Division) and the
regulatory compliance system (with the reports of the Regulatory Department).
The Audit Committee in the year 2021 met eleven (11) times in the presence of all its members. In the discussion of
issues within the competence of the Internal Control Department, the manager of the Internal Control Department
was called.
In this context, the Audit Committee met four (4) times with the certified auditors of KPMG and discussed with them
their audit approach, the focus points of the audits (key financial statement risks) as well as the results of their reports.
Furthermore, in 2021 the Audit Committee within the framework of its responsibilities and in accordance with § 3 of
article 44 of Law 4449/2017, and the relevant decisions of the Hellenic Capital Market Commission (resolutions no.
1302/28.4.2017 and 1508/17.07.2020) proceeded during the fiscal year 2021, inter alia, to the following:
a. Statutory audit monitoring and information of the Board of Directors about its results:
It monitored the process and the carrying out of the statutory audit of the company and the consolidated financial
statements of the Company, took into account the content of the supplementary report, which was submitted by its
certified auditors and which contains the results of the statutory audit performed and meets at least the specific
requirements in accordance with Article 11 of Regulation (EU) No 537/2014 of the European Parliament and of the
Council of 16 April 2014.
b. Financial reporting process
Monitored, examined and evaluated the process of preparation of the financial reporting, i.e., the mechanisms and
systems of production, the flow and dissemination of financial information produced by the involved organizational
units of the Company, was informed about the process and the schedule of compiling the financial information by the
Management was also briefed by the statutory auditors on the annual statutory audit program prior to its
implementation, evaluated it and ensured that the annual statutory audit program covers the key areas of audit,
taking into account the main business and financial risk areas of the Company.
Moreover, with regard to the implementation of the above, the Audit Committee held meetings with the Management
/ competent executives during the preparation of the financial reports, as well as with the certified auditors during the
planning stage of the audit, during its execution and during the stage of preparation of audit reports. It also took into
account and examined the key issues and risks that may have an impact on the Company's financial statements as
well as the significant judgments and estimates of Management during their preparation.
Furthermore, the Audit Committee was in timely communication with the certified auditors in view of the preparation
of the audit report, reviewed the financial reports prior to their approval by the Board of Directors, in order to assess
their completeness and consistency in relation to the information that has been submitted to it as well as with the
accounting principles applied by the Company and has informed the Board of Directors.
c. Independence overview of certified public accountants
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-79-
Reviewed and monitored the independence of the certified auditors or the auditing firms in accordance with Articles
21, 22, 23, 26 and 27, and Article 6 of Regulation (EU) No 537/2014 and in particular with regard to the suitability of
the provision of non-audit services to the Company in accordance with article 5 of the same Regulation.
d. Procedures of internal control and risk management systems, regulatory compliance and Internal Audit
Department:
Internal Control System:
The Audit Committee monitored, examined and evaluated the adequacy and effectiveness of all Company policies,
procedures and control activities regarding on the one hand the internal control system and on the other the risk
assessment and management, in relation to the financial information (according to case c of § 3 of article 44 of Law
4449 / 2017 and resolution no 1302/28.04.2017 of the Hellenic Capital Market Commission). It reviewed and
submitted for approval to the BoD the updated or new, according to the provisions of law 4706/2020, texts of the
relevant regulatory decisions, of the Rules of Operation of the Audit Committee, of the Rules of Operation of the
Internal Control Department, of the Risk Management System, of the Rules of Operation of the Risk Management
Committee, of the Rules of Operation of the Risk Management System, of the Regulatory Compliance System, of
the Rules of operation of the Regulatory Compliance System, of the Periodic Evaluation of the Internal Control
System Policy (by an external evaluator) and the Periodic Evaluation of the Internal Control System Procedure (by
an external evaluator).
The Audit Committee monitored the effectiveness of the internal control system, in particular as to the adequacy and
correctness of the financial and non-financial information provided, the risk management, the regulatory compliance
and the corporate governance code adopted by the Company mainly through the work of the Internal Control
Department and of the certified auditors. It is about to recommend to the BoD, in accordance with the provisions of
the policy and the evaluation process of the internal control system (ICS) of the Company, the selection of a candidate
evaluator, who will carry out by March 2023 and in accordance with the provisions of Law 4706/2020 and resolution
no. 1/891/30.9.2020 of the Hellenic Capital Market Commission the first periodic evaluation of the ICS and the
implementation of the provisions on corporate governance of Law 4706/2020. With regard to the results of the above
actions, the Audit Committee informs the BoD about its findings and submits proposals for the implementation of
corrective actions, if deemed appropriate. It also submitted to the Board the quarterly reports of the Internal Control
Department with the most important issues and recommendations of the Internal Control together with its comments
(according to article 16 of Law 4706/2020).
Internal Control Function: Regarding the internal control function, the Audit Committee monitored and inspected the
proper functioning of the Internal Control Department in accordance with the professional standards, as well as the
applicable legal and regulatory framework and evaluated the project, its adequacy and effectiveness, without,
however, affecting its independence. Reviewed the disclosed information regarding the internal control and the main
risks and uncertainties of the Company, in relation to the financial information. Collaborated with the Compensation
Committee to determine the remuneration of the manager of the Internal Audit Department. It recommended the
outsourcing to an external consultant of the evaluation of the staffing and the organizational structure of the Internal
Control Department, taking into account the structure of the Group and its activities, in order to submit proposals to
the Board for ensuring that the Internal Control Department has the necessary means, is adequately staffed with
employees who have sufficient knowledge, experience and training, has no restrictions on its work and enjoys the
required independence.
It was informed on the annual report of 2020 audit works and on the annual (2021) audit program of the Internal
Control Department before its implementation and evaluated it, taking into account the main areas of business and
financial risk as well as the results of previous audits. It checked that the annual audit program (in combination with
any relevant medium-term programs) covers the most important areas of control and systems related to financial
information based on the Company's risk assessment and submitted relevant proposals and approved it and
submitted it to the Board of Directors for approval. Finally, it was informed about the requirements of the necessary
audit resources as well as the consequences of limiting the resources or the control work of the Internal Control
Department (according to Article 15 § 5 of Law 4706/2020).
It held regular meetings with the manager of the Internal Control Department to discuss issues within his competence,
as well as problems that may arise from the internal controls. It became aware of the work of the Internal Control
Department and its reports (regular and extraordinary) and is in regular contact with the manager of the Department.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Regulatory Compliance: Approved the annual Regulatory Compliance action plan of the Company (according to the
Company Regulatory Compliance System).
Was informed about the recruitment of the Group’s Regulatory Compliance Officer with whom it met and approved
the Compliance Action Plan for the year 2022.
Risk Management: Reviewed the management of the main risks and uncertainties of the Company and their periodic
review through regular meetings with the Management and the manager of the Risk Management Department. In
this context, it evaluated the methods used by the Company for identifying and monitoring risks, treating key risks by
the internal control system and the Internal Control Department as well as properly disclosing them in the published
financial reports. The members of the Committee participate in the meetings of the Risk Management Committee in
order to assist it in including strategic risks in addition to operational risks in a more systematic manner.
Approved the updated Risk Register of the Group and was informed about the more efficient use of the electronic
platform (Enterprise Risk Management Software) by all companies in the ongoing process of automating the
identification and evaluation of Strategic, Operational, Financial and Non-Regulatory Compliance Risks as well as
their mitigation actions.
Was informed about the periodic risk management reports and was further briefed by the Risk Management Director
on the risk assessment of the Risk Register by the Risk Management Committee.
Within the framework of the Corporate Governance System, as such was updated according to law 4706/2020, the
Board of Directors of the Company:
✓ through the Corporate Governance System and under the supervision of the Audit Committee, is
responsible for ensuring the effective operation of the Risk Management System, in all the Companies of
the Group,
✓ ensures the effective operation of the Risk Management System, sets the basic risk limits for the Group
Companies and
✓ gives basic guidance for the management of the Risk level for 2022, both to the CEO of QH, and to the
CEOs of the Group Companies and expresses its wish for the Risk Limits, in order to ensure, to the extent
possible, the achievement of the goals of the Group Companies and increase its value.
To this end, the members of the Committee were informed about the relevant Group Risk Appetite Statement for
2022, which was prepared by the Risk Management Committee of the Company, was approved by the Audit
Committee and was further submitted by the latter to the BoD for approval.
Was constantly informed about the progress of the project "Planning Procurement Procedures Control Environment
and suppliers’ payment Procurement to Pay" and the final deliverables, i.e., Procurement and Payments Policy and
three procedures (Procurement and Payment Management, Merchandise and Payment Management and
Expenditure and Payment Management), as well as about the development of their integration in the policies and
procedures of the Group companies.
Was informed by the Group Chief Information Security Officer about the progress of the actions for the redesign of
the Group's information security and the ongoing actions based on a drawn-up schedule in collaboration with external
consultants. He was also informed about the replacement of the Group Chief Information Security Officer.
He met with the new Group Chief Information Security Officer and was informed about the Group Information Security
Structure, for the first 50 days in the Group, about the Quest Information Security Framework, Maturity level, High
Risk Areas, prioritization of topics for discussion and consideration.
Finally, the Audit Committee has prepared and will submit to the shareholders at the forthcoming Ordinary General
Meeting the annual report for the year 2021.
ii. Nominations and Corporate Governance Committee
According to its resolution passed on 23/6/2021, the Board of Directors elected among its members, pursuant to the
provisions of Law 4706/2020, the HCGC, the Rules of Procedure of the Board of Directors and the Company’s
Articles of Association the members that constitute the Nominations and Corporate Governance Committee.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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The Rules of Operation of the Nominations and Corporate Governance Committee were updated according to the
resolution of the BoD passed on 15.7.2021, were prepared in harmonisation with the applicable legal and regulatory
framework and in particular with Law 4706/2020, Articles 10 and 12 and have been posted on the website of the
Company (https://www.quest.gr/el/the-group/committees).
The purpose of the Committee is to support and assist the Board of Directors of the Company in nominating its new
members, planning the succession of the existing Board members and evaluating the suitability and performance of
the Board and its members in order to ensure that the BoD has, on an ongoing basis, the appropriate balance of
skills, knowledge, experience and diversity for the effective fulfilment of its responsibilities and the promotion of the
corporate interest. The Committee also supports the Board of Directors in defining and supervising the
implementation of the Group's Corporate Governance System. In addition, it may assist in the monitoring of the
succession plans of the top executives in the Quest Group Companies, if requested by the Company in its capacity
as shareholder of the Group Companies.
The Board of Directors may also delegate to the Committee competencies related to the nomination-selection of new
and the assessment of the top executives of the Company and the Group Companies according to the relevant
policies and procedures of the corporate governance system.
The Committee in the year 2021 met five (5) times in the presence of all its members.
During the year 2021, the Nominations and Corporate Governance Committee supported the Board of Directors in:
i) nominating candidate members of the Board of Directors in compliance with the provisions of Law 4706/2020;
ii) evaluating proposals of candidate consultants for awarding the project "Provision of consulting services for the
adaptation of the Corporate Governance system of Quest Group Companies according to the requirements of
Law 4706/2020 and international best practices",
iii) selecting a consultant for awarding the project "Provision of consulting services for the adaptation of the
Corporate Governance system of Quest Group Companies according to the requirements of Law 4706/2020 and
international best practices", after evaluating the submitted proposals and establishing the Project Management
Team,
iv) nominating of member of the Board of Directors as candidate for filling the position of President of the Audit
Committee;
v) updating the Rules of Operation of the NCGC,
vi) preparing and recommending to the General Meeting the Suitability Policy for Members of the BoD,
vii) preparing the composition and new candidate members for the Board of Directors,
(viii) preparing the composition of the Audit Committee; and
ix) preparing the Corporate Governance System and its “roll out plan” in the Group
Last, the Nominations and Corporate Governance Committee prepared its annual report for the year 2021. The
President of the Committee participates in the meeting of the General Meeting, providing information to the
shareholders regarding the activities of the Committee, upon request.
iii. Compensation Committee
According to its resolution passed on 23/6/2021, the Board of Directors elected among its members, pursuant to the
provisions of Law 4706/2020, the HCGC, the Rules of Procedure of the Board of Directors and the Company’s
Articles of Association the members that constitute the Compensation Committee.
The Rules of Operation of the Compensation Committee were updated according to the resolution of the BoD passed
on 15.7.2021, were prepared in compliance with § 4 of article 10 of law 4706/2020 and reflects the Committee’
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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competencies in harmonisation with article 11 of law 4706/2020 and articles 109 through 112 of law 4548/2018 and
have been posted on the website of the Company (https://www.quest.gr/el/the-group/committees).
The main mission of the Commitee is to:
➢ support and assist the Board of Directors in the preparation and amendment of the compensation policy
submitted for approval to the General Meeting according to articles 110-112 of Law 4548/2018,
➢ prepare proposals in relation to the salaries of the persons who fall under the scope of the above and the
senior executives of the Company in accordance with article 11 of law 4706/2020 (case b) as well as to fulfil
its other responsibilities set out in these Rules or in the applicable legislation,
➢ examine the content and information contained in the final draft of the annual compensation report,
confirming that the content of this report is compatible with the relevant compensation policy, and obtain a
relevant opinion from external auditors. The Committee submits its opinion to the Board, before submitting
the report to the General Meeting.
The Committee in the year 2021 met five (5) times in the presence of all its members.
During the year 2021, the Compensation Committee supported the Board of Directors in:
i. deciding on the remuneration of the Company BoD Members,
ii. deciding on the 2020variable remuneration,
iii. preparing the Compensation Report of the BoD Members for the year 2020,
iv. amending the Compensation Policy of the Board Members,
v. examining the candidates and proposing an external Consultant regarding the remuneration of the Chief
Executive Officer and the Deputy Chief Executive Officer, as well as the Managing Directors of subsidiaries,
vi. approving a new System of Variable Remuneration of Senior Executives,
vii. adjusting Fixed Remunerations of Executives,
viii. adjusting the remuneration of Independent Non-Executive Members of the BoD for their participation in the
meetings of the Board of Directors and its Committees,
ix. investigating the possibility of paying a remuneration to Board Members from the distribution of profits,
x. amending the Compensation Policy for the Board Members and
xi. including the Managing Director in the Variable Remuneration System of the Group Senior Executives.
Last, the Compensation Committee prepared its annual report for the year 2021. The President of the Committee
participates in the meeting of the General Meeting, providing information to the shareholders regarding the activities
of the Committee, upon request.
iv. Sustainability Committee
According to its resolution passed on 23/6/2021, the Board of Directors elected among its members, pursuant to the
provisions of Law 4706/2020, the HCGC, the Rules of Procedure of the Board of Directors and the Company’s
Articles of Association the members that constitute the Sustainability Committee.
The Rules of Operation of the Sustainability Committee were prepared according to the resolution of the BoD passed
on 15.7.2021 to describe the role and responsibilities of the Committee in the context of the activities of the Company
and the Group Companies. The Greek Code of Corporate Governance of the Hellenic Corporate Governance Council
that has been adopted as well as international best practices have been taken into account in the drafting of the
Regulation which has been posted on the website of the Company (https://www.quest.gr/el/the-group/committees).
The Committee's main mission is to:
➢ support and assist the Board of Directors in setting out the strategy, goals and priorities for sustainability,
➢ cooperating with the executive management of the Company in matters of sustainability,
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-83-
➢ monitoring on behalf of the BoD the implementation of the Company and the Group Companies’ strategy in
matters of sustainability as well as the implementing the activities and the achievement of the Company and
the Group Companies’ goals on these matters,
➢ reporting to the Board of Directors on issues of sustainability and supporting the Board of Directors in the
supervision of the sustainability strategy in the Company and the Group Companies.
The Committee in the year 2021 met three (3) times in the presence of all its members.
During the year 2021, the Sustainability Committee supported the Board of Directors in:
i) establishing of a working group on sustainability;
ii) receiving an external Consultant offer for: Systematization of the collection of Environmental, Social and
Governance (ESG) disclosures for all Group Companies, recognition of the risks and opportunities arising
for the Group from climate change Sustainability Report 2020 (GRI, ESG Athens Guide ESG Guide, UNGC,
SDGs, Greek Sustainability Code), Sustainability Report 2020 - Text Editing to reduce information and
Environmental Performance Assessment (environmental footprint, waste, water) of ACS and suggestions
for improvement,
iii) Informing about the presentation of the Athens Stock Exchange regarding the implementation of the ESGs
and
iv) Informing about the progress of the project, provision of consulting services to support the design and
implementation of the ESG Transition Framework of Quest Group according to international good practices,
as well as about the workshops carried out with Group executives Group regarding the individual sectors in
which the implementation of the Group's ESG Transition Framework is focused.
v. Strategic Planning Executive Committee
According to its resolution passed on 23/6/2021, the Board of Directors elected among its members, pursuant to the
Rules of Procedure of the Board of Directors and the Company’s Articles of Association the members that constitute
the Strategic Planning Executive Committee as follows.
1. Theodoros Fessas, President, Chairman of the BoD – Executive Member
2. Apostolos Georgantzis, Member, CEO - Executive Member of the BoD
3. Markos Bitsakos, Member, Deputy CEO - Executive Member of the BoD
4. Nikolaos Socrates Lambroukos, Member, Executive Member of the BoD, Managing Director
The Strategic Planning Executive Committee is an information and coordination body for important issues of the
Group, with the responsibility of giving opinions on strategy and investments, monitoring the Group's activity and
making recommendations to the Company's Board of Directors on issues of particular interest to the Company and
the companies in which it participates. In particular, it coordinates and is informed on important issues of the Group,
such as:
✓ Examination of important strategic issues, of the development framework, the strategic planning and the
significant investments of the Group. Submission of relevant proposals to the Board of Directors for decision.
✓ Examination of the budgets and business plans of all Group companies and monitoring of the course of
their implementation.
✓ Monitoring of important Company and Group Companies projects.
✓ Monitoring non-controlling interests of the Group.
✓ Examination, when required, of the targets’ framework for all Group companies and their Managements.
✓ Monitoring risk management, crisis management and extraordinary important issues that arise in the Group
companies.
✓ Examination of recruitments / dismissals of the group’s senior executives (CEOs).
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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3. Administrative Committee
i. Group Management Committee
A Group Management Committee has been established and operates. The Group Management Committee consists
of the following executives of the Company and the Group Companies:
• the CEO of the Company, who chairs the Committee
• the Deputy CEO of the Company and the Group CFO
• the Company's Strategy Director
• the Human Resources Director
• The Managing Directors of the Group companies, in which the Company holds over 50% of the share
capital.
The President may invite, Managers or executives of the Company or of the Group Companies, as the case may be,
at the meetings of the Committee. The Secretary of the Committee is the Director of Strategy and Business
Development.
The main mission of the Committee is to:
✓ Examine and make proposals to the Company CEO for issues regarding strategy, risk management,
finance, organization and operation of the Group Companies,
✓ ensure the maximum coordination of Group Companies in a group spirit and the mutual information on the
most important issues of each Group Company and
✓ the effective promotion of the strategies, policies and decisions of the Company and the Group Companies.
The President may invite, Managers or executives of the Company or of the Group Companies, as the case may be,
at the meetings of the Committee. The Secretary of the Committee is the Director of Strategy and Business
Development.
ii. Risk Management Committee
The Risk Management Committee consists of five (5) up to seven (7) regular members including, at least, the Group
CEO, the Deputy Group CEO, the Group CFO, the Group Risk Officer, the Company Strategy Director and the
Internal Auditor and has as main mission:
✓ the integration of effective practices and risk management culture in the strategic planning, in the best
decision making and in the daily operation of the Company and the Group Companies,
✓ The systematic identification and evaluation of the essential risks of the Company and the Group Companies
related to the achievement of the strategy and the business objectives of the Company and the Group
Companies, as well as ensuring the adoption of adequate measures for their effective management.
Further information on the competencies and operation of the Committee is included in the Rules of Operation of the
Risk Management Committee, which constitutes an annex to the Rules of Procedure of the Company.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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9. Non-financial performance
The Report (Statement) of non-financial reporting contains information on all activities of Quest Group for the
following thematic aspects, defined by section 7 "Report (Statement) of Non-Financial Reporting" of circular
62784/2017 of the Ministry of Economy and Development, according to the provisions of Law 4548/2018 (articles
151 & 154):
• Supply chain issues.
• Anti-corruption and anti-bribery issues.
• Respect for human rights.
• Social and labour issues.
• Environmental issues.
The Report presents relevant information on the disclosures provided for in Article 8 of the Taxonomy Regulation, as
specified in Article 10 of Delegated Regulation (EU) 2021/2178.
The Report has been prepared taking into account the GRI Standards in order to describe and manage the most
significant impacts of the Group and the relevant risks identified, taking into account how these risks are addressed
through due diligence policies for the detection, prevention and mitigation of existing and potential adverse effects.
In 2021 the COVID-19 pandemic continued to significantly affect every aspect of the business, social and economic
life of the country. The Group companies continued to prioritize the health and safety of their employees, customers
and associates, as well as business continuity, implementing comprehensive crisis management plans. The impact
of the COVID-19 pandemic on various aspects of business is presented in the Financial Statements section.
1. Business Model and Sustainability Management
Quest Group, starting from the field of Informatics, is currently active in dynamically developing sectors of the
economy, with specialized companies, most of which are among the top enterprises in their field. More specifically,
the Group is active in the trade of IT, communications and air conditioning products, through Info Quest Technologies,
Quest Online (www.you.gr), iSquare, iStorm, FoQus and Clima Quest, in the design, implementation and support of
integrated IT projects through Uni Systems, as well as Team Candi & Intelli Solutions, in the provision of courier and
postal services through ACS and in the production of electricity from Renewable Energy Sources (RES) through
Quest Energy. In May 2021 the xGroup announced its divestment from Cardlink, a company that operates in the
management of electronic transactions.
The Group operates mainly in Greece, as well as in Cyprus, Belgium, Luxembourg, Italy, Romania and Spain with
local presence, while its services are used in many countries of the European Union. In July 2021, Uni Systems
announced the establishment of a new business entity in Barcelona, Spain, in order to further consolidate its position
in the European market. More detailed information on the business environment, the organization and structure of
the Group, the goals and strategies, as well as the main trends and factors that may affect its future growth, are
available in the Annual Financial Report 2021 of the Group.
The sustainability and the continuous pursuit of "good business" are a strategic orientation and commitment of the
Group and are reflected in the vision, mission and model of management and integration of Sustainability in its
business strategy. Quest Group is governed in the light of the principles and the applicable legislation on Corporate
Governance, having created internal structures and having integrated Manuals, Codes, Policies and Procedures in
its operation, which aim at enhancing transparency, responsible operation and decision-making in a collective way
in all areas aimed at the Sustainability of companies and safeguarding the interests of Shareholders and all
Stakeholders. Quest Holdings and its subsidiaries (direct and indirect) comply with and apply the applicable
legislation in each country where they operate. Furthermore, Quest Holdings complies with and implements, inter
alia, the legislation of the Capital Market and the Regulation of the Athens Stock Exchange.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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The Group is in full compliance with the provisions of articles 1-24 of Law 4706/2020 and the Greek Code of
Corporate Governance of the Hellenic Corporate Governance Council that came into force in June 2021.
The need to create a new structure for the continuous monitoring of companies' compliance with laws and regulations
was recognized. In this context, the new position of Group Compliance Officer was created and staffed. Moreover,
the executives of the important subsidiaries of Quest Holdings, who have the role of Compliance Officer in each
company and collaborate with the Group Compliance Officer, have been appointed.
The basis for the governance of the Group and its companies are the Group Policies and the Standard / Unified
Procedures, which reflect the operating guidelines, as set out by the Board. The Policies ensure the compliance of
the Group with the institutional framework, the integration of good practices in its operation and are specified in level
of implementation with the respective Standard Procedures. They cover all critical areas of operation and
development of companies, in the areas of Governance and Compliance, Risk Management, Operations, Human
Resources, Personal Data Protection, Infrastructure Management and Physical Security. At the same time, the Group
has highlighted the Values and Principles of Customer Satisfaction, Ethics and Integrity, Teamwork, Knowledge /
Continuous Improvement / Innovation, Entrepreneurship and Documentation and Evaluation, as the building blocks
that mark all issues that are important, have priority, are correct, accurate and desirable for the Group. In the year
2022, policies are reviewed and new policies are developed, such as that of Political Violence and Harassment.
All Group companies systematically manage the risks that may arise, following the Risk Management System and
applying Valuation and management Procedures, according to the instructions of the ISO 31000 Risk Management
standard and the COSO ERM Integrated Framework. The implementation of Risk Management is coordinated by
the Risk Management Committee of Quest Holdings, under the supervision of the Audit Committee. The five most
important -in estimated quantitative effect- risks that emerged at Group level in the last revision of the Enterprise Risk
Management system of the Group (31/12/2021) are in order the following: (1) Sustainability of partnerships and sales,
(2) Changes in the Business Model, (3) Shipping price increases, (4) IT Security and 5) Shortages of specialized
personnel.
The Group adopts, in terms of quality management and operation of companies, the Total Quality Management
approach, with the aim of ensuring good business results, on a stable and permanent basis.
The emergence of ESG issues in the whole range of operation and strategy for sustainable development, is one of
the issues that concern and define the short-term, medium-term and long-term goals of the Group and its companies,
in order to respond to the ever-increasing economic, social and environmental concerns. The Group's goals for 2022
include the updating of the Sustainability strategy and the emergence of long-term ESG goals, which will enhance
the transformation for the development and sustainability of the business model of the Group companies.
From August 2021, Quest Holdings is included in the Greek listed companies of the new index of the Athens Stock
Exchange ATHEX ESG INDEX, which monitors the stock market performance of the listed companies on ATHEX
adopting and promoting their environment, social and corporate governance (ESG) practices.
2. Policy and management of non-financial risks
Evolution, based on the principles of Sustainable Development, constitutes the core of Quest Group's philosophy
and strategy. The Group's Management recognizes and focuses on key Sustainable Development issues, using
international standards such as the UN Sustainable Development Goals (SDGs), as well as national standards and
initiatives, such as the Greek Sustainability Code and the ESG Reporting Guide of the Athens Stock Exchange.
In March 2022, the Quest Holdings became a member of the UN Global Compact and the Global Compact Network
Hellas with a commitment to the 10 Principles of the UN Universal Pact for Human Rights, Labour, Environment and
anti- Corruption.
The Group has established the Sustainability Committee, which supports the Management on Sustainable
Development issues, in particular regarding the planning of the strategy, the coordination of companies, the definition
of the necessary performance indicators and its monitoring.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Since 2014 the Group publishes an annual Sustainable Development Report for the companies Quest Holdings, Info
Quest Technologies, Uni Systems, iSquare and ACS, according to the international GRI Standards, and from 2019
it includes selected indicators of the 2019 ESG Reporting Guide of the Athens Stock Exchange. The Report is
published with the support of specialized consultants and receives external verification of data for the General
Standard Disclosures, the Special Disclosures on specific material issues and selected indicators of the ESG
Reporting Guide of the Athens Stock Exchange, by TUV Hellas) (TUV Nord).
According to the Group's Sustainable Development Strategy, reflected in the three pillars "Technology, Innovation,
Entrepreneurship", its companies analyse opportunities and risks related to their economic, social and environmental
impacts and are strategically placed to manage them, through specific actions for which the Group sets specific
measurable targets, which it monitors on an annual basis, in order to evaluate its performance and take corrective
action.
In this context, in consultation with the main stakeholders - Shareholders, Employees, Customers, Suppliers /
Partners, Commercial Network / Agents, Media, Institutional / Regulatory Bodies, Financial Bodies / Investment
Community, Business Community, Social Bodies / NGOs, the main impact related to the activities of the Group
companies, which affect the stakeholders, societies, markets where the subsidiaries operate, as well as the natural
environment have been prioritized. The most recent stakeholder consultation, in relation to the prioritization of the
main issues of both the parent company and the companies Info Quest Technologies, Uni Systems, iSquare and
ACS, took place at the end of 2019. In 2022, a new analysis will be implemented aiming at updating the essential
issues of the Group, taking into account new market trends, the effects of the pandemic, as well as other social
changes. The results and the new Essential Issues will be published in the Annual Report of Sustainable
Development of the Group for the year 2021.
Given the Group's business model, the risks and impacts of its activities in the following sectors are monitored, which
constitute the main sectors that affect the Sustainability of the Group. The issues of Quest Group that emerged as
essential, based on its business model, during the last materiality analysis are the following:
Corporate Governance / Market Issues:
• Creation of financial value / financial performance of a company
• Ensuring business ethics and regulatory compliance
• Ensuring quality, infrastructure security, data protection and business continuity
Social / Labour Issues:
• Enhancing employment (e.g., through the creation of new jobs) and halting brain drain
• Provision of timely and competitive remuneration / benefits to employees
• Ensuring the health, safety and well-being of employees
• Provision of continuous training, certification and development of employees
• Defending human rights at work (e.g., equal opportunities, diversity, elimination of forced labour, etc.)
Environmental Issues:
• Reduction of energy consumption and greenhouse gas emissions
Respectively, the subsidiaries Info Quest Technologies, Uni Systems, iSquare and ACS have prioritized the essential
issues of sustainable development, based on their business model, which are presented in detail in the Sustainability
Report of the Group.
Quest Group sets three-year goals for the essential issues of Sustainable Development and plans and implements
specific actions accordingly in order to achieve them, setting specific indicators for their monitoring. The Management
of each company, in collaboration with the Sustainability Committee of the Group, has the responsibility of monitoring
and coordinating the implementation of the objectives.
More information regarding the main issues per stakeholder group, as well as the manner to respond to and evaluate
the new essential issues, will be available in the Annual Sustainability Report 2021 of the Group, which will be posted
on the website www.quest.gr.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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3. Financial performance and supply chain issues
Due diligence and other policies
Continuous growth and improvement in all sectors are a primary element in the Group's business model and a key
component of its sustainable development. Each subsidiary, depending on its activity, has developed and
implemented an action plan, aimed at developing and maintaining its market leadership position, seeking the
continuous expansion of its activities in Greece and abroad, the improvement of operating efficiency, more efficient
risk management and the creation of innovative added value for customers, partners, employees and society at large.
Quest Group companies are part of a large supply chain of products and services that connects international
manufacturers and service providers with partners and customers. As a result, the quality, reliability and support of
these products and services, as well as their social and environmental impact, are affected by the ability of suppliers
and partners to successfully meet the standards they set, as analysed in the Supplier’ Code Ethics of the Group,
which is posted on all the websites of the companies. These specifications concern -among other things- issues of
labour and human rights, confidentiality, unfair competition, governance, etc.
The subsidiaries of the Group, given their leading position in the market and the continuous focus on the provision
of state-of-the-art products and services, select reputable suppliers, mainly on the basis of their good fame and
reputation in the respective market. By way of indication, the largest suppliers of the Group include the companies
Microsoft, Apple, Xiaomi, HP, HPE, IBM, Dell, Cisco, Oracle.
Procurement practices have particularly significant effects on companies that work with a large number of suppliers.
In order to ensure the companies of the Group, the Supplier Code of Conduct has been drafted and made public,
Policies have been created that determine the relationship of the companies with their suppliers and partners, as
well as Procedures for their selection and annual evaluation, according to the ISO standard. 9001: 2015. The
Procedures include criteria regarding the quality of products and services, as well as practices, reputation and
position of the supplier in the respective market. The selection and evaluation methodology applied by the companies
has led to excellent and long-term collaborations.
3.1 Results of the above policies and non - financial performance indicators
In companies with many suppliers, such as Info Quest Technologies an evaluation is carried out, through a
specialized application, - on an annual basis – on 80% of suppliers, using evaluation indicators and criteria related
to commercial issues, while every 3 years an evaluation is performed on 100% of suppliers. Since 2017, the Group
records - in the context of supplier evaluation - their policies on issues related to Sustainable Development and work
practices, in accordance with the Principles of the UN Global Compact and the Supplier Code of Conduct
(https://www.quest.gr/el/the-group/policies). The Group intends to apply for a declaration of conformity of its main
suppliers (i.e., suppliers whose trading volume is significant or whose cooperation is considered important despite
the low trading volume), according to ESG criteria, if there is no corresponding compliance / report from a supplier's
statement on its website.
In 2020 the Group in collaboration with an external consultant proceeded with a project of evaluation and renewal of
the applicable Procurement and Supplier Payment Policy and Standard Procedures. The project was completed in
2021. Staff training and implementation is scheduled for Q1 2022.
3.2 Growth in new markets
A key element for the development of the Group, is the dynamic business activity in new innovative and pioneering
activities, with investments and utilization of technology. The Group is constantly exploring growth in new markets
with a view to innovative value creation. The main growth drivers are estimated to come from IT Services Abroad,
Mobility & Internet of Things (interconnected devices), Cloud Services, E-Commerce and Postal Services.
Strategic Business Plans (SEPs) of Companies
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-89-
The Companies' Strategy and Business Development teams proceeded in 2021, under the guidance and supervision
of the Quest Holdings Strategy team, with the process of re-defining their business strategic goals, after the initial
project that took place in 2016-2017 and was updated in the following years.
The process of elaboration of Strategic Business Plans (SEP) for the period 2022-2026, took place with the support
of an external consultant of the highest calibre / international prestige and relevant experience in the object of activity
of each company.
The Strategic Business Plans of the Companies were completed in the 4th quarter of 2021 and will thereafter be
approved by the Board of Directors of Quest Holdings.
Considering Investment Opportunities
The parent company's Business Development team proceeded - in 2021 as well - despite the unfavourable conditions
due to the COVID-19 pandemic, with the investigation of investment opportunities in new areas of activity with growth
prospects, which were presented to the Strategic Planning Committee of Quest Holdings. The goal remains to expand
the existing investment portfolio and spread the risk, both geographically and over a wider range of sectors of the
economy.
In September 2021, the sale of Quest Holding’s shareholding in the company Cardlink to the company Worldline,
was completed. Quest Holdings has a long history of creating significant value in its subsidiaries and benefits to
employees and other stakeholders. At the same time, it creates added value for its shareholders by selling various
holdings.
In October 2021, the 100% subsidiary Uni Systems SMSA acquired Quest Group’s 60% shareholding in the share
capital of Intelli Solutions S.A. Intelli Solutions, is an innovative company providing IT services, with over 15 years of
success in the market, many distinctions and presence in Greece and SE Europe. It specializes in the provision of
digital transformation services, with emphasis on Customer Engagement - Customer Onboarding & Customer
Retention - and Revenue Assurance, with an extensive clientele in sectors such as Telecommunications, Banking
and Insurance, Shipping, Utility Companies and Online Betting.
In March 2021, Info Quest Technologies, acquired 100% of Team Candi. Team Candi is one of Microsoft's leading
partners in the field of providing "Modern Workplace" solutions, with high know-how and a significant contribution to
the digital transformation of large commercial and industrial enterprises. It specializes in designing and implementing
solutions, utilizing Power Platform, MS Teams, and Microsoft SharePoint, Microsoft 365 applications that enable fast
process automation and digital transformation and modernization.
At the same time, in 2021, important investment projects continued, such as the new ACS distribution centre in
Petrou Ralli Avenue as well as the new logistics centre of Info Quest Technologies.
Performance indicators
The performance of the Group companies is evaluated, through the evolution of the results, the position of each
company in its sector, the percentage of sales from new activities, as well as the improvement of sales in exports.
Increasing exports and reducing risk from the public sector are the main indicators for evaluating the performance of
companies.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-90-
4. Anti-corruption and anti-bribery
Due diligence and other policies
For Quest Group, responsible business and full compliance with applicable legislation, as well as with the Policies
and Procedures applicable by virtue of decisions of the relevant corporate bodies, are important values, inextricably
linked to the business model, history, reputation and ability to achieve its goals. Any deviation of its companies from
the principles and ethical practices is unacceptable, as it endangers the good reputation, credibility and consequently
the results of both the companies and the parent company. With the same philosophy and approach, the methodical
application of practices of responsible and healthy competition and of anti-corruption and anti-bribery practices based
on transparency, integrity and credibility is implemented over all activities.
The Quest Group Code of Conduct and Ethics sets out the commitments and rules of conduct regarding the principles
and rules that should govern each area of activity of the Group companies, as well as the relationships between each
company, its employees and all of stakeholders. In particular, the Anti-Fraud Policy provides guidance for the proper
handling of fraud cases.
Moreover, the Group has established a Regulatory Compliance Unit which constitutes an integral part of the Internal
Control System to protect the Group against risks of ethical and regulatory compliance. Quest Holdings, as well as
its major subsidiaries, have adopted a 'Regulatory Compliance System', which, together with existing Policies,
Procedures and Code of Conduct and Ethics, is designed to prevent, detect and address ethical issues and regulatory
compliance. The purpose of the Regulatory Compliance System is on the one hand to capture the overall framework
for the prevention, detection, recording, evaluation and management of regulatory compliance risks (e.g., fraud,
corruption, bribery, unfair competition) and on the other hand to determine the appropriate actions and tasks of the
executives who are responsible for its implementation.
In the context of the implementation of the Regulatory Compliance System, complete documentation and
management files of the above issues are kept. Each company of the Group operates based on a specific approval
process, thus ensuring transparency, information and proper management.
The Group has a mechanism for managing complaints and communication channels, according to which the
employees of the companies must report any incident, which they believe is contrary to the Code of Conduct and
Ethics and may constitute a case of fraud, corruption or bribery. The report can be made by the employees to the
Regulatory Compliance Officer of the company and / or to their Manager. Each executive in case of receiving a
complaint informs the Regulatory Compliance Officer. The informants are protected from any adverse action against
them as a result of their report. All reports are recorded in a relevant file and are investigated, so that the Management
of each Company, can proceed to the necessary measures.
At the same time, with the support and provision of appropriate tools from the Company Managements and through
experiential learning, in the context of relevant programs from the Human Resources department, the principles of
ethics we have adopted are promoted to all employees and integrated into daily work and their culture.
New and / or updated Group Policies:
- Code of Ethics and Ethical Behaviour
- Rules of Operation of Regulatory Compliance System
- Regulatory Compliance System
Results of the above policies and non-financial performance indicators
Goal for 2021: No incidents of non-compliance with applicable legislation regarding fraud / corruption / bribery.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-91-
Goal achievement:
• Zero number of relevant pending cases for the companies of the Group and no imposition of fines or
other sanctions for violations of the above legislation.
• No complaint or other relevant action on any of the above issues or an ongoing complaint investigation.
5. Respect for human rights
Due diligence and other policies, results of policies and non-financial performance indicators
Human Resources has been recognized as the main asset of value creation for the Group. The Group and its
companies observe Greek legislation, which includes in its requirements, international directives concerning labour
matters. At the same time, the Group has enacted Policies for Labour Relations, Recruitment, Training and
Development, Performance and Talent Management, Succession, as well as Remuneration and Benefits Policy,
creating an integrated framework for the management of Human Resources, which promotes transparency. The
Group applies a job position evaluation system and has linked positions with salary scales and benefits, depending
on the remuneration data and practices resulting from market research. On an annual basis, after the Evaluation
Process that includes predefined criteria, the grading / seniority of the employees is reviewed. With the help of a
specialized consultant, a review of the grade of the companies and the key strategic positions that are directly
affected was carried out. A relevant study - review of the variable remuneration system was carried out in 2021 for
the positions of the CEOs.
Part of the strategy and culture is to attract and keep capable people, through the proper management of Human
Resources, as well as the elimination of potential risks that may be associated with human rights at work, health,
safety and well-being, training and development of employees, as well as employee and Management
communication. The way in which the Group manages the above issues and the effects that result from their
management are presented in the following subsections.
5.1. Human rights
Quest Holdings has enacted a Human Rights Policy and adopts the 10 Principles of the UN Global Compact, which
include, among others, the Principles for Human Rights and Labour, and in particular issues related to: Elimination
of Discrimination, Freedom to engage in trade union activities, Elimination of forced labour, effective abolition of child
labour, balance between professional and personal life. From March 2022, Quest Holdings because an official
member of UN Global Compact ND Global Compact Network Ηellas.
5.2. Equal opportunities and non-discrimination
The Group, based on its Policies, provides equal opportunities to all, employees and prospective employees. In no
case is there any discrimination in any matter, including issues of diversity, or unequal treatment in employment and
occupation, including age, gender, sexual orientation, religion, etc. The principle of respect is fully supported,
women’s professional development is encouraged, equal opportunities for pay and career advancement are
provided. In addition, full and effective participation is ensured, as well as equal opportunities for women to undertake
leadership positions in all levels of decision-making processes.
Goal for 2021: Zero complaints in the employee complaint management system relating to human rights violations.
Goal achieved: Zero complaints about human rights violations.
5.3. Freedom to engage in Trade Union Activities
According to the Principles, Values, Policies and Operation Regulations of the Group, the freedom to engage in trade
union activities is not hindered in any way. ACS has two unions (in Athens and Thessaloniki).
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-92-
5.4. Forced Labour
Individual Employment Agreements are signed in the Group companies, which exceed the minimum requirements
of the collective agreements, while ACS also has a Collective Bargaining Agreement (concerns approximately 42%
of the Group's total employees, while the remaining approximately 76% is covered by an Individual Employment
Contract). Apart from ACS, where a Company Agreement applies, the other companies are bound by the minimum
legal salary, while Quest Holdings companies, Uni Systems, and Cardlink (which belong to the Group until 30/9/2021)
are members of the Hellenic Federation of Enterprises and are bound by the National General Collective Bargaining
Agreement and the respective collective agreements which are in force.
Goal for 2021: Zero complaints related to any issue of forced labour.
Goal Achievement: Zero complaints related to any forced labour issue.
5.5. Child Labour
There is no tolerance for any form of child labour in the Group, as well as in the wider environment of its partners -
suppliers. No complaints related to child labour have been recorded in the Group's systems.
6. Social and Labour Issues
6.1. Labour Issues
Due diligence and other policies, results of policies and non-financial performance indicators
6.1.1. Composition of Human Resources
Quest Group Human
Resources (as at 31/12/2019)
Quest Group Human
Resources (as at 31/12/2020)
Quest Group Human
Resources (as at 31/12/2021)
Number
%
Number
%
Number
%
Men
1.352
71%
1.685
75%
1.697
73%
Women
553
29%
571
25%
632
27%
Total
1.905
100%
2.256
100%
2.329
100%
The total Human Resources of Quest Group amounted to 2,329 employees on 31/12/2021, showing an increase of
3% in comparison to 31/12/2020 (2,256 employees).
It should be noted that in 2021 Cardlink S.A. was acquired, and, therefore, the number of employees of the Group
decreased by an average of 112 employees.
Also in 2021, companies such as Clima Quest, Intelli Solutions, Uni Systems Iberia, Info Quest Technologies Cyprus
and Team Candi joined the Group, which increased the number of employees by 117 respectively.
It is noted that there is a relative reduction in ACS staff, which is due to the expiration of fixed-term contracts of
employees hired in 2020 to cover emergencies due to the pandemic.
The percentages of women show a slight upward trend compared to 2020 (at 27% from 25% of women employees).
The above group refers to employees with a dependent employment relationship (of indefinite time: 1,799 employees
and fixed-term: 179 employees) with the companies, as well as 351 supervised employees who work mainly abroad
on behalf of Uni Systems and 1 supervised employee in a Group company in Greece.
The composition of the Management Bodies of the Group is mentioned in detail in the Sustainability Report of the
Group.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-93-
6.1.2 Provision of timely and Competitive Remuneration / Benefits to employees
The Group constantly evaluates market conditions and offers its employees competitive remuneration. All jobs are
evaluated and graded based on the relative importance of their evaluation factors, in order to ensure internal equality
and prevent discrimination. At the same time, they are compared to the market, so that the range of their remuneration
is competitive and gives the opportunity to attract capable and talented candidates.
In addition, a wide range of benefits is linked to each position and frames its overall remuneration package, so that
companies are the employer of choice for candidates, as well as for the employees themselves. By way of indication,
fixed-term employees enjoy the following benefits:
• Medical Programme (staff and protected Members).
• Group Retirement Programme (voluntary program for Grade> 13, i.e., Managers).
• Provision of Company Car & fuel (based on level and job position) – According to the new policy of the Group,
employees are given incentives to choose hybrid and electric cars.
• Parking space (based on level and availability in the building).
• Corporate Mobile Phone Connection (depending on the job position).
• Loans to Employees.
• Check Up Program (for the level Managers and above).
• Wedding gift, Child birth gift and Child gift upon admission to university, polytechnic.
Employees with an employment contract of indefinite term and part-time employees receive the following benefits:
• Free Drinks.
• Discounts on Group Products and Services.
• Psychological Counselling Programme, Gym and Fitness Programs.
All companies of the Group take care to be consistent with their obligations towards the employees and payroll is
paid on specific dates, without delays.
6.1.3. Health, safety and well-being
Health and safety issues are described in detail in the Health and Safety Policy, as well as in the Physical Security
Policy. Full compliance with Greek legislation, regular maintenance of facilities, upgrading of workplaces,
organisation of regularly trained fire protection and first aid teams in all buildings, disaster preparedness exercises
(e.g., earthquake, first aid) and employee information, are key actions implemented as a result of these Policies.
In 2021, the Group continued to deal with the pandemic COVID-19 with great success, in full compliance with the
instructions of the competent authorities. The companies of the Group, in collaboration with the respective
occupational physicians, took all necessary measures for the protection of employees and the maintenance of their
business operation. More information is presented in the section "Impact of the COVID-19 pandemic on non-financial
issues".
The Group also plans and implements actions that aim at improving the daily life and well-being of employees. By
way of indication, a gym regularly operates at a building of the Group, Pilates and cross fit classes are given in two
buildings, the runners participating in the Athens Classic Marathon are centrally coordinated, seminars on various
topics are organised and "wellness days" are implemented, where useful advice is provided for stress management
and healthy eating with useful information for everyone. At the same time, actions that strengthen volunteering and
cooperation are implemented, such as the charity Christmas bazaar, whose proceeds are donated to the Mitera
Foundation, the collection of goods for Foundations and fellow human beings in need, etc. Especially for 2021 the
above actions, with the exception of the participation in the classic marathon, the Pilates classes that are offered
online and the collection of goods for the Reception and Solidarity Centre of the Municipality of Athens, were not
carried out due to the pandemic. In 2021, the Group's cooperation with EAP HELLAS was renewed, which concerns
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-94-
a programme of psychological support - telephone communication and individual sessions - for employees and their
family members.
Goal for 2021: Zero number of accidents at work.
Goal Achievement: ACS reported five accidents at work for 2021.
6.1.4. Employee training and development
The Group has established a Development and Training Policy, to ensure the way in which employees develop and
are trained in all its companies. The implementation of the procedures arising out of this Policy are part of the System
of Procedures and Policies of the Group companies.
The Group has a special Training & Development Department, which in a structured and organized way, designs
and implements a broad programme for all levels of staff. Specifically, the training and development program of the
Group includes:
• Development of administrative skills.
• Technical and Vocational training.
• Specialized training and certification programs, based on recognized needs.
• Specialized program for High Potential (talents) employees of the Group. The programme is a set of actions
aimed at developing and / or further strengthening leadership skills, strategic thinking and organizational culture.
The individual objectives of the Training & Development Department of the Group are:
• the development and empowerment of employees with the values, behaviours and skills required in order for
them to successfully respond to the strategic goals of the Group, and
• the utilization of Human Resources systems and processes for the continuous strengthening of a high-
performance culture with emphasis on meritocracy and cooperation.
Training of Quest Group Employees (hours)
2019
2020
2021
Total training man-hours
26.151
17.709
22.094
Average training man-hours per employee
15,70
7,87
11,17
The reduction in man-hours of training in 2021 as compared with 2020 is due to the COVID-19 pandemic.
The Quest Mini MBA programme is implemented every two years. It has been designed by ALBA, exclusively for the
needs of the Group, with the aim of upgrading the quality of human resources with knowledge required in the new
business environment and the development of a broader strategic vision. Every two years, selected employees are
trained in topics such as change management, innovation, strategy formulation, finance, management, marketing,
etc. and are equipped with knowledge that adds value to themselves and the Organisation. The 5th round of Quest
Mini MBA will take place in 2022. In 2021, the programme did not take place as planned, as online training would
have significantly deprived of its value.
Due to the COVID-19 pandemic, in 2021 special emphasis was placed on online trainings. A number of technical
and vocational trainings were conducted online, while the Group's employees attended specialized online training
programmes, utilising international e-Learning platforms, such as LinkedIn Learning & Pluralsight.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-95-
In 2021, the 2
nd
cycle of the Talent Management Moving Forward Program was implemented and completed.
Total expenditure on employee training in 2021 amounted to €287,521 compared to € € 189,000 in 2020, increased
by 52%.
Detailed data on the training of employees per company for 2020 will be presented in the Sustainability Report 2021
of the Group.
Training of Group Employees in 2021
• 22,094 hours of training (11 hours / employee)
• 3,069 hours linkedin, e-learning & 3,164 hours technical e-learning (Pluralsight & Udemy)
• Leadership Programme for supervisors – 79 executives
6.1.5. Balance between professional and personal life
The Group systematically encourages employees to maintain a balance between their professional and personal
lives and in order to actively assist in this direction it organises various activities, such as fitness classes, company
basketball team, presentations on current issues for health, safety and wellness, possibility for flexible hours,
possibility of early departure on Friday from July 15 to August 31, etc.
Goal for 2021: Creation of more actions in order to further mobilise and involve an even larger number of employees.
Goal Achievement: In 2021, due to the circumstances, many actions were not implemented. Psychological support
continued through EAP Hellas. Actions will resume anew as soon as possible due after the COVID-19 pandemic.
6.1.6. Communication between employees and Management
The Management of the Group seeks the regular information of the employees, as well as the timely warning in
matters of important changes, in areas such as, health, safety and well-being, the organizational and business
changes. The issue is managed through the following mechanisms, practices and actions:
• Internal communication and information network (Intranet).
• Microsoft Teams communication platform for ongoing interaction and communication with employees.
• “HereWeAre” Web Application, which focuses on employee development actions.
• Annual staff evaluation for all employees, evaluation of supervisors by employees, as well as 360
o
evaluation
for Managers.
• Development of “Orion" Electronic System for Organization and Service of Human Resources.
• Employee Satisfaction Survey (every 2 years).
• "Living our Values" programme, for the experiential promotion and understanding of the principles and values
of the Group and the creation of a unified culture.
• Regular institutionalized meetings of the Management with the employees.
To measure employee satisfaction, a Human Resources Satisfaction Survey is conducted every 2 years. The last
survey was conducted in November 2021 with 60% of the employees participating. The survey showed a very high
percentage of satisfaction in Occupational Safety (93%) and Labour (88%). There was an increase in the percentages
of Meritocracy (75% vs. 62%) and Training (61% vs. 59%) which are important areas for the Group.
6.2. Social issues
Due diligence and other policies, results of policies and non-financial performance indicators
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-96-
6.2.1 Customer service, satisfaction, health and safety
Customer service and satisfaction is one of the main components that can guarantee the long-term course and
success of the Group, being an element of differentiation, a pillar of development and a springboard for progress.
The expected level of customer satisfaction and service is achieved through:
• The continuous investment in the provision of innovative solutions, products and services.
• The continuous improvement of infrastructure leading to business excellence.
• Strict quality control to meet the specifications of products and services, in terms of health and safety of
customers.
• Environmental protection measures, according to the ISO 14001 standard and pursuant to European directives
and guidelines.
• The complete and responsible information of customers, through a set of policies, principles, commitments and
procedures, according to the ISO 9001 standard and the relevant Quality Policy developed by the Group.
The companies of the Group have multiple tools for measuring customer satisfaction, such as a system for recording
and managing complaints, customer satisfaction surveys, access to surveys conducted by suppliers, etc. By way of
indication the following is mentioned:
• Info Quest Technologies monitors indicators such as partner and consumer satisfaction, ease of access to the
call centre, customer service time at Service,
• QuestonLine (you.gr) conducts an online customer satisfaction survey,
• iSquare conducts an annual consumer satisfaction survey,
• ACS monitors customer complaints and conducts an online customer satisfaction survey,
• Uni Systems conducts an annual quality customer survey and monitors complaints.
The data are recorded, in accordance with the Procedures of the Quality Assurance System, on the basis of which
an internal inspection is carried out - on an annual basis, as well as an inspection by an external body. It is worth
noting that each company, depending on its scope, has set indicators to measure customer satisfaction, maintains
an electronic track record, while there is a systematic achievement and continuous improvement of objectives.
Indicative results are available in the Annual Report of Sustainable Development of the Group.
Companies also maintain a complaint management mechanism in accordance with ISO 9001 Quality System
Procedures. Complaints are collected from electronic forms available on the websites or by phone, are recorded by
the recipient, are then communicated to the head of the Quality department, who undertakes, together with the
relevant competent employees, the communication with the customer and the written response to him.
6.2.2 Development and innovation in services and products
Quest Group companies have a dominant position in the markets in which they operate. Innovation and technological
excellence are the main components of the business model for the development, reputation and capability of Quest
Group in order for it achieve its goals and are linked both to continuous developments in products and services
offered by the Group companies and the business model implemented and the strategic choices of the Management.
In addition, with continuous investment in know-how and technical certifications, the best service is ensured for each
customer on the way to the digital transformation and the maintenance of this dominant position.
In the Group, Total Quality Management is applied with its objectives being to increase the Group's capacity for
innovation and flexibility, with the necessary adjustments, promoting the culture of continuous improvement. The
implementation of Total Quality Management provides the philosophy and the vehicle to facilitate the transformation
of new ideas into advanced products, services, organization and reputation of companies and is used as a source
for creating innovation programmes.
The Group continued to evaluate in 2021 an action plan to strengthen innovation, with an emphasis on Sustainable
Development, although there were delays in the initial planning due to the pandemic. Acceleration of the relevant
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-97-
process and the relevant action plan within 2021 is expected in the light of the new conditions that have been created
and in progress due to the COVID-19 pandemic.
In addition, Uni Systems, the Group's company active in integrated IT projects, has been investing in innovation for
the last 2 years, through its participation in research programs and initiatives, focusing on its partner ecosystem,
which includes members of the academic and research community, start-ups and companies with specialized know-
how. In 2021 it submitted 69 new proposals with a total budget of over 300 million euros, having the central role of
project coordinator (Coordination status) in 14 of them. The proposals were submitted to 7 different funding programs
(Greek and European), which are highly competitive, with an average success rate of less than 15%. These proposals
address innovative solutions and the use of new technologies in a wide range of thematic areas and priorities, such
as Security and Cybersecurity, Health, Energy, Environment, Culture, Smart Cities, always guided by Smart Growth,
the United Nations Sustainable Development Goals and the European Green Deal. At the same time, Uni Systems
now participates in 5 Cooperative Innovation Formations and supports the creation of 3 European Digital Innovation
Nodes, aiming at the development of innovative high value-added products and services with a competitive
advantage and strong potential international market penetration, and viability of their members. At the same time, in
2021, the company invested in two Capacity Centers, with the aim of accelerating the digital transformation, providing
specialized, innovative solutions, and transferring technology and knowledge to other entities, mainly small and
medium enterprises.
Particular emphasis should be placed on the fact that the Innovation and Business Development team of Uni Systems
has taken the initiative to create and coordinate an Innovation Center for Quest Group, with resources from all
companies and the goal of developing innovative solutions that will apply to their activities.
6.2.3 Support for Innovation and New Entrepreneurship
The Group's contribution to the development of innovation at domestic and European level is particularly important.
The Group through the incubation center IQbility supports the Greek ecosystem of start-ups.
o 9 years of IQbility and support for the Startup Community
o Investments over 1 million in startup companies
o Creation of over 200 highly specialized jobs by the company supported by IQbility
o Participation in 30 Innovation Programs in Greece and Europe
o Applied Technologies: Analytics, AI, Blockchain, 5G, IoT, AR, Edge Computing, Drones
o Catering areas: Industry 4.0, Smart Cities, IoT & Big Data, e-Health, Culture & Education, Energy & Mobility,
Security, Sustainability, Environment & Agriculture.
6.2.4 Digital transformation, infrastructure security and business continuity
Digital transformation
The digital transformation is a continuous pursuit of the Group companies and is directly related to their Sustainable
Development. In 2021 like in 2020, due to the COVID-19 pandemic and the new conditions that emerged, such as
the strengthening of teleworking, the companies were forced to accelerate the plans and actions of digital
transformation they had scheduled.
Within 2021, significant digitization of operations / processes and customer service were completed and enabled
companies to operate under a new remote communication and collaboration framework. The majority of companies
have completed the task of digitizing the flow of expenditure approvals and managing contracts and signatures.
Complete digitization of procurement flow, bid evaluation, product / service receipt and supplier payment, piloted at
Info Quest Technologies, with the aim to implement it to other companies by 2023. The level of maturity of risk
management digitization in all companies of the Group was also improved. At the same time, they proceeded to the
preparation of a 5-year Strategic Planning plan (2022-2026) which includes emphasis on digital transformation, new
frameworks of collaborations, innovative solutions and approaches.
6.2.5 Infrastructure security and business continuity
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-98-
Developing secure ICT infrastructures as well as ensuring business continuity constitute an integral part of the Group
companies’ strategic plan. Due to the increasing risks in the internal and external environment of the operation of
ICT systems, the continuous, systematic and methodical risk analysis and the adoption of appropriate organizational
and technical measures were established.
The Group's Information Security Policy describes the protection specifications of all ICT infrastructures in order to
achieve the availability, integrity and confidentiality of information. It was revised in 2020, incorporating the
requirements of the European General Data Protection Regulation (GDPR) and the new risks arising out of the
relevant risk analysis and following the international standard ISO 27001: 2013. The Policy covers all protection
measures taken, including the protection of equipment, software, data, telecommunications, information and training
of staff, the fair use of equipment and confidential information by users, etc.
An important factor of efficiency, but also of increased protection of the ICT infrastructures of the Group is the
technologically advanced, one of the largest in Greece, privately owned Data Center of Uni Systems, which co-hosts
the basic information infrastructures of all Group companies either in the form of primary infrastructure or as Disaster
Recovery. The operational continuity of the companies is ensured through the Cloud services offered by Uni Systems,
achieving speed, full accessibility for the authorized employees, reliability and a fully controlled and protected
environment. Uni Systems is certified according to ISO 27001: 2013 on Information Security, while the companies
Info Quest Technologies, iSquare and ACS follow it respectively.
Every year, companies implement a number of actions to ensure them. By way of indication, Uni Systems worked
intensively for the operational continuity and disaster recovery programs for all business infrastructures -according
to the Business Impact Analysis- and in the beginning of 2021 it was certified according to ISO 22301: 2019 for its
Business Continuity.
In 2021, Info Quest Technologies, which is responsible for the operation of the Group ERP, among other things,
carried out the following actions:
o Completion of a project and optimization of alternative Cloud ICT infrastructures (Microsoft Azure), in order
to ensure the immediate availability of the Group ERP, in case an event results in the non-availability of the
primary computer centre.
o Enhance protection of computer infrastructure and corporate web applications from distributed denial of
service (DDoS) attacks and cyber-attacks in general.
ACS, being additionally responsible for the protection and smooth operation of the ICT systems and applications of
its extensive network of agents throughout Greece, which increases the complexity of protecting and managing a
particularly large volume of personal data, carried out the following actions in 2021:
o Completion of a project and optimization of alternative Cloud ICT infrastructures (Microsoft Azure), in order
to ensure the immediate availability of its basic computer systems in case an event results in the non-
availability of the primary computer center.
o Enhancement of protection measures for secure remote access of users to systems and applications
(including VPN and two factor authentication).
o Strengthening and optimization of mechanisms to protect computer infrastructure and corporate web
applications from distributed denial of service (DDoS) attacks and cyber-attacks in general.
o Preparation of a project for the design and implementation of a new website, applying all the necessary
information security principles.
At a broader level and in the direction of further strengthening the security level of Information Systems, the following
actions were carried out in 2021:
o Continuous monitoring and completion of corrective actions regarding the mitigation of IT risks raised by an
external consultant, in the context of an IT Risk Assessment project in 2019.
o Frequent communication and information of users on Information Systems Security issues.
o Implementation of training programs at regular intervals in order to improve the knowledge and awareness
of staff on cyber security issues.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-99-
o Creation of Penetration Tests in collaboration with external partners and to simulate attack scenarios by
malicious users.
The design and measures taken by the Group and its companies have paid off to a great extent, providing a high
percentage of systems availability and data protection. During 2021, no incidents were recorded that caused any
form of data leakage or data alteration or interruption of ICT systems for a long time (over an hour).
Total availability remained at the same level as in 2020, reaching 99.995%.
It is worth noting that:
• No company experienced an unscheduled downtime with a significant impact on its services, during business
days and hours.
• There were no incidents with a significant impact on the availability of services, due to denial of service.
• There were no incidents that affected the confidentiality and integrity of company data.
Goals for 2021:
• Zero data breach incidents, which may affect the confidentiality and integrity of the Group and
the companies’ data and systems
• Systems Availability> 99.9%.
Both goals were achieved.
6.2.6 Protection of personal data
Quest Group has always given special importance to the protection of personal data. In all subsidiaries, the protection
of personal data is guaranteed through the Information Security Policy, which has been successfully implemented
for more than 10 years, as mentioned in section 6.2.5. "Infrastructure Security and Business Continuity" as well as
in more specific policies and procedures regarding compliance with personal data protection legislation.
The companies of the Group followed a programme for their compliance with the General Data Protection Regulation
of the EU 2016/679, and national Legislation, which is constantly upgraded and updated, depending on the needs of
each company. The companies are constantly reviewing and improving the necessary measures, so that the personal
data they manage are fully protected, their processing is done only for the purpose for which they are collected and
the specifications of the relevant legislation are met. At the same time, all companies implement training and
awareness programmes for employees on this issue.
During 2021, no fines or other sanctions were imposed on the Group companies for violation of the specific
legislation. For 2022, the Group has set as goal the improvement of the level of compliance, zero fines or penalties
from violation of the specific legislation. At the same time, our goal is the further optimization of Policies and
Procedures, the training and awareness of employees and the further improvement of the level of protection of the
personal data of third parties.
Goals for 2021:
• Zero data breach incidents, which may affect the confidentiality and integrity of the Group and the
companies’ data and systems and zero pecuniary loss respectively
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-100-
• Continuous training of employees and improvement of the Group companies’ level of compliance.
Both goals were achieved.
6.2.7. Contribution to Society
Quest Group strategically focuses on actions that enhance start-up entrepreneurship, as well as actions that improve
the quality of education and enhance digital skills. At the same time, it systematically supports vulnerable groups of
our fellow human beings with products and services, while it actively responds by contributing to the response to
emergencies of nationwide scope.
Incubator of Youth Entrepreneurship
With the aim of developing youth entrepreneurship, channelling Greek Value Added in international markets and
promoting Greek innovation, the Group has created since 2013 the incubator of new business activities, IQbility.
IQbility's task is to support start-up entrepreneurship in its first steps, providing selected business groups with
resources, tools and know-how that facilitate their success in international markets. IQbility has now developed into
a corporate angel fund which invests, based on specific criteria set from the beginning of the programme, in
collaboration with other bodies, in 1-3 start-ups per year, being the only initiative of a Greek business Group, which
regularly acquires shareholdings in start-ups.
Actions for Education
The Group implements a set of ongoing actions for the interconnection of Technology and Education. By way of
indication, the "iPad 1–1" programme is implemented for the introduction of the iPad in school classrooms, the action
"Assembling the Quest Computer", a unique in Greece, programme of hosting students in the production facilities of
the Quest computer, while opportunities are given to students for internships and access to scholarships. The Group
companies regularly support the Hellenic Cyber Security Team (young people under 25), as well as the participation
of the national IT team of young people in pan-European events and they regularly support the well-established
"Entrepreneurship Panorama" initiative that connects the job market with the student community. Many of the actions,
such as the "Assembling the Quest" did not materialize due to the pandemic. Their implementation will continue when
conditions so allow due to the COVID-19 pandemic.
In 2021, Uni Systems in collaboration with TETRAGON and Mobics set up Museotek, a company that manages a
digital platform that allows remote and real-time school browsing in museums and cultural venues.
Mind the Code Scholarship Program
In 2021, the second round of the Group's Mind the <code> scholarship program took place. As part of the program,
which aims to enhance the digital skills of young people and in particular to teach a programming code, 50
scholarships were awarded to young graduates of the Schools of Informatics and Sciences. Divided into two groups,
the fellows attended one of two intensive training available programs of 60 hours each, on java or .NET programming
technologies. Upon completion of the program, the fellows have the opportunity to join the developer teams of the
Group companies.
Actions for the empowerment of women in the field of technology
In 2021, a series of actions were implemented in the Group, aiming at the empowerment of women. Special emphasis
was given to initiatives that specialized in the field of technology, by way of indication:
• Participation of women of the Group in the program "Women in Leadership" of the Hellenic Federation of
Enterprise in collaboration with ALBA.
• Participation in programs for the attraction and employment of women in the Group, such as the academies
run by Regeneration with exclusive participation of women (Uni Systems).
• Participation in the "Women Hack" program to attract women from the field of technology (Uni Systems).
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-101-
• Participation in the Women Mentoring program in collaboration with Women on Top, Uni Systems has
implemented the LeadHer in Tech mentoring scholarship program for women who want to engage or grow
in a technology environment.
Cooperation with NGOs and Social Bodies
The Group and its companies collaborate with a number of NGOs and Social Bodies, actively contributing to their
work. It is worth mentioning the regular support of the organization "To Hamogelo tou Paidou" and the organization
"Make a Wish", with donation of equipment and courier services, the Centre for Reception of the Homeless of the
Municipality of Athens, with the provision of free clothing and toys offered by employees. The Group also proceeds,
whenever the circumstances so require it (e.g., in cases of refugee crisis, disasters from extreme weather events,
pandemics, etc.), to provide exceptional support for actions, according to its capabilities and specialized know-how,
in the field of technology and courier services. The utilization of the ACS network and infrastructure is particularly
important, for the coordination and distribution of the offers of the citizens from all over Greece in the affected areas.
Results of the above policies and non-financial performance indicators
o Nationwide mobilization of ACS for the support of vulnerable groups and distribution of material
especially in areas affected by the wildfires.
o In its 9 years of operation, IQbility has assisted dozens of start-ups and has invested in 12 of them
in total, with the total amount of the investment approaching € 2,000,000. Executives and external
collaborators have, annually, invested more than 2,200 hours for mentoring, while more than 200
specialized jobs have been created in the wider Greek market.
o 50 Mind the Code scholarships, with enhanced programming knowledge.
7. Environmental issues
Due diligence and other policies
Quest Group operates with an awareness of its environmental responsibility and systematically adapts its business
practice to the needs of environmental protection and saving natural resources. At the same time, it ensures that the
business operation of its companies burdens the natural environment to the least extent possible and that it is in
accordance with the Greek environmental legislation. The environmental principles adopted by the Group and its
companies are based on the United Nations Agreement on Climate Change. In addition, it has an Environmental
Policy in place, which gives precise guidelines to companies for the above-mentioned areas / actions.
The Group regularly monitors and takes actions to improve its overall environmental footprint. The Group companies,
Info Quest Technologies, Uni Systems and ACS are certified according to ISO 14001: 2015 for the environmental
management system and in addition to their Risk Management Procedure they also conduct a detailed study of risks
and opportunities related to climate change. Environmental risks have been assessed as having low impact and
probability to occur in relation to the business model of the companies, and, for this reason, they are not included in
their Risk Register.
Given the activity of the Group companies, the focus is on reducing the energy consumed by the operation of
companies and recycling. ACS in particular, due to its object of work, pays special attention to the reduction of air
pollutants released during transport per transported object. The company is constantly evaluating the various
parameters, with the aim of reducing its carbon footprint and since 2017 has proceeded to its more accurate counting,
based on the instructions of the Green House Gas Protocol and taking relevant actions. It is worth mentioning that
IT companies with their solutions and products, help their customers reduce their own environmental footprint
(digitization solutions, automation, Cloud distribution, etc.).
7.1. Energy consumption and efficiency
The Group's commitment to reduce electricity consumption extends beyond any legal obligation. Quest Group is
constantly implementing actions to upgrade and improve the building and technological infrastructure, such as the
installation of a system for measuring electricity consumption, the gradual replacement of light bulbs with new LED
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-102-
technology ones that are less energy consuming and the installation of lights in public spaces that automatically
operate and switch off.
Results of the above policies and non-financial performance indicators
Energy consumption & efficiency
Group Turnover (€ mio)
2019
2020
2021
600,3
721,4
947,8
Annual energy intensity in Quest Group (kWh/m
2
)
2019
2020
2021
150
154
141
• The data of 2021 include usage data from the retail stores iStorm Greece and Mi Store P. Mela. Cyprus
iStorm retail stores, and Cyprus Mi Store and Golden Hall are not included.
Annual energy intensity in Quest Group (kWh / m2) / Group Turnover (€ mio)
2019
2020
2021
0,25
0,21
0,15
• The decrease observed in 2021 in the "Annual energy intensity in Quest Group (kWh / m2) / € million
turnover" is due to the change of the companies included (reduced participation of Cardlink, addition of
stores with an increase of their area without a corresponding increase of consumption).
Equivalent of thousands of tons of CO
2
per year in Quest Group (kt CO
2
)
2019
2020
2021
7,70
4,39
3,62
• The decrease in 2021 is due to the reduction of the conversion rate kwh to tons of CO2 (0.431 from 0.587),
which, in turn, is due to the increased share of RES in energy production (RES Operator & Guarantees of
Origin SA rate 2020).
• The differentiation of the "Equivalent to thousands of tons of CO2 per year in the Quest Group (kt CO2)",
and therefore the corresponding indicator "Equivalent to thousands of tons of CO2 per year in the Quest
Group (kt CO2) / € million turnover", is due to the use of a different conversion rate from 2020 onwards. For
the first time in 2020, RES Operator & Guarantees of Origin SA published a conversion rate for each
provider, taking into account the production of electricity from RES. Data between years are not comparable.
Equivalent to thousands of tonnes of CO2 per year in Quest Group (kt CO2) / € million turn over
2019
2020
2021
0,013
0,006
0,004
For the calculation, the relevant documents of the companies have been taken into account, as well as the CO
2
conversion indicators of international bibliography.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-103-
Goal for 2021: Annual energy intensity (kWh / m2) / € million turnover & the equivalent of thousands of tonnes of
CO2 per year (kt CO2) / € million turnover to remain stable at the 2020 level, i.e., 0.21 and 0.006 respectively.
Goal achievement
The Group has now installed 190 kW photovoltaics on the roofs of its two buildings, to compensate with the
production of green energy, which, in 2021, produced 259,370 KWh of electricity, a production that corresponds to
19% of the energy consumed by both buildings.
7.1.1. Pollutants from ACS transport
ACS, due to its object, pays special attention to the reduction of air pollutants released during transport. It is certified
since 2014 according to ISO 14001: 2015 by the recognized body ABS Quality Evaluations Inc. for the Environmental
Management System that it implements and makes, from 2017, a more accurate assessment of its environmental
footprint according to the directions of the Greenhouse Gas Protocol (Scope 1, 2 and 3).
ACS implements ongoing vehicle renewal programs, both for the company and its network, with the aim of reducing
its footprint. At the same time, it constantly examines and processes new systems and tools for the more accurate
measurement of the environmental footprint and the improvement of its operation.
The data for 2021 will be presented in the Sustainability Report 2021 of the Group.
7.2. Recycling
For a number of years, Quest Group has entered into agreements -according to the relevant legislation- with the
licensed systems for the recycling of devices and packaging, which operate in Greece. In its internal operation, it
implements programmes for the collection and recycling of paper, batteries and lamps, taking care to inform and
encourage its human resources to actively participate. The Procedure includes the disposal of the devices to licensed
recycling companies, for their reintegration into production. Product packaging is also collected and recycled,
significantly reducing the burden on the environment. In the framework of the Environmental Policy, the Standard
Recycling Procedure has been developed, according to which, the materials to be recycled are collected per
company and transported to central collection points, from where they are pick-up by certified recycling companies.
From 2021, the Group's retail companies, contributing to the adoption of a circular economy model, participate in
initiatives to collect older equipment from consumers in order to reuse it.
7.3. Other actions
In addition to the above, various initiatives are being implemented, such as informing the human resources to reduce
the waste of natural resources. It is noted that none of the companies of the Group intensively uses water resources
for its operation. At the same time, in Group buildings with a large number of employees, managed print services
programmes have been implemented resulting in significant reduction in paper consumption, while as from 2018
consumables (disposable glasses, straws, waste bags) were replaced with more environmentally friendly materials
and actions were implemented to raise employee among awareness.
8. Impact of the COVID-19 pandemic on non-financial issues
Due diligence and other policies, policy outcomes and non-financial performance indicators
The COVID-19 pandemic has had a significant impact on all non-financial issues as presented in this Report. Both
the Group and the companies that make it up, launched from the beginning the institutionalized business continuity
plan, in order to ensure their smooth operation, the protection of their employees and other stakeholders, and of
course the service of customers and the support of society. The updating of functions and procedures, the
development of new services and, especially, the care and constant communication of the Management team with
each employee, were at the core of this plan.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-104-
In the previous sections, the relevant effects are presented, as well as the coordinated actions undertaken by the
Group and its companies, in order to be able to respond to the unprecedented conditions that were created. The
following describes the targeted actions implemented in relation to the protection / information of employees /
customers / associates but also with the support of society.
8.1 Employees / Customers / Partners
In order to secure the health, safety and well-being of its employees, customers and partners Quest Group ensured
the strict implementation of all relevant aspects of the legislation. By way of indication, the plan for protection and
information in relation to the pandemic, included:
• Constant information on the development of the pandemic through intranet, corporate social media, online
meetings with each department separately, posters and emails.
• Systematic highlighting to the employees of hygiene measures and procedures.
• High rates of teleworking depending on the object of works of each company. The Group has modern and secure
ICT infrastructure, which made telework possible from day one, without any problems.
• Provision of additional laptops to employees to enhance teleworking.
• Ongoing support from the Human Resources and IT departments.
• Motivation of employees to get vaccinated.
• Utilization of infrastructure and operation of remote customer service centres, in order to limit the movement of
employees.
• Supply of materials - masks, gloves, antiseptics - to employees, with special care for employees in sorting
centres, logistics and deliveries.
• Continuation of training and development programmes and their adaptation in the form of e-learning. Enhancing
education through Linkedin Learning.
• Thorough cleaning, disinfection and disposal of antiseptics in all buildings. General disinfection by specialized
crews on weekends alternately in the buildings. Mandatory thermometry readings for all and installation of
special carpets at the entrances.
• Configuration of common areas and special marking, in order to avoid close contact.
• Ongoing psychological support of employees and their families, by the specialized service EAP HELLAS.
• Creation of return-to-work plans, according to state guidelines.
• Carrying out of preventive tests on employees, both in company buildings, and in collaboration with more than
15 diagnostic centres.
• Provision of flexible hours for those who had to be physically present in the workplace, to protect employees and
limit movement during peak hours.
• Provision of flexible hours to parents with children who were involved in distance learning.
• Change / digitization of internal procedures, in order to achieve smooth operation, without physical presence.
Examples are the implementation of digital signatures application and the electronic management of movement
certificates and approvals.
• Provision of bonus to specialized groups of employees who worked in special conditions.
• Strengthening of human resources, zero reduction of income and zero terminations of employment contracts.
• Organisation and motivation of employees to participate in voluntary blood donation.
• Remodelling of customer visiting areas (shops, reception service) with protective plexiglass and marking of the
premises.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-105-
• Regular communication and information of clients and partners about the measures and actions.
• Design and launch of new services, for the convenience of customers - such as the service of free shipping and
receipt of products to and from service.
• Significant investments in ACS supply chain / e-commerce support.
9. Consolidated disclosures pursuant to EU Taxonomy Regulation
The Taxonomy Regulation is a key component of the European Commission’s action plan to redirect capital flows
towards a more sustainable economy. It represents an important step towards achieving carbon neutrality by 2050
in line with EU goals as the Taxonomy is a classification system for environmentally sustainable economic activities.
In the following section, we as a non-financial parent undertaking present the share of our group turnover, capital
expenditure (Capex) and operating expenditure (Opex) for the reporting period 2021, which are associated with
taxonomy-eligible economic activities related to the first two environmental objectives (climate change mitigation and
climate change adaptation) in accordance with Art.8 Taxonomy Regulation and Art. 10 (2) of the Art.8 Delegated Act.
Our Activities
Overview 2021
Table: Proportion of Taxonomy-eligible and Taxonomy-non-eligible economic activities in total turnover,
Capex and Opex
30,2%
69,8%
Turnover
Eligible Turnover
Non-eligible Turnover
30,2%
69,8%
Capex
Eligible Capex Non-eligible Capex
30,2%
69,8%
Opex
Eligible Opex Non-eligible Opex
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-106-
Total
(€ million )
Proportion of
Taxonomy-eligible
economic activities (%)
Proportion of
Taxonomy-non-eligible
economic activities (%)
Turnover
947.882
30,2%
69,8%
Capital Expenditure (Capex)
20.144
30,2%
69,8%
Operational Expenditure (Opex)
3.985
30,2%
69,8%
Definitions
Taxonomy-eligible economic activity means an economic activity that is described in the delegated acts
supplementing the Taxonomy Regulation (i.e., the Climate Delegated Act as of now) irrespective of whether that
economic activity meets any or all of the technical screening criteria laid down in those delegated acts.
Taxonomy-non-eligible economic activity means any economic activity that is not described in the delegated acts
supplementing the Taxonomy Regulation. Taxonomy-aligned economic activity means an economic activity that
complies with all of the following requirements:
a) the economic activity contributes substantially to one or more of the environmental objectives.
b) it does not significantly harm any of the environmental objectives.
c) it is carried out in compliance with the minimum safeguards; and
d) it complies with technical screening criteria in the delegated acts supplementing the Taxonomy Regulation (i.e.,
Climate Delegated Act as of now)
Taxonomy-eligible economic activities
We have examined the relevant Taxonomy-eligible economic activities based on our activities as a Group company
in IT and technology services, Postal and Courier Services and Green Energy services and assigned them to the
following economic activities in accordance with Annex I and II of the Climate Delegated Act. The table below
indicates for which environmental objective the activities qualify as eligible:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-107-
Table: Taxonomy-eligible activities
Eligible Economic Activity
(name, number)
Description
NACE -
code
Climate
Change
Mitigation
Climate
Change
Adaptation
3.6.
Manufacture of other low carbon
technologies
Manufacture of digital
automated data processing
machines
C26
✔
✔
4.1.
Electricity generation using solar
photovoltaic technology
Production of electric energy
from solar photovoltaic
systems
D35.11
✔
✔
6.6.
Freight transport services by road
Postal and Courier activities
H53.2
✔
✔
8.2.
Data-driven solutions for GHG
emissions reductions
Wireless
telecommunications
infrastructure, consulting
services for computers,
programming, hardware,
systems, software and
technical support
J61
J62
✔
Allocation of turnover, Capex and Opex to one environmental objective
The Group is particularly concerned by the objective of climate change mitigation. It was determined that activity 3.6,
activity 4.1, activity 6.6 and activity 8.2 should be allocated to climate change mitigation as the contribution to climate
change adaptation is of minor importance and the Taxonomy does not allow double counting.
Selection criteria for Taxonomy-eligible activities
Economic Activity 3.6
The activity relates to the manufacture by the Company of technologies which present opportunities for use of
environmentally friendly materials and solutions which could result in significant prevention of carbon emissions.
Economic Activity 4.1
The activity relates to the operation of energy producing units that produce solar energy with the use of solar
photovoltaic technology (PV) which provides a critical source of renewable energy alternatives and could result in
significant prevention of carbon emissions.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-108-
Economic Activity 6.6
The activity relates to the purchase, financing, leasing, rental and operation of fleet for the freight transport of goods.
This activity pays a significant role in the Group strategic planning for its carbon footprint reduction.
Economic Activity 8.2
This activity relates to the development of IT solutions and services that could be applied to data provision and
analysis that could contribute to carbon emissions reduction.
Core business activities and external turnover
The Group economic activities and turnover result from dynamically growing sectors of the economy, which are
based on innovation and new technologies and can significantly contribute to the reduction of carbon emissions and
climate change mitigation particularly in the areas of IT and Technology, IT products and services distribution,
communications and air conditioning as well as in the design, development and support of IT projects, postal and
courier services and Renewable Energy production.
Activities using external personnel subcontractors
Taxonomy-eligibility is given when one of our activities meets the description of an economic activity laid down in the
Climate Delegated Act. In this context, it is irrelevant whether we use our own personnel or external personnel (e.g.,
temporary workers) to carry out this activity. In certain circumstances where we determine and control the
circumstances in which the activity is carried out, we also consider activities performed by a subcontractor as our
own activities.
Taxonomy non-eligible activities
For the purpose of this Taxonomy exercise the key Quest Group economic activities not selected and which don’t
comply with the Taxonomy criteria are wholesale, retail and electronic commerce activities.
KPIs and Accounting Policies
The key performance indicators (“KPIs”) include the turnover KPI, the Capex KPI and the Opex KPI. For the reporting
period 2021, the KPIs have to be disclosed in relation to our Taxonomy-eligible and Taxonomy non-eligible economic
activities (Art. 10 (2) of the Art. 8 Delegated Act).
The specification of the KPIs is determined in accordance with Annex I of the Art. 8 Delegated Act. We determine
the Taxonomy-eligible KPIs in accordance with the legal requirements and describe our accounting policy in this
regard as follows:
Turnover KPI
Definition
The proportion of Taxonomy-eligible economic activities in our total turnover has been calculated as the part of net
turnover derived from products and services associated with Taxonomy-eligible economic activities (numerator)
divided by the net turnover (denominator).
The denominator of the turnover KPI is based on our consolidated net turnover in accordance with IAS 1.82(a). For
further details on our accounting policies regarding our consolidated net turnover, please see our Annual Report
2021.
The numerator of the turnover KPI is defined as the net turnover derived from products and services associated with
Taxonomy-eligible economic activities, i.e.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-109-
• Economic Activity 3.6. generates turnover from the Manufacture of other low carbon technologies
• Economic Activity 4.1. generates turnover from the Electricity generation using solar photovoltaic
technology
• Economic Activity 6.6 generates turnover from freight transport services by road
• Economic Activity 8.2 generates turnover from Data-driven solutions for GHG emissions reductions
Further Explanations
The percentage of turnover for every economic activity for the purpose of the taxonomy exercise has been calculated
from the Total Group Turnover for products and services, as has been defined by the business activity code (NACE
code) allocated to each economic activity.
Capex KPI
Definition
The Capex KPI is defined as Taxonomy-eligible Capex (numerator) divided by our total Capex (denominator).
Total Capex consists of additions to tangible and intangible fixed assets during the financial year, before depreciation,
amortisation and any re-measurements, including those resulting from revaluations and impairments, as well as
excluding changes in fair value. It includes acquisitions of tangible fixed assets, intangible fixed assets, from company
synergies.
For further details on our accounting policies regarding Group Capex, please see our Annual Report 2021.
The numerator consists of the following categories of Taxonomy-eligible Capex:
a) Capex related to assets or processes that are associated with Taxonomy-eligible economic activities. We consider
that assets and processes are associated with Taxonomy-eligible economic activities when they are essential
components necessary to execute an economic activity. Consequently, all Capex invested into our economic
activities been included in this Capex category.
b) Capex to upgrade a Taxonomy-eligible economic activity to become Taxonomy-aligned or to expand a Taxonomy-
aligned economic activity require an assessment of Taxonomy-alignment of our activities. As for the reporting period
2021 we only report on Taxonomy-eligible economic activities; we have not prepared a Capex plan in the sense of
the EU taxonomy.
c) Capex related to the purchase of output from Taxonomy-eligible economic activities and individual measures
enabling certain target activities (usually our non-eligible activities) to become low carbon or to lead to greenhouse
gas reductions. They are also considered as Taxonomy-eligible Capex when the purchased output/individual
measure meets the description of its respective economic activity.
Further Explanations
Assumptions applied for Capex Allocation
For the purpose of this Taxonomy exercise the allocation of capex to each economic activity was undertaken in
relation to the % of total turnover allocated to each economic activity. More specifically to each economic activity a
% of Group total capex was allocated in line with the % of turnover shared by the particular economic activity. This
approach was used because there was no sufficient information relating to the capex allocation by economic activity
for 2021.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-110-
Opex KPI
Definition
The Opex KPI is defined as Taxonomy-eligible Opex (numerator) divided by our total Opex (denominator).
Total Opex consists of direct non-capitalised costs that relate to research and development, building renovation
measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day
servicing of assets of property, plant and equipment. This includes:
• Maintenance and repair and other direct expenditures relating to the day-to-day servicing of assets of
property, plant and equipment were determined based on the maintenance and repair costs allocated to our
internal cost centers. The related cost items can be found in various line items in our income statement,
including production costs (maintenance in operations), sales and distribution cost (maintenance logistics)
and administration cost (such as maintenance of IT-systems). This also includes building renovation
measures.
In general, this includes staff costs, costs for services, and material costs for daily servicing as well as for
regular and unplanned maintenance and repair measures. These costs are directly allocated to our PP&E
including an appropriate allocation of overhead costs,
This does not include expenditures relating to the day-to-day operation of PP&E such as: raw materials, cost of
employees operating the machine, electricity or fluids that are necessary to operate PP&E. Direct costs for training
and other human resources adaptation needs are included in the denominator and the numerator of the Opex KPI.
With regard to the numerator, we refer to the corresponding statements on the Capex KPI.
Further Explanations
With regard to the use of allocation keys, we refer to the corresponding statements on the Capex KPI.
For the purpose of this Taxonomy exercise the allocation of opex to each economic activity was undertaken in relation
to the % of total turnover allocated to each economic activity. More specifically to each economic activity a % of
Group total opex was allocated in line with the % of turnover shared by the particular economic activity. This approach
was used because there was no sufficient information relating to the opex allocation by economic activity for 2021.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-111-
10 Required information under paragraphs 7 and 8 of Article 4 of Law 3556/2007
In accordance with the provisions under paragraphs 7 and 8, Article 4 of Law 3556/2007, we provide you with the following
information:
(a) Structure of the Company's share capital
The Company's share capital amounts to €47.535.391,68, divided into 35.740.896 common nominal shares of par value of €1,33
each, and is fully paid up. All company shares are common, nominal, with voting rights, listed on the Athens Exchange and enjoy
all the rights and obligations deriving from the Company's Articles of Association and specified by the Law.
(b) Restrictions on the transfer of Company shares
The Company's shares are transferred in accordance with the Law and there are no restrictions imposed on their transfer by the
Company's Articles of Association.
(c) Significant direct or indirect holdings as set out by the provisions of Articles 9 to 11 of Law 3556/2007
On 31.12.2021, the persons who have a significant direct or indirect participation according to Articles 9 to 11 of Law 3556/2007
are:
Surname
Name
Father's name
Number of Shares
Percentage %
FESSAS
THEODORE
DIMITRIOS
17.878.065
50,02
KOUTSOURELI
EFTYCHIA
SOFOKLIS
9.024.729
25,25
(d) Shares conferring special rights
There are no Company shares that confer special control rights to their holders.
(e) Restrictions on voting rights
The Company's Articles of Association do not provide for any restrictions on voting rights.
(f) Agreements between Company shareholders
The Company is not aware of the existence of any agreements among shareholders which impose restrictions on the transfer of its
shares or on the exercise of voting rights arising from its shares.
(g) Rules for the appointment and replacement of members of the Board of Directors, as well as for the amendment of the
Articles of Association, which differ from the provisions of Law 4548/2018
The rules laid down in the Company's Articles of Association for the appointment and replacement of the members of the Board of
Directors and the amendment of its provisions do not differ from the provisions of Law 4548/2018.
(h) Power of the Board of Directors or certain Board members to issue new shares or to purchase own shares according
to Law 4548/2018
According to the General Meeting's decision of 26.06.2020, the Company may purchase own shares, pursuant to the provisions of
L 4548/2018, as applicable, up to 10% of the paid-up Share Capital, within the 24-month statutory time limit, with the minimum
purchase price set at 1 Euro per share and a maximum purchase price of 20 Euros per share, in order to reduce capital, distribute
capital to personnel or implement any other decision provided by law, which the Board of Directors is authorized to carry out.
The Company at the end of the closing year held 81.868 treasury shares.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-112-
(i) Significant agreements signed by the Company which enter into force, are amended or terminated in the event of a
change in the Company's ownership following a public offer.
There are no agreements that enter into force, amended or terminated in the event of a change in the Company's ownership
following a public offer.
(j) Significant agreements signed by the Company and members of the Board of Directors or its personnel.
There are no agreements between the Company and its Board members or personnel, which provide for compensation in case of
their resignation or dismissal without substantial cause or termination of office or employment due to a public offer.
Dear Shareholders, the above information, the audit report of the Independent Chartered Auditor, as well as the financial statements
of December 31st, 2021 provide all the necessary information which is at your disposal, in order for you to proceed with the approval
of the financial statements for the year ended December 31st, 2021 and the release of the Board of Directors and auditors from
any liabilities.
Sincerely,
THE BOARD OF DIRECTORS
Theodoros Fessas
Chairman
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-113-
III. Financial Statements
Contents Page
Balance sheet 116
Statement of comprehensive income - Group 117
Statement of comprehensive income – Company 117
Statement of changes in equity 119
Cash flow statement 119
Notes upon financial information 120
1. General information 121
2. Structure of the Group 122
3. Summary of significant accounting policies 122
4. Financial risk management 133
5. Critical accounting estimates and judgments 137
6. Segment information 138
7. Property, plant and equipment 141
8. Goodwill 142
9. Intangible assets 144
10. Investment properties 145
11. Investments in subsidiaries 146
12. Investments in associates 148
13. Lease receivables 149
14. Contract liabilities from contracts with customers 149
15. Derivative financial instruments 150
16. Financial assets at fair value through profit or loss 150
17. Deferred income tax 151
18. Inventories 153
19. Trade and other receivables 153
19a. Contract assets / liabilities from contracts with customers 154
20. Cash and cash equivalents 155
21. Share capital 156
22. Other reserves & retained earnings 156
23. Borrowings 157
24. Retirement benefit obligations 159
25. Grants 162
26. Trade and other payables 162
27. Expenses by nature 163
28. Employee benefit expense 164
29. Finance income and costs 164
30. Income tax expense 164
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-114-
31. Other operating income 165
32. Other (losses) / gains – net 166
33. Commitments 166
34. Contingencies 166
35. Guarantees 167
36. Dividends 168
37. Related party transactions 169
38. Earnings per share 171
39. Periods unaudited by the tax authorities 172
40. Number of employees 173
41. Right-of-use assets 174
42. Lease liabilities 175
43. Business Combinations 175
44. Provisions 176
45. Audit fees 177
46. Disposal of subsidiaries and held for sale financial assets and liabilities 177
47. Reclassifications 180
48. Events after the balance sheet date of issuance 184
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-115-
Financial Statements 2021
The attached financial statements have been approved by the Board of Directors of Qu est Holdings S .A . on April 6, 2022, and have
been set up on the website address www.quest.gr ,where they will remain at the disposal of the investing public for at least 10
years from the date of its publication.
The Chairman The C.E.O. The Deputy C.E.O.
Theodore Fessas Apostolos Georgantzis Markos Bitsakos
The Group Financial Controller The Chief Accountant
Dimitris Papadiamantopoulos Konstantinia Anagnostopoulou
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-116-
Balance sheet
Note
31/12/2021 31/12/2020 31/12/2021 31/12/2020
ASSETS
Non-current assets
Property, plant and equipment
7
Right-of-use assets
41
Goodwill
8
Other intangible assets
9
Investment Properties
10
Investments in subsidiaries
11
Investments in associates
12
Financial assets at fair value through P&L
16
Contract assets
19a
Financial lease
13
Deferred income tax asset
17
Trade and other receivables
19
Current assets
Inventories
18
Trade and other receivables
19
Contract assets
19a
Receivables from financial leases
13
Financial assets at fair value through P&L
16
Current income tax asset
Cash, cash equivalents and restricted cash
20
Assets held for sale
46
Total assets
EQUITY
Capital and reserves attributable to the Company's shareholders
Share capital
21
Other reserves
22
Retained earnings
Own shares
(953 ) (146 ) (953 ) (146 )
Non-controling interests
Total equity
LIABILITIES
Non-current liabilities
Borrowings
23
Deferred tax liabilities
17
Retirement benefit obligations
24
Government Grants
25
Contract liabilities
14
Provisions for other non-current payables
44
Lease liabilities
42
Trade and other payables
26
Current liabilities
Trade and other payables
26
Contract liabilities
14
Current income tax liability
Borrowings
23
Government Grants
25
Derivative Financial Instruments
15
Lease liabilities
42
Provisions for other current payables
44
Liabilties directly associated with assets classified as held for sale
46
Total liabilities
Total equity and liabilities
COMPANY
GROUP
The figures of the comparative fiscal year that ended on 31.12.2020, for both the group and the company have been restated due
to the change in accounting policy for IAS 19(note 47)
Notes on pages 121 to 184 constitute an integral part of this financial information.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-117-
Statement of comprehensive income - Group
Note
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Sales 6
Cost of sales
27
(778.811 ) (19.665 ) (798.476 ) (581.863 ) (23.715 ) (605.577 )
Gross profit
Selling expenses
27
(49.528 ) (2.092 ) (51.620 ) (35.508 ) (2.729 ) (38.237 )
Administrative expenses
27
(36.670 ) (3.357 ) (40.027 ) (33.171 ) (4.611 ) (37.782 )
Other operating income / (expenses) net
31
Other profit / (loss) net
32
Operating profit
Finance income
29
Finance costs
29
(6.300 ) (333 ) (6.633 ) (5.961 ) (624 ) (6.585 )
Finance costs - net 29
(5.327 ) (333 ) (5.660 ) (5.192 ) (623 ) (5.815 )
Share of profit/ (loss) of associates
Profit/ (Loss) before income tax 12
Income tax expense
30
(8.547 ) (1.665 ) (10.212 ) (18.546 ) (502 ) (19.049 )
Profit/ (Loss) after tax for the period 42.790 83.145 125.934 13.620 2.553 16.173
Attributable to :
Controlling interest
Non-controlling interest
Basic and diluted
38
Other comprehensive income / (loss)
Actuarial gains/(losses) on defined benefit pension
plans
Total comprehensive income / (loss) for the
period
Attributable to:
-Owners of the parent 42.772 82.393 125.163 13.692 2.160 15.852
-Non-controlling interest 97 752 850 0 383 383
GROUP
Earnings/(Losses) per share attributable to equity holders of the Company (in € per share)
01/01/2021-31/12/2021
01/01/2020-31/12/2020
The figures of the comparative fiscal year that ended on 31.12.2020, for both the group and the company have been restated due
to the change in accounting policy for IAS 19(note 47)
Notes on pages 121 to 184 constitute an integral part of this financial information.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-118-
Statement of comprehensive income – Company
Note
01/01/2021-31/12/2021 01/01/2020-31/12/2020
Sales 6
Cost of sales 27
Gross profit
Selling expenses 27
Administrative expenses 27
(2.088 ) (1.768 )
Other operating income / (expenses) net 31
Other profit / (loss) net 32
Operating profit
Finance income 29
Finance costs 29
(350 ) (159 )
Finance costs - net 29
(340 ) (156 )
Profit/ (Loss) before income tax
Income tax expense 30
Profit/ (Loss) after tax for the period 150.413 1.941
Other comprehensive income / (loss)
Actuarial gains/(losses) on defined benefit
pension plans
(1 ) 1
Total comprehensive income / (loss) for
the period
COMPANY
The figures of the comparative fiscal year that ended on 31.12.2020, for both the group and the company have been restated due
to the change in accounting policy for IAS 19(note 47)
Notes on pages 121 to 184 constitute an integral part of this financial information.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-119-
Statement of changes in equity
Share capital
Other
reserves
Retained
earnings
Own shares Total
Balance at 1 January 2020 1.535 5.248 134.962 - 141.745 1.458 143.203
Implementation of IAS 19 - - 4.430 - 4.430 - 4.430
Adjusted Balance at 1 January 2020
Profit/ (Loss) for the year - - 15.790 - 15.790 383 16.173
Other comprehensive income / (loss) for the year, net of tax - - 62 - 62 - 62
Total comprehensive income / (loss) - - 15.852 - 15.852 383 16.235
Consolidation of new subsidiaries and increase in stake in
existing ones
Reclassifications - 8.143 (8.143 ) - - - -
Capitalisation of reserves 5.361 (5.361 ) - - - - -
Capitalization of reserves Law 2238/1994 and 2579/98 210.408 - (210.408 ) - - - -
Offsetting accumulated losses
(164.408 ) - 164.408 - - - -
Share capital return (5.361 ) - - -
(5.361 ) - (5.361 )
Tax of Capitalization of reserves - (283 ) - -
(283 ) - (283 )
Share Capital Increase expenses - - (164 ) - (164 ) - (164 )
Formation of Statutory reserve
Distribution of retained earnings of previous fiscal years
Purchase of own shares
Balance at 1 January 2021 47.535 8.243 89.879 (146 ) 145.511 1.568 147.077
Profit/ (Loss) for the period - - 125.084 - 125.084 850 125.934
Other comprehensive income / (loss) for the period, net of tax - - 79 - 79 - 79
Total comprehensive income / (loss) for the period - - 125.163 - 125.163 850 126.013
Exchange differences - - (35 ) - (35 ) - (35 )
Consolidation of new subsidiaries and increase in stake in
existing ones
(630 ) (2.014 ) (2.644 )
Regular reserves - 8.096 (8.096 ) - - - -
Purchase of own shares
Distribution of retained earnings of previous fiscal years
Share capital
Other
reserves
Retained
eairnings
Own shares
COMPANY
Balance at 1 January 2020 1.535 7.841 70.878 - 80.255
Implementation of IAS 19 - - 17 - 17
Ajusted Balance at 1 January 2020 1.535 7.841 70.895 - 80.272
Profit/ (Loss) for the year - - 1.941 - 1.941
Other comprehensive income / (loss) for the year, net of tax - - - - -
Total comprehensive income / (loss) - - 1.941 - 1.941
Purchase of own shares
Capitalisation of reserves
Capitalization of reserves Law 2238/1994 and 2579/98
Offsetting accumulated losses
(164.408 ) - 164.408 - -
Share capital return
(5.361 ) - - - (5.361 )
Tax of Capitalization of reserves
Share Capital Increase expenses - - (164 ) - (164 )
Distribution of retained earnings of previous fiscal years - - (10.716 ) - (10.716 )
Formation of Statutory reserve - 496 (496 ) - -
Balance at 31 December 2020 47.535 2.693 15.460 (146 ) 65.542
Balance at 1 January 2021 47.535 2.693 15.460 (146 ) 65.542
Profit/ (Loss) for the period - - 150.413 - 150.413
Other comprehensive income / (loss) for the period, net of tax - - - - -
Total comprehensive income / (loss) for the period - - 150.413 - 150.413
Formation of Statutory reserve - 7.521 (7.521 ) - -
Distribution of retained earnings of previous fiscal years - - (10.706 ) - (10.706 )
Purchase of own shares
Balance at 31 December 2021
Total Equity
Balance at 31 December 2021
Attributable to equity holders of the Company
Balance at 31 December 2020
Non-controling
interests
Total Equity
The figures of the comparative fiscal year that ended on 31.12.2020, for both the group and the company have been restated due
to the change in accounting policy for IAS 19(note 47)
Notes on pages 121 to 184 constitute an integral part of this financial information.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-120-
Cash flow statement
Note
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Profit/ (Loss) before tax 136.146 35.222 150.385 13.115
Adjustments for:
Depreciation of property, plant and equipment 7 5.999 6.513 31 34
Amortization of investment properties 10 - 82 - -
Amortization of intangible assets 9 2.381 2.606 2 3
Amortization of right-of-use assets 41 5.578 8.394 90 90
Impairments of tangible assets - (33 ) - -
(Gain) / Loss on sale of Cardlink A.E. 46 (78.128 ) - (85.248 ) -
Adjustments for financial assets at fair value through P&L - 328 (2 ) 2
Loss/ (Gain) of available for sale financial assets (2.134 ) - (1.990 ) -
Interest income 29 (973 ) (770 ) (10 ) (3 )
Interest expense 29 6.633 6.585 350 159
Dividends 37 - (424 ) (11.429 ) (13.314 )
Impairments (reversal) of subsidiaries 11 - - (52.411 ) -
Changes in working capital
(Increase) / decrease in inventories 18 (15.140 ) (11.980 ) - -
(Increase) / decrease in receivables (36.228 ) (34.070 ) (1.620 ) (671 )
Increase/ (decrease) in liabilities 7.811 36.432 (314 ) 407
Increase / (decrease) in retirement benefit obligations 24 334 498 1 4
(43.223 ) (9.120 ) (1.933 ) (260 )
Net cash generated from operating activities
Interest paid 29 (6.633 ) (6.585 )
(350 ) (159 )
Income tax paid
(17.116 ) (10.288 ) (5.504 ) (5.586 )
Net cash generated from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment 7
(19.719 ) (22.138 ) (10 ) (15 )
Purchase of intangible assets 9
(1.336 ) (2.968 ) - -
Purchase of financial assets
Proceeds from financial assets availiable for sale
Proceeds from sale of property, plant, equipment and intangible assets - 338 - -
Disposal of subsidiary Cardlink S.A. 46
Net cash outflow for the acquisition of a subsidiary company Intelli 43
(1.770 ) - - -
Net cash outflow for the acquisition of a subsidiary company minority interest
(370 ) (868 ) - -
Share capital inrcrease / (decrease) of subsidiaries - - 2.450 2.887
Interest received 29
Dividends received 37
Net cash used in investing activities
Cash flows from financing activities
Proceeds from borrowings 23
Repayment of borrowings 23
(10.643 ) (5.891 ) (13 ) -
Proceeds from sale/ (purchase) of own shares
(807 ) (146 ) (807 ) (146 )
Repayment of lease liabilities
(5.543 ) (8.085 ) (86 ) (83 )
Distribution of retained earnings of previous fiscal years
(10.706 ) - (10.706 ) -
Share capital return - (16.077 ) - (16.359 )
Share capital inrcrease expenses - (672 ) - (165 )
Net cash used in financing activities
(14.214 ) 11.222 (11.612 ) (4.776 )
Net increase/ (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year 20
Cash and cash equivalents of discontinued operations
Cash, cash equivalents and restricted cash at end of the year
20
COMPANY
GROUP
The figures of the comparative fiscal year that ended on 31.12.2020, for both the group and the company have been restated due
to the change in accounting policy for IAS 19(note 47)
Notes on pages 121 to 184 constitute an integral part of this financial information.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-121-
Notes upon financial information
1. General information
Financial statements include the financial statements of Quest Holdings S.A. (the “Company”) and the consolidated financial
statements of the Company and its subsidiaries (the “Group”) for the year ended December 31
st
, 2021, according to International
Financial Reporting Standards (“IFRS”). The names of the Group’s subsidiaries are presented in Note 39 of this information.
The Group operates in Greece , Ro mania , Cyprus , Belgium , Italy and Luxembourg and the Company’s shares are traded in Athens
Stock Exchange.
These group consolidated financial statements were authorized for issue by the Board of Directors of Que st Holdings S.A . on April
6
th
, 2022 and are subject to approval by the Ordinary General Assembly of the shareholders.
Shareholder composition is as follows:
• Theodore Fessas 50,02%
• Eftichia Koutsoureli 25,25%
• Other investors 24,50%
• Treasury shares 0,23%
Total 100%
The address of the Company is Argyroupoleos 2a str., Kallithea Attikis , Greece . Its website address is www.quest.gr.
The Board of Director of the Company is as follows:
1. Theodore Fessas - Chairman, Executive Member
2. Eftychia Koutsoureli - Vice Chairwoman, Executive Member
3. Pantelis Tzortzakis- Independent Non-Executive Member
4. Apostolos Georgantzis - CEO, Executive Member
5. Markos Bitsakos – Deputy CEO,Executive Member
6. Nikolaos Socrates Lambroukos - Executive Member
7. Aimilios Giannopoulos- Independent Non-Executive Member
8. Maria Damanaki- Independent Non-Executive Member
9. Nikolaos Karamouzis - Independent Non-Executive Member
10. Filippa Michali - Independent Non-Executive Member
11. Panagiotis Kyriakopoulos - Independent Non-Executive Member
12. Apostolos Tamvakakis- Independent Non-Executive Member
The Audit Company is:
KPMG SA
Stratigou Tompa 3
15342 Ag. Paraskeyi
Greece
Company’s website address is www.quest.gr.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-122-
2. Structure of the Group
The structure of the Quest Holdings group is presented as follows:
3. Summary of significant accounting policies
3.1 Preparation framework of the financial information
These financial statements have been prepared by the Management in accordance with International Financial Reporting Standards
(“IFRS”), including International Reporting Standards (“IAS”), and the interpretations issued by the International Financial Reporting
Interpretations Committee, that have been approved by the European Union, and IFRS that have been issued by the International
Accounting Standards Board (“IASB”).
These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-
for-sale financial assets, and financial assets and liabilities at fair value through profit or loss.
The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires the Management to exercise its judgement in the process of applying the Group’s accounting policies. Moreover, it requires
the use of estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of preparation of the financial information and the reported income and expense amounts during the
reporting period. Although these estimates and judgments are based on the best possible knowledge of the Management with
respect to the current conditions and activities, the actual results can eventually differ from these estimates. The areas involving a
higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial
statements are disclosed in note 5.
Commercial Activities ΙΤ Service s Courier Services
Production os Electric
Power from Renewable
Source
Electronic
Payments
Participation in other
companies
100%
100% 100% 100% 85% 100%
100% 100% 100,00%
100% 100% Wind Park of Viotia Amalia S.A. 16,88%
100,00%
Wind Park of Viotia Megalo Plai S.A.
100% 100%
Unisystems Cyprus Ltd 100%
98,67%
100%
100% 20% 98,67%
98,67%
100% 100%
98,67%
100%
100% 99,00%
100% 100%
100% Wind Sieben Α.Ε.
100%
100% NUOVO KAVALA PHOTTOPOWER S.A.
100% 24,98% 100%
PETROX SOLAR POWER S.A
100%
100% 20% PHOTTOPOWER EVMIRIO BETA S.A.
100%
100% ENERGIA FOTOS BETA XANTHIS S.A..
100% 60,0% 100%
MYLOPOTAMOS FOS 2 S.A.
100% 100%
100% FOS ENERGIA KAVALA S.A.
100%
100% BETA SUNENERGIA KARVALI S.A.
50% 100%
ADEPIO LTD
100% 100%
43,26% KINIGOS S.A.
TEAM CANDI AE
FOQUS ΜΑΕ
UniSystems Luxembourg
S.à r.l.Italy Branch
iStorm S.A.
iStorm CY
OPTECHAIN PC
Intelli Solutions SA
UniSystems Luxembourg
S.à r.l.
Xilades Energy S.A.
NUBIS S.A.
Blue Onar LTD
Probotek PC
Intelli d.o.o. Beograd
Intelli Solutions Bulgaria
eood
Quest on Line SMSA
Diasimo Holdings LTD
ACS Invest UK
Limited
ACS Cyprus LTD
Quest Aioliki Livadiou Larisas Ltd
iSquare SMSA
Unisystems Belgium
(Branch)
Clima Quest SMSA
IQBILITY LTD
UNI SYSTEMS IBERIA,
S.L.Spain Branch
Quest Aioliki Sevia Kozanis Ltd
Quest Aioliki Distomou Megalo Plai Ltd
Unisystems Information
Technology Systems SRL
Quest Aioliki Sidirokastrou Hortero Ltd
COSMOS BUSINESS
SYSTEMS SA
Info Quest Technologies
SMSA
ACS SMSA
Quest Energy S.A
CARDLINK ONE
S.A.
Unisystems SMSA
GPS Postal Services
Quest International SRL
Info Quest Technologies
Cyprus LTD
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-123-
Differences between amounts presented in the financial statements and corresponding amounts in the notes results from rounding
differences.
3.2 Business Continuity:
The Group and the Company fulfill their needs for working capital through cash flows generated, and the relevant resources a their
disposal,including bank lending.
Current economic conditions continue to limit the demand for the Group's and Company’s products, as well as their liquidity for the
foreseeable future.
The Group and the Company, taking into account possible changes in their business performance, create a reasonable expectation
that the Company and the Group have adequate resources to seamlessly continue their business operations in the near future.
Therefore, the Group and the Company continue to adopt the "principle of business continuity of their activities" during the preparation
of the separate and consolidated financial statements for the year ended December 31, 2021.
The rapid spread of coronavirus (COVID-19) caught the global economic system and business off guard. The economy faced a period
of uncertainty and instability, whose effects were significant. However, the Company and the Group was not affected by the pandemic.
The further economic repercussions will depend on the duration, the intensity and the degree of an outbreak or weakening of the virus
in Greece as well as worldwide.
However, regarding the prospects for 2022, and the impact from the pandemic (Covid 19) it is estimated that there will be limited if
not zero impact on the figures of the group. In particular, (according to the data available to date on the impact of the pandemic),
for the next year 2022, the profitability-related figures are estimated to be improved compared to the year ending. The exact course
of the figures will depend on the effect and duration of the restrictive measures, the course of vaccinations as well as the course
and effects of the pandemic on the economy in general.
There are reservations regarding the rapid developments in the economy due to the energy crisis as well as the Russia-Ukraine
conflict, which is expected to have a considerable effect on the disposable income of households, with in turn will impact overall
consumption.
3.3 New standards, amendments to standards and interpretations:
New Standards, Amendments to standards and Interpretations: Certain new Standards, amendments to Standards and
Interpretations that are mandatory for periods beginning on or after 01 January 2021. The Group’s evaluation of the effect of these new
standards, amendments to standards and interpretations is as follows.
Standards and Interpretations effective for the current financial year
Standards and Interpretations effective for the current financial year:
IFRS 16 (Amendment) "COVID-19 Related Rental Concessions" (effective for annual periods beginning on or after 1 June 2020).
The amendment provides lessees (but not lessors) with relief in the form of an optional exemption from assessing whether a rent
concession related to COVID-19 is a lease modification. Lessees can elect to account for rent concessions in the same way as
they would for changes which are not considered lease modifications.
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) "Reference rate adjustment - Phase 2" (effective for annual periods
beginning on or after 1 January 2021)
The amendments complement those issued in 2019 and focus on the impact on the Financial Statements when a company replaces
the old interest rate benchmark with an alternative benchmark rate as a result of the reform. More specifically, the amendments
relate to how a company will account for changes in the contractual cash flows of financial instruments, how it will account for
changes in its hedging relationships and the information it needs to disclose.
Standards and Interpretations effective for subsequent periods:
IAS 37 (Amendment) ‘Onerous Contracts – Cost of Fulfilling a Contract’ (effective for annual periods beginning on or after 1
January 2022)
The amendment clarifies that ‘costs to fulfil a contract’ comprise the incremental costs of fulfilling that contract and an allocation of
other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous
contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather
than on assets dedicated to that contract. The amendment has not yet been endorsed by the EU.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Annual Improvements to IFRS Standards 2018–2020 (effective for annual periods beginning on or after 1 January 2022)
The amendments set out below include changes to four IFRSs. The amendments have not yet been endorsed by the EU.
IFRS 9 ‘Financial instruments’
The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees
could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in
the 10% test.
IFRS 16 ‘Leases’
The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example
13 of the standard in order to remove any potential confusion about the treatment of lease incentives.
IAS 16 (Amendment) ‘Property, Plant and Equipment – Proceeds before Intended Use’ (effective for annual periods
beginning on or after 1 January 2022)
The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items
produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of
proceeds and costs relating to such items produced that are not an output of the entity’s ordinary activities. The amendment has
not yet been endorsed by the EU.
IFRS 3 (Amendment) ‘Reference to the Conceptual Framework’ (effective for annual periods beginning on or after 1 January
2022)
The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine
what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities
and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise
contingent assets, as defined in IAS 37, at the acquisition date. The amendment has not yet been endorsed by the EU.
IAS 1 (Amendment) ‘Classification of liabilities as current or non‐current’ (effective for annual periods beginning on or after 1
January 2023)
The amendment clarifies that liabilities are classified as either current or non‐current depending on the rights that exist at the end
of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The
amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendment has not yet been
endorsed by the EU.
IAS 1 (Amendment) “Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies”:
The Amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted. The
amendments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the
amendments to IAS 1 replace the requirement to disclose ‘significant’ accounting policies with a requirement to disclose
‘material’ accounting policies. Also, guidance and illustrative examples are added in the Practice Statement to assist in the
application of the materiality concept when making judgements about accounting policy disclosures.
IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments):
The amendments become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application
permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of
that period. The amendments introduce a new definition of accounting estimates, defined as monetary amounts in financial
statements that are subject to measurement uncertainty. Also, the amendments clarify what changes in accounting estimates
are and how these differ from changes in accounting policies and corrections of errors.
The adoption of the above amendments is not expected to have a significant impact on the Financial Statements of the Company
and the Group.
In addition, there are other standards or interpretations that have not yet been implemented and which are not included in the above
and which are not expected to have a significant impact on the Company and the Group.
1.1 Change in Accounting Policy of provisions for staff compensation due to retirement, in accordance with IAS 19 "Employee
Benefits”
The IFRS Interpretations Committee issued in May 2021 the final agenda decision under the entitled "Distribution of benefits in
periods of service in accordance with International Accounting Standard (IAS) 19", in which explanatory material is included
regarding the distribution of benefits in periods of service on specific program of defined benefits analogous to that defined in
article 8 of L.3198 / 1955 with regard to the provision of compensation due to retirement (the "Program of Defined Benefits of
Labor Law »).
Based on the above decision, the way in which they were applied in Greece in the past is differentiated the basic principles of IAS
19 in this regard, and consequently the entities that make up the their financial statements in accordance with IFRS are required
to modify their accounting accordingly policy on this issue.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Until the issuance of the agenda decision, the Group applied IAS 19 by allocating the benefits defined by article 8 of L.3198 /
1955, L.2112 / 1920 and its amendment by L.4093 / 2012 in period from the date of hiring to the date of retirement of the
employees.
The application of this final decision to the attached consolidated and corporate financial statements is as follows as a result, the
benefits are now distributed in the last 16 years until the date of retirement of employees following the scale of Law 4093/2012.
Based on the above, the implementation of the above final decision has been treated as an accounting change policy, applying
the change retroactively from the beginning of the first comparative period, in accordance with paragraphs 19 - 22 of IAS 8.
(a) Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally
accompanying a shareholding of more than one half of the voting rights.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
The purchase method of accounting is used to account for the acquisition by the Group. The cost of an acquisition is measured as
the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs
directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as
goodwill. If the cost of acquisition is less than the fair value of the group’s share of the net assets of the subsidiary acquired, the
difference is recognised directly in the income statement
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries’
accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.
The Company accounts for its investment in subsidiaries, in its stand alone accounts, on the cost less impairment basis.
(b) Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of
between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are
initially recognised at cost. The Group’s investment in associates includes goodwill (net of any accumulated impairment loss)
identified on acquisition.
The Group’s share of its associates’ post acquisition profits or losses is recognized in the income statement, & its share of post-
acquisition movements in reserves is recognized in reserves. The cumulative post acquisition movements are adjusted against the
carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in associate,
including any other unsecured receivables, the Group doesn’t recognize further losses, unless it has incurred obligations or made
payments on behalf of the associate.
Unrealized gains on transactions between the Group & its associates are eliminated to the extent of the Group’s interest in the
associates. Accounting policies of associates have been changed when necessary to ensure consistency with the policies adopted
by the Group.
Although the Group has certain investments in which its share is between 20% and 50%, it does not exercise significant influence,
since the other shareholders either individually or collectively have the control. For this reason, the Group classifies the above
investments as available for sale financial assets.
(c) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of
the acquired subsidiary/ associate at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets.
Goodwill on acquisition of associates is included in investment of associates. Goodwill is tested annually for impairment and carried
at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash – generating units for the purpose of impairment testing. The allocation is made to those cash –
generating units (CGU) or groups of CGU that are expected to benefit from the business combination in which the goodwill arose
identified according to operating segment.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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3.5 Segmental reporting
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and
returns that are different from those of other business segments.
A geographical segment is engaged in providing products or services within a particular economic environment that is subject to
risks and returns that are different from those of segments operating in other economic environments.
The nature and the source of the Group’s income are used as the basis of determining its primary and secondary segments. The
Group has concluded that its primary segment should be based on the nature of its products and services and its secondary
segment should be based on the geographic location of its operations.
3.6 Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic
environment in which the entity operates (the ‘functional currency’).
The consolidated financial statements are presented in Euros, which is the Company’s functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income
statement. Translation differences on non – monetary financial assets & liabilities are reported as part of the fair value gain or loss.
(c) Group companies
The results and financial position of all group entities (none of which has the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are translated into the present currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
ii. Income and expenses for each income statement are translated at average exchange rates (unless this average is not a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions) and
iii. All resulting exchange differences are recognised as a separate component of equity and transferred in Income Statement
with the sale of those entities.
Exchange differences arising from the translation of the net investment in foreign entities are recognised in equity. When a foreign
operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate.
3.7 Property, plant and equipment
All property, plant and equipment (“PPE”) is shown at cost less subsequent depreciation and impairment. Cost includes expenditure
that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group higher than the initially expected according
to the initial return of the financial asset and under the assumption that the cost of the item can be measured reliably. All other
repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
Interest cost on borrowings specifically used to finance construction of property plant and equipment are capitalized during the
construction period. All other interest expense is included in profit & loss statement.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Land is not depreciated. Depreciation on PPE is calculated using the straight-line method to allocate the cost of each asset to its
residual value over its estimated useful life, in order to write down the cost in its residual value. The expected useful life of property,
plant and equipment is as follows:
Buildings (and leasehold improvements): 50 years
Machinery: 1-5 years
Technical installations & other equipment: 5-20 years
Transportation equipment: 5-8 years
Telecommunication equipment: 9-13 years
Furniture and fittings: 7-10 years
Technical installations of photovoltaic stations: 30 years
Regarding the useful life of the equipment of photovoltaic stations, up to the previous financial year, it was set at 20 years. Following
a newer assessment, based on the warranties of the manufactures of the equipment and actual data, it was reset at 30 years. The
effect of the change of the above useful life of equipment was less depreciation by the amount of 811 thousand euros at the Group
in 2019.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
When the carrying amount of the asset is higher than its recoverable amount, the resulting difference (impairment loss) is recognized
immediately as an expense in the Income Statement.
In case of sale of property, plant and equipment, the difference between the sale proceeds and the carrying amount is recognized
as profit or loss in the income statement.
3.8 Intangible Assets
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of
the acquired subsidiary/ associate at the date of acquisition. Goodwill on acquisition of subsidiaries is included in intangible assets.
Goodwill on acquisition of associates is included in investment of associates. Goodwill is tested annually for impairment and carried
at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash – generating units for the purpose of impairment testing. The allocation is made to those cash –
generating units (CGU) or groups of CGU that are expected to benefit from the business combination in which the goodwill arose
identified according to operating segment.
(b) Concessions and industrial rights
Concessions and industrial rights are carried at cost less accumulated amortization and any accumulated impairment loss.
Amortization is calculated using the straight-line method to allocate the cost of each asset to its estimated useful life.
Brand name: 30 years
The brand name concerned the trade name of the subsidiary Uni Systems, which, upon expiry of the closing financial year has zero
written-down value.
In addition, after the finalization of the appreciation of acquisition of subsidiaries active in the sector of electricity production from
RES and, more specifically, from photovoltaic stations, fair values of intangible assets related to rights of production and sale of
energy to the electricity operator resulted. The useful life of such rights was set at 27 years from the date of start of production and
is equal to the period of production and sale of energy incorporating the right. The effect of depreciation of the above intangible
assets at the Group in 2019 was 523 thousand euros additional depreciation cost and 389 thousand euros charge to earnings after
tax, including the revenue from deferred taxation.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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(c) Computer software
The computer software licenses are carried at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated using the straight-line method to allocate the cost of each asset to its estimated useful life, which is 4
years.
Expenditures for the maintenance of software are recognized as expenses in the income statement when they occur.
When the carrying amount of the intangible assets is higher than its recoverable amount, the resulting difference (impairment loss)
is recognized immediately as an expense in the Income Statement.
3.9 Impairment of assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment and whenever events
or changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are
tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Impairment losses are recognised as
an expense to the Income Statement, when they occur.
3.10 Financial assets
The Group classifies its financial assets into the categories detailed below and depends on the purpose for which the assets were
acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation
at every reporting date.
(a) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market and with no intention of trading. They are included in current assets, except for maturities greater than 12 months after the
balance sheet date. These are classified as non-current assets. The Group’s loans and receivables comprise “trade and other
receivables” in the balance sheet.
(b) Financial assets at fair value through profit or loss
This category has three sub-categories: financial assets held for trading, those designated at fair value through profit or loss at
inception and derivatives unless they are designated as hedges. Assets in this category are classified as current if they are either
held for trading or are expected to be realised within 12 months of the balance sheet date.
(c) Investments held-to-maturity
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the
Group’s management has the positive intention and ability to hold to maturity. The Group did not hold any investments in this
category during the year.
(d) Available for sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other
categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of
the balance sheet date.
Purchases and sales of investments are recognised on trade-date – the date on which the Group commits to purchase or sell the
asset. Investments are derecognised when the rights to receive cash flows from the investments have expired or have been
transferred and the Group has transferred substantially all risks and rewards of ownership.
Investments are initially recognized at fair value plus any transaction cost.
Available for sale financial assets and financial assets at fair value through profit or loss are presented at fair value.
Realized and unrealized gains or losses from changes in fair value of financial assets at fair value through profit or loss are recorded
in the income statement when they occur.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-129-
Unrealized gains or losses from changes in fair value of financial assets that classified as available for sale are recognized in
revaluation reserve. In case of sale or impairment of available for sale financial assets, the accumulated fair value adjustments are
transferred to profit or loss.
The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for
unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length
transactions, reference to other instruments that are substantially the same and discounted cash flow analysis refined to reflect the
issuer’s specific circumstances.
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial
assets is impaired. In the case of equity securities classified as available for sale, a significant or prolonged decline in the fair value
of the security below its cost is considered in determining whether the securities are impaired. If any such evidence exists for
available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current
fair value, less any impairment loss on that financial asset previously recognised in profit or loss – is removed from equity and
recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not reversed
through the income statement.
3.11 Derivative financial instruments and hedging accounting
Derivative financial instruments include forward exchange contracts, currency and interest-rate swaps.
Derivatives are initially recognised on balance sheet at fair value on the date a derivative contract is entered into and are
subsequently re-measured at their fair value. Fair values are obtained from quoted market prices and discounted cash flow models.
All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.
The gains and losses on derivative financial instruments held for trading are included in the income statement.
3.12 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. It
excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less any applicable
selling expenses.
3.13 Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective
evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount
of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows,
discounted at the effective interest rate. The amount of the provision is recognised in the income statement.
3.14 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments of
three months or less & bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.
3.15 Non-current assets held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair
value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing
use.
3.16 Share Capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown after the reduction of the relative income tax in reduction
to the product of issue. Incremental costs directly attributable to the issue of new shares for the acquisition of other entities are
included in the cost of acquisition of the new company.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any
directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company’s equity holders
until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration
received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity
attributable to the Company’s equity holders.
3.17 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income
statement over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at
least 12 months after the balance sheet date.
3.18 Deferred income tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements. The deferred income tax is not accounted for if it
arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the
transaction affects either accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income
tax asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which
the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates,
except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary
difference will not reverse in the foreseeable future.
3.19 Employee benefits
(a) Short-term benefits
Short-term employee benefits in cash and in items are recognized as an expense when they become accrued.
(b) Retirement benefits
The Group participates in retirement schemes in accordance with the Greek practices and conditions by paying into applicable
social security schemes. These schemes are both funded and unfunded.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate social security fund.
The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in the current and prior periods.
A defined benefit plan comprise retirement benefit plans according to which the Group pays to the employee an amount upon
retirement that is based on the employee’s period of service, age and salary.
The liability in respect of defined benefit plans, including certain unfunded termination indemnity benefit plans, is the present value
of the defined benefit obligation at the balance sheet date together with adjustments for actuarial gains/ losses and past service
cost. The defined benefit obligation is calculated by independent actuaries using the projected unit credit method.
Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions and amendments to pension
plans, which exceed 10% of the compounded obligation, are charged or credited to income over the average remaining service
lives of the related employees.
Past service costs are recognised in the profit and loss account; with the exception of movements in the related obligation that are
based on the average remaining service lives of the related employees. In this instance the past service cost is amortised to the
profit and loss account on a straight-line basis over the vesting period.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-131-
(c) Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee
accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably
committed to either terminating the employment of current employees according to a detailed formal plan without possibility of
withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due
more than 12 months after balance sheet date are discounted to present value.
In case of termination of employment where there is weakness to determine the number of employees that will use these benefits,
they are not accounted for but disclosed as a contingent liability.
3.20 Grants
Government grants are recognised at fair value when it is virtually certain that the grant will be received and the group will comply
with anticipated conditions.
Government grants relating to expenses are deferred and recognized in the income statement over the period necessary to match
them with the costs they are intended to compensate.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred
government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets.
3.21 Provisions
Provisions are recognized when:
i. There is present legal or constructive obligation as a result of past events
ii. It is probable that an outflow of resources will be required to settle the obligation
iii. The amount can be reliably estimated
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by
considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any
one item included in the same class of obligations may be small.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the balance sheet data (see Note 4). The discount rate used to determine the present value reflects current market
assessments of the time value of money and the increases specific to the liability.
3.22 Revenue recognition
Revenue comprises the fair value of the sale of goods and services, net of value-added tax, rebates and discounts and after
eliminating sales within the Group. Revenue is recognised as follows:
(a) Sales of goods
Sales of goods are recognized when a Group entity has delivered products to the customer; the customer has accepted the
products; and collectability of the related receivables is reasonably assured. In cases of guarantees of money returns for sale of
goods, returns are counted at each financial year-end as a reduction of income, according to prior period statistical information.
(b) Sales of services
Sales of services are recognized in the accounting period in which the services are rendered, by reference to completion of the
specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided.
a) Contracts for projects under construction
A construction contract is a contract concluded specifically for the construction of an asset or a combination of assets that are
closely related or interdependent in terms of their design, technology and function or their purpose or use.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
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Expenses regarding construction contracts are recognized when incurred.
When a construction contract cannot be reliably assessed, as income from the contract are recognized only the expenses incurred
and expected to be collected.
When the outcome of a construction contract can be estimated reliably, revenue and expenses of the contract are recognized as
income and expense respectively. The Group uses the percentage of completion method to determine the appropriate amount of
income and expense to be recognized in a specific period. The completion stage is measured based on the expenses incurred to
the balance sheet date compared to the total estimated costs for each contract. When the total contract cost is likely to exceed the
total revenue, the expected loss is recognized immediately in the income statement as an expense.
To determine the total cost until the end of the period of a contract, expenses related to future activities are excluded and appear
as work in progress. The total cost and the profit / loss recognized for each contract is compared with the progressive invoicing until
the end of the year.
Where the expenses, plus net profits (less losses) exceeds the progressive invoicing, the difference appears as a receivable from
construction contract customers in the account "Trade and other receivables". When progress billings exceed costs incurred plus
net profits (less losses) recognized, the balance appears as a liability towards construction contract customers in the account
"Suppliers and other creditors".
(d) Interest income
Interest income is recognized on a time-proportion basis using the effective interest method. When a receivable is impaired, the
Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original
effective interest rate of the instrument, and continues unwinding the discount as interest income. Afterwards, interests are
calculated by using the same rate on the impaired value (new carrying amount).
(e) Dividends income
Dividend income is recognised when the shareholder’s right to receive payment is established.
3.23 Leases
Up to financial year 2018, leases of real estate, facilities and equipment were classified either as leasing or as operating leasing.
The payments made in the context of operating leasing (net of any incentives received by the lessor) were charged to the results
according to the straight-line method during the term of the lease. Since January 1
st
, 2019, leases are recognized as an item in
assets, as well as corresponding liability on the date on which the leased asset is available for use by the Group. Each rent payment
is distributed between the liability and the financial cost. Financial cost charges the operating results during the term of the lease,
so that a fixed periodic interest rate results regarding the balance of the liability for each period. The right of use of the asset is
depreciated during the term of the lease on a steady basis or during the useful life of the asset, if shorter.
Assets and liabilities arising from the lease are initially evaluated based on current value. Liabilities from rents include the net current
value of the following rents:
• fixed rents (including substantially fixed payments), reduced by any receivable lease incentives
• fluctuating rents, which depend on an indicator or interest rate, which are initially measured by using the indicator or the interest
rate on the date of start of the lease period
• the amounts expected to be paid by the Group based on guaranteed residual values
• the exercise price of purchase right, if it is reasonably certain that the Group will exercise this option, and
• the payment of penalty for the termination of the lease, if the term of the lease indicates the exercise of the right of the Group to
terminate the lease.
The initial measurement of the lease liability includes the rents concerning extension rights, which is reasonably certain that they
will be exercised. Rent payments are discounted using the interest rate included in the lease. If this interest rate cannot be directly
determined, the lessee’s incremental borrowing rate of interest is used, that is, the interest rate that would be charged to the lessee,
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-133-
if they borrowed the necessary funds for the purchase of an asset of similar value with the asset with right of use, for a similar
period, with similar guarantees and in a similar economic environment. The cost of the asset with right of use consists of:
a. the amount of initial measurement of the liability from the lease
b. any rents that were paid on the date of commencement of the lease period or earlier, minus any lease incentives received
c. any initial direct expenses incurred by the lessee and
d. estimation of the cost to be incurred by the lessee, in order to disassembly and remove the underlying asset, to restore the area
where it had been installed or to restore the underlying asset to the condition provided for by the terms and conditions of the lease.
The assets with right of use are depreciated according to the straight-line method with duration the shorter between the useful life
of the asset and the term of the lease. The payments relating to short-term leases of equipment and vehicles and all leases of
assets of low value are recognized according to the straight-line method as expenses in the profit and loss account. Short-term
leases are leases with a twelve-month duration or less. Low value assets include IT equipment. Extension and termination rights
are included in leases of real estate and equipment in the entire Group. These are used for the maximization of business flexibility
regarding the management of assets used in the activities of the Group. Most of the extension and termination rights exercised may
be exercised only by the Group and not by the relevant lessor. b) Information on leases where the Group is the lessor: Lessors
continue to classify leases as operating leasing or leasing. Revenue from operating leasing, where the Group is the lessor, are
recognized in the profit and loss account according to the straight-line method during the term of the lease. The initial direct costs
resulting from the acquisition of operating leasing are added to the carrying amount of the asset and recognized as expense during
the term of the lease on the same basis as the revenue from lease. The corresponding leased assets are included in the balance
sheet based on their nature.
Lease accounting by the lessor
Where assets are leased under operating leasing, the asset is included in the statement of financial position based on the nature
of the asset. Revenue from rent is recognized under the terms of the lease according to the straight-line method.
3.24 Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period in
which the dividends are approved by the Company’s shareholders.
3.25 Investment property
Property held for long-term rental yields which is not occupied by the companies in the consolidated Group is classified as
investment property. Investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary,
for any difference in the nature, location or condition of the specific asset.
3.26 Suppliers
Trade payables are the obligations of payment for goods or services that have been acquired during the performance of typical
commercial activity by suppliers. Trade payable are classified as current liabilities if payment is due within one year or less. If not,
they are presented as noncurrent liabilities. Trade payables are recognized initially at fair value and subsequently measured at
amortized cost using the effective interest method.
3.27 Comparative figures and rounding
Certain prior year amounts have been reclassified to conform to the current year presentation. Differences between amounts
presented in the financial statements and corresponding amounts in the notes results from rounding differences.
4. Financial risk management
4.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange price, interest rate risk and
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-134-
price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial
markets and seeks to minimize potential adverse effects on the Group’s financial performance.
Risk management is carried out by a central treasury department (Group Treasury) under policies approved by the Board of
Directors. The Board of Directors provides written principles for overall risk management, as well as written policies covering specific
areas, such as foreign exchange risk, interest-rate risk and credit risk.
(a) Credit risk
Credit risk exists in the probability that a contractor causes financial damage to the Group and the Company, by not honoring their
contractual obligations. The most significant credit risk to which the Group and Company are exposed to, on the date of publication
of the financial statements, is the accounting value of its financial assets.
The Group has set and applies procedures of credit control in order to minimize the bad debts and cover receivables with securities.
Commercial risk is relatively low as sales are allocated in a large number of customers. The wholesales are made mainly in
customers with an assessed credit history. Credit control management sets credit limits for each customer and applies certain
conditions on sales and receipts. Whenever necessary, the Group requests customers to provide security for outstanding
receivables.
The greatest exposure to credit risk at the date of publication of financial statements is the accounting value of every category of
receivables as mentioned above. The decline is recognized for secure collection requirement purposes and has been assessed
that they will lead to losses.
In every date of publication of financial position, the Group conducts a decline check of requirements using a table which is used
as a reference to calculate the expected credit damage by category of customer and on the basis of adjusted historical data. When
required, this is accompanied with forecasts of future financial condition of customers as well as the economic environment. Cash
and cash equivalents of the Group are mostly invested in contractors with high credit rating and for a short period of time.
There are no significant overdue and unquantifiable trade receivables for the Group and the Company on 31 December 2021.
The declined balances originate from customers who faced adverse financial conditions. It is expected that part of these will be
collected.
The rapid spread of the pandemic of coronavirus (COVID-19) found the global economic system and businesses unprepared to a
large extent. The economy is entering a period of uncertainty and instability, the consequences of which are difficult to be estimated
based on the data so far. Economic consequences shall depend on the duration, intensity and degree of spread of the disease in
Greece and globally. The exposure of the Group to a corresponding credit risk shall depend on the duration and extent of the
economic instability in Greece and abroad.
However, regarding the prospects for 2022 and the effect from the COVID-19 pandemic, it is expected that there will be limited or
no effect on the company’s financial figures. In particular, (based on the available data concerning the impact of the pandemic), for
the next year 2022, the financial figures relating to profitability, for continued operations are expected to move at levels as in the
date of publication. The exact course of the figures will depend on the effect and duration of the restrictive measures, the progress
of the vaccination campaign as well as the course and effects of the pandemic in the economy overall.
There is reservation regarding the state of the economy because of the energy crisis but also the Russia- Ukraine, conflict which is
expected to have considerable impact on the disposable income of households with a respective impact on overall consumption.
Furthermore, the distribution partners, service providers and suppliers of the Group, are expected to face financial difficulties, file
for bankruptcy, seize operation or face challenges to their business activity as a result of the aforementioned factors.
(b) Liquidity risk
Liquidity risk is defined by the Group or Company, as the inability to meet financial obligations when that is required. Liquidity risk
is keeping in low levels by having adequate cash and cash equivalent and by using adequate credit limits with collaborating banks,
which secure the fulfillment of financial obligations ending in the next 12 months.
For the monitoring and facing of liquidity risk, the companies of the Group prepare forecasts for future cash flows on a regular basis.
Liquidity risk is kept at low levels, possessing sufficient cash levels as well as credit limits with the collaborating banks.
The following table shows the maturing analysis of financial liabilities and derivatives of the Group:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-135-
(c) Market Risk
Market risk is created from the scenario that market price fluctuations, such as in exchange rates, interest rates and share prices
will cause fluctuations in the value of the Group’s as well as the Company’s financial assets. The management of market risks is
included in the Group’s and the Company’s effort to manage and control their impact at affordable levels.
The rapid spread of COVID-19 by the current and previous date of use caught the global economic system and businesses off-
guard, to a great extent. The economy faced a period of significant uncertainty and instability, whose effects were considerable.
However, the Company and the Group was not affected by the pandemic. Further economic repercussions will depend on the
duration, intensity and degree of infection or withdrawal of the pandemic in Greece and worldwide.
However, regarding the prospects for 2022 and the effect from the COVID-19 pandemic, it is expected that there will be limited or
no effect on the company’s financial figures. In particular, (based on the available data concerning the impact of the pandemic), for
the next year 2022, the financial figures relating to profitability, for continued operations are expected to move at levels as in the
date of publication. The exact course of the figures will depend on the effect and duration of the restrictive measures, the progress
of the vaccination campaign as well as the course and effects of the pandemic in the economy overall.
There is reservation regarding the state of the economy because of the energy crisis but also the Russia- Ukraine, conflict which is
expected to have considerable impact on the disposable income of households with a respective impact on overall consumption
The specific risks which constitute overall market risk as well as the management policies employed by the Group and the Company,
are presented analytically below:
(c1) Interest fluctuation risk
As the Group has no significant interest-bearing assets, the Group’s income & operating cash flows are substantially independent
of changes in market interest rates. Group borrowing are issued at variable rates, and according to market conditions, can be
changed to fixed or remain variable. Group does not use financial derivatives.
Borrowings issued at variable rates expose the Group to cash flow interest risk. Borrowings issued at fixed rates expose the Group
at fair value interest rate risk.
The following table shows the Group’s exposure to interest fluctuation risk:
31/12/2021 <1 year 1-2 years 2-5 years Over 5 years Total
Borrowings
34,165 7,174 26,619 10,511
78,469
Provisions for other current payables
- - 42 -
42
Lease liabilities
4,446 15,317 - 2,909
22,672
Trade and other payables
156,847 1,647 - -
158,494
195,457 24,139 26,661 13,420 259,678
12/31/2020 <1 year 1-2 years 2-5 years Over 5 years Total
Borrowings
24,034 11,750 40,611 10,231
86,626
Provisions for other current payables
230 - - -
230
Lease liabilities
5,648 14,732 - 3,778
24,157
Trade and other payables
161,795 1,422 - -
163,217
191,707 27,904 40,611 14,009 274,230
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-136-
(c2) Exchange rate risk
The group is active in Europe and consequently the largest part of the Group’s transactions is conducted in Euros. A part of all
cargo purchases is conducted in American Dollars. The fast compensation of these suppliers significantly reduces exchange rate
risk. The Group, on occasion, pre-purchases currency and by steady approach does not engage in future exchange contracts with
external contractors.
(d) Economic conditions risk - macroeconomic business environment in Greece
After the official exit of the country from the Economic Adjustment Program, the macroeconomic and financial environment in
Greece was showing signs of stabilization, however the current health crisis due to COVID-19 accentuates uncertainty, while the
Greek economy continues to be vulnerable to the fluctuations of the external environment.
The Management continuously assesses the likely impact of any changes in the macroeconomic and financial environment in
Greece to ensure that all necessary actions and measures will be taken to minimize any impact on the Group's activities.
More specifically, the Group examined and is capable for:
• The ability to repay or refinance the existing borrowings, as there is sufficient cash and the Group is not exposed to significant
short-term borrowing.
• The collection of trade receivables as strict credit policy has been implemented.
• Ensuring the level of sales ratio due to the dispersion of its activities
• The recoverability of the value of tangible and intangible assets as the Group annually adjust these values based on their fair
value.
(e) Capital Risk Management
The Group’s objectives when managing capital are to safeguard the group’s ability to continue operating in providing returns for
shareholders and for other stakeholders and to maintain an optimal capital structure in order to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or raise debt.
Amounts in thousand Euro
Increase /
Decrease in basis
points
Effect on profit
before tax
2021
-0,25%
221
-0,50%
441
-0,75%
662
-1,00%
883
0,25%
(221)
0,50%
(441)
0,75%
(662)
1,00%
(883)
2020
-0,25%
191
-0,50%
382
-0,75%
573
-1,00%
764
0,25%
(191)
0,50%
(382)
0,75%
(573)
1,00%
(764)
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-137-
The leverage ratio of the Group at 31 December 2021 and 31 December 2020 are presented below:
4.2 Determination of fair values
The fair value of financial instruments traded in active markets (stock exchanges) (e.g. derivatives, shares, debentures, mutual
funds) is determined by quoted market prices at the balance sheet date.
The fair value of financial instruments that are not traded in active markets is determined by using valuation techniques and
assumptions refined to reflect the market’s specific circumstances at the balance sheet date.
The nominal value of trade receivables is assumed to approximate their fair values. The fair values of financial liabilities for
disclosure purposes are estimated by discounting the future contractual cash flows at the current market interest rate that is
available to the Group for similar financial instruments.
5. Critical accounting estimates and judgments
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
5.1 Critical accounting estimates and judgements
The Group makes estimates and judgements concerning the future. The estimates and judgements that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next 12 months’ concern:
(a) Income tax
Judgement is required by the Group in determining the provision for income taxes. There are many transactions and calculations
for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these
matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax
provisions in the period in which such determination is made.
(b) Estimated goodwill impairment
The impairment test of Goodwill’s value is performed annually according to the accounting policy which is mentioned in note 2 (a).
The recoverable amounts of cash generating units have been determined based on value in use calculations. These calculations
require the use of estimates (see note 8).
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Total borrowings (Note 23)
78.469 86.627 11.990 11.977
Lease liabilities (Note 42)
22.673 24.157 414 500
Less : Cash and cash equivalents and restricted cash (163.036) (96.873) (96.905) (8.242)
Net Borrowings
(61.893) 13.911 (84.501) 4.236
Total equity 258.899 147.077 204.442 65.542
Total employed capital 197.006 160.988 119.942 69.779
Leverage ratio -31,42% 8,64% -70,45% 6,07%
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-138-
(c) Estimated trade receivables impairment
The Group and the Company consider annually if their receivables have suffered any form of impairment. Recoverable amounts of
receivables require estimates. Estimates are made taking into consideration the timing and amount of repayment of receivables
and any collateral of claims received. These statements involve significant degree of subjectivity and require the judgment of
management.
(d) Estimation of investments and non-financial assets impairment
The Company examine annually and whether the shareholdings and non-financial assets have suffered any impairment in
accordance with accounting practices. The recoverable amounts of cash generating units have been determined based on value
in use. These calculations require the use of estimates.
(e) Retirement obligations
The present value of retirement obligations depends on a number of factors that are determined using actuarial methods and
assumptions. Such actuarial assumption is the discount rate used to calculate the cost of delivery. Changes in these assumptions
will change the present value of the obligations in the balance sheet.
The Group and the Company determine the appropriate discount rate at the end of each year. This is defined as the rate that should
be used to determine the present value of future cash flows, which are expected to be required to meet the obligations of the
pension plans. Low risk corporate bonds are used to determine the appropriate discount rate, which are converted to the currency
in which the benefits will be paid, and whose expiry date is approaching that of the related pension obligation.
(f) Estimated property investments impairment
When the book value of investments in property exceeds its recoverable amount, the difference is recognized as an expense. The
Group monitors the recoverability of investments in real estate and makes the necessary accounting entries where required.
5.2 Critical management estimates in applying the entity’s accounting policies
There are no areas that require management estimates in applying the Group’s accounting policies.
6. Segment information
Primary reporting format – business segments
The Group is organised into five business segments:
(1) Information Technology
(2) Information Technology services
(3) Courier services
(4) Production of electric power from renewable sources
(5) Financial transactions (discontinued operations)
Management monitors the financial results of each business segment separately. These business segments are managed
independently. The management making business decisions is responsible for allocating resources and assessing performance of
the business areas.
In Unallocated mainly included the Company's activity.
The segment results for the year ended 31
st
of December 2021 and 31
st
of December 2020 are analysed as follows:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-139-
Assets and liabilities per segment:
1st January to 31 December 2021
Commercial
Activities
Information
technology
services
Postal services
Production of
electric power
from renewable
sources
Unallocated
Continued
operations
Discontinued
operations
Total
Total gross segment sales
691.438 154.859 137.566 9.255 510 993.628 31.948 1.025.576
Inter-segment sales
(72.944) (1.868) (2.462)
(312)
(107) (77.694) -
(77.694)
Net sales
618.494 152.990 135.104 8.943 403 915.934 31.948 947.882
Operating profit/ (loss)
20.226 10.628 18.974 5.071 1.765 56.664 85.142 141.806
Finance (costs)/ revenues
(2.087) (580) (305) (1.180) (1.174) (5.326) (333) (5.659)
Share of profit/ (loss) of Associates
- - - - - - - -
Profit/ (Loss) before income tax
18.139 10.048 18.669 3.891 591 51.337 84.809 136.146
Income tax expense
(10.212)
Profit/ (Loss) after tax for the year 125.934
2021
IT Products IT Services
Courier
services
Production of
electric power
from renewable
Unallocated
Continued
operations
Discontinued
operations
Total
Depreciation of property, plant and equipment (note 7)
485 437 1.159 1.290 31
3.403
2.595
5.999
Impairments of fixed assets
- - - - (100) (100)
Depreciation of lease liabilities
2.075 1.207 1.014 101 90 4.487 1.091 5.578
Amortisation of intangible assets (note 9)
250 223 250 948 2 1.674 707 2.381
Impairment of inventories
- (7) - - - (7) - (7)
Impairment of receivables
41 473 - - -
514
77
591
1st January to 31 December 2020
Commercial
Activities
Information
technology
services
Postal services
Production of
electric power
from renewable
sources
Unallocated
Continued
operations
Discontinued
operations
Total
Total gross segment sales
473.190 134.150 127.608 9.438 492 744.879 34.352 779.231
Inter-segment sales
(53.236) (1.781) (1.682) (472) (702) (57.872) - (57.872)
Net sales
419.956 132.370 125.927 8.965 (210) 687.007 34.352 721.359
Operating profit/ (loss)
12.423 5.487 14.520 4.526 481 37.437 3.678 41.115
Finance (costs)/ revenues
(1.981) (960) (724) (1.369) (158) (5.192) (623) (5.815)
Share of profit/ (loss) of Associates
- - (79) - - (79) - (79)
Profit/ (Loss) before income tax
10.442 4.527 13.719 3.157 323 32.168 3.055 35.222
Income tax expense
(19.048)
Profit/ (Loss) after tax for the year 16.173
2020
Commercial
Activities
Information
technology
services
Postal services
Production of
electric power
from renewable
sources
Unallocated
Continued
operations
Discontinued
operations
Total
Depreciation of property, plant and equipment (note 7)
562 394 1.093 1.244 34 3.327 3.187 6.513
Impairments of fixed assets
- 800 - - - 800 - 800
Depreciation of lease liabilities
1.995 1.144 959 89 90 4.277 4.116 8.393
Amortisation of intangible assets (note 9)
378 268 193 863 3 1.705 900 2.606
Depreciation of investment properties (note 10)
- (82) - - - (82) - (82)
Impairment of inventories
- (19) - - (19) - (19)
Impairment of receivables
6 372 - - 378 394
772
31 December 2021
Commercial
Activities
IT Services
Courier
services
Production of
electric power
from renewable
sources
Unallocated
Continued
operations
Discontinued
operations
Total
Assets 212.845 124.364 84.090 67.521 98.582
587.403 (109) 587.294
Liabilities 160.290 89.440 35.657 42.629 342
328.359 37 328.396
Equity 52.555 34.924 48.433 24.892 98.241
259.046 (146) 258.900
Capital expenditure 1.020 416 16.242 22 10
17.710 3.345
21.055
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-140-
Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be
available to unrelated third parties.
Geographical segments
The home-country of the Company – which is also the main operating country – is Greece. The Groups’ sales are generated
mainly in Greece and in other countries within the Euro zone.
On the basis of the agreement of the sale of “Cardlink S.A.”, in September 2021, an agreement with “Edgepay
Holdings Limited”, for the transfer of shares (call option) that correspond to 20% of the share capital of the
subsidiary “Cardlink S.A.”, under the January 23
rd
, 2015 shareholders’ agreement.
Following the above transfer of percentage ownership of the subsidiary “ Cardlink S.A”, the company possessed
65% of the subsidiary’s share capital and the company “Edgepay Hldings Limited” 35% of the share capital of the
above subsidiary. On September 30, 2021 the sale transaction of the company’s 65% stake at “ Cardlink S.A.” to
Worldline Group, was completed. Meanwhile, the 85% stake of the Company on the subsidiary “ Cardlink One
S.A.”, in accordance with an agreement made on the 27
th
of May, 2021 with the French company Worldline Group,
will be transferred. The completion of the sale transaction of the shares is subject to terms and conditions including
approval from the National Bank of Greece and the National Bank of Belgium.
Based on IFRS 5 non-current assets held for sale and discontinued operations, the activities of subsidiary
companies “Cardlink S.A. and Cardlink One S.A. are characterized as discontinued operations and therefore their
results for the current and previous fiscal year are being separately presented.
31 December 2020
Commercial
Activities
IT Services
Courier
services
Production of
electric power
from renewable
sources
Unallocated
Continued
operations
Discontinued
operations
Total
Assets
185.327 114.182 77.257 68.273 15.395 460.434 36.108 496.542
Liabilities
141.987 84.969 37.880 46.896 11.973 323.706 25.759 349.465
Equity
43.340 29.213 39.377 21.377 3.422 136.728 10.349 147.077
Capital expenditure
730 1.004 16.363 3.374 15 21.486 3.619 25.106
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Greece
751.402 584.669 560.908 471.350 20.742 24.605
Eurozone
193.410 133.946 25.006 22.739 313 501
European countries out of Eurozone
615 1.619 996 2.025 - -
Other countries
2.455 1.125 385 429 - -
Total
947.882 721.359 587.295 496.544 21.055 25.105
Analysis of sales by category
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Sales of goods
636.383 436.440
Revenue from services
311.499 284.919
Total
947.882 721.359
Sales
Total assets
Capital expenditure
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-141-
7. Property, plant and equipment
Property, plant and equipment of the Group and the Company are analyzed as follows:
Land and
buildings
Vehicles and
machinery
Buildings
under
construction
Furniture and
other
equipment
Total
GROUP - Cost
1st January 2020
37.051 59.018 4.240 25.441 125.750
Additions
196 4.836 9.133 7.973 22.138
Disposals / Write-offs
- (1.961) - (45) (2.006)
Impairments (reversal)
- 833 - - 833
Impairment
- - (800) - (800)
Reclassifications
(232) (567) - 232 (567)
31 December 2020
37.014 62.159 12.574 33.601 145.348
Accumulated depreciation
1st January 2020
(11.575) (25.332) - (20.417) (57.324)
Depreciation charge
(530) (4.236) - (1.747) (6.513)
Disposals / Write-offs
- 1.626 - 41 1.667
Reclassifications
14 - - 9 23
31 December 2020
(12.092) (27.942) - (22.113) (62.147)
Net book value at 31 December 2020
24.922 34.217 12.574 11.487 83.201
1 January 2021
37.014 62.159 12.574 33.601 145.348
Additions
468 3.049 8.909 7.293 19.719
Disposals / Write-offs
(0) (711) - (291) (1.003)
Acquisition of subsidiaries
1.155 - - 241 1.395
Disposal of subsidiaries
(739) (22.155) - (178) (23.073)
Impairments
- 100 - - 100
Reclassifications
(0) - -
31 December 2021
37.897 42.442 21.483 40.665 142.487
Accumulated depreciation
1 January 2021
(12.092) (27.942) - (22.113) (62.147)
Depreciation charge
(346) (3.824) - (1.829) (5.999)
Disposals / Write-offs
628 - 230 858
Acquisition of subsidiaries
(333) - - (140) (472)
Disposal of subsidiaries
719 15.222 - 106 16.047
31 December 2021
(12.051) (15.916) - (23.745) (51.713)
Net book value at 31 December 2021
25.846 26.526 21.483 16.920 90.776
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-142-
The liens and encumbrances on the assets of the Company and the Group are disclosed under Note 35.
8. Goodwill
The Goodwill of the Group is analyzed as follows:
The amount of euro 19,350 thousand of goodwill concerns:
• Amount of euros 4,932 thousand goodwill that resulted from the absorption of the company "Rainbow A.E." absorbed in
2010 by the 100% subsidiary iSquare,
• Amount of EUR 3,785 thousand goodwill from the acquisition of the ACS subsidiary,
• Total amount of euro 6,015 thousand goodwill from the acquisition of subsidiaries operating in the field of energy
production from renewable sources.
• Amount of 4,618 thousand in the additions of goodwill relates to 222 thousand of temporarily formed goodwill arising
from the acquisition of the company "Team Candi SA" from the subsidiary "Info Quest Technologies SA" and in the
amount of 4,397 thousand euros of the temporary goodwill of the 60% acquired company "Intelli Solutions A.E." from
the subsidiary "Uni Systems S.A.".
The amount of euros 154 thousand in the previous year refers to the final goodwill that resulted from the completion of the acquisition
of the subsidiary "Paleomylos SA".
Land and
buildings
Vehicles and
machinery
Furniture and
other
equipment
Total
COMPANY - Cost
1st January 2020
12.980 320 1.643 14.943
Additions
- 1 14 15
31 December 2020
12.980 321 1.659 14.958
Accumulated depreciation
1st January 2020
(5.594) (318) (1.489) (7.402)
Depreciation charge
(16) (2) (16) (34)
31 December 2020
(5.611) (320) (1.505) (7.436)
Net book value at 31 December 2020 7.369 1 153 7.522
1 January 2021
12.980 321 1.659 14.958
Additions
- - 10 10
31 December 2021
12.980 321 1.669 14.967
Accumulated depreciation
1 January 2021
(5.611) (320) (1.505) (7.436)
Depreciation charge
(16) - (14) (31)
31 December 2021
(5.628) (320) (1.519) (7.467)
Net book value at 31 December 2021 7.352 1 149 7.501
31/12/2021 31/12/2020
At the beginning of the year
31.551 31.398
Additions
4.618 154
Disposal of subsidiaries
(16.820) -
At the end
19.350 31.551
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-143-
Goodwill is allocated to the Group’s cash generating units (CGUs) identified according to country of operation & business segment.
The recoverable amount of each CGU is assessed based on its value-in-use. The assessment of value is based on the projected
cash flows estimated according to the 5-year business plans developed by management.
Impairment review of goodwill
Goodwill is allocated to the Group’s cash generating units (CGUs) identified according to country of operation & business segment.
The recoverable amount of a CGU is determined according to the value in use calculations. These calculations are pre-tax cash
flow projections based on financial budgets approved by the management and cover a five-year period.
The key assumptions used for value-in-use calculations are consistent with the external information sources. For the “Apple
products distribution” segment, these are: discount rate: 7,85%, sales growth rate: 12,5%, EBITDA margin: 10,6%, growth rate in
perpetuity: 1%. Concerning the segment of courier services, the key assumptions are: discount rate: 7,32%, sales growth rate:
10,1%, EBITDA margin:11,8%, growth rate in perpetuity: 1%. Regarding the sector of energy production from renewable sources
are: Discount interest rate at present value 6,93%, change in sales 0% per year and EBITDA margin 0% and growth rate in
perpetuity 0%.
Based on the assessment performed by management, the recoverable amount of the CGUs, among which the goodwill has been
allocated, exceeds their book value as of 31 December 2021 and therefore no impairment is required for the year then ended.
Goodwill balance at the end of the period (per country of operation) :
31/12/2021 31/12/2020
Amounts in thousand Euro
Greece 19.350 31.551
Total 19.350 31.551
Goodwill balance at the end of the period (per business segment) :
31/12/2021 31/12/2020
Amounts in thousand Euro
Information technology 9.551
4.932
Courier services 3.785 3.785
Financial Services 0 16.820
Production of electric power from renewable sources 6.015 6.015
Total 19.350 31.551
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-144-
9. Intangible assets
The intangible assets of the Group and the Company are analyzed as follows:
Industrial
property rights
Software &
Others
Total
GROUP - Cost
1st January 2020
34.350 22.441 56.792
Additions
1.679 1.289 2.968
Reclassifications
567 - 567
Purchase price allocation
644 - 644
31 December 2020
37.240 23.730 60.971
Accumulated depreciation
1st January 2020
(17.750) (17.975) (35.725)
Depreciation charge
(861) (1.745) (2.606)
Disposals / Write-offs
(23) - (23)
31 December 2020
(18.634) (19.720) (38.354)
Net book value at 31 December 2020
18.607 4.011 22.618
1 January 2021
37.240 23.730 60.971
Additions
- 1.336 1.336
Disposals / Write-offs
- (6) (6)
Disposal of subsidiaries
- (7.249) (7.249)
Acquisition of subsidiaries
245 245
31 December 2021
37.240 18.056 55.297
Accumulated depreciation
1 January 2021
(18.634) (19.719) (38.354)
Depreciation charge
(867) (1.514) (2.381)
Disposals / Write-offs
- 6 6
Acquisition of subsidiaries
- (147) (147)
Disposal of subsidiaries
- 5.156 5.156
31 December 2021
(19.501) (16.070) (35.719)
Net book value at 31 December 2021
17.739 1.838 19.578
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-145-
The amount of 17.739 thousand euros is the unamortised balance of intellectual property rights in the group and mainly concerns
licenses for production of energy from renewable sources. The above amount was determined following the purchase price
allocations of the power plants and is amortized with a useful life of 27 years from the date of commencement of operation of each
plant.
10. Investment properties
The investments properties of the Group are analyzed as follows:
The amount of € 2.735 thousand concerns the fair value of the subsidiary’s, “UNISYSTEMS S.A.”, land, in Athens, which had been
acquired in 2006 with initial intention the construction of offices for self-occupation. In 2007 the management decided not to
construct the mentioned offices. Thus, this land is now owned for future appreciation rather than short term disposal, based on the
requirements of I.A.S. 40 «Investment Properties» and it has been reclassified from Property, plant and equipment to Investment
Properties.
The fair value measurement has been done following the income approach. (Fair value hierarchy level 3).
Software &
Others
Total
COMPANY - Cost
1st January 2020
47 47
Additions
- -
31 December 2020
47 47
Accumulated depreciation
1st January 2020
(42) (42)
Depreciation charge
(3) (3)
31 December 2020
(45) (45)
Net book value at 31 December 2020
2 2
1 January 2021
47 47
31 December 2021
47 47
Accumulated depreciation
1 January 2021
(45) (45)
Depreciation charge
(2) (2)
31 December 2021
(47) (47)
Net book value at 31 December 2021
1 1
31/12/2021 31/12/2020
Balance at the beginning of the year
2.735 2.816
Fair value adjustments
- (82)
Balance at the end of the year
2.735 2.735
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-146-
11. Investments in subsidiaries
The movement of investment in subsidiaries is as follows:
Current year:
• The amount of euros (2,500) thousand in the closing period concerns a reduction of share capital with cash return from
the subsidiary Uni Systems S.A..
• The amount of euros (5,825) thousand in the closing period concerns the disposal of the subsidiary Cardlink SA. (Note
46).
Previous year
The amount of € 3.087 thousand refers to the share capital decrease of the subsidiary «Unisystems S.A.» (euro 2.001 thousand)
and to the share capital decrease of the subsidiary «Info Quest Technologies S.A.» (euro 1.086 thousand).
The Company at the end of the current year and in accordance with IAS - 36 (Impairment of assets) proceeded with the impairment
review of its investments in subsidiaries.
The relevant valuations based on the Discounted Cash Flow (DCF) method resulted in significantly higher values in the subsidiaries
"Info Quest Technologies S.M.S.A." and "Uni Systems S.M.S.A." in comparison to their net values that were reflected in the
Company's books as a result of their strong financial performance. Therefore, the Company reversed the impairment provisions it
had made in previous years for the above 2 subsidiaries as follows:
The above reversals resulted in an increase in the earnings before tax of the Company amounting to Euro 52,411 thousand. It is
noted that the above results does not affect the earnings before tax of the Group as this is reversed in the consolidated financial
statements of the Group.
For the year ended, the main assumptions adopted by the Management for the calculation of discounted cash flows, in order to
carry out the impairment test on the cash-generating units for the IT distribution sector of Info Quest Technologies are as follows:
Discount rate 7.97%, five-year sales growth rate + 7.3%, EBITDA margin 7.2% and Growth rate in perpetuity 1%. About the
subsidiary Unisystems S.A. are discount rate 8.64%, five-year sales growth + 13.2%, EBITDA margin 15% and Perpetuity growth
rate of 1%.
Sensitivity analysis was performed on the above valuations as presented below:
31/12/2021 31/12/2020
Balance at the beginning of the year
65.053 67.940
Additions
- 200
Impairments (reversal) of Unisystems
SMSA & Info Quest Technologies SMSA
52.411 -
Transfer tο Held for sale (Note 46)
(281) -
Capital decrease of subsidiaries
(2.500) (3.087)
Share capital increase
50 -
Cardlink disposal
(5.825) -
Balance at the end
108.908 65.053
COMPANY
Company %
Acquisition
cost
Accumulated
provisions for
impairment
Net book
value
Reversal of
impairment
provisions
2021 Net
Book Value
Info Quest Techologies S.A. 100% 25.375 13.431 11.944 13.431 25.375
Uni Systems S.A. 100% 60.432 38.980 21.452 38.980 60.432
Total 85.807 52.411 33.396 52.411 85.806
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-147-
Summarized financial information relating to subsidiaries:
Management have assessed that no further indicators for impairment / reversal of impairment exist for the investments in
subsidiaries.
In addition to the above subsidiaries, the Group consolidated financial statements also include the indirect investments as they are
presented below:
• The 100% held subsidiaries of “ACS S.A.”: “GPS” and “ACS INVEST UK LIMITED” based in Great Britain.
• The subsidiaries of “Quest Energy S.A.”: “Amalia Wind Farm of Viotia S.Α.” (100% subsidiary), “Megalo Plai Wind Farm
of Viotia S.Α”. (100% subsidiary), “Quest Aioliki Livadiou Larisas Ltd” (98.77% subsidiary), “Quest Aioliki Servion Kozanis
Info Quest Technologies S.M.S.A.
Weighted Average Cost of Capital (WACC),
8,47% 7,97% 7,47%
0,50% -12,33% -5,93% 1,38%
1,00% -7,21% - 8,31%
1,50% -1,36% 6,85% 16,41%
Growth
Unisystems S.M.S.A.
Weighted Average Cost of Capital (WACC),
9,14% 8,64% 8,14%
0,50% -10,71% -5,06% 1,34%
1,00% -6,30% - 7,19%
1,50% -1,31% 5,77% 13,93%
Growth
31 December 2021
Name
Country of
incorporation
Cost Impairment
Carrying
amount
% interest
held
UNISYSTEMS SMSA Greece
60.431 - 60.431 100,00%
ACS SMSA Greece
2.368 - 2.368 100,00%
ISQUARE SMSA Greece
60 - 60 100,00%
QUEST ΕΝΕRGY S.A. Greece
17.168 - 17.168 100,00%
QUEST onLINE SMSA Greece
810 (810) - 100,00%
INFO QUEST Technologies SMSA Greece
25.375 - 25.375 100,00%
ISTORM SMSA Greece
3.157 - 3.157 100,00%
DIASIMO HOLDINGS LTD Cyprus
- - - 100,00%
CLIMA SMSA Greece
200 - 200 100,00%
FOQUS SMSA Greece
50 - 50 100,00%
Quest international SRL Belgium
100 - 100 100,00%
109.718 (810) 108.908
31 December 2020
Name
Country of
incorporation
Cost Impairment
Carrying
amount
% interest
held
UNISYSTEMS SMSA Greece
62.931 (38.980) 23.951 100,00%
ACS SMSA Greece
2.368 - 2.368 100,00%
ISQUARE SMSA Greece
60 - 60 100,00%
QUEST ΕΝΕRGY S.A. Greece
17.168 - 17.168 100,00%
QUEST onLINE SMSA Greece
810 (810) - 100,00%
INFO QUEST Technologies SMSA Greece
25.375 (13.431) 11.944 100,00%
ISTORM SMSA Greece
3.157 - 3.157 100,00%
DIASIMO HOLDINGS LTD Cyprus
- - - 100,00%
CARDLINK S.A. Greece
5.825 - 5.825 85,00%
Cardlink one S.A. Greece
281 - 281 85,00%
CLIMA QUEST SMSA Greece
200 - 200 100,00%
Quest international SRL Belgium
100 - 100 100,00%
118.274 (53.221) 65.053
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-148-
Ltd” (100% subsidiary), “Quest Aioliki Distomou Megalo Plai Ltd” (98.70% subsidiary),“Quest Aioliki Sidirokastrou
Hortero Ltd” (98.67% subsidiary), Xilades S.A. (99% subsidiary), Wind Sieben S.A. (100% subsidiary), BETA
SUNENERGIA KARVALI S.A. (100% subsidiary), FOS ENERGIA KAVALAS S.A. (100% subsidiary), NUOVO KAVALA
PHOTOPOWER S.A. (100% subsidiary), ENERGIA FOTOS BETA XANTHIS S.A. (100% subsidiary), PETROX SOLAR
POWER S.A. (100% subsidiary), PHOTOPOWER EVMIRIO BETA S.A. (100% subsidiary), MILOPOTAMOS FOS 2 S.A.
(100% subsidiary) and ADEPIO Ltd (100% subsidiary).
• The 100% held subsidiary of ADEPIO Ltd: “Kinigos SMSA”.
• The 100% held subsidiary of “Unisystems S.A.”: “Unisystems Cyprus Ltd” and the 100% subsidiary of the latter:
“Unisystems Information Technology Systems SLR” previously known as “Quest Rom Systems Integration & Services
Ltd” established in Romania.
• The 100% held subsidiary of “Unisystems SMSA”: “Unisystems Luxembourg S.a.r.l.” established in Luxembourg.
• The 60% held subsidiary of “Unisystems S.A.”: “Intelli solutions S.A.”
• The 100% held subsidiary of “iStorm S.A.”: “iStorm Cyprus”, which is established in Cyprus.
• The 100% held subsidiary of “iSquare S.A.”: “iQbility Ltd.”.
• The 100% held subsidiary of “Info Quest Technologies S.A.”: “Info Quest Technologies Cyprus LTD”.
• The 100% held subsidiary of “Info Quest Technologies S.A.”: “Team Candi S.A.”.
No other significant changes have been realized in “Investments in subsidiaries”.
12. Investments in associates
The Group has significant influence over the below associates. The Group’s interest in these associates is accounted for using the
equity method in the consolidated financial statements. The following table illustrates the summarized financial information of the
Group’s investment in associates:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance at the beginning of the year
94 173 - -
Percentage of associates' profits / (losses)
- (79)
-
-
Additions
292
Balance at the end
386 94 - -
COMPANY
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-149-
13. Lease receivables
The lease receivables are analyzed following :
Receivables from leasing concern subleases of real estate of the subsidiary ACS. Due to the first implementation of IFRS 16 –
Leases, the above were classified in the item “Receivables from leasing contracts”.
14. Contract liabilities from contracts with customers
Contract liabilities concern mainly the subsidiary Unisystems SMSA under the requirements of IFRS 15.
31/12/2021 31/12/2020
Lease Receivables
<1year 699 515
1 to 5 years 2.002 1.951
>5 years 519 565
Total 3.220 3.031
31/12/2020 31/12/2020
Current assets 699 515
Non-current assets 2.521 2.516
3.220 3.031
Group
31/12/2021 31/12/2020
Contract liability at the beginning of the year 33.633 19.289
Revenue / (expense) recognised through P&L
3.857 14.343
Total 37.490 33.632
Non-current liabilities 19.926 5.974
Current liabilities
17.565 27.659
37.490 33.633
Group
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-150-
15. Derivative financial instruments
16. Financial assets at fair value through profit or loss
In 2021 the Company sold its share of 25% in the company "TEKA Systems SA" against a consideration of euro 5,000 thousand.
From this transaction a profit arose in the Company and the Group amounting to euro 1,920 thousand in the closing period that has
been recorded in the other profit-loss.
The balance of euro 737 thousand in the Group is mainly related to investments of the indirect subsidiary iQbility.
The Financial Assets at fair value through P&L comprise listed shares and bonds. The fair values of listed securities are based on
published period-end bid prices on the date of the financial information.
The fair value hierarchy of the unlisted shares is level 3 and for the listed ones is level 1.
Assets Liabilities Assets Liabilities
Derivatives held for trading
Currency forwards
- 6 - 138
Total derivatives held for trading
- 6 - 138
Derivatives to cash flow hedge
Interest rate forwards
- - - 500
- - - 500
Total
- 6 - 500
Non-current portion
- - - -
Current portion
- 6 - 638
Total
- 6 - 638
31/12/2021
31/12/2020
GROUP
GROUP
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance at the beginning of the year
4.656 7.373 3.468 3.470
Additions
122 43 5 -
Disposals / Write-offs
(4.558) (2.431) (3.867) -
Impairment reversal
511 (152) 510 -
Revaluation at fair value
- - 2 -
Other
6 (176) - (2)
Balance at the end
737 4.656 117 3.468
Non-current assets 700 3.900 100 3.452
Current assets 36 755 17 16
737 4.656 117 3.468
COMPANY
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-151-
17. Deferred income tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows:
The biggest portion of the deferred tax assets is to be recovered after more than 12 months.
The gross movement on the deferred income tax account is as follows:
The movement in of the deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances
within the same tax jurisdictions, is as follows:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Deferred tax assets:
Deferred tax assets to be recovered after more than 12 months
12.837 12.659 1 1
12.837 12.659 1 1
Offsetting
(9.160) (2.394)
Deferred tax assets after offsetting
3.677 10.265 1 1
Deferred tax liabilities:
Deferred tax liabilities to be recovered after more than 12 months
17.107 18.510 792 819
17.107 18.510 792 819
Offsetting
(9.160) (2.394)
Deferred tax liabilities after offsetting
7.947 16.116 792 819
(4.270) (5.851) (791) (818)
GROUP
COMPANY
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance at the beginning of year:
(5.852) (5.258) (819) (760)
Implementation of IAS 19
- (1.412) - (6)
Adj Balance at 1st January 2020
(5.852) (6.670) (819) (766)
Reclassifications
- 65 - -
Reclassifications of Acquisition of subsidiaries
21 (157) - -
Exchange differences
(42) - - -
Acquisition of subsidiaries
(106) - - -
Disposal of subsidiaries (Note 47)
(414) - - -
Income statement charge (Note 31)
2.110 919 28 (53)
Tax charged to equity
10 (6) - -
Balance at the end of year
(4.270) (5.852) (791) (819)
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-152-
According to Law 4799/2021, the income tax rate for legal entities in Greece was reduced to 22% (from 24%) from the financial
year 2021 onwards.
Due to the reduction of the tax rate in Greece, deferred income tax (revenue) amounting to 1.199 thousand Euros and 67 thousand
Euros for the Group and the Company, correspondingly, resulted from the remeasurement of receivables and liabilities from
deferred tax in prior year.
GROUP
Deferred Tax Liabilities:
Accelerated tax
depreciation
Fair value gains Other Total
1st January 2020
6.549 64 10.086 16.699
Charged / (credited) to the income statement
(180) (2) 1.646 1.464
Charged to equity
- - 6 6
Reclassifications of Acquisition of subsidiaries
157 - - 157
Reclassifications
405 - (223) 182
31 December 2020
6.931 62 11.515 18.510
Charged / (credited) to the income statement
(204) (0) (1.300) (1.504)
Acquisition of subsidiaries
(0) 114 - 114
Exchange differences
- - 8 8
Reclassifications of Acquisition of subsidiaries
(21) - - (21)
31 December 2021
6.706 176 10.224 17.107
Deferred Income Tax Assets:
Provisions/
Ιmpairment losses
Accelerated tax
depreciation
Tax losses Fair value gains Other
1st January 2020
950 1.177 566 3.518 5.231
Implementation of IAS 19
- - - - (1.412)
Adj Balance at 1st January 2020
950 1.177 566 3.518 3.819
Charged / (credited) to the income statement
282 (379) (481) 2.804 157
Reclassifications
- 405 (139) (155) 136
31 December 2020
1.232 1.203 (54) 6.167 4.112
Charged / (credited) to the income statement
(488) (51) - 293 853
Charged to equity
- (7) - - 17
Acquisition of subsidiaries
- - - - 9
Disposal of subsidiaries
(118) (84) - - (212)
Exchange differences
- (34) - - -
31 December 2021
626 1.028 (54) 6.460 4.778
COMPANY
Deferred Tax Liabilities:
Accelerated tax
depreciation
Fair value gains Other Total
1st January 2020
890 - (124) 766
Charged / (credited) to the income statement
28 - 25 53
31 December 2020
919 - (98) 819
Charged / (credited) to the income statement
(52) - 24 (27)
31 December 2021
866 - (74) 791
Deferred Income Tax Assets:
Provisions/
Ιmpairment losses
Accelerated tax
depreciation
Tax losses Fair value gains Other Total
1st January 2020
- - - - 6 6
Implementation of IAS 19
- - - - (6) (6)
Adj Balance at 1st January 2020
- - - - 1 1
31 December 2020
- - - - 1 1
Charged / (credited) to the income statement
- - - -
31 December 2021
- - - - 1 1
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-153-
18. Inventories
The change in the provision for obsolete and slow – moving inventories is analyzed as follows:
19. Trade and other receivables
Amounts in thousand Euro
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Raw materials
859 850 - -
Finished goods
53 42 - -
Merchandise
59.825 45.595 - -
Other
912 871 - -
Total
61.650 47.358 - -
Less: Provisions for obsolete and slow-moving inventories:
Raw materials
30 23 - -
Finished goods
116 71
Merchandise
4.782 3.733 - -
Other
103 56 - -
5.031 3.883 - -
Total net realisable value
56.618 43.476 - -
COMPANY
GROUP
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Analysis of provision
At beginning of year
3.883 2.915 - -
Additional provision for the year
1.190 987 - -
Disposal of subsidiaries
(35)
Provision used
(7) (19) - -
At end of year
5.031 3.883 - -
GROUP
COMPANY
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Trade receivables
147.807 141.092 150 103
Less: provision for impairment of receivables
(30.265) (32.086) (25) (25)
Trade receivables - net
117.542 109.006 125 78
Receivables from related parties (note 38)
3.463 3.059 4.459 907
Other receivables
59.583 42.397 64 43
Total
180.588 154.462 4.648 1.028
Non-current portion
25.679 21.640 28 28
Current portion
154.909 132.822 4.620 1.001
180.588 154.462 4.648 1.028
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-154-
There are no significant overdue trade receivables, which have been not impaired, for the Group and the Company on December
31st, 2021.
19a. Contract assets / liabilities from contracts with customers
The receivables/(liabilities) from contracts with customers relate to the subsidiary Unisystems SA in accordance with IFRS 15
(Revenue from contracts with customers). IFRS 15 requires the recognition of any variable consideration, i.e. claims from
Movement of provision for impairment of trade receivables :
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance at 1 January
32.086 31.569 25 -
Additional provision for the year
591 772 - 25
Utilised during the year
(1.374) (255) - -
Disposal of subsidiaries
(1.309) - - -
Reclassifications
230 - - -
Acquisition of a subsidiary
42 - - -
Balance at 31 December
30.265 32.086 25 25
GROUP
COMPANY
Trade and other receivables are dominated in the following currencies:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Euro
120.068 110.454 4.584 985
US Dollar
3 28 - -
Romanian RON
920 1.348 - -
Other
13 235 - -
121.004 112.065 4.584 985
GROUP
COMPANY
31/12/2021 31/12/2020
Contract asset at the beginning of the year 21.056 15.116
Revenue recognised through P&L
3.440 5.940
Total 24.496 21.056
No-current assets 1.846 218
Current assets
22.650 20.838
24.496 21.056
Group
31/12/2021 31/12/2020
Contract liability at the beginning of the year 33.633 19.289
Revenue recognised through P&L
3.857 14.343
Total 37.490 33.632
Non-current liabilities 19.926 5.974
Current liabilities
17.565 27.659
37.490 33.633
Group
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-155-
delay/acceleration costs, bonus rewards, supplementary work, only to the extent that it is highly probable that such income will not
be reversed in the future. In the process of assessing the likelihood of recovering the variable consideration, account should be
taken of past experience tailored to the conditions of existing contracts.
20. Cash and cash equivalents
Short-term bank deposits consist of demand deposits or time deposits in Greece and abroad. Actual determined according to
variable rates and negotiate appropriate.
Cash and cash equivalent are analysed as follows:
Τhe following table shows the analysis of the short-term bank deposits based on the creditworthiness of banking
institutions:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Cash in hand
474 291 - -
Short-term bank deposits
162.562 96.582 96.905 8.242
Total
163.036 96.873 96.905 8.242
COMPANY
GROUP
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Euro
160.202 93.460 96.775 8.122
US Dollars
1.351 2.433 130 120
JPY
- 117 - -
Romanian RON
893 772 - -
Other
523 91 - -
163.036 96.873 96.905 8.242
GROUP
COMPANY
31/12/2021 31/12/2020 31/12/2021 31/12/2020
A
126 - - -
A+
5.110 - - -
A-
1.576 - 39 -
A1
- 27.442 - -
A2
- 632 - -
Aa2
- - - 39
B+
122.793 - 93.274 -
B-
439 - - -
BBB
113 - - -
BBB+
10 - - -
Ba2
- - - -
Baa1
6.147 - - -
Caa1
18.890 61.761 3.219 8.177
Caa2
7.345 6.000 373 25
Caa3
12 746 - -
162.562 96.581 96.905 8.241
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-156-
21. Share capital
Previous year:
According to the Ordinary General Meeting of Shareholders of 26/06/2020, it was decided to increase the share capital of the
Company by the amount of 5,361,134.40 euros with an increase in the nominal value of each share by 0.15 euros (from euro 0.04
in euro 0.19) through capitalization of part of the excess compulsory legal reserve and the simultaneous reduction of the share
capital of the Company by 5,361,134.40 euro with reduction of the nominal value of each share by euro 0.15 (from 0.19 euro to
0.04 euro) for the purpose of returning capital in cash to its shareholders, amounting to 5,361,134.40 euros in total.
Moreover, the above Ordinary General Meeting further resolved to increase the share capital of the Company as a result of
capitalization of reserves formed by profits subject to special taxation, in accordance with the provisions of law 2238/1994, the
share premium reserve and part of the fully taxed reserve, in accordance with the provisions of law 2579/98, by increasing the
nominal value of the shares from 0.04 euro to 5.93 euro per share and reduce the share capital by reducing the nominal value of
the shares by 4.60 euro to offset accumulated loss. Following the above corporate actions, the share capital now amounts to
47,535,391.68 euro and is divided into 35,740,896 dematerialised common registered shares with a nominal value of euro 1.33
each. As of 31
st
December 2021, the Company held 81.868 equity shares (0,23% of share capital) of a price of €11,67 each (before
the split).
22. Other reserves & retained earnings
Number of shares Ordinary shares Share premium Total
1st January 2020
35.740.896 1.430 106 1.535
Capitalisation of reserves
- 5.361 - 5.361
Capitalization of reserves law 2238/1994 and law
2579/98
- 210.514 (106) 210.408
Offsetting accumulated losses
- (164.408) - (164.408)
Share capital return
- (5.361) - (5.361)
31 December 2020
35.740.896 47.536 (0) 47.535
1 January 2021
35.740.896 47.535 - 47.535
31 December 2021
35.740.896 47.535 - 47.535
Statutory reserve
Available-for-sale
reserve
Forex translation
differences
Total
GROUP
1st January 2020 9.963 - (59) 5.248
Changes during the year
(1.720) - 59 2.995
31 December 2020 8.243 - - 8.243
1 January 2021 8.243 - - 8.243
Changes during the year
8.096 - - 8.096
31 December 2021 16.339 - - 16.339
Statutory reserve Total
COMPANY
1st January 2020 7.841 7.841
Changes during the year
(5.148) (5.148)
31 December 2020 2.693 2.693
1 January 2021 2.693 2.693
Changes during the year
7.521 7.521
31 December 2021 10.214 10.214
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-157-
Legal reserve
Legal reserve is formed according to the provisions of the Greek Legislation (Article 158 of Law 4548/2018), according to which an
amount equal to at least 5% of the annual net (after tax) profits must be transferred to the legal Reserve, until it reaches one-third
of the paid-in share capital.
23. Borrowings
The Group has approved credit lines with financial institutions amounting to euro 187 million and the Company to euro 13 million.
Short term borrowings fair values reach their book values.
The movement of borrowings is analyzed as follows:
Both the Company and the Group are not exposed to exchange risk since the total of borrowings for 2021 was in euro.
The loans expiration dates are analyzed as follows:
The Group is exposed to interest rate changes that domain in the market and which affect its financial position and cash flow. The
cost of borrowing is possible to either increase or decrease as a result of the above mentioned fluctuations.
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Non-current borrowings
Bank borrowings
2.097 548 - -
Bonds
42.208 62.045 - 11.977
Total non-current borrowings
44.305 62.593 - 11.977
Current borrowings
Bank borrowings
14.247 11.896 - -
Bonds
19.915 12.133 11.990 -
Other borrowings (Factoring)
3 5 - -
Total current borrowings
34.165 24.034 11.990 -
Total borrowings
78.469 86.627 11.990 11.977
COMPANY
GROUP
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance at the beginning of the year
86.627 50.425 11.977 -
Repayment of borrowings (10.643) (5.891) - (23)
Proceeds of borrowings
13.485 42.093 13 12.000
Disposal of subsidiaries
(11.000) - - -
Balance at the end
78.469 86.627 11.990 11.977
GROUP
COMPANY
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Between 1 and 2 years
7.174 11.750 - -
Between 2 and 3 years
8.084 14.822 - 5.989
Between 3 and 5 years
18.536 25.789 - 5.989
Over 5 years
10.511 10.231 - -
44.305 62.593 - 11.977
COMPANY
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-158-
Bond Loans
The Company
On July 27, 2020, Quest Holdings S.A. entered into a bond loan with ALPHA BANK amounting to € 12,000 thousand euros, in
accordance with the provisions of Law 4548/2018 and Law 3156/2003. ALPHA BANK SA was appointed Payment Manager and
Representative of Bondholders and Bond Lenders. The Company repaid the above loan within February 2022.
Wind Sieben S.A.
On April 24th, 2019, the subsidiary “Wind Sieben S.A.” entered into a Bond Loan with Alpha Bank, amounting to 3.500 thousand
Euros. The repayment of the loan will be made in 26 quarterly instalments commencing on 30/6/2019, and the last instalment
amounting to 334 thousand Euros will be repaid according to the repayment plan on 30/6/2025. To meet the terms of the borrowing,
the company must achieve on an annual basis the debt service ratio defined as interest before interest and amortization on net
financial expenses plus loans paid (DSCR)> 1,25. The company at the end of both the previous and the closed year meets the
above index.
Kinigos S.A.
On September 28, 2020, the subsidiary “Kinigos S.A.” entered into a Bond Loan with National Bank of Greece, amounting to 18.070
thousand Euros. The repayment of the loan will be made in 22 six-month instalments commencing on 31/12/2020. To meet the
terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Info Quest Technologies S.A.
The subsidiary «Info Quest Technologies S.A.» on July 27, 2020 entered into a Bond loan with Alpha bank amounting to euro
10.000 thousand. The duration of the loan is five years and the last installment of the loan will be on 27/7/2025.
In addition, the subsidiary «Info Quest Technologies S.A.» on July 30, 2020 entered into a Bond loan with the National Bank
amounting to 10.000 thousand euros. The duration of the loan is five years and the last installment of the loan will be on 2727/2025.
Quest Energy S.A.
The subsidiary «Quest Energy S.A.» on November 17, 2020 entered into a Bond loan with Alpha bank amounting to 3.000 thousand
euros. The repayment of the loan will be made in 14 three-months instalments commencing on 17/2/2021. To meet the terms of
the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,25. The company at the end of both the previous and the closed
year meets the above index.
Beta Sunenergia Karvali S.M.S.A.
The subsidiary «Beta Sunenergia Karvali S.A.» on April 12, 2021 entered into a Bond Loan with Piraeus Bank amounting to Euro
1.280 thousand. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To meet the
terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Nuovo Kavala Phottopower S.M.S.A.
The subsidiary «Nuovo Kavala Phottopower S.A.» on April 12, 2021 entered into a Bond Loan with Piraeus Bank in the amount of
1.311 thousand euros. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To
meet the terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before
interest and amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and
the closed year meets the above index.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-159-
Petrox Solar Power S.M.S.A.
The subsidiary «Petrox Solar Power S.A.» on April 12, 2021 entered into a Bond Loan with Piraeus Bank amounting to Euro 1.327
thousand. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To meet the terms
of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Phottopower Evmirio Beta S.M.S.A.
The subsidiary «Phottopower Evmirio Beta S.A.» on April 20, 2021 entered into a Bond Loan with Piraeus Bank in the amount of
1.338 thousand. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To meet the
terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Energy Beta Xanthi S.M.S.A.
The subsidiary «Energy Beta Xanthi S.A.» on April 14, 2021 entered into a Bond Loan with Piraeus Bank amounting to euro 1.363
thousand. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To meet the terms
of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Mylopotamos fos 2 S.M.S.A.
The subsidiary «Mylopotamos Fos 2 S.A.» on April 14, 2021 entered into a Bond Loan with Piraeus Bank amounting to Euro 1.287
thousand. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To meet the terms
of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Fos energia Kavala S.M.S.A.
The subsidiary «Fos Energia Kavala S.A.» on April 14, 2021 entered into a Bond Loan with Piraeus Bank amounting to 1.319
thousand euros. The duration of the loan is seven years and the last installment of the loan will be paid on 31/12/2028. To meet the
terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
Xylades Energy S.A.
The subsidiary «Xylades Energeiaki S.A.» on June 18, 2021 concluded a Bond Loan with Eurobank Bank amounting to Euro 1.310
thousand. The duration of the loan is five years and the last installment of the loan will be paid on 31/03/2026. To meet the terms
of the borrowing, the company must achieve on an annual basis the debt service ratio defined as interest before interest and
amortization on net financial expenses plus loans paid (DSCR)> 1,1. The company at the end of both the previous and the closed
year meets the above index.
24. Retirement benefit obligations
On May 2021, the IFRS Interpretation Committee published the final agenda decision under the title “ Distribution of provisions in
periods of service in accordance with IAS 19”, which includes explanatory material in regards to the way of distribution of provisions
in periods of service under a specific program of signified services similar to that defined by the in article 8 of n. 3198/1955 in
regards to the provision of compensation due to retirement.
On the basis of the above decision, the way in which the basic principles of IAS 19 were applicated in Greece in the past in regards
to that matter, is differentiated, and consequently financial entities that compile their financial statements according to the IFRS are
required to modify their accounting policy accordingly, in regards to that matter.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-160-
The Group, until the publishing of the agenda decision, acted according to IAS 19 distributing the provisions defined by article 8 of
n. 2112/1920 and its modification from n. 4093/2012, during the period of hiring until the date of retirement of employees.
The application of the mentioned final decision in the attached financial statements, has resulted in the distribution of provisions
taking place within the last 16 years until the date of retirement of employees, acting according to n. 4093/2012.
According to the above, the application of the above final decision has been faced as a modification of accounting policy, applying
the change retrospectively from the start of the comparative period, in accordance with paragraphs 19-22 of IFRS 8.
Pension benefits
The amounts recognised in the balance sheet are determined as follows:
The amounts recognised in the income statement are as follows:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance sheet obligations for:
Pension benefits
4.452 4.388 6 5
Total
4.452 4.388 6 5
31/12/2021 31/12/2020 31/12/2021 31/12/2020
P&L statement charge:
Pension benefits
835 824 2 2
Total
835 824 2 2
GROUP
COMPANY
GROUP
COMPANY
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Comprehensive income statement charge:
Pension benefits
79 61 1 1
Total
79 61 1 1
GROUP
COMPANY
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Current service cost
620 565 2 2
Interest cost
15 31 -
Net actuarial (gains) / losses recognised during the
period
110 - - -
Past service cost
(67) 7 - -
Losses due to redundancies
157 221 - -
Total included in employee benefit expenses ( 835 825 2 2
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-161-
The principal annual actuarial assumptions used are as follows:
The analysis of sensitivity of the obligation for the defined employees’ benefit due to termination of service is as follows in the
weighted principal assumptions:
The expected maturity analysis of undiscounted pension benefits is as follows:
The Group uses the EVK 2000 table that shows improvement of the age gap, according to the OECD report and the World Health
Organization on life expectancy in Greece, which was based on the age setback methodology as described in Ministerial Decision
K4-4381/1979, Official Gazette 3434/8.11.1979 and was also applied to the survival tables PM60/64.
The changes in obligations for pension benefits for 2021 and 2020 is as follows:
Group Company
Obligations
present value
Obligations
present value
1st January 2020
9.778 26
Implementation of IAS 19
(5.884) (23)
Adj Balance at 1st January 2020
3.894 3
Current service cost
565 2
Financial expenses / (income)
31 -
Losses due to redundancies
221 -
Past service cost 7 -
Staff movement (2) -
Paid contributions (386) -
- (Gains) / losses from experience adjustments (33) 1
- (Profit) / Loss from changes of demographic assumptions 124 -
- (Gains) / losses from changes of financial assumptions (29) -
31 December 2020 4.390 5
Current service cost 615 2
Financial expenses / (income)
14 -
Losses due to redundancies
263 -
Past service cost (59) -
Disposal of subsidiaries
(283) -
Paid contributions
(577) -
Reclassifications
14
- (Gains) / losses from experience adjustments 68 (1)
- (Gains) / losses from changes of financial assumptions 11 -
31 December 2021 4.454 6
The principal actuarial assumptions used were as follows:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
% % % %
Discount rate 0,30% 0,35% 0,99% 0,80%
Inflation 1,70% 1,60% 1,70% 1,70%
Future salary increases 1,70% 1,70% 1,70% 1,70%
GROUP
COMPANY
Change in
assumption
Change in
liabilities
Change in
assumption
Change in
liabilities
Discount rate 0.10% 0.50% 0.10% 1.57%
2021
2020
Pension Obligations
28 192 434 10.440
11.094
Group
Up to 1 year
Between 1 and 2
years
Between 2 and 5
years
Over 5 years
Total
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-162-
25. Grants
26. Trade and other payables
Accrued expenses mainly concern subsidiary Unisystems.
Amounts in thousand Euro 31/12/2021 31/12/2020 31/12/2021 31/12/2020
Balance at beginning of the year
747 492 - -
Additions
2.583 806 - -
Transfer to income statement (depreciations)
(1.813) (551) - -
Reclassifications
- - - -
Balance at end of the year
1.516 746 - -
Non-current grants
533 333 - -
Current grants
984 414 - -
1.517 747 - -
COMPANY
GROUP
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Trade payables
92.234 97.312 111 82
Amounts due to related parties (note 38)
138 1.364 22 19
Accrued expenses
31.298 26.281 456 335
Social security and other taxes
11.033 10.516 86 575
Other liabilities
34.824 38.260 435 412
Total
169.527 173.733 1.110 1.424
COMPANY
GROUP
Analysis of obligations:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Non-current
1.647 1.422 59 58
Current
167.880 172.311 1.051 1.366
Total
169.527 173.733 1.110 1.424
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-163-
27. Expenses by nature
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Employee benefit expense 28
(90.198) (4.274) (94.472) (77.254) (5.852) (83.106)
Costs of inventories recognised as expense
(562.586) (2.785) (565.372) (384.168) (907) (385.075)
Depreciation of property, plant and equipment 7 (3.403) (2.595) (5.999) (3.326) (3.187) (6.513)
Depreciation of Right-of-use assets 41
(4.487) (1.091) (5.578) (4.278) (4.116) (8.394)
Amortisation of intangible assets 9
(1.674) (707) (2.381) (1.706) (900) (2.606)
Impairment of property, plant and equipment
- 100 100 (0) 833 833
Repair and maintenance expenditure on property, plant and equipment (1.008) (2.977) (3.985) (952) (3.287) (4.239)
Impairment charge for bad and doubtful debts
(514) (77) (591) (378) (394) (772)
Advertising
(9.827) (203) (10.030) (6.433) (326) (6.759)
Other third parties fees
(164.929) - (164.929) (151.553) - (151.553)
Other
(26.385) (10.502) (36.887) (20.493) (12.917) (33.410)
Total
(865.010) (25.114) (890.124) (650.540) (31.053) (681.594)
Note : the items mentioned above are given as examples. Other items which are considered material for disclosure purposes should be added in the above schedule
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Allocation of total expenses by function:
Cost of sales
(778.811) (19.665) (798.476) (581.863) (23.715) (605.577)
Selling and marketing costs
(49.528) (2.092) (51.620) (35.508) (2.729) (38.237)
Administrative expenses
(36.670) (3.357) (40.027) (33.171) (4.611) (37.782)
(865.010) (25.114) (890.124) (650.542) (31.055) (681.596)
GROUP
01/01/2021-31/12/2021
01/01/2021-31/12/2021
01/01/2020-31/12/2020
01/01/2020-31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Employee benefit expense 28 (996) (775)
Depreciation of property, plant and equipment 7 (31) (34)
Depreciation of Right-of-use assets 41 (90) (90)
Amortisation of intangible assets 9 (2) (3)
Repair and maintenance expenditure on property, plant and equipment (32) (106)
Advertising
(12) (8)
Other third parties fees
(223) (176)
Other
(702) (577)
Total
(2.089) (1.769)
Note : the items mentioned above are given as examples. Other items which are considered material for disclosure purposes should be added in the above schedule
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Allocation of total expenses by function:
Cost of sales
- -
Selling and marketing costs
- -
Administrative expenses
(2.088) (1.274)
(2.088) (1.274)
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-164-
28. Employee benefit expense
29. Finance income and costs
30. Income tax expense
Income tax expense of the Group and of the Company for the year ended 31/12/2021 and 31/12/2020, respectively, was:
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Wages and salaries (71.964) (62.056) (747) (578)
Social security costs
(12.884) (13.069) (134) (107)
Pension costs - defined benefit plans (note 24)
(835) (824) (2) (1)
Other post employment benefits
(8.789) (7.157) (112) (88)
Total (note 27)
(94.472) (83.106) (996) (773)
COMPANY
GROUP
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Finance costs
-Bank borrowings
(1.737) (2.140) - -
- Bond loan
(1.604) (940) (292) (126)
- Financial leasing
(1.000) (1.303) (18) (22)
- Guarantees
(437) (338) (39) -
-Net foreign exchange losses on financing activities
(135) (302) - (11)
- Other
(1.720) (1.563) (1) (1)
Total
(6.633) (6.585) (350) (159)
Finance income
-Interest income
61 139 3
- Discounting Financial leasing
120 117 - -
-Other 792 514 10 -
Total
973 770 10 3
Net finance costs
(5.659) (5.815) (339) (156)
COMPANY
GROUP
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Current tax
(10.792) (1.529) (12.322) (19.587) (381) (19.968)
Deferred tax
2.245 (135) 2.110 1.041 (122) 919
Total
(8.547) (1.665) (10.212) (18.546) (503) (19.049)
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Current tax
- (11.121)
Deferred tax
28 (52)
Total
28 (11.173)
COMPANY
GROUP
01/01/2021-31/12/2021
01/01/2020-31/12/2020
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-165-
Prior year
The Ordinary General Meeting of the Company of 26 June, 2020, among other things, decided to increase the share capital of the
Company with capitalisation of reserves formed by profits under special taxation, in accordance with the provisions of law
2238/1994, the share premium reserve and part of the reserve taxed in full in accordance with the provisions of law 2579/98, with
an increase in the nominal value of the shares from 0.04 euro to 5.93 euro per share and reduction in the share capital with reduction
in the nominal value of the shares by 4.60 euros to offset accumulated losses. The consequence of the above increase of the share
capital of the Company in the total amount of 210,514 thousand euro, was the extraordinary tax burden of 11,069 thousand euro
according to law 4646/2019 with an equal effect on the income tax item and the profits after taxes in the Company and in the Group.
The above corporate transactions were registered on 15 July 2020 following relevant decision of the Ministry of Development and
Investment which approved the amendment of article 5 of the Company's Articles of Association. Therefore, the large increase in
the current tax item in the fiscal year 2020 is due to this extraordinary tax (€ 11,069 thousand).
The Company and its Greek subsidiaries of the Group for the year ended on 31/12/2021, as well as for the previous year of 2020
have not calculated additional provisions, as the tax audit for the year ended had already been performed by the statutory auditors.
The Management of the companies of the Group does not expect significant tax liabilities beyond those recognized and reported
in the financial statements.
Current income tax, for the Company and the domestic subsidiaries, has been calculated using the tax rate 22% of the year 2021
and 2020, 24%. Concerning the abroad subsidiaries, in order for the current tax expense to be calculated, domestic tax rates have
been used. Tax over profit before taxes of the Company differs to the theoretical amount which would arise in case of using the
weighted average tax rate of each company’s’ Country of origin
31. Other operating income
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Profit before tax
51.337 84.809 136.146 32.166 3.056 35.222 150.386 13.115
22% 22% 22% 24% 24% 24% 22% 24%
Tax calculated at domestic tax rate
applicable to profits in the respective
countries
(11.294) (18.658) (29.952) (7.718) (735) (8.453) (33.085) (3.147)
Effect of change in tax rates 1.199 - 1.199 - - - 67 -
Income not subject to tax
2.931 17.158 20.090 3.634 - 3.634 33.640 3.195
Expenses not deductible for tax purposes
(2.274) (165) (2.440) (2.232) 232 (2.000) (591) 89
Utilisation of tax losses brought forward
31 - 31 718 - 718 (3) -
Tax losses of current period carried forward
48 - 48 (42) - (42) - (189)
Tax by law 4646/2019
- - - (11.121) - (11.121) - (11.121)
Other Taxes
812 - 812 (1.785) - (1.785) - -
Tax charge
(8.547) (1.665) (10.212) (18.545) (503) (19.048) 28 (11.175)
COMPANY
01/01/2021-31/12/2021
GROUP
01/01/2020-31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
Dividend income 85 510 11.429 13.314
Amortisation of grants received
1.813 551 - -
Other income from grants
120 9 - -
Rental income
339 374 324 318
Other
1.488 1.056 1.415 1.411
Total
3.844 2.500 13.168 15.044
COMPANY
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-166-
32. Other (losses) / gains – net
The Company at the end of the year closed in accordance with IAS. - 36 (Impairment of assets) carried out impairment
test for all its subsidiaries.
Significantly higher values in the subsidiary "Info Quest Technologies S.A." and "Uni Systems S.A." emerged from
the relevant valuations using the Discounted Cash Flow (DCF) method in relation to their net values that were
reflected in the Company's assets as a result of their strong financial returns. Therefore the Company reversed the
impairment forecasts it had made in previous years for the above 2 subsidiaries as described in note 11 -
Subsidiaries.
In the framework of the agreement for the sale of the shares of "Cardlink SA", on September 23, 2021 an agreement
was signed with "Edgepay Holdings Limited" for the transfer of shares corresponding to 20% of the share capital of
the subsidiary Cardlink SA. », Pursuant to the shareholders' agreement of 23 January 2015, for a price of 1.368
thousand euros. Following the above transfer of the percentage of the subsidiary, the Company owned 65% of the
share capital of the subsidiary" Cardlink SA " and the company "Edgepay Holdings Limited" 35% of the share capital
of the above subsidiary. On September 30, 2021, the sale transaction of the Company with 65% of its participation
in the company Cardlink SA was completed. to the Worldline Group for a price of 92.042 thousand euros.
According to the above two transfers, the Company transferred its entire participation to the subsidiary of Cardlink
SA. against a total price of 93.410 thousand euros.
The above transaction as well as the calculation of the result in the pre-tax profits of the Company and the Group is
described in note 46.
The amount of € 800 thousand in the previous year in the Group refers to the impairment of property value of the
subsidiary Uni Systems.
33. Commitments
Capital commitments
On the date of the financial information, December 31
st
, 2021, there are no capital expenditures that has been contracted for the
Group and the Company.
34. Contingencies
The Group and the Company have contingencies in respect of bank guarantees, guarantees and other matters arising in the
ordinary course of business from which Management is confident that no material liability will arise.
The contingent liabilities are analysed as follows:
Amounts in thousand Euro 01/01- 31/12/2021 1/1-31/12/2020 01/01- 31/12/2021 1/1-31/12/2020
Profit / loss on disposal of subsidiaries and associates
80.118 - 87.234 -
Profits from subsidiary "Info Quest Technologies S.A." impairment
reversal
- - 13.431 -
Profits from subsidiary "Unisystems S.A." impairment reversal - - 38.980 -
Profit / (Loss) on derivatives not qualifying as hedges
133 (76) - -
Exchange differences
- - - -
Impairments in tangible assets (Note 7)
- (800) - -
Other
(51) (273) - (3)
Total
80.203 (1.147) 139.645 (3)
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-167-
In addition to the above, the following specific issues should be noted:
The tax obligations of the Group are not final since there are prior periods which have not been inspected by the tax authorities.
Note under number 39 presents the last periods inspected by the tax authorities for each company in the Group.
Furthermore, there are various legal cases against companies of the Group for which the Management estimates that no additional
material liabilities will arise.
35. Guarantees
In the end of the year the liens and mortgages on the Group’s and Company’s land and buildings are as follows:
QUEST ENERGY S.A.
The company "QUEST ENERGY S.A." has concluded on November 17, 2020 9-year Bond Loan Agreement with ALPHA BANK
amounting to € 3,000 thousand. The current outstanding amount amounts to € 2,667 thousand, to cover which a Pledge
Agreement has been concluded on Bonds.
Xylades Energy .S.A.
The company "Xylades Energeiaki S.A." has concluded on May 11, 2012 10-year Debt Loan Agreement with TT (Eurobank),
amounting to € 2,548 thousand. The current outstanding amount is € 318 thousand, to cover which has been concluded from July
23, 2012 Pledge Agreement on Law 2844/2000, based on which the fixed equipment of the said company has been pledged.
on June 18, 2021 5-year Bond Loan Agreement, with Eurobank Bank amounting to € 1,310 thousand. The current outstanding
amount amounts to € 1,180 thousand.to cover which has been concluded the from 18 June 2021 Pledge Agreement (Law
2844/2000).
Wind Sieben S.A.
The company "Wind Sieben S.A." has concluded:
- from April 24, 2019 6-year Bond Loan Agreement with ALPHA BANK amounting to € 3,500 thousand. The current outstanding
amount amounts to € 2,202 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement from April 24, 2019 (Law 2844/2000), based on which the fixed equipment of the said company has
been pledged and
b The Pledge Agreement from April 24, 2019 on Bonds.
Fos Energy Kavala S.A.
The company "Fos Energy Kavala M.A.E." has concluded:
- the seven-year Bond Loan Agreement with Piraeus Bank amounting to € 1,319 thousand from April 12, 2021. The current
outstanding amount amounts to € 1,142 thousand,
to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
Mylopotamos fos 2 S.A.
The company "Mylopotamos Fos 2 S.A." has concluded:
- the 7-year Bond Loan Agreement with Piraeus Bank amounting to € 1,287 thousand from April 12, 2021. The current,
outstanding amount amounts to € 1,114 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Letters of guarantee to customers securing contract performance
35.995 12.623 8.125 -
Letters of guarantee to participations in contests
3.320 2.259 - -
Letters of guarantee for credit advance
4.074 3.982 - -
Guarantees to banks on behalf of subsidiaries
43.440 33.440 43.440 33.440
Letters of guarantee to creditors on behalf of subsidiaries
20.383 33.904 20.383 33.904
Other
22.312 9.153 - -
129.524 95.361 71.948 67.344
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-168-
Fos Energy Beta Xanthi S.A.
The company "Light Energy Beta Xanthi S.A." has concluded:
- the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 in the amount of € 1,363 thousand. The current
outstanding amount amounts to € 1,181 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
Phottopower Evmirio Beta S.A.
The company "Phottopower Evmirio Beta S.A." has concluded:
- the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 in the amount of € 1,338 thousand. The current
outstanding amount amounts to € 1,159 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
Petrox Solar Power S.A.
The company "Petrox Solar Power S.A." has concluded:
- the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 in the amount of € 1,327 thousand. The current
outstanding amount amounts to € 1,149 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
Nuovo Kavala Phottopower S.A.
The company "Nuovo Kavala Phottopower M.A.E." has concluded:
- the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 in the amount of € 1,311 thousand. The current
outstanding amount amounts to € 1,311 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
Beta Sunenergia Karvali S.A.
The company "Beta Sunenergia Karvali M.A.E." has concluded:
- the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 in the amount of € 1,280 thousand. The current
outstanding amount amounts to € 1,108 thousand, to cover which the following insurance contracts have been concluded:
a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment of the company in question has
been pledged and
b The from April 12, 2021 Pledge Supply Agreement on Bonds.
Kinigos S.A.
The company "Kynigos S.A." has concluded:
- the September 11, 2020 11-year Bond Loan Agreement with the National Bank of Greece amounting to € 18,070 thousand. The
current outstanding amount amounts to € 15,641 thousand,
to cover which the following insurance contracts have been concluded:
a The Pledge Agreement from September 28, 2020 (Law 2844/2000), on the basis of which the fixed equipment of the company
in question has been pledged and
b The Pledge Agreement from 28 September 2020 on Bonds.
Part of the borrowings of the Group's subsidiaries are secured with guarantees provided by the Company.
36. Dividends
Current year
The company, according to the Ordinary General Meeting of 18/06/2021, decided to distribute a part of retained earnings of
previous years, amounting to 10,706 thousand euros. (€ 0.30 per share, gross amount, € 0.285 (Net amount after 5% withholding
tax) and excluding the treasury shares held by the Company, from the profits of previous years.
In addition to the above, the Company, based on the decision of its Board of Directors dated October 21, 2021 and following the
successful completion of the sale process of its participation in the share capital of the subsidiary Cardlink SA, intends to make
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-169-
available to its shareholders as temporary dividend part of the sales revenue, which is estimated to amount to approximately the
total gross amount of 44.6 million euros (ie € 1.25 gross amount per share), based on the interim financial statements for the first
nine months of 2021. The above took place in February 2022 (Note 48)
Previous Year
The Ordinary General Meeting of Shareholders of 26/06/2020 decided to increase the share capital of the Company by the amount
of 5,361 thousand euros by increasing the nominal value of each share by 0.15 euro (from 0.04 euro to 0,19 euro) by capitalizing
part of the excess compulsory legal reserve and the simultaneous reduction of the share capital of the Company by 5,361 thousand
euro by reducing the nominal value of each share by 0.15 euro (from 0.19 euro to 0.04 euro). Pursuant to the provisions of Circular
1042 / 26.1.2015 it is equated with distribution of a final net dividend of € 0.15 per share, i.e., € 0.1579 subject to withholding tax of
5%, according to article 24 of Law 4646/2019 as such is in force today. Moreover, for the shareholders who are not subject to the
above withholding, the Company proceeded to an additional cash distribution equal to the above withholding of 5% through their
operators.
In addition, the Extraordinary General Meeting of 1/12/2020 decided the distribution of part of retained earnings from previous
years, amounting to 10,722 thousand euros. (€ 0.30 per share, gross amount, € 0.285 (Net amount after 5% withholding) excluding
the 22,082 equity shares held by the Company, from the profits of previous years.
There is a proposal for distribution of retained earnings from previous fiscal years by the Board of Directors, while no proposal will
be submitted to the Ordinary General Meeting of the Company for distribution of dividend from the profits of the year ending which
will increase the total accumulated retained earnings of the Company.
37. Related party transactions
The Company purchases goods and services and provides services to various related companies, in the ordinary course of
business. These related companies consisting of subsidiaries, associates and other related companies.
The following transactions were carried out with related parties:
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-170-
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
01/01/2021-
31/12/2021
01/01/2020-
31/12/2020
i) Sales of goods and services
Sales of goods to:
4.527 3.276 - -
- Other related parties
4.527 3.276 - -
Sales of services to:
1.489 2.366 1.490 1.499
-Unisystems Group
- - 589 591
-Info Quest Technologies
- - 200 203
-ACS
- - 293 289
-iStorm
- - 19 17
-iSquare
- - 182 183
- Other direct subsidiaries
- - 199 207
- Other related parties
1.489 2.366 7 8
Dividends
- 424 11.429 13.309
-Info Quest Technologies
- - 2.000 -
-ACS
- - 7.029 11.385
-iSquare
- - 2.400 1.500
- Other related parties
- 424 - 424
6.015 6.066 12.919 14.808
ii) Purchases of goods and services
Purchases of goods from:
- 903 - -
- Other related parties
- 903 - -
Purchases of services from:
1.618 2.544 126 157
-Unisystems
- - 7 36
-Info Quest Technologies
- - 39 41
- Other related parties
1.618 2.544 80 80
1.618 3.447 126 157
iii) Benefits to management
Salaries and other short-term employment benefits
6.108 5.871 471 367
6.108 5.871 471 367
COMPANY
GROUP
iv) Period end balances from sales-purchases of goods / servises / dividends
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Receivables from related parties:
-Unisystems
- - 110 113
-Info Quest Technologies
- - 2.021 14
-ACS
- - 22 22
-iSquare
- - 19 19
- Other direct subsidiaries
- - 2.270 720
- Other related parties
3.463 3.061 16 16
3.463 3.061 4.457 905
Obligations to related parties:
-Info Quest Technologies
- - 3 3
-ACS
- - 13 13
- Other related parties
138 1.364 5 2
138 1.364 22 19
COMPANY
GROUP
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-171-
Services from, and to related parties as well as sales and purchases of goods, take place on the basis of the price lists in force with
non-related parties.
Transactions with other associated members also include transactions with the subsidiary "BriQ Properties REIC" up to July 31st,
2017 which, although not directly nor indirectly owned by the Company, remains an associated member due to common key
shareholders and significant business relationships, which mainly concern real estate leases.
Following the adoption of IFRS 16, Company’s lease liabilities to related parties are analyzed as follows:
38. Earnings per share
Basic and diluted
Basic and diluted earnings/ (losses) per share are calculated by dividing profit/(loss) attributable to ordinary equity holders of the
parent entity, by the weighted average number of the ordinary outstanding shares during the period, and excluding any treasury
shares that were bought by the Company.
BriQ Properties REIC
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Lease liabilities, opening balance
9.803 11.085 477 548
Lease payments
(5.475) (3.637) (278) (185)
Contract Modifications
2.844 1.485 148 71
Interest expense
1.222 870 61 44
Lease liabilities, ending balance
8.394 9.803 408 477
GROUP
COMPAΝY
Continued
operations
Discontinued
operations
Total
Continued
operations
Discontinued
operations
Total
Earnings/ (Losses) from continuing operations attributable to equity
holders of the Company
42.693 82.392 125.085 13.620 2.170 15.790
Weighted average number of ordinary shares in issue (in thousand) 35.659 35.659 35.659 35.719 35.719 35.719
Basic earnings/ (losses) per share (Euro per share) 1,1973 2,3106 3,5078 0,3813 0,0607 0,4421
01/01/2021-31/12/2021
GROUP
01/01/2020-31/12/2020
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-172-
39. Periods unaudited by the tax authorities
The unaudited by the tax authorities years for each company of the Group, are as follows:
Subsidiaries and associates having their residence in Greece, the tax audit of the closing year 2021 already made the following
audit firms:
Company Name Website
Country of
incorporation
%
Participation
(Direct)
%
Participation
(Indirect)
Consolidation
Method
Unaudited years
Quest Holdings S.A. www.quest.gr - - - - 2016-2021
Unisystems S.A. www.unisystems.com Greece 100,00% 100,00% Full 2016-2021
- Unisystems Belgium S.A. - Belgium 100,00% 100,00% Full 2016-2021
- Parkmobile Hellas S.A. Greece 40,00% 40,00% Equity Method 2016-2021
- Intelli Solustions S.A. https://intelli-corp.com/ Greece 60,00% 60,00% Full -
- Unisystems Cyprus Ltd - Cyprus 100,00% 100,00% Full 2016-2021
- Unisystems Information Technology Systems SRL - Romania 100,00% 100,00% Full 2016-2021
ACS S.A. www.acscourier.net Greece 100,00% 100,00% Full 2016-2021
- GPS INVEST LIMITED - United Kingdom 100,00% 100,00% Full -
- GPS Postal Services IKE www.genpost.gr Greece 100,00% 100,00% Full -
- ACS Cyprus ltd - Cyprus 20,00% 20,00% Equity Method -
Quest Energy S.A. www.questenergy.gr Greece 100,00% 100,00% Full 2016-2021
- Wind farm of Viotia Amalia S.A. www.aioliko-amalia.gr Greece 100,00% 100,00% Full 2016-2021
- Wind farm of Viotia Megalo Plai S.A. www.aioliko-megaloplai.gr Greece 100,00% 100,00% Full 2016-2021
- Quest Aioliki Livadiou Larisas Ltd www.questaioliki-livadi.gr Greece 98,67% 98,67% Full 2016-2021
- Quest Aioliki Servion Kozanis Ltd www.questaioliki-servia.gr Greece 98,67% 98,67% Full 2016-2021
- Quest Aioliki Distomou Megalo Plai Ltd www.questaioliki-megaloplai.gr Greece 98,67% 98,67% Full 2016-2021
- Quest Aioliki Sidirokastrou Hortero Ltd www.questaioliki-hortero.gr Greece 98,67% 98,67% Full 2016-2021
- Xylades Energeiaki S.A. www.xyladesenergiaki.gr/ Greece 99,00% 99,00% Full 2016-2021
- BETA SUNENERGIA KARVALI S.A. www.betakarvali.gr Greece 100,00% 100,00% Full 2016-2021
- Fos Energia Kavalas S.A. www.foskavala.gr Greece 100,00% 100,00% Full 2016-2021
- NUOVO KAVALA PHOTOPOWER S.A. www.nuovophoto.gr Greece 100,00% 100,00% Full 2016-2021
- Energia fotos beta Xanthis S.A. www.fosxanthi.gr Greece 100,00% 100,00% Full 2016-2021
- PETROX SOLAR POWER S.A. www.petroxsolar.gr Greece 100,00% 100,00% Full 2016-2021
- PHOTOPOWER EVMIRIO BETA S.A. www.photoevmirio.gr Greece 100,00% 100,00% Full 2016-2021
- Mylopotamos fos 2 S.A. www.mylofos2.gr Greece 100,00% 100,00% Full 2016-2021
- Wind Sieben S.A. www.windsieben.gr/ Greece 100,00% 100,00% Full 2016-2021
- ADEPIO LTD - Cyprus 100,00% 100,00% Full -
- Kinigos S.A. www.atgke-kinigos.gr Greece 100,00% 100,00% Full 2016-2021
iSquare S.A. www.isquare.gr Greece 100,00% 100,00% Full 2015-2021
iQbility M Ltd www.iqbility.com Greece 100,00% 100,00% Full 2016-2021
Info Quest Technologies S.A. www.infoquest.gr Greece 100,00% 100,00% Full 2016-2021
- Info Quest Technologies LTD Cyprus 100,00% 100,00% Full -
- Team Candi S.A. Greece 100,00% 100,00% Full -
iStorm S.A. www.store.istorm.gr Greece 100,00% 100,00% Full 2016-2021
- iStorm Cyprus ltd - Cyprus 100,00% 100,00% Full -
QuestOnLine S.A. www.qol.gr Greece 100,00% 100,00% Full 2016-2021
Cardlink one S.A. - Greece 85,00% 85,00% Full 2016-2021
DIASIMO Holding ltd - Cyprus 100,00% 100,00% Full -
- Blue onar ltd - Cyprus 50,00% 50,00% Equity Method -
Quest International SRL www.questinternational.eu Belgium 100,00% 100,00% Full -
Clima Quest S.A. www.climaquest.gr Greece 100,00% 100,00% Full -
FOQUS S.A. - Greece 100,00% 100,00% Full -
Nubis S.A. www.nubis.gr Greece 42,60% 43,26% Equity Method -
COSMOS BUSINESS SYSTEMS AE www.sbs.gr Greece 16,88% 16,88% - -
Direct investment
Parent Company
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-173-
Upon completion of the above tax audits, the Company's management does not anticipate incurring significant tax liabilities other
than those recorded and disclosed in the consolidated financial.
40. Number of employees
The number of employees of the Group at the end of the current fiscal year amounted to 2.329 persons and the Company’s 6
persons. At the end of 2020 fiscal year the number of employees of the Group amounted to 2.256 persons and the Company 5.
persons.
Company
Auditor
- Unisystems S.A. KPMG S.A.
- ACS S.A. KPMG S.A.
- Quest Energy S.A. SOL S.A.
- Wind farm of Viotia Amalia S.A. Unaudited
- Wind farm of Viotia Megalo Plai S.A. Unaudited
- Quest Aioliki Livadiou Larisas Ltd Unaudited
- Quest Aioliki Servion Kozanis Ltd Unaudited
- Quest Aioliki Distomou Megalo Plai Ltd Unaudited
- Quest Aioliki Sidirokastrou Hortero Ltd Unaudited
- I Square S.A. KPMG S.A.
- Info Quest Technologies S.A. KPMG S.A.
- iStorm S.A. Grant Thornton S.A.
- iQbility M ltd Unaudited
- QuestOnLine S.A. Grant Thornton S.A.
- iStorm Cyprus ltd Unaudited
- Xylades Energeiaki S.A. SOL S.A.
- Wind Sieben S.A. SOL S.A.
- BETA SUNENERGIA KARVALI S.A. SOL S.A.
- Fos Energia Kavalas S.A. SOL S.A.
- NUOVO KAVALA PHOTOPOWER S.A. SOL S.A.
- Energia fotos beta Xanthis S.A. SOL S.A.
- PETROX SOLAR POWER S.A. SOL S.A.
- PHOTOPOWER EVMIRIO BETA S.A. SOL S.A.
- Mylopotamos fos 2 S.A. SOL S.A.
- Kinigos S.A. SOL S.A.
- CARDLINK ΟΝΕ S.A. KPMG S.A.
- Clima Quest S.A. SOL S.A.
- Tean Candi S.A. SOL S.A.
- FOQUS S.A. SOL S.A.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-174-
41. Right-of-use assets
The Group and the Company lease assets including land & building and transportation means. Lease terms are negotiated on an
individual basis and contain a wide range of different terms and conditions.
Lease contracts are usually made for fixed periods from 4 to 10 years but may have extensions or termination rights.
The main contracts of the Group containing this type of rights mainly concern the category of buildings. In their majority, these
leases provide termination rights after a determined period. The Group had to exercise the 1.1.2019 important assessment
regarding these leases, examining all direct and indirect factors creating economic incentive for the Group, in order to remain in
these contracts and not exercise the right of termination. In most cases, it was considered that termination rights shall not be
exercised, as they basically serve the activities of the Group.
Lease contracts do not impose other penalties except for the security on the leased assets held by the lessor. Leased assets may
not be used as security for borrowing purposes.
Land and
buildings
Vehicles Machinery Total
1st January 2021
17.179 2.021 1.058 20.259
Additions
3.034 1.132 -
4.167
Depreciation charge
(3.648) (955) (976)
(5.578)
Early termination of contracts
(3) (0) -
(3)
Disposal of subsidiaries
(48) (108) (32)
(188)
Reclassifications
72 (21) (50)
1
Transfer to non-current assets classified as held for sale (note 30)
38 (25) -
13
31 December 2021
16.625 2.045 0 18.668
GROUP
Land and
buildings
Vehicles Machinery Total
1st January 2020
18.672 2.350 5.010 26.033
Additions
1.661 603 4
2.268
Depreciation charge
(3.525) (914) (3.955)
(8.394)
Early termination of contracts
(1) - -
(1)
Reclassifications
(9) - -
(9)
Changes in contract estimates
381 (18) -
363
31 December 2020
17.179 2.021 1.058 20.257
GROUP
Land and
buildings
Vehicles Machinery Total
1st January 2020 540 32 - 572
Additions 1 - - 1
Depreciation charge (80) (11) - (90)
31 December 2020 461 22 - 483
Land and
buildings
Vehicles Machinery Total
1st January 2021 461 22 - 483
Depreciation charge (80) (11) - (90)
31 December 2021 381 11 - 392
COMPANY
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-175-
42. Lease liabilities
43. Business Combinations
The 100% subsidiary company “Info Quest Technologies S.A.”, during the running period completed the acquisition of 100% of the
share capital of the company “Team Candi S.A.” for the price of 370 thousand euros. The occurring goodwill of the above acquisition
was defined based on accounting values of the acquired company and is temporary.
At the time of the acquisition, the acquired company had a total of Euros 148 thousand worth of share capital and therefore, the
occurring relevant goodwill amounts to Euros 222 thousand.
Further, on 1
st
October 2021, the acquisition of Quest Group’s stake, through the 100% subsidiary Uni Systems S.A., at the share
capital of “Intelli Solutions” was completed.
On the basis of the established agreement, “Uni Systems S.A.” acquires 55,2% through the trading and transfer of shares from the
previous shareholders and sequentially the 4,8% through its participation in the increase in share capital decided by “Intelli Solutions
S.A.”, hence acquiring 60% in total.
The total cost of the agreement for the acquisition of 60% amounts to Euros 2.800 thousand, while the total investment is estimated
to amount to Euros 4.200 thousand in the next couple of years, through a provision for additional compensation towards previous
shareholders. The resulting temporary goodwill of the above acquisition was determined based on the book value of the acquired
entity and is temporary. The determination of the fair value of their assets, liabilities and contingent liabilities, the Purchase Price
Allocation (PPA) and the finalization of the resulting goodwill will be completed within 12 months from the acquisition in accordance
with IFRS 3 - Business Combinations. Below is the calculation of the temporary acquisition goodwill of the above subsidiary:
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Lease liabilities 14.077 14.354 12 23
Amounts due to related parties
8.595 9.803 402 477
Total 22.672 24.157 414 500
Non-current 18.229 18.509 342 414
Current 4.443 5.648 71 86
22.672 24.157 414 499
Aging
31/12/2021 31/12/2020 31/12/2021 31/12/2020
Not later than 1 year 4.446 5.648 71 86
Later than 1 year but not later than 5 years 15.317 14.732 342 345
Later than 5 years 2.909 3.778 - 69
22.672 24.156 414 499
GROUP
COMPANY
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-176-
44. Provisions
Provisions of the Group for the year ended 31/12/2021 and 31/12/2020, respectively, was:
INTELLI SOLUTIONS GROUP
Amounts in thousand euro
- Consideration 4.200
Account
values
1/10/2021
Assets
Non-current assets 1.030
Short-term receivables 1.181
Cash and cash equivalents 1.030
Total assets 3.242
Liabilities
Long-term liabilities 2.362
Short-term liabilities 1.208
3.570
Total liabilities
-328
Percentage (%) acquired 60,00%
Net assets acquired -197
Consideration paid in cash 2.800
Earn-out 1.400
Assets acquired -197
Goodwill (Final) 4.397
Consideration paid in cash 2.800
Cash on acquisition date 1.030
Net cash out flow 1.770
Group
31/12/2021
1st January 2020
230
Additional provision for the year
-
31 December 2020
230
Acquisition of subsidiaries
42
Reclassifications
(230)
31 December 2021
42
Ageing analysis of provisions:
31/12/2021 31/12/2020
Current
- 230
Non-current
42 -
Total
42 230
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-177-
45. Audit fees
The audit fees of the Group auditors for the Group and the Company were:
46. Disposal of subsidiaries and held for sale financial assets and liabilities
In the framework of the agreement for the sale of the shares of "Cardlink SA", on September 23, 2021 an agreement was signed
with "Edgepay Holdings Limited" for the transfer of shares corresponding to 20% of the share capital of the subsidiary Cardlink
SA. », Pursuant to the shareholders' agreement of 23 January 2015, for a price of euro 1,368 thousand. Following the above
transaction the Company owned 65% of the share capital of the subsidiary" Cardlink SA " and the company "Edgepay Holdings
Limited" 35% of the share capital of the above subsidiary. On September 30, 2021, the sale transaction of the Company with 65%
of its participation in the company Cardlink SA was completed to the Worldline Group for a price of euro 92,042 thousand.
According to the above two transactions, the Company transferred its entire participation to the subsidiary of Cardlink SA. against
a total price of euro 93,410 thousand.
The calculation of the result of the sale of the subsidiary Cardlink SA to the Company and the Group is presented below:
The calculation of the impact of the sale of subsidiary firm “Cardlink S.A.” to the Group and Company, is presented below:
Amount Amount
Statutory audit fees 179 36
Survey fees 6 0
Tac certificate fees 86 6
Non audit fees 6 0
Total fees 277 42
Audit fees 2021
Group
Company
Amount Amount
Statutory audit fees 192 18
Survey fees 20 -
Tax certificate fees 96 5
XBRL audit fees 10 -
Non-audit fees 8 -
Total fees 326 23
Audit fees 2020
Group
Company
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-178-
Meanwhile, the 85% stake of the Company at the subsidiary “Cardlink One S.A.”, on the basis of a May 27, 2021, agreement with
Worldline Group will be transferred. The completion of the sale transaction of the shares is under terms and conditions, including
approval form the National Bank of Greece and the Central Bank of Belgium.
The value of assets held for sale that concern the subsidiary firm “Cardlink One S.A.” are presented below:
Quest Group
Cardlink S.A. Equity on 30/9/2021 15,229
Cost for 20% 1,368
Cost for 65% 92,042
Profit for QG 78,181
Minus immediate expenses for sale of stake 2,337
Profit for Quest group 75,844
Calculation of minority rights 2,284
Final Result 78,128
Quest Holdings S.A.
Cardlink S.A. 85% Acquisition Cost 5,825
Cost for 20% 1,368
Cost for 65% 92,042
Profit for QH 87,585
Minus immediate expenses for sale of stake 2,337
Final Profit for QH 85,248
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-179-
Balance sheet
31/12/2021 31/12/2020
ASSETS
Non-current assets
Deferred income tax asset 4 0
4 0
Current assets
Trade and other receivables 1 1
Cash, cash equivalents and restricted cash 166 290
168 291
Total assets 171 291
EQUITY
Share capital 330 330
Retained earnings (196) (47)
Total equity 134 283
LIABILITIES
Non-current liabilities
Retirement benefit obligations
4 0
4 0
Current liabilities
Trade and other payables 33 9
33 9
Total liabilities 37 9
Total equity and liabilities 171 291
Statement of financial position
1/1-31/12/2021 1/1-31/12/2020
Sales - -
Cost of sales (141 ) -
Gross profit (141 ) -
Selling expenses (36 ) -
Administrative expenses - (8 )
Other operating income / (expenses) net 26 -
Other profit / (loss) net (0 ) -
Operating profit (151 ) (8 )
Finance income - -
Finance costs (1 ) -
Finance costs - net (1 ) -
- -
Profit/ (Loss) before income tax (152 ) (8 )
Income tax expense 4 -
Profit/ (Loss) after tax
(148 ) (8 )
1/1-31/12/2021 1/1-31/12/2020
Net cash generated from operating activities -123 17
Net cash used in investing activities 0 0
Net cash used in financing activities 0 19
Net increase/ (decrease) in cash and cash equivalents -123 -2
Cash and cash equivalents at beginning of year 290 293
Cash, cash equivalents and restricted cash at end of the period 166 290
Cash flow Cardlink One S.A.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-180-
47. Reclassifications
On May 2021, the IFRS Interpretation Committee published the final agenda decision under the title “ Distribution of provisions in
periods of service in accordance with IAS 19”, which includes explanatory material in regards to the way of distribution of provisions
in periods of service under a specific program of signified services similar to that defined by the in article 8 of n. 3198/1955 in
regards to the provision of compensation due to retirement.
On the basis of the above decision, the way in which the basic principles of IAS 19 were applicated in Greece in the past in regards
to that matter, is differentiated, and consequently financial entities that compile their financial statements according to the IFRS are
required to modify their accounting policy accordingly, in regards to that matter.
The Group, until the publishing of the agenda decision, acted according to IAS 19 distributing the provisions defined by article 8 of
n. 2112/1920 and its modification from n. 4093/2012, during the period of hiring until the date of retirement of employees.
The application of the mentioned final decision in the attached financial statements, has resulted in the distribution of provisions
taking place within the last 16 years until the date of retirement of employees, acting according to n. 4093/2012.
According to the above, the application of the above final decision has been faced as a modification of accounting policy, applying
the change retrospectively from the start of the comparative period, in accordance with paragraphs 19-22 of IFRS 8.
The following tables exhibit the effects of the application of the final decision for each aspect of the financial statements that is
affected. Rows that were not affected from the changes brought by the modification of accounting policy are not included in the
table.
1/1-30/9/2021 1/1-31/12/2020
Net cash generated from operating activities 1.691 1.853
Net cash used in investing activities -3.076 -2.909
Net cash used in financing activities 520 2.112
Net increase/ (decrease) in cash and cash equivalents -866 1.056
Cash and cash equivalents at beginning of year 3.086 2.030
Cash, cash equivalents and restricted cash at end of the period 2.220 3.086
Cash Flow Cardlink S.A.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-181-
Extract from the statement of financial position 31/12/2020
Group
31/12/2020
Impact of change in accounting
policy
Reclassifications 31/12/2020
Restated
ASSETS
Deferred income tax asset 13.977 -1.318 -2.394 10.265
Other Non-current assets 188.732 0 0 188.732
Non-current assets 202.709 -1.318 -2.394 198.997
Current income tax asset 5.723 0 -3.456 2.267
Other current assets 295.279 0 0 295.278
Current assets 301.002 0 -3.456 297.545
Total assets 503.710 -1.318 -5.850 496.542
EQUITY
Retained earnings 85.448 4.667 -238 89.877
Others 57.200 0 0 57.200
Total equity 142.648 4.667 -238 147.077
LIABILITIES
Deferred tax liabilities 18.609 -99 -2394 16.116
Retirement benefit obligations 10.276 -5.886 0 4.390
Other non-current liabilities 88.831 0 0 88831
Non-current liabilities 117.716 -5.985 -2.394 109.337
Current income tax liability 12.413 0 -3.218 9.195
Other current liabilities 230.933 0 0 230.934
Current liabilities 243.346 0 -3.218 240.129
Total liabilities 361.062 -5.985 -5.612 349.465
Total equity and liabilities 503.710 -1.318 -5.850 496.542
Extract from the statement of financial position 1/1/2020
Group
1/1/2020
Impact of change in accounting
policy
Reclassifications 1/1/2020
Restated
ASSETS
Deferred income tax asset 11.441 -1.412 - 10.029
Other Non-current assets 189.074 0 0 189.074
Non-current assets 200.515 -1.412 0 199.103
Current assets 222.812 0 0 222.812
Total assets 423.327 -1.412 0 421.915
EQUITY
Retained earnings 134.964 4.430 0 139.394
Others 8.239 0 0 8.239
Total equity 143.203 4.430 0 147.633
LIABILITIES
Deferred tax liabilities 16.699 0 0 16.699
Retirement benefit obligations 9.778 -5.884 0 3.894
Other non-current liabilities 38.909 42 0 38.951
Non-current liabilities 65.386 -5.842 0 59.544
Current liabilities 214.739 0 0 214.739
Total liabilities 280.125 -5.842 0 274.283
Total equity and liabilities 423.327 -1.412 0 421.915
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-182-
Extract from the statement of financial position 31/12/2020
31/12/2020
Impact of change in accounting
policy
Reclassifications 31/12/2020
Restated
ASSETS
Deferred income tax asset 0 0,00 - 0
Other Non-current assets 76.540 0 0 76.540
Non-current assets 76.540 0 0 76.540
Current income tax asset 3 0 0 3
Other current assets 9.258 0 0 9.258
Current assets 9.261 0 0 9.261
Total assets 85.800 0 0 85.800
EQUITY
Retained earnings 15.441 19 0 15.460
Others 50.082 0 0 50.082
Total equity 65.523 19 0 65.542
LIABILITIES
Deferred tax liabilities 812 6 0 818
Retirement benefit obligations 30 -25 0 5
Other non-current liabilities 12.449 0 0 12.449
Non-current liabilities 13.291 -19 0 13.272
Current income tax liability 5.535 0 0 5.535
Other current liabilities 1.451 0 0 1.452
Current liabilities 6.986 0 0 6.986
Total liabilities 20.277 -19 0 20.258
Total equity and liabilities 85.800 0 0 85.800
Company
Extract from the statement of financial position 1/1/2020
1/1/2020
Impact of change in accounting
policy
Reclassifications 1/1/2020
Restated
ASSETS
Deferred income tax asset 0 0,00 - 0
Other Non-current assets 79.538 0 0 79.538
Non-current assets 79.538 0 0 79.538
Current income tax asset 5 0 0 5
Other current assets 3.095 0 0 3.095
Current assets 3.100 0 0 3.100
Total assets 82.638 0 0 82.638
EQUITY
Retained earnings 70.878 17 0 70.896
Others 9.377 0 0 9.377
Total equity 80.255 17 0 80.273
LIABILITIES
Deferred tax liabilities 760 6 0 766
Retirement benefit obligations 26 -23 0 3
Other non-current liabilities 557 0 0 556
Non-current liabilities 1.343 -17 0 1.325
Current income tax liability 0 0 0 0
Other current liabilities 1.041 0 0 1.041
Current liabilities 1.041 0 0 1.041
Total liabilities 2.384 -17 0 2.366
Total equity and liabilities 82.638 0 0 82.638
Company
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-183-
Extract from the statement of comprehensive income 31/12/2020
Group 31/12/2020
Impact of change in accounting policy
31/12/2020
Restated
Cost of sales -605.545 -31 -605.576
Gross profit 115.814 -31 115.783
Selling expenses -38.246 10 -38.236
Administrative expenses -37.765 -17 -37.782
Operating profit 41.155 -38,00 41.117
Profit/ (Loss) before income tax 35.261 -38,00 35.223
Income tax expense -18.922 -126 -19.048
Profit/ (Loss) after tax for the period 16.339 -164 16.175
Actuarial gains/(losses) on defined benefit pension plans
-102 164 62
Total comprehensive income / (loss) for the
period
16.237 0 16.237
Extract from the statement of comprehensive income 31/12/2020
Company 31/12/2020
Impact of change in accounting policy
31/12/2020
0 Restated
Cost of sales 0 0 0
Gross profit 0 0 0
Selling expenses 0 0 0
Administrative expenses -1.771 3 -1.768
Operating profit 13.269 3 13.271
Profit/ (Loss) before income tax 13.113 3 13.116
Income tax expense -11.174 0 -11.174
Profit/ (Loss) after tax for the period 1.939 3 1.942
Actuarial gains/(losses) on defined benefit pension plans
-1 2 1
Total comprehensive income / (loss) for the
period
1.938 5 1.943
Extract from Cash Flow Statement 31/12/2020
Group 31/12/2020
Impact of change in
accounting policy
31/12/2020
Restated
Profit/ (Loss) before income tax 35.261 -39 35.222
Net cash generated from operating activities 49.422 -39 49.383
Income tax paid -10.327 40 -10.287
Net cash generated from operating activities 32.510 1 32.511
Extract from Cash Flow Statement 31/12/2020
Company 31/12/2020
Impact of change in
accounting policy
31/12/2020
Restated
Profit/ (Loss) before income tax 13.113 -13110 3
Net cash generated from operating activities -176 -13110 -13.286
Income tax paid -5.585 0 -5.585
Net cash generated from operating activities -5.920 -13.110 -5.918
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-184-
48. Events after the balance sheet date of issuance
Acquisition of Photovoltaic stations
Through the 100% indirect subsidiaries, WIND PARK BIOTIAS AMALIA and WIND PARK BIOTIAS MEGALO PLAI, the company
completed, on the 14
th
of January 2022, the acquisition of photovoltaic stations of electrical power production of total power 2MW,
which have been installed within the state of Attiki, for the total amount of €1,56m, including borrowings. With the above acquisition,
the total installed power of energy production stations for Quest Group’s energy branch, amounts to 30MW.
Decisions Taken by the Company’s Extraordinary General Assembly
Item 1: Stock split with a ratio of three (3) new to replace one (1) old share while at the same time – for number rounding purposes-
reduction of the share capital of the Company by three hundred fifty seven thousand and four hundred and eight euros and 96 cents
(€357.408), through a reduction in the nominal value of each share from 0,443333333 to 0,44 euros and according to article 31,
paragraph 2 of number 4548/2018, equal to the amount of deduction from the share capital - Alteration of article 5 of the Company’s
mission statement concerning share capital – Provision of the necessary authorization towards the Company’s board of Directors
for the implementation of the specific decisions taken.
After legal voting process, the General Assembly with 28,781,467 valid votes corresponding to at a percentage of 80,53% of the
registered share capital after voting rights, with valid votes representing shareholders, approved the proposed stock spilt with ratio
of three (3) new to replace one (1) old share with- for number rounding purposes- reduction of the share capital of the Company by
three hundred fifty seven thousand and four hundred and eight euros and 96 cents (€357.408), through a reduction in name value
of each share from 0,443333333 to 0,44 euros and according to article 31, paragraph 2 of number 4548/2018, equal to the amount
of deduction from the share capital. Thus, it approved the proposed alteration of article 5 of the Company’s mission statement and
especially paragraph 12 included in the specific document, which concerns share capital and provides authorization to the Board
of Directors of the Company, for the implementation of the specific decisions taken.
In Favor: 28,781,467 votes, 80,53% of existing share capital.
Against: 0 votes.
Αbstained: 0 votes.
Admission of bonus shares, resulting from the split of Company's shares
The Extraordinary General Meeting of the Company's shareholders, held on 28.02.2022, decided inter alia the reduction of the
nominal share value from Euros 1,33 to Euros 0.44 Euro and the simultaneous increase of the total number of shares from
35.740.896 to 107.222.688 common registered voting shares (split).
The 71.481.792 new shares shall be distributed free‐of‐charge to the shareholders of the Company in ratio of 2 new common
registered shares for each 1 old common registered share. Following the above corporate change, the share capital of the
Company amounts to Euros 47.177.982,72, divided into 107.222.688 common registered voting shares with a nominal value of
Euro 0.44 each. At the same time, a special purpose reserve was formed, according to art. 31 par. 2 of Law 4548/2018
amounting to Euro 357,408.96 for the purpose of rounding off the new nominal value of the share.
On 04.03.2022, decision No. 2807832/04.03.2022 of the Companies Directorate, Supervising Department of Listed and Sports
Joint‐Stock Companies of the Ministry of Economy and Development, by which the amendment of Article 5 of the Company
Statute was approved, was registered with the General Commercial Registry (GCR) under Reg. No. 2589584/04.03.2022. The
Corporate Actions Committee of the Athens Stock Exchange at its meeting on 11.03.2022 approved the admission to trading of
the new shares of the Company resulting from the above.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-185-
By decision of the Company, the following are set:
(a) as “ex‐date” of the right to participate in the shares split is set 16.03.2022. From the same date, the shares of the Company
shall be traded on the Athens Stock Exchange at the new nominal value, i.e. Euro 0.44 per share, without the right to participate
in the bonus shares distribution, and the starting price of the Company's shares on the Athens Stock Exchange shall be formed in
accordance with the Athens Stock Exchange Regulation in conjunction with Decision No. 26 of the Board of Directors of the
Athens Stock Exchange, as in force, and
(b) beneficiaries to the abovementioned corporate action shall be the shareholders of the Company, registered in the
Dematerialized Securities System (DSS) records on 17.03.2022.
As commencement date of the trading of the new shares on the Athens Stock Exchange is set 21.03.2022. From the same date,
the abovementioned shares shall be credited to the shares and securities accounts of the shareholders in the DSS. No further
significant events occurred after the date of publication of financial statements.
Military Conflict in Ukraine
The recent military conflict between Russia and Ukraine, is expected to have a negative impact in worldwide economic activity,
considering that Europe imports approximately 40% of natural gas and 25% of oil from Russia and is therefore likely to face new
price increases. Furthermore, Russia is the largest supplier of wheat worldwide, and alo0ng with Ukraine represent approximately
25% of total global exports. The relative impact highly depends on how the invasion develops. This entails whether the Russian
troops will intensify the operation in the Ukrainian capital, Kyiv. Further, if the conflict lasts month or the whole of 2022, the total
amount of Western sanctions that are imposed, as well as the extent to which Russia will react by withholding of crucial supplies of
natural gas from Europe or by unleashing malicious cyberattacks.
As was made clear with the pandemic, small pauses (in economic activity) in one place may cause turbulence in other distant
places. Shortages and price increases – whether involving natural gas, wheat, aluminium or nickel – may cause an avalanche in a
world that is still recovering from the pandemic. This entails that the invasion could have has double impact – slowing of economic
activity and increased of prices. The significant sanctions that damage Russia fiercely and extensively have the potential to cause
noteworthy damage to Europe.
The Group is active in the European Union and in areas of activity that are not directly and geographically linked with the events
taking place. However, it is estimated that there will be a negative effect to the degree that the conflict but also the sanctions
imposed by the West to Russia will last for a considerable amount of time. As was mentioned before, there is no area of operation
for the Group in the involved countries and is therefore not feasible to estimate the impact on the Groups financial results.
In accordance with the developments, the most significant effects in the global economy may only appear in the long-term.
Publishing of decision regarding the application for acquisition of “ G.E.Dimitriou S.A.”
Published on the 1
st
of March 2022, and released to the press on March 15
th
, 22, the 146/2022 decision of the Court of Athens
regarding the acquisition of G.E.D., on the basis of which the application was accepted.
Following that, the deadline for the exercise of the judicial proceedings is expected to elapse, in order for an urgent General
Assembly of “G.E.Dimitriou S.A.”’s shareholders to take place, in order for “ Que st Holdings S .A.” to proceed as the majority
shareholder in the share capital of “G.E.Dimitriou S.A.”, after an increase in the share capital of “G.E.Dimitriou S.A, amounting to
5.000.000 Euros.
No additional significant events took place after the date of publication of the financial statements.
Financial statements
for the year ended 31 December 2021
(Amounts presented in thousand Euro except otherwise stated)
-186-
IV. Independent Auditors’ Report
1
Independent Auditor’s Report
(Translated from the original in Greek)
To the Shareholders of
QUEST HOLDINGS S.A.
Report on the Audit of the Separate and Consolidated Financial
Statements
Opinion
We have audited the accompanying Separate and Consolidated Financial
Statements of QUEST HOLDINGS S.A. (the “Company”) which comprise the
Separate and Consolidated Statement of Financial Position as at 31 December
2021, the Separate and Consolidated Statements of Comprehensive Income,
Changes in Equity and Cash Flows for the year then ended, and notes, comprising a
summary of significant accounting policies and other explanatory information.
In our opinion, the accompanying Separate and Consolidated Financial Statements
present fairly, in all material respects, the financial position of Quest Holdings S.A.
and its subsidiaries (the “Group”) as at 31 December 2021 and of its separate and
consolidated financial performance and its separate and consolidated cash flows for
the year then ended, in accordance with International Financial Reporting Standards
as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing
(ISA), which have been incorporated in Greek legislation. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit
of the Separate and Consolidated Financial Statements section of our report. We are
independent of the Company and its consolidated subsidiaries in accordance with
the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants, as it has been incorporated into Greek legislation,
together with the ethical requirements that are relevant to the audit of the separate
and consolidated financial statements in Greece and we have fulfilled our ethical
responsibilities in accordance with the requirements of the applicable legislation and
the aforementioned Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
2
Impairment Assessment of Goodwill and Investments in subsidiaries
See Note 3.4, 3.8, 5.1, 8,11 and 43 to the Separate and Consolidated Financial
Statements
The key audit matter
How the matter was addressed in
our audit
At 31 December 2021, the Group had
recognized “Goodwill” amounting to
EUR 19.4 million in the consolidated
financial statements. In the separate
financial statements as at 31 December
2021, the Company had recognized
investments in subsidiaries amounting to
EUR 108.9 million which are accounted
for at cost, adjusted for any impairment
where necessary.
As at 31 December 2021, as stated in
Note 11 of the Separate Financial
Statements, the Company reversed
impairment losses amounting to EUR
52.4 million, that have been recorded for
investments in its subsidiaries in prior
years.
In accordance with IFRS, management
performs impairment tests for goodwill at
the end of each reporting period or more
often, when indications exist that the
carrying value of each Cash Generating
Unit (CGU) (subsidiaries companies) that
Goodwill has been allocated, exceeds its
recoverable amount. Respectively,
regarding the investments in subsidiaries,
the impairment or reversal of impairment
is examined when relevant indications
exist. The above assessment requires
significant judgement by management.
Regarding this matter, our audit
procedures included, among others, the
following:
1. We examined management’s
assessment and analysis regarding
the existence of indications of
impairment or reversal of
impairment of the investments in
subsidiaries.
2. For the subsidiaries where
indications of impairment exist or
where goodwill had been allocated,
we performed the following: With
the support of our valuation
experts:
i) we evaluated the
appropriateness of the methods
applied for the identification of
recoverable amount of CGUs
ii) we evaluated the
reasonableness of the key
assumptions and estimates of
future cash flows. The key
assumptions that were
evaluated included the revenue
trend of CGUs, the earnings
before financial and investing
activities, depreciation and
amortization and impairments,
growth rate and the discount
Key Audit Matters
Key audit matters are those matters, that, in our professional judgment, were of
most significance in our audit of the Separate and Consolidated Financial
Statements of the current period. These matters and the relevant significant
assessed risks of material misstatement were addressed in the context of our audit
of the Separate and Consolidated Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
3
The Group assesses the recoverable
amount of CGUs subsidiaries based on
value in use. The calculation of value in
use requires estimates of Management
relating to variables as compound annual
revenue growth rate, earnings before
financial and investing activities,
depreciation and amortization and
impairments, growth rate and the discount
rate.
The above estimates require significant
judgement from the Management and
include a level of uncertainty.
Consequently, we consider the
impairment assessment of Goodwill and
Investments in subsidiaries or the
reversal of impairment as a key audit
matter.
Disclosures regarding the assumptions
and the methodology used for the
calculation of the impairment/reversal of
impairment are important to provide
clarity to the separate and consolidated
financial statements.
rate used in the future cash
flow projections.
iii) We compared the key
assumptions used in
management's valuation
models with market trends and
assumptions used in the
previous year
iv) we confirmed the mathematical
accuracy of discounted cash
flow models for the
identification of value in use of
CGUs.
3. We evaluated the reliability of
management’s estimates during the
preparation of the business plans,
comparing the previous budgeted
estimates to the actual
performance of the CGUs.
Finally, we assessed the
appropriateness and the adequacy of
the related disclosures in the separate
and consolidated financial statements,
regarding the above issues.
Other Information
Management is responsible for the other information. The other information
comprises the information included in the Board of Directors’ Report, for which
reference is made in the “Report on Other Legal and Regulatory Requirements” and
the Declarations of the Members of the Board of Directors and any other information
either required by law or voluntarily incorporated by the Company in its Annual
Financial Report prepared in accordance with Law 3556/2007, but does not include
the Separate and Consolidated Financial Statements and our Auditor’s Report
thereon.
Our opinion on the Separate and Consolidated Financial Statements does not cover
the other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the Separate and Consolidated Financial Statements,
our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the Separate and Consolidated
Financial Statements or our knowledge obtained in the audit, or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
4
Responsibilities of Management and Those Charged with Governance
for the Separate and Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the Separate
and Consolidated Financial Statements in accordance with International Financial
Reporting Standards as adopted by the European Union, and for such internal
control as Management determines is necessary to enable the preparation of
separate and consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the Separate and Consolidated Financial Statements, management is
responsible for assessing the Company’s and the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to
liquidate the Company and the Group or to cease operations, or has no realistic
alternative but to do so.
The Audit Committee of the Company is responsible for overseeing the Company’s
and the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Separate and
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the Separate and
Consolidated Financial Statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAs which have been incorporated in
Greek legislation will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Separate and Consolidated
Financial Statements.
As part of an audit in accordance with ISAs, which have been incorporated in Greek
legislation, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
— Identify and assess the risks of material misstatement of the separate and
consolidated financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Company’s and
the Group’s internal control.
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— Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
Management.
— Conclude on the appropriateness of Management’s use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s and the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditors’ report to the related disclosures in the Separate
and Consolidated Financial Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may
cause the Company or the Group to cease to continue as a going concern.
— Evaluate the overall presentation, structure and content of the Separate and
Consolidated Financial Statements, including the disclosures, and whether the
separate and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
— Obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business activities within the Group to express an opinion on
these Consolidated Financial Statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible
for our audit opinion.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence and
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the Separate and
Consolidated Financial Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors’ report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
6
Report on Other Legal and Regulatory Requirements
1. Board of Directors’ Report
Taking into consideration that Management is responsible for the preparation of the
Board of Directors’ Report and the Corporate Governance Statement that is
included in this report, pursuant to the provisions of paragraph 5 of Article 2 of
Law 4336/2015 (part B), we note that:
(a) The Board of Directors’ Report includes a Corporate Governance Statement
which provides the information set by Article 152 of L. 4548/2018.
(b) In our opinion, the Board of Directors’ Report has been prepared in
accordance with the applicable legal requirements of Articles 150-151 and
153 -154 and of paragraph 1 (cases c and d) of article 152 of L. 4548/2018
and its contents correspond with the accompanying Separate and
Consolidated Financial Statements for the year ended 31 December 2021.
(c) Based on the knowledge acquired during our audit, relating to Quest Holdings
S.A. and its environment, we have not identified any material misstatements
in the Board of Directors’ Report.
2. Additional Report to the Αudit Committee
Our audit opinion on the Separate and Consolidated Financial Statements is
consistent with the Additional Report to the Audit Committee of the Company dated
7 April 2022, pursuant to the requirements of article 11 of the Regulation 537/2014
of the European Union (EU).
3. Provision of non-Audit Services
We have not provided to the Company and its subsidiaries any prohibited non-audit
services referred to in article 5 of Regulation (EU) 537/2014 or any other permissible
non-audit services.
4. Appointment of Auditors
We were appointed for the first time as Certified Auditors of the Company based on
the decision of the Annual General Shareholders’ Meeting dated 26 June 2020.
From then onwards our appointment has been renewed uninterruptedly for a total
period of 2 years based on the annual decisions of the General Shareholders’
Meeting.
7
5. Operations Regulation
The Company has an Operations Regulation in accordance with the content
provided by the provisions of the article 14 of Law 4706/2020.
6. Assurance Report on the European Single Electronic Reporting
Format
We examined the digital files of Quest Holdings S.A. (the “Company” or/and
“Group”), which were prepared in accordance with the European Single Electronic
Format (ESEF) that is determined by the Commission Delegated Regulation (EU)
2019/815, as amended by the Regulation (EU) 2020/1989 (the ESEF Regulation)
that include the separate and consolidated financial statements of the Company and
the Group for the year ended as at 31 December 2021 in XHTML format
“549300GTDOPCSETABE37-2021-12-31-el.xhtml” and also the file XBRL
“549300GTDOPCSETABE37-2021-12-31-el.zip” with the appropriate markup to the
those consolidated financial statements.
Regulatory framework
The digital files of the European Single Electronic Format are prepared in
accordance with the ESEF Regulation and the 2020/C 379/01 Commission
Interpretative Communication issued on 10 November 2020, as required by the
L. 3556/2007 and the relevant announcements of the Hellenic Capital Markets
Commission and the Athens Stock Exchange (the “ESEF Regulatory Framework”).
This Framework includes in summary, among others, the following requirements:
— All the annual financial reports must be prepared in XHTML format.
— With respects to the consolidated financial statements based on International
Financial Reporting Standards (IFRS), the financial information that is included
in the Statement of Comprehensive Income, the Statement of Financial Position,
the Statement of Changes in Equity and the Statement of Cash Flows, must be
marked up with XBRL tags, in accordance with the ESEF Taxonomy, as in force.
The technical requirements for the ESEF, including the relevant taxonomy, are
included in the ESEF Regulatory Technical Standards.
The requirements as defined in the ESEF Regulatory Framework as in force are
appropriate criteria in order to express a reasonable assurance conclusion.
Responsibilities of management and those charged with governance
Management is responsible for the preparation and filing of the separate and
consolidated financial statements of the Company and the Group, for the year ended
as at 31 December 2021, in accordance with the requirements determined by the
ESEF Regulatory Framework, and for such internal control as management
determines is necessary to enable the preparation of digital files that are free from
material misstatement, whether due to fraud or error.
Auditors’ Responsibilities
Our responsibility is the planning and the execution of this assurance engagement in
accordance with the 214/4/11-02-2022 Decision of the Hellenic Accounting and
Auditing Standards Oversight Board and the Guidelines for the assurance
engagement and report of Certified Auditors on the European Single Electronic
Reporting Format (ESEF) of issuers with shares listed in a regulated market in
8
7.
Greece”, as these were issued by the Institute of Certified Public Accountants of
Greece on 14 February 2022 (the “ESEF Guidelines”), in order to obtain reasonable
assurance that the separate and consolidated financial statements of the Company
and the Group that are prepared by the management of the Company in accordance
with the ESEF comply in all material respects with the ESEF Regulatory Framework
as in force.
Our work was performed in accordance with the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional Accountants, as it has been
incorporated into Greek legislation and we have also fulfilled our independence
requirements, in accordance with the L. 4449/2017 and the Regulation (EU)
537/2014.
The assurance work that we carried out refers exclusively to the ESEF Guidelines
and was conducted in accordance with the International Standard on Assurance
Engagements 3000, “Assurance Engagements other than Audits or Reviews of
Historical Financial Information”. Reasonable assurance is a high level of
assurance but is not a guarantee that such an assurance engagement will always
detect a material misstatement regarding non-compliance with the requirements of
the ESEF Regulation.
Conclusion
Based on the procedures performed and the evidences obtained, we express the
conclusion that the separate and consolidated financial statements of the Company
and the Group for the year ended as of 31 December 2021 in XHTML format
“549300GTDOPCSETABE37-2021-12-31-el.xhtml”, and the XBRL file
“549300GTDOPCSETABE37-2021-12-31-el.zip” marked up with respects to the
consolidated financial statements, have been prepared, in all material respects, in
accordance with the requirements of the ESEF Regulatory Framework.
Athens, 7 April 2022
KPMG Certified Auditors S.A.
AM SOEL 114
Harry Sirounis, Certified Auditor Accountant
AM SOEL 19071