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contributing to the warming of our planet. A continuously increasing number of governments, governmental
bodies and committees have initiated or intend to pursue regulatory and legislative changes in order to deal
with the potential risks of such phenomenon.
As a result of the EU regulatory amendments, the Group’s operating margins might be affected by the changes
that could be put in place in its production facilities having increased emissions of greenhouses gases and in its
facilities with high energy needs. Given the width of the scope of such changes, the assessment of the eventual
impact of the future legislation and legislative framework for the climate change, as well as of the European
and international conventions and agreements is unclear. The Group might be obliged to undertake significant
investments in the future in order to comply with the new, amended legislation and the new regulations.
Finally, the Group, as a result of an eventual deficit or surplus in terms of CO2 emission rights management
and due to its large energy consumptions mainly because of the production of aluminum, might recognize
significant cost or revenue in future.
On the other hand, due to anyone of the aforementioned legislative changes relating to the climate change, the
Group might be given opportunities in the EPC sector.
Failure of achieving the expected long termbenefits fromproductivity and the cost reduction initiatives
The Group has undertaken and will pursue initiatives relevant to productivity and cost reduction in order to
improve the performance and reduce the overall production cost. All such actions may not be fulfilled or the
entire estimated savings might not be achieved for various reasons beyond the Group’s control.
Political, legal and regulatory issues
The Group’s activities in Greece relevant to energy remain regulated , in a significant degree, by the government
and depend on political decisions or legal and regulatory framework matters. The developments within this
environment, which could be translated into delays in the essential deregulation of the energy market, might
affect the activities of the Group and its future results as well as the value of its energy assets or assets, the
operation of which requires an important consumption of energy products.
Moreover, the Group may be affected by adverse political developments or developments relating to the
regulatory framework that could be connected to its EPC activities in areas outside Greece and mainly in
countries with political instability.
IT Safety
Our business operations are supported by different software and data processing systems. However, we cannot
fully exclude an eventual non availability of such systems or violation in terms of data safety.
