7. Changes in the applied accounting policies and changes in presentations

The accounting principles (policy) applied in preparing these consolidated financial statements are consistent with the ones applied in preparing the annual financial statements for the year ended 31 December 2020, except for amendments to standards and new standards or interpretations adopted by the European Union, which are binding for the periods commencing on or after 1 January 2021.

• Amendment to IFRS 16 Leases – a practical expedient which exempts lessees from assessing whether a Covid-19-related lease contract amendment represents a lease modification within the meaning of IFRS 16 Leases. It is effective for reporting periods beginning on or after 1 June 2020.
• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – regarding Interest Rate Benchmark Reform (Phase 2). They are effective for reporting periods beginning on or after 1 January 2021.
• Amendments to IFRS 4 Insurance Contracts – Deferral of IFRS 9. They are effective for reporting periods beginning on or after 1 January 2021.
• Amendment to IFRS 16 Leases – Covid-19-Related Rent Concessions, which are effective for periods after 1 June 2021. The amendments are effective from 1 April 2021 in relation to the reporting years beginning on or after 1 January 2021.

Application of the above mentioned amendments to standards and interpretations did not have any major effect on the consolidated financial statements of the Company for the year 2021.