Climate Change Data

Environmental Metrics

ESG Focus Areas

• Our People
• Society
• Market & Products
• Environment

Environmental Achievements

• Reinstatement of the Limni Bay natural environment after mining operations, costing approximately €40 million.
• 25% reduction in accidents involving company vehicles in 2017 vs 2016.
• 92% reduction in speed limit violations due to fleet telematics system implementation.
• Installation of 6,270 light fittings and 676 LED lamps, resulting in energy savings of up to 74% in some stores.

Social Achievements

• €9 million donation to the University of Cyprus for the creation of a Medical School.
• €14,000 donation to the Sophia Foundation for Children (matched employee fundraising).
• Provided daily breakfast to thousands of needy primary school children (2013-2016).
• Offered various amounts of money and vouchers to needy families and organizations, totaling around €15,000.

Governance Achievements

• Adoption of the Corporate Governance Code.
• Implementation of a revised Performance Appraisal System.
• Introduction of a 180° Feedback System for managers.

Climate Goals & Targets

Environmental Challenges

• Significant reliance on foreign suppliers.
• Constant changes and rapid developments in the retail sector.
• Fluctuations in property prices and the tourism sector.
• Intense competition.
• Lack of market liquidity.

Mitigation Strategies

• Risk management strategies implemented across the Group.
• Diversification of activities and investments.
• Contingency plans to minimize the impact of risks.
• Internal Control System to protect shareholder investment and company assets.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Selection of suppliers based on commercial, social, and environmental criteria.
• Verification of certifications and licenses.
• On-site visits for purchases from third countries.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 22000:2005 (Ermes, C.W. Artopolis, Argosy)

Third-party Assurance: Not disclosed

Sustainable Products & Innovation

• Hybrid cars
• LED light bulbs
• Products addressing healthy diets.

Awards & Recognition

• Corporate Social Responsibility Award at the 2014 IN Business Awards.
• Gold Award at the Greek Supply Chain Awards 2018 (Argosy).

Environmental Metrics

ESG Focus Areas

• Governance
• Market & Products
• Our People
• Society
• Environment

Environmental Achievements

• Argosy Trading Company Ltd received an award for innovative practices and approaches in supply chain, warehousing and logistics.
• Argosy completed the replacement of its lighting to LED in all warehouse areas.
• Superhome completed the replacement of its lighting to LED at the Lakatamia store.
• CTC head offices replaced their lighting to LED.
• Ermes started the replacement of its lighting to LED at Era Zenon.
• Superhome entered into an agreement with a private energy supplier, providing green energy electricity (PV park), saving 8% of its electricity cost.
• In early 2024 CTC head offices and Argosy signed an agreement with a private energy supplier (PV park).

Social Achievements

• CTC Group was certified “Equality Employer”.
• Argosy received the “Highest Quality Growth Overall” award at the MARS 2024 Importers, Distributors Business Unit (IDBU) Summit.
• CTC Automotive celebrated 60 years of successful distribution of Hilti professional products in Cyprus.
• Superhome relocated and upgraded the Superhome megastore in Pafos and launched its own mobile application.
• The Pafos Superhome Center DIY megastore was relocated to Neon Mall of Pafos.

Governance Achievements

• CTC has engaged a qualified partner for the development of a holistic process, articulating the performance of the Group in financial, environmental, social and governance domains.
• The audited financial statements of 2020, 2021 and 2022 were published consecutively by the end of 2023, reinstating trading of shares at the CSE.
• Whistleblowing policy was developed and will be implemented in 2024.

Climate Goals & Targets

Environmental Challenges

• Supply shortages of raw materials, especially products originating from China, causing delays in production.
• Supply chain issues relating to raw materials and products originating from Ukraine and Russia.
• Increase in the price of oil and gas.
• Lack of personnel in specific professions, such as drivers with a professional license.
• Highly volatile retail sector.
• Financial risks (e.g. high interest rates, inflation).
• Lack of liquidity in the local market and cashflow risk.
• Intense competition.
• Increasing cost of goods and delays in the supply chain.
• Risks arising from the economic and political environment in Cyprus and possible repercussions from conflicts in the wider Middle East region.
• Non-financial risks relating to operations, compliance, legislation, and reputation.
• Increasing cost of living.
• Environmental risks.

Mitigation Strategies

• Careful selection and assessment of suppliers based on commercial, social and environmental criteria.
• Efficient planning and monitoring of supplies to reduce waste and maintain product quality.
• Implementation of various control mechanisms to identify and evaluate operational, financial, and technological risks.
• Contingency plans to minimize the impact of potential risks.
• Standardization of processes and written policies and procedures.
• Investment in new technologies and upgrading IT systems.
• Implementation of cloud technologies to digitize processes.
• Significant measures to ensure the protection of personal data and safeguard the security of information.
• Investments in security infrastructure and solutions to minimize cyber threats.

Supply Chain Management

Supplier Audits: On-site inspections before entering into agreements with suppliers from third countries.

Responsible Procurement

• Selection of suppliers based on commercial, social and environmental criteria.
• Prioritization of reputable brands and providers with a proven track of quality excellence.

Climate-Related Risks & Opportunities

Physical Risks

• Impacts on agriculture and potential food shortages
• Variations in seasons affecting product choices

Transition Risks

• Infrastructure costs related to energy consumption reduction and investments in energy-efficient and green products
• Raw material costs affecting the final price for consumers

Opportunities

• Offering hybrid and electric cars
• Providing high-quality solutions related to energy saving and energy efficiency

Reporting Standards

Frameworks Used: GRI Standards

Certifications: ISO 22000:2018 (Argosy), ISO 9001:2015 (CTC Automotive), ISO 14001:2015 (Argosy)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 16

See section 8.1 for details on how CTC's activities contribute to these SDGs.

Sustainable Products & Innovation

• Plant-based and organic food products
• Clothes made of sustainable materials
• Hybrid and electric cars
• Energy-efficient lighting and photovoltaic solutions

Awards & Recognition

• IN Business Supply Chain & Logistics Award (Argosy)
• Highest Quality Growth Overall award (Argosy)
• Equality Employer certification (CTC Group)