Easternmed Real Estate Capital PLC

Interim / Quarterly Report • Dec 29, 2023

REPORT AND INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

REPORT AND INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

CONTENTS

Board of Directors and other officers
Management Report	2 - 4
Unaudited consolidated statement of profit or loss and other comprehensive income	5
Unaudited consolidated statement of financial position	6
Unaudited consolidated statement of changes in equity	7
Unaudited consolidated cash flow statement	8
Notes to the unaudited consolidated financial statements	10 - 29

PAGE

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	loannis Papaioannou Ellie Kioupi Marcos Panteleimon Klerides Athanasios Martinos Marina Martinou Costas Neocleous Dionysios Psallidas Petros Kotsikis - Appointed 26 October 2022
Company Secretary:	K and K Secretarial Limited
Independent Auditors:	Markos Drakos & Co Ltd Chartered Accountants 86 Ifigenias Street 2003 Nicosia Cyprus
Registered office:	Kyriakou Matsi 11, 8th floor, Nicosia 1082 Cyprus
Bankers:	Bank of Cyprus Public Company Ltd HSBC PIC Credit Suisse AG Natwest Bank Plc
Registration number:	HE394500

MANAGEMENT REPORT

The Board of Directors presents its report and unaudited financial statements of the Company and its subsidiaries (together with the Company, the "Group") for the period from 1 April 2023 to 30 September 2023.

Principal activity and nature of operations of the Group

The principal activity of the Group is the holding of investment properties (commercial real estate assets primarily in the office sector in the United Kingdom and Switzerland) for long-term rental yields and for capital appreciation.

Review of current position, and performance of the Group's business

The Group's development to date, financial results and position as presented in the unaudited consolidated financial statements are considered satisfactory.

Principal risks and uncertainties

The principal risks and uncertainties faced by the Group are disclosed in notes 6 and 29 of the consolidated financial statements.

The invation of Russia in the Ukraine and the extensive financial and other sanctions imposed to Russia and the United Kindom's withdrawal from the European Union may potentially have a wide impact on the economies and especially on the immovable properly markets of the UK and Switzerland, the countries that the Group is operating in, which is difficult to predict.

Furthermore, the increasing energy prices, fluctuations in foreign exchange rates, unease in stock market trading, rises in interest rates, supply chain disruptions and intensified inflationary pressures may indirectly impact the operations of the Group. The indirect implications will depend on the extent and duration of the crisis and remain uncertain. Also, the reduction in demand for office space in the UK and Switzerland may also have a negative impact on the Immovable property market in these countries.

This operating environment may have a significant impact on the Group's operations and financial position. Management is taking necessary measures to ensure sustainability of the Group's operations. However, the future effects of the current economic situation are difficult to predict and Management's current expectations and estimates could differ from actual results.

Future developments of the Group

The Board of Directors does not expect any significant changes or developments in the operations, financial position and performance of the Group in the foreseeable future.

Use of financial instruments by the Group

The Group is exposed to market price risk, interest rate risk, credit risk and liquidity risk from the financial instruments it holds

Market price risk

The Group is exposed to debenture price risk because of investments held by the Group and classified on the consolidated statement of financial position at fair value through profit or loss. The Group is not exposed to commodity price risk.

The Group's debenture investments issued by two Russian banks that are traded in the Moscow Exchange are since the start of the war on 24 February 2022 not traded and are already in default of interest payments in the period under review. Both investments have been fully written off.

Interest rate risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Group's income and operating cash flows are substantially independent of changes in market interest rates as the Group has no significant interest-bearing assets. The Group is exposed to interest rate risk in relation to its borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

MANAGEMENT REPORT

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. Credit risk arises from contractual cash flows of debt investments carried at fair value through profit or loss (FVTPL) and deposits with banks and financial institutions, as well as credit exposures to tenants.

Credit risk is managed on a group basis. For banks and financial insitutions, the Group has established policies whereby the majority of bank balances are held with independently rated parties with a minimum rating of 'C'.

If tenants are independently rated, these ratings are used. Otherwise, if there is no independent rating, Management assesses the credit quality of the tenant, taking into account its financial position, past experience and other factors. Individual credit limits and credit terms are set based on the credit quality of the tenant in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Group has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

Share capital

Authorised capital

During the period the Company's authorised capital was increased from 675.735.610 ordinary shares of nominal value of €1 each to 1.000.000.000 ordinary shares of nominal value of €1 each by creating 324.264.390 new ordinary shares of nominal value of €1 each. Issued capital

On 16 May 2023 the Company issued 76.521.902 new ordinary shares of €1 at the price of €1,0739 each (share premium €0,0739).

Board of Directors

The members of the Group's Board of Directors as at 30 September 2023 and at the date of this report are presented on page 1. All of them were members of the Board of Directors throughout the period from 1 April 2023 to 30 September 2023.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in office.

There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors.

Related party transactions

Disclosed in note 30 of the consolidated financial statements.

On 16 May 2023, the company through a shareholders' contribution, proceeded with the acquisition of the Cyprus company Medprestige Limited and the subsequent capitalisation of the non-refundable advances through the simultaneous issue and allotment of new shares to the shareholders, as per the relevant announcement issued by the company. It was observed however, after the issuance and allotment of the new shares, that the value of the new shares allotted to the shareholders was by UK Sterling 12.049.403 higher than intended. This fact created temporarily a debit balance in the shareholders' current account with the company of the same amount as at the date of these financial statements. On 30 November 2023, the shareholders deposited in the company's bank account an amount of Swiss Franc 29.750.000 and the debit balance in the shareholders' current account with the company was eliminated.

MANAGEMENT REPORT

Independent Auditors

The Independent Auditors, Markos Drakos & Co Ltd, have expressed their willingness to continue in office and a resolution giving authority to the Board of Directors to fix their remuneration will be proposed at the Annual General Meeting.

By order of the Board of Directors,

K AND K SECRETARIA LIMITED K and K Secretarial Limited

Secrétary

Nicosia, 20 December 2023

UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the period from 1 April 2023 to 30 September 2023

UKE

1/04/2023-1/04/2022-30/09/2023 30/09/2022 Note UKE Revenue 7 10.203.633 11.886.444 Rental expenses 8 (5.205.393) (872.187) Gross profit 4.998.240 11.014.257 9 Other operating income 1.109.406 105.814 10 Fair value losses on financial assets at fair value through profit or loss (79.119) Selling and distribution expenses (1.025) (4.086) Administration expenses 11 (204.918) (385.274) Net impairment profit/(loss) on financial and contract assets 3.995 (8.424) Operating profit 5.905.698 10.643.168 Finance income 12 810.873 316.658 Finance costs 12 (134.197) (261.290) Profit before tax 6.582.374 10.698.536 Tax 13 (1.683.055) (1.887.280) Net profit for the period 4.899.319 8.811.256 Other comprehensive income Exchange difference arising on the translation and consolidation of subsidiary companies' financial statements denominated in other currency 2.145.327 12.189.387 Other comprehensive income for the period 2.145.327 12.189.387 7.044.646 21.000.643 Total comprehensive income for the period

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 September 2023

ASSETS	Note	30/09/2023 UKE	30/09/2022 UKE
Non-current assets Plant and equipment Right-of-use assets Investment properties Intangible assets	14 15 1 ୧	1.766 5.359.211 610.149.866 3.149.872 618.660.715	451 5.422.344 615.979.648 3.149.872 624.552.315
Current assets Trade and other receivables Financial assets at fair value through profit or loss Cash at bank Total assets	19 20 21	18.186.805 28.062.460 46.249.265 664.909.980	4.749.846 10.462.881 34.781.932 49.994.659 674.546.974
EQUITY AND LIABILITIES
Equity Share capital Share premium Other reserves Retained earnings Total equity	22 22 23	613.921.281 5.479.440 13.746.578 9.218.467 642.365.766	547.394.670 563.124 35.879.671 23.852.453 607.689.918
Non-current liabilities Borrowings Lease liabilities	24 25	8.561.128 5.737.168 14.298.296	32.419.157 5.764.675 38.183.832
Current liabilities Trade and other payables Deferred income Borrowings Lease liabilities Current tax liabilities	26 27 24 25 28	4.026.486 1.817.876 93 76.471 2.324.992 8.245.918	5.725.854 1.368.379 17.700.020 76.471 3.802.500
Total liabilities		22.544.214	28.673.224 66.857.056
Total equity and liabilities		664.909.980	674.546.974

On 20 December 2023 the Board of Directors of Easternmed Real Estate Capital plc authorised these consolidated financial statements for issue.

... Athanasios Martinos

Director

Dionysios Psallidas Director

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the period from 1 April 2023 to 30 September 2023

				Non-
			Share	refundable	Translation	Retained
		Share capital	premium	advances	reserve	earnings	lota
	Note	UKE	JKE	UKE	JKE	ોર્મદ	UKA
Balance at 1 April 2022		547.394.670	124 563.	9.465.144	4.204.871	15.041.197	586.669.006
Net profit for the period						1.256 8 8	8.811.256
Other comprehensive income for the period					189.387		189.387 2
Balance at 30 September 2022		547.394.670	563.124	19.465.144	16.394.258	23.852.453	607.669.649
Balance at 1 April 2023		547.394.670	563.124	38.295.998	11.601.251		4.319.148 602.174.191
Net profit for the period						4.899.319	4.899.319
Other comprehensive income for the period					145.327 2		2.145.327
Issue of share capital	22	66.526.61	4.916.316				71.442.927
Utilization of advances from shareholders for increase in share capital				.295.998 38			38.295.998)
Balance at 30 September 2023		613.921.281	5.479.440		13.746.578	9.218.467	642.365.766

Share premium and translation reserve are not available for distribution.

Exchange differences previously accumulated in the foreign currency transitied to profit or loss on the disposal of he Exchange aliferences relating to the net asses of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. United Kingdom Pounds) are recognised directly in other comprehensive income and accumulated in the foreign currency fransition reserve. foreign operation.

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT For the period from 1 April 2023 to 30 September 2023

	Note	1/04/2023- 30/09/2023 UKE	1/04/2022- 30/09/2022 UKE
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax Adjustments for:		6.582.374	10.698.536
Depreciation of property, plant and equipment Depreciation of right-of-use assets Exchange difference arising on the translation of non-current assets	4	206 31.970	27 32.085
in foreign currencies Exchange difference arising on the translation and consolidation of		(961.480)	(11.335.402)
foreign companies' financial statements Unrealised exchange profit Excess of Group's interest in the net fair value of the subsidiaries'		2.145.327 (4.794)	12.189.387 (3.385)
assets and liabilities over cost on acquisition Fair value losses on financial assets at fair value through profit or loss		(508.228)	79.119
(Reversal of impairment)/impairment charge of trade receivables Interest income Interest expense	19 12 12	(3.995) (50.095) 121.770	8.424 (313.075) 216.005
		7.353.055	11.571.721
Changes in working capital: Increase in trade and other receivables Increase in financial assets at fair value through profit or loss Increase in bank deposits Increase/(Decrease) in trade and other payables Increase/(Decrease) in deferred income		(14.112.649) (16.798.714) 193.556 368.274	(1.047.609) (700) (45.663) (643.199) (186.440)
Cash (used in)/generated from operations		(22.996.478)	9.648.110
Tax paid		(1.693.413)	(673.588)
Net cash (used in)/generated from operating activities		(24.689.891)	8.974.522
CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of property, plant and equipment Payment for purchase of investment property Acquisition of subsidiaries, net cash outflow on acquisition Interest received	15 18	(1.815) (22.564.016) (43) 50.095	(806.684) 313.075
Net cash used in investing activities		(22.515.779)	(493.609)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of share capital and share premium		71.442.927
Utilization of advances from shareholders for increase in share capital Repayments of borrowings		(38.295.998)	(920.000)
Payments of leases liabilities Interest paid		(28.385) (121 770)	(13.364) 12160051

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT For the period from 1 April 2023 to 30 September 2023

	Note	1/04/2023- 30/09/2023 UKE	1/04/2022- 30/09/2022 UKE
Net cash generated from/(used in) financing activities		32.996.774	(1.149.369)
Net (decrease)/increase in cash and cash equivalents		(14.208.896)	7.331.544
Cash and cash equivalents at beginning of the period Effect of exchange rate fluctuations on cash held		25.076.423	27.046.817 3.383
Cash and cash equivalents at end of the period	21	10.867.527	34.381.744

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

1. Incorporation and principal activities

Country of incorporation

The Company Easternmed Real Estate Capital plc (the "Company") was incorporated in Cyprus on 14 February 2019 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at Kyriakou Matsi 11, 8th floor, Nicosia, 1082, Cyprus.

Unaudited financial statements

The consolidated financial statements for the six months ended on 30 September 2023 and 30 September 2022 respectively, have not been audited by the external auditors of the Company.

2. Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), and the requirements of the Cyprus Companies Law, Cap. 1 13.

As of the date of the authorisation of the financial statements, all International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) that are effective as of I January 2023 and relevant to the Company have been adopted by the EU through the endorsement procedure established by the European Commission.

These consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of, investment property, and financial liabilities at fair value through profit or loss.

The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates and requires Management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 6.

3. Adoption of new or revised standards and interpretations

During the current period the Group adopted all the new and revised International Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 April 2023. This adoption did not have a material effect on the accounting policies of the Group.

4. Significant accounting policies

The consolidated financial statements, which are presented in United Kingdom Pounds, have been prepared in accordance with international Financial Reporting Standards, including IAS 34 "Interim Financial Reporting"

The accounting policies used in the preparation of the consolidated financial statements are in accordance with those used in the annual financial statements for the year ended 31 December 2022.

Costs that are incurred during the financial year are anticipated for interim reporting purposes if, and only if, it is also appropriate to anticipate or defer that type of cost at the end of the financial year.

Corporation tax is calculated based on the expected tax rates for the whole financial year.

These consolidated financial statements must be read in conjunction with the annual financial statements for the year ended 31 December 2022.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

5. New accounting pronouncements

At the date of approval of these consolidated financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adoption of these accounting standards in future periods will not have a material effect on the consolidated financial statements of the Group.

6. Crifical accounting estimates, judgments and assumptions

Estimates and judgments 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.

Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant isk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Calculation of loss allowance

When measuring expected credit losses the Group uses reasonable and supportable forward looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other.

Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements.

Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions.

Income taxes

Significant judgment is required in determining the provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. 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.

Critical judgements in applying the Group's accounting policies

Fair value of investment property

The fair value of investment property is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at each reporting date. The fair value of the investment property has been estimated based on the fair value of their individual assets.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

6. Critical accounting estimates, judgments and assumptions (continued)

Impairment of non-financial assets

The impairment test is performed using the discounted cash flows expected to be generated through the use of non-financial assets, using a discount rate that reflects the current market estimations and the risks associated with the asset. When it is impractical to estimate the recoverable amount of an asset, the Group estimates the recoverable amount of the cash generating unit in which the asset belongs to.

Impairment of goodwill .

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units of the Group on which the goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cashgenerating units using a suitable discount rate in order to calculate present value.

Useful live of depreciable assets

The Board of Directors assesses the useful lives of depreciable assets at each reporting date, and revises them if necessary so that the useful lives represent the expected utility of the assets to the Group. Actual results, however, may vary due to technological obsolescence, mis-usage and other factors that are not easily predictable.

7. Revenue

The Group derives its revenue mainly from rental contracts with tenants.

Disaggregation of revenue	1/04/2023-	1/04/2022-
	30/09/2023	30/09/2022
	UKE	UK£
Rent receivable	10.126.134	1.632.945
Other income from property	77.499	253.499
	10.203.633	11.886.444

8. Rental expenses

	1/04/2023-	1/04/2022-
	30/09/2023	30/09/2022
	UKS	UK£
Property rates and taxes	92.748
Energy expenses	46.574	72.031
Repairs and maintenance	3.858 458	170.613
Electricity	379.166	67.401
Water supply and cleaning		4.345
Insurance	43.904	11.498
Sundry expenses	142.109	31.502
Other professional fees	317.106	31.888
Management fees	294 493	262.071
Salaries and wages abroad	35.835	120.838
	5.205.393	872.187

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

9. Other operating income

Excess of Group's interest in the net fair value of the subsidiaries' assets and liabilities over cost on acquisition Compensation for early termination of rental contracts Other operating income	508.228 601.178	105.814
	1.109.406	105.814
10. Loss from investing activities
Fair value losses on financial assets at fair value through profit or loss	1/04/2023- 30/09/2023 UKE	1/04/2022- 30/09/2022 UKE (79.119)
		(79.119)
11. Administration expenses
	1/04/2023- 30/09/2023	1/04/2022- 30/09/2022
Net effect relating to variable lease payments	UKE (1.131)	UKE
Common expenses Annual levy	495 442	396 886
Electricity	2.812	1.511
Water supply and cleaning Repairs and maintenance	909 254	1.130 4.351
Sundry expenses	8.243	547
Telephone and postage	45
Equipment maintenance		269
Auditors' remuneration - current period Auditors' remuneration for the statutory audit of annual accounts		1.780 3.318
Auditors' remuneration for other non-audit services	20.631	2.611
Auditors' remuneration - prior years	(870)
Accounting fees	1.801	800
Legal fees	6.804	28.851
Other professional fees	101.855	286.525
Overseas travelling	30.452	20.187
Depreciation of right-of-use assets	31.970	32.085
Depreciation	206	27
	204.918	385.274

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

12. Finance income/(costs)

	1/04/2023- 30/09/2023	1/04/2022-
	UKE	30/09/2022 UKF
Finance income
Bank interest	50.095
Interest on debentures		313.075
Realised foreign exchange profit	755.087	198
Unrealised foreign exchange profit	4.794	3.385
Other finance income	897
Bank and other loans interest	810.873	316.658
Finance costs
Interest expense
Loan interest	(63.426)	(157.295)
Interest expense on lease liabilities	(58.344)	(58.710)
Sundry finance expenses
Bank charges	(12.427)	(7.094)
Net foreign exchange losses
Realised foreign exchange loss		(38.191)
	(134.197)	(261.290)
Net finance income	676.676	55.368
13. Tax
	1/04/2023-	1/04/2022-
	30/09/2023	30/09/2022
	UKE	UKF
Corporation tax - current period Overseas tax	16.500 1.666.432
Defence contribution - current period	123	1.886.690 116
Defence contribution - prior years		474

Charge for the period

1.683.055 1.887.280

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

13. Tax (continued)

The tax on the Group's profit before tax differs from theoretical amount that would arise using the applicable tax rates as follows:

Profit before tax	1/04/2023- 30/09/2023 UKE 6.582.374	1/04/2022- 30/09/2022 UKE 10.698.536
Tax calculated at the applicable tax rates	822.797	1.337.317
Effect of different tax rates in other countries Tax effect of expenses not deductible for tax purposes		22979
Tax effect of allowances and income not subject to tax	15.171 (846.082)	(1.493.397)
10% additional charge	24.614	133.101
Defence contribution current period	123	116
Prior year tax		474
Overseas tax in excess of credit claim used during the period	1.666.432	1.886.690
Tax charge	1.683.055	1.887.280

The corporation tax rate in Cyprus is 12,5%. In addition, 75% of the gross rents receivable are subject to defence contribution at the rate of 3%.

Under certain conditions interest income may be subject to defence contribution at the rate of 30%. In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 17%.

The Group's rental and other income derives from permanent establishments outside of the Republic and is not taxed in the Republic.

The corporation tax rate in Switzerland can reach up to 30% as companies are taxed on their net profits, the amount of their share capital and the amount of receivable rental income and in the United Kingdom the corporation tax rate is 19%.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

14. Right-of-use assets

	Land and buildings UKE
Cost
Balance at 1 April 2022	5.879.562
Balance at 30 September 2022	5.879.562
Balance at 1 April 2023	5.879.562
Additions	878
Balance at 30 September 2023	5.880.440
Depreciation Balance at 1 April 2022 Charge for the period	425.133 32.085
Balance at 30 September 2022	457.218
Balance at 1 April 2023	489.258
Charge for the period	31.971
Balance at 30 September 2023	521.229
Net book amount
Balance at 30 September 2023	5.359.211
Balance at 1 April 2023	5.422.344

The Group through one of its subsidiary purchased a leasehold property in London in 2014. The leasehold period is 109 years and expires on 7 June 2123 and the leasehold agreement provides for a yearly payment of ground rent.

The parent company entered into an agreement in 2020 with a third party for the lease of its office in Nicosia. The lease period is 5 years and expires on 30 June 2025, with the option for the company to extend it by 2 years with the same terms.

Amounts recognised in profit and loss:

	1/04/2023-	1/04/2022-
	30/09/2023	30/09/2022
	UKE	UK£
Depreciation of right-of-use assets	(31.970)	(32.085)
Income relating to variable lease payments	1.131
Interest expense on lease liabilities	(58.344)	(58.710)

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

15. Investment properties

	31/09/2023	30/09/2022
	UKE	UKE
Balance at 1 April	586.624.370	598.430.300
Additions	22.564.016	806.684
Exchange differences	961.480	16.742.664
Balance at 30 September	610.149.866 615.979.648

Fair value hierarchy

The fair value of investment properties owned by the Group as at 30 September 2023 was determined by the Board of Directors of each of the Group companies at GBP610.149.866 (30/09/2022:GBP615.979.648) on the basis of information available to the Boards of the companies for the properties and general information on current conditions of the immovable property market in the UK and Switzerland. Company has no valuation of the investment properties as at this date from an external, independent property valuer. The Company obtains valuation of its investment properties from external, independent property valuers who have appropriate, recognised and professional qualifications and recent experience in the location and category of the properties periodically.

The fair value measurement for all of the investment properties has been categorised as a Level 3 fair value based on the inputs to the valuation technique used.

Valuation technique and significant unobservable inputs

The following table shows the valuation technique used in measuring the fair value of investment properties, as well as the significant unobservable inputs used.

Description	Fair value at Valuation 30 September technique 2023 UKE	Unobservable input	Range (weighted average)	Relationship of unobservable inputs to fair values
Commercial in London	108.750.000 Income approach	Assessment of Market value the location of of the building the property	UK£ 854 per square foot.	The fair value will increase/(decrease) if the rental income increases/ (decreases) and the corresponding return increases/ (decreases)
Commercial in London	30.137.615 Income approach	Assessment of Market value the location of of the building the property	UK£ 463 per square foot.	The fair value will increase/(decrease) if the rental income increases/ (decreases) and the corresponding return increases/ (decreases)
Commercial (office and shops) building in London	32.000.000 Income approach	Assessment of Market value the property	UK£ 663 per square foot.	The fair value will the location of of the building increase/{decrease} if the rental income increases/ (decreases) and the corresponding return increases/ (decreases)

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

15. Investment properties (continued)
Description	Fair value at Valuation 30 September technique 2023 UKE	Unobservable input	Range (weighted average)	Relationship of unobservable inputs to fair values
Commercial in London	15.150.000 Income approach	Assessment of the location of the property	Market value of the building UK£ 901 per square foot.	The fair value will increase/(decrease) if the rental income increases/ (decreases) and the corresponding return increases/ (decreases)
Commercial (office and shops) building in London	28.500.000 Income approach	Assessment of the location of the property	Market value of the building UK£ 647 per square foot.	The fair value will increase/(decrease) if the rental income increases/ (decreases) and the corresponding return increases / ( decreases)
Commercial in London	22.000.000 Income approach	Assessment of the location of the property	Market value of the building UK£ 593 per square foot.	The fair value will increase/(decrease) if the rental income increases / (decreases) and the corresponding return increases/(decreases)
Commercial in London	6.000.000 Income approach	Assessment of the location of the property	Market value of the building UK£ 703 per square foot.	The fair value will increase/(decrease) if the rental income increases/ (decreases) and the corresponding return increases/ (decreases)
Commercial (office and shops) building in Geneva	99.804.074 Income approach	Assessment of the location of of the building the property	Market value UK£ 699 per square foot.	The fair value will increase/(decrease) if the rental income increases/ (decreases) and the corresponding return increases/ (decreases)
Commercial (office and shops) building in Geneva	56.381.777 Income approach	Assessment of the location of of the building the property	Market value UK£ 2.199 per square foot.	The fair value will increase/(decrease) if the rental income increases / ( decreases) and the corresponding return increases / ( decreases)

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

15. Investment properties (continued)
Description	Fair value at Valuation 30 September technique 2023 UKE	Unobservable input	Range (weighted average)	Relationship of to fair values	unobservable inputs
Commercial in London	189.000.000 Income approach	Assessment of the property	Market value the location of of the building UK£ 840 per square foot.	The fair value will and the	increase/(decrease) if the rental income increases/ (decreases) corresponding return increases/(decreases)
Commercial (office and shops) building in Geneva	22.426.400 Income approach	Assessment of the location of of the building the property	Market value UK£ 840 per square foot.	The fair value will and the	increase/(decrease) if the rental income increases/(decreases) corresponding return increases/ (decreases)
	Details of investment properties are as follows:
				30/09/2023 UKE	30/09/2022 UKE
Type Commercial buildings in London Commercial buildings in Geneva				431.537.615 178.612.251	455.562.123 160.417.525
				610.149.866	615.979.648

During the period, the Group received rental income amounting to UK£10.126.134.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

1. Intangible assets

	Goodwill UKS
Cost Balance at 1 April 2022	3.149.872
Balance at 30 September 2022	3.149.872
Balance at 1 April 2023	3.149.872
Balance at 30 September 2023	3.149.872
Net book amount
Balance at 30 September 2023	3.149.872
Balance at 1 April 2023	3.149.872

Goodwill represents the premium paid to acquire the below noted companies (note 21) during the year.

Goodwill has been allocated for impairment testing purposes to the following cash-generating units:

• Alphafocus Ltd .
• . IHC Immobilien Limited
• Alphaprecious Limited
• Medspectrum Limited

17. Investments in subsidiaries

The details of the subsidiaries are as follows:

Name	Country of	Principal	Holding
	incorporation	activities	%
Medholdings Company Limited	Cyprus	Investments in	100
		properties
Classpremium Ltd	Cyprus	Investments in	100
		properties
Interclass Company Limited	Cyprus	Investments in	100
		properties
Alphaforum Ltd	Cyprus	Investments in	100
		properties
Forumprime Ltd	Cyprus	Investments in	100
		properties
Alphafocus Ltd	Cyprus	Investments in	100
		properties
Alphaspectrum Ltd	Cyprus	Investments in	100
		properties
IHC Immobilien Limited	Domiciled in	Investments in	100
	Cyprus	properties
Medcenter Holdings Ltd	Cyprus	Investments in	100
		properties
Alphaprecious Ltd	Cyprus	Investments in	100
		properties
Medspectrum Limited	Cyprus	Investments in	100
		properties
Medprestige Limited	Cyprus	Investments in	100
		properties

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

18. Acquisition of subsidiary

On 16 May 2023 the Group acquired 100% of the share capital of Medprestige Limited, which the principal activity is the holding of Investment property. The transaction has been accounted for by the purchase method of accounting.

The assets and liabilities acquired were as follows:

	Acquiree s
	carrying
	amount before
	combination	Fair value
	UKE	UKE
Investment property	22.426.400	22.426.400
Trade and other receivables	170.321	170.321
Cash at bank	298.510	298.510
	896.561
Deposits		896.561
Trade and other payables	(9.276)	(9.276)
Current tax liabilities	(211.381)	(211.381)
Borrowings	(43)	(43)
Net assets acquired	23.571.092	23.571.092
Net assets acquired	23.571.092	23.571.092
	1/04/2023-
Net cash flow on acquisition of subsidiaries		1/04/2022-
	30/09/2023	30/09/2022
	UKE	UKE
Cash and cash equivalents acquired	(43)
Net cash outflow on acquisition	(43)
19. Trade and other receivables
	30/09/2023	30/09/2022
	UKS	UKF
Trade receivables	3.070.509	1.087.724
Agents	1.582.533	2.766.630
Less: credit loss on trade receivables	(96.980)	(84.163)
Trade receivables - net	4.556.062	3.770.191
Shareholders' current accounts - debit balances (Note 30.2)	12.127.017	63.698
Deposits and prepayments	1.479.884	901.657
Deferred expenses	11000	6.800
Other receivables	12.842	7.500
	18.186.805	4.749.846

The Group does not hold any collateral over the trading balances.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

19. Trade and other receivables (continued)

Movement in provision for Credit loss on trade receivables:

	30/09/2023	30/09/2022
	UKE	UKE
Balance at 1 April Increase in provision on expected credit loss recognised on trade	84.163	77.595
receivables	12.817	6.568
Balance at 30 September	96.980	84.163

The fair values of trade and other receivables due within one year approximate to their carrying amounts as presented above.

20. Financial assets at fair value through profit or loss

			30/09/2023	30/09/2022
			UKE	UK£
Balance at 1 April				10.541.300
Additions			-	10.500.700
Disposals			-	(10.500.000)
Change in fair value				179.119
Balance at 30 September				10.462.88
	Fair values	Cost	Fair values	Cost
	30/09/2023	30/09/2023	30/09/2022	30/09/2022
	UKE	UKE	UKE	UK£
Debt securities			10.462.881	10.500.000
			10.462.881	10.500.000

Debentures listed on a Stock Exchange comprise of bonds that were listed in the Moscow Stock Exchange until the outbreak of the war between Russia and Ukraine on 24/2/2022, of the Russian Banks Sberbank of Moscow and VTB Bank and which both have expired in October 2022. Both debentures are in default of payments of the capital and the accrued interest and have been fully impaired in the financial statements of the Group.

The financial assets at fair value through profit or loss comprise of marketable debentures that are listed on a stock exchange and are valued at market value at the close of business on 30 September 2022 by reference to the Stock Exchange quoted bid prices and the non listed securities that are non-marketable bonds with financial institutions that are valued at cost plus accrued interest. Financial assets at fair value through profit or loss are classified as current assets because they are expected to be realised within twelve months from the reporting date.

In the consolidated cash flow statement, financial assets at fair value through profit or loss are presented within the section on operating activities as part of changes in working capital. In the consolidated statement of profit or loss and other comprehensive income, changes in fair values of financial assets at fair value through profit or loss are recorded in operating income.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

21. Cash at bank

	30/09/2023	30/09/2022
	UKE	UKE
Cash at bank	10.867.620	34.381.764
Tenants' bank deposits	17.194.840	400.168
		28.062.460 34.781.932

For the purposes of the consolidated cash flow statement, the cash equivalents include the following:

	30/09/2023	30/09/2022
	UKE	UKE
Cash at bank	10.867.620	34.381.764
Bank overdrafts (Note 24)	(93)	(20)
		10.867.527 34.381.744

22. Share capital and share premium

	30/09/2023 Number of shares	30/09/2023	30/09/2023	30/09/2022 Number of shares	30/09/2022	30/09/2022
		UKE	UKE		UKE	UKE
Authorised
Ordinary
shares of €1
each	675.735.610	743.830.792			743.830.792 675.735.610 743.830.792 435.735.610
Shares issued	324.264.390	356.941.138	356.941.138
Balance at 30 September
2021			1.000.000.000 1.100.771.930 1.100.771.930 675.735.610 743.830.792 435.735.610

Issued and fully paid	Number of shares	UKCE	Share capital Share premium UKE	Total UKE
Balance at 1 April 2022	639.426.528	547.394.670	563.124	547.957.794
Balance at 30 September 2022	639.426.528	547.394.670	563.124	547.957.794
Balance at 1 April 2023 Issue of additional shares	639.426.528 76.521.902	547.394.670 66.526.611	563.124 4.916.316	547.957.794 7 442.927
Balance at 30 September 2023	715.948.430	613.921.281	5.479.440	619.400.72

Authorised capital

During the period the Company's authorised capital was increased from 675.735.610 ordinary shares of nominal value of €1 each to 1.000.000.000 ordinary shares of nominal value of €1 each by creating 324.264.390 new ordinary shares of nominal value of €1 each.

Issued capital

On 16 May 2023 the Company issued 76.521 .902 new ordinary shares of €1 at the price of €1,0739 each (share premium €0,0739).

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

23. Other reserves

	Non-
	refundable	Translation
	advances	reserve	Total
	UKE	UKE	UKE
Balance at 1 April 2022	19.465.144	4.204.871	23.670.015
Exchange difference		12.189.387	12.189.387
Balance at 30 September 2022	19.465.144		16.394.258 35.859.402
Balance at 1 April 2023	38.295.998		11.601.251 49.897.249
Exchange difference	(38.295.998)		2.145.327 (36.150.671)
Balance at 30 September 2023			13.746.578 13.746.578

The non-refundable advances from shareholders are made available to the Board of Directors for future increases of the share capital of the Company.

Share premium is not available for distribution.

Exchange differences relating to the translation of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. Swiss franc) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Gains and losses on hedging instruments that are designated as hedges of net investments in foreign operations are included in the foreign currency translation reserve. Exchange differences previously accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal or partial disposal of the foreign operation.

24. Borrowings

	30/09/2023 UKE	30/09/2022 UK £
Current borrowings Bank overdrafts (Note 21) Bank loans	93	20 17.700.000
	93	17.700.020
Non-current borrowings Bank loans		21.400.317
Other loans	8.561.128	11.018.840
	8.561.128	32.419.157
Total	8.561.221	50.119.177

The Group through one of its subsidiaries was granted 2 loans from Nike Shipholder Corporation on 28 December 2016 and 7 May 2018 respectively classified under other loans. The first loan bears interest of 1.5% per annum and is repayable with 10 annual installments of CHF 1.162.500 each, on December 29 of each year. The second loan bears interest of 1.5% per annum and is repayable with 6 annual installments of CHF 500.000 each on December 29 of each year.

On 3 January 2022, the Company entered into supplements to the other loan agreements, where a grace period of 2 years was agreed by the parties of the loan agreements for the repayment of the principal and interest instalments.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

24. Borrowings (continued)

The Group through two of its subsidiaries was granted two bank loan 1 was repayable by quarterly installments of CHF 500.000 for each year and bears interest of Libor plus an agreed margin and a minimum of 0,71%, payable quarterly. The bank loan 2 was a Lombart credit facility repayable on demand which bears interest of 0,40% payable quarterly. Both bank loans were fully repaid during the period.

Maturity of non-current borrowings:

	30/09/2023	30/09/2022
	UKE	UKE
Between one to two years	-	6.035.800
Between two and five years	8.561.128	18.107.400
After five years		8.275.957
		8.561.128 32.419.157

The weighted average effective interest rates at the reporting date were as follows:

90	30/09/2023 30/09/2022 96
Bank loan 1	.71
Bank loan 2 Other loans 1,5	,4 1,5

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

25. Lease liabilities

	30/09/2023	30/09/2022
	UKE	UKE
Balance at 1 April	5.841.146	5.854.510
Repayments	(85.851)	(72.074)
Interest	58.344	58.710
Balance at 30 September	5.813.639	5.841.146

	Minimum ease payments	Interest	Principal	Minimum lease payments	Interest	Principal
		30/09/2023 30/09/2023 30/09/2023		30/09/2022	30/09/2022	30/09/2022
	UKE	UKE	UKE	UKE	UKE	UK£
Within one year	145.471	69.000	76.471	145.471	69.000	76.471
Between one and five
vears	732 507	654 320	78.187	732 507	654.320	78.187
After five years	12.732.076	7.073.095	5.658.981	12.817.927	7.131.439	5.686.488
	13.610.054		7.796.415 5.813.639		13.695.905 7.854.759	5.841.146

During 2014 the Group through one of its newly acquired leasehold property in London. The leasehold period is 109 years and expires on 17 June 2123 and the leasehold agreement provides for a yearly payment of ground rent. entered into a lease rental agreement for a property in London.

During the year 2020, the parent company entered into an agreement for the lease of its office. The lease period is 5 years and expires on 30 June 2025.

All lease obligations are denominated in United Kingdom Pounds.

The fair values of lease obligations approximate to their carrying amounts as presented above.

The Group's obligations under leases are secured by the lessors' title to the leased assets.

26. Trade and other payables

	30/09/2023	30/09/2022
	UKE	UKE
Trade payables	435.679	125 254
Prepayments from tenants	586.436	646.916
VAT	219.686	726.449
Shareholders' current accounts - credit balances (Note 30.3)	45.178	46.450
Payables to parent (Note 30.1)	1.753
Accruals	723.241	684.577
Other creditors	149	21.246
Deferred income	2009.990	3.473.532
Payables to fellow subsidiaries (Note 30.1)	4.374	1.430
	4.026.486	5.725.854

The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

27. Deferred income

	30/09/2023	30/09/2022
	UKE	UKE
Client advances	1.817.876	1.368.379
	1.817.876	1.368.379
28. Current tax liabilities
	30/09/2023	30/09/2022
	UKE	UKF
Corporation tax	7.607	4.461
Special contribution for defence	330	358
Overseas tax	2.317.055	3.797.681
	2.324.992	3.802.500

29. Operating Environment of the Group

The geopolitical situation in Eastern Europe intensified on 24 February 2022 with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the conflict continues to evolve as military activity proceeds. In addition to the impact of the events on entitles that have operations in Russia, Ukraine, or Belarus or that conduct business with their counterparties, the conflict is increasingly affecting economies and financial markets globally and exacerbating ongoing economic challenges.

The European Union as well as United States of America, Switzerland, United Kingdom and other countries imposed a series of restrictive measures (sanctions) against the Russian and Belarussian government, various companies, and certain individuals. The sanctions imposed include an asset freeze and a prohibition from making funds available to the sanctioned individuals and entitles. In addition, travel bans applicable to the sanctioned individuals prevents them from entering or transiting through the relevant territories. The Republic of Cyprus, Switzerland and the UK have adopted the United Nations and European Union measures. The rapid deterioration of the conflict in Ukraine may as well lead to the possibility of further sanctions in the future.

Emerging uncertainty regarding global supply of commodities due to the conflict between Russia and Ukraine conflict may also disrupt certain global trade flows and place significant upwards pressure on commodity prices and input costs as seen through early March 2022. Challenges for companies may include availability of funding to ensure access to raw materials, ability to finance margin payments and heightened risk of contractual non-performance.

The impact on the Group largely depends on the nature and duration of uncertain and unpredictable events, such as further military action, additional sanctions to ongoing developments by global financial markets.

The financial effect of the current crisis on the global economy and overall business activities cannot be estimated with reasonable certainty at this stage, due to the pace at which the conflict prevails and the high level of uncertainties arising from the inability to reliably predict the outcome.

The Group has no direct exposure to Russia, Ukraine and Belarus as the group owns no properties in these countries and none of its properties are rendered out to tenants from these countries. However, the company has invested in debentures issued by two Russian Banks which are, since the war started, not traded in the Moscow Stock Exchange and are in default for payment of interest to the debenture holders. The specific investments have already been fully impaired in the financial statements and have reduced the Group's profitability.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

29. Operating Environment of the Group (continued)

Furthermore, the increasing energy prices, fluctuations in foreign exchange rates, unease in stock market trading, rises in interest rates, supply chain disruptions and intensified inflationary pressures may indirectly impact the operations of the Group. The indirect implications will depend on the extent and duration of the crisis and remain uncertain.

Management has considered the unique circumstances and the risk exposures of the Group and has concluded that there will be no further significant impact in the Group's profitability position. The event is not expected to have an immediate material impact on the business trading operations. Management will continue to monitor the situation closely and will assess the possible impact on the Group's activities in case the crisis becomes prolonged.

30. Related party transactions

As of 16 May 2023, the Company's share capital is held by the Cyprus companies Kosmima Holdings Limited, Oceanroutes Shipping and Trading Limited, Seas of Levante Shipping and Financing Limited, Medventure Shipping Corporation Limited and Medvanguard Shipping Corporation Limited which own 10,82407%,7,19629%,7,19629%,7,19629% and 7,19629% (before 16 May 2023 they owned 10,82407%, 7,19629%, 7,19629%, 7,19629% and 7,19629% respectively) and by the non-Cyprus tax resident individuals Mr. Athanasios Martinos, Mrs Marinou, Mrs Marina Mathilde Martinou, Mrs Georgia Chatzi and Mrs Elli loannou Chatzi who own 21,95930%, 21,777267%, 21,88950%, 0,00140% and 0,00140% respectively (before 16 May 2023 they owned 20,43396%, 20,22501%, 19,72866%, 0,00157% and 0,00157% respectively)

The following transactions were carried out with related parties:

30.1 Payables to related parties (Note 26)

		30/09/2023	30/09/2022
Name	Nature of transactions	UKE	UKE
Easternmed Real Estate ManagementLtd Finance			.430
			.430

The payables to related parties were provided interest free, and there was no specified repayment date.

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS For the period from 1 April 2023 to 30 September 2023

30. Related party transactions (continued)

30.2 Shareholders' current accounts - debit balances (Note 19)

	30/09/2023	30/09/2022
	UKE	UK£
Seas of Levante Shipping and Financing Limited	19.404	15.974
Medvanguard Shipping corporation Limited	19.404	15.924
Medventure Shipping Corporation Limited	19.403	15.925
Oceanroutes Shipping and Trading Limited	19.403	15.925
Marina Martinou, Marina Martinou and Marina Mathilde Martinou	12.049.403
	12.127.017	63.698

On 16 May 2023, the company through a shareholders' contribution, proceeded with the acquisition of the Cyprus company Medprestige Limited and the subsequent capitalisation of the non-refundable advances through the simultaneous issue and allotment of new shares to the shareholders, as per the relevant announcement issued by the company. It was observed however, after the issuance and allotment of the new shares, that the value of the new shares allotted to the shareholders was by UK Sterling 12.049.403 higher than intended. This fact created temporarily a debit balance in the shareholders' current account with the company of the same amount as at the date of these financial statements. On 30 November 2023, the shareholders deposited in the company's bank account an amount of Swiss Franc 29.750.000 and the debit balance in the shareholders' current account with the company was eliminated.

The shareholders' current accounts are interest free, and have no specified repayment date.

30.3 Shareholders' current accounts - credit balances (Note 26)

Shareholders' current accounts	30/09/2023 30/09/2022
	UKE	UKE
	45.178	46.450
	45.178	46.450

The shareholders' current accounts are interest free, and have no specified repayment date.

31. Contingent liabilities

The Group had no contingent liabilities as at 30 September 2023.

32 Commitments

The Group had no capital or other commitments as at 30 September 2023.

33. Events after the reporting period

As explained in note 29 the geopolitical situation in Eastern Europe intensified on 24 February 2022, with the commencement of the conflict between Russia and Ukraine. As at the date of authorising these financial statements for issue, the conflict continues to evolve as military activity proceeds and additional sanctions are imposed.

Depending on the duration of the conflict between Russia and Ukraine, and continued negative impact on economic activity, the Group might experience negative results, and liquidity restraints and incur impairments on its assets on 1 October 2023 onwards which relate to new developments that occurred after the reporting period.

The exact impact on the Group's activities from 1 October 2023 and thereaffer cannot be predicted.