Henan Wandi Minerals Public Company LTD

Interim / Quarterly Report • Sep 29, 2023

MANAGEMENT ACCOUNTS Period from 1 January 2023 to 30 June 2023

MANAGEMENT ACCOUNTS

Period from 1 January 2023 to 30 June 2023

CONTENTS

Board of Directors and other officers	1
Management Report	2 - 3
Statement of the members of the Board of Directors responsibilities	বা
Statement of profit or loss and other comprehensive income	5
Statement of financial position	6
Statement of changes in equity	7
Cash flow statement	80
Notes to the management accounts	9 - 10

PAGE

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Andreas Karamanos -Appointed 15 of April 2020 Maria Polyviou -Appointed 7 of December 2020 Antzelina Ftanou - Appointed 20 of April 2021
Company Secretary:	Andreas Karamanos - Appointed 15 of April 2020
Independent Auditors:	Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors 39 Themistocles Dervis Street Office 102
Registered office:	15 Agion Omologiton Street 1080, Nicosia Cybrus
Registration number:	HE385760

1

MANAGEMENT REPORT

The Board of Directors presents its report and audited management accounts of the Company for the period from 1 January 2023 to 30 June 2023.

Principal activities and nature of operations of the Company

The Company is a holding company with no participations in the period under review.

Review of current position, future developments and performance of the Company's business

The results of this year are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses. Despite the loss this year the Company's development to date and the financial position as reflected in the management accounts are satisfactory.

Going concern basis

The management accounts have not been prepared on a going concern basis since it is the intention of the Board of Directors to liquidate the Company as soon as arrangements can be made.

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

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 cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions.

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

The Company's investments in debt instruments are considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.

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 Company 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

There were no changes in the share capital of the Company during the period under review.

Board of Directors

The members of the Company's Board of Directors as at 30 June 2023 and at the date of this report are presented on page 1.

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.

MANAGEMENT REPORT

Independent Auditors

The Independent Auditors, Ekkeshis Ierodiakonou 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,

Andreas Karamanos Secretary

Nicosia, 28 September 2023

STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS RESPONSIBILITIES

By order of the Board of Directors,

Andreas Karamanos Director

Nicosia, 28 September 2023

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Period from 1 January 2023 to 30 June 2023

	Note	30 June 2023 30 June 2022 ਵ
Administration expenses		(2.770)	(3,284)
Operating loss		(2,770)	(3,284)
Finance costs	2	(135)	(160)
Net loss for the period		(2,905)	(3,444)
Other comprehensive income
Total comprehensive loss for the period		(2,905)	(3,444)

The notes on pages 9 to 10 form an integral part of these management accounts.

STATEMENT OF FINANCIAL POSITION

30 June 2023

	Note	20723 (5	2022 是
Current assets
Cash at bank	3	1,154	1,289
		1,154	1,289
Total assets		1,154	1,289
EQUITY AND LIABILITIES
Equity Share capital	4	26,000	26,000
Accumulated losses		(33728)	(30,824)
Total equity		(7,728)	(4,824)
Current liabilities
Trade and other payables	5	8,882	6,113
		8,882	6,113
Total equity and liabilities		1,154	1,289

On 28 September 2023 the Board of Directors of Henan Wandi Minerals Public Company Ltd authorised these management accounts for issue.

Antzelina Ftanou Director

Andreas Karamanos Director

Maria Polyvioù Director

STATEMENT OF CHANGES IN EQUITY

Period from 1 January 2023 to 30 June 2023

Share capital (5	Accumulated osses (3	I lota (Э
26,000	(25,800) (3,444)	200 (3,444)
26,000	(29,244)	(3,244)
=	(1,579)	(1,579)
26,000	(30,823)	(4,823)
	(2,905)	(2,905)
26,000	(83728)	(7,123)

The notes on pages 9 to 10 form an integral part of these management accounts.

CASH FLOW STATEMENT

Period from 1 January 2023 to 30 June 2023

	30 June 2023	30 June 2022
CASH FLOWS FROM OPERATING ACTIVITIES	(3	ਵ
Loss before tax	(2,905)	(3,444)
	(2,905)	(3,444)
Changes in working capital:
Decrease in receivables		942
Increase in trade and other payables	277/0	2,343
Cash used in operations	(135)	(159)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in cash and cash equivalents	(135)	(159)
Cash and cash equivalents at beginning of the period	1,2339	1.43
Cash and cash equivalents at end of the period	1,154	1.289

The notes on pages 9 to 10 form an integral part of these management accounts.

NOTES TO THE MANAGEMENT ACCOUNTS Period from 1 January 2023 to 30 June 2023

1. Expenses by nature

			30 June 2073	30 June 2022
			(3	€
Auditors' remuneration			300	200
Other expenses			2,470	3,084
Total expenses			2770	3,284
2. Finance costs
			30 June 2023 30 June 2022
			ਵ	€
Sundry finance expenses			135	160
Finance costs			135	160
3. Cash at bank
Cash balances are analysed as follows:
			2023	2022
			S	€
Cash at bank			1,154	1,289
			1,154	1,289
4. Share capital
	2023	2023	2022	2022
	Number of		Number of
	shares	e	shares	ਵ
Authorised
Ordinary shares of €1 each	26,000	26,000	26,000	26,000
Issued and fully paid
Balance at 1 January	26,000	26.000	26,000	26,000

Balance at 30 June/31 December

Authorised capital

Under its Memorandum the Company fixed its share capital at 26000 ordinary shares of nominal value of €1 each.

26,000

26,000

26,000

26,000

Issued capital

Upon incorporation on 02 July 2018 the Company issued to the subscribers of its Memorandum of Association 26,000 ordinary shares of €1 each at par-

NOTES TO THE MANAGEMENT ACCOUNTS

Period from 1 January 2023 to 30 June 2023

5. Trade and other payables

	2023	2022
	(3	e
Shareholders' current accounts - credit balances	243	248
Accruals	2,750	2,101
Other creditors	5,884	3,764
	8,837	6,113

ADDITIONAL INFORMATION TO THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONTENTS	PAGE
Detailed income statement	1
Operating expenses	2
Finance costs	3

DETAILED INCOME STATEMENT

Period from 1 January 2023 to 30 June 2023

	Page	30 June 2023	30 June 2022
		(S	ਵ
Operating expenses
Administration expenses	2	(2,770)	(3,284)
Operating loss		(2,770)	(3,284)
Finance costs	רק	(135)	(160)
Net loss for the period before tax		(2,905)	(3,444)

OPERATING EXPENSES Period from 1 January 2023 to 30 June 2023

	30 June 2023 - 30 June 2022 ਦ	€
Administration expenses
Annual levy	350	350
Auditors' remuneration	300	200
Other professional fees	2,120	2.734
	2770	3.284

FINANCE COSTS

Period from 1 January 2023 to 30 June 2023

	30 June 2023 30 June 2022
	(S	€
Finance costs
Sundry finance expenses
Bank charges	135	160
	135	160

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