Interfund Investments PLC

Annual Report • Apr 28, 2023

STATEMENT OF TOTAL INCOME for the year ended 31 December 2022

	2022 €	2021 €
Income	1.718.575	(688.429)
Other operating income	15.804	-
Administrative expenses	(291.685)	(298.553)
Profit/(loss) from operations	1.442.694	(986.982)
Finance income	-	63
Finance costs	(42.289)	(10.787)
Profit/(loss) before taxation	1.400.405	(997.706)
Taxation	(684)	-
Net profit/(loss) for the year	1.399.721	(997.706)
Other total income	-	-
	1.399.721	(997.706)
Total profit/(loss) for the year
Profit/(loss) per share attributed to the shareholders of the parent
company (cents)	1.24	(0.88)

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022

	2022 €	2021 €
ASSETS
Current assets
Amounts receivables	2.678	-
Financial assets at fair value through profit and loss	18.117.240	10.871.152
Cash and cash equivalents	31.357	5.886.638
	18.151.275	16.758.210
Total assets	18.151.275	16.758.210
EQUITY AND LIABILITIES
Equity
Share capital	14.663.168	14.663.168
Share premium reserve	4.183.040	4.183.040
Accumulated losses	(888.995)	(2.288.716)
Total equity	17.967.233	16.557.512
Current liabilities
Trade and other creditors	164.559	171.899
Current tax liabilities	29.483	28.799
	194.042	200.698
Total equities and liabilities	18.151.275	16.758.210

-

STATEMENT OF CHANGES IN NET POSITION Year ended 31 December 2022

		Share	Accumulated
	Share capital	Premium Reserve	losses	Total
	€	€	€	€
Balance as at 1 January
2021	14.663.188	4.183.040	(1.291.010)	17.555.218
Total income
Net loss for the year	-	-	(997.706)	(997.706)
Total loss for the year	-	-	(997.706)	(997.706)
Balance as at 31
December 2021 / 1 January 2022	14.663.188	4.183.040	(2.288.716)	16.557.512
Total income
Net profit for the year	-	-	1.399.721	1.399.721
Total income for the year	-	-	1.399.721	1.399.721
Balance as at 31
December 2022	14.663.188	4.183.040	(888.995)	17.957.233

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends on the 31st of December of the second year. The amount of the deemed dividend distribution is reduced by any actual dividend already distributed by the 31st of December of the second year for the year to which profits relate. Special contribution for defence at 17% is payable on such deemed dividends by the Company (effective as of 2014) to the extent that the shareholders concerned are natural persons, tax residents in Cyprus and domiciled in Cyprus. In addition, as of 2019 (deemed dividend distribution for 2017) a contribution to the General Health System at 2.65% (2019: 1.70%) is paid by the Company for the account of the shareholders, where the shareholders concerned are natural persons, tax residents in Cyprus, irrespective of their domicile.

STATEMENT OF CASH FLOWS

Year ended 31 December 2022

	2022	2021
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
(Profit)/loss before taxation	1.400.405	(997.706)
Adjustments for:
Loss/(profit) from sale of financial assets at fair value through profit and loss	107.235	(112.149)
(Profit)/loss of fair values in financial assets at fair value through profit and
loss	(1.821.789)	800.656
Credit dividends	(4.021)	-
Credit interest	-	(79)
Debit interest	2.768	-
	(315.402)	(309.278)
Changes in working capital
Increase in receivables	(2.678)	-
Increase in financial assets at fair value through profit and loss	(5.531.114)	(2.184.660)
Decrease in trade and other creditors	(7.340)	(16.301)
Cash for operations	(5.856.534)	(2.509.969)
Interest received	-	79
Dividends received	4.021	-
Net cash for operations	(5.852.513)	(2.509.890)
CASH FLOW FROM INVESTING ACTIVITIES
Interest received	-	9.775
Net cash from investing activities	-	9.775
CASH FLOW FROM FINANCING ACTIVITIES
Payment of interest	(2.768)	(9.775)
Net cash for financing activities	(2.768)	(9.775)
Net decrease in cash and cash equivalents	(5.855.281)	(2.509.890)
Cash and cash equivalents at beginning of year	5.886.638	8.396.528
Cash and cash equivalents at end of year	31.357	5.886.638