Demetra Holdings Plc

Quarterly Report • Nov 30, 2022

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

for the period 1 January 2022 to 30 September 2022

	Nine months ended 30 September
	2022	2021
	€	€
Income
Dividend income	749.394	609.275
Interest income	161.828	152.354
Rent income	718.048	788.625
Other income	-	17.984
Profit from financial assets	1.302.211	2.486.839
	2.931.481	4.055.077
Operating expenses	(992.905)	(953.992)
Loss on sale and revaluation of land and buildings	-	(3.250)
Reversal of provision / (provision) of expected credit losses	69	(299)
Finance cost	(184.786)	(245.070)
Recognition of negative goodwill	2.104.764	-
Reversal of provision for share in loss from affiliates	89.489	5.838
Share of profit from affiliates	16.124.238	4.411.890
Profit before taxation	20.072.350	7.270.194
Taxation	(21.411)	(18.930)
Net profit for the period	20.050.939	7.251.264
Other comprehensive expenses
Amounts to be reclassified in the consolidated profit or loss account in
future periods
Share of loss from affiliates	(1.565.876)	(693.120)
Amounts not to be reclassified in the consolidated profit or loss account in
future periods
Share of profit from affiliates	54.674	101.058
Total income for the period	18.539.737	6.659.202
Net profit attributable to:
Shareholders of the Company	20.050.939	7.251.264
Basic and fully diluted earnings per share - cents	10.03	3.63
Total income attributable to:
Shareholders of the Company	18.539.737	6.659.202
Total income per share - cents	9.27	3.33

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2022

	30 September	31 December
	2022	2021
	€	€
ASSETS
Non-current assets
Intangible fixed assets	1.427.946	1.473.214
Investment property	30.459.535	30.350.533
Investments in affiliates	223.167.685	205.371.916
Receivables from affiliates	11.758.923	11.603.917
Deferred taxation	358.497	358.497
Total non-current assets	267.172.586	249.158.077
Current assets
Immovable property inventories	12.077.641	12.070.636
Other receivables	151.585	147.753
Financial assets at fair value through profit and loss	18.226.895	20.299.176
Bank deposits	8.000	8.000
Cash and cash equivalents	967.290	917.223
Current tax claims	35.469	26.739
Total current assets	31.466.880	33.469.527
Total assets	298.639.466	282.627.604
NET POSITION AND LIABILITIES
Equity
Share capital	140.000.000	140.000.000
Reserves	148.604.693	130.064.956
Total equity	288.604.693	270.064.956
Non-current liabilities
Long-term loans	4.845.626	7.023.808
Total non-current liabilities	4.845.626	7.023.808
Current liabilities
Bank overdrafts	-	303.495
Current portion of long-term loans	1.834.810	1.838.302
Provision for losses of affiliates	2.505.258	2.594.747
Trade and other creditors	849.079	802.296
Total current liabilities	5.189.147	5.538.840
Total equity and liabilities	298.639.466	282.627.604
Net asset per share - cents	144.30	135.03

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the period 1 January 2022 to 30 September 2022

	Nine months ended 30 September
	2022	2021
	€	€
Cash flow from operating activities
Profit before taxation	20.072.350	7.270.194
Adjustments for:
Depreciation of intangible fixed assets	48.243	48.447
Gain on disposal and revaluation of financial assets at fair price through
profit and loss	(1.302.211)	(2.486.839)
Loss on sale of fixed assets	1.702	-
Negative goodwill	(2.104.764)	-
Reversal of provision for share in loss from affiliates	(89.489)	(5.838)
Share in profit from affiliates	(16.124.238)	(4.411.890)
Payable loan interest	177.187	195.785
Net cash flow before changes in working capital	678.780	609.859
Increase in immovable property inventories	(7.005)	(160.649)
(Increase) / decrease in other receivables	(3.832)	7.202
Net purchases and sales of financial assets at fair value through profit and
loss	3.374.492	102.115
Increase in receivables from affiliates	(155.006)	(152.340)
Increase in trade and other creditors	46.783	114.962
Purchase of investment property	(109.002)	(32.300)
Cash from operating activities	(3.825.210)	488.849
Tax paid	(30.141)	(17.477)
Net cash from operating activities	3.795.069	471.372
Cash flow from investing activities
Purchase of intangible fixed assets	(4.677)	(1.379)
Acquisition of affiliates	(1.077.969)	-
Net cash for investing activities	(1.082.646)	(1.379)
Cash flow from financing activities
Proceeds from new loans	-	2.982.090
Repayment of loans	(2.358.861)	(2.029.704)
Net cash (for) / from financing activities	(2.358.861)	952.386
Net increase in cash and cash equivalents	353.562	1.422.379
Cash and cash equivalents at beginning of period	613.728	962.572
Cash and cash equivalents at end of period	967.290	2.384.951

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the period 1 January 2022 to 30 September 2022

	Share capital	Exchange difference	Negative goodwill	Accumulated profits	Total equity
	€	reserve	reserve	€	€
		€	€
Balance as at 1 January 2021	140.000.000	319.437	119.850.066	6.790	266.959.646
Net profit for the period after taxation	-	-	-	7.251.264	7.251.264
Other total expenses for the period	-	-	-	(592.062)	(592.062)
Other transactions with shareholders	-	-	-	345.194	345.194
Balance as at 30 September 2021	140.000.000	319.437	119.850.066	13.794.539	273.964.042
Balance as at 1 January 2022	140.000.000	319.437	119.850.066	9.895.453	270.064.956
Net Profit for the period after taxation	-	-	-	20.050.939	20.050.939
Transfer between reserves	-	-	2.147.969	(2.147.969)	-
Other total expenses for the period	-	-	-	(1.511.202)	(1.511.202)
Other transactions with shareholders	-	-	-	-	-
Balance as at 30 September 2022	140.000.000	319.437	121.998.035	26.287.221	288.604.693

By decision of the Company's Board of Directors, the negative goodwill which resulted in 2019 further to the acquisition of significant influence over the affiliate company Hellenic Bank was transferred from the accumulated losses reserve to the negative goodwill reserve. During the period, an additional amount of €2,147,969 relating to the negative goodwill resulting from the increase of the shareholding in Hellenic Bank during 2021 and the period ended 30 September 2022 was transferred to the negative goodwill reserve. The profits resulting from the negative goodwill are not realised and are considered as not available for distribution.