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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

CONTENTS	PACE

Board of Directors and other officers	1
Management Report	2 - 3
Independent auditor's report	4 - 6
Consolidated statement of profit or loss and other comprehensive income	7
Consolidated statement of financial position	8 - 9
Consolidated statement of changes in equity	10 - 11
Consolidated cash flow statement	12-13
Notes to the consolidated financial statements	14 - 48

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Georgios Koufaris Marina Tsoy Nicos Athanasiou
Company Secretary:	KC Secretarial Services Ltd
Independent Auditors:	CEA Audit Certified Public Accountants and Registered Auditors 8 Kennedy Avenue Athienitis Building 4th floor, Office 401 1087 Nicosia
Business address:	Akamantis Business Center Egypt street, 10 Office no.306 3rd floor, P.C. 1097, Nicosia, Cyprus
Registered office:	Angelou Terzaki Street, 110 Office No.4, 2402 Egkomi, Nicosia Cyprus
Bankers:	Credit Suisse AG, Switzerland EcommBX Limited, Cyprus Mirabaud (Middle East) Limited, United Arab Emirates Mirabaud & Cie Ltd, Zurich, Switzerland JSC Bank "National Standard", Russia
Registration number:	HE216944

MANAGEMENT REPORT

The Board of Directors presents its report and audited consolidated financial statements of Vonpende Holdings P.L.C ("the Company") and its subsidiaries (together with the Company, the "Group") for the six months endoming fire. 2022.

Principal activities and nature of operations of the Group

The principal activities of the Group comprise the trading in financial instruments, the receiving and granting of loans, the ownership and leasing of residential property, the distribution and provision of telecommunication equipment and the completion of networking solutions, wireless and wired. Additionally, the Group invests in marketable securities via high callber local and international institutions and brokers and is actively investing and is actively investing and is actively investing and is actively investing opportunities in the real estate industry in Cyprus and abroad.

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

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

Principal risks and uncertainties

The principal risks and uncertainties faced by the Group are disclosed in notes 6, 7, 30 and 33 of the consolidated financial statements.

Results

The Group's results for the period are set out on page 7.

Dividends

The Board of Directors of the Company does not recommend the payment of a dividend and the net profit for the period is retained.

Share capital

On 7 July 2021 the Cyprus Stock Exchange Emerging Companies Market Board approved the admission of an additional 346.400 ordinary shares to the existing listed share capital of the Company, under the symbol WOPE" and the ISIN code CY0107170710.

Implementation and compliance to the Code of Corporate Governance

The Group recognises the importance of implementing sound corporate governance policies, practices and procedures. As a company listed on the Cyprus Stock Exchange (CSE), Vonpende Holdings P.L.C. has adopted CSE's Corporate Governance Code and applies its principles.

In January 2019 the CSE issued a revised Code of Corporate Governance. The Company complies with all the provisions of the revised code.

The Board of Directors of Vonpende Holdings P.L.C. (the "Company") and consequently Vonpende Group, has corporate responsibility in relation to the Investments of the Companies Under Supervision (as defined in the Group Investments Operations Manual of the Company) and the Company itself. In this respect, the Vonpende Group's investment decision making depends on the Investment Committee's recommendations which are the foundations for the Board of Director's review and approval of investment transactions, if a review and approval of the Investment Committee and adoption of the Board of Directors of the Company and (or) Companies Under Supervision are required.

Furthermore, the primary responsibility of the Investment Committee is to oversee the evaluation of anticipated investments and report at regular intervals to the Board of Directors of the Company (or) of the Companies Under Supervision. In addition, the Investment Committee provides assistance to the Companies Under Supervision, and consequently to the Company, so as to fulfill its oversight responsibility to the shareholders related to the Companies under Supervision, their Investments, and portfolio.

Further, the Investment Committee establish free and open communications between External Auditors, Internal Accountants, Consultants, Investment Managers, External Asset Managers, the Company and the Companies under Supervision. In discharging its oversight role, the Investment Committee is empowered to investigate any matter brought to its attention with full access to all books, records, facilities, and personnel of the Company and (or) Companies under Supervision.

MANAGEMENT REPORT

Finally, the Investment Committee is empowered to revise any decision made by any of the Board of Directors of the Company and (or) the Companies Under Supervision, which may harm the Company's and (or) the Companies' Under Supervision profitability.

Board of Directors

The members of the Group's Board of Directors as at 30 June 2022 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.

Operating Environment of the Group

Any significant events that relate to the operating environment of the Group are described in note 30 to the consolidated financial statements.

Events after the reporting period

Any significant events that occurred after the end of the reporting period are described in note 36 to the consolidated financial statements.

Independent Auditors

The Independent Auditors, CEA Audit, 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,

Georgios Koufaris

Director

Nicosia, 30 September 2022

certified excellence always

Independent Auditor's Report

To the Members of Vonpende Holdings P.L.C.

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Vonpende Holdings P.L.C. (the "Company") and its subsidiaries (the "Group"), which are presented in pages 7 to 48 and comprise the consolidated statement of financial position as at 30 June 2022, and the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the period from 1 January 2022 to 30 June 2022, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 30 June 2022, and of its consolidated financial performance and its consolidated cash flows for the period from 1 January 2022 to 30 June 2022 in accordance with International Reporting Standards (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Consolidated Financial Statements" section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Cyprus, and we fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors is responsible for the other information comprises the information comprises the information included in the Management Report, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Independent Auditor's Report (continued)

To the Members of Vonpende Holdings P.L.C.

Responsibilities of the Board of Directors for the Consolidated Financial Statements

The Board of Directors is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Fire popling Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are from naterial misstatement, whether due to fraud or error

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going the going the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably has nown hadd influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud molve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our autor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.
Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit finding any significant deficiencies in internal control that we identify during our audit

Independent Auditor's Report (continued)

To the Members of Vonpende Holdings P.L.C.

Report on Other Legal Requirements

Pursuant to the additional requirements of the Auditors Law of 2017, we report the following:

In our opinion, the Management Report has been prepared in accordance with the requirements of the Cyprus Companies Law, Cap 113, and the information given is consistent with the considered financial statements.
· In our opinion, and in the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Management Report.

Other Matter

This report, including the opinion, has been prepared for and only for the Group's members as a body in accordance with Section 69 of the Auditors Law of 2017 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

Demos Nicolaides Certified Public Accountant and Registered Auditor for and on behalf of CEA Audit Certified Public Accountants and Registered Auditors

Nicosia, 30 September 2022

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Period from 1 January 2022 to 30 June 2022

	Note	1.1.2022 - 30.06.2072 EUR	1.1.2021 . 30.06.202 EUR
Revenue Cost of sales	9 10	31.199.806 (24.305.074)	52.239.347 (23.856.677
Gross profit		6.894.732	28.382.670
Other operating income Distribution expenses Administration expenses	11	6.585.624 (218.183)	4.661.631 (217.454)
Other expenses	12 13	(978.399) (14.618.996)	(1.074.495)
Operating (loss)/profit		(2.330.222)	(9.107.585) 22.644.767
Net finance income/(cost)	14	8.521.502	(77.592)
Share of results of associates		6.619.959
Profit before tax		12.811.239	22.567.175
llax	15	(1.616.235)	(2.352.427)
Net profit for the period		11.195.004	20.214.748
Other comprehensive income Financial assets at fair value through other comprehensive income - Fair value gains/(losses) Financial assets at fair value through other comprehensive income - Profit		13.595.835	(15.121.301)
transferred to retained earnings due to liquidation		45.749	8.690.573
Other comprehensive income/ (loss) for the period		13.641.584	(6.430.728)
Total comprehensive income for the period		24.836.588	13.784.020
Net profit for the period attributable to: Owners of the Company Non-controlling interests		10.914.248	19.067.225
Net profit for the period		280.756 11.195.004	1.147.523 20.214.748

Total comprehensive income for the period attributable to: Owners of the Company Non-controlling interests		24.555.832 280.756	12.636.405 1.147.615
Total comprehensive income for the period		24.836.588	13.784.020
Profit per share attributable to the owners of the Company (EUR)	16	18,66	79,71

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2022

ASSETS	Note	30 June 2072 EUR	31 December 2021 EUR
Non-current assets
Property, plant and equipment		4.929	4.365
Investment properties	17	4.121.302	25.621.674
Goodwill		740.371	740.321
Investments in subsidiaries Investments in associates	18 19	51.149.636 19.058.278	37.534.444 12.424.319
Financial assets at fair value through other comprehensive income	20	766.910	786.267
Loans receivable	21	930.259.287	917.337.949
		1.006.100.613	994.449.339
Current assets
Inventories	22	10,079.650	7.901.247
Trade and other receivables	23	10.140.312	7.927 332
Loans receivable Financial assets at fair value through profit or loss	21 24	37.157.452	975.385
Cash and cash equivalents	25	135.496.889 42.051.433	106.074.002 47.684.465
		234.875.756	170.562.429
Total assets		1.240.976.349 1.165.011.768
EQUITY AND LIABILITIES
Equity
Share capital	26	7.500.000	7.500.000
Share premium		3.761.753	3.761.753
Fair value reserve - Financial assets at fair value through other comprehensive income		(18.421.684)	(32.063.266)
Non-refundable advances		353.936	353.933
Translation reserve		9.896.424	9.896.424
Retained earnings		109.746.720	98.878.221
Non-controlling interests		8.396.143	8.115.387
Total equity		121.233.289	96.442.452
Non-current liabilities
Borrowings	27	1.055.086.070 1.005.169.696
		1.055.086.070 1.005.169.696
Current liabilities
Trade and other payables	28	14.189.507	12.963.739
Borrowings	27	50.440.728	50.430.643
Current tax liabilities	29	26.755	5.238
		64.656.990	63.399.620
Total liabilities		1.119.743.060 1.068.569.316
Total equity and liabilities		1.240.976.349 1.165.011.768

On 30 September 2022 the Board of Directors of Vonpende Holdings P.L.C. authorised these consolidated financial statements for issue.

C .............................................................................................................................................................................. ................ Georgios Roufaris Director

Nicos Athanasiou

Director

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Period from 1 January 2022 to 30 June 2022

	Note	Share capital EUR	premium EUR	Attributable to equity holders of the Company Fair value reserve - Financial assets at fair value through other Share comprehensive income EUR	Non- refundable advances EUR	Translation reserve EUR	Retained earnings EUR	Total EUR	Non- controlling interests EUR	Total EUR
Balance at 1 January 2021		3.170.000	1.856.553	(17.896.875)	353.933	9.896.424	74.264.472	71.644.507	4.906.678	76.551.185
Comprehensive income Net profit for the period Other comprehensive (loss) for the period Other comprehensive income/				(15.121.393)			19.067.225	19.067.225 (15.121.393)	1.147.523 ਰਨ	20.214.748 (15.121.301)
(loss) transfered to retained earnings due to liquidation				8.690.573			(8.690.573)
Total comprehensive income/ (loss) for the period				(6.430.820)			10.376.652	3.945.832	1.147.615	5.093.447
Transactions with owners Issue of share capital Dividends Total transactions with owners	26	4.330.000 4.330.000	1.905.200 1.905.200				(1.079.868) (1.079.868)	6.7235.200 (1.079.868) 5.155.332	529.806 529.806	6.765.006 (1.079.868) 5.685.138
Other movements Change in NCI holding Total other movements				(1.578.593) (1.578.593)			-	(1.578.593) (1.578.593)	1.578.593 1.578.593
Balance at 30 June 2021		7.500.000	3.761.753	(25.906.288)	353.933	9.896.424	83.561.256	79.167.078	8.162.692	87.329.770

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Period from 1 January 2022 to 30 June 2022

	Share capital ੜ੍ਹ ਸ	premium EUR	Attributable to equity holders of the Company Fair value reserve - Financial assets at fair value through other Share comprehensive income EUR	Non- refundable advances EUR	Translation reserve EUR	Retained earnings ਕ ਗੋੜ	Total EUR	Non- controlling interests EUR	Total EUR
Balance at 31 December 2021/ 1 January 2022	7.500.000	3.761.753	(32.063.268)	353.933	9.896.424	98.878.221	88.327.063	8.115.387	96.442.450
Comprehensive income Net profit for the period Other comprehensive income for the period Transfer to retained earnings due			13.595 335			10.914.248	10.914.248 13.595.835	280.756	11.195.004 13 555 335
to disposal Total comprehensive income for			45.749			(45.749)
the period Balance at 30 June 2022	7.500.000	3.761.753	13.641.584 (18.421.684)	353.933	9.896.424	10.868.499 109.746.720	24.510.083 112.837.146	280.756 8.396.143	24.790.839 121.253.289

CONSOLIDATED CASH FLOW STATEMENT Period from 1 January 2022 to 30 June 2022

CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 12.811.239 22.567.175 Adjustments for: Depreciation of property, plant and equipment 275 4.876 Exchange difference arising on the translation of non-current assets in foreign currencies (27.111.860) (2.427.776) Share of profit from associates । ਰੇ (6.619.959) Fair value profit from investment property (9.704.200) (1.035.785) Fair value losses/(gains) on financial assets at fair value through profit or loss 3.136.199 (3.625.846) Impairment charge - investments in associates 13 7.539.814 Impairment charge - loan receivable 13 718.463 Dividend income ற (159.228) (22.727.707) Interest income (23.294.174) (21.992.090) Interest expense 18.400.429 16.419.214 Bad debts 22,000 Loss from sale of investment property 13.939.676 (18.601.602) (4.537.662) Changes in working capital: (Increase)/decrease in inventories (2.128.403) 1.280.761 Increase in trade and other receivables (2.212.980) (2.188.566) Increase in financial assets at fair value through profit or loss (5.304.389) (11.191.462) Decrease/(increase) in bank deposits 9.341.933 (1.216.823) Increase/(decrease) in trade and other payables 1.225.768 (1.547.065) Cash used in operations (17.679.673) (19.400.817) Interest received 22.600.349 21.969.680 Dividends received 159.228 22.727.707 Tax paid (1.594.718) (2.306.031) Net cash generated from operating activities 3.485.186 22.990.539 CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of investment property 17 (13.279) Payment for purchase of investments in associated undertakings 19 (288.548) Loans granted (49.103.407) (1.689.982) Loans repayments received 101.040.367 Proceeds from sale of investment properties 17.264.896 17 Proceeds from sale of investments in subsidiary undertakings 121.861 Proceeds from sale of investments in associated undertakings 274.598 (30.979.618) 9.164 22.410 (31.843.297) 68.501.759 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of share capital 6.765.005 Repayments of borrowings (79.301.573) Proceeds from borrowings 50.334.353 (18.267.341) (16.352.164) (1.079.868)		Note	1.1.2027- 30.05 20.05 EUR	1.1.2020 - 30.06.2020
				EUR

































	Proceeds from sale of financial assets at amortised cost
	Interest received
	Net cash (used in)/generated from investing activities




	Interest paid
	Dividends paid

CONSOLIDATED CASH FLOW STATEMENT Period from 1 January 2022 to 30 June 2022

	1 - 10 - 10 - 20 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 2 - 30.06.2022 EUR	1.1.2021 - 30.06.207 EUR
Net cash generated from/(used in) financing activities	32.067.012 (89.968.600)
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the period	3708.901 15.134.616	1.523.698 36.103.683
Cash and cash equivalents at end of the period	18.843.517	37.627.381

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

1. Incorporation and principal activities

Country of incorporation

The Company Vonpende Holdings P.L.C. (the "Company") was incorporated in Cyprus on 20 December, 2007 as a private limited liability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at Angelou Terzaki Street, 110, Office No.4, 2402, Egkomi, Nicosia, Cyprus. Its business at Akamantis Business Center, Egypt street, 10, Office no. 306, 3rd floor, P.C. 1097, Nicosia, Cyprus.

Principal activities

The principal activities of the Group comprise the trading in financial instruments, the receiving of loans. the ownership and leasing of residential property, the distribution and provision of telecommunication equipment and the completion of networking solutions, wireless and wired. Additionally, the Group invests in marketable securities via high callber local and international financial institutions and is actively investing and seeking opportunities in the real estate industry in Cyprus and abroad.

2. Basis of preparation

These consolidated financial statements have been prepared in accordance with International Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113. These consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of investments in subsidiary companies which are classified as financial assets at fair value through other comprehensive income and measured at fair value, investment properties measured at fair value and financial assets 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. It also requires the use of assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.

3. Adoption of new or revised standards and interpretations

During the current period the Group adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2022. This adoption did not have a material effect on the accounting policies of the Group.

4. Significant accounting policies

The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented in these consolidated financial statements unless otherwise stated.

Basis of consolidation

The Company has subsidiary undertakings for which section 142(1)(b) of the Cyprus Companies Law Cap. 113 requires consolidated financial statements to be prepared and laid before the Company at the Annual General Meeting. The Group's consolidated financial statements are comprised of the parent company Vonpende Holdings P.L.C. and the financial statements of the following subsidiaries: "Wing Hang Enterprises (Cyprus) Limited", "Kirnione Holdings Limited", "Winncom Technologies Holding Limited" (the "Irish Group"), "Alodie Properties Limited", "Elbridge Investments (Cyprus) Limited", "Lostmperi Holdings Ltd" and its subsidiary "Aeliano Enterprises Limited". The "Irish Group" is consisted of "Winncom Technologies Holding Limited" and its subsidiary "Winncom Technologies EU Limited".

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Basis of consolidation (continued)

The financial statements of all the Group companies are prepared using uniform IFRS accounting policies. All intercompany transactions and balances between Group companies have been eliminated during consolidation.

Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquistion-date fair values of the assets transferred by the Group, liabilities incurred by the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that:

deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively:
. liabilities or equity instruments related to share-based payments of the acquiree or sharebased payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and
assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assess acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the excess is recognised immediately in profit or loss as a bargain purchase gain.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement are adjusted retrospectively, with corresponding adjustments against goodwill. Measurements are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39, or IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Business combinations (continued)

When a business combination is achieved in stages, the Group's previously held equiry interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date.

Investments in associates

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group's share of the profit or loss and other comprehensive income of the associate. When the Group's share of losses of an associate exceeds the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate), the Group discontinues recognising its share of further losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group's share of the identifiable assets, liabilities and contingent liabilities of an associate recognised at the date of acquisition is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss.

The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group's investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.

When a group entity transacts with its associate, profits and losses resulting from the transactions with the associate are recognised in the Group's consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

Revenue

Revenue is recognised on the following basis:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Revenue recognition (continued)

Sale of products

Sales of products are recognised at the point in time when the Group satisfies its performance obligation by transferring control over the promised products to the customer, which is usually when the products are delivered to the customer, risk of obsolescence and loss have been transferred to the customer and the customer has accepted the products.

Rendering of services .

Revenue from rendering of services is recognised over time while the Group satisfies its performance obligation by transferring control over the promised service to the customer in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously. This is determined based on the actual labour hours spent relative to the total expected labour hours.

Income from investments in securities

Dividend from investments in securities is recognised when the right to receive payment is established. Withheld taxes are transferred to profit or loss. Interest from investments in securities is recognised on an accruals basis.

Profits or losses from the sale of investments in securities represent the difference between the net proceeds and the carrying amount of the investments sold and is transferred to profit or loss.

The difference between the fair value of investments at fair value through profit or loss as at 30 June 2022 and the mid cost price represents unrealised gains and losses and is included in profit or loss in the period in which it arises. Unrealised gains and losses arising from changes in the fair value of financial assets at fair value through other comprehensive income are recognised in other comprehensive income and then included in the fair value reserve in equity. When financial assets at fair value through other comprehensive income are sold or impaired, the accumulated fair value adjustments are transferred to retained earnings.

Rental income 0

Rental income is recognised on an accruals basis in accordance with the substance of the relevant agreements.

Interest income

Interest income is recognised on a time-proportion basis using the effective interest method.

Dividend income

Dividends are received from financial assets measured at fair value through profit or loss (FVTPL) and at fair value through other comprehensive income (FVOCI). Dividends are recognised as other income in profit or loss when the right to receive payment is established. This applies even if they are paid out of preacquisition profits, unless the dividend clearly represents a recovery of part of the cost of an investment. In this case, the dividend is recognised in OCI if it relates to an investment measured at FVOCI.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Employee benefits

The Group and its employees contribute to the Government Social Insurance Fund based on employees' salaries. The Group's contributions are expensed as incurred and are included in staff costs. The Group has no legal or constructive obligations to pay further contributions if the scheme does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior periods.

Finance income

Interest income is recognised on a time-proportion basis using the effective method.

Finance costs

Interest expense and other borrowing costs are charged to profit or loss as incurred.

Foreign currency translation

(1) Functional and presentation currency

Items included in the Group's financial statements are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in Euro (EUR), which is the Group's functional and presentation currency.

(2) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Translation differences on non-monetary items such as equities held at fair value through profit or loss are reported as part of the fair value gain or oss.

Tax

Current tax liabilities and assets are measured at the amount expected to be paid to or recovered from the taxation authorities, using the tax rates and laws that have been enacted, or substantively enacted, by the reporting date.

Dividends

Dividend distribution to the Company's shareholders is recognised in the Group's financial statements in the year in which they are approved by the Company's shareholders.

Property, plant and equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated on the straight-line method so as to write off the cost of each asset to its residual value over its estimated useful life. The annual depreciation rates used are as follows:

Furniture, fixtures and office equipment	10
Computer hardware and operating systems	20
Office equipment

The assets residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Property, plant and equipment (continued)

Where the carrying amount of an asset is greater than its estimated recoverable amount, the asset is written down immediately to its recoverable amount.

Expenditure for repairs and maintenance of property, plant and equipment is charged to profit or loss of the year in which it is incurred. The cost of major renovations and other subsequent expenditure are included in the carcoing amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Group. Major renovations are depreciated over the esemaining useful life of the related asset.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

Investment properties

Investment properties, represent mainly investment in land in Cypruswhich is held for captal appreciation and carried at fair value at the reporting date. Gains or losses arising from changes in the fair value of investment mo ety nee included in profit or loss for the period in which they arise.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the continued use of the asset. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount incer to of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

Financial instruments

Financial assets - Classification

The Group classifies its financial assets in the following measurement categories:

those to be measured subsequently at fair value (either through OCI or through profit or loss), and
those to be measured at amortised cost.

The classification and subsequent measurement of debt financial assets depends on: (i) the Group's business model for managing the related assets portfolio and (ii) the cash flow characteristics of the asset. On initial recognition, the Group may irrevocably designate a debt financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

For investments in equity instruments that are not held for trading, the classification will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). This election is made on an investment-by-inyestment basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Financial instruments (continued)

Financial assets - Classification (continued)

All other financial assets are classified as measured at FVTPL.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).

Financial assets - Recognition and derecoqnition

All purchases and sales of financial assets that require delivery within the time frame established by regulation or market convention ("regular way" purchases and sales) are recorded at trade date, which is the Group commits to deliver a financial instrument. All other purchases and sales are recognised when the entity becomes a party to the contractual provisions of the instrument.

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

Financial assets - Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Fair value at initial recognition is best evidenced by the transaction price. A gain or loss on initial recognition is only recorded if there is a difference between fair value and transaction price which can be evidenced by other observable current market transactions in the same instrument or by a valuation technique whose inputs include only data from observable markets.

Debt instruments

Subsequent measurement of debt instruments depends on the Group's business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:

Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in 'other income'. Any gain or loss arising on derecognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses are presented as separate line item in the consolidated statement of profit or loss and other comprehensive income. Financial assets measured at amortised cost (AC) comprise: cash and cash equivalents, bank deposits with original maturity over 3 months, trade receivables and financial assets at amortised cost.

FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in "other income". Foreign exchange gains and losses are presented in "other gains/(losses)" and impairment expenses are presented as separate line item in the consolidated statement of profit or loss and other comprehensive income.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Financial instruments (continued)

Financial assets - Measurement (continued)

FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within "other gains/(losses)" in the period in which it arises.

Equity instruments

The Group subsequently measures all equity investments at fair value. Where the Group's Management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, any related balance within the FVOCI reserve is reclassified to retained earnings. The Group's policy is to designate equity investments as FVOCI when those investments are held for strategic purposes other than solely to generate investment returns. Dividends from such investments continue to be recognised in profit or loss as other income when the Group's right to receive payments is established.

Changes in the fair value of financial assets at FVTPL are recognised in "other gains/(losses)" in the consolidated statement of profit or loss and other comprehensive income as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVTPL are not reported separately from other changes in fair value.

Financial assets - impairment - credit loss allowance for ECL

The Group assesses on a forward-looking basis the ECL for debt instruments (including loans) measured at AC. The Group measures ECL and recognises credit loss allowance at each reporting date. The measurement of ECL reflects: (i) an unbiased and probability weighted amount that is determined by evaluating a range of possible outcomes, (ii) time value of money and (ii) all reasonable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecasts of future conditions.

The carrying amount of the financial assets is reduced through the use of an allowance account, and the amount of the loss is recognised in the statement of profit or loss and other comprehensive income within other expenses. Subsequent recoveries of amounts for which loss allowance was previously recognised are credited against the same line item.

Debt instruments measured at AC are presented in the consolidated statement of the allowance for ECL.

The impairment methodology applied by the Group for calculating expected credit losses depends on the type of financial asset assessed for impairment. Specifically:

For trade receivables and contract assets, including trade receivables and contract assets with a significant financing component, and lease receivables the Group applies the simplified by IFRS 9, which requires lifetime expected losses to be recognised from initial recognition of the financial assets.

For all other financial instruments that are subject to impairment under IFRS 9, the Group applies general approach three stage model for impairment. The Group applies a three stage model for impairment, based on changes in credit quality since initial recognition. A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Financial instruments (continued)

Financial assets - impairment - credit loss allowance for ECL (continued)

Financial assets in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible within the next 12 months or until contractual maturity, if shorter ("12 Months ECU"). If the Group identifies a significant increase in credit risk ("SICR") since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a lifetime basis, that is, up until contractual maturity but considering expected prepayments, if any ("Lifetime ECL"). Refer to note 6, Credit risk section, for a deccription of how the Group determines when a SICR has occurred. If the Group determines that a financial asset is creditimpaired, the asset is transferred to Stage 3 and its ECL is measured as a Lifetime ECL. The Group's definition of credit impaired assets and definition of default is explained in note 6, Credit risk section.

Financial assets -Reclassification

Financial instruments are reclassified only when the business model for managing those assets changes. The reclassification has a prospective effect and takes place from the start of the first reporting period following the change.

Financial assets - write-off

Financial assets are written-off, in whole or in part, when the Group exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. The write-off represents a derecognition event. The Group may write-off financial assets that are still subject to enforcement activity when the Group seeks to recover amounts that are contractually due, however, there is no reasonable expectation of recovery.

Financial assets - modification

The Group sometimes renegotiates or otherwise modifies the contractual terms of the financial assets. The Group assesses whether the modification of contractual cash flows is substantial considering, among other, the following factors: any new contractual terms that substantially affect the risk profile of the asset (e.g. profit share or equitybased return), significant change in interest rate, change in the currency denomination, new collateral or credit enhancement that significantly affects the credit risk associated with the asset or a significant extension of a loan when the borrower is not in financial difficulties.

If the modified terms are substantially different, the rights to cash flows from the original asset expire and the Group derecognises the original financial asset and recognises a new asset at its fair value. The date of renegotiation is considered to be the date of initial recognition for subsequent impairment calculation purposes, including determining whether a SICR has occurred. The Group also assesses whether the new loan or debt instrument meets the SPPI criterion. Any difference between the carrying amount of the original asset derecognised and fair value of the new substantially modified asset is recognised in profit or loss, unless the substance of the difference is attributed to a capital transaction with owners.

In a situation where the renegotiation was driven by financial difficulties of the counterparty and inability to make the originally agreed payments, the Group compares the original and revised cash flows to assets whether the risks and rewards of the asset are substantially different as a result of the contractual modification. If the risks and rewards do not change, the modified asset is not substantially different from the original asset and the modification does not result in derecognition. The Group recalculates the gross carrying amount by discounting the modified contractual cash flows by the original effective interest rate, and recognises a modification gain or loss in profit or loss.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Financial instruments (continued)

Cash and cash equivalents

For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise cash at bank, cash with brokers and cash in hand. Cash and cash equivalents are carried at AC because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL.

Classification as trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance.

Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, in which case they are recognised at fair value. The trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

Trade receivables are also subject to the impairments of IFRS 9.The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. See note 6, Credit risk section.

Trade receivables are written off when there is no reasonable expectation of recovery.

Financial liabilities - measurement categories

Financial liabilities are initially recognised at fair value and classified as subsequently measured at amortised cost, except for (i) financial liabilities at FVTPL: this classification is applied to derivatives, financial liabilities held for trading (e.g. short positions in securities), contingent consideration recognised by an acquirer in a business combination and other financial liabilities designated as such at initial recognition and (ii) financial guarantee contracts and loan commitments.

Borrowings

Borrowings are recorded initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the effective interest method.

Trade and other payables

Trade and other payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Financial instruments (continued)

Financial liabilities - Modifications

An exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of the terms and conditions of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. (In addition, other qualitative factors, such as the currency that the instrument is denominated in, changes in the type of interest rate, new conversion features attached to the instrument and change in loan covenants are also considered.)

If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.

Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carrying values is attributed to a capital transaction with owners and is recognised directly to equity.

Borrowing costs are interest and other costs that the Group incurs in connection with the borrowing of funds, including interest on borrowings, amortisation of discounts or premium relating to borrowings, amortisation of ancillary costs incurred in connection with the arrangement of borrowings, finance lease charges and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

Borrowing costs that are directly attributable to the acquisition or production of a qualifying asset, being an asset that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalised as part of that asset, when it is probable that they will result in future economic benefits to the Group and the costs can be measured reliably.

Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the liability simultaneously. This is not generally the case with master netting agreements, and the related assets and liabilities are presented gross in the consolidated statement of financial position.

Inventories

Inventories are stated at the lower of cost and net realisable value. The cost is determined using the weighted average method. Net realisable value is the estimated selling price in the ordinary course of business, less the costs to completion and selling expenses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Prepayments

Prepayments are carried at cost less provision for impairment. A prepayment is classified as non-current when the goods or services relating to the prepayment are expected to be obtained after one year, or when the prepayment relates to an asset which will itself be classified as non-current upon initial recognition. Prepayments to acquire assess are transferred to the carrying amount of the asset once the Group has obtained control of the asset and it is probable that future economic benefits associated with the asset will flow to the Group. Other prepayments are written off to profit or loss when the goods or services relating to the prepayments are received. If there is an indication that the assets, goods or services relating to a prepayment will not be received, the carrying value of the prepayment is written down accordingly and a corresponding impairment loss is recognised in the income statement.

Share capital

Ordinary shares are classified as equity. The difference between the fair value of the consideration received by the Company and the nominal value of the share capital being issued is taken to the share premium account.

Non-current liabilities

Non-current liabilities represent amounts that are due more than twelve months from the reporting date.

Comparatives

Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year.

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. Financial risk management

Financial risk factors

The Group is exposed to market price risk, interest rate risk, liquidity risk, currency risk and capital risk management arising from the financial instruments it holds. The risk management policies employed by the Group to manage these risks are discussed below:

6.1 Market price risk

Market price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices. The Group's financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are susceptible to market price risk arising from uncertainties about future prices of the investments. The Group's market price risk is managed through diversification of the investment portfolio.

6.2 Cash flow and fair value interest rate risk

The Group's interest rate risk arises from interest-bearing assets and long term borrowings. Interest-bearing assets and borrowings at variable rates expose the Group to cash flow interest rate risk. Interest bearing assets and borrowings issued at fixed rates expose the Group to fair value interest rate risk.

The Group's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

6. Financial risk management (continued)

6.3 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, loans receivable and contractual cash flows of debt investments measured at amortised cost and outstanding receivables.

(i) Risk management

Credit risk is managed on a group basis.

For banks and financial institutions, only parties whom management has internally assessed as financially healthy and stable are accepted.

For counterparties with no independent rating, Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual credit terms are set based on the credit quality of the customer in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.

These policies enable the Group to reduce its credit risk significantly.

(ii) Impairment of financial assets

The Group has the following types of financial assets that are subject to the expected credit loss model:

trade and other receivables
financial assets at amortised cost (loans receivables with related and third parties)
cash and cash equivalents

The impairment methodology applied by the Group for calculating expected credit losses depends on the type of financial asset assessed for impairment. Specifically:

For trade receivables the Group applies the simplified approach permitted by IFRS 9, which requires lifetime expected losses to be recognised from initial recognition of the financial assets.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies general approach - three stage model for impairment. The Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1. Financial assets in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible within the next 12 months or until contractual maturity, if shorter ("12 Months ECL"). If the Group identifies a significant increase in credit risk ("SICR") since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a lifetime basis, that is, up until contractual maturity but considering expected prepayments, if any ("Lifetime ECL"). If the Group determines that a financial asset is credit-impaired, the asset is transferred to Stage 3 and its ECL is measured as a Lifetime ECL.

Impairment losses are presented as net impairment losses on financial and contract assets within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

Significant increase in credit risk

The Group considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are incorporated:

internal credit rating
external credit rating (as far as available)
actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower's/counterparty's ability to meet its obligations
actual or expected significant changes in the operating results of the borrower/counterparty

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

6. Financial risk management (continued)

6.3 Credit risk (continued)

(ii) Impairment of financial assets (continued)

significant increases in credit risk on other financial instruments of the same borrower/counterparty
significant changes in the expected performance and behaviour of the borrower/counterparty, including changes in the payment status of counterparty in the Group and changes in the operating results of the borrower/counterparty.

Macroeconomic information (such as market interest rates or growth rates) is incorporated as part of the internal rating model. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. No significant changes to estimation techniques or assumptions were made during the reporting period.

Low credit risk

The Group has decided to use the low credit risk assessment exemption for investment grade financial assets. Management consider 'low credit risk' for listed bonds to be an investment grade credit rating with at least one major rating agency. Other instruments are considered to be low credit risk when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term.

Default

A default on a financial asset is when the counterparty fails to make contractual payments within 90 days of when they fall due.

Write-off

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group categorises a debt financial asset for write off when a debtor fails to make contractual payments for a prolonged period of time. Where debt financial assets have been written off, the Group continues to engage in enforcement activity to attempt to receivable due. Where recoveries are made, these are recognised in profit or loss.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

6. Financial risk management (continued)

6.3 Credit risk (continued)

(ii) Impairment of financial assets (continued)

The Group's exposure to credit risk for each class of (asset/instrument) subject to the expected credit loss model is set out below:

Financial assets at amortised cost

A summary of the assumptions underpinning the Group's expected credit loss model is as follows:

Category	Group definition of category	Basis for recognition of expected credit loss provision	Basis for calculation of linterest revenue
Performing	Counterparties have a low risk of default and a strong capacity to meet contractual cash flows	Stage 1: 12 month expected losses. Where the expected lifetime of an lasset is less than 12 months, expected losses are measured at its expected lifetime.	Gross carrying amount
Underperforming	Counterparties for which there is a significant increase in credit risk; as significant lincrease in credit risk is presumed if interest and/or principal repayments are 30 days past due (see above in more detail)	Stage 2: Lifetime expected osses	Gross carrying amount
Non-performing	Interest and/or principal repayments are 90 days past due	Stage 3: Lifetime expected lasses	Amortised cost carrying amount (net of credit allowance)
Write-off	Interest and/or principal repayments are 180 days past due and there is no reasonable expectation of recovery.	Asset is written off	None

Loans to related and third parties

The gross carrying amounts below represent the Group's maximum exposure to credit risk on these assets as at 30 June 2022 and 31 December 2021:

Group internal credit rating

Group internal credit rating		31 December
	30 June 2072	2021
	EUR	EUR
Performing	940.678.346	890.242.037
Underperforming	26.738.393	28.071.295
Write off		1.849.072
10 al	967.416.739 920.162.404

Portion of the Group's loans receivable is secured and pledged by various parties, for the timely and full performance of the contractual obligations on those loans receivable.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

6. Financial risk management (continued)

6.3 Credit risk (continued)

(ii) Impairment of financial assets (continued)

Trade and other receivables

The gross carrying amounts below represent the Group's maximum exposure to credit risk on these assets as at 30 June 2022 and 31 December 2021:

Group internal credit rating		31 December
	30 June 2022	2021
	EUR	그 이곳
Performing	9.693.864	7.270.709
Total	9.693.864	7.270.709

There were no significant other receivables written off during the period that are subject to enforcement activity.

Cash and cash equivalents

The Group assesses, on a group basis, its exposure to credit risk arising from cash at bank. This assessment takes into account, ratings from external credit rating institutions and internal ratings, if external are not available.

The gross carrying amounts below represent the Group's maximum exposure to credit risk on these assets as at 30 June 2022 and 31 December 2021:

Group internal credit rating		31 December
	30 June 2022	2021
	EUR	EUR
Performing	42.051.433	47.684.465
Total	42.051.433 47.684.465

The Group does not hold any collateral as security for any cash at bank balances.

The ECL on current accounts is considered to be approximate to zero, unless the bank is subject to capital controls. The ECL on deposits accounts is calculated by considering published PDs for the rating as per Moody's and an LGD of 40-60% as published by ECB.

Most of the Group's cash and cash equivalents are eligible for participation and are partly covered by the Deposit Guarantee Scheme. In this respect, the Group's exposure at default is minimised and the identified impairment loss (ECL) is immaterial.

There were no significant cash at bances written off during the period that are subject to enforcement activity.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

6. Financial risk management (continued)

6.3 Credit risk (continued)

(iii) Net impairment losses on financial and contract assets recognised in profit or loss

During the period, the following gains/(losses) were recognised in profit or loss in relation to impaired financial assets and contract assets:

Impairment losses		31 December
	30 June 2022	2021
	EUR	EUR
Impairment charge - investments in associates		(166.533)
Impairment charge - loan receivable		(1.849.072)
Impairment charge - trade receivable		(875.712)
Net impairment profit/(loss) on financial and contract assets		(2.89) 317)

6.4 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.

6.5 Currency risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group's measurement currency. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the US Dollar and the Russian Ruble. The Group's Management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.

6.6 Capital risk management

Capital includes equity shares, share premium and non refundable advances.

The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Group's overall strategy remains unchanged from last year.

Fair value estimation

The fair values of the Group's financial assets and liabilities approximate their carrying amounts at the reporting date.

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the current bid price. The appropriate quoted market price for financial liabilities is the current ask price.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods, such as estimated discounted cash flows, and makes assumptions that are based on market conditions existing at the reporting date.

7. Critical 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

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

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 risk 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 now 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.

Provision for obsolete and slow-moving inventory

The Group reviews its inventory records for evidence regarding the saleability of inventory and its net realizable value on disposal. The provision for obsolete and slow-moving inventory is based on Management's past experience, taking into consideration the value of inventory as well as the movement and the level of stock of each category of inventory.

The amount of provision is recognised in profit or loss. The review of the net realisable value of the inventory is continuous and the methodology and assumptions used for estimating the provision for obsolete and slow-moving inventory are reviewed regularly and adjusted accordingly.

Income taxes 0

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 FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

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

Fair value of financial assets

The fair value of financial instruments that are not traded in an active market 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 financial assets at fair value through other comprehensive income has been estimated based on the fair value of these individual assets.

Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group's past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in note 6, Credit risk section.

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.

Valuation of non-listed investments

The Group uses various valuation methods to value non-listed investments. These methods are based on assumptions made by the Board of Directors which are based on market information at the reporting date.

. 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 cash-generating units using a suitable discount rate in order to calculate present value.

8. Fair value measurement

The table below analyses assets carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

8. Fair value measurement (continued)

30 June 2022	Level 1 EUR	Level 2 EUR	Level 3 દ્વાર	Total EUR
Assets measured at fair value
Investment properties (Note 17) Investment in land and properties			4.121.302	4.121.302
Financial assets at fair value through other comprehensive income
Investment in subsidiaries (Note 18) Non listed equity securities (Note 20)			51.149.636 766.910	51.149.636 766.910
Financial assets at fair value through profit or loss (Note 24)
Equity securities listed on a Stock Exchange Debt securities listed on a Stock Exchange Non listed equity securities	96.643.075 21.423.057		17.430.757	96.643.075 21.423.057 17.430.757
Total	118.066.132			73.468.605 191.534.737
31 December 2021	Level 1 EUR	Level 2 EUR	Level 3 EUR	Total દ્વાર
Assets measured at fair value Investment properties (Note 17)
Investment in construction project Investment in land and properties Financial assets at fair value through other			21.498.879 4.122.795	21.498.879 4.122.795
comprehensive income Investment in subsidiaries (Note 18)			37.534.444	37.534.444
Non listed equity securities (Note 20)			786.267	786.267
Financial assets at fair value through profit
or loss (Note 24) Equity securities listed on a Stock Exchange Debt securities listed on a Stock Exchange	16.995.154 73.644.258			16.995.154 73.644.258
Non listed equity securities			15.434.590	15.434.590

Transfers between levels

There have been no transfers between different levels during the period.

Valuation techniques

Listed investments

The fair values of investments traded on active liquid markets are determined with reference to quoted market prices. These investments are included within Level 1 of the hierarchy.

Non-listed investments

The fair values of non-listed securities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments. The Group classifies the fair value of these investments as Level 3.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

8. Fair value measurement (continued)

Reconciliation of Level 3 fair value measurements

	Non-listed equity securities at fair value			Equity securities at fair value through other
	through profit	Investment in		Investment comprehensive
	or loss	subsidiaries	properties	income	Total
	EUR	EUR	EUR	EUR	EUR
Balance at 1 January	15.434.590	37.534.444	25.621.674	786.267	79.376.975
Total gains or losses: in profit or loss	(2.665.190)				(2.665.190)
Additions	4.876.567				4.873.567
Disposals	(1.311.271)		(31.204.572)		(32.515.843)
Exchange difference	1.099.061				1.099.061
Fair value adjustment		13.615.192	9.704.200	(19.357)	23.300.035
Balance at 30 June	17.430.757	51.149.636	4.121.302	766.910	78.468.605

Information about fair value measurements using significant unobservable inputs (Level 3)

Description	Fair value at 30 Valuation June 2022 technique EUR
Non-listed securities	17.430.757 Discounted cash flow
Investment in subsidiaries	51.149.636 Net asset value
Investment properties	4.121.302 Residual method
Financial assets at fair value through other comprehensive income	766.910 Net asset value
Description	Fair value at 31 Valuation December technique 2021 EUR
Non-listed securities	15.434.590 Discounted cash fow
Investment in subsidiaries	37.534.444 Net asset value
Investment properties	25.621.674 Residual method
Financial assets at fair value through other comprehensive income	786.267 Net asset value

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

9. Revenue

	1.1.2072 - 30.06.20772	1.1.2021 - 30.06.2021
Rendering of services	EUR	EUR
Sales	10.349 6.754.884	13.634 6.870.990
Freight income	208.067	245.934
Dividend income	159.228	22.777.707
Interest income	23.285 010	21.969.680
Net gain realised from trading activities	782.268	200.886
Net loss on trading in financial instruments		(92.784)
Rental income		3.300
	31.199.806	52.239.347

10. Cost of sales
	1.1.2022-	1.1.2021 -
	30.06.2022	30.06.2021
	EUR	EUR
Purchases	5.411.628	6.430.422
Investment activity performance fee Interest expense		14.498
	18.893.446	17.411.757
	24.305.074	23,856.677
11. Other operating income
	1.1.2022-	1.1.2021 -
	30.06.2022	30.06.2021
	EUR	EUR
Fair value gains on investment property	9.704.200	1.035.785
Fair value gains on financial assets at fair value through profit or loss Other income	(3.136.199)	3.625.846
	17.623
	6.585.624	4.661.631
12. Administration expenses
	1.1.2022-	1.1.2021 -
	30,06.2072	30.06.2021
	EUR	EUR
Directors' fees and staff costs	241.175	304.574
Rent	17.646	18.370
Directors' services Annual levy	35.068	27.256
Services paid	2.100 127.681	2.450
Auditors' remuneration - current period	50.168	140.771 52.489
Auditors' remuneration - prior years	16.503	21.500
Accounting fees	4.000	5.000
Legal fees	36.839	147.615
Other professional fees	223.410	115.953
Other expenses	165.402	110.849
Custodian fees	53.081	122.792
Depreciation	276	4.876
	978.399	1.074.495

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

13. Other expenses

	1.1.2027- 30.06.2072 EDR	1.1.2021 - 30.06.2071
Bad debts		EUR 22.000
Property rights expense	161.048
Loss from sale of investment in construction project	13.939.676
Net foreign exchange loss	518.272	827.30:
Impairment charge - investments in associates (Note 19)		7.539.814
Impairment charge - loan receivable		718.463
	14.618.996	9.107.585
14. Finance income/ ( costs )
	1.1.2022 -	1.1.2021 -
	30.06.2022	30.06.2021
	EUR	EUR
Interest income	9.164	22.410
Exchange profit	8.650.411	4.011
Finance income	8.659.575	26.421
Interest expense		(14.175)
Sundry finance expenses	(138.073)	(89.838)
Finance costs	(188.07.3)	(104.013)
Net finance income/ (cost)	8.521.502	(77.592)
15. Tax
	1.5 0 - 10 - 2 -	1.1.2021 -
	30.06.2072	30.06.2021
	EUR	EUR
Corporation tax - current period	32.618	231.573
Corporation tax - prior years		142.342
Overseas tax Defence contribution - current period	1.582.243	1.974.817
	1.374	3.695
Charge for the period	1.616.235	2.352.427
16. Profit per share attributable to the owners of the Company
	1.50 2022 -	1.1.2021 -
	30.06.2077	30.06.2021
Profit attributable to the owners (EUR)	11.195.004	20.214.748
Weighted average number of ordinary shares in issue during the period	600.000	253.600
Profit nor chare attributable to the owners of the Company (FIID)	10 GE	70 71

The Company's share price as at 30 June 2022 in Cyprus Stock Exchange Emerging Companies Market was EUR16,60 (31 December 2021: EUR 16,60).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

17. Investment properties

		31 December
	30 June 2022	2021
	EUR	EUR
Balance at 1 January	25.621.674	24.124.729
Additions		545.160
Disposals	(31.204.572)	(84.000)
Fair value adjustment	9.704.200	1.035.785
Balance at 30 June/31 December	4.121.302	25.621.674

Investment properties as at 30 June 2022 include a plot of land and an office. As at 31 December 2021, investment properties represented also Group's contribution into a shopping and entertainment project through which a permanent establishment was maintained.

During 2022 and due to the current economic and political instability in countries worldwide, sudden sharp increase in the global interest rates, fluctuations on foreign exchange market and related difficulties in estimations of the extent of negative effect of these factors on the business activities, the Management decided to discose off its permanent establishment, realising a loss on disposal amounting to RUB 807.400.000 (EUR 13.939.676) (Note 13).

The Group's investment in construction project was partially secured by mortgage, subject to the Subsequent Pledge (Mortgage) Agreement.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

18. Investments in subsidiaries

		31 December
	30 June 2022	2071
	EUR	EUR
Balance at 1 January	37.534.444	68.315.747
Additions		42.000
Liquidation		(122.861)
Transfer to associates as liquidation proceeds (Note 19)		(15.956.566)
Transferred from investments in associates		6.757 569
Fair value adjustment	13.615.192	(20.981.445)
Balance at 30 June/31 December	51.149.636	37.534.444

The details of the subsidiaries are as follows:

Name	Country of incorporation	Principal activities	30 June 2022 Holding %	31 December 2021 Holding 0/0
LLC "Business Active"	Russia	Activity in the field of Law	90	90
LLC "Hotel"	Russia	Purchase and sale of own non-residential immovable property	100	100
LLC "Community-Group"	Russia	Letting and management of own and rented realty	100	100
CJSC "Ezhin-1"	Russia	Letting and management of own and rented realty	100	100
CJSC "Kapmar-1"	Russia	Letting and management of own and rented untenantable realty	100	100
LLC "Estate Finance"	Russia	Wholesale non-specialized	70	70
LLC "MBK"	Russia	Activity in the field of law	100	100
CJSC "VIMS"	Russia	Investments in securities	100	100
JSC "Trading Town "Cheremushkinskiy"	Russia	Letting of own realty	56,001	56,001
CJSC "Astra Vosem"	Russia	Letting of own and rented untenantable realty	100	100
LLC "NITS"	Russia	Letting and management of own or rented untenantable realty	100	100
Kruszywa Skalne Sp. z o.o	Poland	Mining and quarrying activity	89,75	89,75
Winncom Technologies Corp.	United States	Network solutions and distribution	67	67
Winncom Technologies CA Limited	Uzbekistan	Network distribution	67	67
Winncom Hungary Trading and Services Limited	Hungary	Network distribution	67	67
Winncom Technologies EMEA LLC	United States	Network distribution	67	67
Glasborini Developments Limited *	Cyprus	Ownership and leasing of immovable property and that of short-term financing artivities	100	100

Involvement with unconsolidated entities.

The Group did not consolidate the above subsidiaries as they are individually and collectively immaterial to consolidate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

18. Investments in subsidiaries (continued)

*During the year 2021 the Group's holding in Glasborini Developments Limited was increased to 100% due to an additional contribution made, hence reclassified as an investment in subsidiary from investment in associate.

19. Investments in associates

		31 December
	30 June 2022	2021
	EUR	EUR
Balance at 1 January	12.424.319	6.722.895
Additions	288.548	317.647
Transfer to investment in subsidiary (Note 18)		(6.237.569)
Impairment charge (Note 13)		(166.533)
Disposals	(274.598)
Acquisition through liquidation		15.956.566
Share of results of associates	6.619.959	(4.168.687)
Balance at 30 June/31 December	19.058 773	12.424.319

The details of the investments are as follows:

Name	Country of incorporation	Principal activities	2072 Holding 90	2021 Holding 0/0	30 June 2022 EUR	31 December 2021 EUR
Grenton Spolka Poland		Innovative technology	23.32	23.372	307.580	377.500
Duna Terasz Premium Ingatlanforgal mazo KFT	Hungary	Real estate	20	20	1.005	1.005
ISO Novco	Russia	Financial mediation	33.33	33.33	18.453.854	11.822.215
Key Altea Grande S.L	Spain	Real estate		45		1.000
Key Premium Development S.L	Spain	Real estate		45		1.033
Key Enterprises Spain Developments S.L.		Investing in real estate properties		45		271.516
Key Vision Project S.L.	Spain	Holding company	45		285.789
					19.058 773	12.424 319

Key Vision Project S.L. was incorporated during 2022, as a parent business entity and absorbed Key Altea Grande S.L, Key Premium Development S.L and Key Enterprises Developments S.L., and is engaged in controlling stocks and membership interest of the absorbed companies.

During 2021, the associate company JSC "Novco" was transferred to the Group as liquidation proceeds due to the voluntary liquidation of its wholly owned subsidiary Banfer Estates Limited.

During 2021, the Company's investment in Glasborini Developments Limited was reclassified as a subsidiary due to the increase of its shareholding.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

20. Financial assets at fair value through other comprehensive income

		31 December
	30 June 2022	20721
	EUR	EUR
Balance at 1 January	786.267	327.659
Additions		778.971
Fair value adjustment	(19.357)	(320.363)
Balance at 30 June/31 December	766.910	786.267

The details of the investments are as follows:

Name	Country of incorporation	Principal activities	20722 Holding S	2021 Holding 0/0
Bragi GmbH	Germany	Wearable technology software
Duna Terasz Grande Ingatlanforgalmazo KFT D&B Real-Estate Investment KFT	Hungary Hungary	development Real estate Real estate	6.42 7.50 7,50	6.42 7.50 7.50

(i) Disposal of equity investments

The Group's investment in the share capital of Duna Terasz Grande Ingatlanforgalmazo KFT was pledged for securing the amount of HUF22.922.357.000 (equivalent to EUR 57.958.000 approximately) which corresponds to the loan facility received by Duna Terasz Grande Ingatlanforgalmazo KFT from a financial institution.

21. Loans receivable

		31 December
	30 June 2022	2021
	EUR	EUR
Loans receivable	880.408.364	843.273.458
Loans to related parties (Note 31.1)	97.996.966	86.028.465
Loss allowance on loans receivable	(10.988.591) (10.988.591)
	967.416.739	918.313.332
Less current portion	(37.157.452)	(975.383)
Non-current portion	930.259.287	917 337 949

The loans are repayable as follows:

		31 December
	30 June 2022	2021
	EUR	EUR
Within one year	37.157.452	975.383
Between one and five years	930.259.287	917.050.961
After five years		286.988
	967.416.739 918.313.332

The exposure of the Group to credit risk in relation to loans receivable is reported in note 6 of the consolidated financial statements.

The fair values of non-current receivables approximate to their carrying amounts as presented above.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

21. Loans receivable (continued)

Portion of the Group's loans receivable is secured and pledged by various parties, for the timely and full performance of the contractual obligations on those loans receivable.

22. Inventories

		31 December
	30 June 2022	2021
	EUR	EUR
Finished products and goods for resale	10.029.650	7.901.247
	10.029.650	7.901.247

The cost of inventories recognised as expense and included in "cost of sales" amounted to EUR5.411.628 (31 December 2021: EUR13.385.642).

No provision was recognized in cost of sales against stock during the period due to slow moving and obsolete stock.

23. Trade and other receivables

		31 December
	30 June 2022	2021
	ੜ ਗੁਸ਼	EUR
Trade receivables	4.91 3.701	5.217.181
Vat receivable	444 338	533,884
Promissory notes receivable	4.066.172	1.325.723
Receivable from related parties (Note 31.2)	443.198	357 258
Deposits and prepayments	1.610	122.894
Other receivables	265.793	370.392
	10.140.312	7.927.332

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

The exposure of the Group to credit risk and impairment losses in relation to trade and other receivables is reported in note 6 of the consolidated financial statements.

24. Financial assets at fair value through profit or loss

		31 December
	30 June 2022	2021
	EUR	EUR
Balance at 1 January	106.074.002	73.698.384
Additions	11.697.200	37.243.007
Disposals	(6.392.811)	(14.563.398)
Change in fair value	(3.136.199)	7.074.160
Exchange differences	27.111.861	2.621.849
Interest charged	2.837.756	6.144.185
Interest received	(2.694.920)	(6.105.518)
Balance at 30 June/31 December	135.496.889	106.074.002

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

24. Financial assets at fair value through profit or loss (continued)

Financial assets designated as at fair value through profit or loss are analysed as follows:

	30 June 2022 EUR	31 December 2021 EUR
Financial assets at fair value through profit or loss
Debt securities listed on a Stock Exchange	96.643.075	73.644.258
Equity securities listed on a Stock Exchange	21.423.057	16.995.154
Non-listed equity securities	17.430.757	15.434.590
	135.496.889 106.074.002

The financial assets at fair value through profit or loss are marketable securities and are valued at market value at the close of business on 30 June by reference to Stock Exchange quoted bid prices. 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.

25. Cash and cash equivalents

Cash balances are analysed as follows:

		31 December
	30 June 2022	2021
	EUR	EUR
Cash in hand	550
Cash with brokers	1.501.050	3.591.800
Cash at Electronic Money Institutions	466.648	466.269
Cash at bank	16.854.418	11.058.616
Visa credit cards	20.851	17.931
Bank deposits	23.207.916	32.549.849
	42.051.433	47.684.465

The exposure of the Group to credit risk and impairment losses in relation to cash and cash equivalents is reported in note 6 of the consolidated financial statements.

26. Share capital

Authorised	2022 Number of shares	720722 ੜ੍ਹੀ ਤੋ	2021 Number of shares	2021 EUR
Ordinary shares of EUR 12,50 each	600.000	7.500.000	600.000	7.500.000
	600.000	7.500.000	600.000	7.500.000
Issued and fully paid
Balance at 1 January Issue of shares	600.000	7.500.000	253.600 346.400	3.170.000 4.330.000
Balance at 30 June/31 December	600.000	7.500.000	600.000	7.500.000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

26. Share capital (continued)

Authorised capital

On 16 June 2021, the Company issued 346.400 ordinary shares of nominal value of EUR 12,50 each, at a premium of EUR 5,50 each.

27. Borrowings

Current borrowings	31 December 2072 EUR	31 December 2021 EUR
Bank loans	50.440.728	50.430.643
Non-current borrowings Bonds payable Trade loans payable	596.558.652 458.527.418	596.839.034 408.330.662
Trotal	1.055.086.070 1.005.169.696 1.105.526.798 1.055.600.339

The short-term bank loans are subject to a floating interest rate equal to 0,697% and 0,875% plus annual Euro Libor rate on a drawing date.

The bonds payable are subject to a floating interest rate equal to annual Euro Libor rate on a drawing date plus a margin of 2,65% and 2,80% per annum, and are repayable by the year 2030.

Maturity of non-current borrowings:

		31 December
	30 June 2022	2021
	EUR	EUR
Within one year Between one and five years After five years	50.440.728	50.430.643
	411.758.900	361.786.184
		643.327.170 643.383.512
	1.105.526.798 1.055.600.339

The bank loans are secured as follows:

By floating charge against Group's financial instruments held within the portfolio

The effective interest rates on short-term bank loans are 0,697376% and 1% per annum.

The bonds payable are subject to a floating interest rate equal to annual Euribor plus a margin of 2,65% and 2,80% per annum, and are repayable by 2030.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

28. Trade and other payables

		31 December
	30 June 2022	2021
	EUR	EUR
Trade payables	5.641.503	2.388.319
Vat	16.126	18.514
Payable to group undertaking (Note 31.3)	4.582.315	4.331.152
Social insurance and other taxes	26.373	32.089
Accruals	54 647	204.327
Other creditors	1.073. 286	4.356.544
Deferred income	2.845.257	1.632.771
Defence tax on rent payable		23
	14.189.507	12.963.739

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

29. Current tax liabilities

		31 December
	30 June 2022	2021
Corporation tax Special contribution for defence	EUR	EUR
	25.381	1.718
	1.374	3.520
	26.755	5.238

30. 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 entities 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 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 entities. In addition, travel bans applicable to the sanctioned individuals prevents them from entering or transiting through the relevant territories. The Republic of Cyprus has 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, and reactions 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

30. Operating Environment of the Group (continued)

The Group has the following exposures in the Russian Federation:

(1) Loans receivables
Financial interests at fair value (2)
(3) Bank accounts

Operating in Russia, Belarus and Ukraine involves some risk of political instability, which may include changes in government, negative policy shifts and civil unrest. Financial and economic sanctions imposed by the global community on certain sectors of the Russian economy as well as businesses and individuals in Russia in the first quarter of 2022, and the counter-measures imposed by Russia on the United Kingdom and European Union, may potentially pose a risk to the Group's operations. These factors may have a negative impact on the Group's supply arrangements, capital flows and ability of the Group to secure external financing.

The Group actively monitors political developments on an ongoing basis. However, the macroeconomic situation in Ukraine, Russia and Belarus is out of Management's control. The scope and impact of any new potential sanctions (and any counter-sanctions) is yet unknown, however they might further affect key Russian financial institutions as well as companies operating in the Russian Federation and Belarus.

Increased volatility on the global markets and fluctuations in foreign exchange rates may also impact the operations of the Group.

Management has considered the unique circumstances that could have a material impact on the business operations and the risk exposures of the Group and has concluded that the main impacts on the Group's profitability/liquidity position mav arise from:

interruptions or stoppage of production in affected areas and neighbouring countries
closure of roads and facilities in affected areas
· disruption in banking systems and capital markets
supply chain and travel disruptions in Eastern Europe .
seizure of assets by government authorities .
unavailability of personnel .
. reductions in sales and earnings of business in affected areas
increased costs and expenditures
cyberattacks
restriction on cash balances
· impairments of financial and non financial assets
· delays in planned business expansion
· increased volatility in the value of financial instrument
reduced tourism
disruption in travel and other leisure activities
· increase in expected credit losses from trade receivables, debt investments and intercompany loans
· failure to meet contractual obligations and breach of loan covenants, triggering of subjective covenants (e.g., material adverse change clauses), amendments, or waivers in lending agreements, and/or debt default
· volatility/abnormally large changes in equity or debt securities, prices, foreign currency exchange rates, and/or interest rates after 30 June 2022 that will significantly impact the measurement of assets in the next 12 months
· announcing plans of major assets disposals

Management will continue to monitor the situation closely and assess/seek additional measures/committed facilitiesas a fall-back plan in case the crisis becomes prolonged.

31. Related party transactions

The Company is listed to the Cyprus Stock Exchange Emerging Companies Market and its shares are spread towards various foreign and Cyprus based legal entities and various Cyprus resident and non-resident individuals.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

31. Related party transactions (continued)

The following transactions were carried out with related parties:

31.1 Loans to related parties (Note 21)

				2022	انالاا العام العام والماليات لاك 2021
	Maturity	Interest rate	Denominated
			in:	EITR	EUR
D&B Real-Estates Investment (Hungary) 31/10/2026		2,80% plus	EUR
		annual Euribor		24.561.941	23.949.743
Duna Terasz Grande Ingatlanforgalmazo 31/12/2024		2,80% plus	EUR
KFT (Hungary)		annual Euribor		50.115.143	49.928.601
Grenton Sp.z o.o. (Poland)	01/06/2027	4,75%	PLN	9.660	940.091
Kruszywa Skalne Sp. z o.o.(Poland)	11/02/2026	0% for the first two years. 12 month EURIBOR +4%
		onwards		5.760.000	5.760.000
Key Altea Grande, S.L. (Spain)	17/01/2027	3% plus 12months	EUR
		Euribor		60.643
Key Enterprises Developments, S.L. (Spain)	20/06/2025	3% plus 12months	EUR
		Euribor		8.522.784
Key Premium Development, S.L. (Spain) 20/03/2027		3% plus 12months	EUR
		Euribor		705.196
LLC Hotel	17/10/2022	8,5%	RUB	129.971	975.383
JSC ASTRA	16/02/2024	8,5%	RUB	2.825.795	1.766.396
ISC VIMS	16/02/2026	8,5%	RUB	4.375.833	2.708.251
				97.996.966	86.028.465
31.2 Receivable from related parties (Note 23)
					31 December
				30 June 2022	2021
				EUR	EUR
Receivable from related parties				443.198	357.258

20 Tune 21 1

443.198_ 357.258

The receivable from related parties is interest free, and has no specified repayment date.

31.3 Payables to related parties (Note 28)

		31 December
	30 June 2022	2021
	EUR	EUR
Payables to related parties	4.582.315	4.331.152
	4.582.315	4.331.152

The payables to related parties are interest free, and have no specified repayment date.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

32. Significant subsidiaries

As at 30 June 2022, the Group includes the Company and the below listed subsidiaries. Material subsidiary Wing Hang Enterprises Ltd was incorporated in Hong Kong on 30 August 1999 as a private company with limited liability and transferred domicile to Nevis on 5 December 2003. From 5 July, 2017, Wing Hang Enterprises Limited was registered in accordance with section 354H of the Companies Law Cap. 113, as a company continuing in the Republic of Cypus under the name of Wing Hang Enterprises (Cyprus) Limited. Elbridge Investments (Cyprus) Limited was incorporated in Cyprus on 23 February 2001 as a private limited liability company under the Cyprus Companies Law, Cap. 113, with registration number HE118464. The principal activities of the Group comprise the trading in financial instruments, the receiving and granting of loans, the ownership and leasing of residential property, the distribution and provision of telecommunication equipment and the completion of networking solutions, wireless and wired.

Name	Country of incorporation	Principal activities	30 June 2022 0/p	31 December 2072 0/0
Wing Hang Enterprises (Cyprus) Limited	Cyprus	Trading in financial instruments and receiving and granting
Kirnione Holdings Limited	Cyprus	of loans Trading in investments and investment of its	100	100
		funds	100	100
Winncom Technologies Holding Limited	Ireland	Investment holding Company	67	67
Elbridge Investments (Cyprus)	Cyprus	Financing activities
Limited Alodie Properties Limited	Cyprus	Holding of properties for	100	100
		investment purposes	100	100
Lostmperi Holdings Limited Aeliano Enterprises Limited	Cyprus Cyprus	Holding of investments Holding of investments and the receiving and	100	100
		granting of loans	89,7459	89,7459

In addition, the Group owns a 89,7459% shareholding in Aeliano Enterprises Limited (Cyprus) via the investment in subsidiary Lostmperi Holdings Limited.

33. Contingent liabilities

Pursuant to the terms of the Contract of Surely concluded on 21 November 2017 between Grenton Limited (the "Borrower"), registered in Poland and Lostmperi Holdings Limited (the "Lender"), registered in Cyprus, in the event of a failure by the Lender to provide the Borrower, Elbridge Investments (Cyprus) Ltd will be granting the surety in the form of a guarantee to the benefit of the Borrower to pay the amount of the equivalent of EUR 1.000.000 in PLN, until 31 December 2023.

The Group had no other contingent liabilities as at 30 June 2022 and 31 December 2021.

34. Commitments

At the date of signing of these financial statements, the total commitments of Elbridge Investments (Cyprus) Ltd relating to the financial assets at fair value through profit or loss equals to US\$725.000 and EUR2.897.061 (31 December 2021: US\$4.882.872 and EUR 5.814.304).

The Group had no other capital or other commitments as at 30 June 2022 and 31 December 2021.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

35. Legal issues

In May 2018 it came to Elbridge Investment (Cyprus) Ltd ("ELCY") attention that one of its Borrowers based in Russia was subject to a court application. ELCY has two loans outstanding with the said Borrower, secured by a mortgage and a guarantee by a third party in favour of the Company.

In May 2018 a notice of an intention to apply for insolvency of the Borrower and the Pledgor respectively was published. In this connection ELCY, after some attempts to demand an early repayment of debts and foreclosure of the subject of pledge directly from the Borrower and the Guarantor, submitted an application to Court, in early 2019, for initiation of bankruptcy procedures over the Borrower, and a claim on collection of the Borrower's debt from the Guarantor by foreclosure of the subject of Pledge. During second half of 2019, supervision proceduren with appointment of temporary managers were commenced over the Pledgor and the Borrower.

On the case of bankruptcy of the Pledgor, ELCY's claim was included in the Register of secured claims by the Court decision in August 2020. In December 2020, bankruptcy manager was appointed in the Pledgor, and it was expected that bankruptcy manager should be able to commence public auctions in order to dispose the pledged properties around December 2021. Eventually, the ruling of the Arbitration court of Moscow of December 13, 2021 proponaged the procedure of bankruptcy proceeding concerning the debtor for eleven months, the court session for consideration of the report of the bankruptcy manager was appointed by the Arbitration court of Moscow on November 9, 2022.

36. Events after the reporting period

There were no materials events after the reporting period, which have a bearing on the understanding of the financial statements.

AI Terminal

Vonpende Holdings PLC

2536_ir_2022-09-30_2290c6c5-ea97-4f61-869a-c12a4189e51d.pdf

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

BOARD OF DIRECTORS AND OTHER OFFICERS

MANAGEMENT REPORT

Principal activities and nature of operations of the Group

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

Principal risks and uncertainties

Results

Dividends

Share capital

Implementation and compliance to the Code of Corporate Governance

MANAGEMENT REPORT

Board of Directors

Operating Environment of the Group

Events after the reporting period

Independent Auditors

Independent Auditor's Report

To the Members of Vonpende Holdings P.L.C.

Report on the Audit of the Consolidated Financial Statements

Opinion

Basis for Opinion

Other information

Independent Auditor's Report (continued)

To the Members of Vonpende Holdings P.L.C.

Responsibilities of the Board of Directors for the Consolidated Financial Statements

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Independent Auditor's Report (continued)

To the Members of Vonpende Holdings P.L.C.

Report on Other Legal Requirements

Other Matter

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Period from 1 January 2022 to 30 June 2022

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED CASH FLOW STATEMENT Period from 1 January 2022 to 30 June 2022

CONSOLIDATED CASH FLOW STATEMENT Period from 1 January 2022 to 30 June 2022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

1. Incorporation and principal activities

Country of incorporation

Principal activities

2. Basis of preparation

3. Adoption of new or revised standards and interpretations

4. Significant accounting policies

Basis of consolidation

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Basis of consolidation (continued)

Business combinations

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Business combinations (continued)

Investments in associates

Revenue

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Revenue recognition (continued)

Sale of products

Rendering of services .

Income from investments in securities

Rental income 0

Interest income

Dividend income

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Employee benefits

Finance income

Finance costs

Foreign currency translation

(1) Functional and presentation currency

(2) Transactions and balances

Tax

Dividends

Property, plant and equipment

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Period from 1 January 2022 to 30 June 2022

4. Significant accounting policies (continued)

Property, plant and equipment (continued)

Investment properties

Impairment of non-financial assets