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Quarterly Report • Feb 8, 2024

FINANCIAL SUMMARY 2023

Income statement	3
Balance sheet	4
Statement of changes in equity	5
Cash flow statement	6

Statement of Profit and Loss and Other Comprehensive Income

	Notes	2023	2022
Fair value change of financial assets	3.2	5,942	12,904
Fair value change of investment properties	3.2	( 2)	5,947
Financial income	7	627	718
Income from investing activities		6,566	19,568
Other operating income	5	162	736
Salaries and related expenses	14	( 596)	( 823)
Other operating expenses	6	( 313)	( 431)
		( 748)	( 518)
Operating profit		5,819	19,050
Financial expenses	8	( 531)	( 179)
Profit before taxes		5,288	18,871
Income tax	16	122	( 1,354)
Profit for the year		5,410	17,517
Earnings per share
Earnings per share	13	2.81	9.05
Diluted earnings per share	13	2.81	9.05

Balance Sheet

	Notes	31.12.2023	31.12.2022
Assets
Cash and cash equivalents	11	3,139	4,731
Treasury notes at fair value through profit & loss	9	2,524	2,116
Listed stocks at fair value through profit & loss	9	9,396	4,921
Other financial assets at fair value through profit & loss	9	27,138	23,137
Investment properties at fair value throuh profit & loss	9	6,107	690
Loans and receivables from related companies	23	845	2,129
Other receivables	20	570	323
Current assets		23	30
Long-term receivables	19	0	428
Right-of-use lease asset		4	0
Total assets		49,745	38,505
Equity
Share capital		1,878	1,936
Share premium		2,525	3,210
Restricted equity		19,517	14,200
Retained earnings		13,690	14,084
Total Equity	12	37,610	33,430
Liabilities
Deferred income tax liabilities	17	1,892	2,014
Long-term debts in connection to investment properties	21	3,526	0
Other long-term liabilities	21	1,764	0
Debts to related parties	23	1,504	57
Total long-term liabilities		8,687	2,071
Short term debts to credit institutions	21	3,004	2,473
Current maturities of long-term liabilities	21	147	42
Other short-term liabilities	22	294	490
Lease liability		4	0
Short-term iabilities		3,449	3,004
Total Liabilities		12,135	5,075
Total equity and liabilities		49,745	38,505

Statement of Changes in Equity

	Share	Share	Statutory	Stock options	Restricted	Retained
	Capital	premium	reserve	reserve	equity	earnings	Total
2023
Shareholders' equity 31.12.2022	1,936	3,210	501	85	13,614	14,083	33,430
Net profit for the year						5,410	5,410
Own shares	( 58 )	( 685 )					( 742 )
Paid dividends						( 600 )	( 600 )
Realised fair value changes					( 736 )	736	0
Restricted fair value changes					5,939	( 5,939 )	0
Restricted for stock option agreements				113			113
Position 31.12.2023	1,878	2,525	501	197	18,818	13,690	37,610
2022
Shareholders' equity 31.12.2021	1,936	3,210	501	1	400	10,281	16,329
Net profit for the year						17,517	17,517
Paid dividends						( 500 )	( 500 )
Redalised fair value changes					( 5,636 )	5,636	0
Restricted fair value changes					18,850	( 18,850 )	0
Redeemed stock options				( 1 )			( 1 )
Restricted for stock option agreements				85			85
Position 31.12.2022	1,936	3,210	501	85	13,614	14,083	33,430

Statement of Cash Flows

	Notes		2023	2022
Operating activities
Net profit for the year			5,410	17,517
Adjusted for:
Depreciation			8	35
Fair value change of financial assets and investment properties	9	(	5,939) (	18,850)
Financial income and financial expenses	7,8	(	96) (	539)
Income tax	16	(	122)	1,354
Employee acquisition costs and stock options			113	0
Working capital provided to operating activities, net of income		(	627) (	483)
Changes in current assets and liabilities:
Trade receivable and other short-term receivables, change	20	(	247)	477
Trade payable and other short-term payables, change	22	(	196) (	4,801)
		(	443) (	4,324)
Cash provided to operating activities, net of interest and taxes		(	1,070) (	4,806)
Received interest income	7		224	601
Paid interest expenses	8	(	368) (	178)
Net cash provided to operating activities		(	1,213) (	4,384)
Investing activities
Investment in operating assets	3.2	(	13) (	8)
Investment in investment properties		(	5,420)	0
Sale price of investment properties	3.2		0	7,431
Investment in subsidiaries	3.2		0 (	200)
Investment in securities	3.2	(	10,110) (	19,700)
Sale of securities	3.2		7,255	11,126
Received dividends	7		167	168
Receivables from related companies, change	23, 20		1,712	7,650
Net cash used in investing activities		(	6,409)	6,466
Financing activities
Dividends paid		(	600) (	500)
Purchase of own shares		(	742)	0
Payments on long-term debts and lease agreements	21	(	277) (	3,347)
New long-term debts			5,673	0
Debts to related companies			1,447	0
Current liabilities, change	21		531 (	1,216)
Financing activities			6,031 (	5,063)
Decrease in cash and cash equivalents		(	1,592) (	2,980)
Cash at beginning of year			4,731	7,711
Cash at end of year			3,139	4,731
Investments and financing with no cash flow effects:
Selling price of operating assets			0	4,233
Sale price of investments in companies			7,930	0
Investments in companies		(	8,900) (	3,221)
Receivables from related companies			970 (	1,500)
Increase in short-term debt			0	488

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