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10-Q - Financial Statement - Full Notes HELLENIC EXCHANGES S.A. (2023,Nine-Month Statement,Both).pdf

Company: Hellenic Exchanges-Athens Stock Exchange S.A. Date: 2023-11-20 Language: English Register to download
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# **HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A.**

# **NINE MONTH 2023 INTERIM FINANCIAL STATEMENTS**

**For the period 1 January 2023 – 30 September 2023**

**In accordance with the International Financial Reporting Standards**

ATHENS EXCHANGE GROUP 110 Athinon Ave. 10442 Athens GREECE GEMI: 003719101000

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|       | 1. NINE MONTH 2023 COMPANY & CONSOLIDATED INTERIM FINANCIAL STATEMENTS 4                        |  |
|-------|-------------------------------------------------------------------------------------------------|--|
| 1.1.  | Interim Statement of Comprehensive Income 5                                                     |  |
| 1.2.  | Interim Statement of Financial Position 7                                                       |  |
| 1.3.  | Interim Statement of Changes in Equity8                                                         |  |
| 1.4.  | Interim Cash Flow Statement 10                                                                  |  |
|       | 2. NOTES TO THE INTERIM NINE MONTH 2023 FINANCIAL STATEMENTS11                                  |  |
| 2.1.  | General information about the Company and its subsidiaries12                                    |  |
| 2.2.  | Basis of preparation of the company and consolidated financial statements for the 9M of 2023 12 |  |
| 2.3.  | Basic Accounting Principles 13                                                                  |  |
| 2.4.  | Overview of the capital market13                                                                |  |
| 2.5.  | Trading13                                                                                       |  |
| 2.6.  | Post trading 14                                                                                 |  |
| 2.7.  | Listing14                                                                                       |  |
| 2.8.  | Data services15                                                                                 |  |
| 2.9.  | IT, Digital & Other Services15                                                                  |  |
| 2.10. | Ancillary services 15                                                                           |  |
| 2.11. | Personnel remuneration and expenses16                                                           |  |
| 2.12. | Third party remuneration and expenses16                                                         |  |
| 2.13. | Maintenance / IT Support17                                                                      |  |
| 2.14. | Building / equipment management 17                                                              |  |
| 2.15. | Utilities17                                                                                     |  |
| 2.16. | Other operating expenses18                                                                      |  |
| 2.17. | Taxes18                                                                                         |  |
| 2.18. | Owner occupied tangible assets and intangible assets18                                          |  |
| 2.19. | Leases 19                                                                                       |  |
| 2.20. | Participations and other long term claims 19                                                    |  |
| 2.21. | Trade and other receivables20                                                                   |  |
| 2.22. | Financial assets21                                                                              |  |
| 2.23. | Cash and cash equivalents22                                                                     |  |
| 2.24. | Third party balances in bank accounts of the Group22                                            |  |
| 2.25. | Deferred Tax 22                                                                                 |  |
| 2.26. | Contractual obligations 23                                                                      |  |
| 2.27. | Equity and reserves 24                                                                          |  |
| 2.28. | Trade and other payables25                                                                      |  |
| 2.29. | Taxes payable 25                                                                                |  |
| 2.30. | Current income tax and income taxes payable 25                                                  |  |
| 2.31. | Related party disclosures27                                                                     |  |

| 2.32. | Events after the date of the Statement of Financial Position28 |  |
|-------|----------------------------------------------------------------|--|
| 2.33. | Adjustments 29                                                 |  |

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# **1. NINE MONTH 2023 COMPANY & CONSOLIDATED FINANCIAL STATEMENTS**

# **for the period 1 January 2023 to 30 September 2023**

**In accordance with the International Financial Reporting Standards**

# **1.1. Interim Statement of Comprehensive Income**

|                                                                          |            | Group      |            | Company    |            |
|--------------------------------------------------------------------------|------------|------------|------------|------------|------------|
|                                                                          |            | 01.01      | 01.01      | 01.01      | 01.01      |
|                                                                          | Notes      | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Revenue                                                                  |            |            |            |            |            |
| Trading                                                                  | 2.5        | 6,439      | 4,735      | 6,439      | 4,731      |
| Post trading                                                             | 2.6        | 15,060     | 11,832     | 0          | 0          |
| Listing                                                                  | 2.7        | 4,138      | 3,683      | 2,736      | 2,449      |
| Data services                                                            | 2.8        | 2,878      | 2,741      | 2,630      | 2,508      |
| ΙΤ, Digital & Other Services                                             | 2.9        | 5,040      | 5,394      | 3,401      | 3,499      |
| Ancillary services                                                       | 2.10       | 839        | 870        | 628        | 617        |
| Total turnover                                                           |            | 34,394     | 29,255     | 15,834     | 13,804     |
| Hellenic Capital Market Commission fee                                   |            | (1,450)    | (1,101)    | (537)      | (394)      |
| Total revenue                                                            |            | 32,944     | 28,154     | 15,297     | 13,410     |
| Expenses                                                                 |            |            |            |            |            |
| Personnel remuneration and expenses                                      | 2.11       | 10,675     | 8,601      | 5,901      | 4,938      |
| Third party remuneration and expenses                                    | 2.12       | 1,238      | 1,411      | 987        | 1,254      |
| Maintenance / IT support                                                 | 2.13       | 1,657      | 1,558      | 1,310      | 1,224      |
| Building / equipment management                                          | 2.14       | 465        | 578        | 103        | 95         |
| Utilities                                                                | 2.12       | 1,117      | 1,416      | 317        | 282        |
| Other operating expenses                                                 | 2.16       | 2,460      | 2,053      | 1,806      | 1,508      |
| Taxes                                                                    | 2.17       | 1,022      | 1,329      | 583        | 809        |
| Total operating expenses before depreciation                             |            | 18,634     | 16,946     | 11,007     | 10,110     |
| Earnings before Interest, Taxes, Depreciation &<br>Amortization (EBITDA) |            | 14,310     | 11,208     | 4,290      | 3,300      |
| Depreciation                                                             | 2.18, 2.19 | (2,836)    | (3,512)    | (1,700)    | (1,567)    |
| Earnings Before Interest and Taxes (EBIT)                                |            | 11,474     | 7,696      | 2,590      | 1,733      |
| Capital income                                                           |            | 416        | 45         | 124        | 29         |
| Dividend income                                                          | 2.20, 2.22 | 395        | 306        | 5,211      | 4,319      |
| Income from participations                                               | 2.20       | 205        | 210        | 205        | 210        |
| Income from tax returns                                                  | 2.30       | 0          | 625        | 0          | 625        |
| Financial expenses                                                       |            | (36)       | (54)       | (60)       | (62)       |
| Earnings Before Tax (EBT)                                                |            | 12,454     | 8,828      | 8,070      | 6,854      |
| Income tax                                                               | 2.25, 2.30 | (2,816)    | (1,985)    | (766)      | (620)      |
| Earnings after tax (ΕΑΤ)                                                 |            | 9,638      | 6,843      | 7,304      | 6,234      |

*Certain amounts of the previous fiscal year have been changed (see note 2.33).*

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|                                                                                                         |       | Group      |            | Company    |            |
|---------------------------------------------------------------------------------------------------------|-------|------------|------------|------------|------------|
|                                                                                                         |       | 01.01      | 01.01      | 01.01      | 01.01      |
|                                                                                                         | Notes | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Earnings after tax (A)                                                                                  |       | 9,638      | 6,843      | 7,304      | 6,234      |
| Items that are not later reclassified in the results:                                                   |       |            |            |            |            |
| Financial assets at fair value through other income -<br>Valuation profits / (losses) during the period | 2.22  | (998)      | 1,711      | (998)      | 1,711      |
| Income tax effect                                                                                       |       | 220        | (376)      | 220        | (376)      |
| Other comprehensive income / (losses) after taxes (B)                                                   |       | (778)      | 1,335      | (778)      | 1,335      |
| Total other comprehensive income after taxes (A) + (B)                                                  |       | 8,860      | 8,178      | 6,526      | 7,569      |

| Distributed to:                                     | 2023       | 2022       |
|-----------------------------------------------------|------------|------------|
| Company shareholders                                | 8,860      | 8,178      |
| Profits after tax per share (basic & diluted; in €) | 0.153      | 0.138      |
| Weighted average number of shares                   | 57,850,000 | 59,469,651 |

*Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.*

*The notes in chapter 2 form an integral part of the interim financial statements of 30.09.2023.*

# **1.2. Interim Statement of Financial Position**

|                                                     |      | Group      |            | Company    |            |
|-----------------------------------------------------|------|------------|------------|------------|------------|
|                                                     | Note | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| ASSETS                                              |      | BS1        | BS2        | BS3        | BS4        |
| Non-Current Assets                                  |      |            |            |            |            |
| Tangible owner-occupied assets                      | 2.18 | 19,966     | 20,490     | 839        | 948        |
| Right of use assets                                 | 2.19 | 230        | 235        | 1,377      | 1,523      |
| Real Estate Investments                             |      | 6,187      | 6,187      | 2,900      | 2,900      |
| Intangible assets                                   | 2.18 | 6,363      | 7,128      | 4,486      | 4,859      |
| Deferred tax                                        | 2.25 | 50         | 48         | 0          | 0          |
| Participations & other long term receivables        | 2.20 | 6,917      | 6,821      | 51,853     | 51,760     |
| Financial assets at fair value through other income | 2.22 | 8,999      | 9,996      | 8,999      | 9,996      |
|                                                     |      | 48,712     | 50,905     | 70,454     | 71,986     |
| Current Assets                                      |      |            |            |            |            |
| Trade receivables                                   | 2.21 | 4,210      | 3,953      | 2,141      | 2,229      |
| Other receivables                                   | 2.21 | 6,321      | 4,077      | 2,007      | 1,230      |
| Financial assets valued at amortized cost           | 2.22 | 2,612      | 0          | 2,612      | 0          |
| Third party balances in Group bank accounts         | 2.24 | 281,141    | 244,677    | 0          | 0          |
| Cash and cash equivalents                           | 2.23 | 59,391     | 60,609     | 11,455     | 15,842     |
|                                                     |      | 353,675    | 313,316    | 18,215     | 19,301     |
| Total Assets                                        |      | 402,387    | 364,221    | 88,669     | 91,287     |
| EQUITY & LIABILITIES                                |      |            |            |            |            |
| Equity & Reserves                                   |      |            |            |            |            |
| Share capital                                       | 2.27 | 25,346     | 25,346     | 25,346     | 25,346     |
| Treasury stock                                      | 2.27 | (8,333)    | (8,333)    | (8,333)    | (8,333)    |
| Share premium                                       | 2.27 | 157        | 157        | 157        | 157        |
| Reserves                                            | 2.27 | 37,080     | 44,195     | 27,537     | 34,954     |
| Retained earnings                                   | 2.27 | 46,901     | 39,977     | 34,559     | 29,669     |
| Total Equity                                        |      | 101,151    | 101,342    | 79,266     | 81,793     |
| Non-current liabilities                             |      |            |            |            |            |
| Contractual obligation                              | 2.26 | 1,240      | 1,498      | 438        | 480        |
| Deferred tax                                        | 2.25 | 3,357      | 3,344      | 1,633      | 1,719      |
| Lease liabilities                                   | 2.19 | 180        | 173        | 1,335      | 1,421      |
| Employee benefit liabilities                        |      | 1,891      | 1,794      | 1,165      | 1,106      |
| Other provisions                                    |      | 120        | 60         | 40         | 0          |
|                                                     |      | 6,788      | 6,869      | 4,611      | 4,726      |
| Current liabilities                                 |      |            |            |            |            |
| Trade and other payables                            | 2.28 | 4,991      | 4,861      | 2,984      | 2,777      |
| Contractual obligation                              | 2.26 | 1,574      | 2,132      | 544        | 879        |
| Income tax payable                                  | 2.30 | 1,253      | 32         | 587        | 60         |
| Taxes payable                                       | 2.29 | 5,052      | 3,547      | 260        | 371        |
| Social Security                                     |      | 387        | 696        | 279        | 491        |
| Lease liabilities                                   | 2.19 | 50         | 65         | 138        | 190        |
| Third party balances in Group bank accounts         | 2.24 | 281,141    | 244,677    | 0          | 0          |
|                                                     |      | 294,448    | 256,010    | 4,792      | 4,768      |
| Total Liabilities                                   |      | 301,236    | 262,879    | 9,403      | 9,494      |
| Total Equity & Liabilities                          |      | 402,387    | 364,221    | 88,669     | 91,287     |

*Certain amounts of the previous fiscal year have been reclassified (see note 2.33).*

*Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.*

*The notes in chapter 2 form an integral part of the interim financial statements of 30.09.2023.*

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# **1.3. Interim Statement of Changes in Equity**

#### **1.3.1. Group**

|                                                                                                            | Share<br>Capital | Treasury<br>Stock | Share<br>Premium | Reserves | Retained<br>Earnings | Total<br>Equity |
|------------------------------------------------------------------------------------------------------------|------------------|-------------------|------------------|----------|----------------------|-----------------|
| Balance 01.01.2022                                                                                         | 25,346           | (854)             | 157              | 62,107   | 21,751               | 108,507         |
| Earnings distribution to reserves                                                                          | 0                | 0                 | 0                | 301      | (301)                | 0               |
| Share buyback                                                                                              | 0                | (6,234)           | 0                | 0        | 0                    | (6,234)         |
| Dividends paid                                                                                             | 0                | 0                 | 0                | (6,638)  | (2,414)              | (9,052)         |
| Transactions with shareholders                                                                             | 0                | (6,234)           | 0                | (6,337)  | (2,715)              | (15,286)        |
| Earnings for the period                                                                                    | 0                |                   | 0                | 0        | 6,843                | 6,843           |
| Gains / (losses) from valuation of<br>financial assets at fair value through<br>other comprehensive income | 0                | 0                 | 0                | 1,335    | 0                    | 1,335           |
| Other comprehensive income                                                                                 | 0                | 0                 | 0                | 1,335    | 0                    | 1,335           |
| Total comprehensive income after taxes                                                                     | 0                | 0                 | 0                | 1,335    | 6,843                | 8,178           |
| Balance 30.09.2022                                                                                         | 25,346           | (7,088)           | 157              | 57,104   | 25,879               | 101,398         |
| Balance 01.01.2023                                                                                         | 25,346           | (8,333)           | 157              | 44,195   | 39,977               | 101,342         |
| Earnings distribution to reserves                                                                          | 0                | 0                 | 0                | 301      | (301)                | 0               |
| Dividends paid                                                                                             | 0                | 0                 | 0                | (6,638)  | (2,414)              | (9,052)         |
| Transactions with shareholders                                                                             | 0                | 0                 | 0                | (6,337)  | (2,715)              | (9,052)         |
| Earnings for the period                                                                                    | 0                | 0                 | 0                | 0        | 9,638                | 9,638           |
| Gains / (losses) from valuation of<br>financial assets at fair value through<br>other comprehensive income | 0                | 0                 | 0                | (778)    | 0                    | (778)           |
| Other comprehensive income                                                                                 | 0                | 0                 | 0                | (778)    | 0                    | (778)           |
| Total comprehensive income after taxes                                                                     | 0                | 0                 | 0                | (778)    | 9,638                | 8,860           |
| Balance 30.09.2023                                                                                         | 25,346           | (8,333)           | 157              | 37,080   | 46,901               | 101,151         |

*Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.*

*The notes in chapter 2 form an integral part of the annual financial statements of 30.09.2023.*

![](_page_8_Picture_0.jpeg)

#### **1.3.2. Company**

| Share<br>Capital | Treasury<br>Stock | Share<br>Premium | Reserves | Retained<br>Earnings | Total<br>Equity |
|------------------|-------------------|------------------|----------|----------------------|-----------------|
| 25,346           | (854)             | 157              | 53,586   | 13,192               | 91,427          |
| 0                | (6,234)           | 0                | 0        | 0                    | (6,234)         |
| 0                | 0                 | 0                | (6,638)  | (2,414)              | (9,052)         |
| 0                | (6,234)           | 0                | (6,638)  | (2,414)              | (15,286)        |
|                  |                   | 0                | 0        | 6,234                | 6,234           |
|                  |                   | 0                | 1,335    | 0                    | 1,335           |
|                  |                   |                  | 1,335    | 0                    | 1,335           |
| 0                | 0                 | 0                | 1,335    | 6,234                | 7,569           |
| 25,346           | (7,088)           | 157              | 48,282   | 17,016               | 83,713          |
| 25,346           | (8,333)           | 157              | 34,954   | 29,669               | 81,793          |
|                  |                   | 0                | (6,638)  | (2,414)              | (9,052)         |
|                  |                   | 0                | (6,638)  | (2,414)              | (9,052)         |
| 0                | 0                 | 0                | 0        | 7,304                | 7,304           |
|                  |                   | 0                | (778)    | 0                    | (778)           |
| 0                | 0                 | 0                | (778)    | 0                    | (778)           |
| 0                | 0                 | 0                | (778)    | 7,304                | 6,526           |
| 25,346           | (8,333)           | 157              | 27,537   | 34,559               | 79,266          |
|                  |                   |                  |          |                      |                 |

*Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.*

*The notes in chapter 2 form an integral part of the annual financial statements of 30.09.2023.*

![](_page_9_Picture_0.jpeg)

# **1.4. Interim Cash Flow Statement**

|                                                          |            | Group      |            | Company    |            |
|----------------------------------------------------------|------------|------------|------------|------------|------------|
|                                                          | Notes      | 01.01-     | 01.01-     | 01.01-     | 01.01-     |
|                                                          |            | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Cash flows from operating activities                     |            |            |            |            |            |
| Earnings before tax                                      |            | 12,454     | 8,828      | 8,070      | 6,854      |
| Plus / (minus) adjustments for                           |            |            |            |            |            |
| Depreciation                                             | 2.18, 2.19 | 2,836      | 3,512      | 1,700      | 1,567      |
| Staff retirement obligations                             |            | 97         | 50         | 59         | 26         |
| Interest Income                                          |            | (416)      | (45)       | (124)      | (29)       |
| Dividend income                                          | 2.20, 2.22 | (395)      | (306)      | (5,211)    | (4,319)    |
| Income from affiliates                                   | 2.20       | (205)      | (210)      | (205)      | (210)      |
| Interest and related expenses paid                       |            | 36         | 54         | 60         | 62         |
| Income from tax returns                                  | 2.30       | 0          | (625)      | 0          | (625)      |
| Plus/ (minus) adjustments for changes in working         |            |            |            |            |            |
| capital accounts or concerning operating activities      |            |            |            |            |            |
| Reduction/(Increase) in receivables                      |            | (2,501)    | (150)      | (689)      | (165)      |
| (Reduction)/Increase in liabilities (except loans)       |            | 536        | (2,644)    | (485)      | (2,100)    |
| Total adjustments for changes in working capital         |            | 12,442     | 8,464      | 3,175      | 1,061      |
| Interest and related expenses paid                       |            | (15)       | (69)       | (15)       | (14)       |
| Tax return from previous fiscal years                    |            | 0          | 625        | 0          | 625        |
| Taxes paid                                               |            | (1,372)    | (1,205)    | (100)      | 0          |
| Net inflows / outflows from operating activities (a)     |            | 11,055     | 7,815      | 3,060      | 1,672      |
| Cash flows from investing activities                     |            |            |            |            |            |
| Purchases of tangible and intangible assets              | 2.18       | (1,496)    | (2,531)    | (1,071)    | (1,835)    |
| Purchase of financial assets valued at amortized cost    | 2.22       | (2,592)    | 0          | (2,592)    | 0          |
| Interest received                                        |            | 416        | 45         | 124        | 29         |
| Dividends received                                       | 2.20, 2.22 | 510        | 0          | 5,326      | 4,118      |
| Total inflows / (outflows) from investing activities (b) |            | (3,162)    | (2,486)    | 1,787      | 2,312      |
| Cash flows from financing activities                     |            |            |            |            |            |
| Share buy back                                           | 2.27       | 0          | (6,234)    | 0          | (6,234)    |
| Lease payments                                           | 2.19       | (59)       | (29)       | (182)      | (181)      |
| Dividend payments                                        | 2.27       | (9,052)    | (9,052)    | (9,052)    | (9,052)    |
| Total outflows from financing activities (c)             |            | (9,111)    | (15,315)   | (9,234)    | (15,467)   |
| Net increase/ (decrease) in cash and cash equivalents    |            | (1,218)    | (9,986)    | (4,387)    | (11,483)   |
| from the beginning of the period (a) + (b) + (c)         |            |            |            |            |            |
| Cash and cash equivalents at start of period             | 2.23       | 60,609     | 71,861     | 15,842     | 27,892     |
| Cash and cash equivalents at end of period               | 2.23       | 59,391     | 61,875     | 11,455     | 16,409     |

*Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.*

*The notes in chapter 2 form an integral part of the annual financial statements of 30.09.2023.*

![](_page_10_Picture_1.jpeg)

# **2. NOTES TO THE INTERIM NINE MONTH 2023 FINANCIAL STATEMENTS**

![](_page_11_Picture_1.jpeg)

# **2.1. General information about the Company and its subsidiaries**

The Company "HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX)" with the commercial name "ATHENS STOCK EXCHANGE" was founded in 2000 (Government Gazette 2424/31.3.2000) and has General Electronic Commercial Registry (GEMI) No 003719101000 (former Companies Register No 45688/06/Β/00/30). Its head office is in the Municipality of Athens at 110 Athinon Ave, Postal Code 10442. The shares of the Company are listed in the Main Market segment of the Athens Exchange cash market.

The Company is the parent company of the Group that supports the operation of the Greek capital market. The parent company and its subsidiaries operate the organized cash and derivatives markets, carry out trade clearing, settlement and safekeeping of securities, provide comprehensive technology solutions to the Greek capital market, provide support services of other organized markets in Greece and abroad as well as other ancillary services, and promote the development of capital markets culture in Greece.

The duration of the Company is set at two hundred (200) years and commences as of the recording in the relevant Company Register by the competent supervisory authority of the administrative decision to issue a license for the incorporation of the Company and the approval of its articles of association.

The nine month 2023 interim financial statements of the Group and the Company have been approved by the Board of Directors on 20.11.2023. The interim financial statements have been published on the internet, at [www.athexgroup.gr.](http://www.athexgroup.gr/) The interim and the annual financial statements of the subsidiaries of the Group ATHEXCSD and ATHEXClear have been published a[t www.athexgroup.gr.](http://www.athexgroup.gr/)

The following table lists the companies being consolidated by ATHEX on 30.09.2023, their headquarters, activity, direct and indirect participations of the Company in their share capital, as well as the consolidation method:

| Company                                              | Headquarters | Activity                    | Direct<br>participation<br>% | Indirect<br>participation<br>% | Total<br>participation<br>% | Consolidation<br>method |
|------------------------------------------------------|--------------|-----------------------------|------------------------------|--------------------------------|-----------------------------|-------------------------|
| Hellenic Exchanges-Athens Stock<br>Exchange (ATHEX)  | Greece       | Exchange                    |                              |                                | Parent company              |                         |
| ATHEX subsidiaries                                   |              |                             |                              |                                |                             |                         |
| Athens Exchange Clearing House<br>(ATHEXClear)       | Greece       | Clearing of<br>transactions | 100%                         | -                              | 100%                        | Full<br>consolidation   |
| Hellenic Central Securities<br>Depository (ATHEXCSD) | Greece       | Depository                  | 100%                         | -                              | 100%                        | Full<br>consolidation   |
| ΑTHEX affiliate                                      |              |                             |                              |                                |                             |                         |
| Hellenic Energy Exchange (HenEx)                     | Greece       |                             | 21%                          | -                              | 21%                         | Equity                  |
| HenEx subsidiary                                     |              |                             |                              |                                |                             |                         |
| EnΕx Clearing House (EnExClear)                      | Greece       |                             | -                            | 21%                            | 21%                         | Equity                  |

# **2.2. Basis of preparation of the company and consolidated financial statements for the 9M of 2023**

The company and consolidated financial statements for the nine months of 2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB) and their interpretations as issued by the International Financial Reporting Interpretations Committee (IFRIC) of IASB and adopted by the European Union and are mandatory for fiscal years starting on 1.1.2023. There are no standards and interpretations of standards that have been applied before the date they go into effect.

The financial statements for the six-month period that ended on 30.09.2023 have been drafted in accordance with the provisions of International Accounting Standard 34 "Interim Financial Report."

The attached financial statements have been drafted on the basis of historical cost (except owner-occupied assets, investments in real estate and financial assets through other income, which are valued at fair value) and the principle of "going concern", which assumes that the Company and its subsidiaries will be able to continue their operations as going concerns for the foreseeable future. In particular, the Management of the Group and the Company, taking into account the current and projected financial position of the Group and the Company and their liquidity levels (including the observance of medium-term budgets) estimates that the use of the going concern principle when drawing up the attached interim of condensed financial statements is appropriate.

The preparation of financial statements in accordance with the International Financial Reporting Standards requires that the Management of the Group make important assumptions and accounting estimates that affect the balances of the Asset and Liability accounts, the disclosure of contingent claims and liabilities on the preparation date of the Financial Statements, as well as the revenues and expenses presented in the period in question. Despite the fact that these estimates are based on the best possible knowledge of the management of the Company as regards the current conditions, actual results may differ from these estimates in the end.

Estimates and judgments are continuously evaluated, and are based on empirical data and other factors, including anticipation of future events that are to be expected under reasonable conditions. The significant estimates and judgements used in drafting the attached financial statements are presented in note 5.3.21 of the 2022 Annual Financial Report.

#### **2.3. Basic Accounting Principles**

The basic accounting principles adopted by the Group and the Company for the preparation of the attached financial statements do not differ from those used for the publication of the 2022 Annual Financial Report that has been audited by the certified auditors-accountants of the Group and is posted on the internet at [www.athexgroup.gr.](http://www.athexgroup.gr/) At the same time, the significant accounting estimates and judgement adopted by Management for the application of the accounting principles by the Company and the Group are consistent with those adopted in the annual Financial Statements of 31.12.2022.

#### **2.4. Overview of the capital market**

The Athens Exchange General Index closed on 30.09.2023 at 1,209.34 points, 52.5% higher than the close at the end of the corresponding period in 2022 (792.9 points). In the nine months of 2023 the average capitalization of the market was €79.7bn, increased by 25.7% compared to the corresponding period in 2022 (€63.4bn).

The total value of transactions in the nine months of 2023 (€19.9bn) is 36.3% higher compared to the corresponding period in 2022 (€14.6bn), while the average daily traded value was €106.9m compared to €78.8m in the nine months of 2022, increased by 35.7%.

In the nine months of 2023, capital totaling €1.12bn was raised.

#### **2.5. Trading**

Revenue from trading is analyzed in the table below:

![](_page_13_Picture_0.jpeg)

NINE MONTH 2023 INTERIM FINANCIAL STATEMENTS

|                      | Group      |            | Company    |            |
|----------------------|------------|------------|------------|------------|
|                      | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Shares               | 5,255      | 3,862      | 5,255      | 3,858      |
| Derivatives          | 618        | 433        | 618        | 433        |
| Member subscriptions | 547        | 419        | 547        | 419        |
| Bonds                | 17         | 21         | 17         | 21         |
| ETFs                 | 2          | 0          | 2          | 0          |
| Total                | 6,439      | 4,735      | 6,439      | 4,731      |

#### **2.6. Post trading**

Revenue from post trading is analyzed in the following table:

|                                                 | Group      |            | Company    |            |
|-------------------------------------------------|------------|------------|------------|------------|
|                                                 | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Clearing - equities                             | 7,802      | 5,682      | 0          | 0          |
| Clearing - derivatives                          | 1,462      | 1,031      | 0          | 0          |
| Clearing – other (orders-transfers-allocations) | 1,338      | 1,120      | 0          | 0          |
| Settlement                                      | 2,108      | 2,108      | 0          | 0          |
| Operator subscriptions                          | 1,864      | 1,459      | 0          | 0          |
| Services to operators / participants            | 396        | 340        | 0          | 0          |
| Member subscriptions                            | 90         | 92         | 0          | 0          |
| Total                                           | 15,060     | 11,832     | 0          | 0          |

The increase in revenue from the clearing of transactions is due to the increase in trading activity in 2023 compared to the corresponding period last year.

Certain amounts of the previous fiscal year have been changed (see note 2.33).

#### **2.7. Listing**

Revenue from this category includes revenue for quarterly subscriptions and corporate actions such as rights issues from ATHEX listed companies.

|                              | Group      |            | Company    |            |
|------------------------------|------------|------------|------------|------------|
|                              | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Listed company subscriptions | 2,186      | 1,955      | 1,961      | 1,753      |
| Corporate actions (1)        | 1,484      | 1,347      | 587        | 544        |
| Initial Public Offers (IPOs) | 243        | 158        | 132        | 102        |
| Other services to issuers    | 99         | 146        | 38         | 23         |
| Greek government securities  | 71         | 21         | 12         | 18         |
| Bonds                        | 55         | 56         | 6          | 9          |
| Total                        | 4,138      | 3,683      | 2,736      | 2,449      |

(1) Fees collected from corporate actions by listed companies includes rights issues by companies and the listing of corporate bonds. Part of the corporate actions that were invoiced in 2023 concerning rights issues and New Listings has been transferred to future fiscal years (See note 2.26, contractual obligations).

Certain amounts the previous fiscal year have been changed (see note 2.33).

### **2.8. Data services**

Revenue from this category includes the rebroadcast of Athens Stock Exchange and Cyprus Stock Exchange market data, as well as revenue from the sale of statistical information.

|                          | Group      |            | Company    |            |
|--------------------------|------------|------------|------------|------------|
|                          | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Revenue from Market Data | 2,338      | 2,232      | 2,583      | 2,466      |
| Revenue from Inbroker    | 497        | 471        | 2          | 2          |
| Statistics sales         | 43         | 38         | 45         | 40         |
| Total                    | 2,878      | 2,741      | 2,630      | 2,508      |

#### **2.9. IT, Digital & Other Services**

Revenue from this category includes revenue from digital services, infrastructure and technological solutions to the Energy Exchange Group, the Cyprus Stock Exchange and the Albanian Energy Exchange. Technological solution revenue includes the services provided to Boursa Kuwait. The same category includes revenue from digital services (Electronic Book Building [EBB], Axialine, Axia e-Shareholders Meeting, digital certificates, ARM-APA, EMIR TR, SFTR, LEI), as well as revenue from Colocation, Exchange Trade Network (ATHEXNet) et al.

|                         | Group      |            | Company    |            |
|-------------------------|------------|------------|------------|------------|
|                         | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Digital services        | 1,913      | 2,142      | 772        | 920        |
| Infrastructure          | 1,410      | 1,534      | 1,207      | 1,173      |
| Technological solutions | 660        | 739        | 559        | 623        |
| Licenses                | 1,057      | 979        | 863        | 783        |
| Total                   | 5,040      | 5,394      | 3,401      | 3,499      |

Certain amounts of the previous fiscal year have been changed. See note 2.33.

#### **2.10. Ancillary services**

Revenue from ancillary services mainly concern revenue from supporting the Energy Exchange Group, rents and other revenue.

![](_page_15_Picture_0.jpeg)

NINE MONTH 2023 INTERIM FINANCIAL STATEMENTS

|                   | Group      |            | Company    |            |
|-------------------|------------|------------|------------|------------|
|                   | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Support services  | 369        | 362        | 158        | 151        |
| Rents             | 268        | 282        | 148        | 148        |
| Education         | 22         | 30         | 16         | 25         |
| Investor services | 68         | 62         | 0          | 0          |
| Grants            | 39         | 0          | 39         | 0          |
| Other             | 73         | 134        | 267        | 293        |
| Total             | 839        | 870        | 628        | 617        |

"Other" mainly includes services from the parent company to its subsidiaries ATHEXCSD and ATHEXClear, as well as to the Hellenic Corporate Governance Council.

Certain amounts of the previous fiscal year have been changed (See note 2.33).

#### **2.11. Personnel remuneration and expenses**

The change in the number of employees of the Group and the Company, as well as the breakdown in staff remuneration is shown in the following table.

|                 | Group      |            | Company    |            |
|-----------------|------------|------------|------------|------------|
|                 | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Salaried staff  | 253        | 234        | 128        | 119        |
| Total Personnel | 253        | 234        | 128        | 119        |

|                               | Group      |            | Company    |            |
|-------------------------------|------------|------------|------------|------------|
|                               | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Personnel remuneration        | 8,226      | 6,156      | 4,548      | 3,482      |
| Social security contributions | 1,453      | 1,349      | 833        | 759        |
| Other benefits                | 887        | 739        | 449        | 364        |
| Termination benefits          | 12         | 307        | 12         | 307        |
| Personnel actuarial study     | 97         | 50         | 59         | 26         |
| Total                         | 10,675     | 8,601      | 5,901      | 4,938      |

Personnel Remuneration as at 30.09.2023 includes a proportion of the Bonus provision for the 2023 fiscal year, in accordance with the Groups remuneration policy, amounting to €1,184 thousand for the Group and €592 thousand for the Company, which did not exist in the nine months of 2022.

#### **2.12. Third party remuneration and expenses**

Third party fees and expenses include the remuneration of the members of the BoDs of all the companies of the Group.

![](_page_16_Picture_0.jpeg)

|                                         | Group      |            | Company    |            |
|-----------------------------------------|------------|------------|------------|------------|
|                                         | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Fees to consultants                     | 587        | 749        | 419        | 670        |
| Remuneration to BoD & Committee members | 487        | 403        | 444        | 361        |
| Other remuneration                      | 14         | 114        | 13         | 112        |
| Fees to FTSE                            | 81         | 82         | 81         | 82         |
| Fees to auditors                        | 69         | 63         | 30         | 29         |
| Total                                   | 1,238      | 1,411      | 987        | 1,254      |

#### **2.13. Maintenance / IT Support**

Maintenance and IT support includes expenses for the maintenance of the Group's technical infrastructure and support for the IT systems (technical support for the electronic trading platforms, databases, Registry [DSS] etc.).

In the nine months of 2023 the amount for the Group was €1,657 thousand compared to €1,558 thousand in the nine months of 2022, increased by 6.4%, while for the Company the corresponding amounts were €1,310 thousand in the nine months of 2023 vs. €1,224 thousand in 2022, increased by7%.

### **2.14. Building / equipment management**

This category includes expenses such as: security and cleaning services, building and equipment maintenance and repairs, and is analyzed in the table below:

|                                               | GROUP      |            | COMPANY    |            |
|-----------------------------------------------|------------|------------|------------|------------|
|                                               | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Cleaning and building security services       | 333        | 318        | 98         | 84         |
| Building- other equip. repair and maintenance | 116        | 215        | 5          | 11         |
| Other                                         | 16         | 45         | 0          | 0          |
| Total                                         | 465        | 578        | 103        | 95         |

#### **2.15. Utilities**

This category mainly concerns electricity, fixed and mobile telephony costs, ATHEXNet leased lines and water.

|                                             | Group      |            | Company    |            |
|---------------------------------------------|------------|------------|------------|------------|
|                                             | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Fixed - mobile telephony - internet - water | 120        | 122        | 74         | 41         |
| Leased lines - ATHEXNet                     | 215        | 211        | 212        | 204        |
| Electricity                                 | 781        | 1,081      | 31         | 37         |
| Water                                       | 1          | 2          | 0          | 0          |
| Total                                       | 1,117      | 1,416      | 317        | 282        |

![](_page_17_Picture_0.jpeg)

# **2.16. Other operating expenses**

This category mainly concerns insurance premiums, promotional expenses, XNET, Inbroker, and other expenses, and is analyzed in the following table. "Other" mainly includes expenses for donations, rents, swift et al.

|                              | Group      |            | Company    |            |
|------------------------------|------------|------------|------------|------------|
|                              | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Insurance premiums           | 573        | 575        | 557        | 560        |
| Subscriptions                | 382        | 391        | 342        | 354        |
| Promotional expenses         | 269        | 130        | 254        | 119        |
| Travel                       | 96         | 38         | 88         | 31         |
| Operation support services   | 0          | 0          | 131        | 157        |
| XNET / Inbroker expenses     | 192        | 228        | 8          | 23         |
| LEI - EMIR TR- SFTR expenses | 332        | 254        | 0          | 0          |
| Transportation expenses      | 117        | 76         | 90         | 58         |
| Other                        | 499        | 361        | 336        | 206        |
| Total                        | 2,460      | 2,053      | 1,806      | 1,508      |

#### **2.17. Taxes**

The taxes that burden the results of the fiscal year (Property Tax, value added tax, stamp duty etc.) for the Group amounted to €1,022 thousand in the nine months of 2023 compared to €1,329 thousand in the corresponding period last year. For the Company, taxes amounted to €583 thousand vs. €809 thousand in the corresponding period last year.

#### **2.18. Owner occupied tangible assets and intangible assets**

The tangible assets of the Group on 30.09.2023 amounted to €19,966 thousand compared to €20,490 thousand on 31.12.2022. The reduction is due to depreciation amounting to €891 thousand for the period (mainly concerning the buildings of the Group), as well as additions of €367 thousand in buildings, machinery and other equipment.

The tangible assets of the Company on 30.09.2023 amounted to €839 thousand compared to €948 thousand on 31.12.2022. The reduction is due to depreciation amounting to €311 thousand (mainly concerning other equipment), as well as additions of €202 thousand in other equipment.

During 2022, the management of the Company and the Group reassessed the useful life of the "Buildings and technical works" category. The useful life of buildings and technical works was determined to be 50 years from 25 years. In determining it, management took into account current market conditions, the condition of its owneroccupied buildings and the estimates obtained from the independent property appraiser as part of the study carried out to determine their fair value.

On 30.09.2023 there were no encumbrances on the fixed assets of the Companies of the Group.

The intangible assets of the Group on 30.09.2023 amounted to €6,363 thousand compared to €7,128 thousand on 31.12.2022. The change is due to the addition of €602 thousand in software and €527 thousand in internally developed systems less depreciation for the period of €1,232 thousand in software and €662 thousand in internally developed systems.

The intangible assets of the Company on 30.09.2023 amounted to €4,486 thousand compared to €4,859 thousand on 31.12.2022. The change is due to the addition of €594 thousand in software and €275 thousand in

![](_page_18_Picture_0.jpeg)

internally developed systems less depreciation for the period of €906 thousand in software and €336 thousand in internally developed systems.

#### **2.19. Leases**

The rights-of-use and the lease liabilities of the Group and the Company are presented in the following tables:

| Assets right of use - Group  | 30.09.2023 | 31.12.2022 |
|------------------------------|------------|------------|
| Real Estate                  | 0          | 15         |
| Means of transport           | 230        | 220        |
|                              | 230        | 235        |
| Lease obligations            |            |            |
| Long-term lease obligations  | 180        | 173        |
| Short-term lease obligations | 50         | 65         |
|                              | 230        | 238        |

| Assets right of use - Company | 30.09.2023 | 31.12.2022 |
|-------------------------------|------------|------------|
| Real Estate                   | 1,207      | 1,331      |
| Means of transport            | 170        | 192        |
|                               | 1,377      | 1,523      |
| Lease obligations             |            |            |
| Long-term lease obligations   | 1,335      | 1,421      |
| Short-term lease obligations  | 138        | 190        |
|                               | 1,473      | 1,611      |

### **2.20. Participations and other long term claims**

The analysis of the participations and other long term claims of the Group on 30.09.2023 is shown in the table below.

|                                      | Group      |            | Company    |            |
|--------------------------------------|------------|------------|------------|------------|
|                                      | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Participation in subsidiaries        | 0          | 0          | 45,300     | 45,300     |
| Participation in affiliates (1)      | 2,098      | 2,008      | 2,098      | 2,008      |
| Management committee reserve         | 12         | 12         | 1          | 1          |
| Lease guarantees                     | 86         | 80         | 33         | 30         |
| Dividend tax withheld for offset (2) | 4,721      | 4,721      | 4,421      | 4,421      |
| Total                                | 6,917      | 6,821      | 51,853     | 51,760     |

- 1) The participation of the Company in HenEx on 30.09.2023 was €2,098 thousand. The company had initially paid in €1,050 thousand as participation in HenEx's share capital.
- 2) Hellenic Exchanges Athens Stock Exchange and Athens Exchange Clearing House had income (dividends) from their participation in subsidiaries during the period 2009-2013. On those distributions that took place, dividend withholding tax was applied, whose balance is monitored in a claims account against the Greek State in order to offset the divided tax from the further distribution of this income to

the shareholders of the companies. In the absence of a specific provision in the Income Tax Code regarding the offset or return of this claim against the Greek State, the Group monitors this account in long term claims. The claim consists of dividend withholding tax, and is measured at the total amount expected to be recovered from the tax authorities. The Group and the Company measure current tax claims both initially and subsequently at the amount expected to be recovered from the tax authorities. Management estimates that there is no risk that the claim will not be recovered.

The breakdown of the participations of the parent Company in the subsidiaries of the Group on 30.09.2023 is shown below:

|                           | % of direct<br>participation | Number of shares<br>/ total number of<br>shares | Cost<br>30.09.2023 | Cost<br>31.12.2022 |
|---------------------------|------------------------------|-------------------------------------------------|--------------------|--------------------|
| ATHEXCSD<br>(former TSEC) | 100                          | 802,600                                         | 32,380             | 32,380             |
| ATHEXClear                | 100                          | 8,500,000                                       | 12,920             | 12,920             |
|                           |                              | Total                                           | 45,300             | 45,300             |

In the nine months of 2023 the Company received dividend amounting to €6.00 per share from the ATHEXCSD subsidiary for fiscal year 2022, amounting to €4,815,600.

#### **2.21. Trade and other receivables**

All claims are short term and no discounting is required on the date of the statement of financial position. The breakdown of clients and other receivables is shown in the following table:

|                                  | Group      |            | Company    |            |
|----------------------------------|------------|------------|------------|------------|
|                                  | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Clients                          | 6,111      | 5,852      | 3,804      | 3,891      |
| Less: expected credit losses     | (1,901)    | (1,899)    | (1,664)    | (1,662)    |
| Net commercial receivables       | 4,210      | 3,953      | 2,141      | 2,229      |
| Other receivables                |            |            |            |            |
| Tax (0.20%) (1)                  | 4,088      | 2,606      | 0          | 0          |
| HCMC fee claim                   | 21         | 21         | 21         | 21         |
| Taxes withheld on deposits       | 56         | 8          | 15         | 5          |
| Prepaid non-accrued expenses (2) | 650        | 602        | 634        | 546        |
| Contractual claims (3)           | 1,462      | 546        | 1,290      | 546        |
| Other withheld taxes             | 5          | 10         | 4          | 10         |
| Other debtors                    | 39         | 284        | 43         | 102        |
| Total other receivables          | 6,321      | 4,077      | 2,007      | 1,230      |

- (1) The sales tax on transactions (0.20%) is turned over by members on the day following settlement T+3; however, some members take advantage of their right to turn it over in one tranche to ATHEXCSD on the third working day after the end of the month when the transactions took place.
- (2) Prepaid non-accrued expenses will mainly be expensed in the next period.
- (3) Contractual obligations mainly concern a revenue provision from the market data service €508 thousand; and from the Energy Exchange - €895 thousand.

The provisions for expected credit losses are analyzed in the table below:

| Expected credit losses        | Group | Company |
|-------------------------------|-------|---------|
| Balance on 31.12.2021         | 1,637 | 1,525   |
| Provision reversal in 2022    | 262   | 137     |
| Balance on 31.12.2022         | 1,899 | 1,662   |
| Write-off of doubtful claims  | (16)  | (16)    |
| Additional provisions in 2023 | 18    | 18      |
| Balance on 30.09.2023         | 1,901 | 1,664   |

The book value of the claims above reflects their fair value.

#### **2.22. Financial assets**

On 30.09.2023 financial assets at fair value through other income includes the shares that the Group has acquired in Boursa Kuwait as well as in the Belgrade Stock Exchange.

The shares of Boursa Kuwait posted a valuation loss of €998 thousand compared to 31.12.2022 which was accounted in the special securities valuation reserve, from which the corresponding deferred tax of €220 thousand was subtracted.

The GM of Boursa Kuwait decided to distribute dividend for fiscal year 2022. The Company recognized income of €396 thousand in 2023.

The change in the value of the 0.779% participation in Boursa Kuwait and the 10.24% participation in the Belgrade Stock Exchange are analyzed below:

|                                                                                                                | Group      |            | Company    |            |
|----------------------------------------------------------------------------------------------------------------|------------|------------|------------|------------|
|                                                                                                                | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Participation in the Belgrade Stock Exchange                                                                   |            |            |            |            |
| Balance - start of the period                                                                                  | 193        | 155        | 193        | 155        |
| Profit / (Loss) from the valuation of the participation<br>recognized in the Statement of Comprehensive Income | 0          | 38         | 0          | 38         |
| Balance - end of period                                                                                        | 193        | 193        | 193        | 193        |
| Participation in Boursa Kuwait                                                                                 |            |            |            |            |
| Balance - start of the period                                                                                  | 9,804      | 9,223      | 9,804      | 9,223      |
| Profit / (Loss) from the valuation of the participation<br>recognized in the Statement of Comprehensive Income | (998)      | 581        | (998)      | 581        |
| Balance - end of period                                                                                        | 8,806      | 9,804      | 8,806      | 9,804      |
| Grand total                                                                                                    | 8,999      | 9,996      | 8,999      | 9,996      |

Financial assets valued at amortized cost include Greek Government Bonds with a duration of less than a year which the Group acquired during at a total cost of €4,092 thousand out of which bonds valued at €1,480 thousand have already matured.

![](_page_21_Picture_0.jpeg)

# **2.23. Cash and cash equivalents**

The cash at hand and at bank of the Group are invested in short term interest bearing instruments in order to maximize the benefits, in accordance with the policy set by the Company and the Group.

On 30.09.2023, a significant portion of the cash of the Group is, due to compliance of ATHEXClear with the EMIR Regulation, kept at the Bank of Greece (BoG). Deposits of the Group at the BoG from 18.09.2019 up until 26.07.2022 carried a negative interest rate of 0.5%.

The breakdown of the cash at hand and at bank of the Group is as follows:

|                                    | Group      |            | Company    |            |
|------------------------------------|------------|------------|------------|------------|
|                                    | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Deposits at the Bank of Greece     | 17.019     | 14.661     | 0          | 0          |
| Sight deposits in commercial banks | 3.157      | 25.944     | 2.383      | 9.840      |
| Time deposits < 3 months           | 39.211     | 20.000     | 9.070      | 6.000      |
| Cash at hand                       | 4          | 4          | 2          | 2          |
| Total                              | 59.391     | 60.609     | 11.455     | 15.842     |

#### **2.24. Third party balances in bank accounts of the Group**

Third party balances in bank accounts of the Group is a memo account for the margins that ATHEXClear receives from its Members for the derivatives market and the cash market. ATHEXClear manages Member margins, which in accordance with the investment policy for deposits, are placed with the Bank of Greece.

Implementation of the ATHEXClear investment policy begun together with the application of the new clearing model and risk management in the derivatives market on 1.12.2014. The amounts of €281,141 thousand on 30.09.2023 and €244,677 thousand on 31.12.2022 respectively shown below and in the Statement of Financial Position on 30.09.2023 and 31.12.2022 respectively, concern exclusively Member collaterals in the cash and derivatives markets as well as XNET.

|                                                           | Group      |            | Company    |            |
|-----------------------------------------------------------|------------|------------|------------|------------|
|                                                           | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Clearing Fund accounts – Cash Market                      | 14,724     | 11,155     | 0          | 0          |
| Additional Clearing Fund collaterals – Cash Market        | 140,107    | 140,706    | 0          | 0          |
| Clearing Fund accounts – Derivatives Market               | 24,606     | 12,827     | 0          | 0          |
| Additional Clearing Fund collaterals – Derivatives Market | 100,871    | 79,176     | 0          | 0          |
| Other (1)                                                 | 833        | 813        | 0          | 0          |
| Third party balances                                      | 281,141    | 244,677    | 0          | 0          |

(1) On 30.09.2023, at the bank accounts of the Group with commercial banks, dormant client balances of the Clearing Fund amounting to €35 thousand were kept, and the amount of €798 thousand concerning returns from bond interest payments to deceased beneficiaries and from forced sales.

### **2.25. Deferred Tax**

The deferred tax obligations of the Group increased from €3,296 thousand on 31.12.2022 to €3,307 thousand on 30.09.2023. This increase is mainly due to the €178 thousand decrease in deferred tax claims from other

![](_page_22_Picture_0.jpeg)

provisions due to the reduction in the amount concerning Contractual obligations and the €46 thousand increase in deferred tax liability from tangible assets. The increase was offset by a €220 thousand reduction in the deferred tax liability, due to the drop in the valuation of the participation in Boursa Kuwait.

#### **2.26. Contractual obligations**

As part of IFRS 15, revenue from new listings at ATHEX, as well as rights issues that take place during the fiscal year are considered to concern not only the fiscal year during which they are paid, but must be recognized and allocated to the duration that the company remains listed at ATHEX, during which the service is expected to be provided.

The contractual obligations by service, on 30.09.2023 and 31.12.2022 for the Group and the Company are analyzed as follows:

#### **30.09.2023**

| Group         | Short-term contractual<br>obligations | Long-term contractual<br>obligations |
|---------------|---------------------------------------|--------------------------------------|
| New listings  | 194                                   | 445                                  |
| Rights issues | 1,380                                 | 795                                  |
|               | 1,574                                 | 1,240                                |

| Company       | Short-term contractual<br>obligations | Long-term contractual<br>obligations |
|---------------|---------------------------------------|--------------------------------------|
| New listings  | 87                                    | 198                                  |
| Rights issues | 457                                   | 240                                  |
|               | 544                                   | 438                                  |

#### **31.12.2022**

| Group         | Short-term contractual<br>obligations | Long-term contractual<br>obligations |
|---------------|---------------------------------------|--------------------------------------|
| New listings  | 232                                   | 381                                  |
| Rights issues | 1,900                                 | 1,117                                |
|               | 2,132                                 | 1,498                                |

| Company       | Short-term contractual<br>Long-term contractual |             |
|---------------|-------------------------------------------------|-------------|
|               | obligations                                     | obligations |
| New listings  | 160                                             | 146         |
| Rights issues | 719                                             | 334         |
|               | 879                                             | 480         |

![](_page_23_Picture_0.jpeg)

#### **2.27. Equity and reserves**

#### **a) Share Capital**

|                  | Number of shares | Par value (€) | Share Capital (€) | Share Premium (€) |
|------------------|------------------|---------------|-------------------|-------------------|
| Total 01.01.2022 | 60,348,000       | 0.42          | 25,346,160        | 157,084           |
| Total 31.12.2022 | 60,348,000       | 0.42          | 25,346,160        | 157,084           |
| Total 30.09.2023 | 60,348,000       | 0.42          | 25,346,160        | 157,084           |

#### **b) Reserves**

|                                             | Group      |            | Company    |            |
|---------------------------------------------|------------|------------|------------|------------|
|                                             | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Regular Reserve (1)                         | 17,356     | 23,693     | 14,839     | 21,478     |
| Tax free and specially taxed reserves       | 10,735     | 10,737     | 10,281     | 10,281     |
| Treasury stock reserve                      | (12,669)   | (12,669)   | (12,669)   | (12,669)   |
| Real estate revaluation reserve             | 8,201      | 8,201      | 1,906      | 1,907      |
| Other                                       | 5,982      | 5,982      | 5,982      | 5,982      |
| Special securities valuation reserve (2)    | 6,089      | 6,866      | 6,089      | 6,866      |
| Reserve from stock option plan to employees | 1,385      | 1,385      | 1,109      | 1,109      |
| Total                                       | 37,080     | 44,195     | 27,537     | 34,954     |

- (1) Part of the excess regular reserve of the Company in the amount of €6,638 thousand was distributed to shareholders of the Company following a decision of the Annual GM.
- (2) The Group has acquired shares in Boursa Kuwait and Belgrade Stock Exchange which it has classified, in accordance with IFRS 9, in financial assets at fair value through comprehensive income. On 30.09.2023 the shares posted a valuation loss of €778 thousand, following the subtraction of deferred tax, which was accounted in the special securities valuation reserve.

#### **c) Share Buyback program**

The General Meeting on 31.05.2021 decided to grant authorization for the Company to acquire own shares in accordance with the terms and conditions of article 49 of Law 4548/2018, for a time period not to exceed twelve (12) months, at a minimum price of €0.49 and a maximum price of €5.00 per share. The maximum number of own shares acquired will not exceed 10% of the paid-in share capital.

The share buyback program began on 3.12.2021 and was completed on 30.11.2022. The Company possesses 2,498,000 shares, at an average acquisition price of €3.336 per share and a total cost of €8.33m; these shares correspond to 4.14% of the voting rights of the Company.

The General Meeting on 08.06.2023 decided to grant authorization for the Company to acquire own shares in accordance with the terms and conditions of article 49 of Law 4548/2018, for a time period not to exceed twentyfour (24) months, at a minimum price of €0.42 and a maximum price of €6.00 per share. The maximum number of own shares acquired will not exceed 10% of the paid-in share capital.

There were no share purchases under the new program up until 20.11.2023.

#### **d) Retained Earnings**

The retained earnings of the Group of €39,977 thousand on 31.12.2022 amounted to €46,901 thousand on 30.09.2023, as they increased by €9,638 thousand in comprehensive income in the nine months of 2023, and were reduced by the formation of a regular reserve of €301 thousand and by the amount of €2,414 thousand in dividends paid.

The retained earnings of the Company of €29,669 thousand on 31.12.2022 amounted to €34,559 thousand on 30.09.2023, as they increased by €7,304 thousand in comprehensive income in the nine months of 2023 and were reduced by the amount of €2,414 thousand in dividends paid.

### **2.28. Trade and other payables**

All liabilities are short term and, therefore, no discounting on the date of the financial statements is required. The breakdown of trade and other payables are shown in the following table:

|                                        | Group      |            | Company    |            |
|----------------------------------------|------------|------------|------------|------------|
|                                        | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Suppliers                              | 1,197      | 2,323      | 622        | 1,176      |
| Hellenic Capital Market Commission Fee | 457        | 598        | 175        | 202        |
| Dividends payable                      | 9          | 12         | 9          | 12         |
| Accrued third party services           | 877        | 349        | 688        | 278        |
| Employee remuneration payable          | 1,835      | 887        | 968        | 531        |
| Share capital return to shareholders   | 79         | 79         | 79         | 79         |
| Prepaid revenue                        | 194        | 299        | 145        | 262        |
| Various creditors                      | 343        | 314        | 298        | 237        |
| Total                                  | 4,991      | 4,861      | 2,984      | 2,777      |

#### **2.29. Taxes payable**

The analysis of taxes payable of the Group and the Company are presented in the table below:

|                            | Group      |            | Company    |            |
|----------------------------|------------|------------|------------|------------|
|                            | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Tax on stock sales 0.20%   | 4,559      | 2,962      | 0          | 0          |
| Payroll taxes              | 252        | 361        | 155        | 234        |
| Tax on external associates | 4          | 5          | 4          | 5          |
| VAT-Other taxes            | 237        | 219        | 101        | 132        |
| Total                      | 5,052      | 3,547      | 260        | 371        |

ATHEXCSD, as full legal successor to the Central Securities Depository, based on article 9 §2 of Law 2579/88 as amended by Law 2742/99, acts as an intermediary and collects from ATHEX members the tax (0.20%) on stock sales that take place on ATHEX which it turns over to the Greek State. The amount of €4.56m corresponds to the tax (0.20%) on stock sales for September 2023 which was paid to the Greek State in October 2023.

#### **2.30. Current income tax and income taxes payable**

Income tax has been calculated based on the rules of tax legislation. Non-deductible expenses mainly include provisions, various expenses as well as amounts which the Company considers that they will not be considered justifiable production expenses in a potential tax audit and which are adjusted by management when the income tax is calculated.

![](_page_25_Picture_0.jpeg)

| Tax liabilities                 | Group      |            | Company    |            |
|---------------------------------|------------|------------|------------|------------|
|                                 | 30.09.2023 | 31.12.2022 | 30.09.2023 | 31.12.2022 |
| Liabilities / (claims) start    | 32         | 1,286      | 60         | (254)      |
| Income tax expense              | 2,586      | 1,711      | 633        | 100        |
| Return of income tax prepayment | 7          | 223        | (6)        | 214        |
| Taxes paid                      | (1,372)    | (3,188)    | (100)      | 0          |
| Liabilities / (claims) end      | 1,253      | 32         | 587        | 60         |

|                                | Group      |            | Company    |            |
|--------------------------------|------------|------------|------------|------------|
|                                | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Income Tax                     | 2,586      | 1,708      | 633        | 242        |
| Deferred Tax                   | 230        | 277        | 133        | 378        |
| Income tax expense / (revenue) | 2,816      | 1,985      | 766        | 620        |

#### **Tax Compliance Report**

For fiscal years 2011 to 2015, the Greek Sociétés Anonymes and Limited Liability Companies whose annual financial statements must be audited were required to obtain an "Annual Certificate", as provided for in §5 article 82 of Law 2238/1994 and article 65A Law 4174/2013, which is issued after a tax audit carried out by the same statutory auditor or audit firm that audits the annual financial statements. After completion of the tax audit, the statutory auditor or the audit firm issues to the company a "Tax Compliance Report" which is then submitted electronically to the Ministry of Finance.

Starting with fiscal year 2016, the issuance of an "Annual Certificate" is optional. The tax authorities reserve the right to carry out a tax audit within the established framework as defined in article 36 of Law 4174/2013.

For fiscal year 2022 the companies of the Group have been audited by Grant Thornton and have received "Tax Compliance Reports" without qualifications in accordance with article 65A of Law 4174/2013.

For fiscal years 2011 and 2017-2021 the companies of the Group have been audited by PricewaterhouseCoopers S.A., and for fiscal years 2012-2016 they have been audited by Ernst and Young S.A. and have received "Tax Compliance Reports" without qualifications in accordance with the regulations in effect (article 82, §5 of Law 2238/1994 for fiscal years 2011-2013 and article 65A of Law 4174/2013 for fiscal years 2014-2021).

#### **Tax audit of the Company for fiscal years 2008, 2009 and 2010**

The Company was tax audited for tax years 2008, 2009 and 2010 by the Large Corporation Audit Center (KEMEP) in accordance with audit order 760/4/1118/22.12.2015. On 11.7.2016 the Company was notified about the acts of temporary corrective tax determination and audit findings note by the Large Corporation Audit Center (KEMEP).

Within the time limits of the law, on 30.9.2016, the Company filed an administrative appeal in accordance with article 63 of Law 4174/2013 at the Dispute Settlement Division (DED) of the General Secretariat of Public Revenue (GGDE), against the findings of the tax audit, and at the same time paid 100% of the amount due i.e. €1,562 thousand, in order to avoid the accumulation, calculation and assessment of interest for the duration of the suspension of the sum due (article 53 §1 of law 4174/2013).

The result of the Company's appeal before the Dispute Settlement Division (DED), was the reduction of the assessed additional taxes and surcharges by the amount of €579 thousand, an amount which has already been returned to the Company by the Tax Office through netting with tax liabilities of the Company. Subsequently, the Company exercised its right to further appeal to the Administrative Courts in order to be reimbursed the remaining amount of additional taxes and surcharges totaling €983 thousand. The Company received a summons and appeared before the Administrative Court of Appeal for the hearing of its case, which with decision no. 3901/2018 referred the case to the competent Three-Member Administrative Court of First Instance of Athens.

![](_page_26_Picture_0.jpeg)

On February 9, 2022, the Company was notified of decisions no. 113/2022 and 114/2022 of the Administrative Court of First Instance of Athens with which the appeal of the Company was partially accepted and as a result on 5 April 2022 the amount of €625 thousand was returned. On 8 April 2022 the Company appealed to the Administrative Court of Appeals for the return of the amount of €270 thousand, which were determined and discussed on 29 July 2022, for which a decision is awaited.

### **2.31. Related party disclosures**

The value of transactions and the balances of the Group with related parties are analyzed in the following table:

|                                                   | Group      |            | Company    |            |
|---------------------------------------------------|------------|------------|------------|------------|
|                                                   | 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 |
| Remuneration of executives and members of the BoD | 1,899      | 1,721      | 1,545      | 1,372      |
| Cost of social security                           | 336        | 278        | 268        | 210        |
| Other compensation                                | 0          | 658        | 0          | 658        |
| Total                                             | 2,235      | 2,657      | 1,812      | 2,239      |

The intra-Group balances on 30.09.2023 and 31.12.2022, as well as the intra-Group transactions of the companies of the Group on 30.09.2023 and 30.09.2022 are shown below:

| INTRA-GROUP BALANCES 30.09.2023 |             |       |          |            |  |  |  |
|---------------------------------|-------------|-------|----------|------------|--|--|--|
|                                 |             | ATHEX | ATHEXCSD | ATHEXCLEAR |  |  |  |
| ATHEX                           | Claims      | 0     | 75       | 0          |  |  |  |
|                                 | Liabilities | 0     | 6        | 0          |  |  |  |
| ATHEXCSD                        | Claims      | 6     | 0        | 634        |  |  |  |
|                                 | Liabilities | 75    | 0        | 2          |  |  |  |
| ATHEXCLEAR                      | Claims      | 0     | 2        | 0          |  |  |  |
|                                 | Liabilities | 0     | 634      | 0          |  |  |  |

| INTRA-GROUP BALANCES 31.12.2022 |             |       |          |            |  |  |
|---------------------------------|-------------|-------|----------|------------|--|--|
|                                 |             | ATHEX | ATHEXCSD | ATHEXCLEAR |  |  |
| ATHEX                           | Claims      | 0     | 71       | 0          |  |  |
|                                 | Liabilities | 0     | 2        | 0          |  |  |
| ATHEXCSD                        | Claims      | 2     | 0        | 502        |  |  |
|                                 | Liabilities | 71    | 0        | 2          |  |  |
| ATHEXCLEAR                      | Claims      | 0     | 2        | 0          |  |  |
|                                 | Liabilities | 0     | 502      | 0          |  |  |

![](_page_27_Picture_0.jpeg)

| INTRA-GROUP REVENUES-EXPENSES 01.01 - 30.09.2023 |                 |       |          |            |  |  |
|--------------------------------------------------|-----------------|-------|----------|------------|--|--|
|                                                  |                 | ATHEX | ATHEXCSD | ATHEXCLEAR |  |  |
| ATHEX                                            | Revenue         | 0     | 359      | 89         |  |  |
|                                                  | Expenses        | 0     | 284      | 0          |  |  |
|                                                  | Dividend Income | 0     | 4,816    | 0          |  |  |
| ATHEXCSD                                         | Revenue         | 284   | 0        | 5,898      |  |  |
|                                                  | Expenses        | 359   | 0        | 0          |  |  |
| ATHEXCLEAR                                       | Revenue         | 0     | 0        | 0          |  |  |
|                                                  | Expenses        | 89    | 5,898    | 0          |  |  |

| INTRA-GROUP REVENUES-EXPENSES 01.01 - 30.09.2022 |                 |       |          |            |  |  |
|--------------------------------------------------|-----------------|-------|----------|------------|--|--|
|                                                  |                 | ATHEX | ATHEXCSD | ATHEXCLEAR |  |  |
| ATHEX                                            | Revenue         | 0     | 344      | 56         |  |  |
|                                                  | Expenses        | 0     | 323      | 0          |  |  |
|                                                  | Dividend Income | 0     | 4,013    | 0          |  |  |
| ATHEXCSD                                         | Revenue         | 323   | 0        | 5,243      |  |  |
|                                                  | Expenses        | 344   | 0        | 0          |  |  |
| ATHEXCLEAR                                       | Revenue         | 0     | 0        | 0          |  |  |
|                                                  | Expenses        | 56    | 5,243    | 0          |  |  |

Intra-Group transactions concern the fee for settlement services from ATHEXCSD to ATHEXClear, market data rebroadcast services from ATHEX to ATHEXCSD, the provision of administrative support services between the companies of the Group, as well as other services which are invoiced at prices comparative to those between third parties.

#### .

#### **2.32. Events after the date of the Statement of Financial Position**

There is no event that has a significant effect in the results of the Group and the Company which has taken place or was completed after 30.09.2023, the date of the nine month 2023 financial statements and up until the approval of the financial statements by the Board of Directors of the Company on 20.11.2023.

# **2.33. Adjustments**

#### **Modifications in the published information of the Interim Statement of Comprehensive Income of the Group and of the Annual Statement of Financial Position of the Group and the Company**

A reclassification of accounts in the Statement of Comprehensive Income for the nine months of 2022 took place in order for them to be comparable with the corresponding accounts in the nine months of 2023.

|                         | GROUP      |            |                  |  |
|-------------------------|------------|------------|------------------|--|
|                         | 01.01      | 01.01      | 01.01            |  |
|                         | 30.09.2022 | 30.09.2022 | 30.09.2022       |  |
|                         | Modified   | Published  | Reclassification |  |
| Post Trading            | 11,832     | 11,841     | (9(              |  |
| Listing                 | 3,683      | 3,709      | (26)             |  |
| IT and Digital Services | 5,394      | 5,352      | 42               |  |
| Ancillary Services      | 870        | 877        | (7)              |  |

A reclassification of accounts in the Statement of Financial Position for fiscal year 2022 took place in order for them to be comparable with the corresponding accounts in the nine months of 2023.

|                                 | GROUP      |            |                  | COMPANY    |            |                  |
|---------------------------------|------------|------------|------------------|------------|------------|------------------|
|                                 | 01.01      | 01.01      | 01.01            | 01.01      | 01.01      | 01.01            |
|                                 | 31.12.2022 | 31.12.2022 | 31.12.2022       | 31.12.2022 | 31.12.2022 | 31.12.2022       |
|                                 | Modified   | Published  | Reclassification | Modified   | Published  | Reclassification |
| Other claims                    | 4,077      | 3,987      | 90               | 1,230      | 1,169      | 61               |
| Suppliers and other liabilities | 4,861      | 4,771      | 90               | 2,777      | 2,716      | 61               |

![](_page_29_Picture_1.jpeg)

Athens, 20 November 2023

THE CHAIRMAN OF THE BoD

GEORGE HANDJINICOLAOU \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

THE CHIEF EXECUTIVE OFFICER YIANOS KONTOPOULOS \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

THE CHIEF FINANCIAL AND ISSUER RELATIONS OFFICER NICK KOSKOLETOS \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

THE DIRECTOR OF FINANCIAL MANAGEMENT

LAMBROS GIANNOPOULOS \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_