Astarta Holding PLC

Quarterly Report • Nov 9, 2023

INTERIM REPORT

for the nine-month period

ended 30 September 2023

Name of the issuing entity: ASTARTA HOLDING PLC.

Registered office: 1 Lampousas Street, 1095 Nicosia, Cyprus

Unique registration code: HE 438414

Issued share capital: EUR250,000

The regulated market on which the issued securities are traded: Warsaw Stock Exchange (Giełda Papierów Wartościowych)

CONTENTS

I. II.	Interim Management Report…………………………………………………………………………3 Statement by the Members of the Board of Directors and other responsible
	officers………………………………………………………………………………………………………………….15
III.	Condensed Consolidated Financial Statements …………………………………………… 16
	Condensed Consolidated Income Statement
	Condensed Consolidated Statement of Comprehensive Income
	Condensed Consolidated Statement of Cash Flows
	Condensed Consolidated Statement of Changes in Equity
	Notes to the Condensed Consolidated Financial Statements

Note: These financial statements have been prepared in accordance with the international reporting standards adopted by the European Union ("IFRS"). Differences between totals and sums of the parts are possible due to rounding.

INTERIM MANAGEMENT REPORT

ECONOMIC PERFORMANCE AND FINANCIAL ANALYSIS

Astarta's 9M23 consolidated revenues totalled EUR392m increasing by 15% y-o-y on higher sales across the board.

Sugar Production, the largest revenue generator, grew by 32% y-o-y to EUR142m and accounted for 36% of total revenues. Agriculture accounted for 29% of the consolidated revenues or EUR114m, up by 10% y-o-y. Sales by the Soybean Processing and Cattle Farming segments were stable at EUR93m and EUR30m respectively.

Exports grew by 4% y-o-y to EUR179m contributing 46% of Astarta's total revenues.

Gross profit totalled EUR153m, 3% higher y-o-y, with gross margin narrowing from 43% to 39% in 9M23 as the changes in biological assets per IAS41 recognised at EUR48m versus EUR69m during 9M22 on lower commodity prices.

EBITDA declined by 11% y-o-y to EUR117m, with corresponding margin down from 38% to 30% in 9M23 reflecting higher S&D expenses and leading to net profit margin decline by 4pp y-o-y to 14% in 9M23.

Excluding the impact of IAS41, the Gross margin was stable at 38%. EBITDA margin declined from 33% to 28% in 9M23.

SUMMARY P&L

EURk	9M22	9M23
Revenues, including	341 343	391 998
Agriculture	103 844	113 909
Sugar Production	107 802	142 484
Soybean Processing	92 266	92 752
Cattle Farming	28 572	30 233
Cost of sales, including	(261 471)	(286 709)
Effect of FV remeasurement of AP*	(50 488)	(42 287)
Changes in FV of BA and AP*	68 582	47 620
Gross profit	148 454	152 909
Gross profit margin	43%	39%
EBIT	95 005	79 906
Depreciation and Amortisation, including	35 797	36 726
Charge of right-of-use assets	15 203	14 274
EBITDA**, incl.	130 802	116 632
Agriculture	80 797	45 164
Sugar Production	25 573	34 637
Soybean Processing	18 584	22 037
Cattle Farming	6 795	17 061
EBITDA margin	38%	30%
Interest expense on lease liability	(16 729)	(15 673)
Other finance costs	(3 844)	(2 538)
Forex (loss)/gain	(6 752)	1 559
Net profit	62 070	55 967
Net profit margin	18%	14%
*FV – Fair value, BA – Biological assets, AP – Agricultural produce
** Earnings before interest, tax, depreciation and amortisation
EURk	9M22	9M23
Gross Profit, ex BA & AP remeasurement	130 381	147 576
Gross Margin, ex BA & AP remeasurement	38%	38%
EBITDA, ex BA & AP remeasurement	112 729	111 299
EBITDA margin, ex BA & AP remeasurement	33%	28%

EURk	9M22	9M23
Pre-tax income	67 446	63 124
Depreciation and amortisation	35 797	36 726
Financial interest expenses, net	3 652	2 284
Interest on lease liability	16 729	15 673
Changes in FV of BA and AP*	(68 582)	(47 620)
Disposal of revaluation of AP in COR*	50 488	42 287
Forex loss/(gain)	6 752	(1 559)
Income taxes paid	(4 773)	(11 256)
Working Capital changes	(106 063)	(22 060)
Other	1 817	1 064
Operating Cash Flows	3 263	78 663
Investing Cash Flows	(12 286)	(16 532)
Debt (repayment)/proceeds, Net	77 139	(18 383)
Dividends paid	-	(12 125)
Finance interest paid	(3 640)	(3 387)
Lease repayment (mainly land)	(24 515)	(26 965)
Financing Cash Flows	48 984	(60 860)

*FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce, COR – cost of revenue

9M23 Operating Cash Flows totalled EUR79m versus EUR3m in 9M22. Operating Cash flows before Working Capital changes declined by 8% y-o-y to EUR101m. Investing Cash Flows amounted to EUR17m in 9M23, up by 35% y-o-y, largely reflecting maintenance capital expenditure.

SUMMARY BALANCE SHEET

EURk	9M22	YE22	9M23
Right-of-use asset (mainly land)	109 628	97 539	110 621
Biological assets (non-current)	25 173	29 962	41 913
PP&E and other non-current assets	167 213	196 087	193 264
Inventories, including RMI*	196 333	244 156	222 994
Biological assets (current)	133 789	32 969	92 474
AR and other current assets	79 481	80 632	61 719
Cash and equivalents	47 849	26 248	27 131
Total Assets	759 466	707 593	750 116
Equity	488 883	489 239	539 043
Long-term loans	19 746	16 630	21 486
Lease liability (mainly land)	89 205	79 848	90 138
Other	3 321	8 205	7 390
Non-current liabilities	112 272	104 683	119 014
Short-term debt and similar	98 508	52 759	29 337
Current lease liability (mainly land)	29 255	29 294	30 003
Other	30 548	31 618	32 719
Current liabilities	158 311	113 671	92 059
Total equity and liabilities	759 466	707 593	750 116
EBITDA LTM	173 759	154 771	140 601
RMI*	93 192	183 529	124 377
Net debt total**	188 865	152 283	143 833
ND total/EBITDA (х)	1.1	1.0	1.0
Adjusted net debt = (ND-RMI)	95 673	(31 246)	19 456
Adj ND/EBITDA (х)	0.6	(0.2)	0.1

*RMI = FinishedgGoods; **Net Debt = LT and ST debt + Lease Liabilities – Cash

Net Financial Debt (excl. lease liabilities) decreased from EUR43m as of YE22 to EUR24m as of end-9M23 on repayment of bank debt. End-9M23 Net Debt stood at EUR144m versus EUR152m as of YE22.

Share in consolidated revenues: 29% Segment revenues: EUR114m Export sales (value): 70%

SALES VOLUMES OF KEY CROPS AND REALIZED PRICES

	9M22		9M23
	kt	EUR/t	kt	EUR/t
Corn	284	233	319	223
Wheat	66	255	69	165
Sunseeds	33	551	64	368
Rapeseeds	3	702	15	382

FINANCIAL RESULTS

EURk	9M22	9M23
Revenues, including	103 844	113 909
Corn	66 121	71 125
Wheat	16 726	11 415
Sunseeds	18 061	23 382
Rapeseeds	1 847	5 680
Cost of sales*, including	(89 548)	(87 699)
Land lease depreciation	(14 758)	(13 833)
Changes in FV of BA and AP**	68 906	39 268
Gross profit	83 202	65 478
Gross profit margin	80%	57%
G&A expense	(9 253)	(10 275)
S&D expense	(18 718)	(33 865)
Other operating expense	(2 275)	(2 584)
EBIT	52 956	18 754
EBITDA	80 797	45 164
EBITDA margin	78%	40%
Interest on lease liability	(15 164)	(13 941)
CAPEX	(8 554)	(8 057)
Cash outflow on land lease liability	(23 341)	(26 041)

*Cost of sales also include inventory write-off and write-down in the amount of EUR8m in 9M23 and EUR2m in 9M22

**FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce

Nine months' revenues increased by 10% y-o-y to EUR114m, despite lower average selling prices, as they were partially offset by higher sales volumes. Exports contributed 70% of the segment's revenues.

Gross profit down by 21% y-o-y to EUR65m with Gross margin at 57% versus 80% in 9M22 as changes in biological assets per IAS41 were based on lower commodity prices.

EBITDA decreased by 44% to EUR45m corresponding to the EBITDA margin of 40% versus 78% in 9M22 on higher S&D expenses, i.e. expensive export logistics.

KEY CROPS PLANTING AREA, 2022 - 2024, kha

Source: Company's data

In October, Astarta completed winter crop planting for the 2024 harvest. This year the share of winter crops is 29% of the total crop area. Winter wheat was sown on 49kha (+14% y-o-y) and winter rapeseeds on 12kha (-12% y-o-y). The condition of winter crops is estimated as good.

Due to dry weather conditions during planting, the Company adjusted the winter wheat area downwards from 54kha to 49kha to complete the campaign within optimal timetable.

Oilseeds' harvesting complete with sunseeds output of 83kt, yielding 3.0t/ha (flat y-o-y), soybeans at 169kt, yielding 3.1t/ha (+6% y-o-y).

	2021		2022		2023
	AST	UKR	AST	UKR	AST	UKR
Corn	8.6	7.5	8.9	6.7	in progress	6.8*
Wheat	5.8	4.6	4.8	4.1	5.7	4.8
Sunseeds	2.7	2.5	3.0	2.2	3.0	2.4
Soybeans	3.0	2.7	2.9	2.4	3.1	2.6
Rapeseeds	3.2	2.9	3.1	2.9	3.3	2.9
Sugar beets	47	47	56	50	in progress	47*

ASTARTA YIELDS (GROSS BASIS) VERSUS AVERAGE UKRAINIAN, t/ha

To-date, corn and sugar beets harvesting is 2/3 complete.

* harvesting is in progress

Source: Ministry of Agriculture

ASTARTA OUTPUT OF KEY CROPS (GROSS BASIS), kt

	2021	2022	2023
Corn	508	342	in progress
Wheat	268	265	271
Sunseeds	76	92	83
Soybeans	94	117	169
Rapeseeds	23	19	56
Sugar beets	1 584	1 820	in progress

Source: APK-inform

In September 2023 the Armed Forces of Ukraine enabled a seaborne export route from Ukraine via three NATO countries to ensure delivery of grain and iron ore to international markets despite the blockade of the Black Sea from russia. As of October 24th, c.1.5mt of Ukrainian commodities were exported via this route from the ports of Greater Odesa, incl. 0.7mt of grain, according to MinAgro.

During 9M23 exports of grain and oilseeds totaled 37mt (+28% y-o-y). EU was the key destination at 55% of total. Astarta's share exports was 1%.

According to MinAgro, grain and oilseeds harvest is expected at 79mt (incl. 22mt of wheat) vs 72mt in 2022. Winter wheat sowing area for 2024 harvest is estimated at 4.4mt unless adverse weather impacts the acreage.

Ukrainian wheat traded at EUR140/t (-29% y-o-y), corn price down by 24% y-o-y to EUR147/t amid lower global prices and complicated export logistics.

Share in consolidated revenues: 36% Segment revenues: EUR142m Export sales (value): 17%

SUGAR AND BY-PRODUCTS SALES VOLUMES AND REALIZED PRICES

	9M22	9M23
Sugar, kt	163	203
Sugar-by products, kt*	31	26
Sugar prices, EUR/t	636	684

*Granulated sugar beet pulp and molasses

FINANCIAL RESULTS

EURk	9M22	9M23
Revenues	107 802	142 484
Cost of sales	(77 515)	(101 310)
Gross profit	30 287	41 174
Gross profit margin	28%	29%
G&A expense	(4 556)	(4 759)
S&D expense	(4 107)	(6 867)
Other operating expense	(1 176)	(1 213)
EBIT	20 448	28 335
EBITDA	25 573	34 637
EBITDA margin	24%	24%
CAPEX	(2 751)	(5 209)

Sugar Production segment showed a robust performance in 9M23 with revenues boosted by 32% y-o-y to EUR142m. Stronger results reflected the combination of 24% y-o-y higher sugar sales volumes of 203kt and an 8% y-o-y higher selling price of EUR684/t.

Gross profit up by 36% y-o-y to EUR41m and gross margin slightly widened to 29%.

EBITDA increased by 35% y-o-y to EUR35m, with margin stable at 24%.

Exports of sugar and sugar-by products contributed 17% of the segment's revenues in 9M23 versus 7% during 9M22.

Astarta's 2023/24 sugar processing season started on September 12th. Five sugar plants are in operation.

As of November 8th, the Company's sugar plants have processed 1.1mt of sugar beets and produced 171kt of white sugar, versus 146kt as of the same date in 2022.

Source: Bloomberg

To-date, 10mt of sugar beets was harvested in Ukraine, yielding 48t/ha.

UkrSugar reported that sugar production started at 30 mills and output totaled 0.8mt as of November 8th.

White sugar export suspension was lifted by the Ukrainian government on September 15th and there are no current restrictions for exports.

During 9M23 the Ukrainian sugar exports totaled 295kt, up 7x y-o-y. The EU was the main destination, with Romania accounting for 31% of total volumes. Astarta's share in country's exports was 11%, with key European customers in Romania, Spain and Hungary.

99% of sugar was exported by overland transport, mainly by trucks (85%).

The upward price trend prevailed in the global sugar market during 9M23. White sugar reached USD653/t in 9M23 (+22% y-o-y) on back of unfavorable weather conditions in India and Thailand, leading to supply concerns and rising prices.

Ukrainian sugar traded at an average of USD656/t during 9M23, almost flat y-o-y. Meanwhile, in local currency, white sugar prices increased by 20% y-o-y to UAH24k/t (excl. VAT). The start of the new processing season and prospects of higher sugar output put pressure on local prices, leading to their decline since end-August.

Share in consolidated revenues: 24% Segment revenues: EUR93m Export sales (value): 81%

SOYBEAN PRODUCTS SALES VOLUMES AND REALIZED PRICES

	9M22		9M23
	kt	EUR/t	kt	EUR/t
Soybean meal	101	468	130	493
Soybean oil	32	1 362	32	866

FINANCIAL RESULTS

EURk	9M22	9M23
Revenues, including	92 266	92 752
Soybean meal	47 287	63 980
Soybean oil	43 783	27 607
Cost of sales	(67 641)	(65 585)
Gross profit	24 625	27 167
Gross profit margin	27%	29%
G&A expense	(548)	(557)
S&D expense	(6 066)	(5 722)
Other operating expense	(546)	(105)
EBIT	17 465	20 783
EBITDA	18 584	22 037
EBITDA margin	20%	24%
CAPEX	(759)	(659)

During 9M23 Astarta increased volumes of soybeans processed by 11% y-o-y to 167kt leading to soybean meal and oil output growth by 13% and 12% y-o-y correspondingly.

Revenues were flat y-o-y at EUR93m as higher soybean meal sales of 130kt (up by 28% y-o-y) were offset by lower average soybean oil price of EUR866/t (down by 36% y-o-y). Exports contributed 81% of revenues during 9M23 versus 85% a year ago.

Gross margin slightly widened to 29%, with Gross profit at EUR27m versus EUR25m in 9M22. EBITDA grew to EUR22m versus EUR19m for 9M22 and the EBITDA margin widened from 20% to 24% in 9M23.

UKRAINIAN PRICES FOR SOYBEANS AND SOYBEAN PRODUCTS, EUR/t

Source: APK-inform

According to MinAgro, Ukraine's 2023 soybean harvest totaled 4.5mt versus 3.7mt in 2022.

Share in consolidated revenues: 8% Segment revenues: EUR30m 100% - domestic sales

MILK PRODUCTION VOLUME, HERD AND PRODUCTIVITY*

	9M22	9M23
Milk production, kt	75	86
Herd, k heads	23	25
Milk yield, kg/day	23.2	25.8

* average reporting period number

MILK SALES AND REALIZED PRICES

	9M22	9M23
Milk sales, kt	72	83
Milk price, EUR/t	371	335

FINANCIAL RESULTS

EURk	9M22	9M23
Revenues	28 572	30 233
Cost of sales	(20 374)	(21 346)
BA revaluation	(324)	8 352
Gross profit	7 874	17 239
Gross profit margin	28%	57%
G&A expense	(1 288)	(1 350)
S&D expense	(242)	(303)
Other operating expense	(275)	(352)
EBIT	6 069	15 234
EBITDA	6 795	17 061
EBITDA margin	24%	56%
CAPEX	(857)	(3 392)

Revenues increased by 6% y-o-y to EUR30m in 9M23. Gross profit more than doubled to EUR17m on positive change in the fair value of biological assets driven by increase in the cattle herd and milk yields. EBITDA reached EUR17m versus EUR7m in 9M22.

Average herd stood at 25k heads (+10% y-o-y). Enhanced feed rations led to 11% y-o-y growth in average unit milk yield to c.26kg/day. Milk sales volume grew by 16% y-o-y to 83kt in 9M23 in line with corresponding increase in milk production to 86kt. 95% of milk sold was of extra quality.

Source: InfAgro

Domestic premium quality milk price decreased by 8% y-o-y to EUR302/t. In local currency, milk prices increased by 11% y-o-y to UAH12k/t (excl. VAT) due to inflation and forex movements.

OTHER SUBSTANTIAL INFORMATION WHICH AFFECTS OR COULD AFFECT THE ASSESSMENT OR EVALUATION REGARDING PROFITS AND LOSSES, THE PROSPECTS AND TRENDS OF THE OPERATIONS AND GAIN OR LOSS OF IMPORTANT CONTRACTS OR CO-OPERATIONS

There is no other substantial information which affects or could affect the assessment or evaluation of Company's profitability, its financial position and developing trends, except those disclosed in this Interim Management Report and in Notes to the Condensed Consolidated Interim Financial Statements.

RELATED PARTIES' TRANSACTIONS DURING THE NINE MONTHS OF THE FINANCIAL YEAR 2023

The transactions of the Company with related parties are stated under note 16 of the Non-Audited, Interim Condensed Consolidated Financial Statements.

STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS OF ASTARTA HOLDING PLC AND OTHER RESPONSIBLE OFFICERS FOR THE PREPARATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2023

In accordance with Section 10, subsections (3) (c) and (7) of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 2007 as amended (the "Law"), we, the Members of the Board of Directors and other responsible officers for the preparation of the Condensed Consolidated Financial Statements for the nine-month period ended 30 September 2023 (the 'Condensed Consolidated Financial Statements) of ASTARTA HOLDING PLC, hereby state that to the best of our knowledge:

a) the Condensed Consolidated Financial Statements of ASTARTA HOLDING PLC for the ninemonth period ended 30 September 2023:

i. have been prepared in accordance with the applicable set of accounting standards and in accordancewith the provisions of Section10, subsection (4) of the Law, and

ii. give a true and fair view of the assets, liabilities, financial position and profit or loss of ASTARTA HOLDINGPLC, and theundertakings included in the consolidated accounts as awhole, and

b) the Interim Management Report for the nine-month period ended 30 September 2023 includes a fair review of the information required under Section 10, subsection (6) oftheLaw.

Viktor Ivanchyk	Executive Director	(signed)
Savvas Perikleous	Executive Director	(signed)
Viacheslav Chuk	Executive Director	(signed)
Howard Dahl	Non-Executive, Independent Director	(signed)
Gilles Mettetal	Non-Executive, Independent Director	(signed)
Markiyan Markevych	Non-Executive Director	(signed)

MEMBERS OF THE BOARD OF DIRECTORS OF ASTARTA HOLDING PLC

PERSON RESPONSIBLE FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY

Liliia Lymanska	Acting Chief Financial Officer of LLC Firm "Astarta-Kyiv", main operating subsidiary of ASTARTA HOLDING PLC	(signed)
-----------------	----------------------------------------------------------------------------------------------------------------------	----------

07 November 2023 Nicosia, Cyprus

Disclaimer regarding forecasts. Certain statements contained in this report may constitute forecasts and estimates. Such predictions are subject to a number of risks, uncertainties and other factors that could cause actual results to differ from the anticipated results expressed or implied via forward-looking statements.

ASTARTA HOLDING PLC CONDENSED СONSOLIDATED FINANCIAL STATEMENTS A S A T AND FOR THE NINE MONTHS ENDED 3 0 SEPTEMBER 2023

CONTENTS

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION	18
CONDENSED CONSOLIDATED INCOME STATEMENT	20
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	24
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS	26
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	28
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	30

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT

30 SEPTEMBER 2023

(in thousands of Ukrainian hryvnias)	Notes	30 September 2023 (unaudited)	31 December 2022 (audited)	30 September 2022 (unaudited)
ASSETS
Non-current assets
Property, plant and equipment		7 417 059	7 605 525	5 888 524
Right-of-use assets	4	4 264 897	3 799 228	3 898 503
Intangible assets		7 334	13 551	14 279
Biological assets	5	1 615 942	1 167 018	895 175
Long-term receivables and prepayments	7	9 498	7 955	23 544
Deferred tax assets		17 272	10 807	19 920
Total non-current assets		13 332 002	12 604 084	10 739 945
Current assets
Inventories	6	8 597 356	9 510 154	6 981 862
Biological assets	5	3 565 281	1 284 184	4 757 683
Trade accounts receivable	7	562 774	905 513	903 677
Other accounts receivable and prepayments	7	1 780 109	2 233 289	1 917 302
Current income tax		36 719	1 867	5 526
Short-term cash deposits		-	3 518	3 000
Cash and cash equivalents		1 046 008	1 018 898	1 698 563
Total current assets		15 588 247	14 957 423	16 267 613
Total assets		28 920 249	27 561 507	27 007 558
EQUITY AND LIABILITIES
Equity
Share capital		1 663	1 663	1 663
Additional paid-in capital		369 798	369 798	369 798
Retained earnings		17 724 335	15 569 378	15 359 621
Revaluation surplus		2 382 430	2 810 847	1 334 498
Treasury shares		(137 875)	(137 875)	(137 875)
Currency translation reserve		442 156	442 639	457 642
Total equity		20 782 507	19 056 450	17 385 347
Non-current liabilities
Loans and borrowings		828 371	647 742	702 200
Net assets attributable to non-controlling participants		33 179	23 191	19 083
Other long-term liabilities		1 646	1 646	1 646
Lease liability	4	3 475 217	3 110 170	3 172 230
Deferred tax liabilities		250 056	294 800	97 378
Total non-current liabilities		4 588 469	4 077 549	3 992 537
Current liabilities
Loans and borrowings		614 149	1 623 919	3 079 475
Current portion of long-term loans and		516 930	431 118	423 564
borrowings
Trade accounts payable		568 221	329 872	292 401
Current portion of lease liability	4	1 156 728	1 141 038	1 040 356
Current income tax		72 478	172 163	136 542
Other liabilities and accounts payable	8	620 767	729 398	657 336
Total current liabilities		3 549 273	4 427 508	5 629 674
Total equity and liabilities		28 920 249	27 561 507	27 007 558

On 7 November 2023 the Board of Directors of ASTARTA HOLDING PLC and responsible officer approved and authorised these Condensed consolidated interim financial statements for issue.

____(signed)____________ ____(signed)____________

Viktor Ivanchyk Executive Director of ASTARTA HOLDING PLC

Liliia Lymanska Acting Chief Financial Officer of LLC Firm "Astarta-Kyiv", main operating subsidiary of ASTARTA HOLDING PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT

30 SEPTEMBER 2023

(in thousands of Euros)	Notes	30 September 2023 (unaudited)	31 December 2022 (audited)	30 September 2022 (unaudited)
ASSETS
Non-current assets
Property, plant and equipment		192 380	195 258	165 589
Right-of-use assets	4	110 621	97 539	109 628
Intangible assets		190	348	402
Biological assets	5	41 913	29 962	25 173
Long-term receivables and prepayments	7	246	204	662
Deferred tax assets		448	277	560
Total non-current assets		345 798	323 588	302 014
Current assets
Inventories	6	222 994	244 156	196 333
Biological assets	5	92 474	32 969	133 789
Trade accounts receivable	7	14 597	23 247	25 411
Other accounts receivable and prepayments	7	46 170	57 337	53 915
Current income tax		952	48	155
Short-term cash deposits		-	90	84
Cash and cash equivalents		27 131	26 158	47 765
Total current assets		404 318	384 005	457 452
Total assets		750 116	707 593	759 466
EQUITY AND LIABILITIES
Equity
Share capital		250	250	250
Additional paid-in capital		55 638	55 638	55 638
Retained earnings		787 100	728 463	721 548
Revaluation surplus		82 263	97 057	60 447
Treasury shares		(6 103)	(6 103)	(6 103)
Currency translation reserve		(380 105)	(386 066)	(342 897)
Total equity		539 043	489 239	488 883
Non-current liabilities
Loans and borrowings		21 486	16 630	19 746
Net assets attributable to non-controlling		861	595	537
participants Other long-term liabilities		43	42	46
Lease liability	4	90 138	79 848	89 205
Deferred tax liabilities		6 486	7 568	2 738
Total non-current liabilities		119 014	104 683	112 272
Current liabilities
Loans and borrowings		15 929	41 691	86 597
Current portion of long-term loans and		13 408	11 068	11 911
borrowings
Trade accounts payable		14 738	8 469	8 223
Current portion of lease liability	4	30 003	29 294	29 255
Current income tax		1 880	4 420	3 840
Other liabilities and accounts payable	8	16 101	18 729	18 485
Total current liabilities		92 059	113 671	158 311
Total equity and liabilities		750 116	707 593	759 466

On 7 November 2023 the Board of Directors of ASTARTA HOLDING PLC and responsible officer approved and authorised these Condensed consolidated interim financial statements for issue.

Viktor Ivanchyk Executive Director of ASTARTA HOLDING PLC

___(signed)_____________ ___(signed)_____________

Liliia Lymanska Acting Chief Financial Officer of LLC Firm "Astarta-Kyiv", main operating subsidiary of ASTARTA HOLDING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Ukrainian hryvnias)	Notes	2023	2022
		(unaudited)	(unaudited)
Revenues	9	4 172 778	4 327 535
Cost of revenues	10	(3 728 509)	(2 998 746)
Changes in fair value of biological assets and agricultural produce		629 748	1 226 615
Gross profit		1 074 017	2 555 404
Other operating income		4 331	2 813
General and administrative expense	11	(237 952)	(181 954)
Selling and distribution expense	12	(426 595)	(465 115)
Other operating expense	13	(143 301)	(95 839)
Profit from operations		270 500	1 815 309
Interest expense on lease liability	14	(193 906)	(183 482)
Other finance costs	14	(43 125)	(98 342)
Foreign currency exchange gain/(loss)		4 068	(198 869)
Finance income	14	25 559	15 356
Other expenses		(7 515)	(9 753)
Profit before tax		55 581	1 340 219
Income tax expense		(6 097)	(131 926)
Net profit		49 484	1 208 293
Net profit attributable to:
Equity holders of the parent company		49 484	1 208 293
Weighted average basic and diluted shares outstanding (in thousands of shares)		24 588	24 588
Basic and diluted earnings per share attributable to shareholders of the company from continued operations (in Ukrainian hryvnias)		2,01	49,14

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Euros)	Notes	2023	2022
		(unaudited)	(unaudited)
Revenues	9	104 748	122 996
Cost of revenues	10	(93 595)	(85 020)
Changes in fair value of biological assets and agricultural produce		15 808	34 863
Gross profit		26 961	72 839
Other operating income		109	80
General and administrative expense	11	(5 973)	(5 171)
Selling and distribution expense	12	(10 709)	(13 219)
Other operating expense	13	(3 597)	(2 933)
Profit from operations		6 791	51 596
Interest expense on lease liability	14	(4 868)	(5 215)
Other finance costs	14	(1 087)	(2 782)
Foreign currency exchange gain/(loss)		102	(5 652)
Finance income	14	646	423
Other expenses		(189)	(277)
Profit before tax		1 395	38 093
Income tax expense		(153)	(3 750)
Net profit		1 242	34 343
Net profit attributable to:
Equity holders of the parent company		1 242	34 343
Weighted average basic and diluted shares outstanding (in thousands of shares)		24 588	24 588
Basic and diluted earnings per share attributable to shareholders of the company from continued operations (in Euros)		0,05	1,40

The notes on pages 30 to 51 are an integral part of these condensed consolidated financial statements.

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Ukrainian hryvnias)	Notes	2023	2022
		(unaudited)	(unaudited)
Revenues	9	15 513 556	11 268 541
Cost of revenues	10	(11 356 609)	(8 607 304)
Changes in fair value of biological assets and agricultural produce		1 896 751	2 282 258
Gross profit		6 053 698	4 943 495
Other operating income		18 261	19 346
General and administrative expense	11	(711 783)	(544 982)
Selling and distribution expense	12	(1 863 382)	(976 271)
Other operating expense	13	(330 297)	(260 507)
Profit from operations		3 166 497	3 181 081
Interest expense on lease liability	14	(620 658)	(549 069)
Other finance costs	14	(157 537)	(159 896)
Foreign currency exchange gain/(loss)		61 634	(234 523)
Finance income	14	57 275	30 155
Other expenses		(5 163)	(8 411)
Profit before tax		2 502 048	2 259 337
Income tax expense		(282 935)	(183 185)
Net profit		2 219 113	2 076 152
Net profit attributable to:
Equity holders of the parent company		2 219 113	2 076 152
Weighted average basic and diluted shares outstanding (in thousands of shares)		24 588	24 588
Basic and diluted earnings per share attributable to shareholders of the company from continued operations (in Ukrainian hryvnias)		90,25	84,44

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

Notes	2023	2022
	(unaudited)	(unaudited)
9	391 998	341 343
10	(286 709)	(261 471)
	47 620	68 582
	152 909	148 454
	461	606
11	(17 936)	(16 611)
12	(47 200)	(29 322)
13	(8 328)	(8 122)
	79 906	95 005
14	(15 673)	(16 729)
14	(3 988)	(4 737)
	1 559	(6 752)
14	1 450	893
	(130)	(234)
	63 124	67 446
	(7 157)	(5 376)
	55 967	62 070
	55 967	62 070
	24 588	24 588
	2,28	2,52

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Ukrainian hryvnias)	2023	2022
	(unaudited)	(unaudited)
Profit for the period	2 219 113	2 076 152
Other comprehensive loss
Other comprehensive loss to be reclassified to profit or loss in subsequent periods:
Translation difference	(483)	(2 179)
Net other comprehensive loss to be reclassified to profit or loss in subsequent periods	(483)	(2 179)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Decrease of revaluation reserve	61	314
Income tax effect	(9)	(48)
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods	52	266
Total other comprehensive loss	(431)	(1 913)
Total comprehensive income	2 218 682	2 074 239
Attributable to:
Equity holders of the parent	2 218 682	2 074 239
Total comprehensive income for nine months as at 30 September	2 218 682	2 074 239

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Euros)	2023	2022
	(unaudited)	(unaudited)
Profit for the period	55 967	62 070
Other comprehensive loss/income
Other comprehensive loss/income to be reclassified to profit or loss in subsequent periods:
Translation difference	5 961	(68 337)
Net other comprehensive loss/income to be reclassified to profit or loss in subsequent periods	5 961	(68 337)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Decrease of revaluation reserve	1	9
Income tax effect	-	(1)
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods	1	8
Total other comprehensive loss/income	5 962	(68 329)
Total comprehensive income	61 929	(6 259)
Attributable to:
Equity holders of the parent	61 929	(6 259)
Total comprehensive income for nine months as at 30 September	61 929	(6 259)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Ukrainian hryvnias)	Notes	2023	2022
		(unaudited)	(unaudited)
Operating activities
Profit before tax		2 502 048	2 259 337
Adjustments for:
Depreciation and amortization		1 455 398	1 177 636
Allowance for trade and other accounts receivable	13	(6 589)	4 575
Loss on disposal of property, plant and equipment	13	17 854	34 665
VAT written off	13	20 842	12 853
Interest income	14	(54 041)	(28 205)
Other finance income	14	(3 234)	(1 950)
Interest expense	14	119 373	138 969
Other finance costs	14	28 124	14 430
Interest expense on lease liability	14	620 658	549 069
Changes in fair value of biological assets and agricultural produce		(1 896 751)	(2 282 258)
Disposal of revaluation in agricultural produce in the cost of revenues	10	1 674 987	1 662 010
Net profit attributable to non-controlling participants in limited liability company subsidiaries	14	10 040	6 497
Foreign exchange (gain)/loss		(61 634)	234 523
Working capital adjustments:
Decrease/(increase) in inventories		79 666	(1 282 726)
Decrease/(increase) in trade and other receivables		800 439	(623 102)
Increase in biological assets due to other changes		(1 748 911)	(1 714 333)
(Decrease)/increase in trade and other payables		(5 388)	130 926
Income taxes paid		(446 062)	(157 020)
Cash flows provided by operating activities		3 106 819	135 896
Investing activities
Purchase of property, plant and equipment, intangible assets and other non-current assets		(715 191)	(440 547)
Proceeds from disposal of property, plant and equipment		2 310	4 996
Interest received	14	54 041	28 205
Cash deposits placement		(5 000)	(2 000)
Cash deposits withdrawal		8 518	5 878
Cash flows used in investing activities		(655 322)	(403 468)
Financing activities
Proceeds from loans and borrowings		2 454 557	3 474 967
Repayment of loans and borrowings		(3 183 047)	(937 276)
Dividends paid		(492 625)	-
Payment of lease liabilities	4	(456 993)	(257 413)
Payment of interest on lease liabilities	4	(611 584)	(549 069)
Interest paid		(134 212)	(119 764)
Cash flows (used in)/ provided by financing activities		(2 423 904)	1 611 445
Net increase in cash and cash equivalents		27 593	1 343 873
Cash and cash equivalents as at 1 January		1 018 898	356 869
Currency translation difference		(483)	(2 179)
Cash and cash equivalents as at 30 September		1 046 008	1 698 563

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

(in thousands of Euros)	Notes	2023	2022
		(unaudited)	(unaudited)
Operating activities
Profit before tax		63 124	67 446
Adjustments for:
Depreciation and amortization		36 726	35 797
Allowance for trade and other accounts receivable	13	(166)	143
Loss on disposal of property, plant and equipment	13	450	1 081
VAT written off	13	526	401
Interest income	14	(1 368)	(835)
Other finance income	14	(82)	(58)
Interest expense	14	3 022	4 117
Other finance costs	14	712	428
Interest expense on lease liability	14	15 673	16 729
Changes in fair value of biological assets and agricultural produce		(47 620)	(68 582)
Disposal of revaluation in agricultural produce in the cost of revenues	10	42 287	50 488
Net profit attributable to non-controlling participants in limited liability company subsidiaries	14	254	192
Foreign exchange (gain)/loss		(1 559)	6 752
Working capital adjustments:
Decrease/(increase) in inventories		2 010	(38 991)
Decrease/(increase) in trade and other receivables		20 198	(18 941)
Increase in biological assets due to other changes		(44 132)	(52 111)
(Decrease)/increase in trade and other payables		(136)	3 980
Income taxes paid		(11 256)	(4 773)
Cash flows provided by operating activities		78 663	3 263
Investing activities
Purchase of property, plant and equipment, intangible assets and other non current assets		(18 047)	(13 391)
Proceeds from disposal of property, plant and equipment		58	152
Interest received	14	1 368	835
Cash deposits placement		(126)	(61)
Cash deposits withdrawal		215	179
Cash flows used in investing activities		(16 532)	(12 286)
Financing activities
Proceeds from loans and borrowings		61 938	105 629
Repayment of loans and borrowings		(80 321)	(28 490)
Dividends paid		(12 125)	-
Payment of lease liabilities	4	(11 292)	(7 786)
Payment of interest on lease liabilities	4	(15 673)	(16 729)
Interest paid		(3 387)	(3 640)
Cash flows (used in)/ provided by financing activities		(60 860)	48 984
Net increase in cash and cash equivalents		1 271	39 961
Cash and cash equivalents as at 1 January		26 158	11 541
Currency translation difference		(298)	(3 737)
Cash and cash equivalents as at 30 September		27 131	47 765

CONDENSED СONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

Attributable to equity holders of the parent company

(in thousands of Ukrainian hryvnias)	Share capital (unaudited)	Additional paid-in capital (unaudited)	Retained earnings (unaudited)	Revaluation surplus (unaudited)	Treasury shares (unaudited)	Currency translation reserve (unaudited)	Total equity (unaudited)
As at 31 December 2022	1 663	369 798	15 569 378	2 810 847	(137 875)	442 639	19 056 450
Net profit	-	-	2 219 113	-	-	-	2 219 113
Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax	-	-	-	52	-	-	52
Translation difference	-	-	-	-	-	(483)	(483)
Total other comprehensive loss, net of tax	-	-	-	52	-	(483)	(431)
Total comprehensive income	-	-	2 219 113	52	-	(483)	2 218 682
Distribution of dividends	-	-	(492 625)	-	-	-	(492 625)
Realisation of revaluation surplus, net of tax	-	-	428 469	(428 469)	-	-	-
As at 30 September 2023	1 663	369 798	17 724 335	2 382 430	(137 875)	442 156	20 782 507

Attributable to equity holders of the parent company

(in thousands of Euros)	Share capital (unaudited)	Additional paid in capital (unaudited)	Retained earnings (unaudited)	Revaluation surplus (unaudited)	Treasury shares (unaudited)	Currency translation reserve (unaudited)	Total equity (unaudited)
As at 31 December 2022	250	55 638	728 463	97 057	(6 103)	(386 066)	489 239
Net profit	-	-	55 967	-	-	-	55 967
Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax	-	-	-	1	-	-	1
Translation difference	-	-	-	-	-	5 961	5 961
Total other comprehensive loss, net of tax	-	-	-	1	-	5 961	5 962
Total comprehensive income	-	-	55 967	1	-	5 961	61 929
Distribution of dividends	-	-	(12 125)	-	-	-	(12 125)
Realisation of revaluation surplus, net of tax	-	-	14 795	(14 795)	-	-	-
As at 30 September 2023	250	55 638	787 100	82 263	(6 103)	(380 105)	539 043

* Annual General Meeting of the Company declared a resolution to pay a distribution of EUR 0.50 per share on all ordinary shares in total amount of EUR 12,500 thousand. On 16 June 2023 dividends were paid for all shares except for treasury shares in amount of EUR 12,125 thousand.

CONDENSED СONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022

Attributable to equity holders of the parent company

(in thousands of Ukrainian hryvnias)	Share capital	Additional paid-in capital	Retained earnings	Revaluation surplus	Treasury shares	Currency translation reserve	Total equity
	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)
As at 31 December 2021	1 663	369 798	13 096 200	1 521 501	(137 875)	459 821	15 311 108
Net profit	-	-	2 076 152	-	-	-	2 076 152
Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax	-	-	-	266	-	-	266
Translation difference	-	-	-	-	-	(2 179)	(2 179)
Total other comprehensive income, net of tax	-	-	-	266	-	(2 179)	(1 913)
Total comprehensive income	-	-	2 076 152	266	-	(2 179)	2 074 239
Realisation of revaluation surplus, net of tax	-	-	187 269	(187 269)	-	-	-
As at 30 September 2022	1 663	369 798	15 359 621	1 334 498	(137 875)	457 642	17 385 347

Attributable to equity holders of the parent company

(in thousands of Euros)	Share capital	Additional paid-in capital	Retained earnings	Revaluation surplus	Treasury shares	Currency translation reserve	Total equity
	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)
As at 31 December 2021	250	55 638	650 995	68 922	(6 103)	(274 560)	495 142
Net profit	-	-	62 070	-	-	-	62 070
Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax	-	-	-	8	-	-	8
Translation difference	-	-	-	-	-	(68 337)	(68 337)
Total other comprehensive income, net of tax	-	-	-	8	-	(68 337)	(68 329)
Total comprehensive income	-	-	62 070	8	-	(68 337)	(6 259)
Realisation of revaluation surplus, net of tax	-	-	8 483	(8 483)	-	-	-
As at 30 September 2022	250	55 638	721 548	60 447	(6 103)	(342 897)	488 883

The notes on pages 30 to 51 are an integral part of these condensed consolidated financial statements.

1. BACKGROUND

a) Organisation and operations

These condensed consolidated financial statements are prepared by ASTARTA HOLDING PLC (the "Company"), the Company is a Cyprus public limited company and registered under the Cyprus Companies Law, Cap. 113. The Company was incorporated as ASTARTA Holding N.V. in Amsterdam, the Netherlands, on 9 June 2006.

On 06 April 2022 the Board of Directors of ASTARTA Holding N.V. adopted a resolution on the approval of the proposal of the Board to convert ASTARTA Holding N.V., a public limited company (naamloze vennootschap) governed by Dutch law, into ASTARTA HOLDING PLC, a public limited company governed by Cyprus Companies Law, Cap. 113, i.e. by way of a cross-border migration of the registered office of the Company without its dissolution or liquidation followed by its subsequent reregistration in accordance with Cyprus Companies Law, Cap. 113.

On 16 June 2022 conversion proposal was approved on Annual General meeting of shareholders.

With effect from 16 September 2022, the Company's registered office and corporate domicile was transferred to Cyprus and the Company is registered in the Registrar of Companies in Cyprus.

On and from 16 September 2022, the Company's legal address is Lampousas 1, 1095, Nicosia, Cyprus.

On 4 July 2006 the shareholders of the Company contributed their shares in the Cyprus based company Ancor Investments Ltd to ASTARTA HOLDING PLC. After the contribution, ASTARTA HOLDING PLC owns 100% of share capital of Ancor Investment Ltd.

Ancor Investments Ltd owns 99.99% of the capital of LLC Firm "Astarta-Kyiv" (Astarta-Kyiv) registered in Ukraine, which in turn controls a number of subsidiaries in Ukraine (hereinafter the Company and its subsidiaries are collectively referred to as the "Group" or "Astarta").

On 16 August 2006 the Company's shares were admitted for trading on the Warsaw Stock Exchange. The first quotation of the shares on the Warsaw Stock Exchange took place on 17 August 2006.

The Group specializes in sugar production, crop growing, soybean processing and cattle farming. The croplands, sugar and soybean processing plants and cattle operations are mainly located in the Poltava, Vinnytsia, Khmelnytsky, Ternopil, Chernihiv, Cherkasy and Kharkiv oblasts (administrative regions) of Ukraine. The Group's business is vertically integrated because sugar is produced primarily using own-grown sugar beet and soybeans processed are also grown in-house.

b) Ukrainian business environment

The events which led to the annexation of Crimea by the Russian Federation in February 2014 and the conflict in the East of Ukraine which started in spring 2014 have not been resolved to date. On 24 February 2022 the Russian Federation started full-scale military invasion of Ukraine. Following that the Ukrainian government introduced a martial law throughout Ukraine.

Under martial law the National Bank of Ukraine ("NBU") introduced a range of temporary restrictions that had impact on the economic environment, such as restriction of cross-border payments in foreign currency, fixing the official exchange rate for USD as of 24 February 2022 at 29,25 UAH per 1 USD, suspending debit transactions from the accounts of residents of the state that carried out an armed aggression against Ukraine. On 20 July 2022 the NBU increased the official exchange rate for USD by 25% up to 36,57 UAH per 1 USD. On 3 June 2022 the NBU increased the refinancing rate from 10% up to 25%, and on 27 October 2023 the refinancing rate was decreased to 16%. These measures were designed to preserve the stability of the Ukrainian financial system, support the Armed Forces of Ukraine and functioning of critical infrastructure.

Inflation picked up ahead of the military invasion and continued to unfold after the Russian invasion of Ukraine on 24 February. Food and fuel experienced the highest spikes due to surging demand and disruptions in supply chains. Disrupted logistics and higher production costs along with increase in global energy prices continues to fuel inflation in Ukraine.

In March 2022 the government introduced a zero quota on exports of mineral fertilizers, cattle, cattle meat, rye, buckwheat, millet, sugar and table salt. Exports of wheat, corn, chicken meat, eggs, sunflower oil were subject to licensing. Export of gas was prohibited. Later in 2022-2023 zero quotas were revised and export of sugar, mineral fertilizers, cattle, cattle meat, rye, buckwheat, millet become subject to licensing. But for the period 5 June-15 September 2023 quota on export of sugar was limited by 20 000 tones and was valid only for export to Romania.

Following the Russian invasion of Ukraine the seaports became blocked and the transportation of goods by Black and Azov seas stopped. Transportation of goods continued only by the Danube river, railways and trucks. On 22 July 2022 Turkey, Russia, Ukraine, and the UN signed a deal to unblock three Ukrainian ports on the Black Sea to export food. On 1 August 2022 the first ship carrying Ukrainian grain left the port of Odesa for the first time since the start of the Russian invasion. Grain deal was further prolonged in November 2022 for 120 days and then in March 2023 for the next 120 days. Currently grain deal is not prolonged.

The Ukrainian government took various measures to support agricultural operations in Ukraine. The government approved a mechanism of state guarantees for the loans to small and medium-sized farmers.

Ukraine's economic growth depends upon resolving the Russian invasion of Ukraine, successful implementation of necessary reforms the recovery strategy by the Ukrainian government and cooperation with international donors.

The ongoing political and economic uncertainties persist due to the Russian military invasion of Ukraine in February 2022 and they continue to affect the Ukrainian economy and the Group's business.

2. BASIS OF PREPARATION

a) Statement of compliance

These condensed consolidated financial statements for the nine months ended 30 September 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting.

These condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements for the year ended 31 December 2022 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and the requirements of the Cyprus Companies Law Cap.113.

b) Going Concern

On 24 February 2022 Russia initiated a full-scale military invasion of Ukraine. This was followed up by the immediate enactment of martial law by the government of Ukraine and corresponding introduction of the related temporary restrictions that impact the economic environment. Considering the above, Astarta has assessed the going concern assumption based on which the financial statements have been prepared.

Geographical diversification of the Group's assets' location allows it to keep most of the assets apart from the regions under intense military hostilities. The assets of the Group are located in the Central part of Ukraine (the Poltava region), the Northern part of Ukraine (the Chernihiv region), the East (the Kharkiv region) and the Western part (the Khmelnytskyi, Vinnytsya, Zhytomyr and Ternopil regions). As at the date of the issue of these condensed consolidated financial statements:

• intensive military hostilities have been localized in the regions, where Astarta does not operate its key assets;
• no critical assets preventing the Group from continuing operations have been damaged;
• no material assets have been lost or located on uncontrolled territories.

In 2023 the Group operates all of its sugar plants and a new sugar production season is in process.

As of the date of the issue of these condensed consolidated financial statements, the soybean processing plant operated at its normal crushing capacity.

The management of the Group expects to continue shipments of the goods to local buyers and to nearby EU countries. In-house agricultural and office IT solutions allow Astarta to support business processes remotely under current conditions if needed. However, in case of any disruption to centralized systems, all operating subsidiaries can operate autonomously.

Astarta continues to sell crops, sugar, milk and soybean crushing products on the domestic market. Since exports by means of sea are partly limited, the Group also realises export sales via railway and using trucks.

Astarta is not trading with the entities on the Ukrainian, EU and US sanctions lists or entities associated with the individuals under those sanctions.

As at 30 September 2023 the Group was in compliance with covenants on its loans. The Group does not foresee the breach of covenants during 2023. As at 30 September 2023 management reviewed the forecast of covenants up until and covering Q3 2024. Based on this, management expects that the Group will be able to meet the covenants

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

for the upcoming 12 months from the date of these financial statements with considerable headroom for the contracted ratios. In management's view, the sustainability of headroom will be ensured through the stable level of external long-term debt amid further improvement of market conditions given a surplus of sugar on the domestic market but Ukrainian sugar producers could freely trade with EU markets until 5 June 2023 at European prices since the EU lifted import duties on sugar for Ukraine and higher sugar prices should positively affect 2023 financial results given the current stocks of sugar. Stable level of external long-term debt will be maintained through the servicing of existing debt as per initial loan schedules. The Group repaid EUR 80 million of loans in January-September 2023. Management does not intend to attract additional long-term financing in 2023.

As of the date of these condensed consolidated financial statements, condition and safety of the Group's assets are not significantly affected by the military invasion by the Russian Federation and the operating, logistic processes were reassessed by the Group to ensure continuity of its business, as described above. Management is taking appropriate actions to continuously revise its businesses processes and practices and prepared a 12 months budget based on the assumption that the degree of intensity of military hostilities in the regions where the Group's assets are located and the area of the Ukrainian territory currently invaded by the Russian troops is not largely increased; the Group is able to carry out sowing and harvesting of crops; the railway infrastructure performs its function and is used as a way of executing export sales due to limitation of seaports usage; the Group will be able to obtain export licenses for some of its agricultural products.

While the Group's operations were not largely impacted so far and management prepared its 12 months budget based on the known facts and events, there is a significant uncertainty over the future development of the Russian armed intervention, its duration and short and long-term impact on the Group, its assets, employees and operations. There might be multiple scenarios of further development with unknown likelihood, and the magnitude of the impact on the Group might vary from significant to severe. This represents a single source of material uncertainty, which may cast significant doubt about the Group's ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Management is frequently assessing the current situation and making appropriate adjustments to its business operations to mitigate any affects on the Group. Based on these and other steps the Group is taking, management concluded that it is appropriate to prepare the condensed consolidated financial statements on a going concern basis.

c) Basis of consolidation

These condensed consolidated financial statements have been prepared on a going concern basis which assumes the Group will be able to realise its assets and discharge its liabilities in the normal course of business for the foreseeable future.

The condensed consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 30 September 2023. Subsidiaries are those investees that are controlled by the Group. Control is achieved when the Group exercises, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee.

Specifically, the Group controls an investee if and only if the Group has:

• Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)
• Exposure, or rights, to variable returns from its involvement with the investee, and
• The ability to use its power over the investee to affect its returns

When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

• The contractual arrangement with the other vote holders of the investee
• Rights arising from other contractual arrangements
• The Group's voting rights and potential voting rights

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.

If the Group loses control over a subsidiary, it:

• Derecognises the assets (including goodwill) and liabilities of the subsidiary
• Derecognises the cumulative translation differences recorded in equity
• Recognises the fair value of the consideration received
• Recognises the fair value of any investment retained
• Recognises any surplus or deficit in profit or loss
• Reclassifies the parent's share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.

As at 30 September 2023 ASTARTA HOLDING PLC owns shares, directly and indirectly, in a number of subsidiaries with the following percentage of ownership:

			30 September 2023	31 December 2022	30 September 2022
Name of Subsidiaries:	Activity	Place of business, country	% of ownership	% of ownership	% of ownership
Ancor Investments Ltd	Trade and investment activities	Cyprus	100,00%	100,00%	100,00%
Astarta Trading LTD **	Trade	Cyprus	100,00%	0,00%	0,00%
LLC Firm "Astarta-Kyiv"	Asset management	Ukraine	99,99%	99,99%	99,99%
LLC "APO "Tsukrovyk Poltavshchyny"	Sugar production	Ukraine	99,73%	99,73%	99,73%
LLC "Agricultural company "Dovzhenko"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Astarta Agro Trade"	Trade	Ukraine	99,99%	99,99%	99,99%
LLC "Agricultural company "Dobrobut"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Agricultural company "Musievske"***	Agricultural	Ukraine	0,00%	99,99%	99,99%
LLC "Globinskiy processing factory"	Soybean processing	Ukraine	99,99%	99,99%	99,99%
LLC "Investment company "Poltavazernoproduct"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "List-Ruchky"	Agricultural	Ukraine	74,99%	74,99%	74,99%
LLC "Agropromgaz"	Trade	Ukraine	99,97%	99,97%	99,97%
LLC "Khmilnitske"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Volochysk-Agro"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Agricultural company "Astarta Prykhorollia"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Nika"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Zhytnytsya Podillya"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Astarta Service"	Service	Ukraine	99,99%	99,99%	99,99%
LLC "Tsukragroprom"	Sugar production	Ukraine	99,99%	99,99%	99,99%
LLC "Zerno-Agrotrade"	Storage and trade	Ukraine	99,99%	99,99%	99,99%
LLC "Novoorzhytskiy sugar plant"	Sugar production	Ukraine	99,99%	99,99%	99,99%
LLC "Globinskiy bioenergetichniy complex"	Sugar production	Ukraine	99,99%	99,99%	99,99%
PE "TMG"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Eco Energy Ukraine"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Agri Chain"	Research and development	Ukraine	99,99%	99,99%	99,99%
ALC "Narkevitskiy sugar plant"	Sugar production	Ukraine	99,99%	99,99%	99,99%
PJSC "Ukrainian Agro-Insurance Company"	Insurance	Ukraine	99,99%	99,99%	99,99%

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

Astarta Trading GmbH	Trade	Switzerland	100,00%	100,00%	100,00%
LLC "Astarta Invest Service"	Land management	Ukraine	99,99%	99,99%	99,99%
LLC "Astarta Agro Protein"	Soybean processing	Ukraine	99,99%	99,99%	99,99%
LLC "Podil Agricultural Traditions"	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Chernihiv Eko Plus"*	Agricultural	Ukraine	99,99%	99,99%	99,99%
LLC "Chernihiv Agricultural Traditions"*	Agricultural	Ukraine	99,99%	99,99%	99,99%

Place of business of all subsidiaries has not changed since previous year.

* In September 2022 LLC "Chernihiv Eko Plus" and LLC "Chernihiv Agricultural Traditions" were established.

** In February 2023 a new subsidiary ASTARTA TRADING LTD was incorporated under the Company Law, Cap. 113 as a limited liability company and registered in Nicosia, Cyprus.

*** As at 30 June 2023 LLC "Agricultural company "Musievske" was merged with LLC "Agricultural company "Astarta Prykhorollia".

d) Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any noncontrolling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree's identifiable net assets. Acquisition costs incurred are expensed and included in administrative expenses.

If the business combination is achieved in stages, the acquisition date fair value of the acquirer's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through income statement. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement.

e) Basis of accounting

The condensed consolidated financial statements are prepared on a historical cost basis, except for buildings and machinery and equipment classified as property, plant and equipment accounted under revaluation model, biological assets at fair value less estimated costs to sell and agricultural produce stated at cost which is determined as fair value less estimated costs to sell at the point of harvest.

f) Transactions eliminated on consolidation

Intercompany balances and transactions, and any unrealised gains arising from intercompany transactions, are eliminated in preparing the condensed consolidated financial statements. Unrealised gains arising from transactions with associate are eliminated to the extent of the Group's interest in the enterprise. Unrealised gains resulting from transactions with associates are eliminated against the investment in the associate. Unrealised losses are eliminated in the same way as unrealised gains except that they are only eliminated to the extent that there is no evidence of impairment.

g) Net assets attributable to non-controlling participants in limited liability companies

Substantially all the Group's subsidiaries are Ukrainian limited liability companies. Under Ukrainian law, a participant in a limited liability company may unilaterally withdraw from the company. In such case, the company is obliged to pay the withdrawing participant's a share of the net assets of the company not later than in 12 months from the date of the withdrawal. Redemption amount of participant's a share of the net assets of the company is assessed based on market value of net assets. Since the non-controlling participants in limited liability companies did not announce their intentions to withdraw, their interest was recognised as a non-current liability. Limited liability company's noncontrolling participants' share in the net profit/loss is recorded as a finance expense.

h) Functional and presentation currency

Each entity in the Group determines its own functional currency and items included in the separate financial statements of each entity are measured using that functional currency. The functional currency of the Company and its Swiss and Cypriot subsidiaries is Euro (EUR). The operating subsidiaries registered in Ukraine have the Ukrainian hryvnia (UAH) as their functional currency.

The condensed consolidated financial statements are presented in UAH, which is a primary presentation currency, and all values are rounded to the nearest thousand, except when otherwise indicated. For the benefit of certain users, the Group also presents all numerical information in EUR. The translation of UAH denominated assets and liabilities into EUR in these condensed consolidated financial statements does not necessarily mean that the Group could realise or settle in EUR the reported values of these assets and liabilities. Likewise, it does not necessarily mean that the Group could return or distribute the reported EUR value retained earnings to its shareholders. For the purpose of presenting financial information in EUR, assets and liabilities of the Ukrainian subsidiaries are translated from UAH to EUR using the official closing rates at each reporting date. Components of equity are translated at the historic rate. Annual realisation of revaluation surplus is translated at historical rate. Income and expense items are translated at the average exchange rates for the quarter, unless the exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Disclosure line items are translated using annual weighted average official exchange rate. For translation of UAH figures into EUR figures for the cash flow statement the Group uses average UAH/EUR exchange rate. For the purposes of presenting financial information in UAH, assets and liabilities of the subsidiaries for which functional currency in EUR are translated from EUR to UAH using the official closing rates at each reporting date and income and expenses are translated at the official spot rates at the date of transaction.

Translation differences arising, if any, are recognised in other comprehensive income and accumulated in the Currency translation reserve.

The principal Ukrainian Hryvnia ("UAH") exchange rates used in the preparation of the condensed consolidated financial statements are as follows:

Currency		Average reporting period rate		Reporting date rate
	2023	2022	30 September 2023	31 December 2022	30 September 2022
EUR	39.63	32.90	38.55	38.95	35.56
USD	36.57	30.95	36.57	36.57	36.57

The average exchange rates for each period are calculated as the arithmetic mean of the exchange rates for all trading days during this period. The sources of exchange rates are the official rates set by the National Bank of Ukraine.

All foreign exchange gain or loss that occurs on revaluation of monetary balances, presented in foreign currencies, is presented as a separate line in the Condensed Consolidated Income Statement.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation adopted in the preparation of these condensed consolidated financial statements are the same as those applied by the Group in its annual financial statements for the year ended 31 December 2022.

a) New and amended standards and interpretations adopted

The following amended standards became effective from 1 January 2023, but did not have any material impact on the Group:

• IFRS 17 Insurance Contracts
• Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies
• Amendments to IAS 8: Definition of Accounting Estimates
• Deferred tax related to assets and liabilities arising from a single transaction Amendments to IAS 12
• Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

b) New and amended standards and interpretations not yet adopted

The Group has not adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2024:

Effective for annual period beginning on or after in EU

Amendments to existing standards and interpretations
•	Amendments to IAS 1 Presentation of Financial Statements:	1 January 2024*
	• Classification of Liabilities as Current or Non-current Date (issued on 23 January 2020);
	• Classification of Liabilities as Current or Non-current -
	Deferral of Effective Date (issued on 15 July 2020); and
	• Non-current Liabilities with Covenants (issued on 31 October 2022 and effective for annual periods beginning on or after 1 January 2024).
•	Amendments to IFRS 16 Leases: Lease Liability in a Sale and	1 January 2024
	Leaseback (issued on 22 September 2022 and applicable
	for annual periods beginning on or after 1 January 2024)
•	Amendments to IAS 12 Income taxes: International Tax	Not yet endorsed by EU
	Reform – Pillar Two Model Rules (issued 23 May 2023)
•	Amendments to IAS 7 Statement of Cash Flows and IFRS 7	Not yet endorsed by EU
	Financial Instruments: Disclosures: Supplier Finance
	Arrangements (Issued on 25 May 2023)
•	Amendments to IAS 21 The Effects of Changes in Foreign	Not yet endorsed by EU
	Exchange Rates: Lack of Exchangeability (issued on 15
	August 2023)

* Amendments to IAS 1 Presentation of Financial Statements: These 2020 Amendments clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities are non-current if the entity has a substantive right, at the end of the reporting period, to defer settlement for at least twelve months. The guidance no longer requires such a right to be unconditional. Management's expectations whether they will subsequently exercise the right to defer settlement do not affect classification of liabilities. The right to defer only exists if the entity complies with any relevant conditions as of the end of the reporting period. A liability is classified as current if a condition is breached at or before the reporting date even if a waiver of that condition is obtained from the lender after the end of the reporting period. Conversely, a loan is classified as non-current if a loan covenant is breached only after the reporting date. In addition, the amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. 'Settlement' is defined as the extinguishment of a liability with cash, other resources embodying economic benefits or an entity's own equity instruments.

Under the 2022 Amendments, a covenant affects whether right to defer settlement exists at the end of the reporting period if compliance with the covenant is required on or before the end of the reporting period. These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. An entity is required to disclose information about these covenants and related information in the notes to the financial statements. The Group is currently assessing the impact of the amendments on its condensed consolidated financial statements.

Unless otherwise described above, the new standards and interpretations are not expected to affect significantly the Group's condensed consolidated financial statements.

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

4. RIGHT-OF-USE ASSETS AND LEASE LIABILITY

i. Amounts recognised in the condensed consolidated statement of financial position

The balance sheet shows the following amounts relating to leases:

	30 September 2023	31 December 2022	30 September 2022
(in thousands of Ukrainian hryvnias)	(unaudited)	(audited)	(unaudited)
Right-of-use assets
Land	4 058 472	3 570 759	3 663 599
Office premises	198 657	226 956	234 266
Warehouse	7 768	1 513	638
	4 264 897	3 799 228	3 898 503
Lease liabilities
Non-current	3 475 217	3 110 170	3 172 230
Current portion	1 156 728	1 141 038	1 040 356
	4 631 945	4 251 208	4 212 586

	30 September 2023	31 December 2022
(in thousands of Euros)	(unaudited)	(audited)	(unaudited)
Right-of-use assets
Land	105 267	91 673	103 022
Office premises	5 153	5 827	6 588
Warehouse	201	39	18
	110 621	97 539	109 628
Lease liabilities
Non-current	90 138	79 848	89 205
Current portion	30 003	29 294	29 255
	120 141	109 142	118 460

Additions to the right-of-use assets during the 9 months 2023 financial year were UAH 1,083,940 thousand or EUR 27,353 thousand (9 months 2022: UAH 811,826 thousand or EUR 24,677 thousand).

ii. Amounts recognised in the condensed consolidated income statement

The condensed consolidated income statement shows the following amounts relating to leases:

		(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
		2023	2022	2023	2022
	Notes	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Depreciation charge of right-of-use assets
Land		548 212	491 117	13 833	14 758
Office premises		16 779	13 149	423	401
Warehouse		696	1 457	18	44
		565 687	505 723	14 274	15 203
Interest expense on lease liabilities (cost of disposal included)	14	620 658	549 069	15 673	16 729
Expenses relating to short-term leases (included in operating expense)		10 807	9 071	271	273
Expenses relating to variable lease payments not included in the measurement of lease liabilities (included in operating expenses)		32 599	30 712	818	923

The total settlement of leases for 9 months 2023 was UAH 1,142,363 thousand or EUR 28,827 thousand (9 months 2022: UAH 947,763 thousand or EUR 28,788 thousand). The total amount settled in cash for 9 months 2023 was in amount of UAH 1,068,577 thousand or EUR 26,965 thousand (9 months 2022: UAH 806,482 thousand or EUR 24,515 thousand), including cash outflow for land lease in amount of UAH 1,032,406 thousand or EUR 26,041 thousand (9 months 2022: UAH 767,939 thousand or EUR 23,341 thousand) and is classified as finance activities in the consolidated statement of cash flows. The amount settled in kind with agricultural produce for 9 months 2023 was UAH 73,786 thousand or EUR 1,862 thousand (9 months 2022: UAH 141,281 thousand or EUR 4,273 thousand). Transfer of agricultural produce is accounted as sale and then the respective account receivables and lease liabilities are settled. Sales amount of agricultural produce is estimated on the basis of market price.

iii. The group's leasing activities

The Group leases land, office premises and warehouses for operating activities. Land lease contracts are typically made for fixed periods of 1 to 49 years. Warehouse lease contracts are typically made for fixed periods less than 12 months, management considers usage period for some warehouses of 3 years, other premises are used by the Group for current storage of finished goods and the Group has no intention to extend the lease. Lease payment associated with a short-term lease are recognised as an expense as occurred. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions.

The lease agreements do not impose any covenants and leased assets may not be used as security for borrowing purposes.

5. BIOLOGICAL ASSETS

Biological assets consist of current biological assets (crops) and non-current biological assets (livestock).

Livestock include cattle and other livestock. Cattle consist of dairy livestock with an average yearly lactation period of nine months, immature cattle and cattle intended for sale. Other livestock mainly represent pigs, horses and sheep. The valuation of the biological assets is within level 3 of the fair value hierarchy.

As at 30 September biological assets comprise the following groups:

(in thousands of Ukrainian hryvnias)	30 September 2023		31 December 2022		30 September 2022
	Units	Amount	Units	Amount	Units	Amount
		(unaudited)		(audited)		(unaudited)
Non-current biological assets:
Cattle	26 454	1 615 862	24 453	1 166 938	24 119	895 078
Other livestock		80		80		97
		1 615 942		1 167 018		895 175
Сurrent biological assets
Crops:	Hectares		Hectares		Hectares
Sugar beet	34 328	2 559 152	169	14 383	28 999	1 788 514
Corn	18 803	271 733	14 012	501 286	37 968	1 218 152
Winter wheat	43 380	158 712	42 842	474 485	6 343	13 815
Soy	11 208	275 723	-	-	30 050	988 698
Sunflower	7 219	136 802	-	-	18 810	570 789
Rapeseeds	12 569	163 159	13 798	294 030	13 805	177 715
	127 507	3 565 281	70 821	1 284 184	135 975	4 757 683
Total biological assets		5 181 223		2 451 202		5 652 858

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

(in thousands of Euros)	30 September 2023		31 December 2022		30 September 2022
	Units	Amount	Units	Amount	Units	Amount
		(unaudited)		(audited)		(unaudited)
Non-current biological assets:
Cattle	26 454	41 911	24 453	29 960	24 119	25 170
Other livestock		2		2		3
		41 913		29 962		25 173
Сurrent biological assets
Crops:	Hectares		Hectares		Hectares
Sugar beet	34 328	66 378	169	369	28 999	50 294
Corn	18 803	7 048	14 012	12 869	37 968	34 255
Winter wheat	43 380	4 117	42 842	12 182	6 343	388
Soy	11 208	7 152	-	-	30 050	27 803
Sunflower	7 219	3 548	-	-	18 810	16 051
Rapeseeds	12 569	4 231	13 798	7 549	13 805	4 998
	127 507	92 474	70 821	32 969	135 975	133 789
Total biological assets		134 387		62 931		158 962

6. INVENTORIES

Inventories as at 30 September are as follows:

(in thousands of Ukrainian hryvnias)	30 September 2023	31 December 2022	30 September 2022
	(unaudited)	(audited)	(unaudited)
Finished goods:
Sugar products	486 000	3 737 933	367 832
Agricultural produce	4 186 752	3 153 161	2 775 262
Soybean processing	120 720	255 915	169 569
Cattle farming	1 770	1 638	1 342
	4 795 242	7 148 647	3 314 005
Raw materials and consumables for:
Agricultural produce	678 449	631 564	1 033 639
Sugar production	1 346 472	124 359	785 730
Cattle farming	324 193	268 799	262 021
Consumables for joint utilization	843 394	257 994	1 052 587
Other production	32 041	55 254	25 219
	3 224 549	1 337 970	3 159 196
Investments into future crops	577 565	1 023 537	508 661
	8 597 356	9 510 154	6 981 862

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

(in thousands of Euros)	30 September 2023	31 December 2022	30 September 2022
	(unaudited)	(audited)	(unaudited)
Finished goods:
Sugar products	12 606	95 965	10 344
Agricultural produce	108 594	80 952	78 042
Soybean processing	3 131	6 570	4 768
Cattle farming	46	42	38
	124 377	183 529	93 192
Raw materials and consumables for:
Agricultural produce	17 597	16 214	29 067
Sugar production	34 924	3 193	22 095
Cattle farming	8 409	6 901	7 368
Consumables for joint utilization	21 875	6 624	29 599
Other production	831	1 419	708
	83 636	34 351	88 837
Investments into future crops	14 981	26 276	14 304
	222 994	244 156	196 333

7. TRADE AND OTHER ACCOUNTS RECEIVABLE AND PREPAYMENTS

Trade and other accounts receivable, and prepayments as at 30 September are as follows:

(in thousands of Ukrainian hryvnias)	30 September 2023	31 December 2022	30 September 2022
	(unaudited)	(audited)	(unaudited)
Long-term receivables and prepayments
Advances to suppliers	6 074	6 074	6 112
Other long-term receivables	3 424	1 881	17 432
	9 498	7 955	23 544
Current accounts receivable and prepayments
Trade receivables	595 833	944 922	943 133
Less credit loss allowance	(33 059)	(39 409)	(39 456)
	562 774	905 513	903 677
Prepayments and other non-financial assets:
VAT recoverable and prepaid	1 470 748	1 843 422	1 582 386
Advances to suppliers	337 550	420 214	375 060
Less allowance	(97 285)	(98 581)	(94 215)
	1 711 013	2 165 055	1 863 231
Other financial assets:
Government bonds	60 329	60 906	46 034
Other receivables	14 471	12 829	10 973
Less credit loss allowance	(5 704)	(5 501)	(2 936)
	69 096	68 234	54 071
	1 780 109	2 233 289	1 917 302
	2 342 883	3 138 802	2 820 979

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

(in thousands of Euros)	30 September 2023	31 December 2022	30 September 2022
	(unaudited)	(audited)	(unaudited)
Long-term receivables and prepayments
Advances to suppliers	157	156	172
Other long-term receivables	89	48	490
	246	204	662
Current accounts receivable and prepayments
Trade receivables	15 454	24 259	26 521
Less credit loss allowance	(857)	(1 012)	(1 110)
	14 597	23 247	25 411
Prepayments and other non-financial assets:
VAT recoverable and prepaid	38 147	47 328	44 496
Advances to suppliers	8 754	10 788	10 547
Less allowance	(2 523)	(2 531)	(2 649)
	44 378	55 585	52 394
Other financial assets:
Government bonds	1 565	1 564	1 295
Other receivables	375	329	309
Less credit loss allowance	(148)	(141)	(83)
	1 792	1 752	1 521
	46 170	57 337	53 915
	60 767	80 584	79 326

8. OTHER LIABILITIES AND ACCOUNTS PAYABLE

(in thousands of Ukrainian hryvnias)	30 September 2023	31 December 2022	30 September 2022
	(unaudited)	(audited)	(unaudited)
Other liabilities:
Advances received from customers	82 180	77 017	73 709
VAT payable	157 846	138 780	73 377
	240 026	215 797	147 086
Other accounts payable:
Accrual for unused vacations	130 012	104 228	94 488
Salaries payable	78 917	47 447	59 573
Other taxes and charges payable	67 456	50 524	64 610
Accounts payable for property, plant and equipment	47 598	5 956	6 825
Social insurance payable	16 847	11 300	13 598
Accrual for annual bonuses	-	190 441	156 244
Financial aid	-	52 840	51 528
Other payables	39 911	50 865	63 384
	380 741	513 601	510 250
`	620 767	729 398	657 336

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

(in thousands of Euros)	30 September 2023	31 December 2022	30 September 2022
	(unaudited)	(audited)	(unaudited)
Other liabilities:
Advances received from customers	2 132	1 977	2 073
VAT payable	4 094	3 563	2 063
	6 226	5 540	4 136
Other accounts payable:
Accrual for unused vacations	3 372	2 677	2 657
Salaries payable	2 047	1 218	1 675
Other taxes and charges payable	1 750	1 298	1 817
Accounts payable for property, plant and equipment	1 235	153	192
Social insurance payable	437	290	382
Accrual for annual bonuses	-	4 890	4 394
Financial aid	-	1 357	1 449
Other payables	1 034	1 306	1 783
	9 875	13 189	14 349
`	16 101	18 729	18 485

9. REVENUES

Revenues for the three months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022		2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Sugar production	2 239 644	1 592 503	56 385	45 947
Crops	538 697	984 069	13 371	26 959
Soybean processing products	865 110	1 371 074	21 689	39 579
Cattle farming	373 606	314 503	9 391	8 794
Other sales	155 721	65 386	3 912	1 717
	4 172 778	4 327 535	104 748	122 996

Revenues for the nine months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Sugar production	5 638 895	3 558 812	142 484	107 802
Crops	4 508 003	3 428 145	113 909	103 844
Soybean processing products	3 670 700	3 045 929	92 752	92 266
Cattle farming	1 196 471	943 234	30 233	28 572
Other sales	499 487	292 421	12 620	8 859
	15 513 556	11 268 541	391 998	341 343

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

10. COST OF REVENUES

Cost of revenues for the three months 30 September by product is as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Sugar production	1 707 648	1 049 032	42 950	30 239
Crops	808 600	770 162	20 227	21 037
Soybean processing products	758 025	900 572	19 008	25 921
Cattle farming	303 070	236 454	7 614	6 713
Other sales	151 166	42 526	3 796	1 110
	3 728 509	2 998 746	93 595	85 020

Cost of revenues for the nine months 30 September by product is as follows:

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Sugar production	4 012 893	2 551 703	101 310	77 515
Crops	3 473 771	2 947 811	87 699	89 548
Soybean processing products	2 597 846	2 226 646	65 585	67 641
Cattle farming	845 506	670 676	21 346	20 374
Other sales	426 593	210 468	10 769	6 393
	11 356 609	8 607 304	286 709	261 471

Cost of revenues include effect of fair value measurement of agricultural produce in amount of UAH 1,674,987 thousand or EUR 42,287 thousand (2022: UAH 1,662,010 thousand or EUR 50,488 thousand). Cost of sales include inventory write-off in amount of UAH 328,689 thousand or EUR 8,298 thousand (2022: UAH 54,328 thousand or EUR 1,650 thousand).

11. GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses for the three months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Salary and related charges	182 517	125 930	4 583	3 569
Depreciation	16 755	21 550	421	621
Professional services	16 688	13 319	418	366
Fuel and other materials	5 667	5 243	142	154
Taxes other than corporate income tax	2 934	2 670	73	78
Office expenses	2 810	2 080	70	58
Insurance	2 231	1 685	56	48
Other	8 350	9 477	210	277
	237 952	181 954	5 973	5 171

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

General and administrative expenses for the nine months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Salary and related charges	532 990	386 004	13 431	11 765
Professional services	64 373	51 417	1 622	1 567
Depreciation	46 268	56 395	1 166	1 719
Fuel and other materials	15 801	11 411	398	348
Office expenses	9 105	7 518	229	229
Taxes other than corporate income tax	7 076	5 590	178	170
Insurance	6 255	4 888	158	149
Rent	6 221	4 524	157	138
Other	23 694	17 235	597	526
	711 783	544 982	17 936	16 611

12. SELLING AND DISTRIBUTION EXPENSES

Selling and distribution expenses for the three months ended 30 September are as follows:

(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
2023	2022	2023	2022
(unaudited)	(unaudited)	(unaudited)	(unaudited)
			8 989
			2 416
			743
			290
			296
			63
9 156	15 425	231	422
426 595	465 115	10 709	13 219
	272 524 81 020 31 827 15 245 12 372 4 451	313 132 86 301 26 869 10 676 10 351 2 361	6 835 2 033 803 384 311 112

Selling and distribution expenses for the nine months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Transportation	1 287 109	596 120	32 603	17 904
Storage and logistics	365 284	206 175	9 253	6 192
Salary and related charges	81 481	70 001	2 064	2 102
Depreciation	44 391	31 146	1 124	935
Fuel and other materials	36 023	20 487	912	615
Professional services	20 517	7 960	520	239
Other	28 577	44 382	724	1 335
	1 863 382	976 271	47 200	29 322

Significant changes in transportation routes and means of transportation due to a full-scale military invasion of Ukraine by russia lead to significant increase in transportation cost during 9 months 2023.

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

13. OTHER OPERATING EXPENSES

Other operating expenses for the three months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Charity and social expenses	81 218	26 226	2 044	783
Other salary and related charges	30 505	21 246	764	648
VAT written off	14 011	5 695	353	174
Depreciation	13 531	8 062	339	242
Penalties paid	2 865	12 073	70	376
Loss on disposal of property, plant and equipment	2 845	19 234	70	593
Reversal of allowance for trade and other accounts receivable	(9 645)	(1 725)	(243)	(56)
Other	7 971	5 028	200	173
	143 301	95 839	3 597	2 933

Other operating expenses for the nine months ended 30 September are as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Charity and social expenses	126 493	100 719	3 189	3 140
Other salary and related charges	88 699	52 241	2 236	1 629
Depreciation	37 777	26 573	952	828
Penalties paid	29 021	12 255	732	382
VAT written off	20 842	12 853	526	401
Loss on disposal of property, plant and equipment	17 854	34 665	450	1 081
(Reversal of)/allowance for trade and other accounts receivable	(6 589)	4 575	(166)	143
Other	16 200	16 626	409	518
	330 297	260 507	8 328	8 122

14. FINANCE COSTS AND INCOME

Finance (costs)/income for the three months ended 30 September is as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Finance costs
Interest expense
Bank loans	(27 832)	(86 560)	(701)	(2 460)
Borrowings from non-financial institutions	(1 275)	(1 275)	(32)	(33)
Net profit attributable to non-controlling
interests of limited liability company	(1 768)	(4 534)	(44)	(130)
subsidiaries
Interest expense on lease liability	(193 906)	(183 482)	(4 868)	(5 215)
Other finance costs	(12 250)	(5 973)	(310)	(159)
Total finance costs	(237 031)	(281 824)	(5 955)	(7 997)
Finance income
Interest income	24 174	14 621	611	404
Other finance income	1 385	735	35	19
Total finance income	25 559	15 356	646	423

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

Finance (costs)/income for the nine months ended 30 September is as follows:

	(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023 2022		2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Finance costs
Interest expense
Bank loans	(115 588)	(135 686)	(2 926)	(4 020)
Borrowings from non-financial institutions	(3 785)	(3 283)	(96)	(97)
Net profit attributable to non-controlling interests of limited liability company subsidiaries	(10 040)	(6 497)	(254)	(192)
Interest expense on lease liability	(620 658)	(549 069)	(15 673)	(16 729)
Other finance costs	(28 124)	(14 430)	(712)	(428)
Total finance costs	(778 195)	(708 965)	(19 661)	(21 466)
Finance income
Interest income	54 041	28 205	1 368	835
Other finance income	3 234	1 950	82	58
Total finance income	57 275	30 155	1 450	893

15. SEGMENT REPORTING

An operating segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other operating segments.

At 30 September 2023 and 2022, the group was organized into four main operating/ reportable segments:

• production and wholesale distribution of sugar (sugar production)
• growing and selling of grain and oilseeds crops (agriculture)
• dairy cattle farming (cattle farming)
• soybean processing

Other Group operations mainly comprise of the production and sales of fodder and natural gas. Neither of these constitutes a separately reportable operating segment.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker that makes strategic decisions is the Board of Directors. Operating profit and net profit are the main measures of segment's profit or loss that the Group uses to evaluate performance and makes decisions about the allocation of resources. The reported measures are determined in accordance with the measurement principles most consistent with those used in measuring the corresponding amounts in the financial statements.

Revenues from external customers are derived primarily from the sales of sugar, crops, soybean processing and cattle farming products and are measured in a manner consistent with that in the income statement. Transfer prices between operating segments are on arm's length basis in a manner similar to transactions with third parties.

The amounts provided to the Board of Directors with respect of total assets are measured in a manner consistent with that of the condensed consolidated financial statements. These assets are allocated based on the operations of the segment and the physical location of the asset. The amounts of total liabilities are measured in a manner consistent with that of the condensed consolidated financial statements. Liabilities are allocated based on the operations of the segment.

All unallocated items relate to overall Group's operating activity and may not be allocated to the identified reporting segments.

Unallocated assets mainly represent assets relating to corporate function, assets jointly used by segments and certain financial assets. Liabilities not allocated to segments are items related to corporate functions and certain financial liabilities.

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

(in thousands of Ukrainian hryvnias)	Sugar production		Agriculture			Cattle farming		Soybean processing		Unallocated		Total
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Revenues from external	5 638 895	3 558 812	4 508 003	3 428 145	1 196 471	943 234	3 670 700	3 045 929	499 487	292 421	15 513 556	11 268 541
customers Inter-segment revenues	-	-	1 594 780	1 115 052	-	-	-	-	-	-	1 594 780	1 115 052
Cost of revenues	(4 012 893)	(2 551 703)	(3 473 771)	(2 947 811)	(845 506)	(670 676)	(2 597 846)	(2 226 646)	(426 593)	(210 468)	(11 356 609)	(8 607 304)
Inter-segment cost of revenues	(331 092)	(155 575)	-	-	(553 221)	(431 266)	(710 467)	(528 211)	-	-	(1 594 780)	(1 115 052)
Changes in fair value of biological assets and agricultural produce	-	-	1 564 077	2 293 051	332 674	(10 793)	-	-	-	-	1 896 751	2 282 258
Gross profit	1 626 002	1 007 109	2 598 309	2 773 385	683 639	261 765	1 072 854	819 283	72 894	81 953	6 053 698	4 943 495
General and administrative expense	(188 854)	(149 465)	(407 769)	(303 592)	(53 557)	(42 259)	(22 108)	(17 976)	(39 495)	(31 690)	(711 783)	(544 982)
Selling and distribution expense	(271 114)	(136 737)	(1 336 918)	(623 222)	(11 962)	(8 063)	(225 883)	(201 954)	(17 505)	(6 295)	(1 863 382)	(976 271)
Other operating (expense) income	(48 122)	(37 450)	(102 494)	(72 271)	(13 982)	(8 716)	(4 164)	(16 866)	(143 274)	(105 858)	(312 036)	(241 161)
Profit (loss) from operations	1 117 912	683 457	751 128	1 774 300	604 138	202 727	820 699	582 487	(127 380)	(61 890)	3 166 497	3 181 081
Interest expense on lease liability	(25 578)	(17 978)	(552 089)	(497 700)	-	-	-	-	(42 991)	(33 391)	(620 658)	(549 069)
Foreign currency exchange (loss) gain	4 874	(40 075)	23 945	(252 670)	-	-	32 437	42 426	378	15 796	61 634	(234 523)
Interest expense	(37 099)	(21 670)	(75 370)	(91 303)	-	-	(6 904)	(25 996)	-	-	(119 373)	(138 969)
Interest income	-	-	-	-	-	-	-	-	54 041	28 205	54 041	28 205
Other (expense) income	-	-	-	-	-	-	-	-	(40 093)	(27 388)	(40 093)	(27 388)
Profit (loss) before tax	1 060 109	603 734	147 614	932 627	604 138	202 727	846 232	598 917	(156 045)	(78 668)	2 502 048	2 259 337
Taxation	-	-	-	-	-	-	-	-	(282 935)	(183 185)	(282 935)	(183 185)
Net profit (loss)	1 060 109	603 734	147 614	932 627	604 138	202 727	846 232	598 917	(438 980)	(261 853)	2 219 113	2 076 152
Consolidated total assets	4 448 989	3 050 908	18 173 161	17 688 331	2 565 458	1 532 359	1 376 836	1 509 561	2 355 805	3 226 399	28 920 249	27 007 558
Consolidated total liabilities	759 407	1 563 454	5 996 292	6 834 339	8 235	6 354	656 914	555 353	716 894	662 711	8 137 742	9 622 211
Other segment information:
Depreciation and amortisation	249 740	168 602	1 046 591	915 901	72 382	23 898	49 694	36 822	36 991	32 413	1 455 398	1 177 636
Additions to non-current assets:
Property, plant and equipment	206 125	90 246	317 489	279 849	134 347	27 855	25 942	24 880	8 291	2 217	692 194	425 047
Intangible assets	312	277	1 775	1 553	65	335	140	87	741	159	3 033	2 411
Right-of-use asset	70 699	42 107	1 009 592	696 275	-	-	-	-	3 649	73 444	1 083 940	811 826

The segment information for the nine months ended 30 September is as follows:

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

The segment information for the nine months ended 30 September is as follows:

(in thousands of Euros)	Sugar production			Agriculture		Cattle farming		Soybean processing		Unallocated	Total
	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Revenues from external customers	142 484	107 802	113 909	103 844	30 233	28 572	92 752	92 266	12 620	8 859	391 998	341 343
Inter-segment revenues	-	-	40 298	33 777	-	-	-	-	-	-	40 298	33 777
Cost of revenues	(101 310)	(77 515)	(87 699)	(89 548)	(21 346)	(20 374)	(65 585)	(67 641)	(10 769)	(6 393)	(286 709)	(261 471)
Inter-segment cost of revenues	(8 366)	(4 713)	-	-	(13 979)	(13 064)	(17 953)	(16 000)	-	-	(40 298)	(33 777)
Changes in fair value of biological assets and agricultural produce	-	-	39 268	68 906	8 352	(324)	-	-	-	-	47 620	68 582
Gross profit	41 174	30 287	65 478	83 202	17 239	7 874	27 167	24 625	1 851	2 466	152 909	148 454
General and administrative expense	(4 759)	(4 556)	(10 275)	(9 253)	(1 350)	(1 288)	(557)	(548)	(995)	(966)	(17 936)	(16 611)
Selling and distribution expense	(6 867)	(4 107)	(33 865)	(18 718)	(303)	(242)	(5 722)	(6 066)	(443)	(189)	(47 200)	(29 322)
Other operating (expense) income	(1 213)	(1 176)	(2 584)	(2 275)	(352)	(275)	(105)	(546)	(3 613)	(3 244)	(7 867)	(7 516)
Profit (loss) from operations	28 335	20 448	18 754	52 956	15 234	6 069	20 783	17 465	(3 200)	(1 933)	79 906	95 005
Interest expense on lease liability	(646)	(548)	(13 941)	(15 164)	-	-	-	-	(1 086)	(1 017)	(15 673)	(16 729)
Foreign currency exchange (loss) gain	123	(1 154)	606	(7 274)	-	-	820	1 221	10	455	1 559	(6 752)
Interest expense	(939)	(642)	(1 908)	(2 705)	-	-	(175)	(770)	-	-	(3 022)	(4 117)
Interest income	-	-	-	-	-	-	-	-	1 368	835	1 368	835
Other (expense) income	-	-	-	-	-	-	-	-	(1 014)	(796)	(1 014)	(796)
Profit (loss) before tax	26 873	18 104	3 511	27 813	15 234	6 069	21 428	17 916	(3 922)	(2 456)	63 124	67 446
Taxation	-	-	-	-	-	-	-	-	(7 157)	(5 376)	(7 157)	(5 376)
Net profit (loss)	26 873	18 104	3 511	27 813	15 234	6 069	21 428	17 916	(11 079)	(7 832)	55 967	62 070
Consolidated total assets	115 395	85 793	471 365	497 404	66 541	43 091	35 712	42 450	61 103	90 728	750 116	759 466
Consolidated total liabilities	19 697	43 965	155 528	192 186	214	179	17 039	15 617	18 595	18 636	211 073	270 583
Other segment information:
Depreciation and amortisation	6 302	5 125	26 410	27 841	1 827	726	1 254	1 119	933	986	36 726	35 797
Additions to non-current assets:
Property, plant and equipment	5 201	2 743	8 012	8 507	3 390	847	655	756	209	67	17 467	12 920
Intangible assets	8	8	45	47	2	10	4	3	18	5	77	73
Right-of-use asset	1 784	1 280	25 477	21 165	-	-	-	-	92	2 232	27 353	24 677

16. RELATED PARTY TRANSACTIONS

The Group enters into transactions with related parties in the ordinary course of business. Related parties comprise the Group's shareholders, companies that are under control of the Group's shareholders, key management personnel and their close family members and companies that are controlled or significantly influenced by the shareholders. Prices for related party transactions are determined on a market basis.

The following table summarises transactions that had been entered into with the companies under control of one of the shareholders with significant influence over the Group for the three months ended 30 September:

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Sales to related parties	331	4 008	8	113
Purchases from related parties	25 530	20 230	644	588
Cash proceeds from financial aids	-	50 730	-	1 542
Repayment of financial aids	-	-	-	-
Other transaction with related parties*	21 476	200	542	6

The following table summarises transactions that had been entered into with the companies under control of one of the shareholders with significant influence over the Group for the nine months ended 30 September:

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Sales to related parties	3 905	11 516	99	350
Purchases from related parties	50 265	44 693	1 268	1 359
Cash proceeds from financial aids	-	50 730	-	1 542
Repayment of financial aids	52 840	-	1 333	-
Other transaction with related parties*	39 085	3 475	986	106

*During nine months ended 30 September 2023 the Group provided non-refundable financial assistance to a related charitable foundation in amount of UAH 39,085 thousand or EUR 986 thousand (2022: UAH 3,475 thousand or EUR 106 thousand).

The following tables summarise balances with the companies under control of one of the shareholders with significant influence over the Group as at 30 September:

		(in thousands of Ukrainian hryvnias)		(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Long-term advances to suppliers	5 971	5 971	155	168
Other long-term receivables	1 324	1 655	34	47
Other receivables	319	351	8	10
Advances to suppliers	183	1	5	-
Trade accounts receivable	7	1 463	-	40
Amounts owed by related parties	7 804	9 441	202	265

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

	(in thousands of Ukrainian hryvnias)			(in thousands of Euros)
	2023	2022	2023	2022
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Borrowings from non-financial institutions	127 803	127 803	3 315	3 594
Financial aid	-	50 730	-	1 427
Trade accounts payable	7 447	6 017	193	169
Advances received from customers	3 251	827	84	23
Other payables	49	-	1	-
Amounts owed to related parties	138 550	185 377	3 593	5 213

Other transactions

As at 30 September 2023, the Group had a USD denominated loan from the entity under control of the same controlling shareholder of UAH 127,803 thousand (2022: UAH 127,803 thousand) or EUR 3,315 thousand (2022: EUR 3,594 thousand) bearing an interest of 4.0% p.a.

The Group rents an office premises from related parties under control of the shareholder with significant influence over the Group and has accounted these lease agreements according IFRS 16. As at 30 September 2023, the Group had the lease liability in amount of UAH 278,514 thousand or EUR 7,224 thousand and respective right-of-use asset in amount of UAH 197,090 thousand or EUR 5,112 thousand (2022: UAH 283,554 thousand or EUR 7,974 thousand and UAH 234,266 thousand or EUR 6,588 thousand respectively) (Note 4). During nine months ended 30 September 2023 the Group recognized depreciation charge of right-of-use asset in amount of UAH 15,913 thousand or EUR 402 thousand as General and administrative expenses (2022: UAH 13,149 thousand or EUR 401 thousand) (Note 4 and Note 11). During nine months ended 30 September 2023 the interest expense was charged in amount of UAH 42,669 thousand or EUR 1,077 thousand (2022: UAH 33,237 thousand or EUR 1,013 thousand) (Note 4 and Note 14).

The Group rents land plots from related parties and has accounted these lease agreements according to IFRS 16. As at 30 September 2023, the Group had the lease liability in amount of UAH 9,645 thousand or EUR 250 thousand and respective right-of-use asset in amount of UAH 9,841 thousand or EUR 255 thousand (2022: UAH 4,244 thousand or EUR 119 thousand and UAH 4,258 thousand or EUR 120 thousand respectively) (Note 4). During nine months ended 30 September 2023 the Group recognized depreciation charge of right-of-use asset in amount of UAH 339 thousand or EUR 9 thousand as Cost of sales (2022: UAH 111 thousand or EUR 3 thousand). During nine months ended 30 September 2023 the interest expense was charged in amount of UAH 927 thousand or EUR 23 thousand (2022: UAH 254 thousand or EUR 8 thousand) (Note 4 and Note 14).

Condensed consolidated financial statements as at and for the nine months ended 30 September 2023

17. EVENTS SUBSEQUENT TO THE REPORTING DATE

There are no subsequent events to mention.

MEMBERS OF THE BOARD OF DIRECTORS OF ASTARTA HOLDING PLC

Viktor Ivanchyk	Executive Director	(signed)
Savvas Perikleous	Executive Director	(signed)
Viacheslav Chuk	Executive Director	(signed)
Howard Dahl	Non-Executive, Independent Director	(signed)
Gilles Mettetal	Non-Executive, Independent Director	(signed)
Markiyan Markevych	Non-Executive Director	(signed)

PERSON RESPONSIBLE FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY

Liliia Lymanska	Acting Chief Financial Officer	(signed)
	of LLC Firm "Astarta-Kyiv",
	main operating subsidiary of
	ASTARTA HOLDING PLC

7 November 2023

Nicosia, Cyprus