Henan Wandi Minerals Public Company LTD

Interim / Quarterly Report • Sep 9, 2024

MANAGEMENT ACCOUNTS Period from 1 January 2024 to 30 June 2024

MANAGEMENT ACCOUNTS

Period from 1 January 2024 to 30 June 2024

CONTENTS
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PAGE

Board of Directors and other officers	1
Management Report	2-3
Statement of profit or loss and other comprehensive income	ব
Statement of financial position	יה
Statement of changes in equity	0
Cash flow statement	7
Notes to the management accounts	00

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:	Andreas Karamanos Resigned on 5/6/2024 Maria Polyviou Antzelina Ftanou Resigned on 5/6/2024 Odysseas Odysseos Appointed on 29/07/2024 Dionisia Menicou Appointed on 5/6/2024 Irene Polydorou Appointed on 5/6/2024
Company Secretary:	Andreas Karamanos Resigned on 5/6/2024 Maria Polyviou - Appointed on 5/6/2024
Independent Auditors:	Ekkeshis Ierodiakonou Ltd Certified Public Accountants and Registered Auditors 39 Themistocles Dervis Street Office 102
Registered office:	15 Agion Omologiton Street 1080, Nicosia Cyprus
Registration number:	HE385760

MANAGEMENT REPORT

The Board of Directors presents its report and audited management accounts of the Company for the period from 1 January 2024 to 30 June 2024.

Principal activities and nature of operations of the Company

The Company is a holding company with no participations in the period under review.

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

The results of this year are not considered satisfactory and the Board of Directors is making an effort to reduce the Company's losses. Despite the loss this year the Company's development to date and the financial position as reflected in the management accounts are satisfactory.

Use of financial instruments by the Company

The Company is exposed to interest rate risk, credit risk and liquidity risk from the financial instruments it holds.

Interest rate risk

Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. The Company's income and operating cash flows are substantially independent of changes in market interest rates as the Company has no significant interest-bearing assets. The Company is exposed to interest rate risk in relation to its non-current borrowings issued at variable rates expose the Company to cash flow interest rate risk. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's Management monitors the interest rate fluctuations on a continuous basis and acts accordingly.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failling to meet an obligation. Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at fair value through other comprehensive income (FVOCI) and at fair value through profit or loss (FVTPL), favourable derivative financial instruments and deposits with banks and financial institutions.

Credit risk is managed on a group basis. For banks and financial institutions, the Company has established policies whereby the majority of bank balances are held with independently rated parties with a minimum rating of ['C'].

Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

Share capital

There were no changes in the share capital of the Company during the period under review.

Board of Directors

The members of the Company's Board of Directors as at 30 June 2024 and at the date of this report are presented on page 1. All of them were members of the Board of Directors throughout the period from 1 January 2024 to 30 June 2024.

In accordance with the Company's Articles of Association all Directors presently members of the Board continue in office.

There were no significant changes in the assignment of responsibilities and remuneration of the Board of Directors.

MANAGEMENT REPORT

Independent Auditors

The Independent Auditors, Ekkeshis Ierodiakonou Ltd, have expressed their willingness to continue in office and a resolution giving authority to the Board of Directors to fix their remuneration will be proposed at the Annual General Meeting.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Period from 1 January 2024 to 30 June 2024

	Note	30 June 2024 30 June 2023 €	ਵ
Administration expenses		(2,392)	(2,770)
Operating loss		(2,392)	(2,770)
Finance costs	2	(160)	(135)
Net loss for the period		(2,552)	(2,905)
Other comprehensive income
Total comprehensive loss for the period		(2,552)	(2,905)

STATEMENT OF FINANCIAL POSITION 30 June 2024

	Note	30 June 2024 e	31 December 2073 ਵ
Current assets
Cash at bank	3	895	1,054
		895	1 054
Total assets		895	1,054
EQUITY AND LIABILITIES
Equity Share capital Accumulated losses	4	26,000 (37,897)	26,000 (35,345)
Total equity		(11,897)	(9,345)
Current liabilities	5	12,792	10.399
Trade and other payables		12,792	10.399
Total equity and liabilities		895	1.054

On 0.9% \$ 1.50% of Directors of Henan Wandi Minerals Public Company Ltd authorised these management accounts for issue.

Odysseas Odysseos Director /

... To 11 . 11 Dionisia Mehicou Director

Irene Polydorou

Director

STATEMENT OF CHANGES IN EQUITY

Period from 1 January 2024 to 30 June 2024

	Share capital (3	Accumulated osses (3	I Total (3
Balance at 1 January 2023 Net loss for the period 1 January 2023 to June 2023	26.000	(30,823) (2,905)	(4,823) (2,905)
Balance at 30 June 2023	26.000	(33723)	(7,28)
Net loss for the period 1 July 2023 to 31 December 2023	I	(1,617)	(1,617)
Balance at 31 December 2023/ 1 January 2024	26,000	(35,345)	(9,345)
Comprehensive income Net loss for the period 1 January 2024 to 30 June 2024		(2,552)	(2,552)
Balance at 30 June 2024	26.000	(37,897)	(11,897)

CASH FLOW STATEMENT Period from 1 January 2024 to 30 June 2024

		30 June 2024 30 June 2023
CASH FLOWS FROM OPERATING ACTIVITIES	Note	(S	ਵ
Loss before tax		(2,552)	(2.905)
		(2,552)	(2,905)
Changes in working capital: Increase in trade and other payables		2333	2.770
Cash used in operations		(159)	(135)
CASH FLOWS FROM INVESTING ACTIVITES
CASH FLOWS FROM FINANCING ACTIVITES
Net decrease in cash and cash equivalents		(159)	(135)
Cash and cash equivalents at beginning of the period		1,054	1.189
Cash and cash equivalents at end of the period	3	:395	1.054

NOTES TO THE MANAGEMENT ACCOUNTS Period from 1 January 2024 to 30 June 2024

1. Expenses by nature

	30 June 2024 30 June 2023 (3	€
Other expenses	2 392	2,770
Total expenses	2,392	2,770
2. Finance costs	30 June 2024 30 June 2023
	(3	€
Sundry finance expenses	160	135
Finance costs	160	135

3. Cash at bank

Cash balances are analysed as follows:

		31 December
	30 June 2024	2023
	(5
Cash at bank	895	1,054
	895	1.054

4. Share capital

	2024 Number of shares	2024 (Э	2023 Number of shares	2023 €
Authorised Ordinary shares of €1 each	26.000	26,000	26,000	26,000
Issued and fully paid Balance at 1 January	26.000	26.000	26.000	26,000
Balance at 30 June/31 December	26,000	26.000	26,000	26,000

5. Trade and other payables

		31 December
	30 June 2024	2023
	(3
Shareholders' current accounts - credit balances	1,498	248
Accruals	2,001	3,150
Other creditors	9,293	7,001
	12,792	10.399

ADDITIONAL INFORMATION TO THE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONTENTS	PAGE
Detailed income statement	1
Administration expenses	2
Finance costs	3

DETAILED INCOME STATEMENT Period from 1 January 2024 to 30 June 2024

	Page	30 June 2024 30 June 2023 (ਤ	ਵ
Operating expenses
Administration expenses	2	(2 5 92)	(2,770)
Operating loss		(2,392)	(2,770)
Finance costs	3	(160)	(135)
Net loss for the period before tax		(2,552)	(2,905)

ADMINISTRATION EXPENSES Period from 1 January 2024 to 30 June 2024

30 June 2024 30 June 2023 (3	ਵ
Administration expenses
Annual levy	350
Auditors' remuneration - current period 250	300
Auditors' remuneration - prior years (150)
Other professional fees 2,292	2,120
2,392	770

FINANCE COSTS

Period from 1 January 2024 to 30 June 2024

	30 June 2024 30 June 2023 5	€
Finance costs
Sundry finance expenses Bank charges	160	135
	160	135