Aeonic Securities C.I.F Plc

Annual / Quarterly Financial Statement • Apr 29, 2021

FINANCIAL STATEMENTS 31 December 2020

FINANCIAL STATEMENTS 31 December 2020

CONTENTS

Board of Directors and other officers	1
Independent auditor's report	2-3
Statement of profit or loss and other comprehensive income	4
Statement of financial position	5
Statement of changes in equity	6
Cash flow statement	7
Notes to the financial statements	8 - 37

PAGE

BOARD OF DIRECTORS AND OTHER OFFICERS

Board of Directors:

Alexandros Sinos Serafeim Charalampidis Stephanos Kazantzis Evangelos Drympetas Gloria Chrysafi

Company Secretary:

Gloria Chrysafi

Independent Auditors:

C&N Auditors Ltd CERTIFIED PUBLIC ACCOUNTANTS - CY 10 Yianni Kranidioti 2nd Floor Office 201 1065 Nicosia, Cyprus

Registered office:

Laiou 6 Anna City Court Block B, Flat 301 3015 Limassol Cyprus

Registration number:

HE 304867

To the Members of AEONIC SECURITIES C.I.F. PLC

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of AEONIC SECURITIES C.I.F. PLC (the "Company"), which are presented in pages 4 to 32 and comprise the statement of financial position as at 31 December 2020, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at 31 December 2020, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.

Basis for Opinion

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

Responsibilities of the Board of Directors for the Financial Statements

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

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

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Auditors, Accountants
& Business Advisors C&N

Independent Auditor's Report (continued)

To the Members of AEONIC SECURITIES C.I.F. PLC

Auditor's Responsibilities for the Audit of the Financial Statements (continued)

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.

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

Other Matter

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

UDITO HE 195576 Costas Constantinou

Certified Public Accountant and Registered Ayaftor for and on behalf of C&N Auditors Ltd CERTIFIED PUBLIC ACCOUNTANTS - CY 10 Ylanni Kranidioti 2nd Floor Office 201 1065 Nicosia, Cyprus

Nicosia, 28 April 2021

C&N Auditors Ltd

NICOSIA HEAD OFFICE: Office 201, 10 Yianni Kranidiott Str., 1065 Nicosla, Cyprus 1: +357 22460760, 1: +357 22767067, P.O. Box 28949, 2084 Nicosia, Cyprus e : office @ c n - c . c o m W : www.cn - c . c o m

3

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 31 December 2020

	Note	2020 €	2019 €
Revenue Cost of sales	9 10	413,920 (183,665)	494,222 (221,384)
Gross profit		230,255	272,838
Other operating income Net fair value gains on financial assets at fair value through profit or loss	11	38,342	27,727 1,272
Selling and distribution expenses Administration expenses Other expenses	12 13 14	(2,560) (274,181) (15,180)	(12,362) (286,082) (4,579)
Operating loss		(23,324)	(1,186)
Finance costs	16	(18,034)	(14,516)
Loss before tax		(41,358)	(15,702)
x81	17	(899)	(1,836)
Net loss for the year		(42,257)	(17,538)
Other comprehensive income
Total comprehensive income for the year		(42,257)	(17,538)

STATEMENT OF FINANCIAL POSITION 31 December 2020

Note € th ASSETS Non-current assets Property, plant and equipment 8,803 18 35,229 Right-of-use assets 12,736 19 89,102 Financial assets at fair value through other comprehensive income 5,000 Investors' Compensation Fund 22 83,505 80,187 105,044 209,518 Trade and other receivables 1,683,255 21 1,076,151 8,359 101,343 Cash at bank and in hand 23 107,789 1,784,598 1,192,299 1,889,642 1,401,817 EQUITY AND LIABILITIES Equity 600,000 Share capital 24 600,000 Accumulated losses (308,662) (266,405) Total equity 291,338 333,595 Non-current liabilities Lease liabilities 25 11,839 ਿੰਗ ਰੋਜ਼ਰ 11,839 69,999 Current liabilities Trade and other payables 1,569,136 977,501 26 Lease liabilities 25 11,494 15,786 Current tax liabilities 27 4,936 5,835 1,586,465 998,223 Total liabilities 1,598,304 1,068,222 Total equity and liabilities 1,889,642 1,401,817		2020	2019
	Current assets
	Non-pledged financial assets at fair value through profit or loss
	Total assets

On 28 April 2021 the Board of Directors of AEONIC SECURITIES C.I.F. PLC authorised these financial statements for issue.

CURITIES Se C ਧ NI ..................................................................................................... ********** Alexandros Sinos Serafeim Charalampidis C Director Director 本

STATEMENT OF CHANGES IN EQUITY 31 December 2020

	Share capital (	Accumula- ted losses 15	Total 2
Balance at 1 January 2019	600,000	(248,867)	351,133
Comprehensive income Net loss for the year Total comprehensive income for the year		(17,538) (17,538)	(17,538) (17,538)
Balance at 31 December 2019	600,000	(266,405)	333,595
Balance at 31 December 2019/ 1 January 2020	600,000	(266,405)	333,595
Comprehensive income Net loss for the year Total comprehensive income for the year		(42,257) (42,257)	(42,257) (42,257)
Balance at 31 December 2020	600,000	(308,662)	291,338

Companies which do not distribute 70% of their profits after tax, as defined by the relevant tax law, within two years after the end of the relevant tax year, will be deemed to have distributed as dividends 70% of these profits. Special contribution for defence at the rate of 17% will be payable on such deemed dividend to the extent that the shareholders for deemed dividend distribution purposes at the end of two years from the end of the year of assessment to which the profits refer, are Cyprus tax residents and domiciled. From 1 March 2019, the deemed dividend distribution is subject to a 1,70% contribution to the General Healthcare System, increased to 2,65% from 1 March 2020, with the exception of April 2020 when the 1,70% rate was applicable. The amount of deemed distribution is reduced by any actual dividends paid out of the relevant year at any time. This special contribution for defence is payable by the account of the shareholders.

CASH FLOW STATEMENT 31 December 2020

		2020	2019
	Note	(S	e
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax		(41,358)	(15,702)
Adjustments for:
Depreciation of property, plant and equipment Depreciation of right-of-use assets	18 19	8,596	14,755
Amortisation of computer software		29,701	29,701
Profit from the sale of property, plant and equipment	20		661
Fair value losses/(gains) on financial assets at fair value through profit or		(5,168)
loss
Interest income	11	2,908	(1,272)
Interest expense	16	(2,997)	(6,120)
		2,985	6,619
		(5,333)	28,642
Changes in working capital:
(Increase)/decrease in trade and other receivables		(607,104)	466,296
Decrease in financial assets at fair value through profit or loss		5,451	72,468
Increase/(Decrease) in trade and other payables		591,635	(440,590)
Cash (used in)/generated from operations		(15,351)	126,816
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for purchase of property, plant and equipment	18		(25,709)
Payment for purchase of financial assets at fair value through other
comprehensive income		5,000
Payment for purchase of other assets	22	(3,318)	(3,555)
Proceeds from disposal of property, plant and equipment	18	22,997
Interest received		2,997	6,120
Net cash generated from/(used in) investing activities		27,676	(23,144)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of leases liabilities		(15,786)	(33,018)
Interest paid		(2,985)	(6,619)
Net cash used in financing activities		(18,771)	(39,637)
Net (decrease)/increase in cash and cash equivalents		(6,446)	64,035
Cash and cash equivalents at beginning of the year		107,789	43.754
Cash and cash equivalents at end of the year		101,343	107,789
	23

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

1. Incorporation and principal activities

Country of incorporation

The Company AEONIC SECURITIES C.I.F. PLC (the "Company") was incorporated in Cyprus on 19th of April 2012 as a private limited llability company under the provisions of the Cyprus Companies Law, Cap. 113. Its registered office is at Lalou 6, Anna City Court Block B, Flat 301, 3015 Limassol, Cyprus.

Principal activities

The Company is a Cyprus Investment Firm ("C.I.F") and in accordance with the license no.177/12 granted by the Cyprus Securities and Exchange Commission ("CySEC") on 4 September 2012.

The principal activities of the company comprise the provision of investment services, including reception and transmission of orders in relation to one or more financial instruments and execution of orders on behalf of clients in relation to one or more financial instruments.

In addition, the Company provices, which comprise the safekeeping and administration of financial instruments, including custondianship and related services, advice to undertakings on capital structure, industrial strategy and related matters and services related to mergers and the purchase of undertakings, foreign exchange services where these are connected to the provision of investment services, services related to underwriting, and investment services and activities as well as ancillary services where these are connected to the provision of investment or ancillary services.

Operating Environment of the Company

The Cypriot economy has recorded positive growth in 2017 and 2018 after overcoming the economic recession of recent years. The overall economic outlook of the economy remains favourable, however there are still downside risks emanating from the still high levels of non-performing loans, the public debt ratio, as well as possible deterioration of the external environment for Cyprus.

This operating environment may have a significant impact on the Company's operations and financial position. Management is taking necessary measures to ensure sustainability of the Company's operations. However, the future effects of the current economic situation are difficult to predict and Management's current expectations and estimates could differ from actual results.

The Company's Management is unable to predict all developments which could have an impact on the Cyprus economy and consequently, what effect, if any, they could have on the future financial performance, cash flows and financial position of the Company.

On the basis of the evaluation performed, the Company's management has concluded that no provisions or impairment charges are necessary. The Company's Management believes that it is taking all the necessary measures to maintain the viability of the Company and the smooth conduct of its operations in the current business and economic environment.

2. Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113. The financial statements have been prepared under the historical cost convention as modified by the revaluation of, and financial assets and financial liabilities at fair value through profit or loss and through other comprehensive income.

3. Functional and presentation currency

The financial statements are presented in Euro (€) which is the functional currency of the Company.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

4. Adoption of new or revised standards and interpretations

During the current year the Company adopted all the new and revised International Financial Reporting Standards (IFRS) that are relevant to its operations and are effective for accounting periods beginning on 1 January 2020. This adoption did not have a material effect on the accounting policies of the Company.

5. Significant accounting policies

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

Revenue

Recognition and measurement

Revenue represents the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods or services to the customer, excluding amounts collected on behalf of third parties (for example, value-added taxes); the transaction price. The Company includes in the transaction price an amount of variable consideration as a result of rebates/discounts only to the extent that it is highly probable that a significant. reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Estimations for rebates and discounts are based on the Company's experience with similar contracts and forecasted sales to the customer.

The Company recognises revenue when the parties have approved the contract (in writing, orally or in accordance with other customary business practices ) and are committed to perform their respective obligations, the Company can identify each party's rights and the payment terms for the goods or services to be transferred, the contract has commercial substance (i.e. the risk, timing or amount of the Company's future cash flows is expected to change as a result of the contract), it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer and when specific criteria have been met for each of the Company's contracts with customers.

The Company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. In evaluating whether collectability of an amount of consideration is probable, the Company considers only the customer's ability and intention to pay that amount of consideration when it is due.

Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimates are reflected in the statement of profit or loss and other comprehensive income in the period in which the circumstances that give rise to the revision become known by Management.

Identification of performance obligations

The Company assesses whether contracts that involve the provision of a range of goods and/or services contain one or more performance obligations (that is, distinct promises to provide a service) and allocates the transaction price to each performance obligation identified on the basis of its stand-alone selling price. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service, either on its own or together with other resources that are readly available to the customer (that is the good or service is capable of being distinct) and the Company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the good or service is distinct within the context of the contract).

Revenue is measured based on the consideration to which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control of a product or service to a customer.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Revenue recognition (continued)

Rendering of services

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

Commission income

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

Work executed

Work executed is recognised in the accounting period in which the work is carried out by reference to completion of the specific transaction assessed on the basis of the actual work executed provided as a proportion of the total work to be carried out.

Interest income

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

Finance costs

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

Foreign currency translation

(1) Functional and presentation currency

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

(2) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Tax

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

Property, plant and equipment

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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Property, plant and equipment (continued)

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

Motor vehicles Furniture, fixtures and office equipment Computer Hardware

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

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

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

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

Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is reflected in profit or loss in the year in which the expendture is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite.

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in profit or loss in the expense category consistent with the function of the intangible asset.

Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash generating unlt level. Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis.

Gains or losses anising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised.

The annual depreciation rates are as follows: Computer Software

33.33%

0/0

20

10

20

AEONIC SECURITIES CHE PLC

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Computer software

Costs that are directly associated with identifiable and unique computer software products controlled by the Company and that will probably generate economic benefits exceeding costs beyond one year are recognised as intangible assets, Subsequently computer software is carried at cost less any accumulated amortisation and any accumulated impairment losses. Expenditure which enhances or extends the performance of computer software programs beyond their original specifications is recognised as a capital improvement and added to the original cost of the computer software. Costs associated with maintenance of computer software programs are recognised as an expense when incurred. Computer software costs are amortised using the straight-line method over their useful lives, not exceeding a period of three years. Amortisation commences when the computer software is available for use.

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.

Leases

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract control the use of an identified asset, the Company assesses whether:

• the contract involves the use of an identified asset this may be specified explicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
• the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
• the Company has the right to direct the use of the asset. The Company has this right when it has the decisionmaking rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:
  • the Company has the right to operate the asset; or
  • the Company designed the asset in a way that predetermines how and for what purpose it will be used.

At Inception or on reassesment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

Impairment of non-financial assets

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

Financial assets

Financial assets - Classification

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

AEONIC SECURITIES CALE PLG

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Financial assets (continued)

Financial assets - Classification (continued)

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

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

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

All other financial assets are classified as measured at FVTPL.

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

Financial assets - Recognition and derecognition

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

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

Financial assets - Measurement

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

Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Financial assets (continued)

Financial assets - Measurement (continued)

Debt instruments

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

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

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

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

Equity instruments

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

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

Financial assets - impairment - credit loss allowance for ECL

The Company assesses on a forward-looking basis the ECL for debt instruments (including loans) measured at amortised cost and FVOCI and exposure arising from loan commitments and financial guarantee contracts. The Company measures ECL and recognises credit loss allowance at each reporting date. The measurement of ECL reflects: (i) an unbiased and probability welghted amount that is determined by evaluating a range of possible outcomes, (i) time value of money and (ii) all reasonable and supportable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecass of future conditions.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Financial assets (continued)

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

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

Debt instruments carried at amortised cost are presented in the statement of financial position net of the allowance for ECL. For loan commitments and financial guarantee contracts, a separate provision for ECL is recognised as a liability in the statement of financial position.

For debt instruments at FVOCI, an allowance for ECL is recognised in profit or loss and it affects fair value gains or losses recognised in OCI rather than the carrying amount of those instruments.

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

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

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

Financial assets in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that results from default events possible within the next 12 months or until contractual maturity, if shorter ("12 Months ECL"). If the Company identifies a significant increase in credit risk ("SICR") since initial recognition, the asset is transferred to Stage 2 and its ECL is measured based on ECL on a lifetime basis, that is, up until contractual maturity but considering expected prepayments, if any ("Lifetime ECL"). Refer to note 7, Credit risk section, for a description of how the Company determines when a SICR has occurred. If the Company determines that a financial asset is creditimpaired, the asset is transferred to Stage 3 and its ECL is measured as a Lifetime ECL. The Company's definition of credit impaired assets and definition of default is explained in note 7, Credit risk section.

Additionally the Company has decided to use the low credit risk assessment exemption for investment grade financial assets. Refer to note 7, Credit risk section for a description of how the Company determines low credit risk financial assets.

Financial assets -Reclassification

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

Financial assets - write-off

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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Financial assets (continued)

Financial assets - modification

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

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

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

Cash and cash equivalents

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

Classification as financial assets at amortised cost

These amounts generally arise from transactions outside the usual operating activities of the Company. They are held with the objective to collect their contractual cash flows represent solely payments of principal and interest. Accordingly, these are measured at amortised cost using the effective interest method, less provision for impairment. Financial assets at amortised cost are classified as current assets if they are due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current assets.

Classification as trade receivables

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

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

AEONIC SECURITIES CHE PLG

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Financial assets (continued)

Classification as trade receivables (continued)

Trade receivables are also subject to the impairments of IFRS 9. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trace receivables. See note 7, Credit risk section.

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual payments for a period of greater than 180 days past due.

Financial liabilities - measurement categories

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

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

Trade payables

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

Financial liabilities - Modifications

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

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

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

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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

5. Significant accounting policies (continued)

Financial assets (continued)

Financial liabilities - Modifications (continued)

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

Offsetting financial instruments

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

Prepayments

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

Share capital

Ordinary shares are classified as equity.

6. New accounting pronouncements

At the date of approval of these financial statements, standards and interpretations were issued by the International Accounting Standards Board which were not yet effective. Some of them were adopted by the European Union and others not yet. The Board of Directors expects that the adoption of these accounting standards in future periods will not have a material effect on the financial statements of the Company.

7. Financial risk management

Financial risk factors

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

7.1 Market price risk

The Company is exposed to equity securities price risk because of equity investments held by the Company and classified on the statement of financial position either as fair value through other comprehensive income or at fair value through profit or loss. The Company is not exposed to commodity price risk.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

7. Financial risk management (continued)

7.2 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.

7.3 Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation. Credit risk arises from cash and cash equivalents, 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 financial institutions, as well as credit exposures to wholesale and retail customers, including outstanding receivables and contract assets as well as lease receivables. Further, credit risk arises from financial guarantees and credit related commitments.]

(i) Risk management

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'].

If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. [Individual credit limits and credit terms are set based on the credit quality of the customer in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.

There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.

The Company's investments in debt instruments are considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.

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

(ii) Impairment of financial assets

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

• trade receivables
• cash and cash equivalents
• credit commitments

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

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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

7. Financial risk management (continued)

7.3 Credit risk (continued)

(ii) Impairment of financial assets (continued)

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

Significant increase in credit risk

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

• internal credit rating
• external credit rating (as far as available)
• actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower's/counterparty's ability to meet its obligations
• actual or expected significant changes in the operating results of the borrower/counterparty
• significant increases in credit risk on other financial instruments of the same borrower/counterparty
• significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements
• significant changes in the expected performance and behaviour of the borrower/counterparty, including changes in the payment status of counterparty in the Company and changes in the operating results of the borrower/counterparty.

Macroeconomic information (such as market interest rates or growth rates) is incorporated as part of the internal rating model. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the customers to settle the receivables. The Company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors. No significant changes to estimation techniques or assumptions were made during the reporting period.

Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment.

Low credit risk

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

Default

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

Write-off

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a debt financial asset for write off when a debtor fails to make contractual payments greater than 180 days past due. Where debt financial assets have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

7. Financial risk management (continued)

7.3 Credit risk (continued)

(ii) Impairment of financial assets (continued)

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

Trade receivables and contract assets

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables (including those with a significant financing component, and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2020 or 1 January 2020 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Company has identified the GDP and the unemployment rate of the countries in which its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.

The average credit period on sales of goods is 60 days. No interest is charged on outstanding trade receivables.

The Company always measures the loss allowance for trade receivables at an amount equal to lifetime ECL.

There were no significant trade receivable and contract asset balances written off during the year that are subject to enforcement activity.

Receivables from related parties

For receivables from related parties lifetime ECL was provided for them upon initial application of IFRS 9 until these financial assets are derecognised as it was determined on initial application of IFRS 9 that it would require undue cost and effort to determine whether their credit risk has increased significantly since initial recognition to the date of initial application of IFRS 9.

For any new loans to related parties, which are not purchased credit-impared financial assets, the impairment loss is recognised as 12-month ECL on initial recognition of such instruments and subsequently the Company assesses whether there was a significant increase in credit risk.

The gross carrying amounts below represent the Company's maximum exposure to credit risk on these assets as at 31 December 2020 and 31 December 2019:

The Company does not hold any collateral as security for any receivables from related parties.

There were no significant receivables from related parties written off during the year that are subject to enforcement. activity.

Cash and cash equivalents

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

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

7. Financial risk management (continued)

7.3 Credit risk (continued)

(ii) Impairment of financial assets (continued)

Cash and cash equivalents (continued)

Bank deposits held with banks with investment grade rating are considered as low credit risk.

The gross carrying amounts below represent the Company's maximum exposure to credit risk on these assets as at 31 December 2020 and 31 December 2019:

The ECL on current accounts is considered to be approximate to 0, unless the bank is subject to capital controls. The ECL on deposits accounts is calculated by considering published PDs for the rating as per Moody's and an LGD of 40-60% as published by ECB.

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

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

(iii) Credit related commitments

The primary purpose of these instruments is to ensure that funds are available to a borrower as required. Guarantees which represent irrevocable assurances that the Company will make payments in the event that a counterparty cannot meet its obligations to third parties, carry the same credit risk as loans receivable. Commitments to extend credit represent unused portions of authorisations to extend credit in the form of loans or quarantees. With respect to credit risk on commitments to extend credit, the Company is potentially exposed to loss in an amount equal to the total unused commitments, if the unused amounts were to be drawn down. The Company monitors the term to maturity of credit related commitments, because longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

7.4 Liquidity risk

Liquidity risk is the risk that arises when the maturity of assets and llabilities 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.

7.5 Currency risk

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

7.6 Capital risk management

Capital includes equity shares and share premium, convertible preference shares and loan from parent company.

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

8. Critical accounting estimates, judgments and assumptions

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

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

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Leases

The Company has an enforceable extension option in relation to ... [provide details of the arrangement, extension option, pricing etc]. The group has assessed whether the extension option is reasonably certain to exercise by considering [list considerations] and has concluded that it is/is not reasonably certain to exercise.

Amount payable under residual value guarantees

The Company initially estimates and recognises amounts expected to be payable under residual value guarantees as part of the lease liability. Typically, the expected residual value at lease commencement is equal to or higher than the guaranteed amount, and so the Company does not expect to pay anything under the guarantees.

At the end of each reporting period, the expected residual values are reviewed to reflect actual residual values achieved on comparable assets and expectations about future prices.

Calculation of loss allowance

When measuring expected credit losses the Company uses reasonable and supportable forward looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other.

Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements.

Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions.

Income taxes

Significant judgment is required in determining the provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

Critical judgements in applying the Company's accounting policies

Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in note 7, Credit risk section.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

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

Impairment of non-financial assets

The impairment test is performed using the discounted cash flows expected to be generated through the use of non-financial assets, using a discount rate that reflects the current market estimations and the risks associated with the asset. When it is impractical to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash generating unit in which the asset belongs to.

Impairment of intangible assets .

Intangible assets are initially recorded at acquisition cost and are amortized on a straight line basis over their useful economic life. Intangible assets that are acquired through a business combination are initially recorded at fair value at the date of acquisition. Intangible assets with indefinite useful life are reviewed for impairment at least once per year. The impairment test is performed using the discounted cash flows expected to be generated through the use of the intangible assets, using a discount rate that reflects the current market estimations and the risks associated with the asset. When it is impractical to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash generating unit in which the asset belongs to.

Useful live of depreciable assets .

The Board of Directors assesses the useful lives of depreciable assets at each reporting date, and revises them if necessary so that the useful lives represent the expected utility of the assets to the Company. Actual results, however, may vary due to technological obsolescence, mis-usage and other factors that are not easily predictable.

2020

2019

9. Revenue

The Company derives its revenue from contracts with customers for the transfer of goods and services over time and at a point in time in the following major product lines.

Disaggregation of revenue

9,277	12,427
	481,795
	494,222
	404,643 413,920

10. Cost of sales

	2020	2019
Services received	183,665	221,384
	183,665	221,384

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

11. Other operating income

	2020	2019
		ਵ
Interest income	2,997	6,120
Exchange profit	1,544	1,232
Gain from sale of property, plant and equipment	5,168
Profit from operating activities- non-taxable income	28,553	19,915
Sundry operating income	80	460
	38,342	27,727
12. Selling and distribution expenses
	2020	2019
	(2	€
Motor vehicle running costs	1,378	732
Inland travelling	1,182	11,630
	2,560	12,362

13. Administration expenses

6	e 102,718
Staff costs 111,251
Common expenses 1,000	900
Licenses and taxes 303	222
Municipality taxes 300
350 Annual levy	350
Electricity 2,114	2,332
Water supply and cleaning	533
Insurance 2,349	2,894
182 Repairs and maintenance	793
7,449 Sundry expenses	10,131
Telephone and postage 3,934	4,958
Courier expenses 401
579 Stationery and printing	458
Subscriptions and contributions 46,883	47,178
Staff training 1,328	2,922
Sundry staff costs 296
Computer supplies and maintenance 6,735	2,730
Certification and legalisation expenses	285
Auditors' remuneration 2,500	3,750
Accounting fees 2,400	2,250
Other professional fees 29,829	15,936
Fines 189	35
Inland travelling and accommodation 1,604	5,721
Irrecoverable VAT 12,040
Entertaining 1,343	12,436
Motor vehicle running costs 259	323
Other expenses 266	21,110
Amortisation of computer software	661
Depreciation of right-of-use assets 29,701	29,701
Depreciation 8,596	14,755
274,181	286,082

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

14. Other expenses

	2020	2019
Loss from operating activities- non-allowable for tax expense Fair value losses on financial assets at fair value through profit or loss	€ 12,272 2,908	€ 4,579
	15,180	4,579
15. Staff costs
	2020 €	2019 ਵ
Salaries	97,477	90,757
Social security costs Social cohesion fund	11,875 1,899	10,196 1,765
	111,251	102,718
16. Finance costs
	2020	2019
	ਵ	€
Net foreign exchange losses Interest expense on lease liabilities Other interest expense Sundry finance expenses	7,786 2,215 770 7,263	1,202 2,982 3,637 6,695
Finance costs	18,034	14,516
17. Tax
	2020	2019
Defence contribution	€ 899	€ 1,836
Charge for the year	899	1,836

The tax on the Company's results before tax differs from theoretical amount that would arise using the applicable tax rates as follows:

Loss before tax	2020 (E (41,358)	2019 (15,702)
Tax calculated at the applicable tax rates Tax effect of expenses not deductible for tax purposes Tax effect of allowances and income not subject to tax Tax effect of tax loss for the year	(5,170) 8,316 (7,320) 4,174	(1,963) 1,963
Defence contribution current year	899	1,836
Tax charge	899	1,836

The corporation tax rate is 12,5%.

NOTES TO THE FINANCIAL STATEMENTS

31 December 2020

17. Tax (continued)

Under certain conditions interest income may be subject to defence contribution at the rate of 30%. In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 17%.

Gains on disposal of qualifying titles (including shares, bonds, debentures, rights thereon etc) are exempt from Cyprus income tax.

Due to tax losses sustained in the year, no tax liability arises on the Company. Under current legislation, tax losses may be carried forward and be set off against taxable income of the five succeeding years.

18. Property, plant and equipment

	Motor vehicles fixtures and	Furniture, office equipment	Total
	(2	€	€
Cost Balance at 1 January 2019 Additions	43,018 25,475	32,388 234	75,406 25,709
Balance at 31 December 2019/ 1 January 2020	68,493	32,622	101,115
Disposals	(25,475)		(25,475)
Balance at 31 December 2020	43,018	32,622	75,640
Depreciation Balance at 1 January 2019 Charge for the year	32,362 11,998	18,769 2,757	51,131 14,755
Balance at 31 December 2019/ 1 January 2020	44,360	21,526	65,886
Charge for the year On disposals	6,304 (7,646)	2,293	8,597 (7,646)
Balance at 31 December 2020	43,018	23,819	66,837
Net book amount
Balance at 31 December 2020		8,803	8,803
Balance at 31 December 2019	24,133	11,096	35,229

In the cash flow statement, proceeds from sale of property, plant and equipment comprise:

	2020	2019
	ದ
Net book amount	17,829
Profit from the sale of property, plant and equipment (Note 11)	5,168
Proceeds from disposal of property, plant and equipment	22,997

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

19. Right-of-use assets

	Land and buildings	Total
	ਵ	€
Cost Additions	118,803	118,803
Balance at 31 December 2019/ 1 January 2020	118,803	118,803
Additions	(46,666)	(46,666)
Balance at 31 December 2020	72,137	72,137
Depreciation Charge for the year
Balance at 31 December 2019/ 1 January 2020	29,701	29,701
Charge for the year	29,701 29,700	29,701 29,700
Balance at 31 December 2020	59,401	59,401
Net book amount
Balance at 31 December 2020	12,736	12,736
Balance at 31 December 2019	89,102	89,102
Amounts recognised in profit and loss:
	2020	2019
Depreciation expense on right-of-use assets	€ 29,700	€
Interest expense on lease liabilities	(2,215)	(2,982)
20. Intangible assets
		Computer software C
Cost Balance at 1 January 2019		13,591
Balance at 31 December 2019/ 1 January 2020
Balance at 31 December 2020		13,591 13,591
Amortisation Balance at 1 January 2019 Amortisation for the year		12,930 661
Balance at 31 December 2019/ 1 January 2020
Balance at 31 December 2020		13,591 13,591
Net book amount
Balance at 31 December 2020

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

21. Trade and other receivables

	2020	2019
	ਦ
Trade receivables	1,635,084	933,882
Receivables from own subsidiaries (Note 29.2)	3,456	3,271
Shareholders' current accounts - debit balances (Note 29.4)	3,894	30,894
Deposits and prepayments	3,900	5,865
Other receivables	20,169	81,561
Refundable VAT	16,752	20,678
	1,683,255	1.076.151

The Company does not hold any collateral over the trading balances.

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

The exposure of the Company to credit risk and impairment losses in relation to trade and other receivables is reported in note 7 of the financial statements.

22. Investors' Compensation Fund

	2020	2019
	6
Balance at 1 January	80,187	76,632
Additions	3,318	3,555
Balance at 31 December	83,505	80,187

23. Cash at bank and in hand

Cash balances are analysed as follows:

	2020	2019
Cash at bank and in hand	101,343	107,789
	101,343	107,789

The exposure of the Company to credit risk and impairment losses in relation to cash and cash equivalents is reported in note 7 of the financial statements.

24. Share capital

	2020 Number of shares	2020 €	2019 Number of shares	2019 e
Authorised Ordinary shares of €1 each	1,000,000	1,000,000	1,000,000	1,000,000
Issued and fully paid Balance at 1 January	600,000	600,000	600,000	600,000
Balance at 31 December	600,000	600,000	600,000	600,000

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

25. Lease liabilities

			The present value of minimum
	Minimum lease payments			lease payments
	2020	2019	2020	2019
			(ਤ
Not later than 1 year	12,000	18,000	11,494	15,786
Later than 1 year and not later than 5 years	12,000	72,000	11,839	ਦਿੰ ਰੇਰੇਰੇ
	24,000	90,000	23,333	85,785
Future finance charges	(667)	(4,215)
Present value of lease liabilities	23,333	85,785	23,333	85,785

All lease obligations are denominated in Euro.

The fair values of lease obligations approximate to their carrying amounts as presented above.

The Company's obligations under leases are secured by the lessors' title to the leased assets.

26. Trade and other payables

	2020	2019
	0	€
Trade payables	1,543,415	813,514
Social insurance and other taxes	4,790	3,760
Accruals	5,498	2,866
Other creditors	14,623	123,213
Defence tax on rent payable	810	1.148
Payables to own subsidiaries (Note 29.3)		33,000
	1,569,136	977,501

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

27. Current tax liabilities

Special contribution for defence	2020	2019
	5,835	4.936
	5,835	4.936

28. Operating Environment of the Company

The Cypriot economy has recorded positive growth in 2017 and 2018 after overcoming the economic recession of recent years. The overall economic outlook of the economy remains favourable, however there are still downside risks emanating from the still high levels of non-performing loans, the public debt ratio, as well as possible deterioration of the external environment for Cyprus.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

28. Operating Environment of the Company (continued)

This operating environment may have a significant impact on the Company's operations and financial position. Management is taking necessary measures to ensure sustainability of the Company's operations. However, the future effects of the current economic situation are difficult to predict and Management's current expectations and estimates could differ from actual results.

The Company's Management is unable to predict all developments which could have an impact on the Cyprus economy and consequently, what effect, if any, they could have on the future financial performance, cash flows and financial position of the Company.

On the basis of the evaluation performed, the Company's management has concluded that no provisions or impairment charges are necessary. The Company's Management believes that it is taking all the necessary measures to maintain the viability of the Company and the smooth conduct of its operations in the current business and economic environment.

29. Related party transactions

The Company is controlled by Alexandros Sinos, incorporated in Cyprus, which owns 61% of the Company's shares, which corresponds to 365,500 shares.

The following transactions were carried out with related parties:

29.1 Directors' remuneration

The remuneration of Directors and other members of key management was as follows:

		2020 ਣ	2019 e
Directors' remuneration		63,797	64,199
		63,797	64,199
29.2 Receivables from related parties (Note 21)
		2020	2019
Name Aeonic Investments Ltd	Nature of transactions	(	e
	Finance	3,456	3.271
		3,456	3,271
29.3 Payables to related parties (Note 26)
		2020	2019
Name	Nature of transactions	ਣ
Aeonic Investments Ltd	Finance		33,000
			33,000
	29.4 Shareholders' current accounts - debit balances (Note 21)
		2020	2019
		(	E
Alexandros Sinos		3,894	30,894
		3,894	30,894

The directors'/shareholders' current accounts are interest free, and have no specified repayment date.

NOTES TO THE FINANCIAL STATEMENTS 31 December 2020

30. Contingent liabilities

The Company had no contingent liabilities as at 31 December 2020.

31. Commitments

The Company had no capital or other commitments as at 31 December 2020.

32. Events after the reporting period

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

Independent auditor's report on pages 2 to 3

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

CONTENTS	PAGE
Detailed income statement	2
Cost of sales	3
Operating expenses	4
Finance expenses	ഗ
Computation of wear and tear allowances	6-7
Computation of defence contribution	8
Computation of corporation tax	ਰੇ
Calculation of tax losses for the five-year period	9

DETAILED INCOME STATEMENT 31 December 2020

	Page	2020 C	2019 €
Revenue Rendering of services Commissions receivable Cost of sales	3	9,277 404,643 (183,665)	12,427 481,795 (221,384)
Gross profit		230,255	272,838
Other operating income
Interest from overseas Other interest income Unrealised foreign exchange profit Sundry operating income Gain from sale of property, plant and equipment Profit from operating activit .- non-taxable income Net fair value gains on financial assets at fair value through profit or loss		2,997 1,544 80 5,168 28,553 268,597	5,567 553 1,232 460 19,915 1,272 301,837
Operating expenses
Administration expenses Selling and distribution expenses	4 4	(274,181) (2,560) (8,144)	(286,082) (12,362) 3,393
Other operating expenses
Loss from op.activ. - non-allowable for tax expense Fair value losses on financial assets at fair value through profit or loss		(12,272) (2,908)	(4,579)
Operating loss		(23,324)	(1,186)
Finance costs	5	(18,034)	(14,516)
Net loss for the year before tax		(41,358)	(15,702)

COST OF SALES 31 December 2020

	2020 6	2019 e
Cost of sales Closing stocks
Direct costs Services received	183,665	221,384
	183,665	221,384

OPERATING EXPENSES 31 December 2020

	2020	2019
	C	€
Administration expenses
Directors' remuneration	63,797	64,199
Staff salaries	33,680	26,558
Social insurance	11,875	10,196
Social cohesion fund	1,899	1,765
Common expenses	1,000	900
Licenses and taxes	303	222
Municipality taxes	300
Annual levy	350	350
Electricity	2,114	2,332
Water supply and cleaning		533
Insurance	2,349	2,894
Repairs and maintenance	182	793
Sundry expenses	7,449	10,131
Telephone and postage	3,934	4,958
Courier expenses	401
Stationery and printing	579	458
Subscriptions and contributions	46,883	47,178
Staff training	1,328	2,922
Sundry staff costs	296
Computer supplies and maintenance	6,735	2,730
Certification and legalisation expenses		285
Auditors' remuneration	2,500	3,750
Accounting fees	2,400	2,250
Other professional fees	29,829	15,936
Fines	189	35
Inland travelling and accommodation	1,604	5,721
Irrecoverable VAT	12,040
Entertaining	1,343	12,436
Motor vehicle running costs	259	323
Other expenses	266
Amortisation of computer software		21,110 661
Depreciation of right-of-use assets	29,701	29,701
Depreciation	8,596	14,755
	274,181	286,082
	2020	2019
	€	e

Selling and distribution expenses
Motor vehicle running costs Inland travelling	1,378 1,182	732 11,630
	2,560	12,362

FINANCE EXPENSES 31 December 2020

	2020 €	2019 €
Finance costs
Interest expense
Interest expense on lease liabilities	2,215	2,982
Bank overdraft interest	770	3,637
Sundry finance expenses
Bank charges	7,263	6,695
Net foreign exchange losses
Realised foreign exchange loss	5,453	1,166
Unrealised foreign exchange loss	2,333	36
	18,034	14,516

COMPUTATION OF WEAR AND TEAR ALLOWANCES

31 December 2020

				COST				ANNUAL ALLOWANCES
	Year	95	Balance 01/01/2020 €	Additions for the year E	Disposals for the year €	31/12/2020 Balance E	Balance 01/01/2020 €	E for the year Charge	disposals € On	31/12/2020 € Balance	Net value 31/12/2020 €
Motor vehicles			8,500			8,500					8,500
Ford Focus	2012
Toyota Dicran	2015	- B	15,752			15,752					15,752
Renault	2016	20 €	18.766			18,766					18,766
BMW F32	2019		25,474		(25,474)
			68,492		(25,474)	43,018					43,018
Furniture, fixtures and office equipment
Furniture & Fittings	2012	10	3,070			3,070	2,690	307		2,997	73
Furniture & Fittings	2012	10	394			394	78	39		117	277
Office Equipment	2012	10	2.634			2,634	2,104	263		2,367	267
Office Equipment	2013	10	410			410	287	41		328	82
Office Equipment	2015		731			731	365	73		438	293
Office Equipment	2015		546			546	275	55		330	216
Telephones	2016		406			406	164	41		205	201
Furniture & Fittings	2016		155			155	64	16		80	75
Shredder	2016		78			78	32			40	38
Mobile Phone	2016	10	136			136	56	14		70	୧୧
Earphones	2016	10	22			22	8	5		10	12
Dishwasher	2016	10	399			ਤਰੇਰੇ	160	40		200	199
Iron	2016	10	21			21	8			10	11
Inventor 9000 (3 items)	2017	10	780			780	234	78		312	468
Inventor 24000	2017	10	580			580	174	58		232	348
Inventor 12000 WI-FI	2017	10	300			300	90	30		120	180
Inventor 12000 (2 items)	2017	10	560			560	168	56		224	336
Inventor 18000	2017	10	470			470	141	47		188	282
WI-FI module	2017	10	30			30	6	12		12	18
Wireless PIR Detector	2017	10	70			70	21			28	42
Wireless Smoke Detector	2017	10	150			150	45	15		60	90
Trikdis G10T	2017	10	240			240	72	24		ae	144
Battery Wireless Detectors (4 items)	2017	10	48			48	15	S		20	28
Alarm System Artion	2017	10	650			650	195	65		260	390
Smoke Detector Artion (5 items)	2017	10	425			425	129	43		172	253
Temperature Detector	2017	10	140			140	42	14		56	84
Remote control (2 items)	2017	10	70			70	21	7		28	42
Samsung Galaxy S7	2017	10	429			429	129	43		172	257

e

COMPUTATION OF WEAR AND TEAR ALLOWANCES 31 December 2020

Furniture, fixtures and office equipment (continued) Year 2017 2017 2017 2017 2017 2017 2017 2017 201 Gallery Carolina Plafon Lights (2 items) Pendant Mark Urban Grey Lights Meridian Wash Basin Coffee / Tea Cups Mobile Phone White Table Eglo Lights Shredder Kettle	8
		/01/2020 Balance 01	for the year Additions	Disposals for the year	Balance 31/12/2020	Balance 01/01/2020	Charge for the year	disposals On	Balance 31/12/2020	Net value 31/12/2020
		E	E	E	E	6	E	6		e
	10	134			134	39	13		52	82
	10	04			ਰੇਖੋ	27	б		36	58
	10	215			215	66	22		88	127
	0	350			350	105	35		140	210
	0	ਦਿੱਤੇ			ನಿರ್ವಿಕೆ	171	57		228	341
	0	79			79	24	8		32	47
	0	109			109	33	11		44	65
	10	807			807	243	81		324	483
	0	34			34	ਹੈ	3		12	22
2017 Paintings	0	3,000			3,000	900	300		1,200	1,800
2019 Vaccum Cleaner	10	75							16	ਦਰੇ
		19,410			19,410	9,401	1,943		11,344	8,066
Computer Hardware - cost
2012 Computer Hardware	20	7,785			7,785	7,785	I		7,785
2013 Office Equipment	10	2,735			2,735	1,918	274		2,192	E43
2015 Demstar	20	570			570	570			570
2015 Demstar	20	ಕಿಡಿದ			ਟੇਡਿਕੇ	ਟੇਡਰੇ			ਦੇ ਰੋ	10000
2015 PC Monitor 1	20	570			570	570			570
2015 PC Monitor 2	20	570			570	570			570
2018 Laptop	20	235			235	94	47		141	ਰੇਖ
2019 ubs	20	159			159	32	32		Ed	55
		13,213			13,213	12,128	353		12,481	732
Total		101,115		(25,474)	75,641	21,529	2,296		23,825	51,816
Computer software
2012 MS. Office Pro 2010	33	1,810			1,810	1,810			1,810
2013 Solution ERP	33	8,500			8,500	8,500			8,500
2015 Advak Barracuda	33	1,299			1,299	1,299			1,299
2017 Disaster Recovery	33	ddri			998	ਰੇਰੇਲ			698
2017 SOL Recovery	33	465			465	465			465
2017 Software Digicert	33	518			518	518			518
		13.590			13.590	13.590			065"ET

COMPUTATION OF DEFENCE CONTRIBUTION 31 December 2020

	Income	Rate	Defence
	€		EC
INTEREST
Interest from overseas	2,997
	2.997	30%	899.10
DEFENCE CONTRIBUTION DUE TO IRD			899.10

8

COMPUTATION OF CORPORATION TAX 31 December 2020

Page	E	(
2		(41,358)
	2,504
	38,297
	12,272
		66,521
		25,163
		(58,558)
		(33,395)
		(45,587)
		(78,982)
	Fair value losses on financial assets at fair value through profit or loss 7	2,908 5,453 2,333 350 189 2.215 2,296 5,168 28,553 2,997 1,544 18,000

CALCULATION OF TAX LOSSES FOR THE FIVE-YEAR PERIOD

Tax year	2015	2016	2017	2018	2019	2020
Profits/(losses) for the tax year	35,935	53,774	80,047	(45,587)	15,370	(33,395)
Gains Offset (€)	35,935	53,774	80,047		15,370
Year	2012	2012	2013		2014
Gains Offset (€)
- Year
Gains Offset (€)		1			-
- Year
Gains Offset (€)
Year
Gains Offset (€)					1
- Year

Net loss carried forward

(78,982)

9