Asbis Enterprises PLC

Annual / Quarterly Financial Statement • Feb 27, 2025

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

CONTENTS	PAGE
Condensed consolidated interim statement of profit or loss and other comprehensive income	1
Condensed consolidated interim statement of financial position	2
Condensed consolidated interim statement of changes in equity	3
Condensed consolidated interim statement of cash flows	4 - 5
Notes to the condensed consolidated interim financial statements	6 - 24

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

	Note	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Revenue Cost of sales	4,23	926,885 (852,516)	893,290 (818,923)	3,008,503 (2,768,339)	3,061,228 (2,808,959)
Gross profit Selling expenses Administrative expenses		74,369 (23,820) (15,016)	74,367 (24,681) (15,036)	240,164 (86,172) (59,682)	252,269 (82,745) (57,031)
Profit from operations		35,533	34,650	94,310	112,493
Financial income Finance expenses Reclassification adjustments relating to foreign	7 7	592 (7,820)	1,028 (8,996)	1,714 (31,248)	2,719 (34,930)
operations liquidated and disposed in the period Net finance costs		(158) (7,386)	(11,286) (19,254)	(168) (29,702)	(11,286) (43,497)
Other gains and losses Share of loss of equity-accounted investees	5	274 (17)	(10,745) (297)	764 (360)	(3,790) (237)
Profit before tax	6	28,404	4,354	65,012	64,969
Taxation	8	(3,848)	(2,264)	(10,839)	(12,013)
Profit for the period		24,556	2,090	54,173	52,956
Attributable to: Equity holders of the parent Non-controlling interests		24,528 28	1,855 235	54,441 (268)	53,048 (92)
		24,556	2,090	54,173	52,956
Earnings per share
Basic and diluted from continuing operations		0.44	0.03	0.98	0.96
Other comprehensive (loss)/income Exchange difference on translating foreign operations		(6,229)	3,219	(9,527)	(3,124)
Reclassification adjustments relating to foreign operations liquidated and disposed in the period		158	11,286	168	11,286
Other comprehensive (loss)/income for the period		(6,071)	14,505	(9,359)	8,162
Total comprehensive income for the period		18,485	16,595	44,814	61,118
Total comprehensive income attributable
to: Equity holders of the parent Non-controlling interests		18,486 (1) 18,485	16,353 243 16,595	45,141 (327) 44,814	61,224 (105) 61,118

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

(in thousands of US\$)

		As at 31 December 2024	As at 31 December 2023
ASSETS	Note	US\$	US\$
Non-current assets
Property, plant and equipment	9	72,628	66,933
Intangible assets	10	2,838	1,700
Investment property	11	3,527	3,571
Equity-accounted investees	12	5,055	5,075
Goodwill	27	582	608
Financial assets at fair value through other comprehensive
income	29	2,376	2,376
Financial assets at fair value through profit and loss	29	928	528
Deferred tax assets	20	221	473
Total non-current assets		88,155	81,264
Current assets
Inventories	13	516,788	413,775
Trade receivables	14	396,930	346,123
Other current assets	15	41,206	27,116
Derivative financial asset	25	1,575	125
Current taxation	8	1,123	515
Cash at bank and in hand	26	155,034	143,560
Total current assets		1,112,656	931,214
Total assets		1,200,811	1,012,478
EQUITY AND LIABILITIES
Equity
Share capital	16	11,100	11,100
Share premium Retained earnings and other components of equity		23,906 263,192	23,872 245,796
Equity attributable to owners of the parent		298,198	280,768
Non-controlling interests		117	444
Total equity		298,315	281,212
Non-current liabilities
Long-term borrowings	18	26,123	14,663
Other long-term liabilities Deferred tax liabilities	20	936 159	935 119
Total non-current liabilities		27,218	15,717
Current liabilities Trade payables and contract liabilities	22	510,166	349,683
Trade payables factoring facilities		52,660	41,822
Other current liabilities	21	86,602	122,203
Short-term borrowings	17	222,342	196,993
Derivative financial liability	24	100	702
Current taxation	8	3,408	4,146
Total current liabilities Total liabilities		875,278 902,496	715,549 731,266
Total equity and liabilities		1,200,811	1,012,478

.................................... .................................... Constantinos Tziamalis Marios Christou Director Director Signed at:2025-02-25 16:35:55 +02:00 Reason:I approve this document Signed at:2025-02-25 16:23:36 +02:00 Reason:I approve this document

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

Attributable to the owners of the parent

	Share capital US\$	Share premium US\$	Treasury stock US\$	Translation of foreign operations US\$	Retained earnings US\$	Total US\$	Non controlling interests US\$	Total US\$
Balance at 1 January 2023	11,100	23,721	(996)	(16,170)	225,816	243,471	709	244,180
Profit/(loss) for the period 1 January 2023 to 31 December 2023 Other comprehensive income/(loss) for the period 1 January 2023 to 31	-	-	-	-	53,048	53,048	(92)	52,956
December 2023	-	-	-	8,176	-	8,176	(14)	8,162
Acquisition of non-controlling interest without a change in control	-	-	-	-	(99)	(99)	(130)	(229)
Treasury shares sold	-	151	996	-	-	1,147	-	1,147
Payment of interim and final dividend	-	-	-	-	(24,975)	(24,975)	(29)	(25,004)
Balance at 31 December 2023	11,100	23,872	-	(7,994)		253,790 280,768	444	281,212
Profit/(loss) for the period 1 January 2024 to 31 December 2024	-	-	-	-	54,441	54,441	(268)	54,173
Other comprehensive loss for the period 1 January 2024 to 31 December 2024	-	-	-	(9,300)	-	(9,300)	(59)	(9,359)
Treasury shares sold	-	34	-	-	-	34	-	34
Payment of interim and final dividend	-	-	-	-	(27,745)	(27,745)	-	(27,745)
Balance at 31 December 2024	11,100	23,906	-	(17,294)		280,486 298,198	117	298,315

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

	Note	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Profit for the period before tax and non-controlling interest		28,404	4,354	65,012	64,969
Adjustments for:
Exchange difference arising on consolidation		(3,777)	13,725	(6,391)	7,888
Depreciation of property, plant and equipment	9	2,019	1,918	8,159	6,995
Amortization of intangible assets	10	108	100	418	678
Depreciation of investment property	11	9	9	36	54
Provision for slow moving and obsolete stock		(257)	(920)	(849)	2,225
Impairment loss on goodwill	5	-	-	5	-
Share of loss of equity-accounted investees	12	17	297	360	237
Loss/(profit) from the sale of property, plant and equipment and intangible assets	5	106	(189)	243	(2,934)
Profit from sale of investment property	11	-	-	-	(3,515)
Loss from disposal of subsidiaries		-	1,149	-	1,149
Provision for bad debts and receivables written off		313	2,384	1,164	3,171
Impairment loss of non-trade receivable		-	9,908	-	9,908
Bad debts recovered		-	-	-	(2)
Interest received	7	(208)	(206)	(613)	(625)
Interest paid		3,299	4,406	14,469	16,772
Operating profit before working capital changes		30,033	36,935	82,013	106,970
(Increase)/decrease in inventories		(106,016)	65,308	(102,164)	81,064
(Increase)/decrease in trade receivables		(84,747)	6,990	(51,969)	(36,263)
Increase in other current assets		(7,646)	(10,869)	(13,261)	(6,788)
Increase/(decrease) in trade payables		189,113	(2,976)	160,483	(47,821)
Increase in trade payables factoring facilities		9,544	8	10,838	23,799
Decrease in other current liabilities		(2,481)	(5,435)	(36,195)	(39,807)
Increase in other non-current liabilities		19	167	2	269
Increase in factoring creditors		14,443	(3,557)	2,075	(9,493)
Cash inflows from operations		42,262	86,571	51,822	71,930
Interest paid	7	(2,942)	(4,103)	(13,160)	(15,724)
Taxation paid, net	8	(2,707)	196	(11,950)	(10,795)
Net cash inflows from operating activities		36,613	82,664	26,712	45,411

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

	Note	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Cash flows from investing activities
Purchase of intangible assets Purchase of property, plant and equipment	10	(378) (4,984)	(407) (3,975)	(1,665) (17,218)	(1,299) (16,384)
Acquisition of investment property Proceeds/(payments) for acquisition of subsidiaries		- -	(7) 3	- (5)	(7) (377)
Payments for purchase of investments in associates Net cash disposed from disposal of subsidiaries		(318) -	(2,611) 396	(340) -	(3,472) 396
Net cash acquired from acquisition of subsidiaries Net payment from acquisition of financial assets at fair value through profit and loss Acquisition of non-controlling interest without a change in control		- (400) -	- (528) (199)	- (400) -	1,213 (528) (230)
Net payment from acquisition of financial assets at fair value through other comprehensive income Proceeds from sale of property, plant and equipment and intangible assets Proceeds from sale of investment property		- 384 -	(862) 271 -	- 3,238 -	(862) 4,913 4,302
Proceeds/(payments) of loans made to associates Interest received	7	176 208	- 206	(2,305) 613	- 625
Net cash outflows from investing activities		(5,312)	(7,713)	(18,082)	(11,710)
Cash flows from financing activities Disposal of treasury shares Payment of final dividend (Repayments)/proceeds of long-term loans and long-term lease liabilities Proceeds of short-term borrowings and short-term lease liabilities Acquisition of non-controlling interest		- (11,095) (3,576) 24,369 -	20 (11,100) (207) 16,884 -	34 (27,745) 8,218 7,957 -	1,148 (24,975) (2,271) 8,481 (130)
Net cash inflows/(outflows) from financing activities		9,698	5,597	(11,536)	(17,747)
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period		40,999 64,401	80,548 27,758	(2,906) 108,306	15,954 92,352
Cash and cash equivalents at end of the period	26	105,400	108,306	105,400	108,306

(in thousands of US\$)

1. Incorporation and principal activities

Asbisc Enterprises Plc (the "Company or "the parent Company") was incorporated in Cyprus on the 9 th of November 1995 with limited liability. The Group's and the Company's principal activity is the trading and distribution of computer hardware and software in a number of geographical regions as disclosed in note 23. The main shareholder of the Company is K.S. Holdings Limited, a Company incorporated in Cyprus.

The Company is listed on the Warsaw Stock Exchange since the 30th of October 2007.

2. Basis of preparation

(a) Statement of compliance

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS financial statements and they should be read in conjunction with the audited financial statements for the year ended 31 December 2023. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended 31 December 2023.

These interim financial statements were authorized for issue by the Company's Board of Directors on the 26th of February 2025.

(b) Use of judgments and estimates

Preparing the interim financial statements requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by Management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2023.

3. Significant accounting policies

The accounting policies adopted for the preparation of the condensed consolidated interim financial statements for the twelve months ended 31 December 2024 are consistent with those followed for the preparation of the annual financial statements for the year 2023 except for the adoption by the Group of all the new and revised standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB that are relevant to its operations and effective for annual periods beginning on 1 January 2024. The Group has not early adopted any of the forthcoming new or amended standards in preparing these condensed consolidated interim financial statements.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

4. Revenue

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Sales of goods	920,166	887,577	2,989,265	3,037,010
Sales of licenses	4,076	3,844	13,146	17,836
Rendering of services	2,305	1,655	5,158	5,583
Sales of optional warranty	338	214	934	799
	926,885	893,290	3,008,503	3,061,228

Effect of seasonality

The Group's revenue and consequently its profitability are significantly lower during the first half of the year. The seasonality is driven by increased household expenditure during the Christmas period as well as the commencement of the academic period during the second half of the year resulting in a positive effect on demand for the Group's products.

5. Other gains and losses

For the three months ended 31 December 2024 US\$	For the three 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
(Loss)/profit on disposal of property, plant and
(106)	189	(243)	2,934
-	-	-	3,515
			(1,149)
			463
			2
			(9,908)
			-
54	45	232	353
	(10,745)	764	(3,790)
	- 326 - - -	(1,149) 78 - (9,908) - 274	months ended - 780 - - (5)

(i) The impairment loss of non-trade receivable resulted from the disposal of ASBIS OOO (Russia).

6. Profit before tax

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Profit before tax is stated after charging:
(a) Amortization of intangible assets (Note 10)	108	100	418	678
(b) Depreciation (Note 9)	2,019	1,918	8,159	6,995
(c) Depreciation of investment property (Note 11)	9	9	36	54
(d) Auditors' remuneration	250	181	800	574
(e) Directors' remuneration – executive (Note 28)	265	515	1,348	1,753
(f) Directors' remuneration – non-executive (Note 28)	17	28	71	74

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

7. Financial expense, net

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Financial income
Interest income	208	206	613	625
Other financial income	319	309	1,018	1,737
Net exchange gain	65	513	83	357
	592	1,028	1,714	2,719
Financial expense
Bank interest	2,942	4,103	13,160	15,724
Bank charges	1,772	1,607	6,375	5,702
Derivative charges	155	115	500	616
Interest on lease liabilities	357	303	1,309	1,048
Factoring interest	1,641	1,837	6,117	8,736
Factoring charges	139	134	389	412
Other financial expenses	63	56	155	116
Other interest	751	841	3,243	2,576
	7,820	8,996	31,248	34,930
Realized foreign exchange loss relating to
foreign operations liquidated and disposed	158	11,286	168	11,286
	(7,978)	(20,282)	(31,416)	(46,216)
Net	(7,386)	(19,254)	(29,702)	(43,497)

8. Tax

As at 31 December 2024 US\$	As at 31 December 2023 US\$
3,631	2,014
	12,632
	-
64	(449)
37	229
(11,950)	(10,795)
2,285	3,631
	8,665 1,838

(in thousands of US\$)

8. Tax (continued)

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Tax receivable	(1,123)	(515)
Tax payable	3,408	4,146
Net	2,285	3,631

The consolidated taxation charge for the period consists of the following:

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Provision for the period	3,489	2,400	10,503	12,632
Under/(over) provision of prior periods	30	(2)	64	(449)
Deferred tax charge (Note 20)	329	(134)	272	(170)
Charge for the period	3,848	2,264	10,839	12,013

The taxation charge of the Group comprises corporation tax charge in Cyprus on the taxable profits of the Company and those of its subsidiaries which are subject to tax in Cyprus and corporation tax in other jurisdictions on the results of the foreign subsidiary companies.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

9. Property, plant and equipment

	Land and buildings	Assets under construction	Computer hardware	Warehouse machinery	Motor vehicles	Furniture and fittings	Office equipment	Total
	US\$	US\$	US\$	US\$	US\$	US\$	US\$	US\$
Cost
At 1 January 2023	48,086	315	7,238	843	4,439	4,250	5,325	70,496
Additions	15,181	790	2,341	280	1,118	2,103	3,269	25,082
Disposals/write-offs	(2,887)	-	(1,697)	(39)	(431)	(956)	(611)	(6,621)
Transfers	121	(121)	-	-	-	-	-	-
Foreign exchange difference on retranslation	365	-	9	5	-	(3)	296	672
At 31 December 2023	60,866	984	7,891	1,089	5,126	5,394	8,279	89,629
Additions	8,342	7,234	1,717	233	827	927	1,844	21,124
Disposals/write-offs	(7,695)	-	(788)	(6)	(398)	(187)	(296)	(9,370)
Foreign exchange difference on retranslation	(1,968)	-	(386)	-	(204)	(510)	(578)	(3,646)
At 31 December 2024	59,545	8,218	8,434	1,316	5,351	5,624	9,249	97,737
Accumulated depreciation
At 1 January 2023	8,070	-	4,488	570	2,396	2,199	2,460	20,183
Charge for the year	3,557	-	1,167	109	725	534	903	6,995
Disposals/write-offs	(1,787)	-	(1,601)	(27)	(386)	(553)	(290)	(4,644)
Foreign exchange difference on retranslation	61	-	21	10	22	34	14	162
At 31 December 2023	9,901	-	4,075	662	2,757	2,214	3,087	22,696
Charge for the period	3,937	-	1,439	120	776	676	1,211	8,159
Disposals/write-offs	(3,520)	-	(562)	(6)	(353)	(130)	(292)	(4,863)
Foreign exchange difference on retranslation	(275)	-	(181)	10	(58)	(205)	(174)	(883)
At 31 December 2024	10,043	-	4,771	786	3,122	2,555	3,832	25,109
Net book value
At 31 December 2024	49,502	8,218	3,663	530	2,229	3,069	5,417	72,628
At 31 December 2023	50,965	984	3,816	427	2,369	3,180	5,192	66,933

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

9. Property, plant and equipment (continued)

Included in the net carrying amount of property, plant and equipment are right-of-use assets as follows:

	Land and buildings US\$	Warehouse machinery US\$	Motor vehicles US\$	Total US\$
Balance at 1 January 2023	12,682	18	815	13,515
Depreciation charge for the year	(2,892)	(5)	(381)	(3,278)
Additions to right of use assets	8,524	-	413	8,937
Foreign exchange difference on retranslation	71	(13)	(38)	20
Balance at 31 December 2023	18,385	-	809	19,194
Depreciation charge for the period	(3,061)	(1)	(396)	(3,458)
Additions to right of use assets	4,498	8	575	5,081
Derecognition of right of use assets	(1,173)	-	(2)	(1,175)
Foreign exchange difference on retranslation	(916)	-	(87)	(1,003)
Balance at 31 December 2024	17,733	7	899	18,639

The Group leases offices, warehouses and stores in various locations throughout the countries of operation. In addition, the Group leases motor vehicles for business use and employee commuting, as well as some warehouse machinery for warehouse operations.

The total cash outflows for the leases related to the above right-of-use assets were US\$ 4,480 (2023: US\$ 2,323).

10. Intangible assets

	Computer software US\$	Patents and licenses US\$	Total US\$
Cost
At 1 January 2023	9,108	1,463	10,571
Additions	166	1,133	1,299
Disposals/write-offs	(16)	(16)	(32)
Foreign exchange difference on retranslation	63	1	64
At 31 December 2023	9,321	2,581	11,902
Additions	427	1,238	1,665
Disposals/write-offs	(36)	(314)	(350)
Foreign exchange difference on retranslation	(80)	(10)	(90)
At 31 December 2024	9,632	3,495	13,127
Accumulated amortization
At 1 January 2023	8,395	1,099	9,494
Charge for the year	569	109	678
Disposals/write-offs	(16)	(16)	(32)
Foreign exchange difference on retranslation	58	4	62
At 31 December 2023	9,006	1,196	10,202
Charge for the period	222	196	418
Disposals/write-offs	(35)	(305)	(340)
Foreign exchange difference on retranslation	22	(13)	9
At 31 December 2024	9,215	1,074	10,289
Net book value
At 31 December 2024	417	2,421	2,838
At 31 December 2023	315	1,385	1,700

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

11. Investment Property

	Land and buildings US\$
Cost
At 1 January 2023	5,801
Additions Disposals	7 (1,617)
At 31 December 2023	4,191
Disposals	(8)
At 31 December 2024	4,183
Accumulated amortization At 1 January 2023 Charge for the year Disposals	1,397 54 (831)
At 31 December 2023 Charge for the year At 31 December 2024	620 36 656
Net book value
At 31 December 2024	3,527
At 31 December 2023	3,571

12. Equity-accounted investees

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Cost
At 1 January	5,515	1,843
Additions (i), (ii), (iii), (iv),(v)	340	3,672
At 31 December	5,855	5,515

Accumulated share of loss from equity-accounted investees

At 1 January	(440)	(203)
Share of loss from equity-accounted investees during the year	(360)	(237)
At 31 December	(800)	(440)
Carrying amount of equity-accounted investees	5,055	5,075

• (i) In November 2024, the Company acquired additional 0.95% shareholding in SK Embio Diagnostics Ltd (Cyprus), for the consideration of US\$ 318.
• (ii) In March 2024, the Company acquired 40% shareholding in Clevetura Ltd (Cyprus), for the consideration of US\$ 22.
• (iii) In December 2023, the Company acquired additional 6% shareholding in Displayforce Global Ltd (Cyprus), for the consideration of US\$ 1,921.
• (iv) In December 2023, the Company acquired 20% shareholding in Blend Energy Ltd (Cyprus), for the consideration of US\$ 1,313.
• (v) In November 2023, the Company acquired 20% shareholding in Autonomics Tech Ltd (Cyprus), for the consideration of US\$ 438.

(in thousands of US\$)

13. Inventories

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Trading goods (i)	514,810	411,788
Land development (ii)	1,978	1,987
	516,788	413,775

(i) Trading goods

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Goods held for resale	432,068	367,557
Goods in transit	91,259	53,836
Provision for slow moving and obsolete stock	(8,517)	(9,605)
	514,810	411,788

As at 31 December 2024, inventories pledged as security for financing purposes amounted to US\$ 94,046 (2023: US\$ 59,287).

Movement in provision for slow moving and obsolete stock

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
On 1 January	9,605	7,384
Provisions for the year	428	2,845
Provided stock written-off	(1,277)	(620)
Foreign exchange difference on retranslation	(239)	(4)
On 31 December	8,517	9,605

(ii) Land development

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Land - Not under development yet	1,509	1,987
Land – Work in progress	1	-
Buildings - work in progress	468	-
	1,978	1,987

The Group owns three plots of land in Cyprus for a housing complex development. As at 31 December 2024, the project is in progress.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

14. Trade receivables

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Trade receivables	395,110	344,815
Prepayments to trade vendors	8,911	7,372
Allowance for doubtful debts	(7,091)	(6,064)
	396,930	346,123

Movement in provision for doubtful debts:

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
On 1 January	6,064	3,331
Provisions for the year	1,296	3,859
Amount written-off as uncollectible	(132)	(688)
Bad debts recovered	-	(2)
Foreign exchange difference	(137)	(436)
On 31 December	7,091	6,064

As at 31 December 2024, the receivables of the Group that have been assigned as security for financing purposes amounted to US\$ 93,868 (2023: US\$ 67,507).

15. Other current assets	As at 31 December 2024 US\$	As at 31 December 2023 US\$
VAT and other taxes refundable	22,970	10,831
Other debtors and prepayments	13,947	15,826
Deposits and advances to service providers	327	230
Employee floats	379	229
Short-term loans receivable from associates (Note 30)	3,583	-
	41,206	27,116

16. Share capital

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Authorized 63,000,000 (2023: 63,000,000) shares of US\$ 0.20 each	12,600	12,600
Issued and fully paid 55,500,000 (2023: 55,500,000) ordinary shares of US\$ 0.20 each	11,100	11,100

(in thousands of US\$)

17. Short-term borrowings

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Bank overdrafts (Note 26) Current portion of long-term loans Bank short-term loans Current lease liabilities (Note 19)	49,634 287 114,268 3,284	35,254 633 105,133 3,179
Total short-term debt	167,473	144,199
Factoring creditors	54,869	52,794
	222,342	196,993

Summary of borrowings and overdraft arrangements

As at 31 December 2024 the Group had factoring facilities of US\$ 119,103 (2023: US\$ 104,828).

In addition, the Group as at 31 December 2024 had the following financing facilities with banks in the countries that the Company and its subsidiaries operate:

• overdraft lines of US\$ 107,699 (2023: US\$ 99,846)
• short-term loans/revolving facilities of US\$ 137,590 (2023: US\$ 135,181)
• bank guarantee and letters of credit lines of US\$ 48,073 (2023: US\$ 48,008)

The Group had for the period ended 31 December 2024 cash lines (overdrafts, loans and revolving facilities) and factoring lines.

The Weighted Average Cost of Debt (cash lines and factoring lines) for the period was 9.9% (2023: 11.9%).

The factoring, overdraft and revolving facilities as well as the loans granted to the Company and its subsidiaries by their bankers are secured by:

• Floating charges over all assets of the Company
• Mortgage on land and buildings that the Group owns in Cyprus, Belarus, Middle East, Slovakia and Ukraine
• Charge over receivables and inventories
• Corporate guarantees
• Assignment of insurance policies
• Pledged deposits of US\$ 20,338 (2023: US\$ 27,138).

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

18. Long-term borrowings

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Bank loans	12,573	436
Non-current lease liabilities (Note 19)	13,550	14,227
	26,123	14,663

19. Lease liabilities

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Current lease liabilities (Note 17)	3,284	3,179
Non-current lease liabilities (Note 18)	13,550	14,227
	16,834	17,406

20. Deferred tax

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Debit balance on 1 January Deferred tax credit/ (charge) for the year (Note 8) Exchange difference on retranslation At 31 December	(354) 272 20 (62)	(165) (170) (19) (354)
	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Deferred tax assets Deferred tax liabilities	(221) 159	(473) 119
Net deferred tax assets	(62)	(354)

(in thousands of US\$)

21. Other current liabilities

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Salaries payable and related costs	4,888	5,355
VAT payable	14,162	11,793
Accruals, deferred income and other provisions	43,441	68,601
Provision for marketing	11,103	23,273
Provision for warranties	5,696	5,203
Non-trade accounts payable	7,312	7,978
	86,602	122,203

22. Trade payables and contract liabilities

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Trade payables	501,067	335,869
Prepayments from customers	9,099	13,814
	510,166	349,683

23. Operating segments

1.1 Reportable segments

The Group mainly operates in a single industry segment as a distributor of IT products. Information reported to the chief operating decision maker for the purposes of allocating resources to the segments and to assess their performance is based on geographical locations. The Group operates in four principal geographical areas – Former Soviet Union, Eastern Europe, Western Europe and Middle East & Africa.

There are varying levels of integration between the segments and includes distribution of IT products and services. Inter-segment pricing is determined on an arm's length basis.

1.2 Segment revenues

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Former Soviet Union	401,779	448,879	1,266,470	1,563,280
Central Eastern Europe	280,023	261,662	868,811	791,026
Middle East & Africa	128,085	107,640	490,424	425,652
Western Europe	90,474	68,594	319,976	257,372
Other	26,524	6,515	62,822	23,898
	926,885	893,290	3,008,503	3,061,228

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

23. Operating segments (continued)

1.3 Segment results

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Former Soviet Union	12,652	17,556	34,332	51,748
Central Eastern Europe	8,973	2,651	26,157	26,355
Middle East & Africa	8,193	8,095	19,847	13,074
Western Europe	3,777	6,469	11,023	20,691
Other	1,938	(121)	2,951	625
Profit from operations	35,533	34,650	94,310	112,493
Net financial expenses	(7,386)	(19,254)	(29,702)	(43,497)
Other gains and losses	274	(10,745)	764	(3,790)
Share of loss from equity-accounted investees	(17)	(297)	(360)	(237)
Profit before taxation	28,404	4,354	65,012	64,969

1.4 Segment capital expenditure (CAPEX)

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Cyprus	28,704	29,124
Former Soviet Union	22,344	13,037
Central Eastern Europe	18,138	17,570
Middle East & Africa	9,622	11,503
Western Europe	723	472
Unallocated	44	1,106
	79,575	72,812

1.5 Segment depreciation and amortization

	For the three months ended 31 December 2024 US\$	For the three months ended 31 December 2023 US\$	For the twelve months ended 31 December 2024 US\$	For the twelve months ended 31 December 2023 US\$
Cyprus	741	718	2,908	2,949
Former Soviet Union	584	634	2,667	2,358
Central Eastern Europe	571	500	2,200	1,940
Middle East & Africa	212	129	723	382
Western Europe	24	25	100	73
Other		4 21	15	25
	2,136	2,027	8,613	7,727

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

23. Operating segments (continued)

1.6 Segment assets

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Former Soviet Union	476,724	436,644
Central Eastern Europe	276,535	173,688
Middle East & Africa	184,874	139,514
Western Europe	140,119	173,974
Total	1,078,252	923,820
Assets allocated in capital expenditure (1.4)	79,575	72,812
Other unallocated assets	42,984	15,846
Consolidated assets	1,200,811	1,012,478

For the purposes of monitoring segment performance and allocating resources between segments only assets were allocated to the reportable segments. As the Group liabilities are mainly used jointly by the reportable segments, these were not allocated to each segment.

1.7 Geographical information

Since the Group's operating segments are based on geographical location and this information has been provided above (1.2 – 1.6) no further analysis is included.

24. Derivative financial liability

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Derivative financial liabilities carried at fair value through profit or loss
Foreign currency derivative contracts	100	702
25. Derivative financial asset
	As at	As at
	31 December 2024 US\$	31 December 2023 US\$
Derivative financial assets carried at fair value through profit or loss
Foreign currency derivative contracts	1,575	125
26. Cash and cash equivalents
	As at	As at
	31 December 2024 US\$	31 December 2023 US\$
Cash at bank and in hand Bank overdrafts (Note 17)	155,034 (49,634)	143,560 (35,254)
	105,400	108,306

The cash at bank and in hand balance includes an amount of US\$ 20,338 (2023: US\$ 27,138) which represents pledged deposits against financial facilities granted and margin accounts for foreign exchange hedging.

(in thousands of US\$)

27. Goodwill

1.a. Acquired assets and liabilities

The net carrying value of underlying separately identifiable assets and liabilities transferred to the Group at the date of acquisition was as follows:

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Tangible and intangible assets	-	1
Inventories	-	733
Receivables	-	1839
Other receivables	-	150
Short-term loans	-	(10)
Payables	-	(340)
Other payables and accruals	-	(3,369)
Cash and cash equivalents	-	1,213
Net identifiable assets	-	217
Group's interest in net assets acquired	-	176
Total purchase consideration	(5)	(380)
Net loss	(5)	(204)
Impairment loss on Goodwill	5	-
Goodwill capitalized in statement of financial position	-	204

1.b. Goodwill arising on acquisitions

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
At 1 January	608	372
Additions (i), (ii)	5	204
Impairment loss (iii)	(5)	-
Foreign exchange difference on retranslation	(26)	32
At 31 December	582	608

(i) During the period, goodwill of US\$5 was recognized from the acquisition of ASBIS INC.

(ii) During the year ended 31 December 2023, goodwill of US\$ 204 was recognized from the acquisition of ASBIS Africa Proprietary Limited.

The capitalized goodwill arose from the business combinations of the following subsidiaries:

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
ASBIS d.o.o. (Bosnia)	364	386
ASBIS Africa Proprietary Limited (South Africa)	218	222
	582	608

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

(in thousands of US\$)

27. Goodwill (continued)

(iii) The impairment loss on goodwill relates to the following subsidiary:

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
ASBC Inc. (U.S.A.)	5	-

28. Transactions and balances of key management

	For the three	For the three	For the twelve	For the twelve
	months ended	months ended	months ended	months ended
	31 December	31 December	31 December	31 December
	2024	2023	2024	2023
	US\$	US\$	US\$	US\$
Director's remuneration - executive (Note 6)	265	515	1,348	1,753
Director's remuneration - non-executive (Note 6)	17	28	71	74
	282	543	1,419	1,827

29. Other investments

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Financial assets at fair value through other comprehensive income (i)	2,376	2,376
Financial assets at fair value through profit and loss (ii)	928	528
	3,304	2,904

(i) Financial assets at fair value through other comprehensive income

Name	Country of incorporation	Participation %	Cost US\$	Impairment US\$	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Promed Bioscience Ltd RSL	Cyprus	16%	808	-	808	808
Revolutionary Labs Ltd Theramir Ltd	Cyprus Cyprus	15.5% 4.5%	707 861 2,376	- - -	707 861 2,376	707 861 2,376

(in thousands of US\$)

29. Other investments (continued)

(ii) Financial assets at fair value through profit and loss

Name	Country of incorporation	Participation %	Cost US\$	Impairment US\$	As at 31 December 2024 US\$	As at 31 December 2023 US\$
KV Kinisis Ventures fund Raif V.V.I.V PLC Robotifai Inc. 30. Loans to associates	Cyprus Cyprus	- -	528 400 928	- - -	528 400 928	528 - 528
					As at 31 December 2024 US\$	As at 31 December 2023 US\$
Short-term loans to associates (Note 15)					3,583	-

The total loans to associates before provision for doubtful loans are unsecured and analyzed below:

Subsidiary companies	Interest rate	Source currency	As at 31 December 2024	As at 31 December 2023
	%		US\$	US\$
Clevetura Ltd (Cyprus) (i),(iv)	5	Euro	1,465	-
Clevetura Ltd (Cyprus) (v)	5	US Dollar	1,280	-
Autonomics Tech Ltd (ii)	4	Euro	419	-
Displayforce Global Ltd (Cyprus) (iii)	5	Euro	419	-
			3,583	-

The total interest accrued from associates is analyzed below:

	As at 31 December 2024 US\$	As at 31 December 2023 US\$
Clevetura Ltd (Cyprus) (i),(iv)	28	-
Clevetura Ltd (Cyprus) (v)	65	-
Autonomics Tech Ltd (ii)	3	-
Displayforce Global Ltd (Cyprus) (iii)	8	-
	104	-

(i) Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 21st of November 2024, with the obligation to settle the loan by 31st of December 2025. The loan is unsecured.

(ii) Autonomics Tech Ltd entered into a loan agreement with the Company on the 14th of October 2024, with the obligation to settle the loan by 31st of December 2025. The loan is unsecured.

• (iii) Displayforce Global Ltd (Cyprus) entered into a loan agreement with the Company on the 26th of March 2024, with the obligation to settle the loan by 30th of May 2025. The loan is unsecured.
• (iv) Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 20th of January 2024, with the obligation to settle the loan by 31st December 2025. The loan is unsecured.
• (v) Clevetura Ltd (Cyprus) entered into a loan agreement with the Company on the 3rd of January 2023, with the obligation to settle the loan by 30th of May 2025. The loan is unsecured.

(in thousands of US\$)

31. Business combinations

1. Incorporations and acquisitions

Incorporations and acquisitions of subsidiaries to 31 December 2024

During the period, the Group acquired and incorporated the following subsidiaries.

Name of entity	Type of operations	Date acquired	% acquired	% owned
ASBC Inc.Oxi (U.S.A.)	Information Technology	29 August 2024	100%	100%
			%
Name of entity	Type of operations	Date incorporated	incorporated % owned
Breezy Azerbaijan (Azerbaijan)	Information Technology	24 January 2024	100%	100%
AROS ENGINEERING SINGLE MEMBER S.A
(Greece)	Information Technology	07 July 2024	100%	100%
ASBIC ITALIA S.R.L (Italy)	Information Technology	15 July 2024	100%	100%
E-VISION UKRAINE (Ukraine)	Information Technology	09 September 2024	100%	100%

Incorporations and acquisitions of subsidiaries to 31 December 2023

During the year, the Group acquired and incorporated the following subsidiaries:

Name of entity	Type of operations	Date acquired	% acquired	% owned
Breezy Trade-In Ltd (Cyprus)	Information Technology	30 May 2023	11.15%	91.15%
ASBIS Africa Proprietary Limited (South Africa)	Information Technology	01 June 2023	81%	100%
			%
Name of entity	Type of operations	Date incorporated	incorporated	% owned
ASBIS Georgia LLC (Georgia)	Information Technology	02 June 2023	100%	100%
ASBIS AM LLC (Armenia)	Information Technology	06 June 2023	100%	100%
ASBIS s.r.l. (Moldova)	Information Technology	16 June 2023	100%	100%
ASBIS AZ LLC (Azerbaijan)	Information Technology	20 June 2023	100%	100%
ASBC Morocco (Morocco)	Information Technology	20 June 2023	100%	100%
Sarovita Ltd (Cyprus)	Information Technology	25 December 2023	100%	100%

2. Liquidations and disposals

Disposals of subsidiaries to 31 December 2024

Liquidations and disposals of subsidiaries to 31 December 2024

During the period, the following subsidiaries have been liquidated and no loss or gain arose on the event.

Name of disposed entity	Type of operations	Date liquidated	% liquidated
ASBIS DE GmbH (Germany)	Information Technology	17 January 2024	100%
ASBIS Vilnius, UAB (Lithuania)	Information Technology	7 June 2024	100%

Liquidations and disposals of subsidiaries to 31 December 2023

During the year, ASBIS PL SP. z o.o. and I.O. Clinic Latvia SIA have been disposed of and a gain of US\$ 1 and US\$ 9 respectively arose on the events. In addition, ASBIS OOO was disposed of and a loss of US\$ 1,159 arose on the event.

Name of disposed entity	Type of operations	Date disposed	% sold
ASBIS PL SP. z o.o. (Poland)	Information Technology	25 October 2023	100%
ASBIS OOO (Russia)	Information Technology	31 October 2023	100%
I.O. Clinic Latvia SIA (Latvia)	Information Technology	21 December 2023	100%

(in thousands of US\$)

32. Commitments and contingencies

As at 31 December 2024 the Group was committed in respect of purchases of inventories of a total cost value of US\$ 55,616 (2023: US\$ 36,552) which were in transit at 31 December 2024 and delivered in January 2025. Such inventories and the corresponding liability towards the suppliers have not been included in these financial statements since, according to the terms of purchase, title of the goods has not passed to the Group at period end.

As at 31 December 2024 the Group was contingently liable to banks in respect of bank guarantees and letters of credit of US\$ 48,073 (2023: US\$ 48,008) (note 17) which the Group has extended to its suppliers and other counterparties.

As at 31 December 2024 the Group had no other capital or legal commitments and contingencies.

33. Fair values

Financial instruments comprise financial assets and financial liabilities. Financial assets mainly consist of bank balances, receivables and investments. Financial liabilities mainly consist of trade payables, factoring balances, bank overdrafts and loans. The Directors consider that the carrying amount of the Group's financial instruments approximate their fair value at the reporting date. Financial assets and financial liabilities carried at fair value through profit or loss represent foreign currency derivative contracts categorized as a Level 2 (inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).