Demetra Holdings Plc

Quarterly Report • Nov 23, 2023

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

for the period 1 January 2023 to 30 September 2023

	Nine months ended 30 September
	2023	2022
	€	€
Income
Dividend income	871.643	749.394
Interest income	159.647	161.828
Rent income	733.708	718.048
Profit from financial assets	7.469.005	1.302.211
	9.234.003	2.931.481
Operating expenses	(1.036.504)	(992.836)
Finance cost	(334.765)	(184.786)
Recognition of negative goodwill	-	2.104.764
Provision / (reversal of provision) for share in loss from affiliates	(549.007)	89.489
Share of profit from affiliates	51.341.523	16.124.238
Profit before taxation	58.655.250	20.072.350
Taxation	(18.265)	(21.411)
Net profit for the period	58.636.985	20.050.939
Other comprehensive expenses
Amounts to be reclassified in the consolidated profit or loss account in
future periods
Share of loss from affiliates	(56.097)	(1.565.876)
Amounts not to be reclassified in the consolidated profit or loss account in
future periods
Share of profit from affiliates	46.073	54.674
Total income for the period	58.626.961	18.539.737
Net profit attributable to:
Shareholders of the Company	58.636.985	20.050.939
Basic and fully diluted earnings per share - cents	29.32	10.03
Total income attributable to:
Shareholders of the Company	58.626.961	18.539.737
Total income per share - cents	29.31	9.27

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2023

	30 September	31 December
	2023	2022
	€	€
ASSETS
Non-current assets
Intangible fixed assets	1.409.144	1.451.388
Investment property	30.234.153	30.232.921
Investments in affiliates	262.791.786	221.460.287
Receivables from affiliates	12.152.404	11.994.685
Deferred taxation	261.751	261.751
Total non-current assets	306.849.238	255.401.032
Current assets
Immovable property inventories	11.642.987	11.638.020
Other receivables	181.186	232.570
Financial assets at fair value through profit and loss	26.951.876	19.482.918
Bank deposits	8.000	8.000
Cash and cash equivalents	772.978	761.303
Current tax claims	15.628	37.032
Total current assets	39.572.655	32.159.843
Total assets	346.421.893	287.560.875
NET POSITION AND LIABILITIES
Equity
Share capital	140.000.000	140.000.000
Reserves	195.714.611	137.087.650
Total equity	335.714.611	277.087.650
Non-current liabilities
Long-term loans	2.990.207	5.111.753
Total non-current liabilities	2.990.207	5.111.753
Current liabilities
Bank overdrafts	1.167.940	-
Current portion of long-term loans	2.483.768	1.840.528
Provision for losses of affiliates	3.169.727	2.620.720
Trade and other creditors	895.640	900.224
Total current liabilities	7.717.075	5.361.472
Total equity and liabilities	346.421.893	287.560.875
Net assets per share - cents	167.86	138.54

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the period 1 January 2023 to 30 September 2023

	Nine months ended 30 September
	2023	2022
	€	€
Cash flow from operating activities
Profit before taxation	58.655.250	20.072.350
Adjustments for:
Depreciation of intangible fixed assets	48.776	48.243
Gain on disposal and revaluation of financial assets at fair value through
profit and loss	(7.469.005)	(1.302.211)
Loss on sale of fixed assets	-	1.702
Negative goodwill	-	(2.104.764)
Provision / (reversal of provision) for share in loss from affiliates	549.007	(89.489)
Share in profit from affiliates	(51.341.523)	(16.124.238)
Payable loan interest	273.968	177.187
Net cash flow before changes in working capital	716.473	678.780
Increase in immovable property inventories	(4.967)	(7.005)
Decrease / (increase) in other receivables	51.384	(3.832)
Net purchases and sales of financial assets at fair value through profit and
loss	47	3.374.492
Increase in receivables from affiliates	(157.719)	(155.006)
(Decrease) / increase in trade and other creditors	(4.584)	46.783
Purchase of investment property	(1.232)	(109.002)
Cash from operating activities	599.402	(3.825.210)
Tax received / (paid)	3.139	(30.141)
Net cash from operating activities	602.541	3.795.069
Cash flow from investing activities
Purchase of intangible fixed assets	(6.532)	(4.677)
Acquisition of affiliates	-	(1.077.969)
Net cash for investing activities	(6.532)	(1.082.646)
Cash flow from financing activities
Repayment of loans	(1.752.274)	(2.358.861)
Net cash for financing activities	(1.752.274)	(2.358.861)
Net (decrease) / increase in cash and cash equivalents	(1.156.265)	353.562
Cash and cash equivalents at beginning of period	761.303	613.728
Cash and cash equivalents at end of period	(394.962)	967.290

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period 1 January 2023 to 30 September 2023

	Share capital €	Exchange difference reserve €	Negative goodwill reserve €	Accumulated profits €	Total equity €
Balance as at 1 January 2022	140.000.000	319.437	119.850.066	9.895.453	270.064.956
Net Profit for the period after taxation	-	-	-	20.050.939	20.050.939
Transfer between reserves	-	-	2.147.969	(2.147.969)	-
Other total expenses for the period	-	-	-	(1.511.202)	(1.511.202)
Other transactions with shareholders	-	-	-	-	-
Balance as at 30 September 2022	140.000.000	319.437	121.998.035	26.287.221	288.604.693
Balance as at 1 January 2023 Net Profit for the period after taxation Other total income for the period Other transactions with shareholders	140.000.000 - - -	319.437 - - -	121.998.035 - - -	14.770.178 58.636.985 (10.024) -	277.087.650 58.636.985 (10.024) -
Balance as at 30 September 2023	140.000.000	319.437	121.998.035	73.397.139	335.714.611

By decision of the Company's Board of Directors, the negative goodwill which resulted in 2019 further to the acquisition of significant influence over the affiliate company Hellenic Bank was transferred from the accumulated losses reserve to the negative goodwill reserve. During the period ended 30 September 2022, an additional amount of €2,147,969 relating to the negative goodwill resulting from the increase of the shareholding in Hellenic Bank during 2021 and the period ended 30 September 2022 was transferred to the negative goodwill reserve. The profits resulting from the negative goodwill are not realised and are considered as not available for distribution.