Quest Holdings S.A.

Quarterly Report • May 25, 2023

THREE-MONTH FINANCIAL REPORT

For the period ended March 31, 2023

(1st January - 31st March 2023)

In accordance with IAS 34 and Article 5 of Law 3556/2007

These interim condensed financial statements have been translated from the original statutory interim condensed financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial report, the Greek language financial report will prevail over this document.

Quest Holdings S.A. S.A. Reg.No. 121763701000 2a Argyroupoleos Street GR-176 76 Kallithea Athens - Hellas

(Amounts presented in thousand euros unless otherwise stated)

Contents		Page
	Interim Condensed Standalone and Consolidated Statement of Financial Position	3
	Interim Condensed Consolidated Statement of Comprehensive Income	4
	Interim Condensed Standalone Statement of Comprehensive Income	5
	Interim Condensed Standalone and Consolidated Statement of Changes in Equity	6
	Interim Condensed Standalone and Consolidated Statement of Cash Flows	7
	Notes upon financial information	8
1.	General information	8
2.	Structure of the Group and operations	9
3.	General framework for the preparation of the interim condensed financial statements	10
4.	Critical accounting estimates and judgments	12
5.	Critical accounting estimates and assumptions	12
6.	Segment information	14
7.	Property, plant and equipment	16
8.	Goodwill	17
9.	Intangible assets	18
10.	Investment property	19
11.	Investments in subsidiaries	20
12.	Investments in associates	22
13.	Financial assets at fair value through profit or loss	22
14.	Share capital	23
15.	Borrowings	24
16.	Contingent assets and liabilities	27
17.	Encumbrances	27
18.	Commitments	29
19.	Income tax expense	29
20.	Dividends	30
21.	Related party transactions	31
22.	Earnings per share	33
23.	Periods unaudited by the tax authorities	34
24.	Number of employees	35
25.	Seasonality	35
26.	Right-of-use assets	35
27.	Lease liabilities	36
28.	Business Combinations	37
29.	Alternative performance measures (APMs)	41
30.	Subsequent events	41

The interim condensed financial information contained herein has been approved by the Board of Directors of Quest Holdings S.A. on May 24 th, 2023, and has been set up on the website address www.quest.gr ,where it will remain at the disposal of the investing public for at least 10 years from the date of its publication. In addition, the annual financial statements of the consolidated private subsidiaries of the Company are posted at the above website address.

The Chairman The C.E.O. The Deputy C.E.O.

Theodore Fessas Apostolos Georgantzis Markos Bitsakos

The Group Financial Controller The Chief Accountant

Dimitris Papadiamantopoulos Konstantinia Anagnostopoulou

(Amounts presented in thousand euros unless otherwise stated)

Interim Condensed Standalone and Consolidated Statement of Financial Position

			GROUP	COMPANY
	Note	31/3/2023	31/12/2022	31/3/2023	31/12/2022
ASSETS
Non-current assets
Property, plant and equipment	7	113.415	112.491	7.502	7.487
Right-of-use assets	26	26.742	24.409	1.620	1.606
Goodwill	8	36.351	36.351	-	-
Other intangible assets	9	21.949	21.574	3	3
Investment property	10	2.735	2.735	-	-
Investments in subsidiaries	11	-	-	118.352	113.902
Investments in associates	12	709	709	10	10
Financial assets at fair value through profit or loss	13	460	554	100	100
Contract assets		3.896	4.130	-	-
Receivables from finance leases		1.893	2.018	-	-
Deferred tax assets		4.637	2.095	-	-
Trade and other receivables		19.103	20.461	56	55
		231.890	227.527	127.643	123.163
Current assets
Inventories		101.376	77.236	-	-
Trade and other receivables		159.771	178.420	401	9.300
Contract assets		35.780	36.039	-	-
Receivables from finance leases		480	532	-	-
Financial assets at fair value through profit or loss	13	19	19	-	-
Current tax assets		1.919	2.044	9	2
Cash and cash equivalents		128.443	168.196	29.945	26.403
Assets held for sale		1.253	1.253	-	-
		429.054	463.739	30.355	35.705
Total assets		660.944	691.266	157.998	158.868
EQUITY
Capital and reserves attributable to owners of the Company
Share capital	14	47.178	47.178	47.178	47.178
Reserves		18.134	18.141	11.240	11.240
Retained earnings		185.575	175.575	99.537	99.761
Own shares		(3.533)	(2.867)	(3.533)	(2.867)
Equity attributable to owners of the Company		247.354	238.027	154.423	155.312
Non-controlling interests		874	797	-	-
Total equity		248.228	238.824	154.423	155.312
LIABILITIES
Non-current liabilities
Loans and borrowings	15	67.530	74.190	-	-
Deferred tax liabilities		10.086	9.770	842	830
Employee benefits		4.922	4.731	6	6
Government Grants		1.034	1.187	-	-
Contract liabilities Provisions		18.819 102	9.040 102	- -	- -
Lease liabilities	27	26.105	23.899	1.447	1.446
Trade and other payables		701	1.118	59	59
		129.299	124.037	2.354	2.341
Current liabilities
Trade and other payables		184.382	200.039	1.003	1.015
Contract liabilities		38.180	50.770	-	-
Current tax liability		8.933	5.455	-	-
Loans and borrowings Government Grants	15	45.139 1.131	65.311 1.177	- -	- -
Derivative Financial Instruments		-	345	-	-
Lease liabilities	27	5.652	5.308	218	200
		283.417	328.405	1.221	1.215
Total liabilities		412.716	452.442	3.575	3.556
Total equity and liabilities		660.944	691.266	157.998	158.868

Interim Condensed Consolidated Statement of Comprehensive Income

		GROUP
	Note	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022
Revenue	6	285.946	238.084
Cost of sales		(246.246)	(202.354)
Gross profit		39.700	35.730
Selling and distribution expenses		(14.953)	(14.686)
Administrative expenses		(9.535)	(8.190)
Other operating income		1.003	1.396
Other gains / (losses) net		336	1.352
Operating profit		16.551	15.602
Finance income		286	86
Finance costs		(3.183)	(1.733)
Finance costs - net		(2.897)	(1.647)
Profit before tax		13.654	13.955
Income tax expense	19	(3.520)	(3.688)
Profit after tax		10.134	10.267
Attributable to :
Owners of the Company		10.057	9.958
Non-controlling interests		77	308
		10.134	10.266
Earnings per share attributable to equity holders of the Company (€ per share)
Basic and diluted earnings per share	22	0,0945	0,0931
Other comprehensive income Items that are or may be reclassified subsequently to profit or loss
Foreign operations - foreign currency translation differences		(7)	-
		(7)	-
Other comprehensive income for the period, net of tax		(7)	-
Total comprehensive income for the period		10.127	10.267
Attributable to: Owners of the Company		10.050	9.958
Non-controlling interests		77	308

Interim Condensed Standalone Statement of Comprehensive Income

		COMPANY
	Note	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022
Revenue	6	-	-
Cost of sales		-	-
Gross profit		-	-
Selling and distribution expenses		-	-
Administrative expenses		(650)	(609)
Other operating income		428	419
Other gains / (losses) net		(3)	-
Operating profit		(225)	(190)
Finance income		50	-
Finance costs		(38)	(55)
Finance costs - net		12	(55)
Profit/ (Loss) before tax		(212)	(245)
Income tax expense	19	(10)	(9)
Profit/ (Loss) after tax		(223)	(253)
Other comprehensive income Other comprehensive income for the period,
net of tax		-	-
Total comprehensive income / (loss) for the period		(223)	(253)

(Amounts presented in thousand euros unless otherwise stated)

Interim Condensed Standalone and Consolidated Statement of Changes in Equity

	Attributable to owners of the Company					Non
GROUP	Share capital and share premium	Translation reserve	Other reserves	Retained earnings	Own shares	Total	controlling interests	Total equity
Balance at 1 January 2022	47.535	-	16.339	195.574	(953)	258.495	403	258.898
Profit / (Loss) for the period	-	-	-	9.958	-	9.958	308	10.266
Total comprehensive income / (loss)	-	-	-	9.958	-	9.958	308	10.266
Formation of reserve per L. 4548/2018	(357)	-	357	-	-	-	-	-
Purchase of own shares	-		-	-	(18)	(18)	-	(18)
Balance at 31 March 2022	47.178	-	16.696	205.532	(971)	268.435	711	269.164
Movement of period 1/04-31/12/2022	-	-	1.445	(29.957)	(1.896)	(30.408)	86	(30.322)
Balance at 31 December 2022	47.178	-	18.141	175.575	(2.867)	238.027	797	238.824
Balance at 1 January 2023	47.178	-	18.141	175.575	(2.867)	238.027	797	238.824
Profit / (Loss) for the period	-	-	-	10.057	-	10.057	77	10.134
Other comprehensive income / (loss) for the period, net of tax	-	(7)	-	-	-	(7)	-	(7)
Total comprehensive income / (loss) for the period	-	(7)	-	10.057	-	10.050	77	10.127
Acquisition of new subsidiaries / change in the % held in existing subsidiaries	-	-	-	(57)	-	(57)	-	(57)
Purchase of own shares	-	-	-	-	(666)	(666)	-	(666)
Balance at 31 March 2023	47.178	(7)	18.141	185.575	(3.533)	247.354	874	248.228

COMPANY	Share capital and share premium	Other reserves	Retained eairnings	Own shares	Total Equity
Balance at 1 January 2022	47.535	10.214	147.646	(953)	204.442
Profit/ (Loss) for the period	-	-	(253)	-	(253)
Total comprehensive income / (loss)	-	-	(253)	-	(253)
Formation of reserve per L. 4548/2018	(357)	357	-	-	-
Purchase of own shares	-	-	-	(18)	(18)
Balance at 31 March 2022	47.178	10.571	147.393	(971)	204.171
Movement of period 1/04-31/12/2022	-	669	(47.633)	(1.896)	(48.860)
Balance at 31 December 2022	47.178	11.240	99.760	(2.867)	155.312
Balance at 1 January 2023	47.178	11.240	99.760	(2.867)	155.312
Profit/ (Loss) for the period	-	-	(223)	-	(223)
Total comprehensive income / (loss) for the period	-	-	(223)	-	(223)
Purchase of own shares	-	-	-	(666)	(666)
Balance at 31 March 2023	47.178	11.240	99.537	(3.533)	154.423

(Amounts presented in thousand euros unless otherwise stated)

Interim Condensed Standalone and Consolidated Statement of Cash Flows

		GROUP		COMPANY
		01/01/2023-	01/01/2022-	01/01/2023-	01/01/2022-
	Note	31/03/2023	31/03/2022	31/03/2023	31/03/2022
Profit / (Loss) before tax		13.654	13.955	(212)	(245)
Adjustments for:
Depreciation of property, plant and equipment	7	1.399	857	8	8
Amortization of intangible assets	9	336	448	-	-
Depreciation of right-of-use assets	26	1.517	1.321	58	24
(Gain) / loss on sale of financial assets at fair value through P&L	13	-	(1.226)	-	-
Finance income		(286)	(86)	(50)	-
Finance costs		3.183	1.733	38	55
Dividend income		-	(150)	-	-
		19.803	16.852	(159)	(158)
Changes in working capital
(Increase) / decrease in inventories		(24.140)	(25.589)	-	-
(Increase) / decrease in receivables		20.487	35.830	8.898	25
Increase/ (decrease) in liabilities		(19.429)	(13.546)	(12)	(121)
Increase / (decrease) in employee benefits		191	181	(1)	-
		(22.891)	(3.124)	8.887	(96)
Cash generated from operating activities		(3.088)	13.728	8.729	(254)
Interest paid		(3.183)	(1.733)	(38)	(55)
Income taxes paid		(2.202)	(313)	(8)	-
Net cash from operating activities		(8.473)	11.682	8.684	(309)
Cash flows from investing activities
Purchase of property, plant and equipment	7	(2.329)	(4.171)	(23)	(1)
Purchase of intangible assets	9	(710)	(56)	-	-
Proceeds from sale of financial assets at fair value through P&L	13	112	1.652	-	-
Purchase of financial assets at fair value through P&L	13	(18)	(139)	-	-
Net cash outflow for the acquisition of subsidiaries		-	(476)	-	-
Share capital increase / (decrease) of subsidiaries	11	-	-	(4.450)	-
Interest received		286	87	50	-
Dividends received Net cash used in investing activities		- (2.659)	150 (2.953)	- (4.423)	- (1)
Cash flows from financing activities
Proceeds from borrowings	15	5.507	7.681	-	-
Repayment of borrowings	15	(32.339)	(13.783)	-	(11.990)
Proceeds from sale / (purchase) of own shares		(666)	(18)	(666)	(18)
Payment / collection of leases		(1.123)	(1.350)	(53)	(23)
Distribution of dividends		-	(44.574)	-	(44.574)
Net cash from financing activities		(28.621)	(52.044)	(719)	(56.605)
Net increase/ (decrease) in cash and cash equivalents		(39.753)	(43.315)	3.542	(56.914)
Cash and cash equivalents at the beginning of the period		168.196	163.036	26.403	96.905
Cash and cash equivalents at end of the period		128.443	119.721	29.945	39.991

Notes upon financial information

1. General information

The 3-month financial report includes the interim condensed financial statements of Quest Holdings S.A. (the "Company") and the interim condensed consolidated financial statements of the Company and its subsidiaries (the "Group") for the period ended March 31st, 2023, according to International Financial Reporting Standards ("IFRS"), as adopted by the European Union.

The main activities of the Group are commercial activities, the design, deployment and support of integrated systems and technology solutions, courier and postal services, electronic payments (discontinued operations) and production of electric power from renewable sources.

The Group operates in Greece, Romania, Cyprus, Luxembourg, Belgium, Spain and Italy and the Company's shares are traded in the Athens Stock Exchange.

The interim condensed consolidated financial statements were authorized for issue by the Board of Directors of Quest Holdings S.A. on May 24th, 2023.

The shareholders' composition is as follows:

•	Theodore Fessas	50,02%
•	Eftichia Koutsoureli	25,25%
•	Other investors	23,97%
•	Treasury shares	0,76%

Total 100%

The address of the Company is 2A Argyroupoleos str., Kallithea, Attiki, Greece, and the General Registry Number is 121763701000 (former S.A. Register Number 5419/06/Β/86/02).

The Board of Director of the Company is as follows:

• 1. Theodoros Fessas, son of Dimitrios, Chairman of the Board of Directors, Executive Member
• 1. Eftychia Koutsoureli, daughter of Sofoklis, Vice Chairwoman of the Board of Directors, Non-Executive Member
• 1. Nikolaos Karamouzis, son of Vassilios, Vice Chairman of the Board of Directors, Independent Non-Executive Member
• 1. Apostolos Georgantzis, son of Miltiadis, Chief Executive Officer, Executive Member
• 1. Markos Bitsakos, son of Grigorios, Deputy Chief Executive Officer, Executive Member
• 1. Nikolaos Socrates Lambroukos, son of Dimitrios, Executive Member
• 1. Emil Yiannopoulos, son of Polykarpos, Independent Non-Executive Member
• 1. Maria Damanaki, daughter of Theodoros, Independent Non-Executive Member
• 1. Ioanna Dretta, son of Grigorios, Independent Non-Executive Member
• 1. Panagiotis Kyriakopoulos, son of Othon, Independent Non-Executive Member
• 1. Philippa Michali, daughter of Christos, Independent Non-Executive Member
• 1. Ioannis Paniaras, son of Ilias, Independent Non-Executive Member

The audit company is:

KPMG Certified Auditors SA 3, Stratigou Tombra Street Aghia Paraskevi 153 42 Athens, Greece

The Company's website address is www.quest.gr.

(Amounts presented in thousand euros unless otherwise stated)

The interim condensed consolidated financial statements include the interim condensed financial statements of Quest Holdings S.A. and subsidiary companies, over which the Company directly or indirectly exercises control. The subsidiaries are presented in Notes 11 and 23.

2. Structure of the Group and operations

94,14%

SPIROS TASSOGLOU & SIA O.E.

The Group has classified its subsidiaries and the rest participations according to the business sector in which they operate. The structure of the Group as of 31 March 2023 is as follows:

(Amounts presented in thousand euros unless otherwise stated)

3. General framework for the preparation of the interim condensed financial statements

I) Preparation framework of the interim condensed financial information

This interim condensed financial information covers the nine-month period ended on March 31st, 2023 and has been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", as adopted by the European Union.

The accounting policies used in the preparation and presentation of this interim condensed financial information are the same as the accounting policies that were used by the Company and the Group for the preparation of the annual financial statements for the year ended December 31 st, 2022.

The interim condensed financial information does not include all the information and notes required for the Annual Financial Statements and for this reason, they must be considered in conjunction with the annual financial statements for the year ended December 31st, 2022, which are available on the Group's web site at the address www.quest.gr.

These financial statements have been prepared under the historical cost convention, as modified by the remeasurement of the financial assets and liabilities measured at fair value through profit or loss.

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates (Note 5). It also requires Management to exercise its judgement in the process of applying the Group's accounting policies. Moreover, it requires the use of estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of the financial information and the reported income and expense amounts during the reporting period. Although these estimates and judgments are based on the best possible knowledge of the Management with respect to the current conditions and activities, the actual results may eventually deviate from these estimates.

Differences between amounts presented in the financial statements and corresponding amounts in the notes are due to rounding.

The Group and the Company cover their needs for working capital through the cash flows generated, including bank borrowing.

Current economic conditions impact (a) the demand for the products of the Group and the Company and (b) their ability to borrow fundsfrom banksfor the foreseeable future.

Positive future perspectives, taking into account possible fluctuations on the performance of the Group and the Company, create a reasonable expectation that both the Company and the Group have the ability to continue their operations as going concerns in the foreseeable future.

Therefore, the Group and the Company continue to adopt the "going concern" principle for the preparation of the interim condensed separate and consolidated financial statements for the period from January 1st , to March 31st, 2023, considering the particularly positive performance accomplished during the first quarter of 2023.

The turmoil in the economy during the past years, resulting from the ongoing war in Europe and the epidemic crisis, led to significant increase in the cost of energy, transportation, production and basic consumer goods, the increase in inflation and the decrease in consumer spending, and inevitably affected the Group as well. At the same time, the disruption in the global supply chain resulted in a significant lack of products worldwide, while the change in the dollar-euro exchange rate brought about cost and financial changes. Although the Group does not have any direct exposure in terms of operations or dependence on suppliers in Ukraine or Russia, the possible risks that may arise from the continuous reduction of household disposable income and the increase of operating expenses due to inflationary pressures are being constantly evaluated by Management. The effect on the Group financial figures so far has not been significant, as the Group achieved a particularly positive performance during the first quarter of 2023. Regarding the outlook for the rest of 2023, it is estimated that there will be a relatively limited if not zero effect on the Group's figures based on the data available so far.

II) New standards, amendments to standards and interpretations

New Standards, Interpretations, Revisions and Amendments to existing Standards that have entered into force and have been adopted by the European Union

Since 1 January 2023, the Group has implemented all the amendments in IFRS as adopted by the European Union ('EU') and that are relevant with its operations. The adoption did not have a material impact on the Financial Statements of the Group.

The following new Standards, Interpretations and amendments to Standards have been issued by the International Accounting Standards Board (IASB), have been adopted by the European Union and their application is mandatory from 01/01/2023 onwards.

IFRS 17 "Insurance Contracts" and Amendments to IFRS 17

In May 2017, the IASB issued a new standard, IFRS 17, which replaces an interim standard, IFRS 4. The purpose of the IASB project was to develop a single principle-based standard for the accounting treatment of all types of insurance contracts, including reinsurance contracts, held by an entity. A single principles-based standard will enhance the comparability of financial reporting between entities, jurisdictions and capital markets. IFRS 17 sets out the requirements that an entity should apply to the financial information related to insurance contracts that it issues and reinsurance contracts that it holds.

IAS 1 (Amendments) "Presentation of Financial Statements" and IFRS Practice Statement 2 "Disclosure of accounting policies"

In February 2021, the IASB issued amendments concerning disclosure of accounting policies. The purpose of the amendments is to improve disclosures of accounting policies to provide more useful information to investors and other users of financial statements. More specifically, these amendments require the disclosure of information regarding accounting policies when they are material and provide guidance on the concept of materiality when it is applied to disclosures of accounting policies.

IAS 8 (Amendments) "Accounting policies, changes in accounting estimates and errors: Definition of accounting estimates"

In February 2021, the IASB issued amendments that clarify how an entity can distinguish between a change in accounting estimate and a change in accounting policy.

IAS 12 (Amendments) "Deferred tax related to assets and liabilities arising from a single transaction"

In May 2021, the IASB issued amendments to IAS 12 to specify how entities should treat deferred tax arising from transactions such as leases and decommissioning obligations - transactions for which entities recognize both an asset and a liability. In certain circumstances, entities are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. The amendments clarify that this exemption does not apply and entities are required to recognize deferred tax on these transactions.

IFRS 17 (Amendment) "Initial application of IFRS 17 and IFRS 9 – Comparative information"

The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements.

New Standards, Interpretations and Amendments to existing Standards that have not yet entered into force or been adopted by the European Union

The following new Standards, Interpretations and Amendments to Standards have been issued by the International Accounting Standards Board ('IASB') but are either not yet effective or have not yet been adopted by the European Union. The ones relevant to the operations of the Group are stated below. The Group does not intend to adopt the below new Standards, Interpretations and Amendments to Standards before their effective date.

IAS 1 (Amendments) "Classification of liabilities as current or non-current" (effective for annual periods beginning on or after 01/01/2024)

In January 2020, the IASB issued amendments to IAS 1 that affect the presentation requirements for liabilities. Specifically, the amendments clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments include, among others, clarification that an entity's right to defer settlement should exist at the reporting date and clarification that the classification of the liability is not affected by management's intentions or expectations regarding the exercise of the right to defer settlement. In addition, in July 2020, the IASB issued an amendment to clarify the classification of debt liabilities with financial covenants, which provides for a one-year deferral of the effective date of the originally issued amendment to IAS 1.

(Amounts presented in thousand euros unless otherwise stated)

The adoption of the above is not expected to have a significant impact on the Financial Statements of the Group.

IFRS 16 (Amendment) "Lease liabilities in sale and leaseback transactions" (effective for annual periods beginning on or after 01/01/2024)

The amendment clarifies how an entity accounts for variable lease payments when acting as a seller-lessee in sale and leaseback transactions. The entity applies the Standard requirements retrospectively on sale and leaseback transactions occurred on or after the date of first-time application of IFRS 16. The amendment has not yet been adopted by the European Union. The adoption of the above is not expected to have a significant impact on the Financial Statements of the Group.

4. Critical accounting estimates and judgments

Management's estimates and judgments are being constantly reassessed and are based on historic information and expectations for future events, which are deemed reasonable under the current circumstances.

Impact of the energy crisis

The global energy crisis that began in 2021 is characterized by the continuing lack of energy on a global level, but also by the sharp increase in its prices, affecting countries such as the United Kingdom, China and, among others, the European Union. Greece is experiencing a significant price increase in all forms of energy. The Group management has effectively managed the crisis to date, having minimized the negative effects on the activities of the Group. Further to that, management remains vigilant for any future developments and is ready to take all measures necessary, remaining at the same time optimistic around the achievement of the goals set for 2023.

War conflict in Ukraine

The war between Russia and Ukraine has had a negative effect on the entire global economic activity, since both countries were significant suppliers of natural gas, oil and wheat, primarily on a European, but also on a global level. The Group operates in sectors that do not have a direct geographical connection to the events in Ukraine on the one hand, and on the other hand management has effectively managed so far the negative consequences caused by the geopolitical uncertainty, the rising inflation and the disruptions in the global supply chain. Furthermore, management remains vigilant for any future developments and their potential impact on the operations of the Group.

Impact of climate-related matters

Realizing the responsibility of its companies around environmental issues, the Group has adapted its business practices to the needs of environmental protection and the saving of natural resources. This has led to the adoption of an ESG strategy for the environment which, in the long run, is expected to provide cost savings for the Group's companies (reduction of energy consumption, focus on the circular economy model, replacement of the leased vehicles fleet with environmentally friendly ones upon expiration of existing lease contracts etc.). Based on the nature of the group activities, no significant exposure to environmental risks has been assessed. It should also be noted that the increasing awareness on the protection of the environment has boosted the demand for the products of some of the Group's IT companies, in the context of their customers' efforts to reduce their own environmental footprint (enhancement of the digitalization process, automation solutions, cloud distribution etc.), a trend which is expected to strengthen further in the future. Regarding the financial and the non-financial assets of the Group, Management has assessed that no material exposure to climate-related risks exists and has therefore concluded, that no adjustments to the carrying amounts of the assets or to the judgments/assumptions made in the context of IFRS is required as of 31 March 2023, as a direct consequence of climate-related risks.

5. Critical accounting estimates and assumptions

The Company and the Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates and assumptions involving significant risk adjustment to the carrying value of assets and liabilities within the next financial year are addressed below. Estimates and assumptions are continually reassessed and are based on historical experience as adjusted for current market conditions and other factors, including expectations of future events which are considered reasonable under the circumstances.

Assessment of goodwill impairment

The impairment test on goodwill is performed annually. The recoverable amount of each cash generating unit, over which goodwill has been allocated, has been determined based on value in use calculations. These calculations require the use of estimates (refer to Note 8).

Assessment of trade receivables impairment

The Group and the Company follow the simplified approach of IFRS 9 for the estimation of the expected credit losses on trade receivables, based on which the impairment allowance is based on the lifetime expected credit losses on trade receivables. The assessment of expected credit losses is based on past experience adjusted by expectations around the future financial ability of customers and the future conditions prevalent in the economic environment. These estimates are highly subjective and entail the exercise of judgement by management.

Assessment of investments impairment (separate financial statements of the Company)

The Company assesses on each reporting date whether there are any indicators for impairment / reversal of impairment of investments in subsidiaries. When impairment indicators exist, the Company performs an impairment review in accordance with the accounting standards requirements. The determination of the recoverable amount of each subsidiary is based on the estimation of the future cash flows which depend on several assumptions regarding, among others, the sales future growth rate, future costs and an appropriate discount rate (refer to Note 11).

Retirement obligations

The present value of retirement obligations depends on a number of factors that are determined using actuarial methods and assumptions. Such actuarial assumption is the discount rate used to calculate the cost of the benefits. Changes in these assumptions will change the present value of the obligations presented on the statement of financial position.

The Group and the Company determine the appropriate discount rate at the end of each year. This is defined as the rate that should be used to determine the present value of future cash flows, which are expected to be required to meet the obligations of the pension plans. Low risk corporate bonds are used to determine the appropriate discount rate, which are converted to the currency in which the benefits will be paid, and whose expiry date is approaching that of the related pension obligation. Other significant assumptions used are partially dependent on current market conditions.

Estimates around recognition of revenue from contracts with customers

Revenue from contracts with customers, for which a specific transaction price has been predetermined with the customer (fixed price) and which must be performed within a specific time frame, is recognized over time as the Group transfers control of the goods or services. The Group measures progress towards satisfaction of performance obligations for each contract using the input method. In the input method, the revenue recognized in any given accounting period is based on estimates of the total estimated contract costs. Estimates are continually reassessed and revised as necessary throughout the life of the contract. Any adjustments to revenues and earnings resulting from changes in the underlying estimates are accounted for in the period when the change in the estimate incurred. When estimates indicate that a loss will arise from a contract upon completion, a provision for the expected loss is recognized in the period when such evidence arises. Management assesses the progress of long-term projects, that exceed one year in duration, against the budget. When the outcome of a contract can be estimated reliably, contract revenue and expenses are recognized over the contract term as revenue and expense, respectively. The Group uses the percentage-of-completion method to determine the appropriate amount of income and expense to recognize in a particular period. The stage of completion is measured based on the costs incurred up to the reporting date in relation to the total estimated costs for each contract. For determining the cost incurred by the end of the year, any costs related to future work to fulfill the contract are excluded and shown as work in progress. The total cost incurred and the profit / loss recognized for each contract is compared with the progressive billings until the end of the year.

(Amounts presented in thousand euros unless otherwise stated)

Provisions for liabilities and onerous contracts

The Group and the Company examine on each reporting date whether events have occurred that could cause a loss for the Group or the Company and proceeds with an assessment and accounting for a provision. To assess the amount to be provided, all available information on future development of income and expenses is taken into account.

Provisions are discounted to present value when the effect of the time value of money is assessed as material, using a pre-tax discount rate that reflects current market conditions.

Provision for income taxes

The provision for income taxes in accordance with IAS 12 "Income taxes", are the amounts expected to be paid to the taxation authorities and includes provision for current income taxes reported and the potential additional tax that may be imposed as a result of audits by the taxation authorities. Group entities are subject to income taxes in various jurisdictions and significant management judgment is required in determining provision for income taxes. Actual income taxes could vary from these estimates due to future changes in income tax law, significant changes in the jurisdictions in which the Group and the Company operate, or unpredicted results from the final determination of each year's liability by tax authorities. These changes could have a significant impact on the Group's and the Company's financial position. Where the actual additional taxes payable are different from the amounts that were initially recorded, these differences will impact the income tax and deferred tax provisions in the period in which such a determination is made. Further details are provided in Note 19.

6. Segment information

Primary reporting format – business segments

The activities of the Group are divided into the following business segments:

Business segment	Operations
Commercial activities	Includes sales of a wide range of products, mostly IT related, such as IT equipment, Apple and Xiaomi mobile phone devices, air conditioning devices and other home appliances
Information technology services	Concerns production and maintenance services of IT software
Postal services	Relates to rendering of services (courier and post) for the handling of shipments for customers
Production of electric power from renewable energy sources	Relates to production and sale of electric power generated from renewable energy sources

Management monitors the financial results of each business segment separately. Business segments are managed independently. Operating segments are presented in a manner consistent with the internal information provided to the chief operating decision makers. The chief operating decision makers are responsible for allocating resources and evaluating the performance of the business segments.

The business segments presented above are the reportable segments of the Group and have arisen from the aggregation of the operating segments of the Group (individual group companies), as the relevant criteria set out in IFRS 8 "Operating segments" are met. More specifically, the operating segments within the Group present similar economic characteristics and are also roughly similar in terms of product/services offered, nature of production processes, customers and distribution channels that they use.

The financial results for the years ended 31st of March 2023 and 31st of March 2022 per business segment are as follows (under category unallocated mainly the Company's activity is included):

(Amounts presented in thousand euros unless otherwise stated)

1 January to 31 March 2023

	Commercial Activities	Information technology services	Postal services	Production of electric power from renewable energy sources	Unallocated	Total
Total gross segment sales	230.405	51.099	35.011	2.169	1	318.685
Inter-segment sales	(31.915)	(398)	(274)	(151)	-	(32.738)
Net sales	198.490	50.701	34.737	2.018	1	285.947
Operating profit/ (loss)	6.619	4.226	4.669	1.295	(258)	16.551
Finance (costs) / income	(2.131)	(164)	(164)	(450)	12	(2.896)
Profit/ (Loss) before income tax	4.488	4.062	4.505	845	(246)	13.655
Income tax expense						(3.520)
Profit/ (Loss) after tax for the period						10.134

1 January to 31 March 2022

	Commercial Activities	Information technology services	Postal services	Production of electric power from renewable energy sources	Unallocated	Total
Total gross segment sales	184.969	42.287	32.182	2.054	154	261.646
Inter-segment sales	(22.981)	(227)	(241)	(78)	(35)	(23.562)
Net sales	161.988	42.060	31.942	1.976	119	238.084
Operating profit/ (loss)	5.269	3.892	4.320	959	1.162	15.602
Finance (costs) / income	(945)	(186)	(183)	(277)	(56)	(1.648)
Profit/ (Loss) before income tax	4.324	3.706	4.137	682	1.106	13.955
Income tax expense						(3.688)
Profit/ (Loss) after tax for the period						10.266

Transactions between segments are performed on commercial terms and conditions equal to those that apply for transactions with external parties.

The financial results for the Group's main subsidiaries for the periods 1/1-31/3/2022 and 1/1-31/3/2023 respectively are:

		Quest Holdings S.A.	Info-Quest Technologies S.M.S.A.	Clima Quest S.M.S.A.	Foqus S.M.S.A.	Unisystems (Group)	QuestOnLine S.A.	G.E.Demetriou S.A.	iSquare S.M.S.A.	iStorm S.A.&iStorm Cyprus LTD		ACS S.M.S.A. Quest Energy (Group)	Other / Consolidation adjustments	Continuing operations	Discontinued	operations Quest Group
	1/1-31/3/2023	428	72.811	2.778	1.657	50.725	8.337	13.559	107.624	22.156	34.960	2.169	-31.257	285.946	0	285.946
Sales	1/1-31/3/2022	419	75.025	1.442	2.863	42.143	7.761	0	81.772	15.889	32.131	2.054	-23.415	238.084	0	238.084
	Δ%	2,1%	-3,0%	92,6%	-42,1%	20,4%	7,4%	-	31,6%	39,4%	8,8%	5,6%	33,5%	20,1%	-	20,1%
	1/1-31/3/2023	-156	2.122	219	59	4.768	164	1.023	2.641	1.306	5.591	1.656	75	19.467	0	19.467
EBITDA	1/1-31/3/2022	-158	2.314	-19	159	4.408	193	0	2.270	1.136	4.853	1.568	154	16.879	0	16.879
	Δ%	-1,2%	-8,3%	-1260,8%	-63,0%	8,2%	-15,1%	-	16,3%	15,0%	15,2%	5,6%	-51,2%	15,3%	-	15,3%
	1/1-31/3/2023	-212	639	121	41	4.063	92	604	2.609	575	4.489	845	-211	13.654	0	13.654
Profit/ (Loss) before tax	1/1-31/3/2022	-245	1.325	-35	113	3.723	101	0	2.217	594	4.122	682	1.358	13.955	0	13.954
	Δ%	-13,3%	-51,8%	-445,7%	-63,4%	9,1%	-8,9%	-	17,6%	-3,3%	8,9%	23,9%	-115,5%	-2,2%	-	-2,1%
Profit/ (Loss) after tax	1/1-31/3/2023	-223	473	97	32	2.579	71	562	2.006	492	3.600	654	-209	10.134	0	10.134
	1/1-31/3/2022	-253	916	-37	75	2.510	78	0	1.672	494	3.203	517	1.090	10.267	0	10.266
	Δ%	-12,1%	-48,4%	-365,5%	-56,9%	2,7%	-9,5%	-	20,0%	-0,4%	12,4%	26,5%	-119,2%	-1,3%	-	-1,3%

Three-month Financial Report

for the period ended 31 March 2023

(Amounts presented in thousand euros unless otherwise stated)

7. Property, plant and equipment

GROUP	Land and buildings	Vehicles and machinery	Buildings under construction	Furniture and fittings	Total
Cost
1 January 2022	37.897	42.442	21.483	40.665	142.487
Additions	850	1.038	9.232	10.837	21.957
Disposals / Write-offs	-	(979)	-	(6.134)	(7.113)
Acquisition of subsidiaries	837	6.210	-	2.003	9.050
Reclassifications	26.309	9.495	(26.309)	(9.495)	-
31 December 2022	65.893	58.206	4.406	37.876	166.381
Accumulated depreciation
1 January 2022	(12.051)	(15.916)	-	(23.745)	(51.712)
Depreciation charge	(644)	(1.796)	-	(2.170)	(4.610)
Disposals / Write-offs	-	978	-	5.934	6.912
Acquisition of subsidiaries	(165)	(2.332)	-	(1.983)	(4.480)
31 December 2022	(12.860)	(19.066)	-	(21.964)	(53.890)
Net book value at 31 December 2022	53.033	39.140	4.406	15.912	112.491
Cost
1 January 2023	65.893	58.206	4.406	37.876	166.381
Additions	(2.659)	10	4.406	572	2.329
Disposals / Write-offs	-	(6)	-	(38)	(44)
Acquisition of subsidiaries	-	-	-	-	-
Reclassifications	721	-	(721)	-	-
31 March 2023	63.955	58.210	8.091	38.410	168.666
Accumulated depreciation
1 January 2023	(12.860)	(19.066)	-	(21.964)	(53.891)
Depreciation charge	(295)	(432)	-	(672)	(1.399)
Disposals / Write-offs	-	6	-	32	38
31 March 2023	(13.155)	(19.492)	-	(22.604)	(55.251)
Net book value at 31 March 2023	50.800	38.718	8.091	15.806	113.415

(Amounts presented in thousand euros unless otherwise stated)

COMPANY	Land and buildings	Vehicles and machinery	Furniture and fittings	Total
Cost
1 January 2022	12.980	321	1.667	14.968
Additions	-	-	15	15
31 December 2022	12.980	321	1.682	14.983
Accumulated depreciation
1 January 2022	(5.627)	(320)	(1.518)	(7.465)
Depreciation charge	(17)	-	(14)	(31)
31 December 2022	(5.644)	(320)	(1.532)	(7.496)
Net book value at 31 December 2022	7.336	1	150	7.487
1 January 2023	12.980	321	1.682	14.983
Additions	-	-	23	23
31 March 2023	12.980	321	1.705	15.006
Accumulated depreciation
1 January 2023	(5.644)	(320)	(1.531)	(7.496)
Depreciation charge	(5)	-	(4)	(9)
31 March 2023	(5.649)	(320)	(1.535)	(7.505)
Net book value at 31 March 2023	7.331	1	170	7.502

The liens and encumbrances on the assets of the Company and the Group are disclosed under Note 17.

It is noted that the Group has reassessed the useful economic life of the technical installations of the photovoltaic stations from 30 to 40 years since 1 January 2023 based on past experience around the lifetime and performance of photovoltaic technical installations and the 40-year guarantee period provided nowadays from the manufacturers of such equipment. The increase of the useful economic life is a change in accounting estimate and is therefore being recognized prospectively from 1 January 2023 in accordance with IAS 8 "Accounting policies, changes in accounting estimates and errors".

8. Goodwill

	GROUP
	31/3/2023	31/12/2022
At the beginning of the period Additions	36.351 -	19.350 17.001
At the end of the period	36.351	36.351

The current period balance of euro 36.351 thousand of goodwill, concerns:

• amount of euro 4.932 thousand that relates to the final goodwill of the company "Rainbow A.E." absorbed in 2010 by the 100% subsidiary iSquare,
• amount of euro 3.785 thousand that relates to the final goodwill that arose from the acquisition of the ACS subsidiary,
• amount of euro 6.014 thousand that is the final goodwill that has arisen from the acquisition of subsidiaries operating in the sector of energy production from renewable sources,
• amount of euro 222 thousand that relates to the final goodwill arising from the acquisition of the company "Team Candi SA" from the subsidiary "Info Quest Technologies SA",

(Amounts presented in thousand euros unless otherwise stated)

• amount of euro 4.396 thousand that is the final goodwill from the acquisition of 60% of "Intelli Solutions SA" from the subsidiary "Unisystems SA",
• amount of euro 17.001 thousand that concerns additions of the prior year, and specifically the final goodwill of euro 86 thousand from the 100% acquired company "MKBT P.C.", the final goodwill of euro 91 thousand from the 100% acquired company "SUNNYVIEW P.C.", the final goodwill of euro 217 thousand from the 99% acquired company "Damafco Energy P.C.", the final goodwill of euro 82 thousand from the 99% acquired company "DMN Energy SMPC" and to the provisional goodwill of euro 16.525 thousand from the company "G.E. Dimitriou AEE" over which the Company obtained control in the current year (99,09% share).

Goodwill is allocated to the Group's cash generating units (CGUs) identified according to country of operation & business segment.

The recoverable amount of each CGU is assessed based on its value-in-use. The assessment of value-in-use is based on the projected cash flows estimated according to the 5-year business plans developed by Management and is performed on an annual basis.

	Industrial property rights	IT Software	Total
GROUP - Cost
1 January 2022	37.240	18.056	55.297
Additions	-	714	714
Disposals / Write-offs	-	(6)	(6)
Acquisition of subsidiaries	3.165	1.156	4.321
31 December 2022	40.405	19.920	60.326
Accumulated depreciation
1 January 2022	(19.501)	(16.218)	(35.719)
Amortization charge	(919)	(963)	(1.882)
Disposals / Write-offs	-	6	6
Acquisition of subsidiaries	-	(1.156)	(1.156)
31 December 2022	(20.420)	(18.331)	(38.751)
Net book value at 31 December 2022	19.985	1.590	21.574
1 January 2023	40.405	19.920	60.326
Additions	-	710	710
31 March 2023	40.405	20.630	61.036
Accumulated depreciation
1 January 2023	(20.420)	(18.331)	(38.751)
Amortization charge	(96)	(240)	(336)
31 March 2023	(20.516)	(18.570)	(39.087)
Net book value at 31 March 2023	19.889	2.059	21.949

9. Intangible assets

(Amounts presented in thousand euros unless otherwise stated)

	IT Software	Total
COMPANY - Cost
1 January 2022	47	47
Additions	3	3
31 December 2022	50	50
Accumulated depreciation
1 January 2022	(47)	(47)
31 December 2022	(47)	(47)
Net book value at 31 December 2022	3	3
1 January 2023	50	50
Additions	-	-
31 March 2023	50	50
Accumulated depreciation
1 January 2021	(47)	(47)
31 March 2023	(47)	(47)
Net book value at 31 March 2023	3	3

The balance of euro 19.889 thousand of the unamortized value of the industrial property rights in the Group mainly includes euro 19 million relating to licenses for energy production from renewable energy sources and euro 1 million relating to trademarks.

Regarding licenses, the above amount was determined following the purchase price allocations of the power plants and is being amortized under a useful life of 50 years from the date of commencement of operation of each plant. It is noted that since 1 January 2023 the useful economic life of the energy licenses has been reassessed from 27 to 50 years following decision no. 867/24.11.2022 of the Energy Regulatory Authority, based on which the validity period for production licenses for renewable energy power stations, which were put into operation before the entry into force of Law 3468/2006, may be extended to a period of 50 years. The increase of the useful economic life is a change in accounting estimate and is therefore being recognized prospectively from 1 January 2023 in accordance with IAS 8 "Accounting policies, changes in accounting estimates and errors".

Regarding trademarks, these concern the subsidiary "G.E. Dimitriou AEE", are of indefinite useful life and are therefore annually tested for impairment following the method "Relief from Royalties".

10. Investment property

The investment property of the Group is analyzed as follows:

	GROUP
	31/3/2023	31/12/2022
Balance at the beginning of the year	2.735	2.735
Fair value adjustments	-	-
Balance at the end of the year	2.735	2.735

The balance of euro 2.735 thousand concerns land owned by the subsidiary Unisystems located on Athinon Avenue in Athens.

The property had been acquired by the subsidiary back in 2006 with initial intention the construction of offices for selfoccupation. In 2007, Management decided not to construct the mentioned offices. Thus, this land is now owned for future appreciation rather than short term disposal and based on the requirements of IAS 40 «Investment Property», it was reclassified from Property, plant and equipment to Investment Property in the past.

For the purposes of fair value measurement as of 31 December 2022, a valuation report was prepared by an external independent property valuer. According to the valuation report, the fair value of the land was assessed at euro 2.767 thousand with reference date the 18 January 2023. The deviation between the fair value assessed and the book value of the land as of 31 December 2022 is immaterial, therefore no adjustment to fair value was required for the year then ended.

11. Investments in subsidiaries

The Investments in subsidiaries are analyzed as follows:

	COMPANY
	31/3/2023	31/12/2022
Balance at the beginning of the year	113.902	108.908
Additions	4.450	5.094
Disposals	-	(100)
Balance at the end of the year	118.352	113.902

The additions of euro 4.450 thousand during the current period are associated with the share capital increase of equal amount of subsidiary Quest Energy which was covered entirely by the Company.

The additions of the prior year of euro 5.094 thousand relate to the cost of the new investment in "G.E. Dimitriou AEE" following the participation of the Company in the share capital increase of the former by the said amount (Note 28). The reductions of euro (100) thousand relate to the dissolution of subsidiary Quest International SRL that took place in the prior year.

The stakes held by the Company in subsidiaries and the relevant carrying amounts as of 31 March 2023 and 31 December 2022 are the following:

Name	Country of incorporation	Cost	Impairment	Carrying amount	% interest held
31 March 2023
UNISYSTEMS SMSA	Greece	60.431	-	60.431	100,00%
ACS SMSA	Greece	2.368	-	2.368	100,00%
ISQUARE SMSA	Greece	60	-	60	100,00%
QUEST ΕΝΕRGY S.A.	Greece	21.618	-	21.618	100,00%
QUEST onLINE SMSA	Greece	810	(810)	-	100,00%
INFO QUEST Technologies SMSA	Greece	25.375	-	25.375	100,00%
ISTORM SMSA	Greece	3.157	-	3.157	100,00%
CLIMA QUEST SMSA	Greece	200	-	200	100,00%
FOQUS SMSA	Greece	50	-	50	100,00%
G.E. Dimitriou AEE	Greece	5.094	-	5.094	99,09%
		119.162	(810)	118.352

(Amounts presented in thousand euros unless otherwise stated)

Name	Country of Cost incorporation			Carrying	% interest
			Impairment	amount	held
31 December 2022
UNISYSTEMS SMSA	Greece	60.431	-	60.431	100,00%
ACS SMSA	Greece	2.368	-	2.368	100,00%
ISQUARE SMSA	Greece	60	-	60	100,00%
QUEST ΕΝΕRGY S.A.	Greece	17.168	-	17.168	100,00%
QUEST onLINE SMSA	Greece	810	(810)	-	100,00%
INFO QUEST Technologies SMSA	Greece	25.375	-	25.375	100,00%
ISTORM SMSA	Greece	3.157	-	3.157	100,00%
CLIMA QUEST SMSA	Greece	200	-	200	100,00%
FOQUS SMSA	Greece	50	-	50	100,00%
Quest international SRL	Belgium	5.094	-	5.094	99,09%
		114.712	(810)	113.902

Management have assessed that no further indicators for impairment / reversal of impairment exist for the investments in subsidiaries as of 31 March 2023. Recoverable amounts will be re-assessed at year-end for investment valuation purposes.

In addition to the above subsidiaries, the Group consolidated financial statements also include the indirect investments as they are presented below:

• The 100% held subsidiaries of ACS SA: GPS and ACS INVEST UK LIMITED established in Great Britain.
• The subsidiaries of Quest Energy S.A.: Amalia Wind Farm of Viotia S.Α. (100% subsidiary), Megalo Plai Wind Farm of Viotia S.Α. (100% subsidiary), Quest Aioliki Livadiou Larisas Ltd (98,77% subsidiary), Quest Aioliki Servion Kozanis Ltd (100% subsidiary), Quest Aioliki Distomou Megalo Plai Ltd (98,70% subsidiary), Quest Aioliki Sidirokastrou Hortero Ltd (98,67% subsidiary), Xilades S.A. (99% subsidiary), Wind Sieben S.A. (100% subsidiary), BETA SUNENERGIA KARVALI S.A. (100% subsidiary), FOS ENERGIA KAVALAS S.A. (100% subsidiary), NUOVO KAVALA PHOTOPOWER S.A. (100% subsidiary), ENERGIA FOTOS BETA XANTHIS S.A. (100% subsidiary), PETROX SOLAR POWER S.A. (100% subsidiary), PHOTOPOWER EVMIRIO BETA S.A. (100% subsidiary), MILOPOTAMOS FOS 2 S.A. (100% subsidiary) and ADEPIO Ltd (100% subsidiary).
• The 100% held subsidiary of Amalia Wind Farm of Viotia S.Α.: MKVT PC.
• The 100% held subsidiary of Megalo Plai Wind Farm of Viotia S.Α.: SUNNYVIEW PC.
• The 100% held subsidiary of ADEPIO Ltd: Kinigos SMSA.
• The 100% held subsidiary of Unisystems S.A.: Unisystems Cyprus Ltd and the 100% subsidiary of the latter: Unisystems Information Technology Systems SLR previously known as Quest Rom Systems Integration & Services Ltd established in Romania.
• The 100% held subsidiary of Unisystems SMSA: Unisystems Luxembourg S.a.r.l. established in Luxembourg.
• The 50% held subsidiary of Unisystems SMSA and 50% held subsidiary of Quest Holdings S.A., therefore an indirect 100% subsidiary of the latter: Pleiades IoT Innovation Cluster
• The 60% held subsidiary of Unisystems SMSA: Intelli Solutions SA established in Greece.
• The 100% held subsidiary of iStorm S.A.: iStorm Cyprus, which is established in Cyprus.
• The 100% held subsidiary of iSquare S.A.: iQbility Ltd.
• The 100% held subsidiaries of Info Quest Technologies S.A.: Info Quest Technologies Cyprus Ltd and Info Quest Technologies Romania SRL.
• The 100% held subsidiary of Info Quest Technologies S.A.: Team Candi SA.
• The 100% held subsidiaries of Xilades S.A.: DMN Energy SMPC, Damafco Energy PC and Pharos Energy SA.
• The subsidiaries of G.E. Dimitriou AEE: APPLICATIONS SERVICE PROVIDERS (A.S.P.) (65%), SINGER APPLIANCES BULGARIA OOD (80%), G.E.D. TOYOTOMI ITALIA S.R.L. (99%) and SPIROS TASSOGLOU & SIA O.E. (95%).

(Amounts presented in thousand euros unless otherwise stated)

Regarding the participation of Info Quest Technologies in Info Quest Technologies Romania, this resulted from the establishment of the latter by Info Quest Technologies during the current period. The subsidiary Info Quest Technologies Romania is being consolidated by the Group following the full consolidation method for the first time since 1 January 2023.

12. Investments in associates

	GROUP		COMPANY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Balance at the beginning of the period	709	386	10	-
Additions	-	33	-	10
Share on profit of equity-accounted investees	-	172	-	-
Reclassifications	-	8	-	-
Changes due to business combinations	-	110	-	-
Balance at the end of the period	709	709	10	10

The amount of euro 110 thousand in prior year relates to the newly acquired subsidiary "G.E. Dimitriou AEE" and specifically concerns its investment in associate "TOYOTOMI ITALIA SRL" (34,33%).

The share on profit of equity-accounted investees of euro 172 thousand relates to the associate ACS Cyprus LTD, that the Group consolidated under the equity method in current year.

Other than that, on a Group level the investments in associates include NUBIS SA (43,26% interest), that is currently under liquidation, ACS Cyprus LTD (20% interest), Probotek (25% interest) and OPTECHAIN PC (20% interest).

To the extent that there is no material impact on the financial results, the Group may not consolidate all associates under the equity method.

13. Financial assets at fair value through profit or loss

	GROUP		COMPANY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Balance at the beginning of the year	573	736	100	117
Additions	18	256	-	-
Disposals / Write-offs	(112)	(444)	-	(18)
Fair value adjustments	-	1	-	1
Acquisition of subsidiaries	-	32	-	-
Other	-	(8)	-	-
Balance at the end of the year	479	573	100	100
Non-current assets	460	554	100	100
Current assets	19	19	-	-
	479	573	100	100

The financial assets measured at fair value through profit or loss comprise of listed and non-listed shares and bonds. The fair value of listed shares is determined based on the published period-end bid prices at the reporting date. The fair value of non-

(Amounts presented in thousand euros unless otherwise stated)

listed shares and bonds is determined with the use of valuation techniques and assumptions that are based on market information available at the reporting date.

The balance of euro 479 thousand as of 31 March 2023 on a Group level primarily concerns investments held by the indirect subsidiary iQbility.

The disposals/write-offs of euro (444) thousand in the prior year concern by the amount of euro 426 thousand the disposal of the stake in company Accusonus, held by the indirect subsidiary iQbility, against a consideration of euro 1.652 thousand. From this transaction, a profit of euro 1.226 thousand arose for the Group recognized under 'Other gains / (losses)' in the year that ended 31 December 2022.

14. Share capital

The share capital is analyzed as follows:

	Number of shares	Share capital	Total value
1 January 2022	35.740.896 47.535		47.535
Share split	71.481.792 (357)		(357)
31 December 2022	107.222.688	47.178	47.178
1 January 2023	107.222.688	47.178	47.178
31 March 2023	107.222.688	47.178	47.178

The Extraordinary General Meeting of the Company's shareholders, held on 28 February 2022, decided for the reduction of the nominal share value from euro 1,33 to euro 0,44 and the simultaneous increase of the total number of shares from 35.740.896 to 107.222.688 common registered voting shares (split). The 71.481.792 new shares were distributed free‐of‐charge to the shareholders of the Company in a ratio of 3 new common registered shares for each 1 old common registered share. Following the above change, the share capital of the Company now amounts to euro 47.177.982,72, divided into 107.222.688 common registered voting shares with a nominal value of euro 0,44 each. At the same time, a special purpose reserve was formed, according to art. 31 par. 2 of Law 4548/2018 amounting to euro 357 thousand for the purpose of rounding off the new nominal value of the share.

At the end of the current period, the Company held 814.381 own shares which represent 0,76% of the share capital with an average acquisition price of euro 4,35 per share.

(Amounts presented in thousand euros unless otherwise stated)

15. Borrowings

The borrowings of the Group and the Company are analyzed as follows:

	GROUP		COMPANY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Non-current borrowings
Bank borrowings	1.268	2.260	-	-
Bond loans	66.262	71.930	-	-
Total non-current borrowings	67.530	74.190	-	-
Current borrowings
Bank borrowings	37.491	59.194	-	-
Bond loans	7.553	6.116	-	-
Other borrowings (Factoring)	95	1	-	-
Total current borrowings	45.139	65.311	-	-
Total borrowings	112.669	139.501	-	-

The Group has approved credit lines with financial institutions of euro 275 million and the Company of euro 11 million. Shortterm borrowings' fair values approximate their book values.

The movement of borrowings is analyzed as follows:

	GROUP		COMPANY
	31/3/2023	31/12/2022		31/12/2022
Balance at the beginning of the period	139.501	78.470	-	11.990
Repayment of borrowings	(32.339)	(19.051)	-	(11.990)
Proceeds from borrowings	5.507	73.154	-	-
Acquisition of subsidiaries	-	6.928	-	-
Balance at the end of the period	112.669	139.501	-	-

Both the Company and the Group are not exposed to foreign exchange risk since the total of borrowings during the first quarter of 2023 was denominated in euro.

The maturity of non-current borrowings is the following:

	GROUP		COMPANY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Between 1 and 2 years	12.833	11.216	-	-
Between 2 and 3 years	10.357	14.876	-	-
Between 3 and 5 years	29.279	32.533	-	-
Over 5 years	15.061	15.565	-	-
	67.530	74.190	-	-

The Group and the Company are exposed to interest rate changes that prevail in the market which affect its financial position and cash flows. The cost of debt may either increase or decrease because of the abovementioned fluctuations.

Bond Loans

Wind Sieben S.M.S.A.

On April 24th, 2019, the subsidiary "Wind Sieben S.A." concluded a Bond Loan with Alpha Bank, amounting to euro 3.500 thousand. The repayment of the loan will be made in 26 quarterly instalments commencing on 30/6/2019, and the last instalment amounting to euro 334 thousand will be repaid according to the repayment plan on 30/6/2025. To meet the terms of the loan, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,25. The company will reassess compliance with the above covenant at the end of the fiscal year.

Kinigos S.A.

On September 28, 2020, the subsidiary "Kinigos S.A." concluded a Bond Loan with National Bank of Greece, amounting to 18.070 thousand Euro. The repayment of the loan will be made in 22 six-month instalments commencing on 31/12/2020. To meet the terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR)> 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Info Quest Technologies S.M.S.A.

The subsidiary «Info Quest Technologies S.A.» on July 27, 2020 entered into a Bond loan with Alpha bank amounting to euro 10.000 thousand. The duration of the loan is five years and the last installment of the loan will be paid on 27/7/2025. In addition, the subsidiary on July 30, 2020 entered into a Bond loan with National Bank of Greece amounting to euro 10.000 thousand. The duration of the loan is five years and the last installment of the loan will be paid on 27/7/2025. There are no covenants with respect to these loans. In addition, on August 30, 2022, the company concluded a bond loan with Alpha Bank for the amount of euro 23.000 thousand. The duration of the loan is 3 years and the last installment will be paid on 29/08/2025. To meet the terms of the loan, the company shall maintain on a six-month basis the ratios Net Debt to EBITDA < 4,50 and EBIT to Interest expense > 2,50 throughout the loan. The company will reassess compliance with the above covenant at the end of the fiscal year.

Quest Energy S.M.S.A.

The subsidiary «Quest Energy S.A.» on November 17, 2020 entered into a Bond loan with Alpha Bank amounting to euro 3.000 thousand. The repayment of the loan will be made in 14 quarterly instalments commencing on 17/2/2021. To meet the terms of the loan, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,25. The company will reassess compliance with the above covenant at the end of the fiscal year.

Beta Sunenergia Karvali S.M.S.A.

The subsidiary «Beta Sunenergia Karvali S.A.» on April 12, 2021 entered into a Bond Loan with Piraeus Bank amounting to euro 1.280 thousand. The duration of the loan is seven years, and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the loan, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Nuovo Kavala Phottopower S.M.S.A.

The subsidiary «Nuovo Kavala Phottopower S.A.» on April 12, 2021 entered into a Bond Loan with Piraeus Bank in the amount of euro 1.311 thousand. The duration of the loan is seven years, and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the loan, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Petrox Solar Power S.M.S.A.

The subsidiary «Petrox Solar Power S.A.» on April 12, 2021 entered into a Bond Loan with Piraeus Bank amounting to Euro 1.327 thousand. The duration of the loan is seven years and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the loan, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Phottopower Evmirio Beta S.M.S.A.

The subsidiary «Phottopower Evmirio Beta S.A.» on April 20, 2021 concluded a Bond Loan with Piraeus Bank in the amount of euro 1.338 thousand. The duration of the loan is seven years and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Energy Beta Xanthi S.M.S.A.

The subsidiary «Energy Beta Xanthi S.A.» on April 14, 2021 entered into a Bond Loan with Piraeus Bank amounting to euro 1.363 thousand. The duration of the loan is seven years and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Mylopotamos Fos 2 S.M.S.A.

The subsidiary «Mylopotamos Fos 2 S.A.» on April 14, 2021 entered into a Bond Loan with Piraeus Bank amounting to euro 1.287 thousand. The duration of the loan is seven years, and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Fos Energia Kavala S.M.S.A.

The subsidiary «Fos Energia Kavala S.A.» on April 14, 2021 entered into a Bond Loan with Piraeus Bank amounting to euro 1.319 thousand. The duration of the loan is seven years and the last instalment of the loan will be paid on 31/12/2028. To meet the terms of the borrowing, the company must achieve on an annual basis the debt service ratio defined as profit before interest and amortization divided by net financial expenses plus loans paid (DSCR) > 1,1. The company will reassess compliance with the above covenant at the end of the fiscal year.

Xylades Energy S.A.

The subsidiary «Xylades Energeiaki S.A.» on June 18, 2021 concluded a Bond Loan with Eurobank Bank amounting to euro 1.310 thousand. The duration of the loan is five years and the last installment of the loan will be paid on 31/03/2026. There are no covenants in respect of this loan.

G.E. Dimitriou AEE

The subsidiary «G.E. Dimitriou AEE» on October 14, 2022 concluded a Bond Loan with Piraeus Bank amounting to euro 13.500 thousand. The duration of the loan is eight years and the first installment being payable in 2024 and the last instalment being payable on 21/10/2030. To meet the terms of the loan, the company must achieve on an annual basis the ratio Net Debt divided by EBITDA defined as total borrowings less cash and cash equivalents divided by earnings before interest, tax, depreciation, amortization and non-operating results. The ratio (on a standalone or/and consolidated level) must be below or equal to 10 for year 2023, below or equal to 7 for year 2024, below or equal to 6 for year 2025, below or equal to 5 for year 2026, below or equal to 4 from year 2027 and till the expiration date of the loan. The company will reassess compliance with the above covenant at the end of the fiscal year.

(Amounts presented in thousand euros unless otherwise stated)

16. Contingent assets and liabilities

The Group and the Company have contingent liabilities arising from bank and other guarantees and other matters that have arisen in the ordinary course of business and are not anticipated to materialize.

The contingent liabilities are analysed as follows:

	GROUP		COMPANY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Letters of guarantee to customers securing contract performance	31.492	31.342	4.063	4.063
Letters of guarantee for participation in tenders	3.596	4.022	-	-
Letters of guarantee for advances	10.254	10.345	-	-
Letters of guarantee to banks on behalf of subsidiaries	97.250	97.250	97.250	97.250
Letters of guarantee to creditors on behalf of subsidiaries	54.247	44.055	54.247	44.055
Other	14.027	9.199	-	-
	210.867	196.214	155.560	145.368

Furthermore, there are various legal cases against Group entities from which however no additional material exposure exists as per Management's latest assessment, apart from the amounts already provided for by Management in the interim condensed financial statements for the period ended on March 31st, 2023.

17. Encumbrances

At the end of the closing period, the following encumbrances for the companies of the Group exist:

QUEST ENERGY S.A.

The company "QUEST ENERGY S.A." concluded on November 17, 2020 a 9-year Bond Loan Agreement with ALPHA BANK amounting to euro 3.000 thousand. The current outstanding balance amounts to euro 2.250 thousand and has been secured with a Pledge Agreement concluded on securities.

Xylades Energy.S.A.

The company "Xylades Energeiaki S.A." concluded on May 11, 2012 a 10-year Debt Loan Agreement with TT (Eurobank), amounting to euro 2.548 thousand that has been secured with a since July 23, 2012 Pledge Agreement on Law 2844/2000, based on which the fixed equipment relating to the photovoltaic station of the said company has been pledged.

On June 18, 2021 a 5-year Bond Loan Agreement, with Eurobank Bank amounting to euro 1.310 thousand was concluded. The current outstanding balance amounts to euro 1.280 thousand and has been secured with a since 18 June 2021 Pledge Agreement (Law 2844/2000).

On July 28, 2022 a credit facility was concluded amounting to euro 3.450.000.

The total current outstanding balance of the above loans amounts to euro 4.408 thousand.

Wind Sieben S.A.

The company "Wind Sieben S.A." has concluded:

• from April 24, 2019 6-year Bond Loan Agreement with ALPHA BANK amounting to euro 3.500 thousand. The current outstanding balance amounts to euro 1.464 thousand and has been secured with the following:

a The Pledge Agreement from April 24, 2019 (Law 2844/2000), based on which the fixed equipment relating to the photovoltaic station of the said company has been pledged and

b The Pledge Agreement from April 24, 2019 on Bonds.

Fos Energy Kavala S.A.

The company "Fos Energy Kavala M.A.E." has concluded:

• the seven-year Bond Loan Agreement with Piraeus Bank amounting to euro 1.319 thousand from April 12, 2021. The current outstanding balance amounts to euro 959 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

(Amounts presented in thousand euros unless otherwise stated)

Mylopotamos Fos 2 S.A.

The company "Mylopotamos Fos 2 S.A." has concluded:

• the 7-year Bond Loan Agreement with Piraeus Bank amounting to euro 1.287 thousand from April 12, 2021. The current, outstanding balance amounts to euro 935 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

Fos Energy Beta Xanthi S.A.

The company "Fos Energy Beta Xanthi S.A." has concluded:

• the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 amounting to euro 1.363 thousand. The current outstanding balance amounts to euro 992 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

Phottopower Evmirio Beta S.A.

The company "Phottopower Evmirio Beta S.A." has concluded:

• the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 amounting to euro 1.338 thousand. The current outstanding balance amounts to euro 973 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

Petrox Solar Power S.A.

The company "Petrox Solar Power S.A." has concluded:

• the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 amounting to euro 1.327 thousand. The current outstanding balance amounts to euro 965 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

Nuovo Kavala Phottopower S.A.

The company "Nuovo Kavala Phottopower S.A." has concluded:

• the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 amounting to euro 1.311 thousand. The current outstanding balance amounts to euro 953 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

Beta Sunenergia Karvali S.A.

The company "Beta Sunenergia Karvali M.A.E." has concluded:

• the 7-year Bond Loan Agreement with Piraeus Bank from 12 April 2021 amounting to euro 1.280 thousand. The current outstanding balance amounts to euro 930 thousand and has been secured with the following:

a The Pledge Agreement dated 12 April 2021 (Law 2844/2000), under which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The from April 12, 2021 Pledge Supply Agreement on Bonds.

Kinigos S.A.

The company "Kinigos S.A." has concluded:

• the September 11, 2020 11-year Bond Loan Agreement with the National Bank of Greece amounting to euro 18.070 thousand. The current outstanding balance amounts to euro 14.015 thousand and has been secured with the following:

a The Pledge Agreement from September 28, 2020 (Law 2844/2000), based on which the fixed equipment relating to the photovoltaic station of the company in question has been pledged and

b The Pledge Agreement from 28 September 2020 on Bonds.

(Amounts presented in thousand euros unless otherwise stated)

MKVT P.C.

The company "MKBT P.C." concluded on 23 December 2020 Loan Agreement amounting to euro 479 thousand. The current outstanding balance amounts to euro 432 thousand and has been secured with the following: The Pledge Agreement from 27 April 2021 on securities with Optima Bank.

SUNNYVIEW P.C.

The company "SUNNYVIEW P.C." concluded on 23 December 2020 Loan Agreement amounting to euro 479 thousand. The current outstanding balance amounts to euro 432 thousand and has been secured with the following: The Pledge Agreement from 21 April 2021 on securities with Optima Bank.

G.E. DIMITRIOU S.A.

On the property of the company "G.E. DIMITRIOU S.A." located in Athens, Sepolia, a promissory note in favor of the Piraeus Bank (former Bank of Cyprus Ltd) has been registered amounting to euro 1.500 thousand and fully mortgaged on 16.7.2019. In the context of the validation of the restructuring agreement (decision 146/2022 of the Multi-Member Court of First Instance of Athens) a note with no. 539/20.04.2022 was registered for the company's obligation to transfer the property at Sepolia to Piraeus Bank.

Part of the borrowings of the Group's subsidiaries are secured with guarantees provided by the Company.

18. Commitments

Capital commitments

At the reporting date, March 31 st , 2023, there are no capital expenditures contracted for the Group or the Company.

19. Income tax expense

Income tax expense of the Group and Company for the period ended March 31, 2023 and March 31, 2022 respectively was:

		GROUP	COMPANY
	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022
Current tax	(5.769)	(4.127)	-	-
Deferred tax	2.249	439	(10)	(9)
Total	(3.520)	(3.688)	(10)	(9)

The impact of the income tax on the earnings before tax of the Group for the periods ended 31 March 2023 and 31 March 2022 is at 26%.

Regarding the Company's subsidiaries located abroad, the local tax rates are applied for the calculation of the current tax. The tax on the Company's pre-tax profits differs from the theoretical amount that would result if we used the weighted average tax rate of the country of origin of each company.

Based on art. 120 of Law 4799/2021 the income tax rate of legal entities is reduced by 2% (from 24% to 22%) for the income of the tax year 2021 onwards.

20. Dividends

Closing period

The Board of Directors of the Company will propose to the upcoming Annual General Meeting of the shareholders the distribution of dividends of euro 0,20 (gross amount) per share. The Annual General Meeting of the shareholders is expected to take place on Thursday 15 June 2023.

Prior year

As per resolution of the Annual Ordinary General Meeting of June 15, 2022, the Company distributed dividend after excluding from this process the treasury shares held, amounting to euro 1,25 (gross amount) per share on the 35.740.896 shares of the Company, which, as per resolution of the Extraordinary General Meeting held on February 28, 2022, were split (split: 1 old share for 3 new shares) into 107.222.688 new shares. In addition, as further decided by the Annual Ordinary General Meeting of June 15, 2022, the distribution of dividend of euro 0,15 (gross amount) for the new number of shares (107.222.688) was decided. It is noted that the adjusted (based on the number of new shares) dividend for fiscal year 2021 amounted to euro 0,4167 per share and concerned the interim dividend plus euro 0,15 per share, namely a total amount of euro 0,5667 per share (gross amount).

21. Related party transactions

Related parties, in accordance with the requirements of IAS 24, are the subsidiary companies, companies with common shareholders with the Company, associates, joint ventures, as well as the members of the Board of Directors and the Company's Executives and the persons closely related to them.

Intra-group transactions relate to sale of goods and rendering of services. The transactions of the Company with the rest of the Group concern mainly provision of internal support services and leasing of property. The Company receives goods and services from the rest of the Group relating mainly to courier services and repair of IT equipment. Services from, and to related parties, as well as sales and purchases of goods, are conducted at arm's length.

The transactions with related parties during the year were as follows:

		GROUP	COMPANY
	01/01/2023-	01/01/2022-	01/01/2023-	01/01/2022-
	31/03/2023	31/03/2022	31/03/2023	31/03/2022
i) Sales of goods and services
Sales of goods to:	1.437	469	-	-
- Other related parties	1.437	469	-	-
Sales of services to:	839	569	341	351
-Unisystems Group	-	-	130	134
-Info Quest Technologies	-	-	42	48
-ACS	-	-	73	73
-iStorm	-	-	4	4
-iSquare	-	-	45	45
- Other direct subsidiaries	-	-	46	46
- Other related parties	839	569	1	1
Dividends	-	-	-	11.429
-Info Quest Technologies	-	-	-	2.000
-ACS	-	-	-	7.029
-iSquare	-	-	-	2.400
	2.276	1.038	341	11.780
ii) Purchases of goods and services
Purchases of goods from:	895	-	-	-
- Other related parties	895	-	-	-
Purchases of services from:	773	665	80	39
-Unisystems	-	-	41	4
- Info Quest Technologies	-	-	13	10
- Other related parties	773	665	26	24
	1.668	665	80	39
iii) Benefits to management
Salaries and other short-term employment benefits	2.334	2.974	143	147
	2.334	2.974	143	147

(Amounts presented in thousand euros unless otherwise stated)

iv) Period end balances from sales-purchases of goods / services / dividends

	GROUP		COMPANY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Receivables from related parties:
-Unisystems	-	-	133	135
-Info Quest Technologies	-	-	20	4.500
-ACS	-	-	22	22
-iStorm	-	-	2	2
-iSquare	-	-	18	19
- Other direct subsidiaries	-	-	20	4.469
- Other related parties	4.035	4.028	18	16
	4.035	4.028	233	9.162
Payables to related parties:
-Info Quest Technologies	-	-	3	40
-ACS	-	-	14	14
- Other direct subsidiaries	-	-	-	3
- Other related parties	1.221	126	4	4
	1.221	126	21	61
v) Receivables from management and BOD members	-	-	-	-
vi) Payables to management and BOD members	-	-	-	-

The amount of euro 2.334 and euro 2.974 thousand for benefits to management in current and prior year respectively basically concerns salaries as per requirements of IAS 24 "Related parties".

The amount receivable from other related parties of euro 4.035 as of 31 March 2023 mainly concerns receivables of euro 3.401 from COSMOS BUSINESS SYSTEMS and euro 629 thousand from BriQ Properties. On 31 December 2022 respectively, the receivable balance of euro 4.028 thousand from related parties concern COSMOS BUSINESS SYSTEM by an amount of euro 2.907 thousand, BriQ Properties by an amount of euro 534 thousand and ACS Cyprus by an amount of euro 587 thousand.

As mentioned above, transactions with other related parties also include transactions with the company "BriQ Properties REIC", which was a subsidiary of the Company up to July 31st, 2017, and today is an associated member, although not directly nor indirectly owned by the Company, due to common key shareholders and significant business relationships, which mainly concern property leases.

The lease liabilities of the Group and the Company to BriQ are analysed as follows:

	GROUP		COMPAΝY
	31/3/2023	31/12/2022	31/3/2023	31/12/2022
BriQ Properties REIC
Lease liabilities, opening balance	13.352	8.394	354	402
Lease payments	(7.912)	(8.080)	(402)	(366)
Contract modifications	8.902	11.394	320	243
Interest expense	1.583	1.644	80	75
Lease liabilities, ending balance	15.925	13.352	353	354

(Amounts presented in thousand euros unless otherwise stated)

22. Earnings per share

Basic and diluted earnings / (losses) per share are calculated by dividing profit/(loss) attributable to ordinary equity holders of the parent entity, by the weighted average number of the ordinary outstanding shares during the period and excluding any treasury shares that were purchased by the Company.

	GROUP
	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022
Earnings/ (Losses) from continuing operations attributable to equity holders of the Company	10.057	9.958
Weighted average number of ordinary shares in issue (in thousand)	106.409	106.974
Basic and diluted earnings/ (losses) per share (Euro per share)	0,0945	0,0931

(Amounts presented in thousand euros unless otherwise stated)

23. Periods unaudited by the tax authorities

The open tax years for each company of the Group, are as follows:

Company Name	Website	Country of incorporation	% Participation (Direct)	% Participation (Indirect)	Consolidation Method	Open tax years
** Quest Holdings S.A.	www.quest.gr	-	-	-	-	2017-2022
* Unisystems S.A.	www.unisystems.com	Greece	100,00%		Full	2017-2022
- Unisystems Belgium S.A.	-	Belgium	100,00%	100,00%	Full	2017-2022
‐ UniSystems Luxembourg S.à r.l.	-	Luxembourg	100,00%	100,00%	Full	-
- Intelli Solustions S.A.	https://intelli-corp.com/	Greece	60,00%	60,00%	Full	-
-Intelli d.o.o. Beograd	-	Serbia	60,00%	60,00%	Full	-
-Intelli Solutions Bulgaria eood	-	Bulgaria	60,00%	60,00%	Full	-
‐ Probotek Ι.Κ.Ε.	-	Greece	24,98%	24,98%	-	-
‐ OPTECHAIN Ι.Κ.Ε.	-	Greece	20,00%	20,00%	-	-
- Unisystems Cyprus Ltd	-	Cyprus	100,00%		Full	2017-2022
- Unisystems Information Technology Systems SRL	-	Romania	100,00%	100,00%	Full	2017-2022
* ACS S.A.	www.acscourier.net	Greece	100,00%		Full	2017-2022
- ACS UK Invest LTD	-	UK	100,00%	100,00%	Full	-
‐ GPS Postal Services ΜΙΚΕ	www.genpost.gr	Greece	100,00%	100,00%	Full	-
- ACS Cyprus ltd	-	Greece	20,00%	20,00%	Equity Method	-
* Quest Energy S.A.	www.questenergy.gr	Greece	100,00%		Full	2017-2022
- Wind farm of Viotia Amalia S.A.	www.aioliko-amalia.gr	Greece	100,00%	0,00%	Full	2017-2022
‐ ΜΚΒΤ P.C.	-	Greece	100,00%	100,00%	Full	2017-2022
- Wind farm of Viotia Megalo Plai S.A.	www.aioliko-megaloplai.gr	Greece	100,00%	100,00%	Full	2017-2022
- SUNNYVIEW P.C.	-	Greece	100,00%	100,00%	Full	2019-2022
- Quest Aioliki Livadiou Larisas Ltd	www.questaioliki-livadi.gr	Greece	98,67%	98,67%	Full	2017-2022
- Quest Aioliki Servion Kozanis Ltd	www.questaioliki-servia.gr	Greece	100,00%	100,00%	Full	2017-2022
- Quest Aioliki Distomou Megalo Plai Ltd	www.questaioliki-megaloplai.gr	Greece	98,67%	98,67%	Full	2017-2022
- Quest Aioliki Sidirokastrou Hortero Ltd	www.questaioliki-hortero.gr	Greece	98,67%	98,67%	Full	2017-2022
- Xylades Energeiaki S.A.	www.xyladesenergiaki.gr/	Greece	99,00%	99,00%	Full	2017-2022
- Damafco Energy PC	-	Greece	100,00%	99,00%	Full	2018-2022
- DMN Energy SMPC	-	Greece	100,00%	99,00%	Full	2018-2022
- Pharos Energy SA	-	Greece	100,00%	99,00%	Full	2017-2022
- BETA SUNENERGIA KARVALI S.A.	www.betakarvali.gr	Greece	100,00%	100,00%	Full	2017-2022
- Fos Energia Kavalas S.A.	www.foskavala.gr	Greece	100,00%	100,00%	Full	2017-2022
- NUOVO KAVALA PHOTOPOWER S.A.	www.nuovophoto.gr	Greece	100,00%	100,00%	Full	2017-2022
- Energia fotos beta Xanthis S.A.	www.fosxanthi.gr	Greece	100,00%	100,00%	Full	2017-2022
- PETROX SOLAR POWER S.A.	www.petroxsolar.gr	Greece	100,00%	100,00%	Full	2017-2022
- PHOTOPOWER EVMIRIO BETA S.A.	www.photoevmirio.gr	Greece	100,00%	100,00%	Full	2017-2022
- Mylopotamos Fos 2 S.A.	www.mylofos2.gr	Greece	100,00%	100,00%	Full	2017-2022
- Wind Sieben S.A.	www.windsieben.gr/	Greece	100,00%	100,00%	Full	2017-2022
- ADEPIO LTD	-	Cyprus	100,00%		Full	-
- Kinigos S.A.	www.atgke-kinigos.gr	Greece	100,00%	100,00%	Full	2017-2022
* iSquare S.A.	www.isquare.gr	Greece	100,00%		Full	2017-2022
iQbility M Ltd	www.iqbility.com	Greece	100,00%	100,00%	Full	2017-2022
* Info Quest Technologies S.A.	www.infoquest.gr	Greece	100,00%		Full	2017-2022
- Info Quest Technologies LTD	-	Cyprus	100,00%	100,00%	Full	-
- Team Candi S.A.	https://candi.gr/	Greece	100,00%	100,00%	Full	2017-2022
- Info Quest Technologies Romania SRL		Romania	100,00%	100,00%	Full	-
* iStorm S.A.	www.store.istorm.gr	Greece	100,00%		Full	2017-2022
- iStorm Cyprus ltd	-	Cyprus	100,00%	100,00%	Full	-
* QuestOnLine S.A.	www.qol.gr	Greece	100,00%		Full	2017-2022
* Clima Quest S.A.	www.climaquest.gr	Greece	100,00%		Full	2020-2022
* FOQUS S.A.	www.foqus.gr	Greece	100,00%		Full	2021-2022
* G.E. Dimitriou A.E.E.	www.gedsa.gr	Greece	99,09%		Full	2017-2022
- Applications Service Providers S.A.	-	Greece	65,00%	64,41%	Full	2017-2022
- Singer Appliances Bulgaria O.O.D.	-	Bulgaria	80,00%	79,27%	Full	-
- G.E.D. Toyotomi Italia S.R.L.	-	Italy	99,00%	98,10%	Full	-
- Toyotomi Italia S.R.L.	-	Italy	34,65%	34,33%	Equity Method	-
- Spiros Tassoglou & SIA O.E.	-	Greece	95,00%	94,14%	-	Under liquidation
* Nubis S.A.	www.nubis.gr	Greece	43.26%		Equity Method	-
* Pleiades IoT Innovation Cluster		Greece	50,00%	100,00%	-	-
COSMOS BUSINESS SYSTEMS AE	www.sbs.gr	Greece	16,88%		-	-

* Direct investment

** Parent Company

24. Number of employees

Number of employees at the end of the current period: Group 2.621, Company 6 and at the end of the previous year: Group 2.599, Company 6.

25. Seasonality

The Group has fully diversified activities and therefore no material impact from the factor of seasonality exists. Sales are evenly allocated throughout the year.

26. Right-of-use assets

The Group and the Company lease assets including land, stores, warehouses and vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The movement in the right-of-use assets during the year is the following:

	GROUP
	Land and buildings	Vehicles	Total
1 January 2022	16.625	2.045	18.670
Additions	8.872	1.128	10.000
Depreciation charge	(4.290)	(971)	(5.261)
Early termination of contracts	(96)	13	(83)
Acquisition of subsidiaries	780	-	780
Reclassifications	10	-	10
Changes in contract estimates	289	5	294
31 December 2022	22.190	2.220	24.409

	GROUP
	Land and buildings	Vehicles	Total
1st January 2023	22.190	2.220	24.409
Additions	3.205	363	3.568
Depreciation charge	(1.265)	(252)	(1.517)
Changes in contract estimates	256	26	282
31 March 2023	24.386	2.357	26.742

(Amounts presented in thousand euros unless otherwise stated)

		COMPANY
	Land and buildings	Vehicles	Total
1 January 2022	381	11	392
Additions	1.312	6	1.319
Depreciation charge	(106)	(12)	(118)
Reclassifications	-	13	13
31 December 2022	1.587	19	1.606

		COMPANY
	Land and buildings	Vehicles	Total
1st January 2023	1.587	19	1.606
Additions	29	43	72
Depreciation charge	(55)	(3)	(58)
Early termination of contracts	-	-	-
31 March 2023	1.561	59	1.620

Lease contracts are usually concluded for fixed periods from 4 to 10 years but may have extensions or termination rights. The main contracts of the Group containing this type of rights mainly concern the category of buildings. In their majority, these leases provide termination rights after a determined period.

In most cases, it is considered that the termination rights will not be exercised, as they basically serve the activities of the Group.

Lease contracts do not impose other penalties except for the security on the leased assets held by the lessor. Leased assets may not be used as security for borrowing purposes.

27. Lease liabilities

Lease liabilities relate to the discounted future lease payments in accordance with IFRS 16 'Leases'.

	GROUP		COMPANY
	31/03/2023	31/12/2022	31/03/2023	31/12/2022
Lease liabilities	15.833	15.855	1.313	1.292
Amounts due to related parties (Note 21)	15.925	13.352	353	354
Total	31.758	29.207	1.666	1.646
Non-current liabilities	26.105	23.899	1.447	1.446
Current liabilities	5.652	5.308	218	200
	31.758	29.207	1.666	1.646

Maturity analysis:

	31/3/2023	31/12/2022	31/3/2023	31/12/2022
Within 1 year	5.652	5.281	218	200
Between 1 and 2 years	5.273	5.313	226	207
Between 2 and 5 years	11.284	10.831	558	543
More than 5 years	9.549	7.782	664	696
	31.758	29.207	1.666	1.646

(Amounts presented in thousand euros unless otherwise stated)

28. Business Combinations

Previous period

Acquisition of companies in the energy sector

The 100% subsidiary company "Quest Energy S.A.", proceeded within the year 2022 with the acquisition of 100% of the share capital of the companies "ΜΚΒΤ PC" and "SUNNYVIEW PC" against a consideration of euro 240 thousand and euro 273 thousand respectively.

The goodwill that resulted from the above acquisitions was determined based on the fair value of the net assets of the companies acquired in accordance with IFRS 3 "Business Combinations" and was as follows:

Amounts in thousand euros
	SUNNYVIEW PC		MKBT ENERGY M.I.K.E.
- Consideration	273	- Consideration	240
	Fair values		Fair values
	31/08/2022		31/08/2022
Assets		Assets
Non-current assets Short-term receivables	891 5	Non-current assets Short-term receivables	925 10
Cash & cash equivalents	44	Cash & cash equivalents	36
Total assets	940	Total assets	971
Liabilities		Liabilities
Long-term liabilities	231	Long-term liabilities	258
Short-term liabilities	529	Short-term liabilities	559
Total liabilities	760	Total liabilities	817
Total net assets	180	Total net assets	154
Percentage (%) acquired	100%	Percentage (%) acquired	100%
Net assets acquired	180	Net assets acquired	154
Consideration	273	Consideration	240
Net assets acquired	180	Net assets acquired	154
Goodwill	91	Goodwill	86
Consideration paid-out Cash on acquisition date	273 44	Consideration paid-out Cash on acquisition date	240 36
Net cash outflow	229	Net cash outflow	205

In addition, during the previous year, same subsidiary, through its by 99% held subsidiary "Xylades Energy A.E.", proceeded with the acquisition of 100% of the share capital of companies " Damafco Energy PC", " DMN Energy SMPC" and " Pharos Energy SA". With respect to the goodwill that resulted from Damafco and DMN acquisitions, the calculation thereof is presented below. Regarding Pharos Energy, the goodwill that arose was negative and was therefore recognized in other gains in the results of the Group during the previous year 2022.

Three-month Financial Report

DMN Energy S.M.P.C.

for the period ended 31 March 2023

(Amounts presented in thousand euros unless otherwise stated)

Amounts in thousand euros

Damafco Energy
P.C.

- Consideration	2.322

	Fair values
Assets	31/07/2022	Assets
Liabilities		Liabilities

- Consideration	2.322	- Consideration	940

	Fair values		Fair values
	31/07/2022		31/07/2022
Assets		Assets
Non-current assets	2.634	Non-current assets	1.053
Short-term receivables	51	Short-term receivables	20
Cash & cash equivalents	75	Cash & cash equivalents	40
Total assets	2.760	Total assets	1.113
Liabilities		Liabilities
Long-term liabilities	576	Long-term liabilities	232
Short-term liabilities	58	Short-term liabilities	18
Total liabilities	634	Total liabilities	250
Total net assets	2.126	Total net assets	863
Percentage (%) acquired	99%	Percentage (%) acquired	99%
Net assets acquired	2.105	Net assets acquired	854
Consideration	2.322	Consideration	940
Net assets acquired	2.105	Net assets acquired	854
Goodwill	217	Goodwill	83
Consideration paid-out	2.322	Consideration paid-out	940
Cash on acquisition date	75	Cash on acquisition date	40

Amounts in thousand euros

Pharos Energy S.A.

Net cash outflow 2.246 Net cash outflow 899

- Consideration	1.723
	Fair values
	31/08/2022
Assets
Non-current assets	1.815
Short-term receivables	13
Cash & cash equivalents	218
Total assets	2.046
Liabilities
Long-term liabilities	298
Short-term liabilities	6
Total liabilities	304
Total net assets	1.741
Percentage (%) acquired	99%
Net assets acquired	1.724
Consideration Net assets acquired	1.723 1.724
Gain recognized in current period	(1)
Consideration paid-out	1.723
Cash on acquisition date	218
Net cash outflow	1.505

The above acquisitions concerned acquisitions of businesses and were therefore accounted for in accordance with IFRS 3 "Business combinations", since they include the three elements that constitute a business, namely the inputs (equipment of the photovoltaic station) and the process (operating process of the photovoltaic station) in order to generate an output (electric power).

The acquisition of the companies SUNNYVIEW, MKVT, Damafco Energy, DMN Energy and Pharos Energy significantly enhanced the energy sector of the Group, as the total capacity of the electric power photovoltaic stations reached at 34,3 MW following the specific acquisitions. The goodwill that arose from the acquisitions concerned the deferred tax recognized on the licenses of electric power production identified as part of the purchase price allocation processes.

In the context of the purchase price allocations for the determination of the fair values of the assets and the liabilities of the acquired companies, intangible assets were identified that related to the license that each acquiree has in order to produce electric power from renewable energy sources. For each acquiree, the amount recognized for licenses as at 31 December 2022 on a Group level was the following: MKVT euro 390 thousand, SUNNYVIEW euro 413 thousand, Damafco Energy euro 988 thousand and DMN Energy euro 374 thousand. Regarding the acquisition of Pharos Energy, that was a bargain purchase and generated a gain that was recognized in the profit and loss of the Group, as described above, no intangible asset was recognized for licenses as the amount was evaluated as immaterial on a Group level as of 31 December 2022.

Agreement for the restructuring of the company "G.E. DIMITRIOU S.A."

The Decision no. 146/2002 of the Multi Member Court of First Instance of Athens upheld the petition of the company under the name "G.E. DIMITRIOU S.A.", dated 31/03/2021 bearing General Filing Number 16524/2021 and Special Filing Number 98/2021, regarding the immediate ratification of the restructuring agreement (according to article 44 of Law 4738/2020) and ratified the restructuring agreement dated 30/03/2021 between "G.E. DIMITRIOU S.A." and its creditors.

The Board of Directors of the Company was informed about the Extraordinary General Meeting of the shareholders of "G.E. DIMITRIOU S.A.", that was convened on 18/7/2022 in implementation of the restructuring agreement and in particular, article 7 thereof. The General Meeting decided, inter alia, to increase the Share Capital of the Company by the amount of euro 5.000.000 with the issuance of 125.000.000 shares of a nominal value of euro 0,04 each. Furthermore, the Board of Directors of the Company was informed that the restructuring agreement stipulates that the Company would undertake, in accordance with the terms of the restructuring agreement, the obligation to cover the entire amount of the increase of the share capital of the company "G.E. DIMITRIOU S.A. ", within 6 months upon the ratification of the restructuring agreement by the competent Court, and that the existing shareholders would participate in the increase of the share capital of "G.E. DIMITRIOU S.A.", up to the amount of euro 210.239,16. Following this and in accordance with the provisions of the restructuring agreement, the Company on 25 August 2022, paid out an amount of euro 4.789.760,84 in this respect, holding a share of 95,03% after the exercise of the relevant preemptive rights of the existing shareholders.

Finally, according to the decision made by the Board of Directors of the company "G.E. DIMITRIOU S.A.", concerning the newly issued shares that had remained unsold after the exercise of the preemptive rights granted to the existing shareholders upon the share capital increase, and after notification given to the Company, the Company paid-out on 25 August 2022 an additional amount of euro 204.387,16 for the acquisition of the total number of the shares unsold (namely 5.109.679 newly issued shares). As a result, the interest held by the Company on the share capital of "G.E. DIMITRIOU S.A." reached at 99,089%.

The provisional goodwill recognized on a Group level was calculated as follows:

Three-month Financial Report

for the period ended 31 March 2023

(Amounts presented in thousand euros unless otherwise stated)

Amounts in thousand euros
	G.E. Dimitriou
	A.E.E.
- Consideration	5.094
	Book values
	31/08/2022
Assets
Non-current assets	1.397
Short-term receivables Cash & cash equivalents	3.310 5.136
Total assets	9.843
Liabilities
Long-term liabilities	838
Short-term liabilities	20.541
Total liabilities	21.380
Total net assets	(11.536)
Percentage (%) acquired	99%
Net assets acquired	(11.431)
Consideration	5.094
Net assets acquired	(11.431)
Goodwill (provisional)	16.525
Consideration paid-out	5.094
Cash on acquisition date	5.136
Net cash outflow	(42)

The control acquired over company G.E. DIMITRIOU S.A. enabled the Group to increase its market share mainly in the market segment of heating and cooling electric appliances, as G.E. DIMITRIOU S.A. acts as representator of strong brands in the market (Toyotomi, Singer, Kerosun etc.). In addition, the Group was benefited from the extended distribution network and the clientele of G.E. DIMITRIOU S.A. and achieved significant synergies.

For the period 1/09-31/12/2022, G.E. DIMITRIOU had contributed revenue of euro 4.995 thousand and losses before taxes of euro (307) thousand into the results of the Group.

The goodwill that arose from the acquisition of G.E. DIMITRIOU S.A. was measured on a provisional basis, as the relevant Purchase Price Allocation process ('PPA') had not been completed by the Group until the date the financial statements were authorized for issue by the Board of Directors of the Company. Its measurement was therefore based on the book values of the assets and the liabilities acquired as of 31 August 2022. During the measurement period of twelve months from the acquisition date, the accounting of the acquisition will be finalized after considering any adjustments that may be required once the PPA has been completed. The PPA will determine whether an intangible asset can be recognized by the Group relating to the long-term distribution contracts of G.E. DIMITRIOU, if it is probable that the future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably estimated, meeting therefore the recognition criteria of IAS 38 "Intangible assets". The consideration of the acquisition of G.E. DIMITRIOU did not include any contingent or deferred components.

In the context of IAS 36 "Impairment of assets" regarding the goodwill recognized from the acquisition of G.E. DIMITRIOU of euro 16.525 thousand, Management performed an impairment review whereby it was assessed that the recoverable amount of the cash generating unit ('CGU'), where the goodwill had been allocated to, exceeded the relevant carrying amount of the CGU and therefore no impairment was required as of 31 December 2022.

This conclusion was directly related with the positive future prospects of the acquiree regarding its financial performance, considering the fact that the actual key figures of G.E. DIMITRIOU had already exceeded the budgeted ones for 2023. Since 1 January 2023, G.E. DIMITRIOU operates independently from subsidiary Info Quest Technologies (till 31 December 2022 G.E. DIMITRIOU was selling its products through Info Quest Technologies).

(Amounts presented in thousand euros unless otherwise stated)

29. Alternative performance measures (APMs)

The Group uses Alternative Performance Measures (APMs) to better evaluate its financial performance and in the process of decision making around the financial, operational and strategic planning. The figure of "Earnings before taxes, financial, investment results and total depreciation (EBITDA)" presented in the financial statements is analyzed below. The above figure should be examined in conjunction with the financial results prepared in accordance with IFRS and in no way replaces them. The above APM is mainly used to measure the operational performance of the Company and the Group.

	GROUP
	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022
Earnings / (losses) before tax	13.654	13.955
Plus:
Depreciation and Amortization - (Note 7, 9, 26)	3.252	2.628
Finance (income) / costs	2.897	1.647
Other (gains) / losses	(336)	(1.352)
Earnings / (losses) before interest, tax,
depreciation / amortization and investing results (EBITDA)	19.467	16.878

	COMPANY
	01/01/2023- 31/03/2023	01/01/2022- 31/03/2022
Earnings / (losses) before tax	(212)	(245)
Plus:
Depreciation and Amortization - (Note 7, 9, 26)	67	33
Finance (income) / costs	(12)	55
Other (gains) / losses	3	-
Earnings / (losses) before interest, tax,
depreciation / amortization and investing results (EBITDA)	(155)	(157)

30. Subsequent events

Acquisition of company "Epafos S.A."

The Company completed on May 22, 2023 the acquisition of 100% of the share capital of company EPAFOS S.A. against a consideration of € 2.470.000, whereas the total investment may potentially reach € 4.940.000 during the next two years due to the provision of additional disbursements to the old shareholders depending upon the future performance of the company. The specific investment is estimated to contribute around € 5.000.000 extra revenue to Quest Group on an annual basis, at an EBITDA margin of near 10%.

(Amounts presented in thousand euros unless otherwise stated)

The company "EPAFOS" has been developing integrated information systems to streamline the management and operations of educational organizations for the past 30 years. It holds a leading position in its market segment with a customer base of 3.000 active customers in the sector of education and a market share of approx. 80% offering a wide range of IT solutions and related services.

Purchase of own shares

The Company proceeded during the period from the end of the reporting period and till the date the financial statements were authorized for issue by the Board of Directors with the purchase of 52.407 own shares at an average price of 4,95 euro and with a total transaction value of euro 259 thousand. Following this, the Company holds 866.788 own shares or 0,8084% of the total outstanding shares.

No other significant subsequent events have arisen after the end of the reporting period.