Quest Holdings S.A.

Quarterly Report • May 23, 2024

THREE-MONTH FINANCIAL REPORT

For the period ended March 31, 2024 (1st January - 31st March 2024)

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	13
5.	Critical accounting estimates and assumptions	13
6.	Segment information	15
7.	Property, plant and equipment	17
8.	Goodwill	18
9.	Intangible assets	19
10.	Investment property	20
11.	Investments in subsidiaries	21
12.	Investments in associates	23
13.	Financial assets at fair value through profit or loss	23
14.	Share capital	23
15.	Borrowings	24
16.	Contingent assets and liabilities	26
17.	Encumbrances	27
18.	Commitments	29
19.	Income tax expense	29
20.	Dividends	29
21.	Related party transactions	30
22.	Earnings per share	32
23.	Periods unaudited by the tax authorities	33
24.	Number of employees	33
25.	Seasonality	33
26.	Right-of-use assets	34
27.	Lease liabilities	35
28.	Business Combinations	35
29.	Alternative performance measures (APMs)	39
30.	Subsequent events	39

The interim condensed financial information contained herein has been approved by the Board of Directors of Quest Holdings S.A. on May 22, 2024, 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	31/3/2024	31/12/2023	31/3/2024	31/12/2023
ASSETS
Non-current assets
Property, plant and equipment	7	122.567	120.847	7.921	7.844
Right-of-use assets	26	32.016	30.239	1.473	375
Goodwill	8	37.051	37.051	-	-
Other intangible assets	9	29.368	29.313	5	2
Investment property	10	2.735	2.735	-	-
Investments in subsidiaries	11	-	-	127.871	127.871
Investments in associates	12	1.018	1.018	64	64
Financial assets at fair value through profit or loss	13	500	489	50	50
Contract assets		3.204	3.206	-	-
Receivables from finance leases		1.491	1.458	-	-
Deferred tax assets		6.053	3.246	-	-
Trade and other receivables		33.913	16.578	2.242	2.241
		269.916	246.180	139.626	138.447
Current assets
Inventories		107.330	87.637	-	-
Trade and other receivables		195.808	236.917	1.148	1.287
Contract assets		45.880	34.599	-	-
Receivables from finance leases		138	344	-	-
Derivative Financial Instruments		42	49	-	-
Current tax assets		1.091	957	63	55
Cash and cash equivalents		92.096	121.116	9.774	10.415
Assets held for sale		1.293	1.293	-	-
		443.678	482.912	10.985	11.757
Total assets		713.594	729.092	150.611	150.204
EQUITY
Capital and reserves attributable to owners of the Company
Share capital	14	47.178	47.178	47.178	47.178
Reserves		20.925	20.925	13.959	13.959
Retained earnings		206.359	197.812	88.421	88.643
Own shares		(5.489)	(5.040)	(5.489)	(5.040)
Equity attributable to owners of the Company		268.973	260.875	144.069	144.740
Non-controlling interests		1.548	1.455	-	-
Total equity		270.521	262.330	144.069	144.740
LIABILITIES
Non-current liabilities
Loans and borrowings	15	45.271	59.594	-	-
Deferred tax liabilities		11.084	10.846	882	872
Employee benefits		5.525	5.552	10	9
Government Grants		585	695	-	-
Contract liabilities		42.385	23.197	-	-
Provisions		60	60	-	-
Lease liabilities	27	28.484	26.908	1.255	272
Trade and other payables		999	683	596	596
		134.393	127.535	2.743	1.749
Current liabilities
Trade and other payables		169.987	196.733	3.557	3.589
Contract liabilities		39.682	44.949	-	-
Current tax liability		14.771	11.746	-	-
Loans and borrowings	15	77.037	78.535	-	-
Government Grants		1.065	1.144	-	-
Derivative Financial Instruments		(14)	8	-	-
Lease liabilities	27	6.152	6.112	242	126
		308.680	339.227	3.799	3.715
Total liabilities		443.073	466.762	6.542	5.464
Total equity and liabilities		713.594	729.092	150.611	150.204

Interim Condensed Consolidated Statement of Comprehensive Income

			Three-month Financial Report
			for the period ended 31 March 2024
			(Amounts presented in thousand euros unless otherwise stated)
Interim Condensed Consolidated Statement of Comprehensive Income
		GROUP 1/01/2024- 1/01/2023-
	Note	31/3/2024	31/3/2023
Revenue	6	303.118	285.946
Cost of sales		(264.801)	(246.246)
Gross profit		38.317	39.700
Selling and distribution expenses		(15.171)	(14.953)
Administrative expenses		(9.815)	(9.535)
Other operating income		1.587	1.003
Other gains / (losses) net		(37)	336
Operating profit		14.881	16.551
Finance income		779	286
Finance costs		(3.978)	(3.183)
Finance costs - net		(3.199)	(2.897)
Share of profit/ (loss) of equity-accounted investees, net of tax	12	-	-
Profit before tax		11.682	13.654
Income tax expense	19	(3.058)	(3.520)
Profit after tax		8.624	10.134
Attributable to :
Owners of the Company		8.532	10.057
Non-controlling interests		92	77
		8.624	10.134
Earnings per share attributable to equity holders of the
Company (€ per share)
Basic earnings/ (losses) per share	22	0,0804	0,0942
Diluted earnings/ (losses) per share	22	0,0801	0,0942
Profit / (Loss) for the year
Other comprehensive income
Actuarial gains/(losses) on defined benefit pension plans, net		-	-
of tax		-	-
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		8.624	10.134
Attributable to:
Owners of the Company		8.532	1.050
Non-controlling interests		92	77

Interim Condensed Standalone Statement of Comprehensive Income

			(Amounts presented in thousand euros unless otherwise stated)
Interim Condensed Standalone Statement of Comprehensive Income
		COMPANY 1/01/2024-	1/01/2023-
	Note	31/3/2024	31/3/2023
Revenue	6	-	-
Cost of sales		-	-
Gross profit		-	-
Selling and distribution expenses		-	-
Administrative expenses		(719)	(650)
Other operating income		450	428
Other gains / (losses) net		(2)	(3)
Operating profit		(270)	(225)
Finance income		68	50
Finance costs		(10)	(38)
Finance costs - net		58	12
Profit/ (Loss) before tax		(212)	(213)
Income tax expense	19	(10)	(10)
Profit/ (Loss) after tax		(222)	(223)
Other comprehensive income
Actuarial gains/(losses) on defined benefit
pension plans, net of tax		-	-
		-	-
Other comprehensive income for the period,		-	-
net of tax Total comprehensive income / (loss) for the
period		(222)	(223)

Interim Condensed Standalone and Consolidated Statement of Changes in Equity

Interim Condensed Standalone and Consolidated Statement of Changes in Equity						for the period ended 31 March 2024
						(Amounts presented in thousand euros unless otherwise stated)
				Attributable to owners of the Company
GROUP	Share capital and share premium	Translation reserve	Other reserves	Retained earnings	Own shares	Total	Non- controlling interests	Total equity
Balance at 1 January 2023 Profit / (Loss) for the period	47.178 -	- -	18.141 -	175.475 10.057	(2.867) -	237.927 10.057	797 77	238.724 10.134
Other comprehensive income / (loss) for the year, net of tax Total comprehensive income / (loss)	- -	(7) (7)	- -	- 10.057	- -	(7) 10.050	- 77	(7) 10.127
Acquisition of new subsidiaries / change in the % held in existing subsidiaries	-	-	-	(57)	-	(57)	-	(57)
Purchase of own shares	-	-	-	-	(666)	(666)	-	(666)
Reclassifications	-	-	-	100	-	100	-	100
Balance at 31 March 2023 Movement of period 1/04-31/12/2023	47.178 -	(7) (193)	18.141 2.984	185.575 12.237	(3.533) (1.507)	247.354 13.521	874 581	248.228 14.102
Balance at 31 December 2023	47.178	(200)	21.125	197.812	(5.040)	260.875	1.455	262.330
Balance at 1 January 2024	47.178	(200)	21.125	197.812	(5.040)	260.875	1.455	262.330
Profit / (Loss) for the year	-	-	-	8.533	-	8.533	92	8.625
Other comprehensive income / (loss) for the year, net of tax Total comprehensive income / (loss)	- -	- -	- -	- 8.533	- -	- 8.533	- 92	- 8.625
Acquisition of new subsidiaries / change in the % held in existing subsidiaries	-	-	-	14	-	14	1	15
Purchase of own shares	-	-	-	-	(449)	(449)	-	(449)
Balance at 31 March 2024	47.178	(200)	21.125	206.359	(5.489)	268.973	1.548	270.521
COMPANY	Share capital and share	Translation reserve	Other reserves	Retained eairnings	Own shares	Total Equity
	premium
Balance at 1 January 2023	47.178	-	11.240	99.761	(2.867)	155.312
Profit/ (Loss) for the period	-	-	-	(223)	-	(223)
Total comprehensive income / (loss) Purchase of own shares	- -	- -	- -	(223) -	- (666)	(223) (666)
Balance at 31 March 2023	47.178	-	11.240	99.538	(3.533)	154.423
Movement of period 1/04-31/12/2023 Balance at 31 December 2023	- 47.178	- -	2.719 13.959	(10.895) 88.643	(1.507) (5.040)	(9.683) 144.740
Balance at 1 January 2024	47.178 -	- -	13.959 -	88.643 (222)	(5.040) -	144.740 (222)
	-	-	-	(222)	-	(222)
Profit/ (Loss) for the year Total comprehensive income / (loss) Purchase of own shares	-	-	-	-	(449)	(449)

Balance at 31 December 2023
Balance at 31 March 2024
	Share capital and share premium	Translation reserve	Other reserves	Retained eairnings	Own shares	Total Equity
Total comprehensive income / (loss)	-	-	-	(223)	-	(223)
Balance at 31 March 2023
	-	-	-	(222)	-	(222)
Total comprehensive income / (loss)		-	-	-	(449)	(449)
Purchase of own shares	-

(Amounts presented in thousand euros unless otherwise stated)

Interim Condensed Standalone and Consolidated Statement of Cash Flows

		GROUP		COMPANY
		1/01/2024-	1/01/2023-	1/01/2024-	1/01/2023-
	Note	31/3/2024	31/3/2023	31/3/2024	31/3/2023
Profit / (Loss) before tax		11.682	13.654	(212)	(212)
Adjustments for:
Depreciation of property, plant and equipment	7	1.558	1.399	18	8
Amortization of intangible assets	9	435	336		-
Depreciation of right-of-use assets	26	1.738	1.517	42	58
Finance income		(779)	(286)	(68)	(50)
Finance costs		3.978	3.183	10	38
		18.612	19.803	(210)	(156)
Changes in working capital
(Increase) / decrease in inventories		(19.693)	(24.140)	-	-
(Increase) / decrease in receivables		12.502	20.487	139	8.898
Increase/ (decrease) in liabilities		(12.720)	(19.429)	(31)	(12)
Increase / (decrease) in employee benefits		(27)	191	1	(1)
		(19.938)	(22.891)	109	8.886
Cash generated from operating activities		(1.326)	(3.088)	(101)	8.729
Interest paid		(3.978)	(3.183)	(9)	(38)
Income taxes paid		(2.714)	(2.202)	(10)	(8)
Net cash from operating activities		(8.018)	(8.473)	(120)	8.683
Cash flows from investing activities
Purchase of property, plant and equipment	7	(3.282)	(2.329)	(95)	(23)
Purchase of intangible assets	9	(492)	(710)	(4)	-
Proceeds from sale of financial assets at fair value through P&L		(26)	112	-	-
Purchase of financial assets at fair value through P&L		15	(18)	-	-
Share capital inrcrease of subsidiaries		-	-	-	(4.450)
Interest received		779	286	68	50
Net cash used in investing activities		(3.006)	(2.659)	(31)	(4.423)
Cash flows from financing activities
Proceeds from borrowings	15	3.270	5.507	-	-
Repayment of borrowings	15	(19.091)	(32.339)	-	-
Proceeds from sale / (purchase) of own shares		(449)	(666)	(449)	(666)
Payment / collection of leases		(1.726)	(1.123)	(41)	(53)
Net cash from financing activities		(17.996)	(28.621)	(490)	(719)
Net increase/ (decrease) in cash and cash equivalents		(29.020)	(39.753)	(641)	3.541
Cash and cash equivalents at the beginning of the year		121.116	168.196	10.415	26.403
Cash and cash equivalents at end of the period		92.096	128.443	9.774	29.945

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, 2024, 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 22, 2024.

The shareholders' composition is as follows:

	Theodore Fessas	50,02%
	Eftichia Koutsoureli	25,25%
	Other investors	23,64%
	Treasury shares	1,09%

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

The Group has classified its subsidiaries and the rest participations according to the business sector in which they operate. The

100,00%

RETAILCO HELLENIC S.M S.A.

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, 2024 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 31st, 2023.

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, 2023, 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 funds from banks for 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, 2024, considering the particularly positive performance accomplished during the first quarter of 2024.

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 2024. Regarding the outlook for the rest of 2024, 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 2024, 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.

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

In February 2021, IASB issued narrow-scope amendments that pertain to accounting policy disclosures. The objective of these amendments is to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. More specifically, companies are required to disclose material accounting policy information rather than their significant accounting policies.

According to the updated definition of material accounting policy as published by the IASB in October 2018, accounting policy information is material if when considered together with other information included in an entity's financial statements, it can be reasonably expected to influence decisions that the primary users of general purposes financial statements make on the basis of those financial statements.

Additionally, IFRS Practice Statement 2 amendments include guidance and additional examples on the application of materiality to accounting policy disclosures.

IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments):

In February 2021, IASB issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendments introduce a new definition for accounting estimates: clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty.

IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments):

In May 2021, IASB issued amendment to IAS 12 in order to specify how companies should account for deferred tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations, transactions for which entities recognize both an asset and a liability, In specific cases, the entities were exempted from the recognition of deferred tax on initial recognition of both an asset and a liability. The amendments clarify that the initial recognition exemption does not apply and entities are required to recognize deferred tax on these transactions.

IAS 12 International Tax reform-Pillar Two (Amendments)

In May 2023, IASB published the amendments to IAS 12 in order to provide a temporary exemption from accounting for deferred taxes arising from the implementation of the OECD's Pillar Two model rules, as well as targeted disclosures for affected entities. The temporary exemption is to be applied immediately upon the issue of those amendments by IASB and retrospectively in accordance with International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors ('IAS 8'). The disclosure requirements are to be applied to annual reporting periods beginning on or after 1 January 2023. An entity is not required to apply the disclosure requirements in interim financial reports for interim periods ending on or before 31 December 2023.

IFRS 17 "Insurance Contracts" and amendments to IFRS 17

(Amounts presented in thousand euros unless otherwise stated)

In May 2017, IASB issued a new Standard IFRS 17, which replaces the interim standard IFRS 4. The scope of the IASB's project was the development of a single principle based Standard for the accounting of all types of insurance contracts, including any reinsurance contracts that an entity holds. This single principle based Standard will improve the comparability of the financial information between companies, jurisdictions and capital markets. IFRS 17 sets out the recognition, measurement and disclosure requirements that an entity should apply in the financial information related to insurance contracts issued and reinsurance contracts held.

IFRS 17 Initial Application of IFRS 17 and IFRS 9- Comparative Information (Amendments)

The amendment is a transitional choice in relation to the comparative information in the classification of financial assets in the first application of IFRS 17. The amendment therefore, aims to prevent temporary accounting imbalances between financial assets and insurance contract liabilities and improve the usefulness of comparative information for the users of the financial statements.

New International financial reporting standards, amendments to Standards and interpretations not yet effective or not endorsed by the EU

The following New Standards, Amendments and Interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting 1st January 2023. Those relating to the Company's/ Group's operations (pls delete as appropriate) are presented below.

IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non Current (Amendments) The amendments are effective for annual periods on or after 01 January 2024.

In January 2020, IASB issued amendments to IAS 1 clarifying the requirements for the classification of the liabilities as current and non -current. In particular, the amendments clarify that one of the criteria for the classification of a liability as non current is the entity's right to defer settlement for at least 12 months after the reporting date. The amendments clarify the meaning of a right to defer settlement, the requirement of this right to exist at the reporting date and that management intend in relation to the option to defer the settlement does not affect current or non -current classification.

Additionally, in July 2020, IASB issued an amendment providing clarifications for the classification of debt with covenants and deferring the effective date of the January 2020 amendments of IAS 1 by one year.

IFRS 16 Leases: Lease Liability in a Sale and Leaseback (Amendments). The amendments are effective for annual periods on or after 01 January 2024.

The amendments are intended to clarify the requirements of accounting by a seller-lessee regarding measuring the lease liability arising in a sale and leaseback transactions. An entity applies the amendment retrospectively in cases of sale and leaseback transactions entered into after the date of the initial application of IFRS 16.

IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures (Amendments). The amendments are effective for annual periods on or after 01 January 2024.

In May 2023, IASB issued the final amendments to IAS 7 and IFRS 7 which address the disclosure requirements to be provided by entities in relation to their supplier finance arrangements. The amendments have not yet been endorsed by the EU.

IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual periods on or after 01 January 2025.

In August 2023, IASB published amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates" which require companies to provide more useful information in their financial statements when a currency is not exchangeable to another currency. The amendments introduce a definition of the "exchangeability" of a currency and provide guidance on how an entity should estimate a spot exchange rate in cases where a currency is not exchangeable. Also, additional disclosures are required in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability. The amendments have not yet been endorsed by the EU.

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 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 2024, 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.

(Amounts presented in thousand euros unless otherwise stated)

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.

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.

Share-based payment

On 15 June 2023, the Ordinary General Meeting of the Company's shareholders approved a scheme for the free allocation of Company shares to the executive members of the Board of Directors of the Company and its subsidiaries. In particular, the senior executives of Group companies will receive part of their remuneration in Company shares, in the event that certain vesting conditions have been fulfilled. The share-based payment is not settled in cash. Under the terms of the scheme, intragroup charges will be made by the Company to Group companies for executives who are not paid by the Company.

Services received in exchange for equity-based payments are measured at fair value. The fair value of the services of the executives, at the date the shares are granted to them, is recognised in accordance with IFRS 2 - "Share-based Payment" as an expense in profit and loss, with a corresponding increase in equity, during the period in which the services are received in exchange for which the said shares are granted.

6. Segment information

Primary reporting format – business segments

		Three-month Financial Report
		for the period ended 31 March 2024
		(Amounts presented in thousand euros unless otherwise stated)
	The total expense over the vesting period is calculated on the basis of the best estimate of the number of shares expected to vest. The fair value of the shares is based on the market price of the Company's shares.
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

1 January to 31 March 2024

Postal services
	of shipments for customers	Relates to rendering of services (courier and post) for the handling
Production of electric power from renewable energy sources	renewable energy sources	Relates to production and sale of electric power generated from
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 2024 and 31st of March 2023 per business segment are as follows (under
category unallocated mainly the Company's activity is included):
1 January to 31 March 2024	Commercial Activities	Information technology services	Postal services	Production of electric power from renewable energy sources	Unallocated	Total
Total gross segment sales	243.591	56.608	36.144	2.167	-	338.510
	(34.435)	(664)	(218)	(75)	-	(35.392)
Inter-segment sales		55.944	35.926	2.092	-	303.118
Net sales	209.156
Operating profit/ (loss)	5.060	4.041	4.724	1.328	(272)	14.881
Finance (costs) / income	(2.664)	149	(181)	(560)	58	(3.199)
Profit/ (Loss) before income tax	2.396	4.190	4.543	768	(214)	11.682
Income tax expense						(3.058)

1 January to 31 March 2023

											Three-month Financial Report
											for the period ended 31 March 2024 (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	50.702		34.737	2.018	1	285.947
	Operating profit/ (loss) Finance (costs) / income Share of profit/ (loss) of Associates				6.619 (2.131) -	4.226 (164)	-	4.669 (164) -	1.295 (450) -	(258) 12 -	16.551 (2.897) -
	Profit/ (Loss) before income tax				4.489	4.062		4.505	845	(246)	13.654
Income tax expense											(3.520)
	Profit/ (Loss) after tax for the period										10.134
											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 1/1-31/3/2024 and 1/1-31/3/2023 respectively are:		Info-Quest Technologies						iStorm S.A.&iStorm	ACS S.M.S.A.	Other / Consolidation Quest Group
	1/01/2024-31/3/2024	Quest Holdings S.A. 450	S.M.S.A. 78.309	Clima Quest S.M.S.A. 3.005	Foqus S.M.S.A. 4.526	Unisystems (Group) 56.378	QuestOnLine S.A. G.E.Demetriou S.A. 8.303 6.473	iSquare S.M.S.A. 104.950	Cyprus LTD 22.278	Quest Energy (Group) 36.093 2.167	adjustments -19.814 303.118
Sales	1/01/2023-31/3/2023	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
	Δ%	5,3%	7,6%	8,2%	173,2%	11,1%	-0,4% -	-2,5%	0,6%	3,2% -0,1%	-36,6% 6,0%
	1/01/2024-31/3/2024	-209	2.148	198	196	4.737	127 -251	1.388	1.456	5.748 1.800	1.310 18.649
EBITDA	1/01/2023-31/3/2023	-156	2.122	219	59	4.768	164 1.023	2.641	1.306	5.591 1.656	75 19.467
	Δ%	33,5%	1,2%	-9,5%	233,4%	-0,6%	-22,4% -	-47,4%	11,5%	2,8% 8,7%	1647,4% -4,2%
Profit/ (Loss) before tax	1/01/2024-31/3/2024	-212	516	90	140	4.249	30 -720	1.101	625	4.523 768	571 11.682

							services			energy sources
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)
	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 1/1-31/3/2024 and 1/1-31/3/2023 respectively are:
		Quest Holdings S.A.	Info-Quest Technologies	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	ACS S.M.S.A.	Quest Energy (Group)	Other / Consolidation	Quest Group
			S.M.S.A.							Cyprus LTD			adjustments
	1/01/2024-31/3/2024	450	78.309	3.005	4.526	56.378	8.303	6.473	104.950	22.278	36.093	2.167	-19.814	303.118
Sales	1/01/2023-31/3/2023	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
	Δ%	5,3%	7,6%	8,2%	173,2%	11,1%	-0,4%	-	-2,5%	0,6%	3,2%	-0,1%	-36,6%	6,0%
	1/01/2024-31/3/2024	-209	2.148	198	196	4.737	127	-251	1.388	1.456	5.748	1.800	1.310	18.649
EBITDA	1/01/2023-31/3/2023	-156	2.122	219	59	4.768	164	1.023	2.641	1.306	5.591	1.656	75	19.467
	Δ%	33,5%	1,2%	-9,5%	233,4%	-0,6%	-22,4%	-	-47,4%	11,5%	2,8%	8,7%	1647,4%	-4,2%
	1/01/2024-31/3/2024	-212	516	90	140	4.249	30	-720	1.101	625	4.523	768	571	11.682
Profit/ (Loss) before tax	1/01/2023-31/3/2023	-212	639	121	41	4.063	92	604	2.609	575	4.489	845	-211	13.654
	Δ%	-0,1%	-19,3%	-25,4%	238,5%	4,6%	-66,9%	-	-57,8%	8,7%	0,8%	-9,2%	-370,7%	-14,4%
	1/01/2024-31/3/2024	-222	383	66	102	3.090	21	-720	846	523	3.525	581	428	8.624
Profit/ (Loss) after tax	1/01/2023-31/3/2023 Δ%	-223 -0,2%	473 -19,0%	97 -32,6%	32 216,0%	2.579 19,8%	71 -69,5%	562 -	2.006 -57,8%	492 6,1%	3.600 -2,1%	654 -11,2%	-209 -305,1%	10.134 -14,9%

Three-month Financial Report

for the period ended 31 March 2024

7. Property, plant and equipment

				Three-month Financial Report
		for the period ended 31 March 2024 (Amounts presented in thousand euros unless otherwise stated)
7. Property, plant and equipment
GROUP	Land and buildings	Vehicles and machinery	Buildings under	Furniture and fittings	Total
Cost			construction
1 January 2023	65.893	58.206	4.406	37.876	166.381
Additions	3.067	3.475	2.022	6.565	15.129
Disposals / Write-offs	-	(90)	-	(476)	(566)
Acquisition of subsidiaries	50	343	-	582	975
Reclassifications	(1.337)	(322)	-	-	(1.659)
31 December 2023	67.673	61.612	6.428	44.547	180.260
Accumulated depreciation
1 January 2023	(12.860)	(19.066)	-	(21.964)	(53.891)
Depreciation charge	(1.085)	(1.721)	-	(2.806)	(5.612)
Disposals / Write-offs	-	58	-	450	508
Acquisition of subsidiaries	(32)	(34)	-	(506)	(572)
31 December 2023	(13.954)	(20.633)	-	(24.826)	(59.413)
Net book value at 31 December 2023	53.719	40.979	6.428	19.721	120.847
Cost 1 January 2024	67.673	61.612	6.428	44.547	180.260
Additions	230	1.218	-	1.834	3.282
Disposals / Write-offs	-	(4)	-	(29)	(33)
Reclassifications (Note 41)	6.428	-	(6.428)	-	-
31 March 2024	74.331	62.826	-	46.352	183.509
Accumulated depreciation
1 January 2024	(13.954)	(20.633)	-	(24.826)	(59.413)
Depreciation charge	(298)	(460)	-	(800)	(1.558)
Disposals / Write-offs	-	4	-	25	29
31 March 2024	(14.252)	(21.089)	-	(25.601)	(60.942)
Net book value at 31 March 2024	60.079	41.737	-	20.751	122.567

				Three-month Financial Report for the period ended 31 March 2024
			(Amounts presented in thousand euros unless otherwise stated)
COMPANY	Land and buildings	Vehicles and machinery	Furniture and fittings	Total
Cost
1 January 2023	12.980	321	1.682	14.983
Additions	87	-	315	402
31 December 2023	13.067	321	1.995	15.383
Accumulated depreciation
1 January 2023	(5.644)	(321)	(1.532)	(7.497)
Depreciation charge	(17)	-	(27)	(44)
31 December 2023	(5.661)	(321)	(1.558)	(7.540)
Net book value at 31 December 2023	7.406	-	437	7.843
1 January 2024	13.067	321	1.995	15.383
Additions	52	-	43	95
Disposals / Write-offs	-	-	(1)	(1)
31 March 2024	13.119	321	2.038	15.477
Accumulated depreciation 1 January 2024	(5.661)	(321)	(1.558)	(7.540)
Depreciation charge	(6)	-	(12)	(18)
Disposals / Write-offs	-	-	1	1
31 March 2024	(5.667)	(321)	(1.571)	(7.558)
Net book value at 31 March 2024	7.452	-	468	7.920

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".

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

8. Goodwill

	GROUP
	31/3/2024	31/12/2023
At the beginning of the year	37.051	33.780
Additions	-	3.271
At the end of the year	37.051	37.051

The current period balance of euro 37.051 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 6.517 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 476 thousand that concerns 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"
• amount of euro 13.954 thousand that concerns the final goodwill of "G.E. Dimitriou AEE" over which the Company obtained control in the current year (99,09% share). As of 31 August 2023, when G.E. Dimitriou was consolidated for the first time, a provisional goodwill of euro 16.525 thousand had been recognized, which was however finalized retrospectively as of 30 June 2023 upon completion of the purchase price allocation (PPA) process (Note 43) and
• amount of euro 3.245 thousand that concerns the provisional goodwill recognized upon the acquisition of "EPAFOS S.M.S.A." by 100% incurred in the current period (Note 43)

9. Intangible assets

acquired company "DMN Energy SMPC"
- amount of euro 13.954 thousand that concerns the final goodwill of "G.E. Dimitriou AEE" over which the Company obtained control in the current year (99,09% share). As of 31 August 2023, when G.E. Dimitriou was consolidated for the first time, a
provisional goodwill of euro 16.525 thousand had been recognized, which was however finalized retrospectively as of 30 June 2023 upon completion of the purchase price allocation (PPA) process (Note 43) and
- amount of euro 3.245 thousand that concerns the provisional goodwill recognized upon the acquisition of "EPAFOS S.M.S.A." by
100% incurred in the current period (Note 43)
Goodwill is allocated to the Group's Cash Generating Units (CGUs) that have been determined according to country of operation and business segment.
The recoverable amount of each CGU is determined according to the value-in-use calculations. These calculations are pre-tax cash flow projections, based on business plans that have been approved by the Management and cover a five-year period, and
are conducted on an annual basis.
9. Intangible assets
	Industrial property rights	IT Software & others	Total
GROUP - Cost
1 January 2023	43.699	19.920	63.620
Additions	5.467	732	6.199
Acquisition of subsidiaries	-	285	285
31 December 2023	49.166	21.222	70.104
Accumulated depreciation
1 January 2023	(20.548)	(18.331)	(38.879)
Amortization charge	(826)	(809)	(1.635)
Acquisition of subsidiaries	-	(278)	(278)
31 December 2023	(21.374)	(19.418)	(40.792)
Net book value at 31 December 2023	27.792	1.805	29.313
	49.166	20.937	70.104
	-	492	492
1 January 2024
Additions 31 March 2024	49.166	21.428	70.595
Accumulated depreciation
1 January 2024	(21.374)	(19.418)	(40.792)
Amortization charge	(234)	(201)	(435)
31 March 2024 Net book value at 31 March 2024	(21.608) 27.558	(19.618) 1.809	(41.226) 29.368

			Three-month Financial Report
			for the period ended 31 March 2024
			(Amounts presented in thousand euros unless otherwise stated)
	IT Software &
	others	Total
COMPANY - Cost
1 January 2023	50	50
Additions	-	-
31 December 2023	50	50
Accumulated depreciation
1 January 2023	(47)	(47)
31 December 2023	(48)	(48)
Net book value at 31 December 2023	2	2
1 January 2024	50	50
Additions	4	4
31 March 2024	54	54
Accumulated depreciation
1 January 2024 Depreciation charge	(48) (1)	(48) (1)
31 March 2024	(49)	(49)
Net book value at 31 March 2024	5	5

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.

Regarding trademarks, these concern trademark of the subsidiary "G.E. Dimitriou AEE" with cost of euro 1 mil. and indefinite useful life, which will be tested for impairment on an annual basis following the method "Relief from Royalties".

On a Group level, an amount of euro 3.296 thousand is included in the additions of prior year that relates to the cost of an intangible asset, which was identified for subsidiary G.E. Dimitriou in the context of the purchase price allocation process that was completed as of 30 June 2023 and was recognized retrospectively as of 31 August 2022. The specific intangible, that concerns the distribution contract for Toyotomi products that the subsidiary has concluded, meets the recognition criteria, as set forth in IFRS 3 "Business Combinations" and IAS 38 "Intangible assets", and consequently was accounted for retrospectively on a Group level (Note 28). The useful life of the asset has been determined at 8,6 years.

10. Investment property

The investment property of the Group is analyzed as follows:

	GROUP
	31/3/2024	31/12/2023
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.

(Amounts presented in thousand euros unless otherwise stated)

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 2023, 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 2023 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
	31/3/2024	31/12/2023
Balance at the beginning of the year	127.871	113.902
Additions	-	13.969
Disposals	-	-
Balance at the end of the year	127.871	127.871
Non current assets	127.871	127.871
Current assets	-	-
	127.871	127.871

		COMPANY
	31/3/2024	31/12/2023
Balance at the beginning of the year		127.871	113.902
Additions		-	13.969
Disposals		-	-
Balance at the end of the year		127.871	127.871
Non current assets		127.871	127.871
Current assets		-	-
		127.871	127.871
The additions of the previous period of euro 13.969 thousand relate to the share capital increase of subsidiary Quest Energy by euro 8.950 thousand, which was covered by the Company, and to the acquisition by 100% of the share capital of EPAFOS S.M.S.A. in May 2023 with an investment cost of euro 4.984 thousand (Note 28). The stakes held by the Company in subsidiaries and the relevant carrying amounts as of 31 March 2024 and 31 December 2023 are the following:
Name	Country of incorporation	Cost	Impairment	Carrying amount	% interest held
31 March 2024
	Greece	60.431	-	60.431	100,00%
UNISYSTEMS SMSA
ACS SMSA	Greece	2.368	-	2.368	100,00%
ISQUARE SMSA	Greece	60	-	60	100,00%
QUEST ΕΝΕRGY S.A.	Greece	26.118	-	26.118	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%
EPAFOS SMSA	Greece	4.984	-	4.984	100,00%
CLIMA QUEST SMSA	Greece	200	-	200	100,00%
FOQUS SMSA	Greece	50	-	50	100,00%
G.E. Dimitriou AEE	Greece	5.104	-	5.104	99,09%
RETAILCO HELLENIC M.Α.Ε.	Greece	25 128.681	- (810)	25 127.871	100,00%

					Three-month Financial Report
					for the period ended 31 March 2024
				(Amounts presented in thousand euros unless otherwise stated)
	Country of			Carrying	% interest
Name	incorporation	Cost	Impairment	amount	held
31 December 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	26.118	-	26.118	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%
EPAFOS SMSA	Greece	4.984	-	4.984	100,00%
CLIMA QUEST SMSA	Greece	200	-	200	100,00%
FOQUS SMSA	Greece	50	-	50	100,00%
G.E. Dimitriou AEE	Greece	5.104	-	5.104	99,09%
RETAILCO HELLENIC SMSA	Greece	25	-	25	100,00%
		128.681	(811)	127.871
Management have assessed that no further indicators for impairment / reversal of impairment exist for the investments in subsidiaries as of 31 March 2024. 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 subsidiary of ACS SA: GPS.
• 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 Aioliki Distomou Megalo Plai S.Α.: AIGIALI 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, Info Quest Technologies Romania SRL and 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: SPIROS TASSOGLOU & SIA O.E. (95%).

(Amounts presented in thousand euros unless otherwise stated)

12. Investments in associates

	GROUP		COMPANY
	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Balance at the beginning of the year	1.018	709	64	10
Additions	-	309	-	54
Balance at the end of the year	1.018	1.018	64	64

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 (46,68% 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
	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Balance at the beginning of the year		489 573	50	100
Additions	26	86	-	-
Disposals / Write-offs	(15)	(170)	-	(50)
Balance at the end of the year	500	489	50	50
Non-current assets	500	489	50	50
Current assets	0	0	-	-
	500	489	50	50

14. Share capital

		500	489	50	50
Current assets		0	0	-	-
		500	489	50	50
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 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 500 thousand as of 31 March 2024 on a Group level primarily concerns investments held by the indirect subsidiary iQbility.
14. Share capital
The share capital is analyzed as follows:
	Number of shares	Share capital	Total value
1 January 2023	107.222.688	47.178	47.178
Share split 31 December 2023	- 107.222.688	47.178	- - 47.178
1 January 2024	107.222.688	47.178	47.178

(Amounts presented in thousand euros unless otherwise stated)

At the end of the current period, the Company held 1.167.751 own shares which represent 1,0891% of the share capital with an average acquisition price of euro 4,72 per share.

15. Borrowings

	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Non-current borrowings
Bank borrowings	939	1.607	-	-
Bond loans	44.332	57.987	-	-
Total non-current borrowings	45.271	59.594	-	-
Current borrowings
Bank borrowings	63.157	67.338	-	-
Bond loans	12.687	11.197	-	-
Total current borrowings	77.037	78.535	-	-
Total borrowings	122.309	138.129	-
				-
The Group has approved credit lines with financial institutions of euro 315 million and the Company of euro 16 million. Short term borrowings' fair values approximate their book values.
The movement of borrowings is analyzed as follows:
		GROUP		COMPANY
	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Balance at the beginning of the year	138.130	139.501		-
Repayment of borrowings	(19.091)	(49.787)		-
Proceeds from borrowings	3.270	48.199		-
Acquisition of subsidiaries		- 217		-

	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Balance at the beginning of the year	138.130	139.501	-	-
Repayment of borrowings	(19.091)	(49.787)	-	-
Proceeds from borrowings	3.270	48.199	-	-
Acquisition of subsidiaries		- 217	-	-

Both the Company and the Group are not exposed to foreign exchange risk since the total of borrowings during the first quarter of 2024 was denominated in euro.

The maturity of non-current borrowings is the following:

	GROUP		COMPANY
	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Between 1 and 2 years	20.576	9.832	-	-
Between 2 and 3 years	4.614	29.312	-	-
Between 3 and 5 years	9.145	9.342	-	-
Over 5 years	10.936	11.108	-	-
	45.271	59.594	-	-

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 complies with the above covenant as of 31 December 2023.

Kinigos S.A.

On September 28, 2020, the subsidiary "Kinigos S.A." concluded a Bond Loan with National Bank of Greece, amounting to euro 18.070 thousand. 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 complies with the above covenant as of 31 December 2023.

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 complies with the above covenant as of 31 December 2023.

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 complies with the above covenant as of 31 December 2023.

Mylopotamos Fos 2 S.M.S.A.

With the decision no.: 3097243/06.11.2023 GEMI the company Mylopotamos Fos 2 S.A. absorbed the companies:

Beta Sunenergia Karvali M.A.E. Nuovo Kavala Photopower M.A.E. Petrox Solar Power M.A.E. Photopower Evmirio Beta M.A.E. Xanthi Beta Light Energy M.A.E. Fos Energy Kavala M.A.E.

which as of April 14, 2021 had entered into, each separately, Bond Loans with Piraeus Bank for a total amount of Euro 9,225 thousand. The duration of the loans is seven years and the last installment of the loan will be paid on 12/31/2028.

After the completion of the mergers, Mylopotamos Phos 2 M.A.E., in order to fulfill the terms of the loans, must continue to achieve, on an annual basis, the debt service ratio. This Index (DSCR) which is defined as the quotient of earnings before interest and depreciation to net financial expenses plus paid arrears (DSCR) > 1.1. The company at the end of the previous fiscal year meets the above indicator.

Xylades Energy S.A.

On June 18, 2021, Xylades Energy A.E. entered into a Bond Loan with Eurobank in the amount of Euro 1,310 thousand. The term of the loan is five years and the last installment of the loan will be paid on 31/03/2026. There are no financial ratios that must be met regarding this loan.

On 28.07.2022 the company in Xylades Energy A.E entered into a new loan agreement with an open mutual account in the amount of Euro 3.450 thousand. This loan was used for the acquisition of the companies:

• DAMAFCO IKE operator of five PV stations with a total power of 2.5MW (5x0.5MW)
• DMN IKE carrier of two PV stations with a total power of 1MW (2x0.5MW)
• PHAROS AE carrier of a 0.76MW solar power station.

The above companies were absorbed by the company Xylades Energy A.E., according to GEMI decision no.: 3003373/3107.2023.

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 complies with the above covenant as of 31 December 2023. GROUP COMPANY

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:

	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Letters of guarantee to customers securing contract performance	32.847	31.231	536	536
Letters of guarantee for participation in tenders	2.673	2.548	-	-
Letters of guarantee for advances	29.918	28.549	-	-
Letters of guarantee to banks on behalf of subsidiaries	166.750	159.250	166.750	159.250
Letters of guarantee to creditors on behalf of subsidiaries	39.431	43.515	39.431	43.515
Other	14.697	20.162	-	-
	286.315	285.255	206.717	203.302

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, 2024.

(Amounts presented in thousand euros unless otherwise stated)

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 2.167 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 4.258 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 1.332 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 869 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.

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 847 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 900 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 872 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

(Amounts presented in thousand euros unless otherwise stated)

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 875 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 864 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 843 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 13.191 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.

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 413 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 413 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 31st, 2024, 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, 2024 and March 31, 2023 respectively was:

		GROUP	COMPANY
	1/01/2024- 31/3/2024	1/01/2023- 31/3/2023	1/01/2024- 31/3/2024	1/01/2023- 31/3/2023
Current tax	(5.627)	(5.769)		- -
Deferred tax	2.569	2.249	(10)	(10)
Total	(3.058)	(3.520)		(10) (10)

The impact of the income tax on the earnings before tax of the Group for the periods ended 31 March 2024 and 31 March 2023 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 0,22 (gross amount) per share. The Annual General Meeting of the shareholders is expected to take place on Thursday 13 June 2024.

Prior year

The Annual Ordinary General Meeting of June 15, 2023, decided for the distribution of dividend and of part of previous years' retained earnings amounting to a total amount of euro 0,20 per share (excluding the treasury shares held by the Company without eligibility to receive dividends). The distribution amount is subject to a 5% tax withholding pursuant to articles 40 and 64 of the Law 4172/2013 (Government Gazette A' 167/23.07.2013), as amended by the Law 4646/2019, article 24 (Government Gazette A' 201/12.12.2019). As a result, the net payable amount will be euro 0,19 per share. The payment took place on Monday 26 June 2023.

(Amounts presented in thousand euros unless otherwise stated)

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
	1/01/2024- 1/01/2023-		1/01/2024- 1/01/2023-
	31/3/2024	31/3/2023	31/3/2024	31/3/2023
i) Sales of goods and services
Sales of goods to:	3	1.437	-	-
- Other related parties	3	1.437	-	-
Sales of services to:	196	839	361	341
-Unisystems Group	-	-	129	130
-Info Quest Technologies	-	-	62	42
-ACS	-	-	74	73
-iStorm	-	-	4	4
-iSquare	-	-	45	45
- Other direct subsidiaries	-	-	46	46
- Other related parties	196	839	1	1
Dividends	-	-	-	-
-Unisystems	-	-	-	-
-Info Quest Technologies	-	-	-	-
-ACS	-	-	-	-
-iStorm	-	-	-	-
-iSquare	-	-	-	-
	199	2.276	361	343
ii) Purchases of goods and services
Purchases of goods from:	-	895	-	-
- Other related parties	-	895	-	-
Purchases of services from:	774	773	57	81
-Unisystems	-	-	15	41
- Info Quest Technologies	-	-	13	13
-ACS	-	-	2	-
- Other direct subsidiaries	-	-	-	-
- Other indirect subsidiaries	-	-	-	-
- Other related parties	774	773	27	26
	774	1.668	57	81
iii) Benefits to management
Salaries and other short-term employment benefits	1.185	2.334	143	143
	1.185	2.334	143	143

(Amounts presented in thousand euros unless otherwise stated)

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

	GROUP		COMPANY
	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Receivables from related parties:
-Unisystems	-	-	89	133
-Info Quest Technologies	-	-	27	15
-ACS	-	-	22	22
-iStorm	-	-	2	1
-iSquare	-	-	35	18
- Other direct subsidiaries	-	-	18	17
- Other related parties	811	729	36	18
	811	729	229	223
Payables to related parties:
-Info Quest Technologies	-	-	3	3
-ACS	-	-	15	15
- Other direct subsidiaries	-	-	2.470	2
- Other related parties	250	2.580	3	2.473
	250	2.580	2.494	2.493
v) Receivables from management and BOD members	-	-	-	-
vi) Payables to management and BOD members	-	-	-	-
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:
	31/3/2024	GROUP 31/12/2023		COMPAΝY 31/3/2024	31/12/2023
BriQ Properties REIC
Lease liabilities, opening balance	13.896		13.126	290	354
Lease payments	(776)		(3.024)	(27)	(105)
Contract modifications	410		3.204	(5)	29
Interest expense	138		591	3	13

	31/3/2024	31/12/2023	31/3/2024	31/12/2023
BriQ Properties REIC
Lease liabilities, opening balance	13.896	13.126	290	354
Lease payments	(776)	(3.024)	(27)	(105)
Contract modifications	410	3.204	(5)	29
Interest expense	138	591	3	13
Lease liabilities, ending balance	13.668	13.896	261	290

(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
	1/01/2024- 31/3/2024	1/01/2023- 31/3/2023
Earnings/ (Losses) from continuing operations attributable to equity holders of the Company	8.532	10.057
Weighted average number of ordinary shares in issue (in thousand)	106.111	106.801
Basic earnings/ (losses) per share (Euro per share)	0,0804	0,0942
Earnings/ (Losses) from continuing operations attributable to equity holders of the Company	8.532	10.057
Weighted average number of ordinary shares in issue (in thousand)	106.111	106.801
Impact of treasury shares distribution	429	-
Weighted and diluted average number of ordinary shares in issue (in thousand)	106.540	106.801
Basic and diluted earnings/ (losses) per share (Euro per share)	0,0801	0,0942

23. Periods unaudited by the tax authorities

(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: % % Country of Consolidation Company Name Website Participation Participation Open tax years incorporation Method (Direct) (Indirect) Quest Holdings S.A. www.quest.gr - - - - 2018-2023 Unisystems S.A. www.unisystems.com Greece 100,00% Full 2018-2023 - Unisystems Belgium S.A. - Belgium 100,00% 100,00% Full 2018-2023 - 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 46,68% 46,68% - - - Unisystems Cyprus Ltd - Cyprus 100,00% Full 2018-2023 - Unisystems Information Technology Systems SRL - Romania 100,00% 100,00% Full 2018-2023 ACS S.A. www.acscourier.net Greece 100,00% Full 2018-2023 - 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 2018-2023 - Wind farm of Viotia Amalia S.A. www.aioliko-amalia.gr Greece 100,00% 0,00% Full 2018-2023 - ΜΚΒΤ P.C. - Greece 100,00% 100,00% Full 2018-2023 - Wind farm of Viotia Megalo Plai S.A. www.aioliko-megaloplai.gr Greece 100,00% 100,00% Full 2018-2023 - SUNNYVIEW P.C. - Greece 100,00% 100,00% Full 2019-2023 - Quest Aioliki Livadiou Larisas Ltd www.questaioliki-livadi.gr Greece 98,67% 98,67% Full 2018-2023 - Quest Aioliki Servion Kozanis Ltd www.questaioliki-servia.gr Greece 100,00% 100,00% Full 2018-2023 - Quest Aioliki Distomou Megalo Plai Ltd www.questaioliki-megaloplai.gr Greece 98,67% 98,67% Full 2018-2023 - AIGIALI P.C. www.http://aigiali-energy.gr/ Greece 100,00% 100,00% Full 2020-2023 - Quest Aioliki Sidirokastrou Hortero Ltd www.questaioliki-hortero.gr Greece 98,67% 98,67% Full 2018-2023 - Xylades Energeiaki S.A. www.xyladesenergiaki.gr/ Greece 99,00% 99,00% Full 2018-2023 - Mylopotamos Fos 2 S.A. www.mylofos2.gr Greece 100,00% 100,00% Full 2018-2023 - Wind Sieben S.A. www.windsieben.gr/ Greece 100,00% 100,00% Full 2018-2023 - ADEPIO LTD - Cyprus 100,00% Full - - Kinigos S.A. www.atgke-kinigos.gr Greece 100,00% 100,00% Full 2018-2023 iSquare S.A. www.isquare.gr Greece 100,00% Full 2018-2023 iQbility M Ltd www.iqbility.com Greece 100,00% 100,00% Full 2018-2023 Info Quest Technologies S.A. www.infoquest.gr Greece 100,00% Full 2018-2023 - Info Quest Technologies LTD - Cyprus 100,00% 100,00% Full - - Team Candi S.A. https://candi.gr/ Greece 100,00% 100,00% Full 2018-2023 - Info Quest Technologies Romania SRL Romania 100,00% 100,00% Full - EPAFOS S.M.S.A. www.epafos.gr Greece 100,00% Full 2018-2023 RETAILCO HELLENIC M.Α.Ε. - Ελλάδα 100,00% Ολική 2023 iStorm S.A. www.store.istorm.gr Greece 100,00% Full 2018-2023 - iStorm Cyprus ltd - Cyprus 100,00% 100,00% Full - QuestOnLine S.A. www.qol.gr Greece 100,00% Full 2018-2023 Clima Quest S.A. www.climaquest.gr Greece 100,00% Full 2020-2023 FOQUS S.A. www.foqus.gr Greece 100,00% Full 2021-2023 G.E. Dimitriou A.E.E. www.gedsa.gr Greece 99,09% Full 2018-2023 - Toyotomi Italia S.R.L. - Italy 34,65% 34,33% Equity Method - - Spiros Tassoglou & SIA O.E. - Greece 95,00% 94,14% - * Nubis S.A. www.nubis.gr Greece 43.26% Equity Method -					for the period ended 31 March 2024
Under liquidation
	* Pleiades IoT Innovation Cluster	Greece	50,00%	100,00%	-	-
Direct investment * Parent Company

24. Number of employees

Number of employees at the end of the current period: Group 3.015, Company 7 and at the end of the previous year: Group 2.975, Company 7.

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

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 2023	22.190 7.134	2.220 3.099	24.409 10.233
Additions Depreciation charge	(5.095)	(1.275)	(6.370)
Early termination of contracts	-	-	-
Acquisition of subsidiaries	474	20	494
Reclassifications	1.267	192	1.459
Changes in contract estimates	33	(33)	-
31 December 2023	26.017	4.223	30.239
		GROUP
	Land and buildings	Vehicles	Total
1st January 2024	26.017	4.223	30.239
Additions	3.212	296	3.508
Depreciation charge	(1.367)	(371)	(1.738)
Early termination of contracts	-	3 - -	3 -
Reclassifications Changes in contract estimates	4	-	4
31 March 2024	27.866	4.151	32.016
		COMPANY
	Land and buildings	Vehicles	Total
1 January 2023	1.588	19	1.606

Early termination of contracts	-	-	-
		GROUP
	Land and buildings	Vehicles	Total
Early termination of contracts	-	3	3
Reclassifications		- -	-
Changes in contract estimates	4	-	4
31 March 2024	27.866	4.151	32.016
		COMPANY
	Land and buildings	Vehicles	Total
1 January 2023	1.588	19	1.606
Additions	-	125	125
	(135)	(22)	(156)
Depreciation charge		-	(1.199)
Reclassifications	(1.199)
31 December 2023	255	122	376
		COMPANY
	Land and buildings	Vehicles	Total
1st January 2024	255	122	376
Additions	1.140	-	1.140
Depreciation charge	(35)	(8)	(42)
Early termination of contracts 31 March 2024	- 1.360	- 113	- 1.473

	COMPANY
Land and buildings	Vehicles	Total

COMPANY
Land and buildings	Vehicles	Total

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

				Three-month Financial Report
				for the period ended 31 March 2024
			(Amounts presented in thousand euros unless otherwise stated)
27. Lease liabilities
Lease liabilities relate to the discounted future lease payments in accordance with IFRS 16 'Leases'.
	GROUP		COMPANY
	31/03/2024	31/12/2023	31/03/2024	31/12/2023
Lease liabilities	20.741	19.124	124	131
Amounts due to related parties (Note 21)	13.896	13.896	1.373	267
Total	34.637	33.020	1.497	398
Non-current liabilities Current liabilities	28.484 6.152	26.908 6.112	1.255 242	272 126

Maturity analysis:

	31/3/2024	31/12/2023	31/3/2024	31/12/2023
Within 1 year	6.177	6.056	242	126
Between 1 and 2 years	6.414	6.008	251	131
Between 2 and 5 years	12.173	11.565	488	139
More than 5 years	9.872	9.391	516	2
	34.636	33.020	1.497	398

28. Business Combinations

Previous year

Acquisition of company EPAFOS

On 22 May 2023, the Company acquired 100% of the shares and the respective voting rights in EPAFOS S.M.S.A. The acquiree has been developing integrated information systems to streamline the management and operations of educational organizations for the past 30 years.

The consideration transferred for the acquisition amounted to euro 2.514 thousand (cash consideration). The total consideration agreed includes a contingent component (earn-out) and is expected to reach up to euro 4.984 thousand in total.

The following table summarizes the acquisition date fair value of each major class of consideration transferred:

Amounts in thousand euros
Cash	2.514
Contingent consideration	2.470
Total consideration transferred	4.984

In accordance with the terms of the acquisition agreement and as already mentioned, the Group may pay out to the shareholder of EPAFOS an additional amount within 2025, which shall reach up to a maximum of euro 2.470 thousand, provided that specific targets regarding turnover and EBITDA for the years 2023-2024 are achieved.

The goodwill that arose from the acquisition has been calculated as follows:

Amounts in thousand euros
EPAFOS M.A.E.
- Consideration 4.984
Book values
31/05/2023 Assets
Non-current assets 123
Other current assets 2.214
Cash & cash equivalents 646 Total assets 2.983
Liabilities
Non-current liabilities 49 Current liabilities 1.195
Total liabilities 1.244
Total net assets 1.739
Percentage (%) acquired 100%
Net assets acquired 1.739
Consideration paid in cash 2.514
Contingent consideration (earn-out) 2.470 Net assets acquired 1.739
Provisional goodwill 3.245
Consideration paid-out 2.514 Cash on acquisition date 646
Net cash outflow 1.868

The goodwill arising from the acquisition of EPAFOS has been determined on a provisional basis, as the relevant purchase price allocation (PPA) process has not been completed until the date the financial statements were authorized for issue, and therefore the book values of the acquired assets and liabilities as of the acquisition date 31 May 2023 have been used for its determination. During the 12-month measurement period after the acquisition date, the acquisition accounting will be completed with any necessary adjustments that might arise upon the finalization of the PPA. The goodwill is attributable mainly to the know-how and specialization that EPAFOS has developed in the field of Information Systems for education.

Completion of the purchase price allocation process for the business combination with "G.E. DIMITRIOU S.A." – finalization of acquisition accounting

During the previous fiscal year 2022, the Company participated in the restructuring of G.E. DIMITRIOU. Specifically, the Decision no. 146/2002 of the Multi Member Court of First Instance of Athens upheld the petition of the company G.E. DIMITRIOU, 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 and its creditors.

The Board of Directors of the Company was informed about the Extraordinary General Meeting of the shareholders of G.E. DIMITRIOU, 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, 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, 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

	Three-month Financial Report
	for the period ended 31 March 2024
	(Amounts presented in thousand euros unless otherwise stated)
preemptive rights of the existing shareholders.	2022, paid out a lump sum of euro 4.789.760,84 in this respect, holding a share of 95,03% after the exercise of the relevant
	Finally, according to the decision made by the Board of Directors of the company G.E. DIMITRIOU, 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 finally reached at 99,089%.
follows:	Regarding the goodwill that arose, that had been measured on a provisional basis as at 31/8/2022, it was finalized as of 30/06/2023 retrospectively upon completion of the Purchase Price Allocation process ('PPA'). The final goodwill was calculated as
Amounts in thousand euros
	G.E. Dimitriou A.E.E.
- Consideration	5.094
Assets	Fair values 31/08/2022
Non-current assets Short-term receivables	4.717 3.310
Cash & cash equivalents	5.136
Total assets	13.163
Liabilities
Long-term liabilities Short-term liabilities	1.563 20.541
Total liabilities	22.105
Total net assets	(8.941)
Percentage (%) acquired	99%
Net assets acquired	(8.860)
Consideration Net assets acquired	5.094 (8.860)
Goodwill	13.954
Consideration paid-out Cash on acquisition date	5.094 5.136
Net cash outflow	(42)

Based on the PPA process, the fair values of the net assets of G.E. DIMITRIOU as of 31/08/2023 were determined as follows:

			Three-month Financial Report
			for the period ended 31 March 2024
		(Amounts presented in thousand euros unless otherwise stated)
In thousands of euro	Book values 31/08/2022	Adjustments to fair value	Fair values 31/8/2022
Property, plant and equipment	1.388		1.388
Intangible assets	1.000	3.296	4.296
Investments in associates	136		136
Other long-term receivables	61		61
Inventories	574		574
	1.572		1.572
Trade and other receivables			5.136
Cash and cash equivalents	5.136
Loans and borrowings	(5.977)		(5.977)
Deferred tax liabilities	(266)	(725)	(991)
Employee benefits	(396)		(396)
Other provisions	(60)		(60)
Trade and other receivables	(14.680)		(14.680)

For the measurement of the fair value of the intangible assets of G.E. DIMITRIOU, that are the most material assets of the acquiree, internationally accepted methodologies and techniques were used, together with information and data provided by the Management of the acquiree, including, among others, business plans, estimates and forecasts for future financial figures, as required by IFRS 13 "Fair Value Measurement". The valuation of the agreement concluded by G.E. DIMITRIOU for the distribution rights of the products of globally acknowledged company TOYOTOMI, given the fact that it is the main source of revenue of G.E. DIMITRIOU, was based on the Multi-Period Excess Earnings Method, which is an income approach and is deemed the most appropriate in the circumstances valuation technique. The Multi-Period Excess Earnings Method considers the present value of the net cash flows expected to be generated by the asset, after excluding any cash flows related to contributory assets.

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.

The consideration for the acquisition of G.E. DIMITRIOU did not include any contingent or deferred component.

(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
	1/01/2024-	1/01/2023-
	31/3/2024	31/3/2023
Earnings / (losses) before tax	11.682	13.654
Plus:
Depreciation and Amortization - (Notes 7, 9, 26)	3.731	3.252
Finance (income) / costs	3.199	2.897
Other (gains) / losses	37	(336)
Earnings / (losses) before interest, tax,
depreciation / amortization and investing	18.649	19.467
results (EBITDA)

	COMPANY
	1/01/2024- 31/3/2024	1/01/2023- 31/3/2023
Earnings / (losses) before tax	(212)	(212)
Plus:
Depreciation and Amortization - (Notes 7, 9, 26)		61 66
Finance (income) / costs	(58)	(12)
Other (gains) / losses	2	3
Earnings / (losses) before interest, tax,
depreciation / amortization and investing results (EBITDA)	(207)	(155)

30. Subsequent events

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 78.299 own shares at an average price of 5,55 euro and with a total transaction value of euro 434 thousand. Following this, the Company holds 1.246.050 own shares or 1,1621% of the total outstanding shares.

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