1.

General Information

The Separate and Consolidated Financial Statements for the year from 01 January 2023 to 31 December 2023 include the

separate financial statements of "BriQ Properties Real Estate Investment Company (the" Company ") and the consolidated

financial statements of the Company and its subsidiaries "Plaza Hotel Skiathos M.S.A." and "Sarmed Warehouses S.A.",

(together "the Group").

"BriQ Properties R.E.I.C." (the "Company") was established on 21 October 2016 under the name "BriQ Properties Real Estate

Investment Company" and the distinctive title "BriQ Properties R.E.I.C." has been registered in the General Commercial

Registry (G.E.MI). with the Number 140330201000 and Tax Registration Number 997521479 in accordance with law

4548/2018, law 2778 / 1999 and law 4209 / 2013 as amended and in force.

The Company is a Real Estate Investment Company (R.E.I.C.), licensed by the Hellenic Capital Market Commission under

number 757 / 31.05.2016. Its operation is in accordance with Law 2778/1993, Law 4209/2013 and Law 4548/2018, as well as

by regulatory decisions and circulars of the Hellenic Capital Market Commission and the Ministries of Economy and Finance.

The purpose of the Company is the acquisition and management of real estate, the carrying out of investments in accordance

with the provisions of article 22 of Law 2778/1999 on Real Estate Investment Companies as well as the management of its

operation as an Alternative Investment Organization and internal management in accordance with provisions of Law

4209/2013 on Managers of Alternative Investment Organizations, as applicable from time to time, exclusively in Greece.

Also, since its establishment, the Company has been supervised and controlled by the Capital Market Commission regarding

its obligations as an A.E.A.P., as well as regarding compliance with Capital Market legislation and corporate governance rules

and, further , is supervised by the competent Region of Attica as an anonymous company and by the Athens Stock Exchange

as a listed company.

From 31.07.2017 the shares of the Company are traded on the Main Market of the Athens Stock Exchange.

On April 27, 2023, the Board of Directors of the Company was reconstituted in accordance with the decision of the Ordinary

General Meeting of Shareholders on April 27, 2023, with the addition of the Independent Non-Executive Member, Mr.

Papaefstratiou. The eight-member Board of Directors, elected by the Ordinary General Meeting of Shareholders on April 27,

2023, which also appointed its independent non-executive members in accordance with Article 87 paragraph 5 of Law

4548/2018 and Article 3 of Law 3016/2002, was formed on the same day, has a four-year term, i.e., until April 26, 2027. Its

term will be automatically extended until the first Ordinary General Meeting of Shareholders of the Company following its

expiry and consists of the following members:

1.

Theodoros Fessas, of Dimitrios, Chairman - Non-Executive Member.

2.

Eustratios Papaefstratiou, of Dimitrios, Vice-Chairman - Independent Non-Executive Member.

3.

Anna Apostolidou, of Georgios, Managing Director - Executive Member.

4.

Apostolos Georgantzis, of Miltiadis, Executive Member.

5.

Eftychia Koutsourelis, of Sofoklis, Non-Executive Member.

6.

Panagiotis-Aristeidis Halikias, son of Michail, Non-Executive Member.

7.

Eleni Linardou, daughter of Dimitrios, Independent Non-Executive Member.

8.

Marios Lasanianos, son of Konstantinos, Independent Non-Executive Member.

The headquarters of Company are on 25

th

Alexandrou Pantou Street, 176 71 Kallithea, Attica. The Company's website is:

www.briqproperties.gr

. On 13.12.2021 the Company started a branch in the Municipality of Athens in the prefecture of Attica

on Mitropoleos Street no. 3 Postal Code. 10557, in privately owned horizontal property.

Τhe total number of employees of the Company as at December 31, 2023 was 9 (31.12.2022: 8).

The Separate and Consolidated Financial Statements for the year ended 31 December 2023 were prepared in accordance with

International Financial Reporting Standards ("IFRS") as adopted by the European Union, approved by the Board of Directors

on 27.03.2024 and will be submitted for approval at the General Meeting of the Shareholders of the Company.

2.

Principles for the preparation of the Financial Statements

2.1

Framework for the preparation of the Financial Statements

The present annual Corporate and Consolidated Financial Statements include the financial information of the Company and

the Group.

These Corporate and Consolidated Financial Statements have been prepared in accordance with International Financial

Reporting Standards (IFRS) and the Interpretations of the IFRS Interpretations Committee, as adopted by the European Union.

The principal accounting policies applied in the preparation of these financial statements are presented below.

The financial statements have been prepared on a going concern basis for the Group and the Company, applying the historical

cost principle, as modified to include the revaluation of investments in properties at fair value.

The Company and the Group are aware of the assessment required and the disclosures to be included to understand

sustainability issues related to climate change, risk management, and opportunities related to the climate.

The Group recognizes both its obligations to the environment under current environmental legislation and the need for

balanced economic development in harmony with it.

Within the framework of its operations, the Group has set the following objectives:

•

Monitoring the physical locations and environmental performance of the investment properties and continuously

upgrading their energy efficiency, in relation to relevant standards, where feasible.

•

Selecting partners and suppliers who respect the environment and aim to reduce their environmental footprint.

•

Informing the company's employees about environmental issues and fostering environmental awareness.

The Company, due to the nature of its activities, does not generate significant waste and therefore does not significantly

burden the environment. Its environmental footprint is mainly related to energy consumption and consumables it uses, where

through the practices it has adopted, it ensures the minimization of their impacts on the environment.

The actions to implement the above involve measuring the electricity consumed, improving infrastructure and using

technologies to reduce consumption, as well as collecting consumables and electrical devices for recycling, also encouraging

its personnel for active participation.

The preparation of financial statements in accordance with IFRS requires the use of certain significant accounting estimates

and management's judgment in the application of accounting principles. Areas involving complex transactions and containing

a high degree of subjectivity, or assumptions and estimates that are significant to the financial statements, are disclosed in

Note 4.

Continuing operations

The financial statements have been prepared on a going concern basis, which was deemed appropriate by the Board of

Directors, considering the following factors.

In 2023, the global and European economy showed signs of slowdown amid sustained, albeit moderating, inflationary

pressures, volatility in financial markets, and geopolitical uncertainty. The war in Ukraine, combined with escalating conflicts

in the Middle East and their impact on regional and global stability and security, continue to negatively affect the global and

European economy. Geopolitical risks, concerns about energy prices, energy supply, and inflationary pressures have increased.

In this environment of intense challenges, the Greek economy showed resilience, with the real growth rate in Greece reaching

2.0%, outperforming the Eurozone for the third consecutive year.

In the field of monetary policy, the European Central Bank (ECB) has implemented ten interest rate hikes in 2022 and 2023,

with the most recent one in September 2023, raising the ECB's three key interest rates by a total of 450 basis points.

Meanwhile, the annual inflation based on the HICP stood at 4,2% in 2023.

However, the period during which the ECB will maintain its policy rates at the current levels, which are the highest in the last

two decades, exerting upward pressure on the cost of borrowing for the public and private sectors and discouraging

investments, coupled with the possibility of any future interest rate hikes that have a direct impact on investment returns, is

likely to increase volatility in financial markets and lead the economy to slowdown or even recession.

The Company is responsibly monitoring the increased geopolitical uncertainty, inflationary pressures on the economy, and the

tightening of monetary policy, constantly reassessing the situation and its potential impacts. To the extent possible, the

Company ensures that all necessary and feasible measures are taken in a timely manner to minimize any potential impacts on

the activities of the Group.

In this context, (a) the Group does not have exposure to Russian or Ukrainian assets and continuously monitors developments

in the macroeconomic and geopolitical landscape, as well as the performance of key indicators assessing the quality of

investments in properties; (b) The Group's exposure to inflationary pressures is relatively limited, as rents in all leases are

adjusted based on inflation; (c) The Group's exposure to interest rate fluctuations is limited by the low borrowing (31.12.2023:

Net Loan To Value Ratio 24.9%); however, it affects the final return on invested capital and therefore the results of the Group

and the Company, (d) Regarding increases in raw material costs, the Company has contracted a large portion of the

construction costs for properties under construction/development without being significantly affected by future increases,

while the energy costs are borne by the tenants of the properties and not the owner; and (e) The real estate market continued

to show resilience with a positive rate of change in property values, intense investment activity, and strengthening of

construction activity, which may act as a mitigating and restrictive factor in economic slowdown for 2024.

Taking into consideration the Group's results, the long-term lease agreements entered into by the Group, the diversification

and solvency of its tenants, the quality of the Group's real estate portfolio, and its sufficient liquidity, it is reasonable to expect

that the Company and the Group have adequate resources to continue their business activities smoothly in the near future.

Therefore, the Group continues to apply the "going concern principle" in preparing its financial statements for the year ended

December 31, 2023.

2.2

New standards, amendments to standards and interpretations

New standards, amendments to standards and interpretations:

Certain new standards, amendments to standards and

interpretations have been issued that are mandatory for periods beginning on or after 1 January 2023. The Group’s evaluation

of the effect of these new standards, amendments to standards and interpretations is as follows:

Standards and Interpretations effective for the current financial year

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

(effective for annual periods beginning on or after 1 January 2023)

The amendments require companies to disclose their material accounting policy information and provide guidance on how to

apply the concept of materiality to accounting policy disclosures.

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

(effective for annual periods beginning on or after 1 January 2023)

The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting

estimates.

Standards and Interpretations effective for subsequent periods

IAS 1 ‘Presentation of Financial Statements’

(Amendments)

(effective for annual periods beginning on or after 1 January

2024)

●

2020 Amendment

‘Classification of liabilities as current or non-current’

The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that

exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after

the reporting date. The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability.

●

2022 Amendments ‘Non-current liabilities with covenants’

The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified

conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or

before the reporting date. Additionally, the amendments aim to improve the information an entity provides when

its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the

reporting period.

The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022

amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied

retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override

the 2020 amendments when they both become effective in 2024.

IFRS 16 (Amendment) ‘Lease Liability in a Sale and Leaseback’

(effective for annual periods beginning on or after 1 January

2024)

The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback

transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are

most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that

were entered into after the date when the entity initially applied IFRS 16.

IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments’ (Amendments) - Disclosures: Supplier Finance

Arrangements

(effective for annual periods beginning on or after 1 January 2024)

The amendments require companies to disclose information about their Supplier Finance Arrangements such as terms and

conditions, carrying amount of financial liabilities that are part of such arrangements, ranges of payment due dates and

liquidity risk information. The amendments have not yet been endorsed by the EU.

2.3

Accounting Policies

2.3.1

Segment Reporting

Operating segments are presented in accordance with the internal reporting provided to the chief operating decision-maker.

The Management, as the decision maker of the Company is responsible for the decision making, allocating resources and

evaluating the efficiency of the segments and taking the strategic decisions of the Company.

2.3.2

Foreign currency translation

(a) Functional and presentational currency

Items included in the financial statements are measured using the currency of the primary economic environment in which

each entity operates (the ‘functional currency’). The consolidated financial statements are presented in Euro, which is the

Company’s functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are converted into the functional currency based on the exchange rates prevailing at the date

of each transaction or valuation when the amounts are re-measured. Gains and losses from foreign exchange differences

arising from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in

foreign currencies at the prevailing exchange rates at the reporting date are recognized in the Statement of Comprehensive

Income, except for cases where they are transferred to other comprehensive income as a hedge of cash flows and net

investment hedge. Gains or losses from foreign exchange differences related to the monetary items of assets and liabilities

such as cash and cash equivalents or borrowings are presented in the Statement of Comprehensive Income under "Financial

Income/(Expenses) - Net."

Non-monetary items of assets and liabilities are translated based on the exchange rate prevailing at the date of initial

recognition, except for non-monetary items denominated in a foreign currency that are measured at fair value and are

translated based on the exchange rate at the date the fair value was determined. In this case, foreign exchange differences

are part of the gain or loss from the change in fair value and are recognized in the Statement of Comprehensive Income or

directly in equity, based on the classification of the non-monetary item.

2.3.3

Investment Properties

Properties that are held for long-term rental returns or for capital revaluation or both, and are not used by the Company, are

categorized as real estate investments. Real estate investments mainly include offices, warehouses, hotels and special purpose

properties.

Investment property is initially recognized at cost, including related direct acquisition costs and borrowing costs. Investment

property is then recognized at fair value. Fair value is based on prices that are valid in an active market, adjusted where

necessary, due to differences in the nature, location or condition of the asset. If this information is not available, then the

Company applies alternative valuation methods, such as recent prices in less active markets or cash flow discounting. These

assessments are reviewed on June 30 and on December 31 of each year by independent professional appraisers, with

knowledge of the real estate market, proven professional experience and registered in the relevant register of Real Estate

Appraisers of Ministry of Finance, according to the instructions issued by the International Standards Committee.

Investment properties that are used for a permanent use as investments in real estate or for which the market has become in

less active, continue to be categorized as investment property and are valued at fair value. The fair value of real estate

investments reflects, among other things, rental income from existing leases and assumptions about rental income from future

leases, in the light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows (including

rent payments and other outflows) that would be expected for each property. Some of these outflows are recognized as a

liability, while other outflows, including contingent rent payments, are not recognized in the financial statements.

Subsequent expenses are added to the carrying amount of the asset only when it is probable that future economic benefits

associated with the asset will flow to the Company and that the relevant costs can be measured reliably. Repairs and

maintenance costs expenses in the financial period in which they have incurred.

Changes in fair values are recorded in profit or loss. Investment property is derecognized when sold or when the use of

investment property is ended, and no economic benefit is expected from its sale.

If an investment property becomes owner-occupied, it is reclassified as Property Plant and equipment and its fair value at the

date of reclassification becomes its cost for accounting purposes.

If a fixed asset is reclassified from property, plant and equipment to investment property, due to a change in its use, any

discrepancy between the carrying amount and the "fair value" at the date of its transfer is recognized in other comprehensive

income and is recognized in equity as a revaluation of Property Plant and equipment under IAS 16. However, if a fair value gain

reverses a previous impairment loss, the gain is recognized in the income statement to the extent that this gain reverses a

previous impairment loss. Any remaining profit is recognized in OCI by increasing the asset revaluation reserve in equity.

Investment properties held for sale without reutilization are classified under non-current assets as available for sale, in

accordance with IFRS 5. The cost of the property for subsequent accounting treatment is its fair value at the date of transfer.

Sales of investment properties are recognized upon completion of the transaction. The resulting gains and losses are

recognized in the results of the year and are determined as the difference between the net sales revenue and the book value

of the asset at the last fair value measurement plus the capital expenditures of that period.

2.3.4

Property, Plant and Equipment

Property, Plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The acquisition

cost also includes the costs directly related to the acquisition of the fixed assets.

Subsequent expenses are either included in the carrying amount of property, plant and equipment or when deemed more

appropriate are recognized as a separate asset only when it is probable that future economic benefits will flow to the Company

that are greater than initially expected according to the original performance of the asset and under the assumption that their

cost can be measured reliably. The carrying amount of the replaced asset is written off.

Repairs and maintenance costs are charged to the results of the year in which they are incurred.

Land-plots are not depreciated. Depreciation of other items of property, plant and equipment is calculated using the straight-

line method with equal annual charges over the expected useful life of the item, so that the cost is written off at residual value.

The estimated useful life of the fixed assets, from the year of construction for the buildings and the year of acquisition for the

furniture and equipment, is as follows:

Buildings

50

Years

Furniture and other equipment

4-7

Years

The photovoltaic park of the subsidiary "Sarmed Warehouses S.A." has a guaranteed 20-year contract with HTSO, starting from

the date of issuance of the manufacturer's operating license and can be extended in accordance with the terms of the relevant

production license.

The residual values and useful lives of property, plant and equipment are reviewed and adjusted accordingly, at least at the

end of each financial year. The carrying amount of a tangible fixed asset is reduced to its recoverable amount when its carrying

amount exceeds its estimated recoverable amount.

Profit or losses on sale arise from the difference between sales revenue and carrying amount and are recognized in profit or

loss in the item «Other profit / (loss) net».

2.3.5

Intangible assets

Amortized intangible and fixed assets are tested for impairment when events or changes in circumstances indicate that the

carrying amount may not be recoverable. When the book value of an asset exceeds its recoverable amount, the corresponding

impairment loss is recorded in the results. The recoverable amount is determined as the higher of the fair value less costs to

sell and the value in use. For the purposes of determining impairment, assets are grouped at the lowest level for which cash

flows can be determined separately (cash-generating units). Impairments recognized in prior periods on non-financial assets

(other than goodwill) are reviewed at each reporting date for any reversal.

2.3.6

Impairment of Non-Financial Assets

The Group classifies financial assets in the following categories for measurement purposes:

•

financial assets that are subsequently measured at fair value (either through other comprehensive income or

through profit or loss), and

•

financial assets at amortized cost.

The classification depends on the business model applied by the Group to manage its financial assets and the characteristics

of the contractual cash flows of the financial asset.

During the year ended, the Group does not hold equity or debt securities at fair value, while the only financial assets held are:

•

Cash and cash equivalents (note 2.3.10)

•

Customers and other receivables (note 2.3.8)

2.3.7 Accounts receivable

Accounts receivable are amounts required to provide services in the normal course of business. They are initially recognized

at the amount of the consideration that is not subject to conditions, unless they contain a significant financing component in

which case they are recognized at fair value. The Group maintains receivables from customers with the objective of collecting

the contractual cash flows, therefore, it subsequently recognizes them at amortized cost using the effective interest method,

less any impairment losses.

The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses. The loss allowance is always

measured at an amount equal to the expected credit losses throughout the lifetime of the claim. To determine expected credit

losses in relation to commercial and other receivables, the Group uses a credit loss forecast table based on the maturity of the

remaining receivables. Credit loss forecasts are based on historical data taking into account future factors in relation to

borrowers and the economic environment.

2.3.8

Cash and cash equivalents

In the cash flow statement, cash and cash equivalents include cash, demand deposits, short-term investments with high

liquidity and low risk, maturing in up to 3 months. In the statement of financial position, bank overdrafts appear as borrowings

in short-term liabilities.

2.3.9

Share Capital

The Company's share capital consists of common registered shares.

Direct expenses for the issue of shares appear as a reduction of the proceeds of the issue.

The cost of acquiring own shares is shown as a deduction from the Company's equity, until the own shares are sold, canceled

or reissued. Any profit or loss from the sale of own shares, net of other costs and taxes directly related to the transaction,

appears as a reserve in equity.

2.3.10 Suppliers and other payables

Trade payables include obligations for products and services acquired during the Company's normal operations from suppliers.

Trade payables are recorded as short-term liabilities when their payment is due within the next year. If their payment extends

beyond the year, they are classified as long-term liabilities.

Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest

method.

2.3.11 Guarantees

The Company receives advances from tenants as security within the framework of operational leases. These specific

guarantees constitute financial liabilities based on IFRS 9 and are initially recognized at fair value. The guarantees are classified

as short-term liabilities unless the Company has the right to defer settlement of the liability for 12 months after the Balance

Sheet date, in which case they are classified as long-term liabilities

2.3.12

Current tax obligations

Pursuant to article 31 of Law 2778/1999, real estate investment companies are required to pay a tax whose rate is set at ten

percent (10%) on the applicable interest rate of the European Central Bank (Reference Rate) added by one (1) percentage

point. This tax is calculated on the average of investments, plus reserves, at current prices, as shown in the six-monthly

investment statement, provided for by paragraph 1 of article 25 of Law 2778/1999. In the event of a change in the Reference

Interest Rate, the resulting new basis for calculating the tax is valid from the first day of the month following the change. The

tax is paid to the competent tax authority within the first fortnight of the month following the period covered by the six-

monthly investment tables. In case of withholding tax on acquired dividends, this tax is offset against the tax resulting from

the declaration submitted by the real estate investment company within the month of July. Any credit balance is carried over

to set off against subsequent statements. By paying this tax, the tax liability of the company and its shareholders is exhausted.

When calculating the above tax, the properties owned directly or indirectly by REIC subsidiaries are not taken into account, as

long as they are listed separately in their investment statements.

As the Company's tax liability is calculated on the basis of its investments, plus its reserves, and not on the basis of its profits,

no temporary differences arise and therefore no corresponding deferred tax liabilities and/or receivables are created.

Current tax liabilities include the short-term liabilities to the tax authorities related to the above tax payable. The Management

at regular intervals evaluates its position in matters related to the tax authorities and calculates provisions where necessary

for the amounts expected to be paid to the tax authorities.

2.3.13 Employee Benefits

Post-employment benefits include defined benefit plans as well as defined contribution plans and post-retirement health care

plans.

(a)

Post-retirement benefits

Defined contribution plan is a pension plan, in which the Company pays fixed contributions to a separate entity. The Company

has no legal or constructive obligation to pay additional contributions if the invested assets are insufficient to meet the

expected employee service benefits for the current period as well as previous periods.

A defined benefit plan is a retirement plan that is not a fixed contribution plan. Typically, defined benefit plans determine the

amount of the retirement benefit that an employee will receive upon retirement, which usually depends on one or more

factors such as age, years of service and compensation.

The liability recorded in the statement of financial position for defined benefit plans is the present value of the defined benefit

obligation at the reporting date less the fair value of the plan assets. The defined benefit obligation is calculated annually by

an independent actuary using the projected unit credit method. The present value of the defined benefit obligation is

calculated by discounting the expected future cash outflows using high quality corporate bond interest rates denominated in

the currency in which the benefit will be paid and with a term approaching the maturity of the relevant retirement obligation.

The cost of current employment in the defined benefit plan is recognized in the income statement, unless it is included in the

cost of an asset. The cost of current employment reflects the increase in the defined benefit obligation arising from the

employment of employees during the year, as well as changes due to cuts or arrangements.

The cost of previous service is recorded directly in the profit and loss for the year.

The net interest cost is calculated as the net amount of the defined benefit obligation. These costs are included in the income

statement on employee benefits.

Actuarial gains and losses arising from empirical adjustments and changes in actuarial assumptions are recognized in other

comprehensive income in the year in which they arise.

For defined contribution plans, the Company pays contributions to public or private insurance funds either compulsorily or

contractually or voluntarily. After the payment of the contributions there is no further commitment for the Company.

Contributions are recognized as employee benefit costs when they become payable. Prepaid contributions are recognized as

an asset to the extent that prepayment will result in a reduction in future payments or a refund.

(b)

Termination benefits

Termination benefits are payable when the Company terminates employment before the normal retirement date or when the

employee accepts voluntary retirement in exchange for these benefits. The Company registers these benefits no earlier than

the following dates: a) when the Company can no longer withdraw the offer for these benefits and b) when the Company

recognizes reorganization costs that are in application of IAS 37, to which including the termination of employment benefits.

In the event that an offer is made for voluntary departure, the termination benefits are calculated based on the number of

employees who are expected to accept the offer. Termination benefits due 12 months after the reporting date are discounted.

2.3.14 Provisions

The Company recognizes provisions for contingent liabilities and risks when there is a present legal or presumed obligation, as

a result of past events, a high probability of outflow of resources that contain financial benefits for the settlement of the

liability, and it is possible to estimate the relevant liability.

Provisions are calculated at the present value of the expenses, which based on the best management estimate, are required

to meet this obligation at the balance sheet date. The discount rate used to determine the present value reflects current

market estimates of the time value of money and the risks associated with the liability.

2.3.15 Revenue recognition

Income from operating leases is recognized in profit or loss, based on the straight-line method, over the term of the lease.

Variable (contingent) leases, such as rents based on turnover, are recorded as income in the periods in which they are incurred.

When the Group provides incentives to its customers, the cost of these incentives is recognized over the lease term, using the

straight-line method, less operating lease income.

Other revenue is recognised, in accordance with IFRS 15, at the amount the Group expects to be entitled to as consideration

for the transfer of the goods or services to a customer when the customer obtains control of the goods or services, specifying

the time of the transfer of control - either at a given point in time or over time.

Revenue from the sale of goods (renewable energy sources) is recognized when control of the good is transferred to the

customer, usually upon delivery, and there is no outstanding obligation that could affect the customer's acceptance of the

good.

2.3.16

Interest Income and Expenses

Interest income is recognized using the effective interest rate. When there is an impairment of loans or receivables, their book

value is reduced to their recoverable amount which is the present value of the expected future cash flows discounted at the

initial effective interest rate. Interest income is then calculated at the same rate (original effective rate) on the depreciated

(new book) value. Borrowing interest expenses are recognized in the "Financial expenses" of the income statement using the

effective interest method, with the exception of borrowing expenses directly related to the acquisition, construction or

production of fixed assets for which a significant construction period is required and which increase the cost of fixed assets,

until they become substantially ready for use or sale. Fees and direct costs related to the issuance of a loan or the purchase of

securities, financing or modification and commitments for loans are recognized gradually in the income statement over the

period of the item using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and

allocating interest income or expense over the relevant period. The effective interest rate is that interest rate that accurately

discounts future cash payments or receipts over the expected life of the financial instrument or, when required, a shorter

period, to the net book value of the financial asset or liability. When calculating the effective interest rate, the Group calculates

cash flows taking into account all contractual terms governing the financial instrument (for example, prepayments) but will

not take into account future credit losses. The calculation includes all fees and units paid or received between the parties that

form an integral part of the effective interest rate, transaction costs and any mark-up or discount.

2.3.17 Leases

Cases in which the Company is the lessor:

(i) Operating lease

- The Company leases all its owned properties under operating leases. When properties are leased under

operating leases, they are classified as investment properties in the statement of financial position (Note 6). Rental income

(less the value of any incentives provided by the lessor) is recognized on a straight-line basis over the term of the lease.

(ii) Finance lease

– The Company has not yet entered into a financial lease as a lessor.

When the Company is the tenant:

Leases in which the Company is the tenant are recognized in the statement of financial position as a right of use asset and a

liability lease, the date on which the leased asset becomes available for use.

Lease liabilities include the net present value of the following leases:

•

fixed rents (including "substantially" fixed payments)

•

variable rents, which depend on an index or an interest rate, which are initially measured using the index or the

interest rate at the date of the beginning of the lease term, the amounts expected to be paid on the basis of

guaranteed residual values

•

the price of the purchase right, if it is rather certain that the Company will exercise this right, and

•

the payment of a penalty for termination of the lease, if the duration of the lease reflects the exercise of the

Company's right to terminate the lease.

Lease payments are discounted at the rate implicit in the lease or, if this rate cannot be determined by the contract, at the

incremental borrowing rate, which is the rate at which the Group would borrow funds to acquire a similar item, of similar value

to the leased asset, for a similar period of time, with similar collateral and in a similar economic environment.

After their initial measurement, the lease liabilities increase due to their financial cost and decrease due to the lease payments.

The lease obligation is revalued to reflect any revaluations or modifications of the lease.

2.3.18

Loan Liabilities

Loan liabilities are initially recognized at their fair value, less transaction costs. Subsequently, the liabilities from loans are

valued at amortized cost. Liabilities from loans are recorded in current liabilities unless the Company and the Group has the

right to defer settlement of the liability for 12 months after the balance sheet date.

Borrowing costs directly related to the acquisition, construction or production of fixed assets for which a significant period of

construction time is required until they become essentially ready for use (qualifying assets), increases the cost of the assets.

Borrowing costs are those that could have been avoided if the expenditure on the qualifying asset had not been incurred.

To the extent that the Group borrows capital specifically for the purpose of acquiring and constructing a qualifying asset, the

amount of borrowing costs eligible for capitalization is determined as the actual cost incurred in the period for such borrowing,

reduced by any income from the temporary placement of these loans.

The Group begins capitalizing borrowing costs as part of the cost of the qualifying item from the inception date. The start date

for capitalization is the date the entity meets all of the following conditions for the first time:

(a) incurs investment expenditure on the asset;

(b) incurs borrowing costs and

(c) undertakes activities necessary to prepare the asset for its intended use or sale.

The Group ceases to capitalize borrowing costs when substantially all of the necessary activities to prepare the asset to qualify

for its intended use or sale have been completed. The Group recognizes other types of borrowing costs as expenses in the

period in which they were incurred.

2.3.19 Distribution of Dividends and Dividend Income

The distribution of dividends is recognized as a deduction from the Group's equity and is recorded as a liability when approved

by the General Meeting of shareholders. Any pre-dividends are recognized as a deduction from the Group's equity when

approved by the Board of Directors. Dividends are recognized in the income statement when the right to receive a dividend is

approved by the shareholders. Accordingly, interim dividends from subsidiaries are recognized in the income statement when

approved by the Board of Directors.

2.3.20 Earnings per share

Basic earnings per share are calculated by dividing the net earnings attributable to the shareholders by the weighted average

number of the ordinary shares outstanding during each year, excluding the average rate of the ordinary shares acquired as

own shares. The adjusted earnings per share are calculated by dividing the net earnings attributable to shareholders by the

weighted average number of common shares outstanding during each year (adjusted for the effect of the stock option).

2.3.21

Grants

Government grants are recognized at their fair value when it is reasonably expected that the grant will be collected and the

Group will comply with all stipulated conditions.

2.3.22

Derivative Financial Instruments

"Derivative financial instruments" refer to futures contracts on shares and are initially recognized in the balance sheet at fair

value on the date the contracts are entered into, and subsequently re-measured at their fair value. The method of recognizing

the gain or loss arising from the above measurement depends on whether these derivative financial instruments have been

designated as hedging instruments, as well as the nature of the hedged item. Derivative financial instruments that are not

designated as hedging instruments and do not meet the requirements for hedge accounting are classified as derivatives and

recognized at fair value through the Statement of Comprehensive Income. The fair value of derivative financial instruments is

determined based on market prices, taking into account recent transactions in the market, or using appropriate other valuation

techniques.

2.4. Consolidated Financial Statements

2.4.1 Consolidation

The consolidated Financial Statements include the Financial Statements of the Company and its subsidiaries, which are

controlled by the Company. Control exists only when the Company a) exercises power over its subsidiaries, b) holds positions

or rights with variable returns from its participation in the subsidiaries and c) has the ability to use its power over the

subsidiaries to influence the amount of its returns.

Subsidiaries are fully consolidated (total consolidation) from the date on which control over them is acquired and cease to be

consolidated from the date such control does not exist.

Acquisitions of subsidiaries are accounted for using the acquisition method. The acquisition cost of a subsidiary is the fair value

of the assets transferred, shares issued, and liabilities incurred at the acquisition date, plus any costs directly attributable to

the acquisition. Identifiable assets, liabilities and contingent liabilities acquired in a business combination are measured on

acquisition at fair value, regardless of the percentage of participation.

Transactions, balances and unrealized profits arising between the companies of the Group are eliminated during the

consolidation. Unrealized losses are also eliminated, unless the transaction shows signs of impairment of the transferred asset.

The accounting principles of the subsidiaries have been adjusted to be uniform with those adopted by the Group.

For the acquisition of subsidiaries, which do not fall within the definition of a business combination, the Group divides the

costs between the individual identifiable assets and liabilities of the acquired business based on their fair values at the

acquisition date. No goodwill arises from such transactions.

The Company records investments in associates in the separate financial statements of the Parent at cost.

The subsidiaries that are consolidated in the Group are

«Plaza Hotel Skiathos M.S.A.»

and «

Sarmed Warehouses S.A.».

2.5. Reclassification of comparatives

In the financial statements for the year ended December 31, 2022, reclassifications have been made, where necessary, in order

to make the funds similar and comparable to the funds of the current year.

3.

Financial risk management

3.1. Financial risk factors

The Group is exposed to financial risks, such as market risks (changes in interest rates, market prices), credit risk and liquidity

risk. The Company's general risk management program focuses on the unpredictability of financial markets and seeks to

minimize their potential negative impact on the Company's financial performance.

The Management implements an integrated risk management framework, which aims at the continuous monitoring of the

Group's business operation, in order to identify the risk areas in time, to evaluate and categorize and then to manage through

appropriate actions.

At the level of organizational structure, the Risk Management Service in collaboration with the executive members of the

Management, as well as the supervisory units of the Company, are in charge of risk management, while the internal control

function evaluates the adequacy and effectiveness of the risk management system.

In addition to the above, the Company's Board of Directors must regularly review the main risks faced by the Group, as well

as the effectiveness of the internal control system in terms of managing these risks.

(a) Market risk

(i) Foreign exchange risk

The Group operates in Greece, its transactions are conducted in Euro and therefore is not exposed to foreign currency risks.

(ii) Price risk

The Group is not exposed to risk related to financial instruments since it does not hold equity instruments.

The Group is exposed to the risk from fluctuation in the fair value of real estate property and in lease income. In order to

reduce the risk of prices not related to financial instruments, such as the risk of real estate prices, the Group leases its property

under long-term operating lease agreements, which provide for annual adjustments of rents associated with the Consumer

Price Index, while in case of negative inflation there is no negative impact on rents. Rental income of the Group is not subject

to seasonal fluctuations, except for some individual leases where there is a percentage of turnover in addition to the monthly

rent which is calculated at the beginning of each year and relates to the previous calendar year.

In addition, the Company is governed by an institutional framework of REIC, according to which:

a) periodic valuation of its investment properties by an independent appraiser is required;

b) valuation of the property is required before acquisition or pre-sale by an independent appraiser;

c) the construction, completion or repair of real estate is allowed as long as the relevant costs do not exceed, in total, forty

percent (40%) of the total investment of the company in real estate, as it will have been formed after the completion of the

works and,

d) the value of each property, at the time of acquisition or completion of works, is prohibited to exceed 25% of the value of all

its investments.

This scheme contributes significantly to the avoidance and / or timely treatment of the relevant risks.

(iii) Cash flows risk and risk of fair value changes due to interest rate changes

Interest rate risk refers to the existing or future risk to the profits and capital of the Group and the Company, which results

from adverse interest rate fluctuations affecting the assets and liabilities of the Company. The Group's exposure to the risk of

fluctuations in interest rates comes from demand deposits (see Note 11) that it has in its assets as well as bank loans with

variable interest rates (see Note 15) which expose the Group to cash flow risk due to a possible change of interest rates.

The Group is exposed to fluctuations in market interest rates which affect its financial position and cash flows, as borrowing

costs may increase as a result of such changes.

The Group's exposure to interest rate fluctuations is not significant due to the low borrowing, with a Net Loan to Value Ratio

of 24,9% as of December 31, 2023.

If the reference interest rate had changed by +/-1%, the effect on the Group's results would have been estimated to be reduced

by € 331 thousand and increased by € 331 thousand respectively.

(b) Credit risk

The Group's credit risk is linked to rent receivables from operating lease contracts and cash and cash equivalents. Credit risk

is managed centrally, at Group level. The credit risk concerns cases of default by counterparties to fulfill their transactional

obligations if they become due. Receivables are considered in default based on the time during which they remain uncollectible

while evaluating the customer's creditworthiness, his financial situation, his trading behavior as well as other parameters.

When monitoring customer credit risk, customers are grouped according to their credit characteristics, the maturity

characteristics of their receivables and any previous collection problems they have demonstrated. The Group, in order to

secure its claims, requests the payment of a guarantee for the leases or letters of guarantee. The Group uses a table with

which it calculates the expected credit losses throughout the lifetime of its receivables. This table is based on past experience

but is adjusted in such a way as to reflect forecasts of the future financial situation of the customers as well as the economic

environment (eg inflation and interest rate fluctuations).

The Group has historically not incurred significant losses from the initial recognition of receivables, and no significant losses

are expected, as the property lease agreements are made with clients - lessees who have sufficient creditworthiness and

liquidity. The Group's exposure to credit risk also arises from transactions with related parties, as part of the Group's real

estate portfolio is leased to Quest Group companies. The percentage of annualized rental income derived from subsidiaries

and affiliated companies of Quest Group Holdings S.A. as of the approval date of the 2023 financial statements is 20%, down

from 34% in the corresponding period last year, of the total annualized rental income. It is also noted that the corresponding

percentage of annualized rental income derived from the company Sarmed Logistcs S.A. (tenant of the property of the

subsidiary SARMED Warehouses S.A.) is currently 17%, compared to 28% in the corresponding period last year, while the

largest tenant of the Company is Alpha Bank with 34% of the annualized income (see Note 17 and 29).

The table below presents the financial assets per credit rating (Moody’s) as at 31 December 2023 and 31 December 2022.

31.12.2023

Group

Company

Valuation

Cash and

Cash

Equivalents

Trade and

other

receivables

Derivative

Financial

Instruments

Cash and

Cash

Equivalents

Trade and

other

receivables

Derivative

Financial

Instruments

Ba1

2.016

-

-

1.435

-

-

Βaa3

770

-

-

768

-

-

Counterparties

without credit

rating assessment

-

2.507

1.726

-

1.397

1.726

31.12.2022

Group

Company

Valuation

Cash and

Cash

Equivalents

Trade and

other

receivables

Derivative

Financial

Instruments

Cash and

Cash

Equivalents

Trade and

other

receivables

Derivative

Financial

Instruments

Ba2

2.985

-

-

1.160

-

-

Βa3

339

-

-

93

-

-

Counterparties

without credit

rating assessment

-

2.293

-

-

1.677

-

The analysis of the maturity of the Company's and the Group's liabilities is provided below:

Group

31.12.2023

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Up to 1

month

Trade and other receivables

1.496

9

2

1.000

2.507

Derivative Financial Instruments

-

-

1.726

-

1.726

Provisions for doubtful debts

-

-

-

-

-

Total

1496

9

1.728

1.000

4.233

Group

31.12.2022

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Up to 1

month

Trade and other receivables

1.025

10

2

1.260

2.297

Provisions for doubtful debts

-

-

-

(4)

(4)

Total

1.025

10

2

1.256

2.293

Company

31.12.2023

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Up to 1

month

Trade and other receivables

1.132

9

2

254

1.397

Derivative Financial Instruments

-

-

1.726

-

1.726

Provisions for doubtful debts

-

-

-

-

-

Total

1.132

9

1.728

254

3.123

Company

31.12.2022

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Up to 1

month

Trade and other receivables

950

10

2

719

1.681

Provisions for doubtful debts

-

-

-

(4)

(4)

Total

950

10

2

715

1.677

(c) Liquidity risk

The current or future risk for profits and capital arises from the inability of the Group to liquidate / collect overdue receivables

without suffering significant losses. The Group ensures the required liquidity in a timely manner in order to meet its obligations,

through the regular monitoring of liquidity needs and the collection of debts by employees and the prudent management of

cash.

The liquidity of the Group and the Company is monitored by the Management at regular intervals while the Company has

secured open lines of financing for its future operational needs. Below is the breakdown with maturities of financial assets and

liabilities (tables include undiscounted flows):

31.12.2023 Group

< 1 year

1 to 2

years

3 to 5 years

> 5 years

Total

Suppliers and other liabilities

827

757

42

362

1.988

Loans and lease obligations

3.916

6.672

29.052

6.629

46.270

4.743

7,430

29.094

6.991

48.258

31.12.2023 Company

< 1 year

1 to 2

years

3 to 5 years

> 5 years

Total

Suppliers and other liabilities

795

757

42

362

1.956

Loans and lease obligations

3.916

6.672

29.052

6.629

46.270

4.711

7.430

29,904

6.991

48.226

31.12.2022 Group

< 1 year

1 to 2

years

3 to 5 years

> 5 years

Total

Suppliers and other liabilities

810

330

270

304

1.714

Loans and lease obligations

3.182

3.174

16.875

17.721

40.952

3.992

3.504

17.145

18.025

42.666

31.12.2022 Company

< 1 year

1 to 2

years

3 to 5 years

> 5 years

Total

Suppliers and other liabilities

785

330

270

304

1.689

Loans and lease obligations

3.181

3.174

16.876

17.721

40.952

3.966

3.504

17.146

18.025

42.641

In the other liabilities for the year 2023, there are received guarantees for leases and guarantees for good performance of

work, totaling €1.192 million for the Group and the Company. These are refundable according to the expected expiration

period of the existing lease contracts and completion of projects, specifically €20 thousand up to one year, €713 thousand

from 1 to 3 years, €42 thousand from 3 to 5 years, and €362 thousand over 5 years.

Specifically, an amount of €30 thousand within one year for the Group and the Company, and amounts of €757 thousand from

1 to 2 years, €42 thousand from 3 to 5 years, and €362 thousand over 5 years for the Group and the Company.

For the year 2022, the received guarantees and guarantees for good performance of work totaling €918 thousand for the

Group and the Company are refundable as follows: €14 thousand up to one year, €330 thousand from 1 to 3 years, €270

thousand from 3 to 5 years, and €304 thousand over 5 years.

3.2 Capital management

Regarding capital management, the Group's objective is to ensure its ability to remain in continuous operation in order to

generate profits for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce

the cost of capital. The maintenance or adjustment of the capital structure can be achieved through adjusting the amount of

dividends paid to shareholders, issuing new shares, or selling assets to reduce borrowing.

The Group monitors capital risk based on the leverage ratio. This ratio is calculated as the ratio of total debt to total assets

(debt ratio) and as the ratio of net debt to total assets (net debt ratio). Net debt is calculated as the total of borrowings (long-

term and short-term) plus lease obligations minus cash and cash equivalents.

The legal framework governing Societes Anonymes with Share Capital (A.E.E.A.P.) in Greece allows for loans and credit to be

extended to them, with amounts totaling up to 75% of their total assets, for the acquisition and utilization of properties. Below

are the leverage ratios as of December 31, 2023, compared to December 31, 2022.

Group

Company

Group

Company

31.12.2023

31.12.2023

31.12.2022

31.12.2022

Loans and leases

37.070

37.070

34.608

34.607

Total Assets

156.109

143.926

142.167

130.768

Cash and cash equivalents

2.786

2.202

3.324

1.253

Debt Ratio

23,75%

25,76%

24,34%

26,46%

Net Debt Ratio

22,36%

24,60%

22,53%

25,75%

3.3 Fair values

The Company and the Group provide the necessary disclosures regarding the fair value measurement through a three-level

hierarchy.

•

Financial assets that are traded in active markets and their fair value is determined based on the published purchase prices

that are valid at the reporting date for similar assets and liabilities ("Level 1").

•

Financial assets that are not tradable in active markets, the fair value of which is determined using valuation techniques

and assumptions based either directly or indirectly on market data at the reporting date ("Level 2").

•

Financial assets that are not tradable in active markets, the fair value of which is determined using valuation techniques

and assumptions that are not fundamentally based on market data ("Level 3").

The Company and the Group hold derivative financial instruments (note 23) and investment properties (note 6) measured at

fair value. As of December 31, 2023, the carrying amount of trade and other receivables, cash and cash equivalents, loans and

borrowings, as well as the provisions for suppliers and other liabilities, approximated their fair values. During the year, there

were no transfers between Level 1 and Level 2, nor transfers into and out of Level 3 for the measurement of the fair value of

investment properties.

4.

Significant accounting estimates and judgments of the Management

The estimates and judgments of the Management are constantly reviewed and are based on historical data and expectations

for future events, which are considered reasonable according to the current ones.

Significant accounting estimates and assumptions

The Company makes estimates and assumptions regarding the development of future events. The estimates and assumptions,

which pose a significant risk of causing substantial adjustments to the carrying amounts of the assets and liabilities over the

next 12 months, mainly relate to the determination of the fair values of investment properties.

The most appropriate indication of fair value is the current values that apply in an active market for related leases and other

contracts. If it is not possible to find such information the value is determined within a range of reasonable estimates of fair

values. According to the current legislation for REICs, the estimates of real estate investments must be supported by estimates

made by independent professional appraisers, included in the Register of Certified Appraisers of the Ministry of Finance for

June 30 and December 31st of each year.

The estimates are mainly based on discounted cash flow forecasts due to the nature of the investment properties. The

independent appraiser takes into account data from various sources, including:

(i) Current prices in an active real estate market of a different nature, status or location (or subject to different leases or other

contracts), which have been adjusted for these differences.

(ii) Recent prices of similar properties in less active markets, adjusted to reflect any changes in economic conditions that have

occurred since the date on which those transactions were made at those prices.

(iii) Discounted cash flow, based on reliable estimates of future cash flows, derived from the terms of applicable leases and

other contracts and (where applicable) from external factors such as current rental rates of similar properties in the same

location and situation, using discount rates reflecting the current market estimate, regarding the uncertainty of the amount

and time of occurrence of these cash flows.

Regarding point (iii) above, for the application of cash flow discounting valuation techniques, assumptions are used, which are

mainly based on the prevailing market conditions, at the date of preparation of the financial statements.

The main assumptions underlying fair value estimates are those related to the collection of contractual rents, expected future

rents in the market, vacancies, maintenance obligations, and appropriate discount rates. These estimates are systematically

compared with actual data from the market, with the Company's transactions and with those announced by the market.

Expected future rents are determined on the basis of current rents, as those apply in the market, for similar properties, in the

same location and situation. Further information concerning the main assumptions can be found in Note 6.

5.

Segment reporting

The operational sectors of the Group and the Company are presented according to the investment activity sectors referred to

in internal reports and are used for decision-making and monitoring of the financial results by the Company's management

bodies, in accordance with its Articles of Association and its Internal Operating Regulations.

The operational sectors concern investment types of properties and include income from real estate assets belonging to

different types of properties.

As of December 31, 2023, all properties of the Group were located in Greece. Furthermore, the types of investment properties

of the Group are categorized into offices, mixed-use buildings (offices with ground-floor retail spaces), commercial

warehouses, hotels, stores, and properties of special use. The Company's land parcels are included in the logistics and hotel

sectors as they serve and are leased to the lessees of adjacent logistics and hotel properties, respectively. The properties of

special use include a property for the care and accommodation of the elderly.

The management of the Group monitors the operational results of the sectors separately with the aim of allocating resources

and evaluating performance. The assessment of sector performance is based on the profits related to investments in

properties as presented below. The Company applies the same principles for the aggregation of the operational results of the

sectors as those of the financial statements. The analysis of investments in properties by operational sector is presented in

Note 6.

The results of the Group for the year 2023, presented by operating sector are as follows:

01.01.2023 – 31.12.2023

Offices &

mixed

use

Logistics

Hotels

Retail

Special

Use

Total

REVENUE

Rental Revenue

2.358

4.791

1.708

160

87

9.104

Total

2.358

4.791

1.708

160

87

9.104

RESULTS

Net gain / (loss) from the

fair value adjustment of

investment properties

1.170

4.658

2.171

88

23

8.110

Profit from the sale of investment

properties

7

120

127

Direct property related

expenses

(87)

(78)

(61)

(24)

(3)

(253)

Property Tax (ENFIA)

(235)

(312)

(106)

(22)

(20)

(695)

Total profit/(loss) from

Investment properties

3.206

9.066

3.712

322

87

16.393

Net gains/(losses) from operations

agreement:

Profits/(losses) related to

investments in properties

16.393

Other expenses

(1.355)

Gains/(Losses) from revaluation of

financial instruments at fair value

through profit or loss in the

statement of profit or loss

1.726

Net financial income/(expenses)

(1.425)

Taxes

(709)

Net income/(loss) for the period

14.630

The distribution of the Group's results for the year 2022 by operational sector was as follows:

01.01.2022 – 31.12.2022

Offices &

mixed

use

Logistics

Hotels

Retail

Special

Use

Total

REVENUE

Rental Revenue

2.243

3.993

1.466

215

85

8.002

Total

2.243

3.993

1.466

215

85

8.002

RESULTS

Net gain / (loss) from the

fair value adjustment of

investment properties

923

3.246

3.152

156

(12)

7.465

Profit from the sale of

investment properties

149

149

Direct property related

expenses

(44)

(123)

(67)

(50)

(2)

(286)

Property Tax (ENFIA)

(235)

(316)

(99)

(33)

(20)

(703)

Profits/(losses) related to

investments in properties

2.887

6.800

4.452

437

51

14.627

Net gains/(losses) from

operations agreement:

Profits/(losses) related to

investments in properties

14.627

Other expenses

(1.395)

Net financial

income/(expenses)

(967)

Taxes

(203)

Net income/(loss) for the

period

12.062

6.

Investment Property

The change in investments properties by operating sector at Group level is as follows:

Group

Country

Greece

Segment

Offices &

mixed use

Logistics

Hotels

Retail

Special

Use

Land Plots

Total

Determination of fair value

3

3

3

3

3

3

Fair value at January

1,2022

34.952

58.813

20.700

2.017

3.559

727

120.768

Direct acquisition of

investment properties

-

1.371

-

-

-

-

1.371

Subsequent capital

expenditures related to

investments in properties

133

3.005

3.314

-

-

6

6.458

Transfers between sectors

-

-

-

2.114

(2.114)

-

-

Transfer from intangible fixed

assets

138

-

-

-

-

-

138

Sale of investment property

-

-

-

(1.201)

-

-

(1.201)

Net gain/(loss) from

revaluation of investments in

properties at fair value

923

3.245

3.056

156

(12)

97

7.465

Fair value at December

31, 2022

36.146

66.434

27.070

3.086

1.433

830

134.999

Fair value at January

1,2023

36.146

66.434

27.070

3.086

1.433

830

134.999

Subsequent capital

expenditures related to

investments in properties

256

4.694

628

14

-

-

5.592

Transfers between sectors

-

190

640

-

-

(830)

-

Receipt of subsidies for

investment property

-

-

(298)

-

-

-

(298)

Sale of investment property

(5)

(880)

(885)

Net gain/(loss) from

revaluation of investments in

properties at fair value

1.170

4.658

2.171

88

23

-

8.110

Fair value at December

31, 2023

37.572

75.971

30.211

2.308

1.456

-

147.518

The change in investments in properties by operational sector at the Company level is as follows:

Company

Country

Greece

Segment

Offices &

mixed use

Logistics

Hotels

Retail

Special

Use

Land

Plots

Offices &

mixed

use

Determination of fair value

3

3

3

3

3

3

Fair value at January

1,2022

34.952

28.925

15.900

2.017

3.559

727

86.080

Direct acquisition of investment

properties

-

1.371

-

-

-

-

1.371

Subsequent capital expenditures

related to investments in

properties

133

3.005

10

-

-

6

3.153

Transfers between sectors

-

-

-

2.114

(2.114)

-

-

Transfer from intangible fixed

assets

138

-

-

-

-

-

138

Sale of investment property

-

-

-

(1.201)

-

-

(1.201)

Net gain/(loss) from revaluation of

investments in properties at fair

value

923

663

2.660

156

(12)

97

4.487

Fair value at December

31, 2022

36.146

33.964

18.570

3.086

1.433

830

94.029

Fair value at January

1,2023

36.146

33.964

18.570

3.086

1.433

830

94.029

Subsequent capital expenditures

related to investments in

properties

256

4.226

595

14

-

-

5.091

Transfers between sectors

-

190

640

-

-

(830)

-

Sale of investment property

(5)

(880)

(885)

Net gain/(loss) from revaluation of

investments in properties at fair

value

1.170

4.077

2.206

88

23

-

7.565

Fair value at December

31, 2023

37.572

42.452

22.011

2.308

1.456

-

105.799

During the year 2023, the Company carried out construction projects for the construction of a new Storage and

Accommodation Center (KAD 2) in Aspropyrgos, Attica, amounting to €4,21 m, in accordance with the contract for the

construction of a new modern warehouse and distribution building (KAD 2) as amended on 31.10.2023, with a total area of

19,217 sq.m. and fire protection specifications of category Z3. The completion of the project is expected to be finalized within

2024.

On March 17, 2023, the Company entered into a construction contract for the expansion of the hotel complex in Paros on an

adjacent plot of land, involving the construction of 12 suites and increasing the hotel's capacity to 61 rooms and suites. By the

end of the year, the Company had undertaken construction works for the expansion of the hotel unit amounting to €449

thousand. The transfer between sectors of €640 thousand relates to the Company-owned plot of land measuring 516 sq.m. in

Naoussa, Paros, where the expansion of the Mr&Mrs White Paros hotel is being developed, and the plot of land measuring

500 sq.m. used as parking for the hotel unit. Therefore, the Company reclassified and monitors these plots of land with the

under-construction property now categorized as part of the hotel sector.

On May 31, 2023, the Company signed a Public Bond Issuance Program of up to €4.851 thousand to finance an investment

plan for the construction of a new LEED-certified office building at 42 Poseidonos Avenue in Kallithea, Attica, within the

framework of the Recovery and Resilience Fund. 50% of the investment plan will be financed at a fixed interest rate of 0.35%

through the Recovery and Resilience Fund. During the year 2023, construction works amounting to €235 thousand have been

completed, while it is estimated that the construction will be completed by 2025.

On October 23, 2023, the sale of a commercial property with a total area of 281.35 sq.m., located at 1 25th Martiou & Ethel.

Dodekanisiou Street in Rhodes, was completed for a price of one million euros (€1,0 m), resulting in a net gain from the sale

of investment property amounting to €120 thousand.

Through its subsidiary Sarmed Warehouses A.E., the Company made an investment of €468 thousand in a photovoltaic (PV)

station with an energy yield of 899.25 kW at the storage center of its subsidiary located in Mandra, Attica. On January 19,

2024, the station was successfully connected to the Hellenic Electricity Distribution Network (HEDNO), and the total amount

of the investment amounted to €520 thousand.

Investment Property Valuation Method

According to the current legislation for REIC, the values of real estate investments are valued by independent appraisers,

whose reports must be prepared twice a year, on June 30th and December 31st. Each report is based on two methods

according to International Valuation Standards. For the estimation of the value of the Group's portfolio as at 31.12.2023, the

(a) method of comparative data or comparative method, (b) the method of capitalization of income or the method of

discounted cash flows (DCF) and (c) the residual method.

All the properties of the Group are located in Greece. The following table contains information on the valuation methods of

investment properties, by category of operating sector as 31.12.2023:

Fair Value

Valuation Method

Monthly

Market

Rent

Discount Rate

(%)

Capitalization

Rate (%)

Segment

Offices &

mixed use

37.572

80% discounted cash flows

(DCF) & 20% comparative

251

7,90%-9,90%

6,00%-8,00%

Logistics

(1)

75.971

80%-10% discounted cash flows

(DCF) & 20% -80% comparative

529

9,19%-9,95%

6,23%-6,39%

(1)

7,15%-8,25%

4,25%-4,50%

(1)

Hotel

(2)(3)

30.211

80%-85%-85% discounted cash

flows (DCF) & 20%-15%-10%

comparative

n/a

8,85%-10,10%

6,85%-8,10%

Retail

2.308

80% discounted cash flows

(DCF) & 20% comparative

13

8,32%

5,75%

Special Use

1.456

80% discounted cash flows

(DCF) & 20% comparative

10

10,10%

8,00%

147.518

(1)

The logistics includes the properties at 123 Kifisou Avenue and 117 Kifisou Avenue, which operate as parking spaces

to serve the adjacent warehouses of the Company.

(2)

For the under-construction expansion of the Mr&Mrs White Paros hotel in Paros, only the residual method was used,

as according to independent appraisers and the international valuation standards RICS, there is no other reliable

valuation method that can incorporate all the significant factors and assumptions for the valuation of this property.

(3)

The average daily room rate (ADR) used in the estimation of the hotels ranged from €124 to €324

All the properties of the Group are located in Greece. The following table contains information on the valuation methods of

investment properties, by category of operating sector as 31.12.2022:

Fair Value

Valuation Method

Monthly

Market

Rent

Discount Rate

(%)

Capitalization

Rate (%)

Segment

Offices &

mixed use

36.146

80% discounted cash flows

(DCF) & 20% comparative

249

8,00%-9,65%

6,00%-7,65%

Logistics

(1)

66.434

80%-10% discounted cash flows

(DCF) & 20% -80% comparative

497

9,35%%-10,05%

6,51%

(1)

7,15%-8,00%

4,50%

(1)

Hotel

27.070

80-85% discounted cash

flows (DCF) & 20-15%-10%

comparative

n/a

9,30%-10,80%

7,00%-8,50%

Retail

3.086

80% discounted cash flows

(DCF) & 20% comparative

18

8,55%-8,86%

6,25%-6,75%

Special Use

1.433

80% discounted cash flows

(DCF) & 20% comparative

9

9,50%

7,25%

Land Plot

830

80%-10% discounted cash flows

(DCF) & 20%-90% comparative and

50% residual method & 50%

comparative

4

9,50%-9,68%

7,00%-7,75%

134.999

(1)

The logistics include the property at 123 Kifissou Street, which functions as a loading and unloading and vehicle parking area

to service the warehouse property at 125-127 Kifissou Street.

The measurement of the fair value of non-financial assets was determined by taking into consideration the Company's ability

to achieve their maximum and best use, assessing the use of each element that is physically possible, legally permissible, and

economically feasible. This assessment is based on the physical characteristics, permitted uses, and the opportunity cost of

the investments made.

Furthermore, the appraiser and the company understand the trends and emerging issues, incorporating, where possible based

on available data, the ESG criteria in the assessment process. In this context, the impact of ESG is taken into account and

measured by the market to reflect the actions of participants, buyers, sellers, tenants, and owners. In July 2023, the Company,

operating with a sense of its environmental responsibility and taking into account the new data brought by the new climate

law 4936/2022 and the ESG framework, conducted a "Gap Analysis" on its real estate portfolio with the aim of recording its

energy and carbon footprint, with the ultimate goal of finding measures to reduce its environmental footprint. During the

preparation of this report, the work is in the final stages, and the results will be reflected in the Company's Sustainable

Development Report for 2023, expected to be published in September 2024. From this, the next steps and the impact on the

Group and the Company will be derived. Concurrently, as part of the implementation of the Corporate Social Responsibility

program focusing on environmental protection, reducing its carbon footprint, and promoting renewable energy sources, the

Company is rapidly progressing with the installation of photovoltaic stations in its portfolio properties and their energy

upgrading. Additionally, the Company is constructing a new LEED-certified office building at 42 Poseidonos Avenue in Kallithea,

Attica, funded by the Recovery and Resilience Fund. The main method used for the valuation of the fair value of the Group's

real estate investment portfolio as of December 31, 2023, is the discounted cash flow method with primarily long-term lease

contracts.

The Company has developed a significant presence in the logistics, office, and hotel sectors, and the activity displayed within

these categories during 2023 (such as A-class office buildings in prime locations, new warehouses, and hotels), resulted in a

sufficient volume of comparative data that was taken into account during the assessments of the respective properties. The

investment portfolio in the Group's real estate, with an occupancy rate of around 99,2% (excluding the properties under

construction) and a collection rate of 100%, demonstrated significant resilience to the increasing challenges posed by high

inflation, rising interest rates, and intense geopolitical uncertainty primarily due to its composition. It mainly consists of high-

quality properties with stable income flows, as well as the specific characteristics regarding the quality of tenants and lease

terms, which were considered by the appraisers in determining the fair value of the Company's and the Group's investment

properties. On the other hand, the commercial real estate sector, excluding large stores, remains under pressure due to the

lack of sufficient market data, to the extent necessary for short-term leases, requiring a high degree of judgment in determining

the estimated cash flows used in the assessment of the fair value of the investment properties.

The fair value of the Real Estate Investments as of December 31, 2023 increased to €147,5 million compared to €135,0 million

as of December 31, 2022 (excluding the value of self-used properties of €1,4 million and €1,3 million, respectively). This

increase of €12,5 million is analyzed as follows:

●

An amount of €5,4 million pertains to capital expenditures for the renovation and development of existing properties.

●

An amount of €8,1 million relates to gains from the revaluation of investments in properties to fair value (+5.7% on the

value of property investments as of 31.12.2022).

●

A decrease of €0,9 million from the sale of investment properties.

The largest percentage increases from the revaluation of investments to fair value are in the Group's hotel sector, with gains

from the revaluation of property values at a rate of 7,7% (€2,1 million) compared to their value as of 31.12.2022. This increase

was considered by the appraiser due to the potential of the hotel locations, which continue their upward trend compared to

last year, their increased occupancy rates, and the higher revenues they achieved in 2023.

Furthermore, an increase in the revaluation of property values by 6,5% (€4,7 million) was observed in the warehouse sector,

specifically in the Logistics Park of Aspropyrgos, mainly due to the development undertaken by the Company and the ongoing

increase in rents.

The most significant non-observable data used in the estimation of the fair value of property investments include the monthly

market rent, the discount rate, the capitalization rate, the average daily room rate (ADR) used in the valuation of hotels, and

the construction period timeline.

If as of December 31, 2023, the discount rate used in the discounted cash flow analysis differed by +/-5% from the

Management's estimates, the accounting value of the property investments would be estimated at €3.975 thousand lower or

€4.153 thousand higher, compared to €3.792 thousand lower or €4.336 thousand higher for the respective estimates as of

December 31, 2022.

If as of December 31, 2023, the capitalization rate used in the discounted cash flow analysis differed by +/-5% from the

Management's estimates, the accounting value of the property investments would be estimated at €3.048 thousand lower or

€3.368 thousand higher, compared to €2.948 thousand lower or €3.887 thousand higher for the respective estimates as of

December 31, 2022.

If as of December 31, 2023, the monthly market rent used in the discounted cash flow analysis differed by +/-5% from the

Management's estimates, the accounting value of the property investments would be estimated at €3.263 thousand higher or

€2.265 thousand lower, compared to €3.606 thousand higher or €3.625 thousand lower for the respective estimates as of

December 31, 2022.

If as of December 31, 2023, the construction period for the under-construction investment properties in Poseidonos Avenue,

Aspropyrgos, and Paros is extended by six months, then the fair value of investments in properties would be €81 thousand

lower for offices and €453 thousand lower for warehouses, and €98 thousand lower for hotels compared to €80 thousand

lower for offices and €241 thousand lower for warehouses for the respective estimates as of December 31, 2022.

If by December 31, 2023, the Average Daily Rate (ADR) used in the estimation of the hotels differed by +/-5% from the

Management's estimates, then the accounting value of the property investments would be estimated to be €1.080 thousand

higher or €1.039 thousand lower.

7.

Acquisition of Subsidiaries

The subsidiaries that are consolidated in the Group are «Plaza Hotel Skiathos M.A.E.» and «Sarmed Warehouses A.E.» based

in Greece. Subsidiaries are fully consolidated (total consolidation).

The Company holds 100% of the shares of the company "Plaza Hotel Skiathos M.A.E" and 80% of the shares of the company

"SARMED WAREHOUSES A.E":

31.12.2023

31.12.2022

Plaza Hotel Skiathos M.Α.Ε.

8.223

8.223

Sarmed Warehouses Α.Ε.

23.133

24.168

On February 2, 2023, the subsidiary "Sarmed Warehouses S.A." at an extraordinary general meeting of its shareholders decided

to reduce its share capital and return to its shareholders an amount of €1,2 m, by reducing the nominal value of each share

from €1,00 to €0,80.

On 08.03.2023, a partial income tax audit report for the tax years 2018-2019 was communicated to the subsidiary "Sarmed

Warehouses A.E." for the spun-off company "Greek Warehouses Sarantitis S.A." As the universal successor of the spun-off

company, "Sarmed Warehouses A.E." paid a tax of €94 thousand. This amount, 80% of it, namely €75 thousand, was refunded

to the parent company BriQ Properties on 04.04.2023 according to the sales contract of the shareholders dated 14.12.2020,

which was referenced for coverage of non-tax audited uses before the acquisition.

8.

Property, plant and equipment

Property Plant and equipment of the Group and the Company comprise of:

Group

Company

Land &

Buildings

Equipment

Total

Land &

Buildings

Equipment

Total

Acquisition cost

Balance January 1, 2022

1.357

33

1.390

1.205

33

1.238

Additions

366

65

431

359

65

423

Sales

-

(7)

(7)

-

(7)

(7)

Transfer from real estate

investments

(157)

-

(157)

(157)

-

(157)

Balance December 31, 2022

1.566

91

1.657

1.407

91

1.497

Accumulated depreciation

Balance January 1, 2022

30

21

51

16

21

37

Depreciation

38

7

45

25

7

33

Transfer to Investments in

Properties

(19)

-

(19)

(19)

-

(19)

Write-off / Provision

59

-

59

59

-

59

Balance December 31, 2022

108

28

136

81

28

110

Net book value December 31,

2022

1.458

63

1.521

1.325

63

1.388

Balance January 1, 2023

1.566

91

1.657

1.407

91

1.497

Additions

8

19

27

2

19

21

Sales

-

(1)

(1)

-

(1)

(1)

Reversal of Provision

53

-

53

53

-

53

Balance December 31, 2023

1.627

109

1.736

1.462

109

1.571

Accumulated depreciation

Balance January 1, 2023

108

28

136

81

28

110

Depreciation

41

13

54

28

13

41

Sales

-

(1)

(1)

-

(1)

(1)

Balance December 31, 2023

149

40

189

109

40

149

Net book value December 31,

2023

1.478

69

1.547

1.353

69

1.421

Amount of €138 thousand relates to the reduction of the self-used office space of 105.30 sq.m. of the Company's offices

located in the Municipality of Kallithea, Attica, at 25 Al.Pantou Street, which was transferred to investment properties (Note

6) and leased in 2022.

9.

Right of us assets

The rights of use of the Group and the Company pertain to car leases and land, and are broken down as follows:

The Company entered into a land lease agreement for a parking space on January 14, 2022, which was modified on December

15, 2023, located opposite the property at 42 Poseidonos Avenue in Kallithea.

10.

Trade and other receivables

The analysis of customer requirements and other demands is as follows:

Group

Company

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Trade receivables

29

77

29

75

Less: Impairment provisions

-

(4)

-

(4)

Trade receivables

29

73

29

71

Receivables from related parties (note.29)

422

264

180

264

Subsequent expenses and advances

342

10

267

6

Other receivables and guarantees

1.652

1.272

906

723

Claims from the Greek State

62

672

15

610

Trade and other receivables

2.507

2.293

1.397

1.677

Non-current

1.311

1.256

615

715

Current

1.196

1.037

782

962

Total

2.507

2.293

1.397

1.677

The other receivables and liabilities of the Group and the Company as of December 31, 2023, include an amount of €221

thousand related to leasing incentives based on lease contracts. The accounting treatment of these incentives, in accordance

with the IFRS 16 accounting standard, provides for their gradual amortization during the term of each lease. The accounting

values of these receivables represent their fair value. There are no overdue or unprovided-for trade receivables in the Group

and the Company as of December 31, 2023, and December 31, 2022. Also included in the other receivables and liabilities of

the Group for 2023 is an amount of €109 thousand related to claims for insurance compensation for loss of rent and damage

restoration due to the flood during the storm DANIEL that affected the property of the subsidiary Plaza Hotel Skiathos in

September 2023.

Group

Company

Plots and

Buildings

Means of

transport

Total

Plots and

Buildings

Means of

transport

Total

Balance January 1,

2022

-

22

22

-

22

22

Aditions

20

1

21

20

1

21

Depreciation

(7)

(7)

(13)

(7)

(7)

(13)

Balance December

31, 2022

14

16

30

14

16

30

Balance January 1,

2023

14

16

30

14

16

30

Aditions

6

-

6

6

-

6

Depreciation

(6)

(7)

(13)

(6)

(7)

(13)

Balance December

31, 2023

14

9

23

14

9

23

As of December 31, 2022, the receivables from the Greek State include an amount of € 500 thousand for the refund of the

capital concentration tax and the remaining amount pertains to the refund of construction VAT. As of December 31, 2023, the

item concerns the receivable for the refund of construction VAT. It is noted that on December 19, 2022, the Company received

the decision of the Court of Appeals of Piraeus, accepting the Company's appeal for the refund of € 500 thousand, which

pertains to the aforementioned capital concentration tax. The amount was refunded to the Company on January 24, 2023.

The Company had submitted an application which was approved, and on May 17, 2023, it also received the legal interest

amounting to € 100 thousand.

The other receivables include an amount of € 65 thousand related to expenses from the initial stage of the transaction

concerning the merger by absorption of ICI with the acquisition of 16 properties, completed on January 31, 2024 (Note 31).

Historically, the Group has not incurred significant losses from the initial recognition of receivables, and no significant losses

are expected, as the property lease agreements are made with customers - tenants who have sufficient creditworthiness and

liquidity. The maximum exposure of the Group to credit risk mainly arises from transactions with related parties, as a significant

portion of the Group's real estate portfolio is leased to companies of the Quest Group and Sarmed Logistics.

The relevant analysis of the maturity of the Company's and the Group's receivables is included below:

Group

31.12.2023

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Total

Trade and other receivables

1.185

9

2

1.311

2.507

Provisions for doubtful debts

-

-

-

-

-

Total

1185

9

2

1.311

2.507

Group

31.12.2022

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Total

Trade and other receivables

1.025

10

2

1.260

2.297

Provisions for doubtful debts

-

-

-

(4)

(4)

Total

1.025

10

2

1.256

2.293

Company

31.12.2023

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Total

Trade and other receivables

771

9

2

615

1.397

Provisions for doubtful debts

-

-

-

-

-

Total

771

9

2

615

1.397

Company

31.12.2022

Up to 1

month

From 1

month to

3 months

From 3

months to

12 months

Over 12

months

Total

Trade and other receivables

950

10

2

719

1.681

Provisions for doubtful debts

-

-

-

(4)

(4)

Total

950

10

2

715

1.677

11.

Cash and cash equivalents

The analysis of cash and cash equivalents is as follows:

Group

Company

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Cash in hand

1

1

-

-

Short term bank deposits

2.785

3.323

2.202

1.253

Total

2.786

3.324

2.202

1.253

Short-term bank deposits consist of demand deposits and time deposits in Greece. The total of cash and cash equivalents

relates to deposits in Euros.

12.

Share Capital and purchase of treasury shares

The Share Capital is analyzed as follows:

Shares

Number

Share

Capital

Balance December 31, 2022

35.764.593

75.106

Balance December 31, 2023

35.764.593

75.106

As of December 31, 2023, the company held a total of 411.129 treasury shares with a total nominal value of €863 thousand

and an acquisition value of €730 thousand. These treasury shares represented 1.15% of the company's share capital. As of

December 31, 2022, the company held a total of 397.030 treasury shares with a total nominal value of €772 thousand and an

acquisition value of €701 thousand. These treasury shares represented 1,10% of the company's share capital.

13.

Reserves

Group

Company

01.01.2023 -

01.01.2022 -

01.01.2023 -

01.01.2021 -

31.12.2023

31.12.2022

31.12.2023

31.12.2021

Statutory reserve

968

677

674

491

Special reserve

2.742

2.742

2.742

2.742

Other reserves

(734)

(1.032)

(1.032)

(1.032)

Total

2.976

2.387

2.384

2.201

According to article 158 of Law 4548/2018, as in force, the Company is obliged to withhold from its net accounting profits an

amount of 5% per annum as a regular reserve, until the total of the regular reserve amounts to 1/3 of the paid share capital.

The regular reserve cannot be distributed throughout the life of the Company.

According to the decision of the General Meeting of Shareholders dated September 6, 2019, the company approved a nominal

reduction of its share capital by €2,742 million, with a reduction of the nominal value of each common voting share from €2.33

to €2.10, in accordance with Article 31 of Law 4548/2018, for the formation of an equal special reserve. The company will

decide at a later date on the use of the aforementioned special reserve, which cannot be distributed, either for the purpose

of re-capitalization or for offsetting the company's losses, in accordance with Law 4548/2018, as applicable.

The remaining reserves relate to expenses of the share capital increase, totaling €50,071 million, completed on December 20,

2019, which were transferred from retained earnings. On December 19, 2022, the Company received the decision of the

Piraeus Court of Appeals, accepting the Company's appeal for the refund of €500 thousand, relating to the capital

concentration tax. The amount was refunded to the Company on January 24, 2023. The Company has also collected legal

interest of €100 thousand on the above amount.

The amount of €51 thousand, pertaining to the 1/1000 levy for the Competition Commission, was refunded to the company

on November 29, 2022.

14.

Retirement Benefit Obligations

According to the legislation, employees are entitled to compensation in case of dismissal or retirement, the amount of which

varies depending on the salary, years of service, and the manner of departure.

The amounts recorded in the Consolidated Statement of Financial Position have been determined as follows:

Group and Company

31.12.2023

31.12.2022

Present value of unfunded obligations

14

10

Liability in the Statement of Financial Position

14

10

The amounts recorded in the Statement of Comprehensive Income are as follows:

31.12.2023

31.12.2022

Service cost

4

2

Total amount included in employee benefits (Note 20)

4

2

The change in the liability recorded in the Statement of Financial Position is as follows:

31.12.2023

31.12.2022

Opening balance

10

10

Service cost

4

2

Actuarial gains/(losses) from change in financial

assumptions

-

(2)

Closing balance

14

10

The main actuarial assumptions used are:

31.12.2023

31.12.2022

Discount rate

3,04%

3,61%

Inflation rate

2,70%

1,70%

Future salary increases

2,70%

1,70%

According to the legislation, employees are entitled to compensation in the event of their retirement, the amount of which

varies according to salary, years of service and the method of retirement. The provision for severance pay is reflected in the

financial statements in accordance with IAS 19 "Employee Benefits" and is based on an independent actuarial study.

15.

Borrowings

Group

Company

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Accounts Payable

11

661

11

660

Bonds Payable

37.035

33.916

37.035

33.916

Total borrowings

37.046

34.577

37.046

34.576

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Long-term borrowing

Bonds Payable

35.212

32.166

35.212

32.166

Total Long-Term Loans

35.212

32.166

35.212

32.166

Short-Term Loans

Accounts Payable

11

661

11

660

Bonds Payable

1.823

1.750

1.823

1.750

Total Short-Term Borrowings

1.834

2.411

1.834

2.410

Total borrowings

37.046

34.577

37.046

34.576

The maturity of loans is as follows:

Group

Company

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Up to 1 year

1.834

2.411

1.834

2.410

From 1 to 5 years

28.968

15.328

28.968

15.328

Over 5 years

6.244

16.839

6.244

16.838

37.046

34.577

37.046

34.576

The obligations from the above-mentioned bond loans are secured with mortgages on the investment properties (see Note

28). According to the terms of most loan agreements, the Group and the Company are required to comply with specific

financial ratios. Throughout the duration of the existing borrowing, the Group and the Company have met the compliance

obligations with these ratios.

All loans of the Group are at variable interest rates. The contractual maturities are limited to a period of up to 6 months. The

Group is exposed to fluctuations in market interest rates that affect its financial position and cash flows. The borrowing costs

may increase or decrease as a result of such fluctuations

The average effective interest rate of the Group's borrowing obligations amounted to 5,16% for 2023, compared to 2,85% for

2022.

On June 14, 2019, the Company entered into an agreement for a common bond loan program with EUROBANK A.E. for an

amount of up to €20, m. This loan was repaid on December 22, 2023, through the issuance of a new common bond loan on

November 9, 2023, for an amount of up to €14,5 m, with the option of further availability. As of December 31, 2023, the

remaining outstanding bonds amounted to €10,7 m.

On May 5, 2021, the Company issued a common bond loan with Alpha Bank A.E. for an amount of up to €10,0 m. As of

December 31, 2023, the remaining outstanding bonds amounted to €9,1 m.

On October 20, 2021, the Company proceeded with the issuance of a new common bond loan with Alpha Bank A.E. up to

€20,0. By December 31, 2022, bonds of a total amount of €13,3 m had been issued, while additional bonds of €5,1 m were

issued by December 31, 2023. As of December 31, 2023, the outstanding balance of the loan bonds amounted to €17,7m,

while on January 19, 2024, the remaining bonds of €1,6m were issued.

On May 31, 2023, the Company signed a Program for the issuance of a common Bond Loan of up to €4,8 to finance an

investment project for the construction of a new office building certified by LEED at Poseidonos 42 in Kallithea, Attica, as part

of the Recovery and Resilience Fund. 50% of the investment project will be financed with a fixed interest rate of 0,35% through

the Recovery and Resilience Fund. On January 15, 2024, the Company proceeded with the issuance of bonds amounting to

€1,0 m.

The change in total borrowing for the year 2023 of the Group is presented below:

Loans

Lease

obligations

Total

Balance December 31, 2022

34.577

31

34.608

Net Cash Flows

2.751

-

2.751

Accrued interest

6

-

6

Loan issuance expenses

58

-

58

Amortization of deferred loan issuance costs

(346)

-

(346)

Acquisition of fixed assets under lease/leasehold

improvements

-

(7)

(7)

Balance December 31, 2023

37.046

24

37.070

The change in total borrowing for the year 2022 of the Group is presented below:

Loans

Lease

obligations

Total

Balance December 31, 2021

30.153

23

30.176

Net Cash Flows

4.374

(13)

4.361

Accrued interest

50

-

50

Loan issuance costs

13

-

13

Amortization of the present value of modified Loans

38

-

38

Acquisition of fixed assets by lease / amendment of

contracts

-

21

21

Other non-cash flows

(51)

-

(51)

Balance December 31, 2022

34.577

31

34.608

16.

Trade and other payables

The analysis of trade and other payables is as follows:

Group

Company

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Suppliers

623

630

614

605

Amounts due to related parties

(Note 28)

11

13

9

12

Accrued expenses

374

346

364

321

Social security funds

200

146

147

102

Customer advances

1

2

1

2

Property Tax (ENFIA)

-

44

-

44

Deferred income

633

10

633

10

Other liabilities

601

425

590

425

Rental guarantees received

742

645

742

645

Total

3.185

2.261

3.100

2.166

Liabilities classification:

Group

Company

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Non-current

1.747

904

1.747

904

Current

1.438

1.357

1.353

1.262

Total

3.185

2.261

3.100

2.166

On December 31, 2023, the other liabilities include an amount of €449 thousand for the Group and €439 thousand for the

Company, related to a contractor's guarantee for the good execution of the Company's property under construction in

Aspropyrgos (KAD 2) and a withholding of 10% from the total amount of the contract for renovations of other investment

properties, amounting to €273 thousand in 2022.

The revenues for the upcoming periods have significantly increased compared to 2022 because on December 8, 2023, a 15-

year lease contract was signed for the mobile telephony antennas installed on the Company's properties, with an advance

payment of the total rents.