Shareholders | Number of Shares | % Participation |
Theodoros Fessas (directly and indirectly) | 13.444.093 | 30,0% |
Ajolico Trading Limited | 6.491.901 | 14,5% |
Eftychia Koutsoureli | 6.014.689 | 13,4% |
Total Dispersion (Shareholders <5%) | 18.538.962 | 41,3% |
Own Shares | 396.129 | 0,9% |
Total | 44.885.774 | 100,00% |
Value of issued share capital: | 19.154 |
Total acquisition price 27,02% (Note 23): | 10.978 |
Sum of paid consideration (a): | 30.133 |
ICI | |
Assets | 23.12.2024 |
Real Estate Investments | 53.395 |
Non-current assets | 15 |
Other current assets | 615 |
Cash and equivalents | 3.683 |
Total assets | 57.708 |
Liabilities | |
Long-term liabilities | 15.510 (1) |
Short-term liabilities | 702 |
Total liabilities | 16.212 |
Net Asset Value(b) | 41.496 |
Gain from fair valuation of ICI's properties (a) - (b) | 11.363 |
Buildings | 50 | Years |
Furniture & Equipment | 4-7 | Years |
31.12.2024 | Group | Company | ||||
Evaluation | Cash | Commercial and other requirements | Derivative financial instruments | Cash | Commercial and other requirements | Derivative financial instrument s |
Ba1 | 59 | - | - | 59 | - | - |
Ba2 | 414 | 158 | ||||
Baa2 | 2.870 | 2.857 | ||||
Baa3 | 4.002 | - | - | 3.580 | - | - |
Counterparties without credit quality rating | - | 4.005 | - | - | 3.170 | - |
31.12.2023 | Group | Company | ||||
Evaluation | Cash | Commercial and other requirements | Derivative financial instruments | Cash | Commercial and other requirements | Derivative financial instrument s |
Ba1 | 2.016 | - | - | 1.435 | - | - |
Baa3 | 770 | - | - | 768 | - | - |
Counterparties without credit quality rating | - | 2.507 | 1.726 | - | 1.397 | 1.726 |
Group | |||||
31.12.2024 | Up to 1 month | From 1 month to 3 months | From 3 months to 12 months | Over 12 months | Total |
Trade and other receivables | 3.133 | 9 | 104 | 1.052 | 4.298 |
Provisions for doubtful debts | - | - | - | (293) | (293) |
Total | 3.133 | 9 | 104 | 758 | 4.005 |
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 | 1.496 | 9 | 2 | 1.000 | 2.507 |
Derivative financial instruments | - | - | 1.726 | - | 1.726 |
Provisions for doubtful debts | - | - | - | - | - |
Total | 1.496 | 9 | 1.728 | 1.000 | 4.233 |
Company | |||||
31.12.2024 | Up to 1 month | From 1 month to 3 months | From 3 months to 12 months | Over 12 months | Total |
Trade and other receivables | 3.049 | 9 | 104 | 301 | 3.463 |
Provisions for doubtful debts | - | - | - | (293) | (293) |
Total | 3.049 | 9 | 104 | 8 | 3.170 |
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 | 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 |
31.12.2024 Group | Up to 1 year | 1 to 2 years | 3 to 5 years | Over 5 years | Total |
Suppliers and other liabilities | 2.606 | 460 | 209 | 1.238 | 4.513 |
Loans and lease liabilities | 11.495 | 39.927 | 97.457 | 681 | 149.559 |
14.101 | 40.387 | 97.666 | 1.919 | 154.072 |
31.12.2024 Company | Up to 1 year | 1 to 2 years | 3 to 5 years | Over 5 years | Total |
Suppliers and other liabilities | 2.592 | 460 | 209 | 1.238 | 4.499 |
Loans and lease liabilities | 11.495 | 39.927 | 97.457 | 681 | 149.559 |
14.087 | 40.387 | 97.666 | 1.919 | 154.059 |
31.12.2023 Group | Up to 1 year | 1 to 2 years | 3 to 5 years | Over 5 years | Total |
Suppliers and other liabilities | 827 | 757 | 42 | 362 | 1.988 |
Loans and lease liabilities | 3.916 | 6.672 | 29.052 | 6.629 | 46.270 |
4.743 | 7.430 | 29.094 | 6.991 | 48.258 |
31.12.2023 Company | Up to 1 year | 1 to 2 years | 3 to 5 years | Over 5 years | Total |
Suppliers and other liabilities | 795 | 757 | 42 | 362 | 1.956 |
Loans and lease liabilities | 3.916 | 6.672 | 29.052 | 6.629 | 46.270 |
4.711 | 7.430 | 29.094 | 6.991 | 48.226 |
Group | Company | Group | Company | |
31.12.2024 | 31.12.2024 | 31.12.2023 | 31.12.2023 | |
Loans and lease liabilities | 128.481 | 128.481 | 37.070 | 37.070 |
Total assets | 296.163 | 281.370 | 156.109 | 143.926 |
Cash and cash equivalents | 7.346 | 6.654 | 2.786 | 2.202 |
Debt Ratio | 43,38% | 45,66% | 23,75% | 25,76% |
Net Debt Ratio | 42,01% | 44,61% | 44,42% | 24,60% |
01.01.2024 – 31.12.2024 | ||||||
Offices & Mixed Use | Logistics | Hotels | Retail | Special Use | Total | |
SALES | ||||||
Rental income from investment properties | 2.869 | 5.123 | 2.016 | 4.964 | 712 | 15.684 |
Total | 2.869 | 5.123 | 2.016 | 4.964 | 712 | 15.684 |
RESULTS | ||||||
Net profit/(loss) from the revaluation of investments in real estate at fair value | 3.049 | 5.292 | 1.409 | 771 | (35) | 10.486 |
Direct costs related to real estate investments | (137) | (152) | (58) | (37) | (6) | (390) |
Property Tax (ENFIA) | (232) | (300) | (105) | (16) | (19) | (672) |
Profits/(losses) related to real estate investments | 5.549 | 9.963 | 3.262 | 5.682 | 652 | 25.108 |
Net profit/(loss) agreement for the year: | ||||||
Profits/(losses) related to real estate investments | 25.108 | |||||
Other expenses | (1.720) | |||||
Gain from fair valuation of ICI's properties | 11.363 | |||||
Financial income/(expenses) - net | (4.249) | |||||
Taxes | (1.249) | |||||
Net profit / (loss) for the year | 29.253 |
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 |
Group | |||||||
Country | Greece | ||||||
Use | Offices & Mixed Use | Logistics | Hotels | Retail | Special Use | Plots | Total |
Determination of fair value | 3 | 3 | 3 | 3 | 3 | 3 | |
Fair value starting January 1, 2023 | 36.146 | 66.434 | 27.070 | 3.086 | 1.433 | 830 | 134.999 |
Direct acquisition of real estate investments | - | - | - | - | - | - | - |
Subsequent capital expenditure related to real estate investments | 256 | 4.694 | 628 | 14 | - | - | 5.592 |
Transfers between segments | - | 190 | 640 | - | - | (830) | - |
Collection of investment asset grants | - | - | (298) | - | - | - | (298) |
Sale of investment property | - | (5) | (880) | - | - | (885) | |
Net profit/(loss) from the revaluation of investments in real estate at fair value | 1.170 | 4.658 | 2.171 | 88 | 23 | - | 8.110 |
Fair value at end of December 31, 2023 | 37.572 | 75.971 | 30.211 | 2.308 | 1.456 | - | 147.518 |
Fair value starting period January 1, 2024 | 37.572 | 75.971 | 30.211 | 2.308 | 1.456 | - | 147.518 |
Direct acquisition of real estate investments | - | 948 | - | - | - | - | 948 |
Direct acquisition of real estate investments by ICI | 8.790 | - | - | 47.153 | 5.229 | - | 61.172 |
Subsequent capital expenditure related to real estate investments | 1.569 | 6.952 | 1.271 | - | - | - | 9.792 |
Effect from Merge | 29.330 | 24.065 | 53.395 | ||||
Transfer to assets held for sale | (4.150) | (1.760) | (5.910) | ||||
Net profit/(loss) from the revaluation of investments in real estate at fair value | 3.048 | 5.292 | 1.409 | 771 | (34) | - | 10.486 |
Fair value for the period ending December 31, 2024 | 76.159 | 89.163 | 32.890 | 72.537 | 6.651 | 0 | 277.400 |
Company | |||||||
Country | Greece | ||||||
Use | Offices & Mixed Use | Logistics | Hotels | Retail | Special Use | Plots | Total |
Determination of fair value | 3 | 3 | 3 | 3 | 3 | 3 | |
Fair value starting January 1, 2023 | 36.146 | 33.964 | 18.570 | 3.086 | 1.433 | 830 | 94.029 |
Subsequent capital expenditure related to real estate investments | 256 | 4.226 | 595 | 14 | - | - | 5.091 |
Transfers between segments | - | 190 | 640 | - | - | (830) | - |
Sale of investment property | (5) | (880) | (885) | ||||
Net profit/(loss) from the revaluation of investments in real estate at fair value | 1.170 | 4.077 | 2.206 | 88 | 23 | - | 7.565 |
Fair value at end of December 31, 2023 | 37.572 | 42.452 | 22.011 | 2.308 | 1.456 | - | 105.799 |
Fair value starting January 1, 2024 | 37.572 | 42.452 | 22.011 | 2.308 | 1.456 | - | 105.799 |
Direct acquisition of real estate investments | - | 948 | - | - | - | - | 948 |
Direct acquisition of real estate investments by ICI | 8.790 | 47.153 | 5.229 | - | 61.172 | ||
Subsequent capital expenditure related to real estate investments | 1.569 | 6.890 | 1.247 | - | - | - | 9.706 |
Effect from Merge | 29.330 | 24.065 | 53.395 | ||||
Transfer to assets held for sale | (4.150) | - | - | (1.760) | - | - | (5.910) |
Net profit/(loss) from the revaluation of investments in real estate at fair value | 3.049 | 3.302 | 1.193 | 771 | (35) | - | 8.280 |
Fair value at end of December 31, 2024 | 76.160 | 53.592 | 24.451 | 72.537 | 6.650 | 0 | 233.390 |
No. | Property - Description - Address | Surface in sq.m. | Acquisition Value 31.12.2024 (000 ́ € ) | Valuation Value 31.12.2024 (000 ́s € ) |
1 | Preserved building of three floors with two basements, with the use of a commercial store, on 64 25th August Street, in Heraklion, Crete, with a total area of 3.557,45 sq.m. fully leased | 3.557 | 13.250 | 13.180 |
2 | Ground floor shop with basement and loft at Akti Moutsopoulou 18-18a, Municipality of Piraeus, total area 751.25 sq.m., fully leased | 751 | 2.124 | 2.210 |
3 | Preserved four-story building with basement and mezzanine on Ionos Dragoumi 21 in Thessaloniki, with a total area of 1.974,82 sq.m., fully leased. | 1.995 | 5.229 | 5.100 |
4 | Two ground floor stores on Achilles 2-4 Street, Karaiskaki Square, Athens, with a total area of 1.129,84 sq.m., fully leased. | 1.130 | 1.750 | 1.760 |
5 | Four-story office and store building on P. Konstanta 48 and G. Lychou in the city of Corfu, with a total area of 630,47 sq.m., partially leased. | 651 | 1.862 | 1.990 |
6 | Four-story office and store building on Av. Dekelias 104 and Ag. Triados 1, Nea Filadelfeia, with a total area of 877,69 sq.m., partially leased. | 878 | 1.616 | 1.640 |
7 | Ground floor store with basement, loft, and first-floor offices on Av. Syngrou 2 and Dionysiou Areopagitou 1, with a total area of 655,15 sq.m., fully leased. | 655 | 2.473 | 2.830 |
8 | Two-story building with basement on Iasonos 47 Street in Volos, with a total area of 1.299,04 sq.m. fully leased. Ground floor store with two basements and first-floor offices on | 1.299 | 3.072 | 3.160 |
9 | L. El. Venizelou 155-157, Kallithea, with a total area of 1.087,52 sq.m., fully leased. | 1.088 | 3.939 | 4.110 |
10 | Ground floor store on Eleftheriou Venizelou 2, Zakynthos, with a total area of 287,41 sq.m., fully leased. | 287 | 2.025 | 2.300 |
11 | Ground floor bank store with basement and loft on L. Poseidonos and Ag. Alexandrou 2, Palaio Faliro, with a total area of 699,94 sq.m., fully leased. | 700 | 2.730 | 2.780 |
12 | Store with basement on Makrygianni 106 Street in Stavroupoli, Thessaloniki, with a total area of 744,80 sq.m., fully leased. | 745 | 1.720 | 1.570 |
13 | Three-story professional building with basement on Andrea Kalvou 23 in Nea Ionia, with a total area of 892,64 sq.m., fully leased. | 893 | 1.727 | 1.610 |
14 | Ground floor bank store with basement and loft on L. Kifisias 107 and Panormou, Athens, with a total area of 848,24 sq.m., fully leased. | 848 | 2.502 | 2.450 |
15 | Office and store building, four floors with basement, on Speusippou 6 and Charitos, Kolonaki, with a total area of 851,52 sq.m., fully leased. | 852 | 2.868 | 3.170 |
16 | Two-story commercial building with parking spaces on L. Marathonos 4 in Pikermi, with a total area of 4.408,32 sq.m. and two undeveloped plots with a total area of 2.019,07 sq.m., fully leased. | 4.429 | 8.226 | 8.270 |
17 | Independent professional three-story building on Vouliagmenis Avenue 152, Glyfada, with a total area of 2.823,46 sq.m., fully leased. | 2.823 | 4.060 | 4.720 |
Total | 23.581 | 61.172 | 62.850 |
No | Property - Description - Address | Surface in sq.m. | Valuation Value 31.12.2024 (000 ́s € ) |
1 | Office and Shop Building, Kymis and Eptalofou Avenue, Olympic Village Area, Municipality of Acharnes Prefecture, Attica, fully leased | 4.340 | 3.130 |
2 | Store, 24 Hadjikyriakou Avenue, Municipality of Piraeus Prefecture, Attica, fully leased | 577 | 2.220 |
3 | Commercial building, Meandros & Petrakogiorgi, Municipality of Heraklion Prefecture, Heraklion, fully leased | 4.219 | 6.340 |
4 | Horizontal Office Property, 2 - 4 Mesogeion Avenue, Athens Tower 12th floor, Municipality of Athens Prefecture, Attica, fully leased | 703 | 2.050 |
5 | Horizontal Office Property, 2 - 4 Mesogeion Avenue, Athens Tower 13th floor, Municipality of Athens Prefecture, Attica, fully leased | 703 | 2.100 |
6 | Commercial building, 52 Korinthou Street & Agias Kyriakis, Aigio, Municipality of Aegialia Prefecture, Achaia, fully leased | 1.387 | 840 |
7 | Store, Davaki 49, Municipality Kallithea Prefecture, Attica, fully leased | 567 | 1.260 |
8 | Store, 190 Ymittou Street, Municipality of Athens Prefecture, Attica, fully leased | 1.879 | 1.750 |
9 | Commercial building, 18 Eleftheriou Venizelou & Ermou, Municipality of Volos Prefecture, Magnesia, fully leased | 1.011 | 3.640 |
10 | Store, 7 Spefsippou Street , Municipality of Athens Prefecture, Attica, fully leased | 218 | 885 |
11 | Commercial building, A' Parodos Anthokipi, N.Efkarpia, Municipality of Pavlos Mela Prefecture, Thessaloniki, fully leased | 1.693 | 1.470 |
12 | Commercial building, Junction of 6 Delfon & Orchomenou streets, Municipality of Levadeon Prefecture, Viotia, fully leased | 2.404 | 2.750 |
13 | Office Building with Underground Parking Spaces, 266 Kifissias Avenue, Municipality of Chalandri, Attica, partially leased | 5.260 | 13.350 |
14 | Commercial building, Provincial Road Ierapetra - Pachias Ammou, Municipality of Ierapetra Prefecture, Lasithi, fully leased | 1.716 | 2.910 |
15 | Office Building with Underground Parking Spaces, 18 Nikolaou Zekakou Street, Municipality of Maroussi Prefecture, Attica, fully leased | 3.577 | 8.700 |
Total | 30.254 | 53.395 |
Use | Fair value | Estimation method | Monthly market rent | Discount rate (%) | Capitalization Ratio (%) |
Offices & Mixed Use (1) | 82.240 | 80% Discounted Cash Flow (DCF) Method & 20% Comparative Method | 508 | 7,8%-10,5% | 6,0%-8,5% |
Logistics (2) | 89.163 | 80%-10% Discounted Cash Flow (DCF) Method & 20%- 90% Comparative Method | 556 | 9,19%-9,95% 6,23%-6,39% (1) | 7,15%-8,25% 4,25%-4,50% (1) |
Hotels (3) | 32.890 | 80%-90% Discounted Cash Flow Method (DCF) & 20%- 10% Comparative Method and 100% Residual Method | N/A | 9,50% -10,00% 6,50%(2) | 6,75%-8,00% |
Retail (4) | 66.457 | 80% Discounted Cash Flow (DCF) Method & 20% Comparative Method | 359 | 7,75%-10,50% | 5,75%-8,50% |
Special Use | 6.650 | 80% Discounted Cash Flow (DCF) Method & 20% Comparative Method | 35 | 9,50%-10,10% | 7,50%-8,00% |
277.400 |
Use | Fair value | Estimation method | Monthly market rent | Discount rate (%) | Capitalization Ratio (%) |
Offices & mixed use | 37.572 | 80% Discounted Cash Flow (DCF) Method & 20% Comparative Method | 251 | 7,90%-9,90% | 6,00%-8,00% |
Logistics (1) | 75.971 | 80%-10% Discounted Cash Flow (DCF) Method & 20%-90% Comparative Method | 529 | 9,19%-9,95% 6,23%-6,39% (1) | 7,15%-8,25% 4,25%-4,50% (1) |
80%-90% Discounted | |||||
Hotel | 30.211 | Cash Flow (DCF) Method & 20%-10% Comparative Method | N/A | 8,85%-10,10% | 6,85%-8,10% |
Retail | 2.308 | 80% Discounted Cash Flow (DCF) Method & 20% Comparative Method | 13 | 8,32% | 5,75% |
Special Use | 1.456 | 80% Discounted Cash Flow (DCF) Method & 20% Comparative Method | 10 | 10,10% | 8,00% |
147.518 |
31.12.2024 | 31.12.2023 | |
Plaza Hotel Skiathos S.A. | 7.722 | 8.223 |
Sarmed Warehouses S.A. | 23.133 | 23.133 |
30.855 | 31.356 |
Group | Company | |||||
Land & Buildings | Furniture & Other Equipment | Total | Land & Buildings | Furniture & Other Equipment | Total | |
Cost of acquisition | ||||||
Balance 01 January 2023 | 1.566 | 91 | 1657 | 1.407 | 91 | 1.498 |
Additions | 8 | 19 | 27 | 2 | 19 | 21 |
Sales | - | (1) | (1) | - | (1) | (1) |
Impairment Reversal | 53 | - | 53 | 53 | - | 53 |
Balance as of December 31, 2023 | 1.627 | 109 | 1.736 | 1.462 | 109 | 1.571 |
Accumulated depreciation and amortization | ||||||
Balance 01 January 2023 | 108 | 28 | 136 | 81 | 28 | 110 |
Depreciation | 41 | 13 | 54 | 28 | 13 | 41 |
Sales | - | (1) | (1) | - | (1) | (1) |
Balance as of December 31, 2023 | 149 | 40 | 189 | 109 | 40 | 150 |
Depreciable value as of December 31, 2023 | 1.478 | 69 | 1.547 | 1.353 | 69 | 1.421 |
Balance 01 January 2024 | 1.627 | 109 | 1.736 | 1.462 | 109 | 1.571 |
Additions | - | - | - | - | - | - |
Balance as of December 31, 2024 | 1.627 | 109 | 1.736 | 1.462 | 109 | 1.571 |
Accumulated depreciation and amortization | ||||||
Balance 01 January 2024 | 149 | 40 | 189 | 109 | 40 | 150 |
Depreciation | 42 | 14 | 56 | 29 | 14 | 43 |
Balance as of December 31, 2024 | 191 | 54 | 245 | 138 | 54 | 193 |
Depreciable value as of December 31, 2024 | 1.436 | 55 | 1.491 | 1.324 | 55 | 1.379 |
Group | Company | |||||
Land & Buildings | Means | Total | Land & Buildings | Means | Total | |
Balance 01 January 2023 | 14 | 16 | 30 | 14 | 16 | 30 |
Additions | 6 | - | 6 | 6 | - | 6 |
Depreciation | (6) | (7) | (13) | (6) | (7) | (13) |
Balance as of December 31, 2023 | 14 | 9 | 23 | 14 | 9 | 23 |
Balance 01 January 2024 | 14 | 9 | 23 | 14 | 9 | 23 |
Additions | - | - | - | - | - | - |
Depreciation | (13) | (7) | (20) | (13) | (7) | (20) |
Balance as of December 31, 2024 | 1 | 2 | 3 | 1 | 2 | 3 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Commercial Requirements | 836 | 29 | 773 | 29 |
Cons: Impairment provisions | (293) | - | (293) | - |
Final Commercial Requirements | 543 | 29 | 480 | 29 |
Claims from related parties (note 29) | 101 | 422 | 101 | 180 |
Expenses for subsequent financial years and advances | 1.401 | 342 | 1.393 | 267 |
Other Claims and Warranties | 1.845 | 1.652 | 1.126 | 906 |
Claims by the Greek State | 115 | 62 | 70 | 15 |
Total Customers and other requirements | 4.005 | 2.507 | 3.170 | 1.397 |
Long-term | 1.052 | 1.311 | 301 | 615 |
Short-term | 2.953 | 1.196 | 2.869 | 782 |
Total | 4.005 | 2.507 | 3.170 | 1.397 |
Group | |||||
31.12.2024 | Up to 1 month | From 1 month to 3 months | From 3 months to 12 months | Over 12 months | Total |
Trade and Other Receivables | 3.133 | 9 | 104 | 1.052 | 4.298 |
Provisions for Doubtful Receivables | - | - | - | (293) | (293) |
Total | 3.133 | 9 | 104 | 759 | 4.005 |
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 Receivables | - | - | - | - | - |
Total | 1185 | 9 | 2 | 1.311 | 2.507 |
Company | |||||
31.12.2024 | Up to 1 month | From 1 month to 3 months | From 3 months to 12 months | Over 12 months | Total |
Trade and Other Receivables | 3.049 | 9 | 104 | 301 | 3.463 |
Provisions for Doubtful Receivables | - | - | - | (293) | (293) |
Total | 3049 | 9 | 104 | 8 | 3.170 |
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 Receivables | - | - | - | - | - |
Total | 771 | 9 | 2 | 615 | 1.397 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Cash on Hand | - | 1 | - | - |
Short-term Bank Deposits | 7.346 | 2.785 | 6.654 | 2.202 |
Total | 7.346 | 2.786 | 6.654 | 2.202 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Euro | 7.341 | 2.786 | 6.649 | 2.202 |
US Dollar | 5 | - | 5 | - |
Total | 7.346 | 2.786 | 6.654 | 2.202 |
Number of shares | Equity | |
Balance 1 January 2023 | 35.764.593 | 75.106 |
Balance as of December 31, 2023 | 35.764.593 | 75.106 |
Balance 1 January 2024 | 35.764.593 | 75.106 |
Share capital increase | 9.121.181 | 19.154 |
Balance as of December 31, 2024 | 44.885.774 | 94.260 |
Shareholders | Number of Shares | % Participation |
Theodoros Fessas (directly and indirectly) | 13.444.093 | 30,0% |
Ajolico Trading Limited | 6.491.901 | 14,5% |
Eftychia Koutsoureli | 6.014.689 | 13,4% |
Total Dispersion (Shareholders <5%) | 18.538.962 | 41,3% |
Own Shares | 396.129 | 0,9% |
Total | 44.885.774 | 100,00% |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
Regular reserve | 1.274 | 968 | 957 | 674 |
Special reserve | 2.742 | 2.742 | 2.742 | 2.742 |
Other reserves | (791) | (734) | (1.090) | (1.032) |
Total | 3.225 | 2.976 | 2.609 | 2.384 |
Group and Company | 31.12.2024 | 31.12.2023 |
Present value of non-funded liabilities | 18 | 14 |
Obligation in the Financial Position Statement | 18 | 14 |
31.12.2024 | 31.12.2023 | |
Cost of current employment | 4 | 4 |
Total included in employee benefits (Note 20) | 4 | 4 |
31.12.2024 | 31.12.2023 | |
Starting Balance | 14 | 10 |
Cost of current employment | 4 | 4 |
Actuarial Profits/(Losses) from changes in financial assumptions | - | - |
End-of-year balance | 18 | 14 |
31.12.2024 | 31.12.2023 | |
Discount Rate | 2,79% | 3,04% |
Inflation | 2,20% | 2,70% |
Future salary increases | 5,50% | 2,70% |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Mutual borrowing | - | 11 | - | 11 |
Bond loans | 128.477 | 37.035 | 128.477 | 37.035 |
Subsidy | 196 | - | 195 | - |
Total loan liabilities | 128.673 | 37.046 | 128.672 | 37.046 |
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Long-term borrowing | ||||
Bond loans | 122.297 | 35.212 | 122.297 | 35.212 |
Subsidy | 196 | - | 195 | - |
Total long-term loans | 122.493 | 35.212 | 122.492 | 35.212 |
Short-term loans | ||||
Mutual borrowing | - | 11 | - | 11 |
Bond loans | 6.180 | 1.823 | 6.180 | 1.823 |
Total short-term loans | 6.180 | 1.834 | 6.180 | 1.834 |
Total loans | 128.673 | 37.046 | 128.672 | 37.046 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Up to 1 year | 6.180 | 1.834 | 6.180 | 1.834 |
From 1 to 5 years | 121.943 | 28.968 | 121.943 | 28.968 |
Over 5 years | 550 | 6.244 | 550 | 6.244 |
128.673 | 37.046 | 128.672 | 37.046 |
Group | Company | ||||
Termination | 31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Alpha Bank Bond 05.03.2021 up to € 10 million | 27.05.2028 | 8.625 | 9.125 | 8.625 | 9.125 |
Eurobank Bond Loan 09.11.2023 up to € 14.5 million | 14.06.2028 | 13.920 | 10.668 | 13.920 | 10.668 |
Eurobank Bond Loan 23.04.2021 up to € 15.1 million | 23.04.2026 | 14.920 | - | 14.920 | - |
Alpha Bank Bond 20.10.21 up to € 20 million | 08.12.2028 - 09.05.2030 | - | 17.668 | - | 17.668 |
Alpha Bank Bond 22.08.2025 up to € 23.4 million | 31.12.2029 | 22.589 | - | 22.589 | - |
Alpha Bank Bond 31.05.2023 up to € 4.8 million RRF | 12.1.2036 | 805 | - | 805 | - |
Amount related to a grant for the Alpha Bank Bond 31.05.2023 up to € 4.8 million. RRF | 12.1.2036 | 196 | - | 195 | - |
Alpha Bank Bond 30.01.2024 € 21 million | 20.7.2027 | 19.614 | - | 19.614 | - |
Alpha Bank Bond 30.01.2024 up to €49 million A1 Series | 31.01.2026 | 15.000 | - | 15.000 | - |
Alpha Bank Bond 30.01.2024 up to €49 million A2, A3 series | 31.01.2027 | 24.397 | - | 24.397 | - |
Alpha Bank Bond 30.01.2024 up to €49 million Series B | 31.01.2027 | 9.234 | - | 9.234 | - |
Reciprocal Alpha Bank | - | - | 1 | - | 1 |
National Mutual Debt | - | - | 10 | - | 10 |
Integral balance of capitalized gains from loan agreement amendments and Outstanding balance of capitalized loan expenses | - | (1.524) | (526) | (1.524) | (526) |
Accrued interest on loans | - | 896 | 101 | 896 | 101 |
Total loan liabilities | 128.672 | 37.046 | 128.672 | 37.046 | |
Minus: Short-term part | (6.180) | (1.834) | (6.180) | (1.834) | |
Long-term part | 122.493 | 35.212 | 122.492 | 35.212 |
Loans | Lease liabilities | Total | |
Balance 31.12.2023 | 37.046 | 24 | 37.070 |
Cash flow (net) | 76.919 | - | 76.919 |
Effect from Merge | 14.920 | - | 14.920 |
Subsidy | (196) | - | (196) |
Depreciation of present value in the form of Loans | (998) | - | (998) |
Accrued Interest & Mutual Interest | 784 | - | 784 |
Acquisition of fixed assets by lease / modal. Contracts | - | (20) | (20) |
Balance 31.12.2024 | 128.477 | 4 | 128.481 |
Loans | Lease liabilities | Total | |
Balance 31.12.2022 | 34.577 | 31 | 34.608 |
Cash Flow | 2.751 | - | 2.751 |
Accrued interest | 6 | - | 6 |
Loan issuance costs | 58 | - | 58 |
Depreciation of present value in the form of Loans | (346) | - | (346) |
Acquisition of fixed assets by lease / modal. Contracts | - | (7) | (7) |
Other non-cash flow | - | - | - |
Balance 31.12.2023 | 37.046 | 24 | 37.070 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Suppliers | 1.178 | 623 | 1.164 | 614 |
Amounts owed to related parties (Note 29) | 5 | 11 | 5 | 9 |
Accrued expenses | 1.340 | 374 | 1.323 | 364 |
Insurance Organizations and Other Contributions | 431 | 200 | 377 | 147 |
Customer advances | 38 | 1 | 38 | 1 |
Uniform Real Estate Property Tax (ENFIA) | 111 | - | 111 | - |
Revenue for subsequent years | 601 | 633 | 601 | 633 |
Other liabilities | 1.234 | 601 | 1.234 | 590 |
Rent guarantees received | 2.058 | 742 | 2.058 | 742 |
Total | 6.996 | 3.185 | 6.911 | 3.100 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Long-term | 2.058 | 1.747 | 2.058 | 1.747 |
Short-term | 4.938 | 1.438 | 4.853 | 1.353 |
Total | 6.996 | 3.185 | 6.911 | 3.100 |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Rental income from investment properties | 15.654 | 8.997 | 12.651 | 6.255 |
Other income | 30 | 107 | 19 | 19 |
Total | 15.684 | 9.104 | 12.670 | 6.274 |
31.12.2024 | 31.12.2023 | |
1st year | 21.383 | 9.232 |
2nd year | 20.551 | 8.998 |
3rd year | 17.930 | 8.675 |
4th year | 12.835 | 7.601 |
5th year | 12.177 | 7.204 |
Over 5 years | 45.985 | 20.675 |
Total | 130.861 | 62.384 |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
Valuation expenses | (65) | (38) | (60) | (34) |
Legal and notary fees | (1) | (1) | (1) | (2) |
Insurance expenses | (154) | (128) | (98) | (80) |
Common expenses and other costs for vacant spaces | (56) | (58) | (56) | (58) |
Repair and maintenance expenses | (14) | (17) | (11) | (2) |
Brokerage fees | (85) | (10) | (85) | (10) |
Other expenses | (15) | (1) | (13) | - |
Total | (390) | (253) | (324) | (186) |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023- 31.12.2023 | |
Leased properties | (390) | (211) | (324) | (144) |
Non-leased properties | - | (42) | - | (42) |
Total | (390) | (253) | (324) | (186) |
Group | Company | |||
01.01.2024 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
Property Tax (ENFIA) | (672) | (695) | (443) | (461) |
Total | (672) | (695) | (443) | (461) |
Group and Company | 1.1.2024 - 31.12.2024 | 1.1.2023 - 31.12.2023 |
Salaries | (456) | (364) |
Employer contributions | (89) | (81) |
Provision for employee severance benefits (note 14) | (4) | (4) |
Profit distribution to employees and the Board of Directors | (300) | (200) |
Other expenses | (74) | (55) |
Total | (923) | (704) |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
Board of Directors' fees | (91) | (88) | (90) | (87) |
Third-party fees | (169) | (132) | (169) | (132) |
Administrative support expenses | (298) | (231) | (273) | (207) |
Common expenses and other benefits (owner-occupied) | (30) | (24) | (30) | (24) |
Insurance expenses (D&O) | (18) | (11) | (18) | (11) |
Other expenses | (125) | (110) | (118) | (106) |
Total | (731) | (596) | (698) | (567) |
Group | Company | |||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Fees for the Statutory Audit of the Company's and subsidiaries' financial statements | 71 | 51 | 61 | 37 |
Tax compliance report | 32 | 14 | 26 | 8 |
Other audit services | 16 | 18 | 16 | 18 |
Other fees | - | - | - | - |
Performance of Agreed-Upon Procedures on the "Company's Investment Statement" | The fee is included in the statutory audit fee for the financial statements. | |||
Total fees | 119 | 83 | 103 | 63 |
Group | Company | |||
01.01.2024 - | 01.01.2023 - | 01.01.2024 - | 01.01.2023 - | |
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
Interest expenses on bond loans | (5.108) | (1.847) | (5.107) | (1.847) |
Interest expenses on revolving loans | (78) | (39) | (78) | (39) |
Financial expenses | (3) | (5) | (3) | (5) |
Amortization of loan present value | 919 | 346 | 919 | 346 |
Interest income from the Greek Government | - | 100 | - | 100 |
Other interest income | 21 | 20 | 10 | 6 |
Total | (4.249) | (1.425) | (4.259) | (1.439) |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
Gains/(Losses) from the fair value measurement of financial instruments through the income statement | - | 1.726 | - | 1.726 |
Total | - | 1.726 | - | 1.726 |
Therefore, the forward share purchase agreement fell within the scope of IFRS 9 and was accounted for as a derivative
with changes in its fair value recognized in the results. As of December 31, 2023, the fair value of the forward contract,
based on the valuation technique, amounted to €1,7 million. Following the amendment of the agreement between2024. The value of the derivative on the purchase date of 27,02% of ICI was €1.627 thousand, therefore, the total fair
value of acquiring 27,02% of ICI amounted to €10.978 thousand. With the completion of the merger on December 23,
2024, the derivative was eliminated (Note 1.2).
The fair value of the forward contract for the purchase of ICI shares was calculated using an option pricing model, employing both observable and unobservable inputs. Due to the significance of the unobservable inputs used, the entire fair value measurement was classified at Level 3 of the fair value hierarchy. Given the short duration of the forward contract, a reasonable increase/decrease in the key unobservable inputs (net asset value per share, volatility) would result in an insignificant change in the fair value.Group | Company | |||
01.01.2024- 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
REIC Tax | (1.249) | (709) | (1.013) | (493) |
Total | (1.249) | (709) | (1.013) | (493) |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | |
Net profit | 29.253 | 14.630 | 26.221 | 13.296 |
Profit attributable to shareholders of Company | 28.429 | 14.116 | 26.221 | 13.296 |
Profit attributable to minority shareholders | 824 | 514 | - | - |
Weighted average number of shares | 35.976.656 | 35.764.593 | 35.976.656 | 35.764.593 |
Own shares | 396.129 | 411.129 | 396.129 | 411.129 |
Weighted average number of shares outstanding | 35.580.527 | 35.353.464 | 35.580.527 | 35.353.464 |
Basic and adjusted earnings per share (€ per share) | 0,799 | 0,399 | 0,737 | 0,376 |
Group | Company | |||
01.01.2024 - 31.12.2024 | 01.01.2023 - 31.12.2023 | 01.01.2024 - 31.12.2024 | 01.01.2023- 31.12.2023 | |
i) Rental income from investment properties | ||||
Subsidiary companies | - | - | 21 | 21 |
Quest Holdings S.A. | 88 | 105 | 88 | 105 |
Other related parties - Quest Group | 3011 | 2.921 | 3.011 | 2.921 |
Sarmed Logistics S.A. | 2.482 | 2.491 | - | - |
5.581 | 5.517 | 3.120 | 3.047 | |
ii) Other income | ||||
Subsidiary companies | - | - | 19 | 19 |
- | - | 19 | 19 | |
iii) Purchases of fixed assets | ||||
Quest Holdings S.A. | - | - | - | - |
Other related parties - Quest Group | 13 | 8 | 13 | 6 |
13 | 8 | 13 | 6 | |
iv) Service provision expenses | ||||
Operational/administrative support services | ||||
Quest Holdings S.A. | 2 | 2 | 2 | 2 |
Other related parties - Quest Group | 52 | 51 | 49 | 48 |
54 | 53 | 51 | 50 | |
v) Benefits to Management | ||||
Salaries and benefits of Board of | 90 | 85 | 90 | 85 |
Directors and its committees Salaries and benefits of senior executives | 404 | 362 | 404 | 362 |
494 | 447 | 494 | 447 | |
vi) Balances at the end of the period from rents/purchases of goods / service receipt | ||||
Receivables from related parties: | ||||
Quest Holdings S.A. | 2 | 8 | 2 | 8 |
Other related parties - Quest Group | 99 | 172 | 99 | 172 |
Sarmed Logistics S.A. | - | 242 | - | - |
101 | 422 | 101 | 180 | |
Payables to related parties: | ||||
Quest Holdings S.A. | - | - | - | - |
Other related parties - Quest Group | 6 | 11 | 6 | 9 |
6 | 11 | 6 | 9 | |
Long-term guarantees: | ||||
Quest Holdings S.A. | 8 | 18 | 8 | 18 |
Other related parties - Quest Group | 734 | 593 | 734 | 593 |
742 | 611 | 742 | 611 |
Chairman of the Bod | Chief Executive Officer | Chief Accountant | Financial Controller |
Theodore D. Fessas | Anna G. Apostolidou | Konstantinos I. Tsiagkras | Emmanouil A. Andrikakis |
ID No. Α01029252 | ID No. Α00107455 | ID No. Α00314314 | ID No. ΑΟ133897 |
Reg.No. 0097897 /A'Class | Reg.No. 0115401 /A'Class |