DIMAND SOCIETE ANONYME – DEVELOPMENT AND EXPLORATION OF REAL ESTATE AND
CONSTRUCTIONS, SERVICES AND HOLDING
ANNUAL FINANCIAL REPORT ACCORDING TO ARTICLE 4 OF L.3556/2007 FOR THE FINANCIAL PERIOD
FROM JANUARY 1 TO DECEMBER 31, 2024 ACCORDING TO INTERNATIONAL REPORTING STANDARDS
(“IFRS”) AS ADOPTED BY EUROPEAN UNION
This nancial report has been translated from the original report that has been prepared in the Greek
language. Reasonable care has been taken to ensure that this report represents an accurate translation of the
original text. In the event that dierences exist between this translation and the original Greek language
nancial report, the Greek language nancial report will prevail over this document.
APRIL 2025
Contents
Independent Auditor’s Report ....................................................................................................................................................... 1
Certications by Members of the Board of Directors .............................................................................................................. 9
Annual Report of the Board of Directors .................................................................................................................................. 10
Corporate Governance Statement ............................................................................................................................................. 40
Supplementary Report .................................................................................................................................................................. 66
Annual Activity Report of the Audit Committee ..................................................................................................................... 70
Statement of Financial Position .................................................................................................................................................. 79
Statement of Comprehensive Income ....................................................................................................................................... 80
Statement of Changes in Equity .................................................................................................................................................. 81
Statement of Cash ows ............................................................................................................................................................... 83
Notes to the Financial Statements ............................................................................................................................................. 85
1. General Information for the Company and the Group ....................................................................................................... 85
2. Basis of preparation of the Financial Statements ................................................................................................................ 86
3. New standards, amendments to standards and interpretation ........................................................................................ 87
4. Material accounting policy information ................................................................................................................................ 91
4.1 Consolidation of subsidiary companies .......................................................................................................................... 91
4.2 Investment in joint ventures ............................................................................................................................................ 92
4.3 Foreign Currency Translation........................................................................................................................................... 93
4.4 Investment property ......................................................................................................................................................... 93
4.5 Financial instruments ........................................................................................................................................................ 95
4.6 Non-current assets (or disposal groups) held for sale .................................................................................................. 98
4.7 Inventories.......................................................................................................................................................................... 98
4.8 Cash and cash equivalents ............................................................................................................................................... 98
4.9 Restricted cash ................................................................................................................................................................... 99
4.10 Current tax ....................................................................................................................................................................... 99
4.11 Deferred tax ..................................................................................................................................................................... 99
4.12 Share capital and treasury stock reserve ................................................................................................................... 100
4.13 Provisions ....................................................................................................................................................................... 100
4.14 Leases ............................................................................................................................................................................. 100
4.15 Employee benets ......................................................................................................................................................... 103
4.16 Government grants ....................................................................................................................................................... 104
4.17 Recognition of revenues ............................................................................................................................................... 104
Contents
4.18 Recognition of expenses .............................................................................................................................................. 107
4.19 Dividend distribution .................................................................................................................................................... 107
4.20 Operating segment ....................................................................................................................................................... 107
4.21 Earnings per share ........................................................................................................................................................ 108
4.22 Related party transactions ........................................................................................................................................... 108
5. Financial risk management ................................................................................................................................................... 108
5.1 Financial risk factors........................................................................................................................................................ 108
5.2 Capital management ....................................................................................................................................................... 111
5.3 Fair value Measurement of Financial Assets and Liabilities ....................................................................................... 112
6. Signicant accounting policies and judgements ................................................................................................................ 112
6.1 Signicant accounting estimates and assumptions .................................................................................................... 112
6.2 Signicant accounting judgments in the application of accounting policies ........................................................... 114
7. Segment analysis .................................................................................................................................................................... 114
8. Investment property .............................................................................................................................................................. 117
9. Property and equipment ....................................................................................................................................................... 121
10. Investments in Subsidiaries (Financial assets at fair value through other comprehensive income (FVTOCI), Financial
assets at fair value through prot and loss (FVTPL)) .............................................................................................................. 123
11. Investments in joint ventures accounted for using the equity method ........................................................................ 134
12. Deferred income tax ............................................................................................................................................................ 142
13. Trade and other receivables ............................................................................................................................................... 144
14. Inventories ............................................................................................................................................................................ 148
15. Cash and Cash equivalents ................................................................................................................................................. 149
16. Assets classied as held for sale ........................................................................................................................................ 149
17. Share capital ......................................................................................................................................................................... 149
18. Other reserves ...................................................................................................................................................................... 150
19. Non-controlling interest ...................................................................................................................................................... 151
20. Borrowings ............................................................................................................................................................................ 152
21. Employee benet obligations ............................................................................................................................................. 157
22. Trade and other payables ................................................................................................................................................... 159
23. Revenue ................................................................................................................................................................................. 160
24. Construction cost ................................................................................................................................................................. 161
25. Property taxes - levies ......................................................................................................................................................... 161
26. Personnel expenses ............................................................................................................................................................. 162
27. Gain on disposal of investments ........................................................................................................................................ 162
Contents
28. Other expenses .................................................................................................................................................................... 163
29. Finance costs (net) ............................................................................................................................................................... 164
30. Income tax ............................................................................................................................................................................ 164
31. Earnings per share ............................................................................................................................................................... 167
32. Contingent liabilities ............................................................................................................................................................ 167
33. Related party transactions .................................................................................................................................................. 168
34. Events after the reporting period ...................................................................................................................................... 172
1
TRANSLATION FROM THE ORIGINAL IN THE GREEK LANGUAGE
Independent Auditor’s Report
To the Shareholders of the company “DIMAND REAL ESTATE DEVELOPMENT S.A.”
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the separate and consolidated financial statements of the company “DIMAND REAL ESTATE DEVELOPMENT
S.A.” (the Company), which comprise the separate and consolidated statement of financial position as of December 31, 2024, and
the separate and consolidated statement of comprehensive income, statement of changes in equity and statement of cash flows
for the year then ended and notes to the financial statements, including material accounting policy information.
In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the
financial position of the company “DIMAND REAL ESTATE DEVELOPMENT S.A.” and its subsidiaries (the Group) as of December
31, 2024, and of their financial performance and their cash flows for the year then ended in accordance with International
Financial Reporting Standards (IFRS) as endorsed by the European Union.
Basis for opinion
We conducted our audit in accordance with the International Standards on Auditing (ISAs) as they have been incorporated into the
Greek Legislation. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit
of the separate and consolidated financial statements” section of our report. We have been independent of the Company and the
Group during the whole period of our appointment in accordance with the International Ethics Standards Board for Accountants’
Code of Ethics for Professional Accountants as incorporated into the Greek legislation and the ethical requirements in Greece
relevant to the audit of the separate and consolidated financial statements and we have fulfilled our ethical requirements in
accordance with the applicable legislation and the above mentioned Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate and
the consolidated financial statements of the audited year. These matters and the related risks of material misstatement were
addressed in the context of our audit of the separate and the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Deloitte Certified Public
Accountants S.A.
3a Fragkokklisias & Granikou
str. Marousi Athens GR 151-25
Greece
Tel: +30 210 6781 100
www.deloitte.gr
2
Key audit matter
How the key audit matter was addressed
Valuation of the Group’s investment properties at fair value
Investment properties and their development constitute
the main activity of the Group.
As at 31 December 2024, the investment properties
portfolio of the Group included properties at different
stages of completion, in areas all over Greece, including
offices, residential buildings, as well as hotel complexes,
luxurious residencies, logistics facilities and mixed-use
areas.
As analyzed in Note 4.4 of the accompanying separate
and consolidated financial statements, the Group
measure its investment properties at fair value according
to the principles of the International Accounting Standard
40 (ISA 40).
According to Note 8 of the accompanying separate and
consolidated financial statements, the fair value of the
Group’s investment properties as of 31 December 2024
amounted to € 141,8 m. (31 December 2023: € 117,1 m.),
while the Group’s gains from the measurement of its
investment properties at fair value in 2024 amounted to €
11,3 m. (2023: € 19,3 m.) and have been recognized in the
statement of comprehensive income. The Group also
holds investments in joint ventures with their principal
assets being investment properties the fair value of which
as of 31 December 2024 amounted in total € 438,6 m. (31
December 2023: € 220 m.) as presented in Note 11 of the
accompanying separate and consolidated financial
statements.
Management of the Group uses significant assumptions
and estimates for the valuation of investment properties
at fair value. Based upon these assumptions and
estimates, the management of the Group engaged
independent certified valuators who determined the fair
value of investment properties as of 31 December 2024.
The valuation methods which have been used for the
measurement of the Group’s investment portfolio at fair
valuer are the following:
• Market approach.
• Income approach based on the direct
capitalization method and / or based on the
discounted cash flow method.
• Residual method.
Our audit approach was based on the assessed audit
risk, and where applicable, we have also utilized the
work of the Group’s component auditors, and includes
among others the following procedures:
• We obtained an understanding of the procedures,
and we assessed the design and implementation of
the internal controls applied by the Group on the
valuation of investment properties at fair value.
• We assessed the professional competence,
independence, objectivity and experience of the
certified independent valuators used by the
Management of the Group.
• We examined on a sample basis that the data
provided by management to the certified
independent valuators (i.e.: the surface area of the
properties in sq.m., the lease data etc.) and were
used for determining the fair value of investment
properties of the Group as of 31 December 2024
are in accordance with the respective notarial
documents, lease agreements and other
information which were necessary to determine
the fair value of investment properties.
• We traced and agreed on a sample bases the fair
value of the investment properties as depicted in
the valuation reports that were prepared by the
certified independent valuators with the respective
fair value of investment properties selected as
recorded in the accounting books of the Group.
• With the involvement of real estate valuation
experts of our firm, we have assessed on a sample
basis whether the valuation methods used by the
Management of the Group and the certified
independent valuators are consistent with
generally accepted real estate valuation
techniques in the market, and whether the
estimates and assumptions used are reasonable,
taking into consideration the particular
characteristics of each property.
• We confirmed on a sample basis the accuracy of
specific calculations performed by the certified
3
The main assumptions and estimates used include the
following:
• assumptions regarding rental income from
future leases.
• estimates of market rental values (ERV) for
vacancies.
• estimates of the discount rate used in the
discounted cash flow analysis.
• assumptions related to construction cost and
the project development period.
• estimates of exit yield.
We assessed the fair value measurement of the
investment properties to be a key audit matter,
considering mainly not only the significance of the
caption named “Investment properties” in the
accompanying separate and consolidated financial
statements but also the importance of the portfolio of
investment properties that the Group holds through its
investments in joint ventures, the subjectivity of the key
assumptions and estimates used by the management of
the Group, the sensitivity of these assumptions and
estimations to any changes and the increased audit
procedures that were required.
The disclosures regarding the fair value measurement of
the investment properties are included in Notes 4.4, 6.1
(a) and 8 to the separate and consolidated financial
statements.
independent valuators in the context of the fair
value calculation of investment properties.
• We assessed the adequacy and the
appropriateness of the disclosures in Notes 4.4,
6.1 (a) and 8 of the accompanying separate and
consolidated financial statements.
4
Other Information
Management is responsible for the other information. The other information comprises the information included in the Board of
Directors’ Report, reference to which is made in the “Report on other Legal and Regulatory Requirements”, in the Declaration of
the Board of Directors members and in any other information which is either required by Law or the Company optionally
incorporated, in the Annual Report required by Law 3556/2007, but does not include the financial statements and our auditor’s
report thereon.
Our opinion on the separate and consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the separate and consolidated
financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. If, based on the
procedures performed, we conclude that there is a material misstatement therein, we are required to communicate this matter.
We have nothing to report in this respect.
Responsibilities of management and those charged with governance for the separate and consolidated financial
statements
Management is responsible for the preparation and fair presentation of the separate and consolidated financial statements in
accordance with International Financial Reporting Standards, as endorsed by the European Union, and for such internal control as
management determines is necessary to enable the preparation of separate and consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, management is responsible for assessing the Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern principle of accounting unless management either intends to liquidate the Company or the Group or to cease operations,
or has no realistic alternative but to do so.
The Audit Committee (art. 44 of Law 4449/2017) of the Company is responsible for overseeing the Company’s and the Group’s
financial reporting process.
Auditor’s responsibilities for the audit of the separate and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the separate and the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs, as these have been incorporated into the Greek Legislation, will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these separate and consolidated financial
statements.
As part of an audit in accordance with ISAs as they have been incorporated into the Greek Legislation, we exercise professional
judgment and maintain professional skepticism throughout the audit.
5
We also:
• Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the
Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the separate and
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the separate and consolidated financial statements,
including the disclosures, and whether the separate and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the Group as a basis for forming an opinion on the financial statements of the Group.
We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit.
We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the separate and consolidated financial statements of the audited year end and are therefore the key audit matters.
6
Report on Other Legal and Regulatory Requirements
1) Board of Directors’ Report
Taking into consideration that Management is responsible for the preparation of the Board of Directors’ Report which also
includes the Corporate Governance Statement, according to the provisions of paragraph 1, sub paragraphs aa), ab) and b) of
article 154C of Law 4548/2018, we note the following:
a) The Board of Directors’ Report includes the Corporate Governance Statement which provides the information
required by article 152 of Law 4548/2018.
b) In our opinion the Board of Directors’ Report has been prepared in accordance with the applicable legal
requirements of articles 150 and 153 of Law 4548/2018 and its content is consistent with the accompanying
separate and consolidated financial statements for the year ended December 31, 2024.
c) Based on the knowledge we obtained during our audit about the company “DIMAND REAL ESTATE
DEVELOPMENT S.A.” and its environment, we have not identified any material inconsistencies in the Board of
Directors’ Report.
2) Additional Report to the Audit Committee
Our audit opinion on the accompanying separate and the consolidated financial statements is consistent with the
additional report to the Audit Committee referred to in article 11 of EU Regulation 537/2014.
3) Non-Audit Services
We have not provided to the Company and the Group any prohibited non-audit services referred to in article 5 of EU
Regulation No 537/2014.
The allowed non-audit services provided to the Company and the Group during the year ended 31 December 2024 have
been disclosed in Note 28 to the accompanying separate and consolidated financial statements.
4) Appointment
We were appointed as statutory auditors for the first time by the General Assembly of shareholders of the Company on 10
September 2019. Our appointment has been, since then, uninterruptedly renewed by the Annual General Assembly of
the shareholders of the Company for six 6 consecutive years.
5) Operations’ Regulation
The Company has an Operations’ Regulation in accordance with the content prescribed by the provisions of article 14 of
Law 4706/2020.
6) Assurance Report on European Single Electronic Format reporting
Underlying Subject Matter
We have undertaken the reasonable assurance work to examine the digital files of the Company “DIMAND REAL ESTATE
DEVELOPMENT S.A.” (hereinafter the Company or/and the Group), that were prepared in accordance with the European
Single Electronic Format (ESEF), which include the separate and consolidated financial statements of the Company and
the Group for the year ended 31 December 2024 in XHTML format as well as the prescribed XBRL file
(213800DX7SOSSEJBS561-2024-12-31-el.zip) with the appropriate tagging on these consolidated financial statements,
7
including the notes to the financial statements (hereinafter the “Underlying Subject Matter”) in order to ascertain
whether they have been prepared in accordance with the requirements set out in the section Applicable Criteria.
Applicable Criteria
The Applicable criteria for European Single Electronic Format (ESEF) are set out in the European Commission Delegated
Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989 (the ESEF Regulation) and the 2020/C 379/01
European Commission interpretative communication dated 10 November 2020, as provided by Law 3556/2007 and the
relevant announcements of the Hellenic Capital Market Commission and the Athens Stock Exchange (the “ESEF
Regulatory Framework”). In summary those criteria require, inter alia, that:
- All annual financial reports shall be prepared in XHTML format.
- With regard to the consolidated financial statements prepared in accordance with the International Financial
Reporting Standards, the financial information included in the Statement of Total Comprehensive Income, in the
Statement of Financial Position, in the Statement of Changes in Equity, the Statement of Cash Flows, as well as
financial information included in the notes to the financial statements shall be tagged with XBRL mark-up (“XBRL
tags” and “block tag”) in accordance with ESEF Taxonomy, as currently in force. The technical specifications of ESEF,
including the related taxonomy, are included in ESEF Regulatory Technical Standards.
Responsibilities of Management and Those Charged with Governance
Management is responsible for the preparation and submission of the separate and consolidated financial statements of
the Company and the Group for the year ended 31 December 2024, in accordance with the Applicable Criteria, and for
such internal controls that Management determines that are necessary to enable the preparation of the digital files that
are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities
Our responsibility is to issue this report in relation to the evaluation of the Underlying Subject Matter, on the basis of our
work performed that is described below in the section “Scope of work performed”.
Our work was performed in accordance with the International Standard on Assurance Engagements 3000 Revised)
“Assurance engagements other than audits or reviews of historical financial information” (hereinafter “ISAE 3000”).
ISAE 3000 requires that we design and perform our work so as to obtain reasonable assurance for the evaluation of the
Underlying Subject Matter against Applicable Criteria. As part of the assurance procedures, we assess the risk of
material misstatement of the information related to the Underlying Subject Matter.
We believe that the evidence we have obtained is sufficient and appropriate and provide a basis for our conclusion
expressed in this assurance report.
Professional ethics and quality management
We are independent of the Company and the Group, during the whole period of this engagement and we have complied
with the requirements of the International Code of Ethics for Professional Accountants issued by the International Ethics
Standards Board for Accountants (IESBA Code), the ethical and independence requirements of Law 4449/2017 and EU
Regulation 537/2014.
Our audit firm applies the International Standard on Quality Management 1 (ISQM 1), “Quality Management for firms that
perform audits or reviews of financial statements, or other assurance or related services engagements” and accordingly,
maintains a comprehensive system of quality management, including documented policies and procedures regarding
compliance and ethical requirements, professional standards and applicable legal and regulatory requirements.
8
This document has been prepared by Deloitte Certified Public Accountants Societe Anonyme.
Deloitte Certified Public Accountants Societe Anonyme, a Greek company, registered in Greece with registered number 0001223601000 and its registered office
at Marousi, Attica, 3a Fragkokklisias & Granikou str., 151 25, is one of the companies of the Deloitte Central Mediterranean S.r.l. (“DCM”) geography. DCM, a
company limited by guarantee registered in Italy with registered number 09599600963 and its registered office at Via Santa Sofia no.28, 20122, Milan, Italy is one
of the Deloitte NSE LLP geographies. Deloitte NSE LLP is a UK limited liability partnership and member firm of of Deloitte Touche Tohmatsu Limited, a UK private
company limited by guarantee.
DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of any of each other. DTTL does not provide
services to clients. Please see http://www.deloitte.com/to learn more.
© 2025 For more information contact Deloitte Central Mediterranean.
Scope of work performed
Our assurance work covers exclusively the objectives set out included in the Decision No 214/4/11-02-2022 of the Board
of Hellenic Accounting and Auditing Oversight Board (HAASOB) and in the “Guidelines in connection with the work and
the assurance report of the Certified Public Accountants on the European Single Electronic Format (ESEF) of issuers with
trading securities listed in a regulated market in Greece” dated 14/02/2022, as issued by the Institute of Certified Public
Accountants, in order to obtain reasonable assurance that the separate and consolidated financial statements of the
Company and the Group that were prepared by management, comply in all material respects with the Applicable
Criteria.
Inherent limitations
Our assurance work covered the objectives set out in the section “Scope of work performed” in order to obtain
reasonable assurance on the basis of the procedures described. In this context, our work performed could not provide
absolute assurance that all the matters that could be considered as material weaknesses will be revealed.
Conclusion
Based on the procedures performed and the evidence obtained, we conclude that the separate and the consolidated
financial statements of the Company and the Group for the year ended 31 December 2024 prepared in XHTML format as
well as the XBRL file (213800DX7SOSSEJBS561-2024-12-31-el.zip) with the appropriate tagging on the abovementioned
consolidated financial statements, including the notes to the financial statements, are prepared, in all material respects,
in accordance with the Applicable Criteria.
Athens, 3 April 2025
The Certified Public Accountant
Theodoros K. Tasioulas
Reg. No. SOEL: 41061
Deloitte Certified Public Accountants S.A.
3a Fragokklisias & Granikou str., 151 25 Marousi
Reg. No. SOEL: E. 120
Certified true translation of the original in the Greek language
Theodoros K. Tasioulas
Certications by Members of the Board of Directors
for the year 2024
9
Certications by Members of the Board of Directors
according to art.4 par.2 of L.3556/2007
We, the members of the Board of Directors of “DIMAND SOCIETE ANONYME – DEVELOPMENT AND
EXPLORATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING" (hereinafter the
“Company”), under our abovementioned capacity, certify that to the best of our knowledge:
a) The Consolidated and Separate Financial Statements for the year ended December 31, 2023 have
been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by
the European Union and present honestly and accurately the information included in Statement of
Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity and Cash
Flow Statement of the Company, as well as of the companies included in the consolidation (hereinafter
the "Group"), in accordance with article 4 of Law 3556/2007 and the decisions of the Board of Directors
of the Hellenic Capital Market Commission.
b) The Board of Directors Annual Report accurately presents the evolution, the performance and the
position of the Company and of the companies included in the consolidation, including the description
of the main risks and uncertainties they face.
Maroussi, 03.04.2025
The certiers,
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
10
Annual Report of the Board of Directors
“DIMAND SOCIETE ANONYME – DEVELOPMENT AND EXPLORATION OF REAL ESTATE AND
CONSTRUCTIONS, SERVICES AND HOLDING”
on the Consolidated and Separate Financial Statements for the year 2024
Dear Shareholders,
The present Report of the Board of Directors of the Company “DIMAND SOCIETE ANONYME –
DEVELOPMENT AND EXPLORATION OF REAL ESTATE AND CONSTRUCTIONS, SERVICES AND HOLDING”
(hereinafter the "Company") relates to the nancial year 2024 and has been prepared in accordance with the
relevant provisions of Law 4548/2018, as amended, Law 3556/2007 and the implementing decisions of the
Hellenic Capital Market Commission issued thereon.
FINANCIAL POSITION OF THE GROUP
As of 31.12.2024 and following exits carried out by the Group during the scal year in accordance with its
investment plan, the Group's total portfolio (through the Company and its subsidiaries) included, 7 investment
projects (31.12.2023: 12 investment projects) in various stages of completion, in urban areas throughout
Greece, with oce, residential and hotel complexes, logistics facilities as well as mixed-use projects, with a
total fair value of €141,784,782 (31.12.2023: €167,483,629) and a total estimated Gross Development Value
(GDV) at completion of €610,350,278 (31.12.2023: €700,203,064), based on the valuations of independent
certied valuers.
Properties held by the Group as of 31.12.2024 relate to the following:
• A plot of land of c. 2,082 sq.m. and the existing multi-storey building of c. 11,653 sq.m., in the Municipality
of Athens, owned by the subsidiary Random S.M.S.A.. The Group has prepared a business development
plan for the project, which provides for the renovation and upgrading of the property into a bioclimatic
building of modern oces, for the purpose of lease. On 02.02.2024 a preliminary agreement lease was
signed with a well-known Greek company for the entirety of the developing oce complex.
• A plot of land with a total surface area of c. 2,060 sqm after the ve buildings of the building complex
known as "MINION" with a total surface area of the ve buildings of c. 18,580 sq.m., in the Municipality of
Athens and specically in Omonia Square, which is owned by the subsidiary Alkanor S.M.S.A.. According
to the business plan for the buildings Β,C,D,E, in 2024 the development of a modern, bioclimatic mixed-
use complex (comprising shops and oces) was completed, and it has been fully leased in well-known
users. The complex aims for LEED Gold certication, in accordance with the internationally recognized
rating system of the U.S. Green Building Council (USGBC). Additionally, according to the business plan for
Building A, the development of a residential complex is planned, with the goal of selling and/or leasing
the units. It is noted that on 27.02.2025, the notarial deed for the establishment of the subsidiary company
"Dorou Residencies S.M.S.A.", the owner of Building A, was signed in the context of the partial demerger
plan of the subsidiary Alkanor S.M.S.A..
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
11
• A plot of land of c. 1,304 sq.m., in the Municipality of Piraeus, which is owned by the subsidiary Piraeus
Regeneration 138 S.M.S.A.. The Group has prepared a business plan for the investment property, which
envisages the construction of a building of 97 apartments with a total area of c. 6,170 sq.m. for the
purpose of lease.
• A plot of land with a total area of c. 355,648 sq.m., located at the 15th kilometer of Thessaloniki–Edessa,
formerly owned by the company "BALKAN REAL ESTATE S.A.". The owner of the property is the subsidiary
Aghialos Estate S.M.S.A.. According to the business plan, the development of a Logistics complex with a
total area of c. 120,000 sq.m. is planned, which will be the largest Logistics hub in Northern Greece.
Additionally, photovoltaic panels are planned to be installed on the roof of the facilities for energy
production, following the completion of a special study.
• A plot of land, with a complex of industrial buildings, located on 26th October Street, Thessaloniki (former
complex of the old FIX factory "FIX Complex"), with a total surface area according to the title deed of c.
25,211 sq.m., which is owned by the subsidiary Filma Estate S.M.S.A.. On 08.04.2024, the subsidiary
acquired an adjacent plot of land with a total area of c. 2,699 sq.m.. According to the business plan, the
development includes the restoration and repurposing of the listed buildings, as well as the construction
of two new buildings, certied according to the internationally recognized LEED sustainable development
system at the Gold level, followed by their leasing.
• Industrial complex (former premises of the factory of " Athens Papermill") on a plot of land of c. 49,340
sq.m. located on Hartergakon street, Iera Odos and Agios Polykarpou street of Botanikos, in the block 35
of the Municipality of Athens, which was acquired by the subsidiary IQ Athens S.M.S.A., on 28.02.2023.
According to the business plan, a modern mixed-use complex is developed in accordance with the
standards of the LEED certicate for bioclimatic buildings of high energy class.
• Three land plots with a total area of c. 304,038 sq.m., located in Nea Sevastia in the Municipality of Drama,
which were acquired by the subsidiary Dramar S.M.S.A. on 09.04.2024
Also, as of 31.12.2024, the total portfolio of joint ventures in which the Group participated included 6
investment projects (31.12.2023: 8 investment projects) in various stages of completion, in urban areas
throughout Greece, with oce, residential and hotel complexes, as well as mixed-use projects with a total fair
value of €194,102,146 (31.12.2023: €220,002,588) and a total estimated Gross Development Value (GDV) at
completion of €413,344,750 (31.12.2023: €494,660,092), based on the valuations of independent certied
valuers
Based on the above, as of 31.12.2024 the total number of investment projects under management (Assets
under Management - AUM) of the Group (through the Company, subsidiaries and joint ventures) amounted
to 13 (31.12.2023: 20) with a total fair value of €335,886,928 (31.12.2023: €387,486,217) and a total estimated
Gross Development Value (GDV) at completion of €1,023,695,028 (31.12.2023: €1,194,863,156), based on the
valuations of independent certied valuers.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
12
For the structure of the Group and the Company's interests in subsidiaries and joint ventures, please refer to
notes 10, 11 and 16 of the Financial Statements. During scal year 2024 the following changes were made in
the Group:
On 30.01.2024, the Group, through its subsidiary Pavalia Enterprises Ltd, proceeded to the sale of its 60% of
its share interest in the joint venture Ependitiki Chanion S.A., refer to note 16 of the Annual Financial
Statements.
On 17.05.2024, the Company, proceeded to the sale of its 100% share interest in the subsidiary Iovis S.A.,
refer to note 10 of the Annual Financial Statements.
On 20.05.2024, the Group, through its subsidiary Oblinarium Holdings Ltd, proceeded to the sale of its 100%
share interest in the subsidiary Kalliga Estate S.M.S.A., refer to note 10 of the Annual Financial Statements.
On 22.10.2024, the Group, through its subsidiary Gravitousia Ltd, proceeded to the sale of its 65% of its share
interest in the joint venture Ourania Ependitiki S.A., refer to note 11 of the Annual Financial Statements.
On 16.12.2024, the Group through the subsidiary Arcela Investments Ltd, proceeded to the sale of its 100%
share interest in the subsidiary Severdor Ltd and indirectly to the subsidiary Insignio S.M.S.A., refer to note
10 of the Annual Financial Statements.
On 17.12.2024, the Company proceeded to the sale of its 49% share interest in the subsidiary Metrinwood
Ltd, refer to note 10 of the Annual Financial Statements.
On 20.12.2024, the Group through its subsidiary Metrinwood Ltd, proceeded to the sale of its 20% share
interest in the joint venture P and E Investments S.A., refer to note 11 of the Annual Financial Statements.
On 20.12.2024, the Group through the joint venture P and E Investments S.A., proceeded to the acquisition of
65% share interest in the company Skyline S.A., refer to note 11 of the Annual Financial Statements.
The key gures in the Statement of Financial Position for the Group are as follows:
31.12.2024
31.12.2023
Variance (%)
Investment property
141,784,782
117,103,629
21%
Inventory
47,800
50,427,800
(100%)
Investments in joint ventures accounted for using the
equity method
87,061,019
49,300,182
77%
Cash and cash equivalents
38,265,299
12,400,507
209%
Borrowings
73,844,900
81,472,456
(9%)
Equity attributable to shareholders of the parent company
172,609,053
133,632,764
29%
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
13
SIGNIFICANT EVENTS IN 2024
A. Corporate events
On 11.06.2024, the Company executed the free allocation of own shares pursuant to the resolutions of the
Annual General Meetings of Shareholders dated 07.09.2022, and 22.06.2023, and the respective delegated
resolution of the Board of Directors dated 02.04.2024, to the Beneciaries, aiming to reward executives and
associates of the Company for their contribution to the achievement of its medium and long term objectives
and to strengthen their loyalty and condence in the Company, while serving its operational needs. The fair
value of the aforementioned own shares amounted to €828,412 (non-recuring expense). The beneciaries
received the shares without monetary compensation and are obligated to retain them for a period of six (6)
months until 11.12.2024. Following this allocation, the Company now holds a total of 49,708 own shares,
representing 0.266% of the total shares outstanding.
It is noted that by the resolution of the Annual General Meeting dated 13.06.2024, the extension of the
duration of the Share Buyback Program was approved in accordance with Article 49 of Law 4548/2018, as
amended, and specically the duration of the Program was extended by twelve (12) additional months,
thereby making the total duration twenty-four (24) months from the date of its inception, i.e., from the
resolution of the Annual General Meeting of shareholders dated 22.06.2023, resulting in a new expiration
date of 22.06.2025. As of 31.12.2024, the Company has not acquired own shares under the aforementioned
Program.
Β. Acquisitions / Disposals
On 10.01.2024, the Group, through its subsidiary Citrus S.M.S.A., executed a contract for the transfer of a
turnkey property to the Black Sea Trade and Development Bank – BSTDB for a total consideration of
€15,250,000, which will host the new headquarters of the Bank at the western entrance of Thessaloniki.
On 30.01.2024, the Group, through its subsidiary Pavalia Ltd, completed the sale of its 60% share in the joint
venture Ependitiki Chanion S.A. for a consideration of €4,061,964, refer to note 16 of the Annual Financial
Statements.
On 29.03.2024, the subsidiary Alkanor S.M.S.A., following the notarial pre-agreement dated 28.12.2023,
proceeded with the acquisition of 6 horizontal properties in Building A of the former "MINION" property, with
a total area of 129.48 sq.m., for a consideration of €360,000, out of this amount, €50,000 was paid as an
advance by 31.12.2023, in the context of the preliminary agreements, and €310,000 was paid upon signing
the nal purchase agreement. Additionally, on 27.09.2024, the subsidiary Alkanor S.M.S.A., following the
notarial preliminary agreement dated on 29.03.2024, proceeded to the acquisition of 2 horizontal properties
in building A, with a total area of 37.20 sq.m., for a consideration of €140,000 which was settled upon signing
the nal purchase agreement. Also, on 28.06.2024 the subsidiary proceeded with the acquisition of the last
horizontal property, with a total area of 76 sq.m., in Building B of the former "MINION" property, for a
consideration of €100,000. The payment was completed upon signing the nal purchase agreement.
Additionally, in the context of better utilization and management of the entire "MINION" property, the
subsidiary proceeded with the amendment of the lease duration for two of the three active lease agreements.
The newly agreed duration of the two leases is now set at 23 years, up from 20 years as agreed in the initial
lease agreements.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
14
On 08.04.2024, the subsidiary Filma S.M.S.A., following the notarial preliminary agreement dated 24.04.2023,
proceeded with the acquisition of a land plot, adjacent to the existing plot of land, with a total area of c. 2,699
sq.m., located in the municipal unit of Thessaloniki. Of the total purchase price of €630,000, €150,000 was
paid as an advance by 31.12.2023 in the context of the preliminary agreement, and €480,000 was paid upon
signing the nal purchase agreement.
On 09.04.2024, the subsidiary Dramar S.M.S.A., following the notarial preliminary agreement dated
09.12.2022, proceeded with the acquisition of three land plots with a total area of c. 304,038 sq.m., located in
Nea Sevasteia in the municipality of Drama. Of the total consideration of €380,000, €70,000 was paid as an
advance by 31.12.2022 in the context of the preliminary agreement, while €310,000 was paid upon signing
the nal agreement. Additionally, on 28.03.2024, a notarial preliminary agreement was signed, extending the
deadline for the signing of the nal agreement until 30.07.2025, for the acquisition of the fourth land plot of
a total area of 632,226 sq.m..
On 30.04.2024, the subsidiary Iovis S.A., following a notarial preliminary agreement dated 05.10.2023,
proceeded with the acquisition of a multi-story building located on Korai 4 and Stadiou 30 Streets in Athens,
for a consideration of €48,000,000. On 17.05.2024, the Group, through the Company, disposed 100% of its
share interest in Iovis S.A. for a consideration of €7,110,492, refer to note 10 of the Annual Financial
Statements.
On 20.05.2024, the Group, through its subsidiary Oblinarium Holdings Ltd, proceeded to the sale of its 100%
share interest in the subsidiary Kalliga Estate S.M.S.A. for a consideration of €3,157,169, refer to note 10 of
the Annual Financial Statements.
On 22.10.2024, the Group, through the subsidiary Gravitousia Ltd, proceeded to the sale of its 65% share
interest in the joint venture Ourania Ependitiki S.A., for a contractual consideration of €20,457,808. The nal
consideration will be calculated on 15.06.2025, and as of 31.12.2024 the consideration, based on the terms
of the sale agreement, was calculated to €21,492,679, refer to note 11 of the Annual Financial Statements.
On 16.12.2024, the Group, through the subsidiary Arcela Investments Ltd, proceeded to the sale of its 100%
share interest in the subsidiary Severdor Ltd for a consideration of €32,046,612, refer to note 10 of the Annual
Financial Statements.
On 17.12.2024, the Company proceeded to the sale of 49% share interest in subsidiary Metrinwood Ltd for a
consideration of €1,170,365, refer to note 10 of the Annual Financial Statements.
On 20.12.2024, the Group, through the subsidiary Metrinwood Ltd, proceeded to the sale of its 20% share
interest in the joint venture P and E Investments S.A. for a consideration of €626,000, refer to note 11 of the
Annual Financial Statements.
On 20.12.2024, the Group, through the joint venture P and E Investments S.A., proceeded to the acquisition
of 65% share interest in the company Skyline S.A. for a consideration of €98,729,205, refer to note 11 of the
Annual Financial Statements.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
15
During the scal year 2024, the Group completed the aforementioned sales of participations and realized a
total prot amounting to €16,575,048. Specically, the line item “Fair value gain on investment properties”
includes an amount of €1,694,818, which is attributable to the measurement of the investment properties at
fair value at the time of the subsidiary’s disposal. Finally, the line item “Gain on disposal of subsidiaries and
joint ventures” includes an amount of €14,880,230, due to the dierence between the consideration received
and the net asset value of the subsidiaries and joint ventures that were transferred.
C. Financing
In the context of the Common Bond Loan Agreement dated 24.11.2023, with a total amount of up to
€106,440,000, the Group through its subsidiary IQ Athens S.M.S.A., proceeded with the rst bond issuance
amounting to €7,440,000 on 31.01.2024, for the full repayment of the remaining open current account
balance dated 22.06.2023. Additionally, on 04.03.2024, the Group, through its subsidiary IQ Athens S.M.S.A.,
entered into a joint bond loan agreement with Alpha Bank S.A. for an amount of up to €10,000,000 for the
nancing of the refundable VAT on construction. The securities for aforementioned bond loans are the same
and include, among other things, the registration of a pre-notation of mortgage on the property of the
subsidiary IQ Athens S.M.S.A., amounting to €163,592,000.
On 17.05.2024, the Group, through its subsidiary Kalliga Estate S.M.S.A., proceeded to the total repayment of
the open current account agreement amounting to €2,000,000, in view of the signing of the private share
transfer agreement.
On 24.05.2024, the Group, through its subsidiary Alkanor S.M.S.A., entered into a Common Bond Loan
Agreement with Alpha Bank S.A. for an amount of up to €28,000,000. The purpose of the bond loan is to
renance existing intermediate nancing and to nance part of the development costs of the subsidiary’s
project. On 27.06.2024, the subsidiary issued the rst series of bonds, which were fully covered and used to
fully repay the balance of the Common Bond Loan Agreement dated 22.12.2021 amounting to €11,000,000,
which then closed, and the repayment of the balance of the open current account agreement dated
10.11.2022 amounting to €5,000,000, as amended by the supplemental act dated 03.08.2023. The new bond
loan carries a oating interest rate based on 3M Euribor + 2.55%. The collateral includes, among others, the
registration of a mortgage pre-notation on part of the property of Alkanor (buildings B, C, D, E) amounting to
€40,690,000, as well as a pledge on the entirety of its shares. It should be noted that following the repayment
of the intermediate nancing, as described above, the collateral registered as security for the aforementioned
nancing has been released, with the exception of the pre-notation of mortgage on the above property, which
was registered as security for the Common Bond Loan dated 22.12.2021, amounting to €14,300,000, with this
release has not been completed as of the date of approval of the Annual Financial Statements by the Board
of Directors.
On 11.06.2024, the Group's subsidiary Random S.M.S.A. signed an open current account agreement with
Attica Bank for an amount of €5,400,000, with a oating interest rate of Euribor 3M + 2.6%. The purpose of
the loan is to renance the balance of the open current account with Alpha Bank, amounting to €3,790,000,
and to nance working capital needs until the signing of the main nancing agreement for the project. On
14.06.2024, the rst disbursement of €5,400,000 was made, which was used on 17.06.2024 to fully repay the
existing loan with Alpha Bank. On 04.09.2024, the subsidiary Random S.M.S.A. entered into a Common Bond
Loan Agreement with Attica Bank as bondholder for an amount of up to €13,700,000, with a oating interest
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
16
rate of Euribor 3M + 2.6%. The purpose of the Bond Loan Agreement is nancing part of the property's
development cost. On 18.10.2024, the subsidiary issued the rst series of bonds, which were used to fully
repay the balance of €5,400,000 from the intermediate nancing. The securities for this loan include, among
others, the registration of a mortgage pre-notation on Random S.M.S.A.’s property, amounting to €16,440,000.
FINANCIAL PERFORMANCE OF THE GROUP
The revenue of the Group for the scal year 2024 amounted to €28,423,718 from €9,385,708 in the previous
year, representing an increase of 203%. The table below presents the revenue by category:
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Variance (%)
Revenue from project management
1,991,618
4,730,267
(58%)
Revenue from maintenance services
3,888,634
3,057,440
27%
Revenue from construction
15,483,342
-
N/A
Revenue from sales of residential houses
4,000,000
-
N/A
Revenue from consulting services
1,150,000
1,420,000
(19%)
Rental income
1,690,623
-
N/A
Other revenue
219,501
178,001
23%
Total revenue
28,423,718
9,385,708
203%
The increase in the Group's revenue is mainly attributed to the increase in revenue from construction projects
and the sale of residential houses. More specically, the Group, through its subsidiaries Hub 204 S.M.S.A. and
Citrus S.M.S.A., proceeded with the signing of property transfer agreements for turn-key properties according
to client specications, namely the Judicial Buildings Financing Fund of the Ministry of Justice (hereinafter
referred to as " TAHDIK") and the Black Sea Trade and Development Bank, respectively. At the same time, the
Company proceeded with the signing of a contractor agreement for the reconstruction of the building owned
by Iovis S.A. at 4 Korai and 30 Stadiou Streets, in accordance with the specications of Piraeus Bank.
Additionally, on 01.05.2024, the Company and its subsidiaries Perdim S.M.S.A. and Terra Attiva S.M.S.A.
completed the sale of properties they held in Mykonos for a total consideration of €4,000,000. Finally, during
the scal year 2024, the Group's subsidiaries, Insignio S.M.S.A. and Alkanor S.M.S.A., recognised rental income
amounting to €1,690,623.
The Group’s net fair value gains on investment property for the year 2024, amounted to €11,308,662
compared to €19,338,963 during the corresponding year 2023.
Additionally, during the year 2024, the Group recorded a gain on disposal of investment in subsidiaries and
joint ventures, amounting to €14,880,230 compared to €1,840,176 during the corresponding year 2023.
The Group’s operating expenses for the scal year 2024 amounted to €31,713,983, compared to €13,053,441
during the corresponding year 2023. Excluding the construction cost and the construction cost of the
residential properties in Mykonos, the operating expenses for the scal year 2024 amounted to €13,211,846
compared to €13,053,441 during the previous scal year.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
17
More specically, the increase in operating expenses is primarily attributable to (a) construction costs of
€14,462,603 (2023: €0) related to undertaken contracting agreements (see above), and (b) the construction of
residences in Mykonos amounting to €4,039,534 (2023: €0), which were sold during the scal year 2024.
Additionally, in 2024, the Group's personnel expenses amounted to €4,291,778 (2023: €4,058,492),
representing a 6% increase. Part of the abovementioned increase is attributed to the cost of the free allocation
of the Company's own shares to sta of an amount of €478,320 (non-recurring expense).
Finally, the Group’s other expenses in 2024 amounted to €7,455,589, compared to €7,486,437 in the
corresponding year 2023. The Group’s other expenses include the cost of the free allocation of the Company's
own shares to associates, which amounted to €350,092 (non-recurring expense).
It should be noted that the Group’s property taxes (ENFIA) for 2024 amounted to €1,017,411 (2023:
€1,043,706), reecting a decrease of 3% due to the sale of properties during the scal year 2023.
As a result, the Group's operating prots for 2024 increased by 26%, amounting to €23,125,673 compared to
€18,379,102 during the previous scal year.
The Group’s nance expenses for 2024 amounted to €3,139,766 compared to €2,025,629 during the
corresponding year 2023.
The Group’s share of prot of investments accounted for using the equity method for the scal year 2024
amounted to €34,471,092, compared to €551,969 during the corresponding scal year 2023. The increase is
mainly due to the results of the joint venture P and E Investments S.A., which acquired a 65% share interest
in Skyline S.A., as well as the results of the joint venture Ourania Ependitiki S.A. until its sale.
The Group’s prot before tax for 2024 amounted to €54,536,863, reecting an increase of 220% (2023:
€17,019,455). Respectively, the Group’s prot for 2024 amounted to €51,475,281 compared to €13,205,064
during the previous scal year, representing an increase of 290%.
The Group's prot before tax for the scal year 2024 amounted to €54,536,863, reecting an increase of 220%
(2023: €17,019,455). Correspondingly, the Group's net prot for the scal year 2024 amounted to €51,475,281,
compared to €13,205,065 in the corresponding scal year, representing an increase of 290%.
The Group's pre-tax prots for the scal year 2024 attributable to the Company's shareholders amounted to
€40,027,337, representing an increase of 135% (2023: €17,019,455). Similarly, the Group's net prots for the
scal year 2024 attributable to the Company's shareholders amounted to €36,965,755, compared to
€13,205,065 in the previous scal year, representing an increase of 180%.
As mentioned above, during the scal year 2024, a non-recurring expense of €828,412 was incurred, relating
to the cost of the free allocation of the Company’s own shares to sta and associates as a reward for their
contribution to achieving the Company’s medium and long-term goals. For the previous scal year, a non-
recurring expense amounting to €585,319 was incurred, relating to promotional and advertising expenses for
the project being developed by the subsidiary Filma S.M.S.A. in Thessaloniki.
Excluding the aforementioned non-recurring expense of €824,412 during the scal year 2024 and €575,319
for the scal year 2023, the Group's prot before tax for the year 2024, amounted to €55,365,275, compared
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
18
to €17,604,774 in the corresponding previous scal year and the net prots amounted to €52,303,693,
compared to €13,790,383 in the corresponding scal year, representing an increase of 214% and 279%,
respectively. Additionally, the Group's pre-tax prots for the scal year 2024 attributable to the Company's
shareholders amounted to €40,855,749, compared to €17,604,774 in the previous scal year, showing an
increase of 132%. Similarly, the Group's net prots for the scal year 2024 attributable to the Company's
shareholders amounted to €37,794,166, compared to €13,790,383 in the previous scal year, showing an
increase of 174%.
The main gures of the Statement of Comprehensive Income for the Group are as follows:
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Variance (%)
Revenue
28,423,718
9,385,708
203%
Fair value gains on investment property
11,308,662
19,338,963
(42%)
Operating profit
23,125,673
18,379,102
26%
Adjusted operating profit
23,954,083
18,964,421
26%
Profit/(Loss) before tax attributable to
Shareholders of the parent company
40,027,337
17,019,455
135%
Adjusted profit / (loss) before tax attributable to
shareholders of the parent company
40,855,749
17,604,774
132%
Profit / (loss) after tax attributable to shareholders
of the parent company
36,965,755
13,205,065
180%
Adjusted profit/(loss) after tax attributable to
shareholders of the parent company
37,794,166
13,790,383
174%
KEY PERFORMANCE AND EFFECTIVENESS MEASUREMENT INDICATORS (ESMA)
In the context of the implementation of the Guidelines “Alternative Performance Measures” of the European
Securities and Markets Authority (ESMA/2015/1415el) which apply from 03.07.2016, the Group’s Management
measures and monitors the Group’s performance based on the following Alternative Performance Measures
(APMs) which are used internationally in the sector in which the Group operates. The Management evaluates
the Group’s results and performance at regular intervals identifying deviations from the objectives in a timely
and eective manner and taking corrective actions.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
19
Earnings before interest, taxes, depreciation and amortization (EBITDA)
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Profit / (Loss) before tax
54,536,863
17,019,455
Plus: Depreciation and amortization of tangible and
intangible assets
427,568
331,817
Plus: Net finance expenses
3,059,902
1,911,616
Earnings before interest, taxes, depreciation and
amortisation (EBITDA)
58,024,333
19,262,888
Plus: Net non-recurring expenses
828,412
585,319
Adjusted earnings before interest, taxes,
depreciation and amortisation (Adjusted EBITDA)
58,852,745
19,838,207
Return on Equity - (ROE):
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Net profit attributable to shareholders of the parent
company
36,965,755
13,205,065
Average equity
153,120,909
128,030,900
Return on Equity (ROE)
24%
10%
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Net profit
36,965,755
13,205,065
Plus: Net non-recurring expenses
1
828,412
585,319
Adjusted net profit
37,794,167
13,790,383
Average equity
153,120,909
128,030,900
Adjusted ROE
25%
11%
1
The non-recurring expenses for the scal year 2024 amounted to €828,412 and relate to the cost of the free allocation of the Company’s
shares to its employees and associates as a reward for their contribution to achieving the Company’s medium- and long-term goals. For
2023, the non-recurring expenses related to promotional and marketing expenses for the project being developed by the subsidiary
Filma S.M.S.A. in Thessaloniki.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
20
Net Asset Value – (NAV):
31.12.2024
31.12.2023
Total equity
172,609,053
133,632,764
(Minus): Deferred tax asset
(431,603)
(435,133)
Plus: Deferred tax liability
8,096,192
6,851,647
Net Asset Value
180,273,642
140,049,278
Net Debt/Total Assets:
31.12.2024
31.12.2023
Debt
73,844,900
81,472,456
(Minus): Cash and cash equivalent
(38,265,299)
(12,400,507)
(Minus): Restricted cash
(2,023,850)
(2,023,850)
Net Debt (a)
33,555,751
67,048,099
Total Assets (b)
299,846,266
259,030,555
Net Debt / Total Assets (a/b)
11%
26%
Net debt / Investment property (Net LTV):
31.12.2024
31.12.2023
Outstanding capital of borrowings
1
73,078,000
77,314,000
(Minus): Cash and cash equivalent
(38,265,299)
(12,400,507)
(Minus): Restricted cash
(2,023,850)
(2,023,850)
Net Debt (a)
32,788,851
62,889,643
Investments
2
(b)
141,784,782
167,483,629
Net LTV (a/b)
23%
38%
1
The outstanding capital loan pertains to the unpaid capital of loans from financial institutions.
2
The investments include the fair value of the real estate portfolio as determined by independent certified valuers:
31.12.2024
31.12.2023
Investment properties
141,784,782
117,103,629
Investment properties classified as inventories
-
50,380,000
Total
141,784,782
167,483,629
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
21
DESCRIPTION AND MANAGEMENT OF THE KEY UNCERTAINTIES AND RISKS
The Management, after examining the current nancial information of the Group and the Company as well
as future liabilities, agreements, and prospects, taking into account the impact of the macroeconomic
environment, believes that the prospects of the Group and the Company are positive and that the Group and
the Company have the ability to continue their activity without interruption according to their business plan.
As a result, the Interim Condensed Financial Statements have been prepared on the going concern principle.
A. Financial risk factors
The Group and the Company are exposed to nancial risks such as market risk, credit risk and liquidity risk.
Financial risks are managed by the Management of the Group and the Company. The Group and Company
Management identies, evaluates and takes measures to hedge against nancial risks.
a) Market risk
i) Price risk
The Group and the Company are indirectly exposed to price risk related to nancial instruments to the extent
that the value of subsidiaries and/or joint ventures uctuates due to changes in the value of the underlying
assets (real estate).
The operation of the real estate market involves risks associated with factors such as the geographical location
and commerciality of the property, the general business activity in the area and the type of use in relation to
future developments and trends. These factors individually or in combination can result in a commercial
upgrading or downgrading of the area and the property with a direct impact on its value.
In addition, uctuations in the economic climate may aect the return-risk relationship that investors are
seeking for and may lead them to seek other forms of investment, resulting in adverse developments in the
real estate market that could aect the fair value of the Group’s and the Company’s properties and
consequently their performance and nancial position.
The Group and the Company focus their investment activity on areas and categories of real estate for which
there is increased demand and commerciality at least in the medium term based on current data and
forecasts.
The Group and the Company closely monitor and evaluate developments in the real estate market and their
properties are valued by independent certied valuers.
The successful management and utilization of the Group’s portfolio of investment projects depends on
macroeconomic developments in Greece and the international markets (to the extent that the latter aect
the prevailing conditions in Greece), which in turn have the potential to inuence the domestic banking sector
and the prevailing trends and conditions in the domestic real estate market. Any extreme adverse changes in
macroeconomic conditions as a consequence of geopolitical, health or other developments (such as, for
example, the COVID-19 pandemic or the military conicts) may adversely aect the time plan of development,
cost of development, cost of borrowing, value and disposability of the properties and, therefore , the Group’s
business activity, fair values of the properties, cash ows and nancial position.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
22
At the level of the domestic real estate market, the sharp increase in ination and any further increase in
interest rates as a consequence of the above, potentially adversely aects both the cost of construction of
the projects as well as the cost of capital (debt and equity) required for the development of new projects, as
well as the valuation of the fair value of the properties, to the extent that these macroeconomic variables are
used as inputs in the valuation.
ii) Cash ow risk and risk of changes in fair value due to changes in interest rates
Interest rate risk arises from the Group’s and the Company’s long-term debt. The Group’s and the
Company’s long-term debt on 31.12.2024, includes floating interest rate loans as well as fixed interest rate
loans (see related note 20 of the Annual Financial Statements), and therefore the Group and the Company
are exposed to the risk of changes in fair value due to changes in interest rates and cash flow risk. Out of the
Group’s total borrowings as of 31.12.2024, the amount of €41,938,708 (2023: €36,550,970) relates to the
balances of floating rate bond loans of the subsidiaries Alkanor S.M.S.A., IQ Athens S.M.S.A. and Random
S.M.S.A.. The Company's bond loan as of 31.12.2024, amounting to €10,206,027, is at a fixed interest rate.
If the borrowing rate, for the loans bearing floating interest rates, had increased/decreased by 1% during the
fiscal year 2024, while all other variables remaining constant, the Group’s profit or loss for 2024 would have
decreased/increased, respectively, by c. €419,387 (31.12.2023: €365,510). The above sensitivity analysis has
been calculated using the assumption that the balance of the Group’s debt on 31.12.2024, was the balance
of the Group’s debt throughout the fiscal year.
The Group’s policy is to minimise this exposure at all times by monitoring market developments with regard
to the interest rate framework and applying the appropriate strategy in each case. For those of the Group’s
long-term euro-denominated loans that are xed-margin with a oating basis linked to Euribor, the Group
has studied the Euribor uctuation curve over a ve-year horizon during which no signicant risk has arisen.
For protection against a potential increase in the base interest rate (Euribor), the Group companies, in
collaboration with the nancial institutions that nance them, have introduced clauses in the loan agreements
that provide for the use of interest rate risk hedging products under certain conditions. It should be noted
that the Group has not used the aforementioned instruments to hedge interest rate risk for the scal years
2024 and 2023, as their use has not been deemed necessary. In addition, the Group, having incorporated the
philosophy of "green" buildings into the core of its business, has the possibility of using Recovery and
Resilience Fund (RRF) resources to nance its projects. With this xed-rate nancing instrument, the Group
partially osets the risk of rising interest rates during the construction period.
In note 5.1 (c) of the Annual Financial Statements, an analysis is included detailing the contractual
undiscounted future cash ows from the borrowing of the Group and the Company.
iii) Foreign exchange risk
The Group and the Company operate in Greece and the main part of their transactions are conducted in
euros. The Group and the Company as of 31.12.2024 did not hold any amount of bank deposits in foreign
currencies therefore is not exposed to any risk due to exchange rate uctuations.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
23
Therefore, due to the fact that transactions are mainly conducted in euros and there are no cash reserves in
any currency other than the euro, there is no signicant foreign exchange risk for the Group and the
Company.
b) Credit risk
The credit risk of the Group and the Company as of 31.12.2024, arises from the Group’s and the Company’s
cash and cash equivalents, receivables mainly from customers, receivables from nance subleases and loans
granted to related parties. The Group's trade receivables mainly relate to the Company's trade receivables
from joint ventures and third parties. The Group and the Company by denition do not create signicant
concentrations of credit risk. Contracts are made with customers with a reduced degree of loss. Management
continually assesses the creditworthiness of its customers and the maximum credit limits allowed.
For the Group’s and the Company’s receivables and loans and information on the relevant provision for
impairment made by the Group and the Company, please see related note 13 of the Annual Financial
Statements.
The expected credit losses on the Group’s and the Company’s cash and cash equivalents at the reporting date
are not material as the Group and the Company cooperate only with recognised nancial institutions with
high credit ratings.
c) Liquidity risk
With regard to liquidity risk, the Group and the Company are exposed to liquidity risk due to the medium-
term (2-4 years) commitments in relation to their investment program and nancial liabilities. The
Management of the Group and the Company monitors on a regular basis, the liquidity of the Group and the
Company, as well as each time a future investment and/or project is considered, in order to ensure that the
required liquidity is available in a timely manner. The Group and the Company manage the risks that may
arise from a lack of sucient liquidity by ensuring that there are always secured bank facilities available for
use, access to investment funds, but also prudent cash management.
In note 5.1(c) of the Annual Financial Statements, as of the reporting date, the contractual undiscounted future
cash ows for the Group and the Company arising from nancial liabilities are presented.
Β. Capital Management
The Group’s and the Company’s objective in terms of capital management is to ensure the Group’s and the
Company’s ability to continue their operations protably, providing a satisfactory return to shareholders and
ensuring an optimal capital structure.
Management monitors foreign capital in relation to total equity. In order to achieve the desired capital
structure, the Group and the Company may adjust dividends, return capital, or issue new shares.
The gearing ratio as at 31.12.2024 and 31.12.2023 is presented below.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
24
Group
Company
Note
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Total debt
20
73,84,.900
81,472,456
23,223,642
19,401,030
Minus: Cash and cash equivalents
15
(38,265,299)
(12,400,507)
(21,028,443)
(1,551,118)
Minus: Restricted cash
13
(2,023,850)
(2,023,850)
-
-
Net Debt
33,555,751
67,048,099
2,195,199
17,849,912
Equity attributable to shareholders
of the parent company
172,609,053
133,632,764
189,475,685
146,387,508
Total capital employed
206,164,803
200,680,863
191,670,884
164,237,420
Gearing ratio
16%
33%
1%
11%
NON-FINANCIAL INFORMATION
CORPORATE GOVERNANCE AND SUSTAINABLE DEVELOPMENT (ESG)
Corporate governance and sustainable development are an integral part of all the Group’s activities. The
Group is committed to a strong set of core values that guide its business practices and serve as guiding
principles underpinning its commitment to sustainable business operations, aligning its course with the
United Nations Sustainable Development Goals (UN SDGs). By integrating these values into daily practices
and decision making, the Group strives to create a positive impact on the environment, society and the
economy, and to contribute to building a well-rounded and sustainable business.
Through rigorous implementation of policies, responsible governance, strict compliance measures and
thorough audits, the Group consistently strives to maintain best practices that meet sustainability
expectations
Corporate values
The core values are an integral part of the Group’s and Company’s culture and business activities and reect
its belief that responsible business is key to social welfare and development.
Excellence: The Group sets the highest standards of quality and believes in continuous learning and
development. We advance our services by establishing, maintaining, and developing partnerships with
industry leaders.
Innovation: The Group follows industry trends to identify innovative ideas, supporting new developments in
our sector, and adopting initiatives to position our company as a real estate leader.
Quality: The Group delivers projects that create shared value for the client and the local community, setting
the highest goals and making full use of its capabilities to deliver the best possible outcome.
Health and Safety: The Group is committed to ensure safe working conditions for all employees,
subcontractors and partners while guarantying regulatory compliance. Furthermore, the Group set strict
policies and detailed procedures, and we provide our sta with ongoing training to maintain our zero-accident
culture.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
25
Environmental protection and responsibility: The Group contributes in a sustainable future by integrating
environmental criteria and focusing on responsible procurement practices, using eco-friendly construction
materials and accomplishing smart building strategies.
Information security: The Group protects information and data processing systems, to ensure data privacy
of customers, suppliers and employees, in compliance with the regulatory provisions.
Anti-Corruption and Anti-Bribery: The Group prevents and addresses incidents of corruption and bribery,
ensuring ethical integrity and transparency in its transactions with customers, suppliers, partners, and public
authorities.
Sustainable Development Strategy (ESG Strategy)
The Group is deeply and long-term committed to sustainable development, taking decisive actions to
transform its operations and achieve meaningful change. It continuously promotes best practices across all
its activities and encourages the real estate sector to make a more substantial contribution to sustainability.
In every action, the Group focuses on creating value for all stakeholders.
Sustainability is not merely about compliance with a standard, but a central pillar that guides every initiative
of the Group. LEED certication serves as the core specication for the Group, however, the goal is the
continuous improvement of the environmental performance of its projects and operations, surpassing
regulatory standards and leaving a positive, lasting impact on the environment and the local communities
where it operates.
The Group's strategy focuses on addressing contemporary needs, with particular emphasis on non-nancial
indicators directly linked to its activities. It maintains open and transparent communication with stakeholders,
providing regular updates on the performance of these indicators, thereby demonstrating its commitment to
sustainable practices.
The key objectives of the Group's strategy are to create value for stakeholders, address climate change, and
enhance a holistic approach across all its strategic pillars. A core element of this strategy is strengthening the
ESG culture through the integration of sustainable development principles into its operations and value chain.
To eectively monitor and guide its progress, the Group has set clear goals, KPIs, and initiatives for each
strategic pillar.
At the same time, the Group is fully committed to maintaining the highest industry standards. It has invested
in the rigorous implementation of policies, a strong governance framework, and demanding compliance
measures, continually striving to exceed sustainability expectations and set new benchmarks for the industry.
Contribution to United Nations Sustainable Development Goals (SDGs)
In alignment with the United Nations Sustainable Development Goals (UN SDGs), the core values of Group
form the foundation of our commitment to sustainable business practices. These principles guide and inspire
us to actively contribute to the global movement for sustainable development.
By integrating these values into our daily operations and decision-making processes, we aim to create a
lasting and positive impact on society and the environment. Our goal is to provide solutions that create shared
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
26
value, ensuring that the UN Sustainable Development Goals are fully embedded within our organizational
framework and strategies.
The Group contributes to the achievement of 9 Sustainable Development Goals (SDGs):
SDG
Contribution
Good health and well-being
Design and development of buildings that promote
human health and well-being.
Aordable and clean energy
Energy-efficient buildings through smart
technological solutions aiming to minimize
greenhouse gas emissions.
Decent work and economic growth
Contribution to the local economy by providing
direct and indirect employment opportunities.
Industry, innovation and infrastructure
Application of innovative technologies maximizing
the sustainability and resilience of buildings.
Sustainable cities and communities
• Development of “green” and sustainable
buildings.
• Revitalization of neighborhoods and public
spaces / urban regeneration.
Responsible consumption and production
• Construction of environmentally friendly
materials.
• Responsible waste management practices.
Climate action
• Increase in the resilience of buildings to the
impacts of climate change.
• Use of low carbon building materials and
operational systems.
Life on land
Enhancement of urban biodiversity through the
development of buildings with green roofs and
pollinator gardens.
Partnerships for the goals
Participation in industry initiatives to promote the
sustainable development agenda.
Business Model
The Group's investing and business approach is designed in such a way as to create value in the most ecient
way and consists of a 5-step process:
1. Purchase investment criteria:
• Acquisition of assets (e.g., land plots or/and buildings for development)
• Urban planning control
• Bankability check
• Legal and Technical Due Diligence
• Sale negotiations and agreement
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
27
2. PLAN Licensing and commercial use preparation
• Master plan and concept design
• Detailed business plan
• Secure long-term nancing on project level
3. DEVELOP Duration of 24-48 months:
• Building permit
• Commercial negotiations with potential buyers of the investment property
• Construction agreement/agreements in place, with recognized contracting companies
4. OPERATING AGREEMENTS:
• Signing of preliminary agreements / lease agreements with major tenants of high recognition
• Maximizing the investment property’s value through securing attractive investment terms
5. DIVESTMENT:
• As a rule, through the sale of the SPV that owns the investment property and its nancing.
• Primarily to institutional investors, based on preliminary agreements signed during the
construction period
• Returns that generate added value
Responsible and ethical supply chain
The Group is committed to developing and maintaining a responsible supply chain that prioritizes
sustainability and the creation of long-term value. Comprehensive selection criteria, strict evaluation
processes, compliance checks, and digital tools are applied to ensure that procurement practices align with
these principles.
Strong and collaborative relationships with suppliers are a key element of the Group's approach. To support
this strategy, the Group has established clear mechanisms for eective supplier management, including a
structured procurement process and an annual evaluation system. These processes are essential to ensure
that supply chain partners meet the high standards of sustainability, ethical conduct, and performance
required under the Group's ongoing ESG commitments.
Stakeholder Engagement
Active stakeholder engagement is a key pillar of the Group's strategy, allowing for the timely and eective
address of the expectations, needs, and concerns of all relevant parties. This approach contributes to building
strong relationships, enhancing trust, and preventing potential conicts that could lead to dissatisfaction or
resistance to change. Regular and structured communication forms the basis for gathering valuable insights
and feedback from stakeholders, ensuring that the Group focuses on issues that matter most to each group.
The Group systematically assesses the impact of ESG issues on its stakeholders and, through meaningful
dialogue, adapts its sustainability strategy to meet their evolving needs and expectations.
The Group's approach to stakeholder engagement is holistic and multi-dimensional, encompassing mapping,
analysis, planning, communication, relationship building, involvement, feedback collection, and reporting
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
28
results. This comprehensive strategy plays a critical role in strategic planning, as active stakeholder
involvement is essential for aligning business objectives with their expectations.
The Group's commitment to stakeholder engagement is based on open and continuous communication,
active listening, and collaboration, ensuring that relationships are built on mutual trust, transparency, respect,
and integrity.
The key stakeholder groups identied by the Group, which may directly or indirectly inuence or be inuenced
by its activities, either positively or negatively, are as follows:
• Shareholders and investors
• Employees and associates
• Tenants and Customers
• Contractors, Suppliers, and Business Partners
• Business Consultants, Technical Advisors, and Designers
• Government and Regulatory Authorities, Local Authorities
• Local Communities, Municipal Authorities, and Non-Governmental Organizations (NGOs)
• Rating Agencies, Banks, and Financial Institutions
• Opinion Leaders and the Academic Community
The Company's key communication channels include press releases, publications, ocial announcements, as
well as nancial and non-nancial reports, which are made available through its ocial website
(https://dimand.gr/en/). Additionally, to ensure prompt response and interaction with stakeholders, meetings,
conferences, workshops, and targeted discussions are held whenever deemed necessary. Furthermore,
participation in events organized by regulatory, institutional, and other bodies provides valuable
opportunities for communication and exchange of views with stakeholder groups.
Assessment of Material Issues
The Group conducts an analysis and assessment of its material issues, aligned with the pillars of sustainable
development. This process includes identifying and evaluating issues of great signicance in relation to the
needs and expectations of its stakeholders. Furthermore, during the assessment, the Group examines the
impact of its activities on society, the environment, and the economy. The evaluation, based on the Global
Reporting Initiative (GRI) Standards, plays a critical role in shaping the Group's annual action plan and
developing the content of the annual Sustainability Report.
The following table presents the material issues for the Group:
Environment
1
Development of sustainable buildings
2
Energy efficiency and decarbonisation
3
Waste reduction and management
4
Efficient use of resources
5
Protection and conservation of the ecosystem
Social
6
Health and safety
7
Diversity, equity, and inclusion
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
29
8
People’s satisfaction, development and well-being
9
Inclusive and sustainable communities
10
Tenant satisfaction and commitment
11
Responsible procurement
Governance
12
Business ethics and transparency
13
Effective risk management
14
Cybersecurity and data protection
E – Environment
- Green buildings
Since 2009, the Group has been shaping the ethos of sustainable living, incorporating the philosophy of
"green" sustainable buildings at the heart of its activities. The Group specialises in pioneering bioclimatic
oce buildings, iconic urban regeneration, unique mixed-use projects and modern private sports facilities
The Group is a pioneer in the domestic market and has a proven track record in the development of
green/sustainable buildings. Its core purpose is to ensure the highest standards of environmental coverage
for the buildings it develops, implementing high energy eciency properties tailored to the needs and
sustainability strategy of modern businesses.
Elements that stand out are the increased energy savings, the integration of bioclimatic elements, the addition
of green surfaces with Mediterranean plants in the surrounding area, the construction of external surfaces
for pedestrians and bicycles, the excellent connection with public transport, the parking spaces with charging
points for electric vehicles and also the construction of a rainwater tank to reduce drinking water consumption
In addition, the Group ensures that all its projects are certied to environmental standards, and have achieved
LEED Gold certication as a minimum, with its portfolio including (4) LEED Platinum projects, three (3) for
project development services and one (1) through project management services. The Group has been a
pioneer in the development of certied green building projects, with the development of the rst LEED
building in Greece in 2013 (KARELA OFFICE PARK building complex), a highly innovative achievement for that
time (source: https://www.usgbc.org/projects/karela-oce-park). The Group’s increased activity in certied
green buildings is evident on the ocial website of the U.S. Green Building Council ("USGBC"), which is the
ocial LEED (Leadership in Energy and Environmental Design) certication body.
More specically, based on ocial USGBC data, as of 11.03.2025 there are fty-ve (55) certied buildings in
Greece in the LEED Building Design and Construction_LEED BD+C category, of which fteen (15) have been
developed by the Group, two (2) have been constructed by the Group, while in three (3) the Group provided
project management services. The above shows that the Group has been active in the development of 36%
of the domestic certied projects (of the above categories).
In the design and construction of the buildings, the weather and the environment are taken into account so
that they are highly durable and adaptable to changing conditions. With a particular focus on energy and
water conservation, the design incorporates environmentally friendly materials and prioritises the
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
30
enhancement of health and well-being of users. The goal is to achieve optimal conditions, both internally and
externally, with respect for the environment and the surrounding area.
Key actions to ensure sustainable buildings, include the optimal use of natural light during the day through
special brightness and presence detectors, energy saving through energy modelling, high thermal insulation
and installation of ecient systems, the use of rainwater for irrigation, the incorporation of an increased
amount of environmentally friendly materials.
- Energy management and carbon emissions
The Group, wishing to maintain sound environmental practices, focuses on the ecient use of energy to
reduce consumption levels. The ecient use of energy is achieved through the optimization of processes, the
adoption of innovative technologies and the awareness of the users of its buildings.
The growing presence of the risk of climate change in the industry is becoming increasingly apparent and its
eects pose a signicant threat to both the environment and human health. The Group is focused on
minimising its carbon footprint by optimising the life cycle of all projects, from design to construction and
operation.
- Circular economy
Waste, sewage and water
The Group undertakes actions to reduce the amount of waste produced in our oces by focusing on reducing
the amount of paper, electrical appliances, plastics and batteries consumed. Also, in our projects we have
achieved high diversion of all construction waste from landlls. In addition, the Group is implementing actions
related to the reduction of water use outdoors by implementing smart irrigation systems, rainwater
harvesting and selection of native plants.
Materials and Supply Chain
The Group is committed to creating and maintaining a responsible supply chain that prioritizes sustainability
and the creation of long-term value. We apply extensive selection criteria, rigorous evaluation processes,
compliance checks, and digital tools to ensure that our procurement practices align with these principles.
Strong and collaborative relationships with suppliers are of essential importance to our approach. To support
this, Group has established clear mechanisms for eective supplier management, including a structured
procurement process and an annual evaluation system. These processes are fundamental to ensuring that
our supply chain partners meet the high standards of sustainability, ethical conduct, and performance
required for our ongoing commitments in the ESG sector.
- Therefore, in 2024, 51% of the suppliers that the Group worked with (25 out of 49 total suppliers) were
assessed based on Environmental, Social, and Governance (ESG) criteria.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
31
Biodiversity and Habital protection
The Group recognises that the well-being of future generations depends on the goods of nature and therefore
values and respects everything that nature oers us, aiming for sustainable development. Therefore, the
characteristics of biodiversity are taken into account in all its project planning and development processes. At
the same time, it recognises the scale, risks and impacts of its business activities, products and services on
biodiversity and incorporates green features into its projects to achieve biodiversity enhancement and create
a living and working environment that benets the wider community.
Taxonomy
The companies subject to disclosure of the information referred to in Article 8 of the Taxonomy Regulation
are those subject to the obligation to publish non-nancial information in accordance with Article 19a or
Article 29a of Directive 2013/34/EU.
Pursuant to Articles 151 and 154 of the Law 4548/2018, the obligation to disclose the information under Article
8 of the Taxonomy Regulation applies to: a) large public company or parent public limited companies of a
large group that are entities of public interest and b) exceed the average number of ve hundred (500)
employees during the scal year and their total assets exceed €20,000,000, or their total net sales exceed
€40,000,000 at the date of closure of their Statement of Financial Position.
As the Group, as at 31.12.2024 and 31.12.2023, did not meet the conditions mentioned above, it is not
required to disclose information under the EU Classication.
In 2024, the Group published the ESG Report for the period from 01.01.2023 to 31.12.2023. The report has
been prepared in accordance with the Global Reporting Initiative (GRI) Standards and has been aligned with
the Athens Stock Exchange (ATHEX) ESG Disclosure Guide 2022 and the Global Real Estate Sustainability
Benchmark (GRESB) Reporting Guide. For the period 1.1.2024 to 31.12.2024, the ESG Report is expected to be
published in 2025.
Finally, it is noted that in December 2022, the Company’s shares, which have been listed on the Athens
Exchange since July 2022, were included in the ATHEX ESG Index, which monitors the stock market
performance of listed companies that adopt and promote their environmental, social and corporate
governance (ESG) practices.
S – Social
The Group, and particularly the Company, with which the Group's workforce primarily engages, emphasizes
the value of human resources and their continuous improvement in all areas. The Group's commitment to
sustainable development is based on the involvement and development of its employees and associates, who
collaborate to achieve its core strategic vision: creating better cities.
The Group's goal is to develop and maintain a highly skilled, dedicated, and diverse workforce capable of
promoting sustainable development and corporate progress.
Its approach is based on fostering strong interpersonal relationships, continuous learning, and professional
and personal development. In the real estate sector, the importance of respecting human rights, providing a
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
32
healthy and safe working environment, and promoting diversity and inclusion is indisputable. For the Group,
these values are essential not only for building successful business operations but also for shaping stronger
and more vibrant communities.
Through continuous initiatives to address existing or potential challenges, the Group follows a strong and
well-structured framework to protect human rights and incorporate diversity and inclusion into its corporate
culture.
Human resources
As of 31.12.2024, the Group employed 71 employees, of which 61% were male and 39% were female
(31.12.2023: 62 employees, of which 58% were male and 42% were female).
Similarly, the Company employed 63 employees as of 31.12.2024, of which 57% were male and 43% were
female (31.12.2023: 55 employees of which 55% were male and 45% were female).
Below is a table with the categorization of the sta of the Group and the Company according to the gender
and age of the personnel for the year ended at 31.12.2024 and 31.12.2023.
2024
Group
Range of age
Males
Females
Total
% Males
% Females
between 20 to 30
6
6
12
50%
50%
between 31 to 40
10
9
19
53%
47%
between 41 to 50
16
10
26
62%
38%
Over 50
11
3
14
79%
21%
Total
43
28
71
61%
39%
2023
Group
Range of age
Males
Females
Total
% Males
% Females
between 20 to 30
6
6
12
50%
50%
between 31 to 40
11
9
20
55%
45%
between 41 to 50
11
8
19
58%
42%
Over 50
8
3
11
73%
27%
Total
36
26
62
58%
42%
2024
Company
Range of age
Males
Females
Total
% Males
% Females
between 20 to 30
3
6
9
33%
67%
between 31 to 40
9
8
17
53%
47%
between 41 to 50
15
10
25
60%
40%
Over 50
9
3
12
75%
25%
Total
36
27
63
57%
43%
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
33
2023
Company
Range of age
Males
Females
Total
% Males
% Females
between 20 to 30
3
6
9
33%
67%
between 31 to 40
10
8
18
56%
44%
between 41 to 50
11
8
19
58%
42%
Over 50
6
3
9
67%
33%
Total
30
25
55
55%
45%
In addition, the Board of Directors of the Company consists of 10 members of which 60% were men and 40%
women, conrming the policy of non-discrimination and equal opportunities regardless of gender adopted
by the Group.
The Group and the Company have as their priorities to attract and retain human resources characterised by
integrity and professionalism, oering them equal opportunities both in terms of remuneration and
opportunities for advancement.
The Group and the Company is interested in the development of employees and therefore supports the
training of employees through external educational institutions, within the scope of its scope and business
activities.
Health and Safety
The Group and the Company, with the ultimate goal of eectively addressing workplace risks and achieving
zero accidents, base their health and safety management on the principle of prevention and are in full
compliance with the current legislative framework.
As a leading in the real estate sector, the Company is committed to providing employees and subcontractor
sta with a safe and protected working environment, free from physical hazards and security threats in all its
activities.
The Group follows a zero-accident approach, aiming to eliminate all types of accidents, injuries, and incidents
in the workplace. This strategy is based on the principle that every workplace incident, regardless of its
severity, can and must be prevented.
The Group’s unwavering commitment to prioritizing health, safety, and well-being in the workplace is not just
a declaration but a daily practice.
In the scal year 2024, the Company achieved the WELL Health-Safety Rating for Facility Operations and
Management, becoming one of the rst Greek companies to receive this signicant recognition.
This certication, awarded by the International WELL Building Institute (IWBI), conrms the Group's systematic
eorts to create a workplace environment that meets the highest health and safety standards.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
34
Social actions
The Group's commitment to social contribution and solidarity is primarily reected in the very projects it
implements. The design and development of its projects often serve as catalysts for broader urban
regeneration in the areas where they take place, improving living conditions in the respective municipalities
and cities, as well as for their inhabitants.
At the same time, its projects contribute signicantly to the creation of economic activity, strengthening
broader economic development and progress.
In conjunction with its developments across Greece, the Group actively supports the development of the
areas where it operates, through donation of studies and/or nancial contributions / sponsorhips, making a
signicant contribution to the local community and the sustainable development of the urban environment.
G – Corporate Governance
Corporate governance is a fundamental element of the Group's ESG strategy, ensuring that its activities are
conducted with integrity, accountability, and transparency. The governance framework is designed to align
the interests of management with those of shareholders and other stakeholders, promoting sustainable
practices and ethical decision-making.
This framework includes a diverse Board of Directors, strong systems for regulatory compliance and risk
management, as well as comprehensive stakeholder engagement processes, ensuring that the needs and
concerns of society are taken into account.
The Group remains committed to the continuous improvement of its corporate governance practices,
conducting regular reviews and updates of its policies to incorporate industry best practices and meet
stakeholder expectations.
Through eective corporate governance, the Company aims to enhance trust, mitigate risks, and promote
long-term sustainable development.
The Company and its signicant subsidiary Arcela Investments Ltd have established Internal Regulations,
which record the basic principles, policies and procedures of corporate governance that they apply, including
the principles governing the Internal Audit System, in compliance with the applicable legislation and the
regulatory provisions of the supervisory authorities. The Internal Regulations of the Company and its
signicant subsidiary Arcela Investments Ltd are published on the Company’s website https://dimand.gr/en/,
Relevant information is included in the Corporate Governance Statement below.
• Code of Business Ethics and Conduct
A fundamental principle of the Group is its unwavering compliance with all applicable laws and regulations.
To ensure this commitment, the Group has established the Code of Business Ethics and Conduct, a
comprehensive framework that informs employees about the legal and regulatory requirements related to
their roles. This Code enables employees to perform their duties in full compliance with the law while ensuring
alignment with the Group’s ethical principles and legal obligations.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
35
The Code of Business Ethics and Conduct sets out the fundamental principles, rules, and values that govern
the Company’s activities, dening the ethical and professional standards that all employees and
representatives of the Group must uphold.
In the scal year 2024, the Group undertook a review of the Code, further strengthening its commitment to
integrity, transparency, and business ethics excellence across all operations.
The Code serves as a timeless guide for addressing business situations with integrity and professionalism,
while also acting as a crucial decision-making tool, assisting in the selection of business practices that align
with the Group’s ethical principles and values.
All key aspects of conduct—including the prevention of corruption, bribery, violence, and harassment, as well
as conicts of interest, business practices, labor relations, social responsibility, data protection, and quality
assurance—are clearly dened within the Code, shaping a strong and ethically responsible business
environment.
• Commitment to Combat Bribery and Corruption
A core value of the Group is the strengthening of a robust compliance culture and the prevention of bribery
and corruption. This principle is fundamental to building trust and creating long-term value in relationships
with customers, business partners, and public authorities. The Group ensures that all employees and partners
are fully informed about the legal framework governing anti-bribery and anti-corruption practices, in
accordance with national and international legislation.
To support this, the Group has adopted the Anti-Bribery and Anti-Corruption Policy, which fully complies with
applicable national regulations and international conventions.
This Policy is binding for all employees of the Group, regardless of role or hierarchical level. Additionally, it
applies to members of the Board of Directors, third parties who have taken on responsibilities through the
Board, members of the Board Committees and independent Committees, as well as the management team
(including General Managers, Directors, and Department Heads), the major shareholder, and all other
employees of the Group.
Moreover, the Policy extends to suppliers, consultants, business partners, and other third parties acting on
behalf of the Group.
Finally, it is noted that the Company is certied under the Anti-Bribery Management System (ISO 37001:2017).
In the scal year 2024, the Group did not record any incidents of bribery or corruption, conrming its
commitment to transparency, ethical business practices, and compliance with the highest standards of
integrity.
• Zero-Tolerance Policy on Violence and Harassment
The Group enforces a zero-tolerance policy against violence and harassment, adopting the same strict
approach applied to bribery and corruption. To prevent and address such incidents in the workplace, the
Group has established the Policy for the Prevention and Combat of Workplace Violence and Harassment,
which is supported by a clear and accessible reporting procedure.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
36
Through this initiative, the Group ensures a safe, inclusive, and respectful work environment where
relationships among employees, partners, management, and aliated companies are built on trust,
cooperation, and professionalism.
• Conict of Interest
Conicts of interest can impact the Group’s strategy and reputation when an individual's personal interests
interfere with their professional responsibilities. These situations arise when personal interests undermine
objectivity, lead to the misuse of corporate resources, or create the perception of improper conduct.
To mitigate these risks, the Group has incorporated a framework within its Code of Business Ethics and
Conduct, which strictly prohibits activities that could harm the Group’s interests or hinder the proper
execution of professional duties.
Additionally, the Group has implemented the Policy & Procedure for the Prevention and Management of
Conict of Interest Situations, outlining clear requirements for the identication, prevention, and handling of
conicts that may aect the organization.
His policy provides stakeholders with clear guidelines on dening, recognizing, and addressing conicts of
interest. The Group actively encourages the reporting of potential conicts, ensuring the highest ethical
standards and reinforcing a culture of integrity and transparency.
• Whistleblowing mechanism
The Group promotes transparency and accountability through a robust Whistleblowing Management Policy,
encouraging employees and stakeholders to condentially report unethical or improper practices.
All reports are thoroughly reviewed and addressed in accordance with the Company’s internal procedures
and policies.
The Group’s commitment to ethical conduct is upheld at all levels of its organizational structure, including the
Board of Directors, management, employees, suppliers, and other stakeholders.
To manage the reporting process, the Group has appointed the Receiving and Monitoring Reports Ocer
(RMRO), responsible for receiving, investigating, and assessing all reports related to unethical or illegal
activities. The RMRO ensures that all reports are handled with strict condentiality and in full compliance with
the Company’s policies.
The Policy guarantees that employees can express concerns and le complaints without fear of retaliation,
such as dismissal, demotion, or harassment. By implementing this Policy, the Group fosters a culture of open
communication and transparency, promoting a healthy and ethically responsible work environment.
• Protection of Personal Data
The Group recognizes the importance of protecting the personal data of its stakeholders, including
employees, customers, partners, suppliers, shareholders, and prospective employees. The processing of
personal data is carried out strictly in accordance with applicable national legislation and the European
Regulation 2016/679 (GDPR), ensuring its lawful, fair, and secure management.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
37
Respect for, protection, and security of data are core commitments of the Group and the Company. For this
reason, it implements robust security measures and adopts established policies, such as the Data Protection
Policy and the Information Security Policy. These policies create a clear and structured framework that
ensures employees are fully informed about the Company’s procedures, preventive measures, and
commitments regarding data protection.
At the same time, the Company takes proactive and eective measures to prevent any loss, breach, or misuse
of personal and condential information. Additionally, it implements reporting and incident management
mechanisms to promptly address any privacy violations or data leakage incidents.
Recognizing the importance of continuous training in maintaining compliance and security, the Company
invests in the systematic education of its employees, ensuring they are well-informed about the principles,
requirements, and best practices of the General Data Protection Regulation (GDPR).
Demonstrating its unwavering commitment to the highest standards of data protection and regulatory
compliance, the Company recorded zero incidents of personal data breaches or condential information
leaks in the scal year 2024.
Non-Financial risks
The Group has identied certain potential non-nancial risks for the management of which a concerted and
collective eort is required.
• Climate change risk
Climate change is now considered one of the most important global issues with a signicant adverse impact
on the Group’s activities, as well as on the natural environment and the wider society. Taking into account the
risk of climate change, the Group’s strategy regarding investments in energy ecient, sustainable and resilient
buildings is also determined. In addition, as part of the protection of the Group’s assets, the Group insures
them against natural disasters. The management of the Group and the Company monitors the legislative and
regulatory framework on an ongoing basis and adapts its strategy where necessary.
• Energy transition
The global eort for the energy transition from fossil fuels to the use of alternative energy sources nds the
Group as a supporter of the project as it is one of the solutions to the risk of climate change. Given that
buildings are one of the largest sources of energy consumption worldwide, the Group is actively working on
making decisions and taking measures that will help reduce their footprint and improve their energy
eciency.
• Health and safety risk
The health and safety of human resources at the Group’s facilities is a key category of non-nancial risks for
the Group. For proper management, the Group systematically monitors safety parameters and takes all
necessary measures to manage related issues.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
38
As a culmination of its commitment to creating safe working conditions, the Group has been certied with
ISO 45001:2018, an international standard for occupational health and safety (HSE), which ensures that strict
specications for the protection of human resources are followed.
• Equal opportunities and human rights
The Group recognizes the fundamental importance of Human Rights and has established a framework of
principles and values that govern its operations. With absolute respect for its employees and partners, it takes
preventive measures and implements policies to prevent any incidents of rights violations.
Ensuring equal opportunities is a strategic priority for the Group, which has established and enforces a Code
of Business Ethics and Conduct, as well as a Zero Tolerance Policy against discrimination and harassment.
This policy strictly prohibits all forms of discrimination, including those based on gender, gender identity and
expression, sexual orientation, physical abilities, or any other characteristic. At the same time, it ensures that
all employees have equal opportunities for professional development based on objective criteria such as their
skills and qualications.
The Group remains committed to fostering a fair, inclusive, and safe workplace culture, creating a work
environment based on respect, meritocracy, and equal opportunities.
During the scal years 2024 and 2023 no nes or observations for violation of labour legislation have been
imposed by the competent authorities.
EVENTS AFTER THE DATE OF THE FINANCIAL STATEMENTS
The most signicant events after 31.12.2024 are the following:
On 27.02.2025, the notarial deed for the establishment of the subsidiary company "Dorou Residencies
S.M.S.A." was signed. The company is the owner of Building A of "MINION," following the partial demerger
plan of the subsidiary Alkanor S.M.S.A.
On 20.03.2025, the Company proceeded with the repayment of €5,000,000 from an existing credit agreement
with an open current account with Alpha Bank, with the outstanding balance of the open current account,
following the repayment, amounting to €1,000,000.
No other events, other than the above, have occurred since the date of the Statement of Financial Position
that would have a material impact on the nancial statements.
RELATED PARTY TRANSACTIONS
All transactions with related parties have been carried out on an arm’s length basis (in accordance with the
usual commercial terms for corresponding transactions with third parties). Signicant transactions with
related parties, as dened by International Accounting Standard 24 "Related Party Disclosures" (IAS 24), are
described in detail in Note 33 of the Financial Statements.
Board of Directors Report on the Consolidated and Separate
Financial Statement as at December 31,2024
All amounts are expressed in Euro, unless otherwise stated
39
OTHER INFORMATION
• Securities held
On 31.12.2024 the Group and the Company did not have post-dated checks receivable and promissory notes
in the portfolio.
• Bank deposits in foreign currency
The Group and the Company on 31.12.2024 did not hold bank deposits and cash in foreign currency.
• Branches of the Company
The headquarters of the Company are located in Maroussi, Nerantziotissis Street 115, P.C. 15124. In addition
to the headquarters, the Company on 31.12.2024 has the following facilities:
A/A
Area
Use
Address
1
Athens
Construction site
M. Vassiliou and Stratonikis, Kerameikos
2
Athens
Warehouse
Kifisias 65 and Makedonias N. Heraklion
The Group and the Company do not have a research and development department as this is not required
within the scope of their activities.
PROSPECTS FOR 2025
For year 2025, the Group looks forward to continuing its growth path and improving its
nancial results, through the implementation of its business strategy and its investment
program.
Specically, in the year 2025, the Group aims at:
(a) the divestment (exit) of investment property developments which are expected to become fully operational
and income producing,
(b) continuing of the investment program and commercial exploitation of its secured property pipeline with
a completion horizon in 2026 and 2027,
(c) the addition of new properties for development (preliminary agreed and under negotiation) that meet the
Group's investment criteria, with a completion horizon in 2028-2030,
(d) in the maturation, through development or sale, of Skyline's real estate portfolio.
At the same time, the Group is examining new investment opportunities in both the eld of real estate
development and in the exploitation of real estate in general, independently or through strategic partnerships
with domestic and/or foreign institutional investors.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
40
Corporate Governance Statement
Introduction
Pursuant to art. 152 and 153 of L. 4548/2018, article 1-24 of L. 4706/2020, as well as the Hellenic Capital
Market Commission Letter with ref. no. 434/ 24.02.2025 and 425/21.02.2022 to companies with securities
listed on the Athens Exchange and the relevant Questions and Answers regarding provisions of Articles 1-24
of L. 4706/2020 on corporate governance, as well as the Guidelines (Part E’) of the HCGC, the Company has
included as a specic section of the Board of Directors annual Management Report, the Corporate
Governance Statement.
In accordance with the provisions above, the Company’s Corporate Governance Statement includes the
following sections:
A. Corporate Governance Code to which the Company is subject and deviations from its Special Practices,
Β. Internal Regulation,
C. Composition and operation of the Board of Directors and Other Management, Administrative and
Supervisory Bodies,
D. Main characteristics of the Internal Audit and Risk Management System of the Company with regards to
the preparation of the nancial statements process,
E. Suitability Policy and Diversity Policy regarding the composition of the Management, administrative and
supervisory bodies of the Company,
F. Policies ensuring adequate information on all related party transactions.
G. Sustainable Development Policy (ESG)
It is noted that the rest of the information required by Article 4 paras. 7 and 8 of L. 3556/2007 and Article 10
para. 1 of European Directive 2004/25/EC are included in the Explanatory Report to the Ordinary General
Meeting of Shareholders, constituting a specic section of the annual Management Report of the Company’s
Board of Directors.
A. Corporate Governance Code to which the Company is subject and deviations from its Special
Practices
I. The Company has a dened Corporate Governance framework in place, harmonized with Greek legislation
and the decisions of the Hellenic Capital Market Commission and into which recognised practices have been
incorporated, aiming to transparency and sound operation of the Company and its Group in all its business
sectors. Through its corporate structure and governance, the Company aims to the enhancement of dialogue
with its investors for the purpose of achieving the maximisation of its long-term value for its shareholders.
The Company has adopted the Corporate Governance Code of the Hellenic Corporate Governance Council
which has been certied by the Hellenic Capital Market Commission as body of recognised competence, in
accordance with Article 17 of L. 4706/2020 and Article 4 of the Decision of the Hellenic Capital Market
Commission (Decision 2/905/3.3.2021 of the Board of Directors of the Hellenic Capital Market Commission).
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
41
The Corporate Governance Code (hereinafter «CGC») is posted on the Company’s website
(https://dimand.gr/en/), section: About Us / Corporate Governance / Corporate Governance Code (Corporate
Governance). The Company, during the year 2024, fully complied with the existing legislative framework
regarding the corporate governance of companies with securities listed on a regulated market.
II. The Company adopts and complies with the special practices of the CGC, with the following deviations
regarding certain "Special Practices", provided for listed companies, which are due to the specic
characteristics, size and existing structures of the Company, and which are listed in the table below:
Special CGC Practice
Justification of Deviation
PART A΄
1.13. The non-executive members of the Board of
Directors meet at least annually, or on an
extraordinary basis when deemed appropriate
without the presence of executive members in
order to discuss the performance of the latter. At
these meetings the non-executive members do not
act as a de facto body or committee of the Board of
Directors.
The Company in its Internal Regulation regarding
the responsibilities of the non-executive members
includes the supervision of the executive members
and the control of their performance. The practice
followed by the Company in the year 2024 is for the
members of the Board of Directors to exchange
their views during the meetings, with the aim of
open dialogue and constructive criticism of the work
of the executive members. Among the members of
the Board of Directors (executive and nonexecutive)
there is full transparency and thorough discussions
take place, in which the issues presented are
analysed.
However, the Company applies paragraph 5 of
article 9 of L. 4706/2020, as well as the letter of the
Capital Market Commission, number EXE - 428 - 21-
02-2022 - QUESTIONS AND ANSWERS_L. 4706 AR 1-
24, where in points under 20 and 21 it is clarified that
"..the will of the legislator is the independent non-
executive members of the Board of Directors to
submit in any case, jointly or individually, reports to
the General Meeting of Shareholders of the
Company." The independent non-executive
members in the content of their report to the
General Assembly include matters on their
obligations.
1.15. The Board of Directors establishes its
Operating Regulation, which describes at least the
way it meets and takes decisions and the
procedures it follows, taking into account the
relevant provisions of the Articles of Association and
the mandatory provisions of the law.
The tenure, composition, operation, responsibilities
of the Board of Directors, as well as the mandatory
provisions of the Law on the operation of the Board
of Directors are described in detail in the Company’s
Internal Regulation, therefore it was not deemed
necessary to draw up a separate Operating
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
42
1.16. The Operating Regulation of the Board of
Directors is drawn up in compliance with the
principles of the CGC or otherwise explaining the
deviations.
Regulation for the Board of Directors, which would
include the same references.
Β. Internal Regulation
The Company, with the decision of its Board of Directors dated 31.05.2024, has an updated Internal
Regulation.
The Regulation aims to regulate the organization and operation of the Company and includes:
► The responsibilities of the members of the Company’s Board of Directors.
► The organizational structure, the objects of the units, the committees of article 10 of Law 4706/2020
or other permanent committees, as well as the duties of their heads and their lines of reference.
► The determination of the Company’s departments and/or units, their purpose and their operation in
general.
► The report of the main characteristics of the Internal Control System (ICS), which includes the units of
Internal Audit, Risk Management and Regulatory Compliance.
► The process of selecting and hiring senior Management and evaluating their performance.
► The process of compliance of persons exercising managerial duties and persons having close ties with
them, with the obligations of article 19 of Regulation (EU) 596/2014.
► The process of disclosing any dependency relationship of the independent non-executive members
of the Board of Directors and the persons who have close ties with these persons.
► The process of compliance with the obligations arising from the law regarding transactions with
related parties (articles 99 to 101 of L. 4548/2018).
► The policies and procedures for preventing and dealing with situations of conict of interest.
► The Company’s compliance policies and procedures with the legislative and regulatory provisions that
regulate its organization and operation, as well as its activities.
► The Company’s procedure for managing privileged information and properly informing the public, in
accordance with the provisions of Regulation (EU) 596/2014.
► The policy and procedure for the periodic assessment of the Internal Control System (ICS) by persons
who have relevant professional experience and do not have dependent relationships, in particular
with regard to the adequacy and eectiveness of nancial reporting, on a company level as well as on
a consolidated basis, as to risk management and to regulatory compliance, in accordance with
recognised assessment and internal control standards, as well as the application of the corporate
governance provisions of Law 4706/2020.
► The training policy of the members of the Board of Directors, senior Management, as well as the other
executives of the Company, especially those involved in internal control, risk management, regulatory
compliance and information systems.
► The sustainable development policy (ESG) followed by the Company.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
43
C. Composition and operation of the Board of Directors and Other Management, Administrative and
Supervisory Bodies
C.1. Composition and Operation of the Company’s General Meeting
Pursuant to the Company’s Articles of Association, the General Meeting of Shareholders is the supreme
decision-making body of the Company, convened by the Board of Directors and entitled to resolve on any
matter of the Company, in which the shareholders are entitled to participate, either in person or through of
a legally authorized representative, in accordance with the currently provided for due process.
At the meetings of the General Meeting, the Chairperson of the Board of Directors temporarily presides. One
of the shareholders present or shareholder representatives designated by the Chairperson full temporary
secretary duties. Shareholders, or some of them, can participate in the General Meeting remotely through
audiovisual or other electronic means, if the Board of Directors convening it so resolves. The Board of
Directors may at its discretion resolve that the General Meeting will not meet at some place, rather will meet
solely through participation of shareholders and other people entitled to participate in it by law, remotely via
the electronic means provided for by Article 125 of L. 4548/2018. The Board of Directors determines the
details for the implementation of the above, in compliance with current provisions and taking adequate
measures so that the provisions of Article 125 para. 1 of L. 4548/2018 or any subsequent provision regulating
the same matter are ensured.
C.2 Composition and Operation of the Company’s Board of Directors
The Board of Directors is the competent body that resolves on all matters concerning the representation,
administration, management and in general the pursuit of the Company’s purpose, within the limits of the
law and excluding the matters on which, competent to resolve is the General Meeting of Shareholders.
The Board of Directors eectively exercises its leadership role and directs corporate aairs for the benet of
the Company and all shareholders, ensuring that Management follows the corporate strategy. In addition, it
ensures fair and equal treatment of all shareholders, including minority shareholders and foreign
shareholders.
According to the Company’s Articles of Association, it is managed by a BoD consisting of seven (7) to thirteen
(13) members, elected by the Ordinary General Meeting, which also determines their term of oce.
The Board of Directors consists of executive, non-executive and independent non-executive members, in
accordance with L. 4706/2020 on corporate governance, as applicable. The status of the members of the
Board of Directors as executive or non-executive is dened by the Board of Directors.
The independent non-executive members are elected by the General Meeting of the Company’s Shareholders
or appointed by the Board of Directors, in accordance with paragraph 4 of article 9 of L. 4706/2020, as
applicable, they must not fall short of one third (1/3) of the total number of members of the Board of Directors
and, in any case, cannot be less than two (2). If a fraction occurs, it is rounded to the nearest whole number.
The composition of the Company’s BoD is in accordance with the provisions of Article 5 para. 2 of L.
4706/2020. The members of the Company’s Board of Directors were elected pursuant to the decision of the
Extraordinary General Meeting dated 09.06.2022, with a three-year term, which expires on 21.03.2025 and
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
44
which is automatically extended until the rst Ordinary General Assembly after the end of their term.
Thereafter, the current Board of Directors was reconstituted in a body (a) by the decision of the Board of
Directors dated 25.05.2023, during which Mrs Anna Chalkiadaki was elected as a new executive member of
the Board of Directors, following the resignation of an executive member of the Board of Directors, and the
above election was duly announced at the Annual General Meeting of the Company’s Shareholders dated on
22.06.2023 and (b) by the decision of the Board of Directors dated 07.11.2023, during which Mrs Polyxeni
(Xenia) Kazoli was elected as a new independent non-executive member of the Board of Directors, following
the resignation of the independent non-executive member of the Board of Directors, Mrs Panagiota
Antonakou
1
, and the above election was lawfully announced at the Annual General Meeting of the
Shareholders of the Company on 13.06.2024 and (c) pursuant to the decision of the Board of Directors on
31.05.2024, where the Board was reconstituted and decided to appoint Mr. Nikolaos Ioannis Dimtsas as the
Deputy Chief Executive Ocer of the Company.
The current Board of Directors consists of a total of ten (10) members, three (3) independent nonexecutive
members, six (6) executive members and one (1) non-executive member. The Board of Directors is composed
of four (4) women, which is not less than 25% of the total number of its members in accordance with Article
3 par. 1b of L. 4706/2020.
Independent non-executive members meet the independence requirements, in accordance with the
provisions of Article 9 of L. 4706/2020, as detailed in the Company’s Operating Regulations and in the
Procedure for the disclosure of any dependency relationships between independent non-executive members
of the Board of Directors and persons who have close ties with these persons, ensuring the independency of
the independent Board members and for re-evaluating the independence requirements. The fulllment of
the conditions for the designation of a Board member as an independent director shall be reviewed by the
Board at least on an annual basis per scal year and in any case before the publication of the annual nancial
report, including a determination to that eect. In connection with the scal year 2024, the Board of Directors,
supported by the Remuneration & Nominations Committee and the Compliance Unit, rearmed that the
Independent Non-Executive Members of the Board meet the independence criteria as per Article 9 of Law
4706/2020.
Moreover, it is noted that the above composition of the BoD is harmonised with the provisions of the
Suitability Policy of the BoD members, which was prepared in accordance with the provisions of Article 3 of L.
4706/2020 and the guidelines of the Hellenic Capital Market Commission (Circular no. 60/18.9.2020),
approved by virtue of the BoD resolution dated 22.03.2022 as well as the Extraordinary General Meeting
resolution dated 22.03.2022, and is available on the Company’s website (Suitability Policy). Furthermore, the
Remuneration and Nominations Committee, in the context of nominating candidates, ensures that the
diversity criteria concern beyond the members of the Board of Directors and the senior Management with
specic goals of representation by gender, as well as timetables for achieving them. The overall evaluation
1
Start of term: 22.03.2022 and end of term: 07.11.2023
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
45
takes into account the composition, diversity and eective cooperation of the members of the Board of
Directors for the fulllment of their duties.
The current BoD was constituted into body at its meeting on 31.05.2024, when the representation of the
Company was also determined in accordance with Article 87 of L. 4548/2018 and Article 20 of the Company’s
Articles of Association, it was decided that it remains as decided during the meeting of the Board of Directors
on 07.11.2023 (relevant entry in the General Commercial Registry (G.E.M.H.) with Registration Number
3902597/20.11.2023). Without prejudice to specic resolutions that can only be passed by the General
Meeting by virtue of law or the Articles of Association, all other corporate resolutions may be passed by the
BoD. The BoD may assign some of its responsibilities to one or more BoD members, Company employees or
third persons.
Its composition is the following:
Full name
Position in the BoD
Capacity
Start / End of term
Gonticas Constantine,
son of Spyridon
Chairman
Independent
NonExecutive Member
22.3.2022 / 21.03.2025
1
Andriopoulos Dimitrios,
son of Andreas
Vice Chairman and CEO
Executive Member
22.3.2022 / 21.03.2025
1
Dimtsas Nikolaos
Ioannis, son of Petros -
Dimitrios
Deputy CEO
Executive Member
22.3.2022 / 21.03.2025
1
Dagtzi - Giannakaki
Despina, daughter of
Stavros
Member
Chief Legal Officer,
Executive Member
22.3.2022 / 21.03.2025
1
Anastasopoulos
Michael, son of
Dimitrios
Member
Chief Public Affairs and
Land Development
Officer, Executive
Member
22.3.2022 / 21.03.2025
1
Itsiou Olga, daughter of
Anastasios
Member
COO, Executive Member
22.3.2022 / 21.03.2025
1
Chalkiadaki Anna,
daughter of Antonios
Member
Chief Financial Office
(CFO), Executive
Member
25.5.2023 / 21.03.2025
1
Pelidis Emmanuel
(Manos), son of Achilleas
Member
Non-Executive Member
22.3.2022 / 21.03.2025
1
1
End of term on 21.03.2025, which is automatically extended until the first Annual General Meeting
following its expiration.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
46
Full name
Position in the BoD
Capacity
Start / End of term
Haritos Nikolaos, son of
Panagis
Member
Independent
NonExecutive Member
9.6.2022 / 21.03.2025
1
Kazoli Polyxeni (Xenia),
daughter of Nikolaos
Member
Independent
NonExecutive Member
7.11.2023 / 21.03.2025
1
The Board of Directors has elected from its members the Chairperson and the Vice Chairperson and CEO. The
Vice Chairperson replaces the Chairperson, at his absence, and replaces him in his presidential duties.
In compliance with CGC, the Board of Directors regularly monitors and evaluates its eectiveness in fullling
its duties, as well as that of its committees.
The Remuneration Report of the members of the Board of Directors is posted on the Company’s website.
C.3 Curricula vitae of the members of the Board of Directors and Senior Management of the Company
Pursuant to para. 3 of Article 18 of L. 4706/2020 the curricula vitae of the Board of Directors members and of
senior Management are presented below. It is noted that there are no other senior executive members other
than those who are members of the Board of Directors. In particular for the members of the Board of
Directors, and with regard to the determination of time availability, the activities they carry out, have been
included, except those related to the position or capacity they hold in the Company:
Constantine Gonticas – Chairman of the BoD
Mr Gonticas is an investor through his own company Green Square Capital that manages personal assets.
Prior to his current role, Constantine was Managing Partner of Novator LLP, a family-owned investment
company specializing in direct investment in Central Europe. Whilst at Novator, Constantine nanced and
managed a number of investments in Central Europe, including Play, Poland’s leading mobile telephony
company, of which he was one of its founders. Prior to Novator Constantine was head of investment banking
of Merrill Lynch for Central and Eastern Europe, Middle East and Africa and prior to that he spent twelve (12)
years at Credit Suisse First Boston. Mr Gonticas was one of the rst nance professionals to be active in
Central Europe having been there since 1991. He has been involved with many of the region’s largest
companies both as an investor and as a banker, and he holds a Law degree from Oxford University.
Dimitrios Andriopoulos – Vice Chairman of the BoD and CEO
Mr Andriopoulos has a diverse professional background and has participated in the top Management of many
well-known organizations in the eld of real estate, tourism, shipping and F&B. More specically, he was the
Managing Director and shareholder of INTRADEVELOPMENT S.A., a real estate development and operations
company of the INTRACOM group (2003-2005), the Managing Director of REDS SA, a real estate development
company of the Ellaktor group (1998-2002), Project Manager at Superfast Ferries S.A. (1994-1997) et.al. In
2005, Mr Andriopoulos founded DIMAND S.A., one of the leading companies in the eld of real estate
development, which carries out large-scale projects with emphasis on modern bioclimatic oce buildings,
large-scale urban renovations, complex mixed-use projects, and private sports facilities.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
47
Nikolaos - Ioannis Dimtsas - Executive Member of the BoD and Deputy CEO
Mr Dimtsas is an Electrical Engineer and Computer Engineer, a graduate of the National Technical University
of Athens, with a postgraduate degree in Business Administration (MBA) from Manchester Business School.
Mr Dimtsas has extensive experience in nancial management of companies as well as in the evaluation and
implementation of investment plans and corporate transformations. In the period between 1997 and 2002
he was the Investor Relations Ocer in the listed companies ETANE S.A. and BETANET S.A., while from 2003
to 2005 he held the position of Financial Director of INTRADEVELOPMENT S.A. a member of the INTRACOM
group, and from April 2005 to June 2019 Mr Dimtsas was the CFO of the Company. From June 2019 to May
2024, he served as the Chief Investment Ocer of the Company.
Despina Dagtzi - Giannakaki - Executive Member of the BoD and Chief Legal Ocer
Mrs Dagtzi - Giannakaki is a legal counsel of the Company since 2005 and head of the Legal Department of
Private Law of the Company. She started her professional career in 1985, collaborating with law rms in
Piraeus, specializing in Shipping Finance, ship sales, founding and setting up Greek and foreign oshore
companies, and more generally in Commercial and Company Law. She has worked as a legal advisor to the
companies REDS S.A. and INTRADEVELOPMENT S.A., involved in the drawing up of commercial leases (oces
and retail) as well as leisure and shopping centers and football stadiums, having the responsibility for the
drawing up of management contracts, maintenance of facilities, drafting of regulations for the operation of
shopping malls, commercial and residential complexes, etc. She is a graduate of the Law School of the
Democritus University of Thrace and a member of the Athens Bar Association.
Michael Anastasopoulos - Executive Member of the BoD and Chief Public Aairs and Land Development
Oce
Mr Anastasopoulos is Chief Public Aairs and Land Development Oce of the Company, for Legal Services in
Public Law and maturation of real estate assets of the company, which he joined in 2005. He began his career
in 1999 as a Legal Advisor to the General Secretariats for the Olympic Games and Culture, responsible for the
design and implementation of the Olympic works and other projects of 2004 at the Ministry of Culture &
Sports. He specialized in legal maturation of real estate assets and legal oversight of public / private
investments and projects. He has served as a member of the Administration and Legal Advisor for public
entities and private real estate management and development companies. He has also served as a Legal
Advisor at the Ministry of Environment and Energy, Ministry of Tourism, OLYMPIC PROPERTIES S.A., Vice
President of the Green Fund, Executive Member of the BoD of E.T.A.D. S.A, Executive Ocer at HELLINIKON
S.A., dealing with the urban maturation matters, Public, Environmental, Spatial and Urban Planning Law. He
is a member of scientic associations, journals and research programs. Michalis Anastasopoulos is a graduate
of Athens Law University, a member of the Athens Bar Association and holds an MSc degree in Public Law.
Olga Itsiou – Executive Member of the BoD and – Chief Operations Ocer
Mrs Itsiou held the position of technical director of Dimand S.A., being responsible for realization and
management of all projects of the Group. She has previously worked as a Project Architect at the architectural
practice HOK International Ltd in London, as Consultant and Design Manager at REDS S.A. of the ELLAKTOR
group, and Design Manager at INTRADEVELOPMENT S.A., until joining DIMAND S.A. in 2005. She is an Architect
Engineer, a graduate of the University of Greenwich with BA (Hons) Architecture, holds a Postgraduate
Diploma in Architecture from Kingston University, and a Postexperience Certicate in the Professional
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
48
Practice of Architecture (RIBA Part 3) from Kingston University. She is a member of the Royal Institute of British
Architects in the United Kingdom (RIBA).
Anna Chalkiadaki – Executive Member of the BoD and Chief Financial Ocer
Mrs Chalkiadaki has long-standing experience in the real estate sector. She joined the Company in June 2022
in the role of Chief Financial Ocer. In 2010, she participated in the team that established NBG Pangaea REIC,
which was later merged by way of absorption by PRODEA Investments, in which she held the position of the
Deputy CFO, and she played an important role in the IPO of Grivalia Properties REIC. Prior to Grivalia, she
worked as a senior auditor for Deloitte Greece, providing services in the nancial industry. Mrs Chalkiadaki
holds a Bachelor’s Degree in Business Economics from Anglia Ruskin University, a Master’s Degree in Finance
from the University of Manchester and a Master’s Degree in Statistics with specialization in Real Estate from
the Athens University of Economics and Business.
Emmanuel (Manos) Pelidis - Non-Executive Member of the BoD
Mr Pelidis has over forty years of professional experience in South Africa, the United Kingdom and Greece
where he settled permanently in 1988. He has served as statutory auditor to some of the largest industrial
and nancial companies in Greece, as well as to companies listed in regulated markets in the USA and various
multinational companies. Through this experience he has acquired a deep knowledge in accounting, auditing
and corporate governance matters. Mr Pelidis was one of the initial partners of Deloitte Greece and was a
member of the Executive Committee of Deloitte from 1993 to 2021, as well as Chairman of Deloitte Greece
from December 2015 until May 2019. He was also a member of the Committee of Partners of Deloitte Central
Mediterranean from 2015 to 2020. Mr Pelidis holds a degree in Business, a postgraduate diploma in
Accounting from Natal University in South Africa as well as a Diploma in Corporate Governance from the
Corporate Governance Institute and is a member of the Institute of Certied Public Accountants of Greece
(SOEL) and the South African Institute of Chartered Accountants (SAICA).
Nikolaos Charitos - Independent Non-Executive Member of the BoD
Mr Charitos is a successful nancial management executive with over 20 years of experience in senior
leadership roles in the eld of nance and business administration, with direct collaboration with boards,
shareholders, nancial institutions and legal advisors. His know-how, amongst others, is in the areas of
nancial and strategic business planning, crisis and risk management, IFRS, nancial analysis and reporting.
He started his professional career as an auditor at KPMG where he worked for over 10 years before serving
in senior positions in nancial services at MultiChoice Hellas and then at EI Papadopoulos (Danone). Until
recently, he served as ABB Chief Financial Ocer in Russia and in the Commonwealth of Independent States,
where he was instrumental in accelerating revenue growth through systems transformation and general
business reorganization. Prior to that, he served for 8 years as ABB CFO in Greece and Cyprus. Mr Charitos
holds a BSc (Hons) in Economics from Trent University and a BSc in Economics from Carleton University in
Canada.
Polyxeni (Xenia) Kazoli - Independent Non-Executive Member of the BoD
Mrs Kazoli is an experienced lawyer, member of the New York, Paris and Athens Bar Associations. Her career
spans more than 25 years, with experience at international law rms including Allen and Overy LLP in London
and Allen and Overy Greece LLP in Athens (where she served as head of the rm for 8 years), Skadden, Arps,
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
49
Slate Meagher & Flom LLP in Paris and London and Baudel, Gelinas & Partners in Paris. In addition, she was
Legal Counsel at the World Bank in Washington DC from 1992 to 1994. He is also co-founder of Corporate
Governance Hub 2020, a non-prot organization to promote corporate governance and diversity on boards
of directors. She is a graduate of the Law School of the National and Kapodistrian University of Athens and
holds an LLM in International Business Transactions and Intellectual Property Law from George Washington
University.
Valasia (Valia) Konstantinidou – Secretery of the BoD
Mrs. Konstantinidou is a lawyer, member of the Athens and London Bar Associations, Legal Advisor at
DIMAND since 2019 and she has been appointed as Secretary of the Board of Directors since March 2022.
During her career she has handled transactions and tenders involving sales/conveyances of real estate and
real estate packages, corporate, commercial, and nancial law issues and since the Company’s listing she has
been involved in corporate governance issues. He was a legal advisor to ALPHA BANK, on real estate
management and nancing issues (Real Estate Investments Unit) and legal advisor to the Hellenic Republic
Asset Development Fund (HRADF) on concession and share sale projects, while in the past he worked in law
rms in Greece and London, amongst others. She graduated from the Law School of the Aristotle University
of Thessaloniki and holds a Master’s degree (LLM) in European Law from the University of Maastricht.
C.4 Participation of members in companies and organisations out of the Group of the Company
In accordance with the current Board of Directors’ Suitability Policy, all directors are required to devote
sucient time to the performance of their duties based on their job description, role and duties.
In determining the suciency of time, the capacity and duties assigned to the Board member, the number of
positions held as a member of other Boards of Directors and other capacities held by the members, as well
as other professional or personal commitments and circumstances shall be taken into account.
Further to the above, the external professional commitments of the Directors are presented:
Full name
S/N
Name of legal person
Capacity
%
Participation
as
Shareholder /
Partner
Constantine
Gonticas, son of
Spyridon
1
MILLWALL HOLDINGS PLC
Director,
Shareholder
3%
2
THE MILLWALL FOOTBALL AND
ATHLETIC COMPANY (1985) LIMITED
Director,
Shareholder
3%
3
GREEN SQUARE CAPITAL (CYPRUS)
LIMITED
Director,
Shareholder
100%
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
50
Full name
S/N
Name of legal person
Capacity
%
Participation
as
Shareholder /
Partner
Dimitrios
Andriopoulos, son
of Andreas
1
DPN S.A.
Member of the
BoD,
Shareholder
95%
2
DAMEN HOLDINGS LIMITED
Shareholder
95%
3
WISELIVE SERVICES LIMITED
Shareholder
95%
4
LANOGREBE HOLDINGS LIMITED
Shareholder
95%
5
MURRIS LTD
Shareholder
95%
6
VINEYARD S.A.
Shareholder
95%
7
DIMPER SPORTS and EVENTS
MANAGEMENT LTD
Shareholder
100%
8
VEROZION S.M.S.A.
Member of the
BoD,
Shareholder
100%
9
RAVENTUS S.A.
Member of the
BoD,
Shareholder
50%
10
VLEDIA LTD
Shareholder
100%
11
SIPAURA LTD
Shareholder
100%
12
HALKI ESΤATE S.M.S.A.
Member of the
BoD,
Shareholder
100%
13
OURANIA EPENDITIKI S.A.
CEO
-
Nikolaos - Ioannis
Dimtsas, son of
Petros - Dimitrios
1
DPN S.A.
Member of the
BoD,
Shareholder
5%
2
DAMEN HOLDINGS LIMITED
Shareholder
5%
3
WISELIVE SERVICES LIMITED
Shareholder
5%
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
51
Full name
S/N
Name of legal person
Capacity
%
Participation
as
Shareholder /
Partner
4
LANOGREBE HOLDINGS LIMITED
Shareholder
5%
5
MURRIS LTD
Shareholder
5%
6
VINEYARD S.A.
Shareholder
5%
7
HALKI ESΤATE S.M.S.A.
Member of the
BoD
-
Despina Dagtzi -
Giannakaki,
daughter of Stavros
1
DPN S.A.
Member of the
BoD
-
2
RAVENTUS S.A.
Member of the
BoD
-
3
VEROZION S.M.S.A.
Member of the
BoD
-
4
HALKI ESΤATE S.M.S.A.
Member of the
BoD
-
Olga Itsiou,
daughter of
Anastasios
1
VINEYARD S.A.
Member of the
BoD
-
Anna Chalkiadaki,
daughter of
Antonios
1
VINEYARD S.A.
Member of the
BoD
-
Polyxeni Kazoli,
daughter of
Nikolaos
1
Autohellas S.A.
Independed
Member of the
BoD
-
2
Athens Exchange Group
(ATHEXGROUP)
Independed
Member of the
BoD
-
3
Metlen Energy & Metals S.A.
Independed
Member of the
BoD
-
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
52
As of 31.12.2024 the members of the BoD and senior Management of the Company below held the following
common shares issued by the Company:
Member of the BoD / Senior
Management
Number of common
shares
% of the Share Capital
Andriopoulos Dimitrios, son of Andreas
10,212,936
54.6722%
Dimtsas Nikolaos - Ioannis, son of Petros -
Dimitrios
602,916
3.2275%
Anastasopoulos Michael, son of Dimitrios
10,846
0.0581%
Dagtzi - Giannakaki Despina, daughter of
Stavros
6,550
0.0351%
Itsiou Olga, daughter of Anastasios
6,546
0.0350%
Constantine Gonticas, son of Spyridon
3,300
0.0177%
Chalkiadaki Anna, daughter of Antonios
1,919
0.0103%
Pelidis Emmanuel (Manos), son of
Achilleas
600
0.0032%
Charitos Nikolaos, son of Panagis
300
0.0016%
In addition, the company Damen Holdings Limited, which is controlled by Mr. Andriopoulos Dimitrios, held
on 31.12.2024, 41,150 ordinary shares, representing 0.2203% of the Company’s share capital.
C.5. Meetings of the Board of Directors
The Board of Directors meets either at the Company’s headquarters, or o-site, or by teleconference in
accordance with the Articles of Association, whenever the Law or the needs require it. During 2024, the Board
of Directors of the Company held 5 meetings, in which all the members of the Board of Directors have
attended in person (in person or via teleconference). It is noted that in addition to the above 5 meetings, the
Board of Directors took 12 decisions without a previous meeting but with countersignatures by all members
of the relevant minutes (article 94 par. 1 of L. 4548/2018).
C.6 Committees of the Board of Directors
C.6.1 Audit Committee
The Audit Committee has been established in accordance with the provisions of article 44 of L.4449/2017, as
amended by L.4706/2020 and is in force, and in particular by the decision of the Extraordinary General
Meeting of the Shareholders of the Company dated 09.06.2022, according to which the Audit Committee was
designated as a three-member committee consisting of two (2) independent non-executive members of the
Board of Directors and one (1) non-executive member of the Board of Directors, with a term corresponding
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
53
to the term of oce of the members of the Company’s Board of Directors. Subsequently, with the resolution
of the BoD of the Company dated 09.06.2022, following the above decision of the Extraordinary General
Meeting of the Shareholders, the members of the Audit Committee were appointed and the constitution of
the Audit Committee into a body and the appointment of the independent non-executive member, Mr.
Nikolaos Charitos, as Chairperson was decided by the resolution of the Audit Committee dated 09.06.2022. It
is noted that the Company had established an optional Audit Committee as an independent committee on
14.02.2022.
Therefore, the composition of the Company’s Audit Committee is as follows:
Full Name
Position
Capacity
Haritos Nikolaos, son of Panagis
Chairman
Independent Non - Executive Member
Gonticas Constantine, son of
Spyridon
Member
Independent Non - Executive Member
Pelidis Emmanuel, son of
Achilleas
Member
Non - Executive Member
The above composition of the Audit Committee is in accordance with the provisions of article 44 of L.
4449/2017, as is force, as it consists of three non-executive members of the Board of Directors, of which two
(2), i.e. the majority of them, meet the independence requirements of article 9 of Law 4706/2020, both on the
date of their election and on the date of the annual Management Report of the Board of Directors, have
sucient knowledge in the eld in which the Company operates, and at least one member of the Audit
Committee has sucient knowledge in auditing or accounting and who must be present at the meetings of
the Audit Committee concerning the approval of the nancial statements. The Chairman of the Audit
Committee is an independent non-executive member of the Board of Directors
Specically, according to the resolution of the Company’s Board of Directors dated 09.06.2022, and
furthermore as evidenced by their CVs, it is established that they have sucient knowledge in the Company’s
eld of activity (Real Estate, Real Estate Investment and Services Development). In particular, Mr Gonticas is a
Business Consultant with signicant international experience in investments and investment banking as well
as structured nance, among others in the real estate development sector (GTC/Poland, Fotex/Hungary). Mr.
Pelidis has many years of knowledge and experience in auditing and accounting, due to his capacity as a
certied auditor (AM SOEL 12021) in the audit company DELOITTE Certied Public Accountants SA for a
number of years including in Real Estate companies such as Sonae Charagioni Group and Trivillage
Developments. Mr Charitos is an economist with extensive experience in accounting and nance as he was
for a number of years CFO of ABB Russia, Greece and Cyprus with a strong presence in the area of network
construction and supplier of electrical installations in large properties, industries and infrastructures. In
addition, Mr Charitos was a manager in the audit department of the KPMG during the period 1985-1997
The Audit Committee with the resolution dated 09.06.2022 was reconstituted into a body with its new
composition. The Audit Committee has rules of operation, which provides in details for its composition,
responsibilities and operation and is posted on the Company’s website (Audit Committee Regulation), in
accordance with applicable legislation. The current Regulation of Operation of the Audit Committee was
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
54
approved at the meeting of the Audit Committee on 03.05.2023 and with the resolution of the Company’s
Board of Directors dated 03.05.2023.
In accordance with the Audit Committee’s Regulation:
► The Committee aims to support the Board of Directors of the Company with the objective of the more
eective supervision regarding the process of mandatory audit and nancial information, the
operation of the Internal Audit System (IAS) and the Corporate Governance System (CGS), as well as
in matters of sustainable development policy.
► The Committee meets at least four (4) times a year. The Committee may be convened either by
invitation or unsolicited, as long as all its members are present. The Audit Committee has a quorum
and meets validly when there is a majority of its members in the meetings that are held either in
person or remotely (via teleconference or video call), while participation by proxy is not allowed.
Decisions are taken by an absolute majority of the members present, while in case of a tie, the vote
of the President prevails. In addition, it may organize meetings with the Head of the Internal Audit
Unit, with the top Management and with the statutory auditors, as well as with any person it deems
capable of assisting in its work. The Committee prepares and submits to the Board of Directors the
Annual Activity Report, addressed to the annual General Meeting of shareholders. When required the
Committee submits extraordinary reports on important issues.
► The main responsibilities of the Committee concern, among others, the monitoring of the statutory
audit and the review of the Company’s nancial statements, informing the Board of Directors
accordingly, the examination of the risks aecting the nancial statements, the selection process of
the statutory auditors, accountants or audit rms and the review of their independence. In addition,
the Committee supports the Board of Directors in ensuring the adequate and eective operation of
the Company’s Internal Audit System (IAS) and Corporate Governance System (CGS), with specic
responsibilities while at the same time monitoring and inspecting the proper functioning of the
Internal Control Unit, the Regulatory Compliance Unit and the Risk Management Unit.
On an annual basis, the Committee carries out a self-evaluation of its work, its operation and the overall
qualications of its members. The Committee’s Regulation of Operation is evaluated on a regular basis (and
at least every 3 years) regarding its appropriateness and eectiveness. If required, it is updated and submitted
to the Board of Directors for approval.
In the context of its responsibilities according to the existing legislation and its Regulation of Operation, the
Committee met seven (7) times during 2024. The Committee’s meetings were attended by all its members
and its decisions are reected in the relevant minutes, which are signed by all its members. There was no
disagreement on any issue.
It is noted that apart from the meetings, the member of the Committee are in regular contact and cooperate
closely and in a coordinated manner with the senior Management of the Company, the Head of the Internal
Audit Unit, the Statutory Auditors of the Company, the company “Deloitte Certified Public Accountants S.A”
(hereinafter “Deloitte”), which was appointed by the Ordinary General Meeting of the Company’s shareholders
of 13.06.2024, as the certified auditor for the audit of the financial statements for the fiscal year from
01.01.2024 to 31.12.2024 and for the issuance of the annual tax certificate, as well as the independent valuers.
Brief description of the work and activities of the Audit Committee is included in its Annual Activity Report,
which has been distinctively integrated in the Annual Consolidated Financial Report of the Company.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
55
C.6.2 Remuneration and Nomination Committee
The Remuneration and Nomination Committee has been established in accordance with the requirements of
the provisions of L.4706/2020 (par. 1, 2 and 3 of article 10 and articles 11 and 12), in accordance with the
resolution of the Board of Directors dated 22.03.2022 on the merger of the two separate committees provided
for in the law (Remuneration on the one hand and Nomination on the other) and the appointment of the
members of the single, newly established Committee as well as the resolution of the Remuneration and
Nomination Committee dated 09.06.2022 on its reconstitution as a body and the appointment of independent
non-executive member, Mrs Panagiota Antonakou, as its Chairperson. The Board of Directors on 07.11.2023,
having taken note of the resignation of the independent non-executive member of the Board of Directors and
Chairman of the Remuneration and Nominations Committee, Mrs Panagiota Antonakou, as a member of the
Board of Directors and of the Remuneration and Nominations Committee, decided the election of Mrs
Polyxeni (Xenia) Kazoli, who is also an Independent Non-Executive Member of the Board of Directors, as a
new member of the Committee to replace the resigned member Mrs Panagiota Antonakou, noting however
that Mrs Kazoli cannot replace Mrs Antonakou in her duties as Chairperson of the Committee, since, as a new
member, she has not served as a member of the Committee for at least one (1) year, given that the Committee
has already been established and functioning for a period longer than one (1) year. The meeting of the
Remuneration and Nomination Committee held on 07.11.2023 resolved to reconstitute the Committee as a
body and appointed Mr Nikolaos Charitos, an independent non-executive member, as its Chairman.
The Remuneration and Nominations Committee, in its minutes dated on 23.03.2022, recommended the
approval by the Board of Directors of its Rules of Procedure, which the Board of Directors approved at its
meeting dated on 24.03.2022. Additionally, the Remuneration and Nominations Committee, through its
meeting dated on 03.05.2023, recommended to the Board of Directors, the update of its Rules of Procedure,
which was approved by the Board during its meeting dated on 03.05.2023.
It is noted that the Remuneration Policy followed by the Company has been approved by the resolution of
the Annual General Meeting of the Company held on 22.06.2023.
The Remuneration and Nominations Committee is composed by the following members:
Full name
Position
Capacity
Haritos Nikolaos, son of Panagis
Chairperson
Independent Non - Executive Member
Kazoli Polyxeni, daughter of
Nikolaos
Member
Independent Non - Executive Member
Pelidis Emmanuel, son of
Achilleas
Member
Non - Executive Member
The above composition of the Remuneration and Nomination Committee is in accordance with the provisions
of L.4706/2020, as in force, and all the members of the Remuneration and Nomination Committee, in
accordance with the meeting of the Company’s Board of Directors on 07.11.2023 and 15.02.2024, are non-
executive members of the Company’s Board of Directors, of which two (2) of them, i.e. the majority, meet the
conditions of independence of article 9 of L.4706/2020, both on the date of their election and on the Date of
the annual Management Report of the Board of Directors. The term of oce of the members of the
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
56
Committee is three years, i.e. proportional to the term of oce of the members of the Board of Directors of
the Company and lasts until the end of the term of the Board of Directors, with the possibility of being
extended until the rst Ordinary General Meeting of shareholders, which will be convened after the end of its
tenure. The Chairman of the Committee is an independent non-executive member of the Board of directors.
Participation in the Committee does not exclude the possibility of participation in other committees of the
Board of Directors, as long as this participation is not incompatible with the purpose of the Committee and
does not aect the proper performance of the person’s duties as a member of the Committee.
The operation of the Remuneration and Nomination Committee is governed by individual Rules of Operation
which is posted on the Company’s website (Regulation of the Remuneration and Nomination Committee) in
accordance with current legislation.
In accordance with the Regulation of the Remuneration and Nomination Committee:
► The Committee meets at the invitation of its President at least 4 times a year and exceptionally and in
any case before the preparation and approval by the Board of Directors of the annual remuneration
report provided for in article 112 of L. 4548/2018. In any case, the Committee can meet at any time
even without an invitation having been sent, as long as all its members are present, and no one
opposes the meeting and the taking of decisions. The CFO and the HR Director must attend the
meetings of the Committee, if duly invited. The Committee may invite to its meetings, any member of
the Board of Directors, an executive of the Company or the Group to which the Company belongs or
any other person it deems capable of assisting in its work, provided that issues related to their own
remuneration or with their own position and development in the Company.
► The role of the Committee, on the basis of the individual responsibilities assigned to it, consists in the
assistance, help and support of the Board of Directors of the Company with regard to a) the
remuneration issues of the members of the Board of Directors and the persons who fall under the
scope of application of the remuneration policy, in accordance with article 110 of L. 4548/2018, as well
as of the Company’s managers, and in particular the head of the internal control unit and in matters
related to the preparation of the remuneration policy and the remuneration report, provided by the
provisions of articles 110 to 112 of L. 4548/2018 and b) in the process of nominating candidates, in
the planning of the succession plan for the members of the Board of Directors and the senior
executives, taking into account factors and the criteria determined by the Company, in accordance
with the Eligibility Policy it adopts.
► The main responsibilities of the Committee are, among others, submission of proposals to the Board
of Directors regarding the Board of Directors’ Remuneration Policy and the remuneration of the
persons who fall under it, supervision of its implementation, examination of the annual remuneration
report, identication of persons suitable for the BoD membership and the implementation of the
nomination procedure dened in the Regulation of Operation, the preparation and monitoring of the
implementation of the Board Member Eligibility Policy of the Company, assistance in evaluating the
body of the Board of Directors and the performance of the CEO, monitoring of the implementation of
the training process for the members of the Board of Directors, the senior Management, as well as
the other executives of the Company.
On an annual basis, the Committee itself conducts an overview of its work and prepares a relevant report,
which submits to the Company’s Board of Directors. The Regulations are revised exclusively by decision of
the Board of Directors, after a relevant recommendation by the Committee.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
57
During 2024, the Remuneration and Nomination Committee held seven (7) meetings, in which all its members
attended in person (in person or via teleconference) and its decisions are reected in the relevant minutes,
which are signed by all its members. There was no disagreement on any issue.
With reference to the actions of the Remuneration and Nomination Committee, it is noted that during the
above meetings, the Committee dealt with issues related to its responsibilities, the main ones of which are
summarized as follows:
1. Amendment of the annex to the Company's Internal Regulation concerning the area of responsibilities of
the Committee and submission for approval by the Company's Board of Directors.
2. Proposal to the Board of Directors for submission for pre-approval by the Annual General Meeting of the
Company’s shareholders of the annual gross remuneration for the year 2024 and the monthly gross
remuneration from 01.01.2025 until the Annual General Meeting of the year 2025 to the non-executive
members of the Board of Directors.
3. Review of the budget for the training of members of the Board of Directors and employees of the
Company for 2025 and submission for approval by the Company’s Board of Directors in the context of
the Company’s budget.
4. Submission of proposals to the Board of Directors regarding remuneration of persons covered by the
Remuneration Policy.
5. Examination of the annual remuneration report.
6. Assessment of the fullment of the independence requirements of the independent non-executive
members of the Board of Directors of the Company in accordance with article 9 of Law 4706/2020.
7. Submission to the Board of Directors regarding the determination of beneciaries and their categories,
terms and allocation criteria, as well as any relevant terms concerning the procedure for the Free
distribution of own shares, in accordance with the provisions of Articles 114 and 49 of Law 4548/2018,
pursuant to the authorization granted by the resolution of the Ordinary General Meeting of the
Company's shareholders dated 07.09.2022, as amended by the resolution of the Ordinary General
Meeting dated 22.06.2023.
8. Approval of the Succession Plan.
9. Self-evaluation process of the Board of Directors and the Chairman of the Board of Directors.
10. Report of the CEO’s evaluation to the Board of Directors.
11. Self-evaluation of the Committee.
C.6.3 Evaluation of the Board of Directors and its Committees
The self-evaluation of the eectiveness of the Board of Directors and its committees (at the collective and
individual level) was completed on 26.09.2024 without material ndings. The evaluation was conducted for
second time and includes the evaluation of the CEO and the Chairman of the Board and its committees.
C.7 Remuneration of Board of Directors Members
The Company has a Remuneration Policy prepared based on articles 110 and 111 of Law 4548/2018 and the
provisions of Law 4706/2020, establishing the basic principles and rules regarding the remuneration of the
members of the Board of Directors, including the Chief Executive Ocer and the Deputy Chief Executive
Ocer.
The Policy aims to determine the remuneration of the members of the Board of Directors, the Chief Executive
Oce and the Deputy CEO in a transparent manner and, further, to attract and retain executives of
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
58
recognized prestige, with experience in the sector in which the Company operates and with formal and
substantive qualications so that they can contribute eectively to the development of the Company and its
business strategy.
The Policy takes into account the Company's salary and working conditions (through regular updates on the
broader structure and practical remuneration of the Company's employees in order to ensure that the
practices and structure of remuneration are as consistent as possible), so that they are maintained at
competitive levels. Maintaining competitiveness is ensured by monitoring the remuneration levels prevailing
in the sector to which the Company belongs, always taking into account the nancial data and the general
course of the Company, the prevailing market and economic conditions.
The current Remuneration Policy, as approved by the Annual Ordinary General Meeting of Shareholders of
22.06.2023, is posted on the Company's ocial website.
In application of the letter of the current Remuneration Policy and in compliance with the requirements of
article 112 of Law. 4548/2018, the Company has prepared a Remuneration Report in relation to the scal year
2023, which has been approved by the Annual Ordinary General Meeting of Shareholders of 13.06.2024 and
is posted on the Company's ocial website.
D. Main characteristics of the Internal Audit and Risk Management System of the Company with
regards to the preparation of nancial statements process.
D.1 Introduction to the Internal Audit System
The BoD has established appropriate policies, so that the conduct of the internal audit of the Company and
the companies of the Group is ecient and has established the Audit Committee to supervise the
implementation of such policies.
The Audit Committee supervises internal nancial audits of the Company and monitors the eciency of the
internal audit and risk management systems of the Company and the companies of the Group.
The internal audit system of the Company and the companies of the Group includes the rst, second and
third line of defense as provided for by the Three Lines Model.
The rst line of defense includes the Company’s Departments/Divisions/Units, which are responsible for
implementing the recorded Procedures, monitoring, evaluating and minimizing the risk deriving from their
activities, in accordance with the Risk Management Strategy of the Company and the companies of the Group
and the guidelines of the Board of Directors.
Risk Management Unit and Compliance Unit constitute the second line of the Company, which support the
development of processes and safeguards and contribute to their monitoring, which are developed and
implemented by the rst line, the business units. The Internal Audit Unit of the Company constitutes the third
line. This Unit operates in the manner dened by the Code of Conduct and the International Professional
Practices Framework (IPPF) of the Institute of Internal Auditors, L. 4706/2020 and the relevant decisions of the
Hellenic Capital Market Commission and has its relevant Rules of Operation. The Internal Audit Unit reports
to the Board of Directors through the Audit Committee.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
59
D.2 Risk Management Unit
The Company’s Risk Management Unit was established and operates in accordance with L. 4706/2020
following the resolution of the Company’s Board of Directors dated 22.03.2022.
The Risk Management Unit operates as an independent organizational unit with administrative reporting to
the CEO and operational reporting to the Audit Committee.
The Risk Management Unit is headed by the Risk Management Ocer.
The Company has established the Regulation of Operation of the Risk Management Unit, which includes in
detail the responsibilities of the Unit as well as its head and the reporting lines.
The Risk Management Ocer is appointed by the Board of Directors and is responsible for the eective
operation of Risk Management in the Company. The Risk Management Ocer assists the Board of Directors
and the Company’s Management in identifying, evaluating and dealing with those events that may create a
risk to the smooth operation of the Company.
The Risk Management Ocer has indicatively the following responsibilities:
► Support of the Board of Directors in matters of risk management, controls and corporate governance.
► Collection and coordination of the identication and identication of risks and the security measures
to limit them, from all departments, units and operations of the Company and the companies of the
Group. Their prioritization, based on the probability of their occurrence and the eects they will cause,
if they occur. In particular, it recognises, evaluates, controls and monitors:
o Operational Risks,
o Financial Risks,,
o Strategic Risks,
o Regulatory Compliance Risks,
o Information Systems Security RisksC,
o Data Protection Risks,
o Risks of the Quality Management System,
o Business Continuity Plans-BCP/ Disaster Recovery Plans - DRP.
► Formulation and recommendation to the Management, Departments, Divisions and Units of the
Company and the companies of the Group, of appropriate policies and procedures in order for the
units of the Company and the Group to recognise, assess and deal with operational risks associated
with their work, as well as the drafting of Business Continuity Plans.
► Ensuring the disclosures related to the risks during the preparation of the Annual Report relating to
the nancial information of the Company and the Group.
► Prevention, treatment and suppression of possible risks related to fraud, in cooperation with other
relevant departments, divisions or services of the Company and the companies of the Group.
► Organizing training programs related to risk management.
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All amounts are expressed in Euro, unless otherwise stated
60
► Compilation of written updates to the Management on "Risk Management" issues when required and
the compilation of an annual activity report to the CEO and the Board of Directors. through the Audit
Committee, regarding the activities of the Unit, including any proposals.
D.3 Regulatory Compliance Unit
The Company’s Regulatory Compliance Unit was established and operates in accordance with L. 4706/2020
following the resolution of the Company’s Board of Directors dated 22.03.2022.
The Regulatory Compliance Unit operates as an independent organizational unit with administrative reporting
to the CEO and operational reporting to the Audit Committee.
The Regulatory Compliance Unit is headed by the Compliance Oce.
The Company has established the Regulation of Operation of the Regulatory Compliance Unit, which includes
in detail the responsibilities of the Unit as well as its head and the reporting lines.
The Compliance Ocer is appointed by the Board of Directors and has indicatively the following
responsibilities:
► Support of the Board of Directors in matters of risk management, controls and corporate governance.
► Monitoring of the risks of non-compliance with the legislation, both Greek and of the countries where
the Company and the Group operate and their regulatory frameworks, as well as the monitoring of
compliance with the individual regulatory provisions of entities (e.g. the Capital Market Commission),
the competent ministries (eg, Development, Finance, Environment and Energy, etc.) as well as with
the regulatory provisions of any other body aecting the operation of the Company and the Group.
► Implementation and continuous compliance, through the execution of specic audit tasks with the:
► Regulation of Operation,
► Policies of the Company and the Group,
► Procedures of the Company and the Group,
► Directives of the Company and the Group.
► Ensuring the compliance of the content of the Annual Report regarding the nancial information of
the Company and the Group, in accordance with the regulatory framework, which is in force each
time.
► Assessment of whether the internal Policies, Procedures and Directives of the Management are
consistent with the existing institutional and regulatory framework and recommendation of any
modications whenever required.
► Prevention, treatment and suppression of possible risks related to fraud, in cooperation with other
relevant departments, divisions or units of the Company and the Group.
► Update and collection of every law and decisions of the supervisory and regulatory authorities and
bodies and the development of an appropriate monitoring system for compliance with them, in
accordance with the obligations arising for the Company and the Group.
► Organization of educational programs related to regulatory compliance.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
61
► Resolving, initially opining and referring, where there is weakness or doubt, to the Board of Directors,
issues related to the interpretation of Policies, Procedures and Directives of Management, in
particular, "Conict of Interest" and "Related Party Transactions" issues.
► Compilation of written updates to the Management on "Regulatory Compliance" issues when required
and the compilation of an annual activity report to the CEO and the Board of Directors, through the
Audit Committee, regarding the activities of the Unit, including any proposals.
D.4 Internal Audit Unit
The Company’s Internal Audit has been operating in the Company since September 2019 and constitutes an
independent and objective certifying and consulting organizational unit, with the aim of adding value and
monitoring and improving the Company’s operations.
Internal Audit aims to actively contribute to the achievement of the Company’s strategic goals by adopting a
systematic and professional approach in evaluating and improving the corporate governance system, risk
management framework and internal control system of the Company.
The Company’s Internal Audit Unit operates in accordance with L. 4706/2020 following the resolution of the
Company’s Board of Directors dated 22.03.2022, following the relevant unanimous resolution of the Audit
Committee dated 23.03.2022.
The Head of the Internal Audit Unit is appointed by the BoD which is responsible for his/her replacement,
reports to the Audit Committee and is administratively subject to the CEO.
The Head of the Internal Audit Unit is a full-time employee of the Company, personally and functionally
independent and objective in the performance of his duties, possesses the appropriate knowledge and
relevant professional experience, meets the independence criteria provided for in Article 9 of L.4706/2020
and does not have close ties with any member of the Board of Directors of the Company, as well as any
company of the Group, or a member with the right to vote in committees of a permanent nature.
The Internal Audit Unit complies with the International Standards for the Professional Practice of Internal
Auditing, as well as those dened in the Code of Ethics of the International Institute of Internal Auditors and
operates in accordance with a detailed Operating Regulation, which has been approved by the decision of the
Board of Directors of the Company dated 24.03.2022 and was subsequently updated with the decision of the
Board of Directors on 28.11.2024, which includes in detail the responsibilities of the Unit and its head and the
reporting lines.
D.5 Main characteristics of the Internal Audit System and Risk Management in relation to the process
of the nancial statements.
The Company’s Board of Directors maintains an eective internal audit system, with the aim of safeguarding
the assets of the Company and the Group, as well as identifying and addressing of the most signicant risks.
It monitors the implementation of the corporate strategy and reviews it regularly. It regularly reviews the
main risks that the company faces and the eectiveness of the internal audit system, in terms of managing
these risks. The review is considered to cover all material audits, including nancial and operational audits,
compliance audit, and risk management system audits.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
62
The Board of Directors of the Company, supported by its Committees, within the framework of reviewing the
corporate strategy and main business risks, adopts suitable policies aiming to safeguarding sucient and
ecient internal audit system for the Company and the Group. The Management is responsible for
developing and integrating suitable auditing mechanisms and processes depending on the nature of works
and risks taken, evaluation of weaknesses arising and taking necessary corrective measures.
D.6 Code of Business Conduct and Ethics
The Company has entered into force a Code of Professional Conduct and Ethics (published on the Company’s
website), which inter alia provides for safeguards for the protection of the Company and its Group’s
reputation and assets.
D.7 Information systems
The Company operates information systems to support its corporate purposes by following security
procedures and in particular: creation of backup copies (daily, monthly and annually), restore process,
disaster recovery plan, incident log le, as well as antivirus security, email security and rewall.
Also, the Company maintained in 2024 the certication for the information security management system it
implements according to the ISO/IEC 27001:2013 standard. This certication is the result of the independent
audit and evaluation process, which was carried out by EUROCERT S.A. and certied that all specications are
met, based on the standard. With the ISO 27001:2013 certication, the Company adopts the strict
requirements of the international information security management system standard. The certication is a
practical recognition of the Company’s commitment to continuous development and evaluation of its
processes, to the application of high-quality standards in its services, as well as to its commitment to the
secure management of the data of its customers and partners.
D.8 Monitoring the Financial Reporting Procedure
Reports are regularly (at least on a quarterly basis) submitted to the Management of the Company, the Audit
Committee and the Board of Directors regarding the Group’s activities and its nancial performance.
The Audit Committee supervises the nancial reporting process and assists the Board of Directors on relevant
matters. In particular, the Audit Committee has responsibilities with regards to the nancial statements and
relevant notications of the Group and Company such as, but not limited to:
• monitors the processes of preparing the annual and interim consolidated and individual nancial
statements of the Company, as well as any other nancial notications published,
• reviews the consolidated and individual nancial statements prior to their submission for approval to the
Board of Directors and expresses its opinions to it,
• supervises matters of compliance of the Company with its regulatory obligations,
• cooperates with the statutory auditor and the internal audit, in order to evaluate the eciency of the
Company’s works and submits recommendations for the improvement of the monitoring framework, as
required.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
63
D.9 Results of the Internal Audit System’s evaluation process in accordance with L. 4706/2020 with a
reporting date of 31.12.2023.
The Board of Directors, within the framework of its obligations under paragraph 1 of article 4 of Law
4706/2020, evaluated the implementation and eectiveness of the Company’s Corporate Governance System
as of 31.12.2023 and no material weaknesses were identied. In the context of the aforementioned
evaluation, the Board of Directors of the Company has assigned, among others, to the audit rm ERNST &
YOUNG (GREECE) Certied Public Accountants S.A. the evaluation of the adequacy and eectiveness of the
Company’s Corporate Governance System. This assessment was carried out based on the assurance
procedures program included in the resolution number I73/08b/14.02.2024 of the Supervisory Board of the
Board of Statutory Auditors, in accordance with the International Standard on Assurance Engagements 3000
(Revised) "Assurance Projects other than Audits or Reviews of Historical Financial Information". The above
work of the Certied Auditors Accountants did not identify any material weaknesses in the Corporate
Governance System of the Company.
Following the above evaluation and in accordance with the Capital Markets Commission’s letter with no.
434/24/2/2025 , the Board of Directors certies that, as of the reference date of 31.12.2024, no material
weaknesses have been identied.
E. Suitability Policy and Diversity Policy in the composition of administrative, management and
supervisory bodies of the Company
The Company has established a Suitability Policy of the members of the Board of Directors, in accordance
with the provisions of article 3 of L. 4706/2020 and the Guidelines of circular no. 60 of the Hellenic Capital
Market Commission. The Policy was approved by the resolution of the Board of Directors dated 22.03.2022.
and subsequently with the resolution of the Extraordinary General Meeting of the Company’s Shareholders
dated 22.03.2022 and it becomes eective from the date of its approval by the General Meeting, and this also
applies to any material amendment thereof.
The Policy ensures qualitative stang, more ecient operation and achievement of the role of the Company’s
BoD based on the overall strategy, as well as medium and long-term business purposes of the Company
aiming to ensuring and promoting its interests.
It includes the principles concerning the selection or replacement of the members of the Board of Directors
and the renewal of the term of oce of the existing members, the criteria for the evaluation of the collective
and individual suitability of the members of the Board of Directors.
In addition, the Company has adopted diversity principles and criteria in the context of evaluating the
suitability of candidates before their selection as members of the Board of Directors, which are analyzed
within the Suitability Policy. Additionally, issues of diversity in the composition of the management,
administrative and supervisory bodies of the Company are provided for in the Code of Professional Conduct
and Ethics that the Company has adopted. Based on the above Code, discriminatory behavior on the basis of
gender, age or any other characteristic is not permitted, amongst others. The same principle is also adhered
to with respect to the composition of the administrative, management and supervisory bodies of the
Company, taking into account, however, the regulatory framework to which the Company is subject, due to
which specic suitability criteria must be met by, inter alia, the members of the Company’s Board of Directors.
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
64
In general, it is the rm policy of the Company to grant equal opportunities of development and promotion
with the sole criterion of suitability.
In this context, the Company, through its Compliance Unit, periodically examines whether any potential or
existing Member of the Board of Directors qualies as an Excluded Director, in compliance with Law
5122/2024.
F. Policies ensuring adequate information on all related party transactions
The Company has “Compliance Procedure with the obligations arising from Articles 99-101 of L.4548/2018,
regarding transactions with related parties”, which aims to document the actions carried out regarding the
monitoring of transactions with related parties and their appropriate disclosure to the competent bodies and
shareholders of the Company.
The Company within the framework of its activities may enter into capital, as well as commercial transactions
with its related parties.
The relevant process applies to the Company and its Greek Group subsidiaries. For the Company’s
transactions with related parties, special agreements are executed with terms not aected by their “intra-
group” and overall corporate relationship but rather protect the Company and shareholders’ interests (arm’s
length transactions) and all necessary legislative requirements, including those of Articles 99 et. seq. of
L.4548/2018 are adhered to. Company’s related party transactions, as well as guarantee and security
provision to third persons in favor of these parties, within the meaning of Articles 99-101 of L.4548/2018 are
allowed and valid solely upon their approval by the Board of Directors or the General Meeting (as per the
Law) and provided the requirements of L. 4548/2018 are met. The above restriction applies with some
exceptions which are analysed in the process.
Additionally, the Company has a "Procedure for Compliance with the obligations arising from articles 99 to
101 of Law 4548/2018, regarding transactions with related parties", which aims to record the actions
performed regarding the monitoring of transactions with related parties and their appropriate disclosure to
the competent bodies and shareholders of the Company.
G. Sustainable Development Policy (ESG)
The Company has a “Sustainable Development Policy”, which summarizes its commitment to responsible
management of the economic, social and environmental impacts, resulting from all of its activities, to its
stakeholders, as well as more broadly, towards the economy, society and the environment, with the aim of
reducing any negative eects (e.g. greenhouse gas emissions) and increasing positive eects (e.g. job
creation), in the framework of the United Nations Sustainable Development Goals.
In 2024 the Company published the Environmental, Social and Governance (ESG) Report for the period from
1.1.2023 to 31.12.2023. The following standards and frameworks were taken into account for the preparation
of the report: Global Reporting Initiative (GRI) Standards: Core Option, Sustainability Accounting Standards
Board (SASB) for Real Estate Owners, Developers and Investment Trusts, Athens Stock Exchange (ATHEX) ESG
Reporting Guide 2022 and Global Real Estate Sustainability Benchmark (GRESB) Reference Guide
The ESG report presents the Company’s approach, actions and performance across a vast array of
nonnancial aspects. Sustainable development is at the heart of the Company’s business model as
Corporate Governance Statement
All amounts are expressed in Euro, unless otherwise stated
65
Management strives to create fairly distributed and long-lasting value for the Company, business partners
and the society in which the Company operates. The scope of the report is to demonstrate the responsible
manner in which the Company operates across the wider ESG spectrum, increasing transparency and
reinforcing the trust of the stakeholders in the Company’s philosophy and actions.
Finally, it should be noted that in December 2022 the Company’s shares, which are listed on the Athens Stock
Exchange since 06.07.2022, were included in the ATHEX ESG Index, which monitors the stock market
performance of companies listed on ATHEX that adopt and promote their environmental, social and corporate
governance (ESG) practices.
Maroussi, 03.04.2025
The Vice Chairman of the BOD
and CEO
The Deputy CEO
The Executive Member of the
BOD
Dimitrios Andriopoulos
Nikolaos-Ioannis Dimtsas
Anna Chalkiadaki
Supplementary Report of the Board of Directors for the year 2024
All amounts are expressed in Euro, unless otherwise stated
66
Supplementary Report
To the Annual General Meeting of the Company’s Shareholders “DIMAND SOCIETE ANONYME -
DEVELOPMENT AND EXPLOITATION OF REAL ESTATE AND CONSTRUCTIONS, SERVIVES AND HOLDING”
in accordance with Article 4 of Law 3556/2007
According to article 4 of Law 3556/2007, companies whose shares are listed on a regulated market in Greece,
in this case on the Athens Stock Exchange, are obliged to submit a supplementary report to the Annual
General Meeting of Shareholders with detailed information on specic issues. This supplementary report of
the Board of Directors to the Ordinary General Meeting of Shareholders of the Company contains detailed
information regarding these matters.
A) Structure of the Company’s share capital
The share capital of the Company as of 31.12.2024 amounted to €934,015 divided in total into 18,680,300
ordinary registered shares with voting rights, with a nominal value of €0.05 each.
The Company’s shares are listed and traded on the Main Market of the Athens Exchange.
Each share carries with it all the rights and obligations dened by the Law and the Company’s Articles of
Association.
Β) Restrictions on the transfer of shares of the Company
The transfer of the Company’s shares is carried out as required by the Law and there are no restrictions on
the transfer of shares under the Company’s Articles of Association.
C) Signicant direct or indirect participations within the meaning of the provisions of articles 9 to 11
of Law 3556/2007
The shareholders who, as of 31.12.2024, directly or indirectly hold more than 5% of the Company’s share
capital, within the meaning of articles 9 to 11 of Law 3556/2007, are as follows:
Full name
No. of Shares
%
Andriopoulos Dimitrios
10,254,086
1
54.8925%
1
LATSCO HELLENIC HOLDINGS SARL
1,000,000
5.3532%
It is noted that the above information is based on the notications received from the aforementioned
individuals in accordance with the applicable legislation.
1
Included 41,150 ordinary shares, representing 0.2203% of the Company’s share capital, held as of 31.12.2024
by Damen Holdings Limited, which is controlled by Mr.Andriopoulos Dimitrios.
Supplementary Report of the Board of Directors for the year 2024
All amounts are expressed in Euro, unless otherwise stated
67
D) Holders of any type of shares conferring special control rights and a description of the rights
involved
According to the Company’s Articles of Association, there are no shares of the Company which confer special
control rights to their holders.
E) Restrictions on voting rights
The Company’s Articles of Incorporation do not provide for any restrictions on the voting rights attached to
the Company’s shares.
F) Agreements between shareholders which are known to the Company and which involve restrictions
on the transfer of shares or restrictions on the exercise of voting rights
The Company is not aware of any shareholder agreements that involve restrictions on the transfer of its
shares or restrictions on the exercise of voting rights attached to its shares.
G) Rules for the appointment and replacement of members of the Board of Directors and amendment
of the Articles of Association
The rules provided for in the Company’s Articles of Association for the appointment and replacement of
members of the Board of Directors and for the amendment of the Company’s Articles of Association do not
dier from those provided for in Law 4548/2018, as amended.
Η) Authority of the Board of Directors or certain members of the Board of Directors to issue new
shares or to purchase treasury shares
The Board of Directors has no authority to issue new shares or to purchase own shares.
There is no pending resolution of the General Meeting of Shareholders of the Company to issue new shares.
Pursuant to the provisions of article 49 of Law 4548/2018, as amended, following approval by the General
Meeting of Shareholders, the Company, under the responsibility of the Board of Directors, may acquire,
through the Athens Exchange, its own shares, provided that the nominal value of the shares acquired,
including the shares previously acquired and retained by the Company, does not exceed 10% of its paid-up
share capital.
The Annual General Meeting dated 07.09.2022 passed a resolution for the acquisition by the Company of up
to one hundred and fty thousand (150,000) treasury shares (common registered shares with voting rights),
in accordance with paragraphs 1 and 3 of article 49 of Law no. 4548/2018, with a minimum acquisition value
of EUR 10.00 per share and a maximum acquisition value of EUR 17.50 per share, and the free allocation of
these shares to members of the Board of Directors and/or the Company’s sta, including freelancers or self-
employed persons who provide services exclusively to the Company on a continuous basis and whose
insurance contributions are paid by the Company, in accordance with the provisions of article 114 of Law
4548/2018. The purchase of treasury shares started and was completed in the rst half of 2023. The Company
acquired a total of 150,000 treasury shares, representing 0.8030% of the total share capital of the Company,
at an average purchase price of €13.1875 per share (in accordance with the terms approved by the
aforementioned Annual General Meeting). It is noted that the terms of the free allocation of treasury shares
were modied by the Ordinary General Meeting of the Company’s shareholders on 22.06.2023. More
Supplementary Report of the Board of Directors for the year 2024
All amounts are expressed in Euro, unless otherwise stated
68
specically, it was decided to modify the deadline within which the allocation of treasury shares will be
completed, with the latest date being 30.06.2024, while it was also decided that the treasury shares that will
not be allocated under the existing Free Share Allocation Plan, for any reason, may be allocated for any
purpose and use permitted by the applicable legislation.
In addition, the Annual General Meeting dated 22.06.2023 approved the establishment of a new Equity Share
Acquisition Plan for any purpose and use permitted by the applicable legislation (including, but not limited to,
the purpose of reducing the Company’s share capital and cancelling the treasury shares to be acquired by the
Company, and/or the allocation of such shares to the Company’s sta and/or members of the management
of the Company and/or an aliated company, always in accordance with the Company’s applicable
Compensation Policy), up to 0.803% of the Company’s paid-up share capital, i.e. up to a total of one hundred
and fty thousand (18.680.300 X 0.803 %) shares (in addition to the treasury shares already held by the
Company under the existing plan, i.e. up to 300,000 shares in total at any given time, representing (1.61%) of
the Company’s share capital), at a price range between €10.00 (minimum price) and €20.00 (maximum price)
per share, for a period of twelve (12) months from the date of the decision and beyond, approved to authorize
the Board of Directors to determine at its sole discretion any other details and to take all necessary actions
to implement this resolution, including the possibility of further delegation of some or all of these powers.
It is noted that by the resolution of the Annual General Meeting dated 13.06.2024, the extension of the
duration of the Share Buyback Program was approved in accordance with Article 49 of Law 4548/2018, as
amended, and specically the duration of the Program was extended by twelve (12) additional months,
thereby making the total duration twenty-four (24) months from the date of its inception, i.e., from the
resolution of the Annual General Meeting of shareholders on 22.06.2023, resulting in a new expiration date
of 22.06.2025.
I) A signicant agreement entered into by the Company that becomes eective, is amended or
terminates in the event of a change in control of the Company following a public oering and the
eects of such agreement.
The Company has not entered into any such agreement.
Supplementary Report of the Board of Directors for the year 2024
All amounts are expressed in Euro, unless otherwise stated
69
J) Any agreement that the Company has entered into with its directors or employees that provides
for severance pay in the event of resignation or dismissal without just cause or termination of their
term of oce or employment due to the public oering.
The Company does not have any agreements with its directors or personnel that provide for the payment of
compensation, specically in the event of resignation or dismissal without just cause or termination of their
term of oce or employment due to a public oering.
Maroussi, 03.04.2025
The Vice Chairman of the BOD
and CEO
The Deputy CEO
The Executive Member of the
BOD
Dimitrios Andriopoulos
Nikolaos-Ioannis Dimtsas
Anna Chalkiadaki
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
70
Annual Activity Report of the Audit Committee
of the Company
“DIMAND SOCIETE ANONYME - DEVELOPMENT AND EXPLOITATION OF REAL ESTATE AND
CONSTRUCTIONS, SERVIVES AND HOLDING”
This Activity Report of the Audit Committee (hereinafter “Committee”) of the Company “DIMAND SOCIETE
ANONYME - DEVELOPMENT AND EXPLOITATION OF REAL ESTATE AND CONSTRUCTIONS, SERVIVES AND
HOLDING” with the distinctive title «DIMAND S.A.» (hereafter «Company») refers to the fiscal year 2024 and
has been prepared in accordance with the provisions of Article 44 of L. 4449/2017 as amended by Article 74
of L. 4706/2020. The purpose of this report is to present a brief but overall picture of the Committee’s work,
during the fiscal year 2024and up to the approval by the Board of Directors of the annual financial statements
1. Purpose and Responsibilities
Main purpose of the Audit Committee is to assist the Board of Directors in fulfilling its supervisory obligation
regarding: a) safeguarding the integrity of the financial reporting process and information through the timely
preparation of reliable financial statements, b) ensuring independent, objective and efficient conduct of
internal and external audits of the Company, c) ensuring and supervising the compliance of the Company
with the legal, institutional and regulatory framework that govern its operation and d) ensuring and
supervising the growth and implementation of a suitable and efficient Internal Audit System.
The responsibilities and operation of the Committee for the fulfilment of its purpose are described in detail
in its current Rules of Operation, which have been posted on the Company’s website (Audit Committee
Charter) in accordance with current legislation.
2. Composition
The Audit Committee has been established in accordance with the provisions of article 44 of L.4449/2019, as
amended by L.4706/2020 and in force. The type, the composition and term of office were determined by
virtue of the resolution of the Ordinary General Meeting of the Company’s Shareholders dated 09.06.2022. In
particular, a committee of the Board of Directors was designated, consisting of three (3) members of the
Board of Directors, two (2) independent non-executive members and one (1) non-executive member, in
accordance with the criteria of article 9 of L. 4706/2020, and with a term similar to the term of office of the
members of the Company’s Board of Directors, which lasts until the end of the term of the Board of Directors
(21.03.2025), with the possibility of being extended until the first Ordinary General Meeting, which will be
convened after its end. Subsequently, with the resolution of the Board of Directors of the Company dated
09.06.2022, following the above decision of the Extraordinary General Meeting of the Shareholders, the
members of the Audit Committee were appointed and with the resolution of the Audit Committee dated
09.06.2022, Audit Committee was constituted into a body and the independent non-executive member, Mr.
Nikolaos Charitos, was appointed as Chairperson. It is noted that the Company had on its own initiative has
established an Audit Committee since 14.2.2022, which had operated as an independent committee until
22.03.2022, when it was converted into a committee of the Board of Directors by virtue of a decision of the
Extraordinary General Meeting of the Company’s shareholders.
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
71
Therefore, the composition of the Company’s Audit Committee is as follows:
Full Name
Position
Capacity in the Board of Directors
Haritos Nikolaos, son of Panagis
Chairman
Independent Non - Executive Member
Gonticas Constantine, son of Spyridon
Member
Chairman, Independent Non - Executive
Member
Pelidis Emmanuel, son of Achilleas
Member
Non - Executive Member
Each member of the Committee meets the requirements provided for by the current regulatory framework
necessary for its appointment in the Committee.
In particular, the members of the Committee have sucient knowledge in the Company’s business (Real
Estate, Real Estate Holding and Development), while in their majority they are independent of the Company,
within the meaning of the provisions of paras. 1 and 2 of Article 9 of L. 4706/2020.
Out of the Committee members, Messrs Nikolaos Charitos and Emmanuel Pelidis have by law (article 44 par.
1 point f(b)) of L. 4449/2017) adequate knowledge in auditing and/or accounting and Mr. Nikolaos Charitos,
being independent of the Company, is the member that will be obligatorily present in the Committee
meetings regarding approval of the nancial statements.
Curricula vitae of the members of the Committee have been posted on the Company’s website (Curricula
Vitae).
3. Meetings
The Committee meets at least four (4) times per year. The Chairperson of the Committee decides on the
frequency and schedule of the meetings. The statutory auditors are entitled to request a meeting with the
Committee if they consider this to be necessary.
The Committee met seven (7) times during 2024, in which all members attended in person (either physically
or via teleconference). Also, within 2025 and until the approval by the Board of Directors of the annual
nancial statements, the Committee met three (3) times. All of its members participated in the Committee
meetings, and its resolutions are reected in the relevant minutes, signed by all its members. There was no
disagreement on any item.
It is noted that apart from the meetings, the members of the Committee are in regular contact and cooperate
closely and in a coordinated manner with the senior Management of the Company, the Head of the Internal
Audit Unit, the Statutory Auditors of the Company, the company “Deloitte Certied Public Accountants S.A.”
(hereinafter “Deloitte”), which was appointed by the Ordinary General Meeting of the Company’s shareholders
of 13.06.2024 as statutory certied auditor for the audit of nancial statements for the scal year from
01.01.2024 to 31.12.2024 and for the issuance of the annual tax certicate, as well as the independent valuers.
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
72
4. Activities of the Committee for the year 2024 until the approval by the Board of Directors of the
annual financial statements
The Committee at the above meetings dealt with matters within its competence and in particular:
A. Statutory audit / Financial Reporting process
• Monitored, reviewed, and evaluated the process of financial reporting preparation in terms of its accuracy,
completeness, and consistency. In particular, the Committee reviewed and evaluated the annual and
periodical, individual and consolidated, financial statements and financial reports in accordance with the
applicable accounting standards, in terms of their accuracy, completeness and consistency, prior to their
submission to the Board of Directors for approval and recommended their approval to the Board of
Directors. In addition, the Committee verified the compliance with their publicity rules, as well as the
possibility of direct, uninterrupted access to them. In accordance with the above, the Committee
confirmed the Company’s compliance with the relevant laws and regulations governing the issuance and
disclosure of the financial statements.
• Cooperated with the competent executives of the Financial Services Directorate of the Company and the
Statutory Auditors, in order to be informed and confirm the adequacy and efficiency of the processes of
preparing the financial statements and any other financial notifications published.
• Was updated by the statutory auditors on the annual program of statutory audit of the Company and the
Group’s financial statements for the year 2023 prior to its implementation, and evaluated it, certifying
that this would cover the major audit fields and systems on financial reporting, taking into consideration
the main sectors of business and financial risk of the Group.
• In the context of monitoring the process and the performance of the statutory audit of the separate and
consolidated financial statements, the Company’s statutory auditor, Deloitte, received and evaluated the
Supplementary Report with the results of the statutory audit performed for the fiscal year 2023,
confirming that it met the specific requirements of Article 11 of Regulation (EU) No 537/2014 of the
European Parliament and of the Council of 16 April 2014. On these matters, the statutory auditors have
assured the Committee that, as a result of their audit for the fiscal year 2023, they did not identify any
material misstatement in the separate and consolidated financial statements, whether due to fraud or
error, nor was there any finding that would have a material effect on the financial statements and the
normal operation of the Group and the Company.
• Evaluated the auditors’ work and took into account, among others, the opinion of the Financial Services
Department, it recommended to the Board of Directors the reappointment of the firm of auditors
"Deloitte Certified Public Accountants S.A." and the distinctive title "Deloitte S.A." for the audit of the
financial statements for the fiscal year from 01.01.2024 to 31.12.2024. Further, the Committee has
submitted a proposal to the Board of Directors to determine the remuneration of Deloitte S.A. for the
fiscal year 2024.
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
73
• Updated by the external auditors that their review of the interim financial statements for the period ended
30.06.2024 has not brought to their attention anything that would cause them to believe that interim
condensed financial statements has not been prepared, in all material respects, in accordance with IAS
34.
• Updated by the statutory auditors on the annual program of statutory audit of the financial statements
of the Company and the Group for the year 2024 prior to its implementation, and evaluated it, certifying
that this would cover the major audit fields and systems on financial reporting, taking into consideration
the main sectors of business and financial risk of the Group.
• Received from the Company’s statutory auditor, Deloitte, and evaluated the Supplementary Report with
the results of the statutory audit carried out for the fiscal year 2024, confirming that it met the specific
requirements of article 11 of Regulation (EU) No 537/2014 of the European Parliament and of the Council
of 16 April 2014. On these matters, the statutory auditors have assured the Committee that, from the
audit carried out for the fiscal year 2024, they did not identify any material misstatement to the separate
and consolidated financial statements due to either fraud or error, nor was there any finding that would
have a material impact on the financial statements and the smooth operation of the Group and the
Company.
• Held meetings with the Company’s independent valuers prior to the publication of the interim and annual
financial statements in order to be informed about the development of the real estate market and the
most important assumptions of the valuations.
• Confirmed the independence of the statutory auditor, the objectivity and effectiveness of the audit
process, based on the relevant professional and regulatory requirements. The statutory auditor in this
context was called by the Committee, before which the auditor confirmed his independence and the non-
existence of any external direction or directive or recommendation during the exercise of his duties.
Monitoring and ensuring the completeness, objectivity and effectiveness of the audit by the regular
auditor is a key priority of the Committee.
• Updated the Board of Directors on the external audit results.
It is noted that in 2024 and within 2025 until the approval by the Board of Directors of the annual financial
statements, the Audit Committee met five (5) times with the external auditors, overseeing the process of the
relevant audit of the financial statements.
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
74
B. Internal Audit System and Risk Management / Internal audit
Internal Audit Unit
The Committee:
• Monitored and reviewed the proper operation of the Internal Audit Unit in accordance with international
standards on professional implementation of internal audit, as well as applicable legal and regulatory
framework and evaluated its work, adequacy and efficiency, without breaching its independence.
• Was informed in writing by the Head of the Internal Audit Unit, on the annual audit program of the year
2024 of the Internal Audit Unit, is amendments and the annual audit program of the year 2025, as
prepared on the basis of risks. The Committee, prior to the implementation of the program, evaluated it,
taking into consideration the main sectors of business and financial risks as well as the results of the
previous internal audits and expressed its opinion. The Committee then recommended to the Board of
Directors the approval of each Annual Audit Plan.
• Received from the Internal Audit Unit, reviewed and evaluated the Annual Reports for the fiscal years 2023
& 2024, the three-monthly activity reports of the Unit, as well as the reports on the audits conducted
based on the approved annual audit program. Moreover, the Committee informed the Board of Directors
on their content, communicating its opinions thereon.
• Was informed by the Internal Audit Unit on the progress of corrective actions regarding previous audits’
identified weaknesses.
• Approved the updated Internal Audit Unit’s Operating Regulation based on the new Global Internal Audit
Standards, as updated by the Institute of Internal Auditors. Subsequently, the Committee recommended
to the Board of Directors the approval of the Internal Audit Unit’s Operating Regulation.
• Evaluated the work of the Internal Audit Unit, taking into account the requirements of Law 4706/2020.
• Evaluated and recommended to the Remuneration and Nomination Committee the modification of the
terms of employment of the Head of the Internal Audit Unit, in compliance with the Company’s
Remuneration Policy according to article 110 of L. 4548/2018, which has been approved by the
Extraordinary General Meeting of the Company’s shareholders on 22.03.2022.
Regulatory Compliance Unit
The Committee:
• Approved the Annual Action Plan of the Compliance Unit for the years 2024 & 2025.
• Evaluated and approved the quarterly reports and Activity Reports of the Compliance Unit for the years
2023 & 2024.
• Recommended the above documents to the Board for discussion and approval.
• Evaluated the work of the Compliance Unit, taking into account the requirements of L. 4706/2020.
Risk Management Unit
The Committee:
• Approved the Risk Management Unit’s Annual Action Plan for the years 2024 & 2025.
• Reviewed and approved the Risk Management Unit’s quarterly reports and Activity Reports for the years
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
75
2023 & 2024.
• Approved the revised Risk Management Policy & Risk Management Unit Procedures Manual as submitted
by the Risk Management Unit.
• Noted of the results of the 2024 Risk and Control Self Assessment (RCSA) and the updated Risk Register.
• Recommended the above documents to the Board for discussion and approval.
• Evaluated the work of the Risk Management Unit, considering the requirements of L. 4706/2020.
Internal Audit System
• Recommended to the Board of Directors, by submitting a relevant proposal, the appointment of the
auditing company "Ernst & Young (HELLAS) Certified Public Accountants SA" (hereinafter referred to as
"EY") as independent evaluator with regard to the evaluation of the Internal Audit System for the year
ended December 31, 2023, based on the requirements of Law 4706/2020. Furthermore, the Committee
submitted a relevant proposal to the Board of Directors of the Company for the determination of EY’s fee
for the provision of the above service.
• Monitored the progress of the evaluation of the Company’s Internal Audit System by the independent
evaluator EY, ensuring, in cooperation with the Internal Audit, Compliance, Risk Management and other
organizational units of the Company, the smooth and timely implementation of the project.
• Informed by the independent evaluator, EY, on the assessment of the adequacy and effectiveness of the
Internal Control System of the Company and its significant subsidiary, Arcela, and that no material
weaknesses were identified.
C. Corporate Governance System
• Recommended to the Board of Directors, by submitting a relevant proposal, the appointment of the
auditing company "Ernst & Young (HELLAS) Certified Public Accountants S.A." (hereinafter referred to as
"EY") as an independent evaluator with regard to the assessment of the implementation and effectiveness
of the Corporate Governance System until 31.12.2023 based on the requirements of Law 4706/2020.
Furthermore, the Committee submitted a proposal to the Board of Directors of the Company for the
determination of the remuneration of EY for the provision of the aforementioned service.
• Monitored the progress of the evaluation of the implementation and effectiveness of the Company’s
Corporate Governance System by the independent evaluator EY, ensuring, in cooperation with the
Internal Audit, Compliance, Risk Management and other organizational units of the Company, the smooth
and timely implementation of the project.
• Informed by the independent evaluator, EY, on the assessment of the implementation and effectiveness
of the Company’s Corporate Governance System, and that no material weaknesses were identified.
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
76
D. Other matters
The Audit Committee in the context of the Corporate Governance Law 4706/2020:
• Amended annexes of the Company's Internal Operating Regulations in Procedures and Manuals related
to the areas of responsibility of the Committee and recommended their approval to the Board of
Directors.
• Proceeded with its self-assessment and submitted the results of this to the Board of Directors for
discussion.
The Committee recognises the constant and timely update that its members receive from the Internal Audit
Unit in every meeting regarding the conduct of internal audits, their progress and results ensuring compliance
of the Company with the required processes.
In accordance with the above, the Committee found the adequate and constant update from the internal and
external audit of the Company through their notes and suggestions, for ensuring the smooth operation of
the Company.
The cooperation of the Committee with the Company’s Management, the Head of the Internal Audit Unit and
the Statutory Auditors was completely satisfactory and no problem in its operation arose. During the exercise
of its work, the Committee had and has unhindered and full access to all the information it needs, while the
Company provides the Committee with the necessary infrastructure and spaces to eectively perform its
duties.
5. Sustainable Development Policy (ESG)
In accordance with article 44 par. 1 point i of L. 4449/2017, the Audit Committee’s annual report includes a
description of the sustainable development policy followed by the Company.
The Company has a “Sustainable Development Policy”, which has been posted on the Company’s website
(Sustainable Development Policy) and summarizes its commitment to responsible Management of the
economic, social and environmental impacts, resulting from all of its activities, to its stakeholders, as well as
more broadly, towards the economy, society and the environment, with the aim of reducing any negative
eects (e.g. greenhouse gas emissions) and increasing positive eects (e.g. job creation), in the framework of
the United Nations Sustainable Development Goals.
Within 2024 the Company published the Environmental, Social and Governance (ESG) Report for the period
from 1.1.2023 to 31.12.2023. The following standards and frameworks were taken into account for the
preparation of the report: Global Reporting Initiative (GRI) Standards and has been aligned with the Athens
Stock Exchange (ATHEX) ESG Reporting Guide 2022 and Global Real Estate Sustainability Benchmark (GRESB)
Reference Guide.
The report presents the Company’s approach, actions and performance across a wide range of nonnancial
factors. Sustainable development is at the core of the Company’s business model as management seeks to
create equitably distributed and long-term value for the Company, its business partners and the society in
which it operates. The aim of the report is to highlight the responsible way in which the Company operates
Annual Activity Report of the Audit Committee of the Company
For the year 2024
All amounts are expressed in Euro, unless otherwise stated
77
across the broader ESG spectrum, increasing transparency and enhancing stakeholder condence in the
Company’s philosophy and actions.
Finally, it should be noted that since December 2022 the Company’s shares, which are listed on the Athens
Stock Exchange since 06.07.2022, are included in the ATHEX ESG Index, which monitors the stock market
performance of companies listed on ATHEX that adopt and promote their environmental, social and
corporate governance (ESG) practices.
Maroussi, 03.04.2025
The Chairman
The members
Nikolaos Charitos
Emmanuel (Manos) Pelidis
Constantine Gonticas
78
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Statement of Financial Position
as at December 31, 2024
All amounts expressed in Euro, unless otherwise stated
The accompanying notes on pages 85 – 172 form an integral part of the Annual Financial Statements.
79
Statement of Financial Position
Group
Company
Note
31.12.2024
31.12.2023
31.12.2024
31.12.2023
ASSETS
Non-current assets
Investment property
8
141,784,782
117,103,629
-
-
Property, equipment
9
908,326
1,186,397
755,194
968,387
Intangible assets
5,485
8,305
5,485
8,305
Financial assets at fair value through other comprehensive income
10
-
-
160,700,277
125,210,365
Financial assets at fair value through profit or loss
10
-
-
23,758,509
6,785,176
Investments in joint ventures accounted for using the equity
method
11
87,061,019
49,300,182
-
-
Deferred tax assets
12
431,603
435,133
431,394
434,959
Trade and other receivables
13
6,843,018
4,789,673
1,426,104
1,568,829
Total non-current assets
237,034,233
172,823,319
187,076,963
134,976,021
Current assets
Trade and other receivables
13
24,498,934
19,500,177
11,654,875
33,381,996
Inventories
14
47,800
50,427,800
-
895,000
Cash and cash equivalents
15
38,265,299
12,400,507
21,028,443
1,551,118
Assets classified as held for sale
16
-
3,878,752
-
-
Total current assets
62,812,033
86,207,236
32,683,318
35,828,114
Total assets
299,846,266
259,030,555
219,760,281
170,804,135
EQUITY
Share capital
17
934,015
934,015
934,015
934,015
Share premium
17
92,158,255
92,158,255
92,158,255
92,158,255
Treasury stocks reserve
17
(662,055)
(1,984,661)
(662,055)
(1,984,661)
Other reserves
18
2,800,395
2,800,395
81,394,172
58,430,985
Retained earnings
77,378,443
39,724,760
15,651,298
(3,151,086)
Equity attributable to shareholders of the parent company
172,609,053
133,632,764
189,475,685
146,387,508
Non-controlling interests
19
20,262,126
-
-
-
Total equity
192,871,179
133,632,764
189,475,685
146,387,508
LIABILITIES
Non-current liabilities
Long-term borrowings
20
53,029,589
37,580,817
10,562,288
10,630,985
Deferred tax liabilities
12
8,096,192
6,851,647
-
-
Employee benefit obligations
21
295,293
276,572
294,214
275,780
Government grants
1,579,107
-
-
-
Trade and other payables
22
1,431,713
1,234,172
1,025,904
1,000,000
Total non-current liabilities
64,431,894
45,943,208
11,882,406
11,906,765
Current liabilities
Trade and other payables
22
21,727,703
35,562,765
5,740,836
3,739,817
Short-term borrowings
20
20,815,311
43,891,639
12,661,354
8,770,045
Tax liabilities
179
179
-
-
Total current liabilities
42,543,193
79,454,583
18,402,190
12,509,862
Total liabilities
106,975,087
125,397,791
30,284,596
24,416,627
Total equity and liabilities
299,846,266
259,030,555
219,760,281
170,804,135
Statement of Comprehensive Income
for the year ended December 31, 2024
All amounts expressed in Euro, unless otherwise stated
The accompanying notes on pages 85 – 172 form an integral part of the Annual Financial Statements.
80
Statement of Comprehensive Income
Group
Company
Note
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Revenue
23
28,423,718
9,385,708
13,481,184
12,475,584
28,423,718
9,385,708
13,481,184
12,475,584
Fair value gains on investment property
8
11,308,662
19,338,963
-
-
Construction cost
24
(14,462,603)
-
(682,855)
-
Gain on disposal of investment property
8
-
65,000
-
-
Property taxes – levies
25
(1,017,411)
(1,043,706)
(1,828)
(2,006)
Personnel expenses
26
(4,291,778)
(4,058,492)
(4,139,370)
(3,920,816)
Depreciation of property and equipment and
amortisation of intangible assets
(427,568)
(331,817)
(360,356)
(291,754)
Net change in inventory property
14
(4,039,534)
-
(1,054,852)
-
Impairment losses (including reversals of impairment
losses) on trade and other receivables
(19,500)
(132,989)
27,976
87,139
Gain on disposal of subsidiaries and joint ventures
27
14,880,230
1,840,176
-
-
Other income
227,046
802,696
311,004
748,256
Other expenses
28
(7,455,589)
(7,486,437)
(8,288,245)
(7,171,056)
Gain / (Loss) on financial assets at fair value through
profit or loss
10
-
-
19,749,790
(1,596,268)
Operating Profit
23,125,673
18,379,102
19,042,448
329,079
Share of profit of investments accounted for using the
equity method
11
34,471,092
551,969
-
-
Finance income
29
79,864
114,013
1,821,456
1,848,981
Finance expenses
29
(3,139,766)
(2,025,629)
(1,578,700)
(1,165,691)
Profit before tax
54,536,863
17,019,455
19,285,204
1,012,369
Income tax
30
(3,061,582)
(3,814,390)
(278)
5,690
Profit for the year
51,475,281
13,205,065
19,284,926
1,018,059
Attributable to:
Shareholders of the parent company
36,965,755
13,205,065
19,284,926
1,018,059
Non-controlling interests
14,509,526
-
-
-
Other comprehensive income:
Items that will not be reclassified subsequently to
profit or loss
Gain on financial assets at fair value through other
comprehensive income - before tax
10
-
-
22,963,187
15,986,755
Actuarial gains/(losses) on defined benefit plans - before
tax
15,070
(21,381)
14,937
(21,298)
Actuarial gains/(losses) on defined benefit plans -
income tax
(3,315)
4,704
(3,286)
4,686
Other comprehensive income for the year, after tax
11,755
(16,677)
22,974,838
15,970,143
Total comprehensive income for the year
51,487,036
13,188,388
42,259,764
16,988,202
Attributable to:
Shareholders of the parent company
36,977,510
13,188,388
42,259,764
16,988,202
Non-controlling interests
14,509,526
-
-
-
Earnings per share
31
1.99
0.71
Statement of Changes in Equity - Group
for the year ended December 31, 2024
All amounts expressed in Euro, unless otherwise stated
The accompanying notes on pages 85 – 172 form an integral part of the Annual Financial Statements.
81
Statement of Changes in Equity
Note
Share
capital
Share
premium
Treasury
stocks
reserve
Other
reserves
Retained earnings
Equity attributable
to shareholders of
the parent
company
Non-
controlling
interests
Total equity
Balance January 1, 2023
934,015
92,158,255
-
2,800,395
26,536,372
122,429,037
-
122,429,037
Profit for the year
-
-
-
-
13,205,065
13,205,065
-
13,205,065
Other comprehensive
income for the year
-
-
-
-
(16,677)
(16,677)
-
(16,677)
Total comprehensive
income for the year
-
-
-
-
13,188,388
13,188,388
-
13,188,388
Purchase of treasury stocks
-
-
(1,978,132)
-
-
(1,978,132)
-
(1,978,132)
Expenses related to
purchase of treasury stocks
-
-
(6,529)
-
-
(6,529)
-
(6,529)
Total transactions with
shareholders
-
-
(1,984,661)
-
-
(1,984,661)
-
(1,984,661)
Balance December 31, 2023
934,015
92,158,255
(1,984,661)
2,800,395
39,724,760
133,632,764
-
133,632,764
Balance January 1, 2024
934,015
92,158,255
(1,984,661)
2,800,395
39,724,760
133,632,764
-
133,632,764
Profit for the year
-
-
-
-
36,965,755
36,965,755
14,509,526
51,475,281
Other comprehensive
income for the year
-
-
-
-
11,755
11,755
-
11,755
Total comprehensive
income for the year
-
-
-
-
36,977,510
36,977,510
14,509,526
51,487,036
Transactions with non-
controlling interests
-
-
-
-
1,170,366
1,170,366
-
1,170,366
Share capital increase of
non-controlling interests
19
-
-
-
-
-
-
5,752,600
5,752,600
Equity-settled share-based
payment
17
-
-
1,322,606
-
(494,193)
828,413
-
828,413
Total transactions with
shareholders
-
-
1,322,606
-
676,173
1,998,779
5,752,600
7,751,379
Balance December 31, 2024
934,015
92,158,255
(662,055)
2,800,395
77,378,443
172,609,053
20,262,126
192,871,179
Statement of Changes in Equity - Company
for the year ended December 31, 2024
All amounts expressed in Euro, unless otherwise stated
The accompanying notes on pages 85 – 172 form an integral part of the Annual Financial Statements.
82
Note
Share capital
Share premium
Treasury stocks
reserve
Other
reserves
Retained earnings
Total equity
Balance January 1, 2023
934.015
92.158.255
-
42.444.230
(4.152.533)
131.383.967
Profit for the year
-
-
-
-
1.018.059
1.018.059
Other comprehensive income for
the year
-
-
-
15.986.755
(16.612)
15.970.143
Total comprehensive income for
the year
-
-
-
15.986.755
1.001.447
16.988.202
Purchase of treasury stocks
-
-
(1.978.132)
-
-
(1.978.132)
Expenses related to purchase of treasury
stocks
-
-
(6.529)
-
-
(6.529)
Total transactions with
shareholders
-
-
(1.984.661)
-
-
(1.984.661)
Balance December 31, 2023
934.015
92.158.255
(1.984.661)
58.430.985
(3.151.086)
146.387.508
Balance January 1, 2024
934.015
92.158.255
(1.984.661)
58.430.985
(3.151.086)
146.387.508
Profit for the year
-
-
-
-
19.284.926
19.284.926
Other comprehensive income for
the year
-
-
-
22.963.187
11.651
22.974.838
Total comprehensive income for
the year
-
-
-
22.963.187
19.296.577
42.259.764
Equity-settled share-based payment
17
-
-
1.322.606
-
(494.193)
828.413
Total transactions with
shareholders
-
-
1.322.606
-
(494.193)
828.413
Balance December 31, 2024
934.015
92.158.255
(662.055)
81.394.172
15.651.298
189.475.685
Statement of Cash Flow – Group
for the year ended December 31, 2024
All amounts expressed in Euro, unless otherwise stated
The accompanying notes on pages 85 – 172 form an integral part of the Annual Financial Statements.
83
Statement of Cash ows
01.01.2024 to
01.01.2023 to
Note
31.12.2024
31.12.2023
Profit before tax
54,536,863
17,019,455
Adjustments for:
Net fair value (gain) on investment property
8
(11,308,662)
(19,338,963)
Depreciation of property and equipment
9
424,748
329,325
Amortisation of intangible assets
2,820
2,492
(Gain) on disposal of investments
27
(14,880,230)
(1,840,176)
(Gain) on disposal of investment property
8
-
(65,000)
Share of (profit) of investements accounted for using the equity method
11
(34,471,092)
(551,969)
Finance (income)/costs – net
29
3,059,902
1,911,616
Free distribution of treasury stocks
828,413
-
Loss on finance subleases
34,919
15,415
Other
(24,837)
(575)
(1,797,156)
(2,518,380)
Changes in working capital
(Increase) / decrease in trade and other receivables
(123,128)
(7,341,890)
(Increase) / decrease in inventories
(8,620,534)
(47,800)
Increase / (decrease) in trade and other payables
15,100,221
3,437,428
Increase / (decrease) provisions
18,720
47,586
6,375,279
(3,904,676)
Cash flows from operating activities
4,578,123
(6,423,056)
Interest paid and related expenses
(4,355,481)
(1,771,327)
Income taxes paid
(3)
(3,024)
Net cash flows from operating activities
222,639
(8,197,407)
Cash flows from investing activities
Payments for acquisition/incorporation/contribution to investments in subsidiaries
and joint ventures, net of cash acquired
(16,959,800)
(15,699,602)
Purchase of property and equipment
(42,990)
(35,185)
Purchase of intangible assets
-
(1,787)
Purchase of investment properties
(3,382,652)
(19,639,597)
Payments for additions to existing investment properties and related to investment
properties
(20,180,612)
(34,797,249)
Proceeds on disposal of property and equipment
-
2,500
Proceeds on sale of investment property
-
8,040,000
Proceeds on disposal of investments in subsidiaries and joint ventures net of cash
sold
29,726,805
41,189,227
Interest received
59,351
100,419
Interest received from borrowings/subleases to related parties
8,447
12,747
Loans granted to related parties
33
(4,494,000)
(46,000)
Capital receipts of subleases
31,687
29,069
Net cash flows from investing activities
(15,233,764)
(20,845,458)
Cash flows from financing activities
Repayment of borrowings
(40,840,000)
(6,430,000)
Proceeds from borrowings
82,104,000
40,297,000
Purchase of treasury stocks
-
(1,984,661)
Capital repayments of leases
(388,083)
(438,619)
Net cash flows from financing activities
40,875,917
31,443,720
Net increase/(decrease) in cash and cash equivalents
25,864,792
2,400,855
Cash and cash equivalents at the beginning of the year
12,400,507
9,999,652
Cash and cash equivalents at the end of the year
38,265,299
12,400,507
Statement of Cash Flow – Company
for the year ended December 31, 2024
All amounts expressed in Euro, unless otherwise stated
The accompanying notes on pages 85 – 172 form an integral part of the Annual Financial Statements.
84
Note
01.01.2024 to
31.12.2024
01.01.2023 to
31.12.2023
Profit before tax
19,285,204
1,012,369
Adjustments for:
Depreciation of property and equipment
9
357,537
289,262
Amortisation of intangible assets
2,820
2,492
(Gain)/loss on financial assets at fair value through profit or loss
10
(19,749,790)
1,596,268
(Gain) on disposal of investments
-
-
Finance (income)/costs – net
29
(242,756)
(683,290)
Free distribution of treasury stocks
828,413
-
(Gain) / Loss on finance subleases
78,502
14,657
Other
-
(575)
559,930
2,231,183
Changes in working capital
(Increase) / decrease in trade and other receivables
113,013
(4,667,284)
(Increase) / decrease in inventories
895,000
-
Increase / (decrease) in trade and other payables
3,041,862
(464,396)
Increase / (decrease) provisions
18,436
47,162
4,068,310
(5,084,518)
Cash flows from operating activities
4,628,240
(2,853,335)
Interest paid and related expenses
(1,676,438)
(887,526)
Income taxes paid
-
-
Net cash flows from operating activities
2,951,802
(3,740,861)
Cash flows from investing activities
Payments for acquisition/incorporation/contribution to investments in subsidiaries and joint
ventures, net of cash acquired
(21,141,125)
(9,696,775)
Proceeds from decrease of share capital and other reserves
2,585,000
123,000
Purchase of property and equipment
(39,540)
(31,542)
Purchase of intangible assets
-
(1,787)
Proceeds on disposal of property and equipment
-
2,500
Proceeds on sale of investment property
-
40,000
Proceeds on disposal of investments in subsidiaries and joint ventures net of cash sold
7,280,857
1,000,000
Interest received
104,635
9,585
Interest received from borrowings/subleases to related parties
19,666
28,973
Capital receipts of subleases
73,803
81,157
Proceeds from loans granted to related parties
33
23,905,184
2,000,000
Net cash flows from investing activities
12,788,480
(6,444,889)
Cash flows from financing activities
Repayment of borrowings
(4,650,000)
(4,500,000)
Proceeds from borrowings
8,650,000
16,500,000
Purchase of treasury stocks
-
(1,984,661)
Capital repayments of leases
(262,957)
(284,029)
Net cash flows from financing activities
3,737,043
9,731,310
Net increase/(decrease) in cash and cash equivalents
19,477,325
(454,440)
Cash and cash equivalents at the beginning of the year
1,551,118
2,005,558
Cash and cash equivalents at the end of the year
21,028,443
1,551,118
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
85
Notes to the Financial Statements
1. General Information for the Company and the Group
The parent company "DIMAND SOCIETE ANONYME - DEVELOPMENT AND EXPLOITATION OF REAL ESTATE
AND CONSTRUCTIONS, SERVICES AND HOLDING" (hereinafter the "Company" or "DIMAND S.A.") with the
distinctive title DIMAND S.A., headquartered in the Municipality of Maroussi, Greece has as its main object
the realisation of investments in real estate, the purchase, sale, lease and rental of real estate for the purpose
of its development. It also manages and exploits in any way the properties of the Company or third parties
and provides services in the field of real estate development and management through the preparation of
studies, surveys and business plans for the development of real estate. Finally, the operation of all types of
construction projects, whether public or private, the construction of buildings of all types and uses on land
owned by the Company or by third parties, for the purpose of selling them in whole or in part or exploiting
them, and, in general, the operation of real estate businesses. The Company has the legal form of a societe
anonyme and is registered in the General Commercial Register under the number 004854501000. The
duration of the company is set at fifty years. The address of the Company’s registered office is 115
Neratziotisis street, 15124, Maroussi, Greece. The Company and the subsidiaries consolidated by the
Company using the full consolidation method by the Company constitute the Group (hereinafter referred to
as the "Group").
For the Group structure, as well as the investments in subsidiaries and joint ventures, see notes 10 and 11.
As of 31.12.2024, the Group’s and the Company’s number of employees was 71 and 63 respectively
(31.12.2023: 62 employees for the Group and 55 employees for the Company). It should be noted that only
the Company (63 employees), the subsidiary Arcela Investments Ltd (2 employees) and the subsidiary
Bridged - T Ltd (6 employees) employed staff as of 31.12.2024, as the other property development
companies and their holding companies do not employee staff.
The members of the Board of Directors of the Company were elected by virtue of the decision of the
Extraordinary General Meeting of the Company’s shareholders of 09.06.2022, for a three-year term of office,
which expires on 21.03.2025, and may be automatically extended until the expiry of the period within which
the next Annual General Meeting may be convened.
Subsequently, the Board of Directors was reconstituted (a) by virtue of the Board of Directors’ decision of
dated 25.05.2023, during which Mrs Anna Chalkiadaki was elected as a new executive member of the Board
of Directors of the Company, following the resignation of an executive member of the Board of Directors,
and the aforementioned election was duly announced at the Annual General Meeting of the Company’s
Shareholders of 22.06.2023 and (b) by virtue of the Board of Directors decision dated 07.11.2023, during
which Mrs Polyxeni (Xenia) Kazoli was elected as a new independent non-executive member of the
Company’s Board of Directors, following the resignation of the independent non-executive member of the
Board of Directors, Mrs Panagiota Antonakou, as of 07.11.2023, and the above election was duly announced
at the General Meeting of the Company's Shareholders on 13.06.2024, (c) pursuant to the decision of the
Board of Directors dated 31.05.2024, whereby the Board of Directors was reconstituted and decided on the
appointment of Mr. Dimtsas Nikolaos Ioannis as Deputy Chief Executive Officer of the Company.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
86
The composition of the Board of Directors is as follows:
Full name Position in the Board of Directors / Capacity Chairman of the BoD, Independent non-executive Gonticas Constantine member Vice Chairman of the BoD and CEO, Executive Andriopoulos Dimitrios member Dimtsas Nikolaos - Ioannis Deputy CEO, Executive member Dagtzi - Giannakaki Despoina Executive member Anastasopoulos Michael Executive member Itsiou Olga Executive member Chalkiadaki Anna Executive member Pelidis Emmanuel (Manos) Non-Executive Member Kazoli Polyxeni (Xenia) Independent - Non-Executive Member Haritos Nikolaos Independent - Non-Executive Member
During the Board of Directors’ independent non-executive members’ election by the General Meeting, the
completeness of the criteria for their independence in relation to the Company was verified.
Additionally, in accordance with the provisions of Law 4706/2020 article 9, the Board of Directors,
continuously monitor the independence criteria of its independent non-executive members, ascertained,
prior to the publication of the annual financial report, that the aforementioned independent members
continue to meet the independence criteria.
These Consolidated and Separate Financial Statements for 31.12.2024, have been approved for issue by the
Company’s Board of Directors on 03.04.2025, and are available, along with the independent auditor’s report
and the Board of Directors’ Annual Report on the website address https://dimand.gr/en/ and are subject to
approval by the Annual General Meeting of Shareholders.
2. Basis of preparation of the Financial Statements
The financial statements have been prepared by Management in accordance with International Financial
Reporting Standards (IFRS) and the Interpretations of the Interpretations Committee of IFRS, as adopted by
the European Union.
The accounting policies are consistent with those used in the previous fiscal year.
The financial statements have been prepared under the historical cost convention, except for investment
property and investments in subsidiaries and joint ventures, which are measured at fair value.
The preparation of the financial statements in accordance with IFRS requires the use of certain significant
estimates, judgments and assumptions by Management in applying the accounting policies. Areas involving
complex transactions and involving a high degree of subjectivity, or assumptions and estimates that are
significant to the financial statements of the Group and the Company are referred to in note 6.
The amounts in the financial statements are presented in euros, unless expressly stated otherwise.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
87
Going Concern Assumption
The Management, after reviewing the current financial data of the Group and the Company as well as future
obligations, agreements, and prospects, and considering the impact of the macroeconomic environment,
assesses that the prospects of the Group and the Company are positive. The Management believes that the
Group and the Company have the ability to continue their operations without disruption in accordance with
their business plan. Given that the Group's working capital is positive, meaning that current assets exceed
short-term liabilities by €20,268,840 (2023: €6,752,653), the Management of the Group and the Company
believes that the Group and the Company have sufficient resources to continue their economic activities for
the twelve months following the date of approval of the financial statements. As a result, the Annual
Financial Statements have been prepared in accordance with the going concern principle for the
Group and the Company.
The Company's Management closely monitors and evaluates developments to take necessary measures and
adjust its business plans (if required) in order to ensure business continuity and mitigate any potential
negative impacts.
3. New standards, amendments to standards and interpretation
The Financial Statements have been prepared in accordance with the accounting policies used to prepare
the Financial Statements for the fiscal year 2023, adapting new Standards, and the revisions to the
Standards required by IFRS.
New standards, amendments to standards and interpretation: Certain new standards, amendments to
standards and interpretations have been issued that are mandatory for periods beginning on or after January
1, 2024.
Standards and Interpretations effective for the current financial year
• IAS 1 (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.
The amendments have no impact on the consolidated and separate financial statements.
• IAS 1 (Amendment) “Non-Current Liabilities with Covenants”: The amendment specifies that only
covenants that an entity is required to comply with on or before the end of the reporting period affect the
entity’s right to defer settlement of a liability for at least twelve months after the reporting date (and
therefore must be considered in assessing the classification of the liability as current or non-current). Such
covenants affect whether the right exists at the end of the reporting period, even if compliance with the
covenant is assessed only after the reporting date. The right to defer settlement is not affected if an entity
only has to comply with a covenant after the reporting period. However, if the entity’s right to defer
settlement of a liability is subject to the entity complying with covenants within twelve months after the
reporting period, an entity discloses information that enables users of financial statements to understand the
risk of the liabilities becoming repayable within twelve months after the reporting period. The amendments
have no impact on the consolidated and separate financial statements.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
88
• IAS 7 (Amendments) “Statement of Cash Flows” and IFRS 7 (Amendments) “Financial Instruments:
Disclosures”: The amendments add a disclosure objective to IAS 7 stating that an entity is required to disclose
information about its supplier finance arrangements that enables users of financial statements to assess the
effects of those arrangements on the entity’s liabilities and cash flows and the entity’s exposure to liquidity
risk. Under the existing Application Guidance in IFRS 7, an entity is required to disclose a description of how
it manages the liquidity risk resulting from financial liabilities. The amendments include as an additional factor
whether the entity has accessed, or has access to, supplier finance arrangements that provide the entity with
extended payment terms or the entity’s suppliers with early payment terms. The amendments have no impact
on the consolidated and separate financial statements.
• IFRS 16 (Amendments) “Lease Liability in a Sale and Leaseback”: The amendments add subsequent
measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15
Revenue from Contracts with Customers to be accounted for as a sale. The amendments require the seller
lessee to determine ‘lease payments’ or ‘revised lease payments’ such that the seller-lessee does not
recognise a gain or loss that relates to the right of use retained by the seller-lessee, after the commencement
date. The amendments have no impact on the consolidated and separate financial statements.
Standards and Interpretations effective for subsequent periods
A number of new standards and amendments to standards and interpretations are effective for subsequent
periods and have not been applied in preparing these consolidated and separate financial statements. The
Group is currently investigating the impact of the new standards and amendments on its financial
statements and estimates that there will be no material effect.
• IAS 21 (Amendments) “Lack of Exchangeability” (effective for annual periods beginning on or after
January 1, 2025): The amendments specify when a currency is exchangeable into another currency and how
to determine the exchange rate when it is not. Applying the amendments, a currency is exchangeable when
an entity is able to exchange that currency for the other currency through market or exchange mechanisms
that create enforceable rights and obligations without undue delay at the measurement date and for a
specified purpose. However, a currency is not exchangeable into the other currency if an entity can only
obtain no more than an insignificant amount of the other currency at the measurement date for the specified
purpose. When a currency is not exchangeable at the measurement date, an entity is required to estimate
the spot exchange rate as the rate that would have applied to an orderly exchange transaction at the
measurement date between market participants under prevailing economic conditions. In that case, an entity
is required to disclose information that enables users of its financial statements to evaluate how the
currency’s lack of exchangeability affects, or is expected to affect, the entity’s financial performance, financial
position and cash flows.
• IFRS 9 (Amendments) “Financial Instruments” (effective for annual periods beginning on or after
January 1, 2026): Application guidance is added to IFRS 9 “Financial Instruments” to address specifically
whether a contract to buy electricity generated from a source dependent on natural conditions is held for the
entity’s own-use expectations. The amendments also permit an entity to designate a variable nominal
amount of electricity as the hedged item when an entity applies the hedge accounting requirements in IFRS 9
and designates a contract referencing nature-dependent electricity with a variable nominal amount as the
hedging instrument. The amendments have not yet been endorsed by the EU.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
89
• IFRS 9 (Amendments) “Financial Instruments” and IFRS 7 (Amendments) “Financial Instruments:
Disclosures” (effective for annual periods beginning on or after January 1, 2026): The application
guidance in IFRS 9 is amended to clarify the date of initial recognition or derecognition of financial assets and
financial liabilities. The amendments permit an entity to deem a financial liability (or part of it) that will be
settled in cash using an electronic payment system to be discharged before the settlement date if, and only
if, the entity has initiated a payment instruction that has resulted in:
• the entity having no practical ability to withdraw, stop or cancel the payment instruction
• the entity having no practical ability to access the cash to be used for settlement
• the settlement risk associated with the electronic payment system being insignificant.
The application guidance in IFRS 9 is amended to provide guidance on how an entity assesses whether
contractual cash flows of a financial asset are consistent with a basic lending arrangement. The amendments
clarify that contractual cash flows are inconsistent with a basic lending arrangement if they are indexed to a
variable that is not a basic lending risk or cost or if they represent a share of the debtor’s revenue or profit,
even if such contractual terms are common in the market in which the entity operates. IFRS 9 is amended to
enhance the description of the term “non-recourse”. Under the amendments, a financial asset has non-
recourse features if an entity’s ultimate right to receive cash flows is contractually limited to the cash flows
generated by specified assets.
The amendments in IFRS 9 clarify the characteristics of contractually linked instruments that distinguish them
from other transactions. The amendments also note that not all transactions with multiple debt instruments
meet the criteria of transactions with multiple contractually linked instruments.
The amendments in IFRS 7 require an entity that derecognises investments in equity instruments measured
at FVTOCI during the reporting period to disclose any transfers of the cumulative gain or loss within equity
during the reporting period related to the investments derecognised during that reporting period. Also, an
entity is no longer required to disclose the reporting date fair value of each equity instruments designated at
FVTOCI, this information can be provided by class of instruments.
The amendments in IFRS 7 introduce disclosure requirements for financial instruments that include
contractual terms that could change the timing or amount of contractual cash flows on the occurrence (or
non-occurrence) of a contingent event that does not relate directly to changes in a basic lending risks and
costs (such as the time value of money or credit risk). The entity is required to make these disclosures by
class of financial assets measured at amortized cost or FVTOCI and by class of financial liabilities
measured at amortized cost. The amendments have not yet been endorsed by the EU.
• IFRS 18 “Presentation and Disclosure in Financial Statements” (effective for annual periods
beginning on or after January 1, 2027): The standard replaces IAS 1 “Presentation of Financial Statements”.
The standard requires companies to report subtotals for operating profit and profit before financing and
income taxes in the statement of profit or loss. In addition, the standard requires companies to disclose
reconciliations between reported management-defined performance measures and totals or subtotals
required by IFRS Accounting Standards. The standard also introduces enhanced requirements for grouping
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
90
of information in the financial statements and the presentation of operating expenses in the statement of
profit or loss and the notes. The standard has not yet been endorsed by the EU.
• IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective for annual periods
beginning on or after January 1, 2027): The standard permits an eligible subsidiary to provide reduced
disclosures when applying IFRS accounting standards in its financial statements. A subsidiary is eligible for
the reduced disclosures if it does not have public accountability and its ultimate or any intermediate parent
produces consolidated financial statements available for public use that comply with IFRS Accounting
Standards. IFRS 19 is optional for subsidiaries that are eligible and sets out the disclosure requirements for
subsidiaries that elect to apply it. The standard has not yet been endorsed by the EU.
Annual improvements to International Financial Reporting Standards (IFRS) (effective for annual periods
beginning on or after January 1, 20 26):
• IFRS 1 “First-time Adoption of International Financial Reporting Standards”: The amendment
addresses a potential confusion arising from an inconsistency in wording between paragraph B6 of IFRS 1
and requirements for hedge accounting in IFRS 9 “Financial Instruments”.
• IFRS 7 “Financial Instruments: Disclosures”: The amendment addresses a potential confusion in
paragraph B38 of IFRS 7 arising from an obsolete reference to a paragraph that was deleted from the standard
when IFRS 13 “Fair Value Measurement” was issued.
• IFRS 7 “Financial Instruments: Disclosures” (implementation guidance only): The amendment
addresses an inconsistency between paragraph 28 of IFRS 7 and its accompanying implementation guidance
that arose when a consequential amendment resulting from the issuance of IFRS 13 was made to paragraph
28, but not to the corresponding paragraph in the implementation guidance.
• IFRS 7 “Financial Instruments: Disclosures” (implementation guidance only): The amendment
addresses a potential confusion by clarifying in paragraph IG1 that the guidance does not necessarily illustrate
all the requirements in the referenced paragraphs of IFRS 7 and by simplifying some explanations.
• IFRS 9 “Financial Instruments”: The amendment addresses a potential lack of clarity in the application
of the requirements in IFRS 9 to account for an extinguishment of a lessee’s lease liability that arises
because paragraph 2.1(b)(ii) of IFRS 9 includes a cross-reference to paragraph 3.3.1, but not also to
paragraph 3.3.3 of IFRS 9.
• IFRS 9 “Financial Instruments”: The amendment addresses a potential confusion arising from a
reference in Appendix A to IFRS 9 to the definition of ‘transaction price’ in IFRS 15 “Revenue from Contracts
with Customers” while term ‘transaction price’ is used in particular paragraphs of IFRS 9 with a meaning that
is not necessarily consistent with the definition of that term in IFRS 15.
• IFRS 10 “Consolidated Financial Statements”: The amendment addresses a potential confusion arising
from an inconsistency between paragraphs B73 and B74 of IFRS 10 related to an investor
determining whether another party is acting on its behalf by aligning the language in both paragraphs.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
91
• IAS 7 “Statement of Cash Flows”: The amendment addresses a potential confusion in applying paragraph
37 of IAS 7 that arises from the use of the term ‘cost method’ that is no longer defined in IFRS Accounting
Standards.
The amendments have not yet been endorsed by the EU.
4. Material accounting policy information
4.1 Consolidation of subsidiary companies
a) Subsidiaries
Subsidiaries are all companies under the control of the Group. The Group has control over an entity when is
exposed to or has rights to variable returns from its participation in the entity and has the ability to affect
those returns through its power over the entity. Subsidiary companies are consolidated using the full
consolidation method from the date the Group obtains control on them and cease to be consolidated from
the date the Group loses control on them.
Business combinations are accounted for using the acquisition method. The consideration price is calculated
as the fair value of the assets transferred, the liabilities assumed towards the former shareholders and the
shares issued by the Group. The consideration price also includes the fair value of any asset or liability
resulting from any contingent consideration arrangement. Assets and liabilities acquired, as well as
contingent liabilities assumed in a business combination, are initially measured at their fair value on the
acquisition date. On a case-by-case basis, the Group recognises any non-controlling interest in the subsidiary
either at fair value or at the value of the share of the non-controlling interest in the net asset value of the
subsidiary.
The expenses related to the acquisition are accounted for at profit or loss.
If the business combination is achieved in stages, the fair value of the interest held by the Group in the
acquired company is remeasured at fair value at the acquisition date. The gain or loss resulting from the
remeasurement is recognised in profit or loss.
Intercompany transactions, balances, and unrealized profits from transactions between Group companies
are eliminated. Unrealised losses are also eliminated. The Company’s financial statements and its
subsidiaries’ financial statements used to prepare the consolidated financial statements are compiled with
the same reporting date. The accounting policies applied by the subsidiaries have been adjusted, where
deemed necessary, to comply with those adopted by the Group.
The fair value of subsidiaries is determined using valuation techniques and assumptions based on market
data and the financial position of the subsidiaries at the date of preparation of their financial statements.
For acquisitions of subsidiaries that do not fall within the definition of a business combination, the Group
identifies and recognises the individual identifiable assets and individual identifiable liabilities of the acquiree
based on the consideration paid for the acquisition, which is allocated to those assets and liabilities based
on their relative fair values at the date of acquisition. No goodwill arises from such transactions. In the case
of a variable consideration, the Group recognises the variable portion as a liability or asset when it becomes
final.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
92
b) Changes in the Group’s ownership interest in subsidiaries that do not result in loss on control
Changes in the Group’s ownership interests in subsidiaries that do not result in losing control of the
subsidiaries are accounted for as equity transactions. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the consideration paid is recognised directly in equity
and attributed to owners of the Company. Gains or losses arising from the sale to the minority shareholders
are also recognised in equity.
Non-controlling interests represent the portion of a subsidiary’s equity that is not attributable, directly or
indirectly, to the parent company. Losses related to a subsidiary’s non-controlling interests (minority
interests) may exceed their share in the subsidiary’s equity. Profits or losses, as well as each component
of other comprehensive income, are allocated to both the parent company's owners and the non-controlling
interests, even if this results in the non-controlling interests showing a deficit.
c) Sale of subsidiaries
When the Group loses control of a subsidiary, the remaining interest is remeasured at its fair value, while any
differences arising in relation to the carrying amount are recognised in profit or loss. Then, this interest is
recognised as an associate, joint venture, or financial asset at that fair value.
d) Goodwill
Goodwill arises from the acquisition of subsidiaries and is recognized as the excess amount between: a) the
sum of the consideration paid, any non-controlling interests in the acquired entity, and the fair value of any
previously held interest in the acquired entity, and b) the fair value, at the acquisition date, of the assets
acquired and the liabilities assumed. However, if the under a) above is less than the fair value, this difference
is immediately recognized in the income statement.
If, after re-evaluation, the fair value at the acquisition date of the acquired assets and assumed liabilities
exceeds the sum of the consideration paid, any non-controlling interests in the acquired entity, and the fair
value of any previously held interest in the acquired entity, the difference is immediately recognized in the
income statement.
For the purpose of impairment testing, the goodwill acquired in a business combination is allocated to each
cash-generating unit or groups of cash-generating units that are expected to benefit from the synergies of
the combination. Each unit or group of units to which goodwill is allocated represents the lowest level within
the Group at which goodwill is monitored for internal management purposes.
Goodwill is subject to an impairment test on an annual basis or more frequently if events or changes in
circumstances indicate that it may be impaired. The carrying amount of goodwill is compared with its
recoverable amount, which is the higher of its value in use and fair value less costs to sell. Any impairment
loss is recognized directly as an expense and cannot be reversed subsequently.
4.2 Investment in joint ventures
A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when the decisions on the
relevant activities require the unanimous consent of the parties sharing control. Investments in joint
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
93
arrangements are classified as either joint ventures, whereby the parties that have joint control, have rights to
the net assets of the arrangement, or joint operations, whereby two or more parties have rights to the
assets and obligations for the liabilities of the arrangement.
The Group examines the contractual terms of the joint arrangements in which it participates, in order to
determine whether they are joint ventures or joint operations. The joint arrangements in which the Group
participates are joint ventures.
Joint ventures are accounted for using the equity method. Under the equity method, investments in joint
ventures are initially recognised at cost, which is subsequently increased or decreased by recognising the
Group’s share of the joint ventures’ profits or losses and changes in other comprehensive income after the
acquisition. In the event that the Group’s share of the joint ventures’ losses exceeds the value of the
investment (which includes any long-term investment that is substantially part of the Group’s net investment
in the joint ventures) , no additional losses are recognised unless payments or further commitments have
been made on behalf of the joint ventures.
Unrealised profits from transactions between the Group and the joint ventures are eliminated according to
the percentage of the Group’s participation in the joint ventures. Unrealised losses are also eliminated, unless
the transaction provides evidence of impairment of the transferred asset. The accounting policies of joint
ventures have been amended, where necessary, to be consistent with those adopted by the Group.
4.3 Foreign Currency Translation
(a) Functional and presentation currency
Items included in the Financial Statements of the Group and the Company are measured using the currency
of the primary economic environment in which the Group and the entity operates (“the functional currency”) .
The consolidated Financial Statements of the Group are presented in Euro (€) , which is the functional currency
and the presentation currency of the Group and the Company.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency at the exchange rates prevailing at
the dates of the transactions or valuation when items are revalued. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
in foreign currencies at the exchange rates prevailing on the reference date, are recognised in profit or loss.
4.4 Investment property
Properties that are held with the long-term intention of earning rentals or / and for capital appreciation are
included in investment property. These properties are not used by the Group and the Company. Investment
properties include owned or leased land and buildings under construction that are being developed for future
use as investment properties.
Investment property is measured initially at its cost, including related transaction costs and borrowing costs.
General borrowing costs as well as borrowing costs incurred specifically for the acquisition or construction of
an investment property are capitalized, as part of the cost of that item, for the time required until the
investment property is ready for use or sale. Interest income from the temporary placement of borrowing
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
94
undertaken specifically for the acquisition or construction of an investment property is deducted from
borrowing costs that are allowed to be capitalized. All other borrowing costs are recorded in profit or loss as
they are incurred.
After initial recognition, investment properties are recognised at fair value. Fair value is based on prices
prevailing in an active market, adjusted, where necessary, due to differences in the nature, location or
condition of the respective asset. If this information is not available, then alternative valuation methods are
applied. These valuations are appraised as of June 30 and December 31 of each year by an independent
certified professional valuer in accordance with the guidance issued by the International Valuation Standards
Committee.
The fair value method for properties under construction is only applied when it can be measured reliably.
Subsequent expenditure is charged to the asset’s carrying amount only when it is probable that future
economic benefits associated with the asset will flow to the Group and the Company and that costs can be
measured reliably. Repairs and maintenance costs are charged to profit or loss during the financial period in
which they are incurred.
Changes in fair values are recorded in profit or loss. Investment property is derecognised when disposed or
when use of investment property is ended and there is no future economic benefit expected from the
disposal.
When the Group and the Company sell an investment property that is measured at fair value in a transaction
under the common commercial terms, the carrying amount of the investment property immediately before
the sale is adjusted to the transaction price and any difference is recognised in profit or loss in the line “Fair
value gains on investment property”.
The difference between the net proceeds from the sale and the carrying amount of the asset is recognized in
the profit or loss for the period of derecognition. When determining the consideration to be included in the
gain or loss from the derecognition of an investment property, the Group takes into account the effects of
deferred consideration, the existence of a significant financing component, non-cash consideration, and any
consideration paid to the buyer (if applicable), in accordance with the requirements for determining the
transaction price under IFRS 15.
If an investment property becomes owner-occupied, it is reclassified as property and equipment and its fair
value at the date of reclassification becomes its cost for accounting purposes.
If an item of property and equipment becomes an investment property because its use has changed, any
difference between the carrying amount and the fair value of this item at the date of the transfer is
recognised in the same way as revaluation of property and equipment under IAS 16.
If the use of an investment property changes, such as commencing construction with a view to sale, then it is
reclassified to inventories and its fair value at the date of reclassification is defiined as its acquisition cost for
accounting purposes.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
95
4.5 Financial instruments
Initial recognition
A financial asset or a financial liability is recognised in the Group and Company’s Statement of Financial
Position when the Group and Company become party to the contractual provisions of the instrument.
(a) Financial assets
Classification and measurement of financial assets
The Group and the Company classify financial assets in the following measurement categories:
• Financial assets measured at fair value (either through other comprehensive income either through
profit and loss)
• Financial assets measured at amortised cost.
Financial assets are initially measured at fair value plus transaction costs directly attributable to the
acquisition of the financial assets, for financial assets not at fair value through profit or loss. Transaction
costs directly attributable to the acquisition of financial assets at fair value through profit or loss are
recognised in profit or loss.
Financial assets, other than investments in equity investments, are classified into one of the following
measurement categories based on the Group’s and the Company’s business model for managing financial
assets and the characteristics of their contractual cash flows.
• Amortized cost: The financial asset that are held within a business model whose objective is to holdfinancial assets in order to collect contractual cash flows that are solely payments of principal andinterest are measured at amortised cost.• Fair value through other comprehensive income: Financial assets that are held within a businessmodel whose objective is collecting the contractual cash flows and selling them, where the cash flowsconsist solely of payments of principal and interest, are measured at fair value through othercomprehensive income.• Fair value through profit or loss: All other financial assets are subsequently measured at fair valuethrough profit or loss.
The Group and the Company can, upon initial recognition of a financial asset, except for investments in
equity instruments, irrevocably designate the financial asset as measured at fair value through profit or loss
if doing so eliminates or significantly reduces a measurement or recognition inconsistency.
Investments in equity instruments are subsequently measured at fair value through profit or loss, unless the
Company has irrevocably chosen at initial recognition of an investment in an equity instrument not held for
trading, to measure it at fair value through other comprehensive income.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
96
The Group and the Company reclassify financial assets only if the business model for managing them
changes. Financial assets for which irrevocable choices/designations have been made at initial recognition,
as stated above, cannot be reclassified.
Financial assets are derecognized when the right to the cash flows expires or is transferred, and the Group
and the Company have transferred substantially all the risks and rewards of ownership.
When a financial asset measured at fair value through other comprehensive income, other than investments
in equity instruments, is derecognized, the accumulated gain or loss previously recognized in other
comprehensive income is reclassified from equity to profit or loss. When an investment in an equity
instrument measured at fair value through other comprehensive income is derecognized, the accumulated
gain or loss previously recognized in other comprehensive income is transferred to profit or loss.
When a financial asset at fair value through profit or loss is derecognised, the gains and losses arising
between the last reporting period and the date of derecognition do not constitute a separate gain or loss on
disposal. Those gains and losses have already arisen before the disposal and while the item continues to be
measured at fair value through profit or loss (FVTPL) shall be recognised in profit or loss at the time they
arise.
As of the reporting date, the Group and the Company hold receivables and loans that are measured at
amortized cost (see note 13). Additionally, the Company's investments in subsidiaries are measured at fair
value through profit or loss under IFRS 9, except for the investment in the subsidiary Arcela Investments Ltd,
for which the Company has irrevocably chosen, under IFRS 9, to measure it at fair value through other
comprehensive income, see note 10 for further details.
Impairment
Financial assets, other than investments in equity instruments, measured at amortised cost or fair value
through other comprehensive income are subject to impairment.
IFRS 9 requires impairment to be calculated on the basis of expected credit losses, using the following 3
stages:
Stage 1: Measurement of expected credit losses for the next 12 months. It includes all financial assets with
an insignificant increase in credit risk since initial recognition and usually concerns financial assets that have
not exceeded their due date by more than 30 days. The proportion of expected credit losses for the total life
of the items that will result from credit events (default events) that are likely to occur during the next 12
months is recognised.
Stage 2: Measurement of lifetime expected credit losses - without credit impairment. If a financial asset has a
significant increase in credit risk since initial recognition but is not yet impaired, it is classified as Stage 2
and measured at its lifetime expected credit losses defined as the expected credit loss resulting from all
possible credit events of his expected life.
Stage 3: Measurement of lifetime expected credit losses - with credit impairment. If a financial asset is
designated as credit impaired, it is transferred to Stage 3 and measured at its lifetime expected credit loss.
Objective evidence for a credit-impaired financial asset is more than 90 days late from the due date and
other information about significant financial difficulties of the debtors.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
97
The Group and the Company have adopted the simplified approach for the estimation of expected credit
losses for trade and other receivables. The Group and the Company at each reporting date measures the
allowance for impairment of trade and other receivables at an amount equal to the expected lifetime credit
losses. Accordingly, all of the Group’s and the Company’s trade and other receivables are classified at Stage 2
and Stage 3 as described above.
The following are the key inputs to the application of the Group’s accounting policies in respect of estimates
of expected credit losses: • Exposure at default ("EAD"): represents the amount of the exposure at the reporting date.• Probability of Default (”PD”): The probability of default is an estimate of the probability within thespecified time horizon. The Group and the Company calculate PD using historical data, assumptionsand forward-looking estimates.• Loss Given Default ("LGD"): represents an estimate of the loss that will be incurred at the date ofdefault. LGD is calculated as the difference between the contractual cash flows of the instrument dueand the expected future cash flows of the instrument expected to be received. The determination ofLoss on Default also considers the effect of the recovery of expected cash flows arising from collateralheld by the Group and the Company.
As of 31.12.2024 and 31.12.2023, the Group and the Company did not hold any receivables from customers
for which no expected credit loss has been recognised due to the effect of any related collateral.
At the centre of the measurement of expected credit loss is the definition of default. The Group and the
Company considers an event of default when the debtor is in arrears for more than 90 days or is not likely to
repay its obligations to the Group and the Company due to financial difficulties. The Group and the Company
measures expected credit losses on a collective basis for portfolios of receivables from customers with
similar credit characteristics. Specifically, the Group and the Company estimate expected credit losses by
grouping receivables based on common risk characteristics and days past due.
The expected credit losses for the receivables and loans held by the Group and the Company at the reporting
date are discussed in note 13.
(b) Financial liabilities
Financial liabilities are initially measured at fair value less, in the case of financial liabilities not measured at
fair value through profit or loss, transaction costs directly attributable to their incurrence. Subsequently, they
are measured at amortised cost or fair value through profit or loss. Financial liabilities are subsequently
measured at amortised cost unless they are held for trading or designated as at fair value through profit or
loss. For financial liabilities measured at amortised cost, interest is calculated using the effective interest
method and recognised as an expense in profit or loss, unless it is charged to cost of assets.
A financial liability shall be derecognised when the contractual obligation is discharged, cancelled or expires.
Financial liabilities are classified as current liabilities if payment is due within one year or less. Otherwise, they
are classified as non-current liabilities.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
98
The Group’s and the Company’s financial liabilities include trade and other payables and debt that are
subsequently measured at amortised cost.
4.6 Non-current assets (or disposal groups) held for sale
Non-current assets (or a group of assets) are classified as held for sale when their carrying amount is
expected to be recovered principally through a sale transaction, rather than through continuing use. To be
classified as held for sale, the assets (or group of assets) must be available for immediate sale in their present
condition and the sale must be considered highly probable.
Management should be committed to the sale, which should be completed within one year from the date of
classification of the assets (or groups of assets) as held for sale, subject to the exceptions in IFRS 5, and the
actions required to complete the sale should indicate that it is not probable that significant changes to the
plan will be made or that the plan will be withdrawn.
On initial recognition, non-current assets (or a group of assets) held for sale are measured at the lower of
their carrying amount and their fair value less direct selling costs. Any impairment is included in theincome
statement, even in the case of revaluation. The same applies in the case of gains or losses arising from
subsequent revaluations.
If the Group has classified an asset (or group of assets) as held for sale but no longer meets the criteria for
classification as such, the Group ceases to classify the asset (or group of assets) as held for sale.
The Group measures a non-current asset that ceases to be classified as held for sale (or ceases to be included
in a group of assets held for sale) at the lower of:
(a) the carrying amount before the asset (or group of assets) was classified as held for sale, adjusted for any
depreciation or amortisation that would have been recognised if the asset (or group of assets) had not been
classified as held for sale; and
(b) its recoverable amount at the date of the subsequent decision not to be sold.
The Group’s non-current assets as of 31.12.2024 and as of 31.12.2023 are analysed in note 16.
4.7 Inventories
The Group’s inventories relate to properties that are being developed with a view to being sold on completion.
Where inventories arise from a change in the use of investment properties, such as commencement of
construction with a view to sale, the properties are reclassified to inventories at their deemed cost, which is
their fair value at the date of reclassification.
Inventories are subsequently measured at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business, less selling costs.
4.8 Cash and cash equivalents
Cash and cash equivalents include cash on hand, demand deposits, term deposits, bank overdraft accounts,
and other highly liquid investments that are readily convertible to specific amounts of cash that are subject
to an insignificant risk of changes in value.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
99
For the purpose of preparing the Consolidated Statements of Cash Flows, cash and cash equivalents consist
of cash and deposits with banks and cash on hand as identified above.
4.9 Restricted cash
Restricted cash refers to amounts that cannot be used by the Group until a specific point in time or event
occurs in the future and do not constitute cash equivalents.
If restricted cash are expected to be used within one year from the date of the statement of financial
position, they are classified as current assets. If they are not expected to be used within one year from the
date of the statement of financial position, they are classified under other long-term receivables.
4.10 Current tax
The income tax for the year includes the current tax. Income tax is recognised in profit or loss, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity. In this case,
income tax is also recognised in other comprehensive income or directly in equity, respectively.
Current income tax is calculated in accordance with tax laws enacted or substantively enacted at the reporting
date. The Group’s Management periodically assesses the positions in tax returns relating to situations where
tax laws are subject to interpretation and makes provisions, where necessary, based on the amounts
expected to be paid to the tax authorities.
4.11 Deferred tax
The deferred tax for the year is included in the income tax for the year.
Deferred income tax arises from temporary differences between the carrying amount of assets and liabilities
in the financial statements and their tax base. No deferred tax liability is recognised from the initial
recognition of goodwill. Also, deferred tax is not recognised if it arises from the initial recognition of an asset
or liability in a transaction other than a business combination that, when the transaction occurred, affected
neither the accounting nor taxable profit or loss.
Deferred tax is measured using tax rates (and tax laws) that have been enacted or substantively enacted by
the reporting date and are expected to apply when the deferred tax asset is recovered, or the deferred tax
liability is settled. Deferred tax assets are recognised to the extent that there will be a future taxable profit
for the utilization of the temporary difference that gives rise to the deferred tax asset.
A deferred tax liability is recognised for all taxable temporary differences relating to investments in
subsidiaries, associates and joint arrangements, unless the parent, investor or participant in a joint
arrangement is able to control the timing of the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable future.
A deferred tax asset is recognised for deductible temporary differences arising from investments in
subsidiaries, associates and joint arrangements to the extent that it is expected that the temporary
difference will reverse in the future and there will be a future taxable profit for the utilization of the
temporary difference.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
100
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same
taxation authority.
4.12 Share capital and treasury stock reserve
Share capital corresponds to the nominal value of the Company’s ordinary shares. The increase in share
capital by cash payment includes any premium in excess of the nominal value at the initial issue of share
capital. Direct costs of issuing new shares are shown, net of tax, abstract in Equity as a reduction in the
proceeds of the issue. On the acquisition of treasury stocks, the consideration paid, including related costs, is
recorded as a deduction from equity in a separate line "Treasury Stock Reserve". Treasury stocks do not carry
voting rights.
4.13 Provisions
Provisions are recognised when the Group and the Company have a present obligation (legal or
constructive) as a result of past events, and it is probable that an outflow of resources will be required to
settle the obligation and the amount of the obligation can be reliably estimated. If the effect of the time
value of money is significant, provisions are recognised on a discounted basis using a pre-tax rate that
reflects current market assessments of the time value of money and the risks associated with the
liability. When provisions are discounted, the increase in the provision due to the passage of time is
recognised as a financial cost. Provisions are reviewed at each financial statement date and if it is no
longer probable that an outflow of resources will be required to settle the obligation, they are offset.
No provisions for future losses are recognised. Contingent assets and contingent liabilities are not
recognised in the financial statements.
The Group and the Company recognise provisions for onerous revenue contracts with customers. An
onerous contract is a contract in which the unavoidable costs of fulfilling the obligations under the contract
exceed the economic benefits expected to be received under it. The Group and the Company recognises as a
provision the expected losses on a customer contract as soon as they become probable, based on
estimates of the total revenue and total expense of the contract. At the reporting date, the Group and the
Company have not recognised any related provisions.
4.14 Leases
The Group as lessee
The Group assesses whether a contract is, or contains, a lease at inception and recognises, as appropriate,
at the inception date of each lease, a right-of-use asset and a corresponding lease liability for all leases in
which it is a lessee, except for short-term leases (defined as leases with a lease term of 12 months or less)
and leases of a low-value underlying asset. For these leases, the Group recognises rentals as operating
expenses using the straight-line method over the lease term. Expired leases that have been "tacitly" renewed
are considered to be unenforceable, i.e., no enforceable rights and obligations arise from them. The
Group recognises the rentals relating to these leases as operating expenses in profit or loss.
The lease liability is initially measured at the present value of the lease payments that remain outstanding at
the commencement date of the lease term, which are discounted at the imputed interest rate of the lease. If
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
101
this rate cannot be readily determined, the Group uses its incremental borrowing rate. Rentals included in
the measurement of the lease liability consist of:
• fixed rents (including substantially fixed rents), less any lease incentives,• variable rents that are dependent on an index or interest rate, initially measured using the index orinterest rate at the commencement date of the lease term,• amounts that the lessee is expected to pay under residual value guarantees,• the exercise price of the call option if it is reasonably certain that the lessee will exercise that option;and• the payment of a termination penalty if the lease term reflects the exercise of the lessee’s right toterminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to recognise interest on the
lease liability (using the effective interest method) and decreasing the carrying amount to recognise lease
payments. The Group remeasures the lease liability (and makes the corresponding adjustments to the related
right-of-use assets) if:
• there is a change in the term of the lease or a change in the valuation of the purchase option. In thiscase, the lease liability is remeasured by discounting the revised lease payments at the reviseddiscount rate.• if there is a change in the rents because of a change in the index or interest rate or in the amountsexpected to be paid under the residual value guarantee. In such cases, the lease liability is remeasuredby discounting the revised lease payments at the original discount rate.• a lease is modified, and the lease modification is not accounted for as a separate lease. In this case,the lease liability is remeasured by discounting the revised lease payments using the reviseddiscount rate.
Variable rents that are not index-linked or interest rate dependent are not included in the measurement of
the lease liability and therefore are not a component of the carrying amount of the right-of-use asset. The
related payments are recognised as an expense in the period in which the event or condition triggering those
payments occurs.
As required by IFRS 16, the Group has applied the practical expedient in IFRS 16 whereby the lessee is not
required to separate non-lease elements, and therefore accounts for each lease and related non-lease
element as a single contract.
Lease liabilities are included in the line item “Borrowings” in the Statement of Financial Position.
The right-of-use asset includes the initial measurement of the related lease liability, the rents paid at or before
the commencement date of the lease term, and any initial direct costs. Subsequently measured at cost less
any accumulated depreciation and impairment losses. The Group applies IAS 36 to determine whether the
right-of-use asset is impaired.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
102
Where the Group has a contractual obligation to dismantle and remove the underlying asset, to restore the
site to its original condition or to restore the underlying asset to the condition required by the terms and
conditions of the lease, the Group recognises a provision which is measured in accordance with 37. These
costs add to the carrying amount of the right-of-use asset. The Group did not incur any of these costs during
fiscal year 2024 and 2023.
The right-of-use assets are depreciated over the shorter period between the lease term and the useful life of
the respective underlying asset. If the lease agreement results in the transfer of ownership of the underlying
asset or if the purchase price of the underlying asset is included in the cost of the right-of-use asset, given
that the Group expects to exercise the purchase option, the right-of-use asset is depreciated over the useful
life of the respective underlying asset. Depreciation begins at the commencement of the lease term.
If the right-of-use assets meet the definition of investment property, the related right-of-use assets are
subsequently measured at fair value.
Right-of-use assets are included in "Property and equipment" and "Investment property" in the Statement of
Financial Position.
The Group as lessor
Leases in which the Group is the lessor are classified as either finance or operating leases. When the terms of
the lease transfer substantially all the risks and rewards incidental to ownership of the asset to the lessee,
the lease is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessee, it accounts for the master lease and the sublease as two separate
contracts. A sublease is classified as either a finance lease or an operating lease depending on the right-of-
use asset arising from the master lease.
The leases in which the Group is the lessor relate to subleases of office space, and a four-storey building of
approximately 3,153 sq.m. in the center of Athens on Apellou Street, which are classified as finance leases. In
addition, the Group is a lessor in leases of space on buildings for the installation of mobile phone antennas
and office buildings of the subsidiaries Alkanor S.M.S.A. and Insignio S.M.S.A. and these leases are classified
as operating leases.
Amounts due from lessees under finance leases are recognised as a receivable in the amount of the Group’s
net investment in the finance lease. The finance income from the lease is allocated to the reporting periods to
reflect the Group’s constant periodic rate of return on its remaining net investment in the finance leases.
Revenue from operating leases is recognised on a straight-line basis over the term of each lease. The initial
direct costs of negotiating and executing an operating lease agreement are added to the carrying amount of
the underlying asset and recognised using the straight-line method over the term of the lease.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
103
4.15 Employee benefits
(a) Short term benefits
Short-term benefits to personnel in cash and in kind are recognised as an expense when considered accrued.
(b) Retirement benefits
Post-employment benefits include both defined contribution plans and defined benefit plans.
The Group and the Company has an obligation to a defined benefit plan under Greek legislation that
determines the amount of retirement benefit an employee will receive upon retirement, which depends on
more than one factor such as age, years of service and compensation.
The liability recognised in the statement of financial position for the defined benefit plan is the present value
of the defined benefit obligation at the reporting date less the fair value of the assets of the plan. 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 interest rates of high-quality corporate bonds denominated in euro with a maturity
approximating the duration of the related pension obligation.
The current service cost of the defined benefit plan is recognised in profit or loss except the case when it is
included in the cost of an asset. Current service cost reflects the increase in the defined benefit obligation
resulting from employee service during the year and changes due to curtailments or settlements.
Current service costs are recognised directly in profit or loss.
Net interest cost is calculated as the net amount between the defined benefit obligation and the fair value of
plan assets multiplied by the discount rate. This cost is included in the results under employee benefits
Actuarial gains and losses arising from empirical adjustments and from changes in actuarial assumptions are
recognised in other comprehensive income in the year in which they arise.
For defined contribution plans, the Group and the Company pay contributions to public or private insurance
funds, either mandatory, contractual or voluntary. Once the contributions have been paid, there is no
further obligation for the Group and the Company. Contributions are recognised as employee benefit
costs when they become payable. Prepaid contributions are recognised as an asset to the extent that the
prepayment will result in a reduction in future payments or a refund of cash.
(c) Termination benefits
Termination benefits are payable when the Group and the Company either terminate the employment of
employees before retirement or following an employee’s decision to accept an offer of benefits in exchange
for termination of employment. The Group and the Company recognise termination benefits as a liability
and expense on the earlier of (a) when the Group and the Company can no longer withdraw the offer of
those benefits and (b) when the Group and the Company recognises restructuring costs that fall within the
scope of IAS 37 and involve the payment of termination benefits. Termination benefits due 12 months after
the date of the statement of financial position are discounted.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
104
4.16 Government grants
The Group recognizes government grants that cumulatively meet the following criteria: a) there is reasonable
assurance that the entity has complied or will comply with the conditions of the grant, and b) It is probable
that the grant amount will be received. Grants are recorded at fair value and systematically recognized as
income based on the matching principle, aligning the grants with the corresponding costs they subsidize.
Grants related to assets are included in long-term liabilities as deferred income and are systematically and
rationally recognized as revenue over the useful life of the related fixed asset.
4.17 Recognition of revenues The sources of revenue for the Group and the Company are the following: - Project management services- Facility maintenance services- Building construction services- Consulting services- Revenue from sales of residential houses- Rental income- Provision of administrative services- Dividend income
Revenue is measured on the basis of the consideration specified in the contract with the customer and does
not include amounts received on behalf of third parties. The Group recognises revenue when control of the
good or service is transferred to the customer.
The Group does not enter into contracts where the period between the transfer of goods or services promised
to the customer and payment by the customer exceeds one year. Accordingly, the Group does not adjust the
transaction price for the time value of money.
Project management services
The Company’s relevant contracts with its customers include two performance obligations: a) the services of
preparation and overall management of the project (preliminary studies, studies, preparation of business
plans, licensing, construction, financing, organization of operation and general coordination) and b) the
services of achieving exploitation agreements for the projects.
Project preparation and overall project management services involve the coordination of the project, from
the planning of the development of the property to its delivery and include a number of individual
tasks/services. The Company has concluded that the individual tasks/services may have the potential to be
distinct, but the Company’s promise to convey each service to the client cannot be identified separately from
the other promises contained in the contract, as the overall promise to the client is the overall management
of the project. Project preparation and overall project management services are performance obligations that
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
105
are fulfilled over time and the measurement of progress towards the complete fulfillment of the
performance obligations, i.e. the measurement of the percentage of completion of the service, is performed
using the input method, specifically based on the costs incurred up to the reporting date in relation to the
total estimated costs for each project. The Company excludes from the input method the effects of any costs
that do not reflect performance on the part of the Company in transferring control of services to the
customer, such as, but not limited to, cost overruns. The fee for project preparation and overall project
management services is defined in the relevant contracts as a percentage of construction costs, and the
relevant contracts also set a maximum fee amount (which has been calculated based on the project cost
budget). The Company during the provision of services recognises revenue based on the maximum
(budgeted) fee amount, as this is the most probable amount that the Company will receive for the specific
services during the entire project. The Company proceeds with the relative invoicing to customers generally
on a monthly basis.
Services for the achievement of exploitation agreements (lease, sale, concession) constitute separate
potential performance obligations, which are fulfilled at a given point in time, i.e., at the time of the
achievement of exploitation agreements, which coincides with the signing of the preliminary or final
agreements. In the case of a pre-contract, part of the fee for the specific performance obligation is invoiced
at the signature of the pre-contracts, while the remaining part is invoiced at the signature of the definitive
agreement/contract. The part of the fee paid upon signature of the final agreement/contract shall constitute
variable remuneration. The related amount is not recognised as revenue by the Company until the time of
signing the definitive agreement / contract, as until that time the Company believes that there is increased
probability that a reversal of the recognised revenue will occur in the future.
Facility Maintenance Services
In the relevant contracts, the Company undertakes to provide preventive and corrective maintenance
services for buildings, infrastructure and facilities as well as security systems, using the necessary
consumables in each case. Preventive maintenance services are carried out systematically during the term
of the contract on the basis of an agreement with the customer, while corrective maintenance services are
carried out upon the customer’s request during the term of the contract. The Company has concluded that
the provision of preventive maintenance services is a series of distinct services that are essentially the same
and are transferred in the same way to the customer and therefore constitute a performance obligation that
is fulfilled over time as the customer receives and simultaneously assumes the benefits of performance of
the Company. The Company has concluded that the provision of corrective maintenance services for
buildings re fulfilled at a given moment as they are carried out at a specific time following a relevant request
from the client.. The relevant contracts specify a specific amount per preventive maintenance service and
the Company invoices customers for the maintenance work performed no later than every quarter,
whereas for corrective maintenance services, the Company invoices upon the provision of the service. The
Company has decided to use the practical expedient provided by the standard for the related contracts and
recognise revenue equal to the amount it is entitled to invoice.
Construction services
After assessing construction contracts, the Group and the Company concluded that these contracts include a
single performance obligation: the construction of the undertaken project. The construction of each project
constitutes a performance obligation that is satisfied over time, as the execution by the Group and the
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
106
Company creates or enhances an asset controlled by the customer (the project owner) as it is being created
or enhanced. The measurement of the percentage of completion of the service is performed using the input
method, specifically based on the costs incurred up to the reporting date in relation to the total estimated
costs for each project. The Group and the Company estimate the amount of consideration to which they are
entitled in exchange for transferring the project to the customer and include in the transaction price part or
all of the estimated variable consideration only to the extent that it is highly probable that there will not be a
significant reversal of the cumulative revenue recognized when the uncertainty related to the variable
consideration is resolved. At the end of each reporting period, the Group and the Company update the
estimated transaction price, as well as their assessment of the variable consideration, to accurately reflect
the conditions prevailing at the reporting date and any changes in conditions during the reporting period.
The Group and the Company issue invoices to customers in accordance with the applicable contract.
Consulting services
The Company provides consulting services regarding the acquisition/realization of properties of thirdparty
clients. The provision of these services is a series of discrete services that are essentially the same and are
transferred in the same manner to the client and therefore constitute a performance obligation that is fulfilled
over time. As the Company’s efforts are expended evenly throughout the period of performance of the related
services, the Company has determined that the related revenue should be recognised using the straight-line
method over the term of each contract.
Revenue from sales of residential houses
The Group and the Company may sell properties that are classified as Inventories. This sale constitutes a
single performance obligation and the Group and the Company have determined that it is satisfied at the
time control is transferred and, more specifically, when legal title is transferred to the customer and the
customer obtains control of the asset.
Rental income
Rental income is recognized in the income statement on a straight-line basis over the lease period. When the
Group and the Company provide incentives to its customers, the cost of these incentives is recognized over
the lease period on a straight-line basis, reducing the rental income accordingly.
Provision of administrative services
The Company provides accounting services, as well as secretarial, tax, legal and administrative support to its
clients. The provision of these services is a series of discrete services that are essentially the same and are
transferred in the same way to the client and therefore constitute a performance obligation that is fulfilled over
time. As the Company’s efforts are expended evenly throughout the period of performance of the related
services, the Company has determined that the related revenue should be recognised using the straight-line
method over the term of each contract.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
107
Dividend income
Dividend income is recognised when the right to receive dividends is established by the shareholders, i.e.
after their approval by the General Meeting. The Company, adopting the resolution of the Accounting
Standards Board No. 2284/24.10.2016, in the event of the receipt of an interim dividend, while at the same
time fulfilling all the relevant tax obligations, recognises it in its income on the date of receipt, since the
interim dividend payer is a subsidiary company that is 100% owned by the parent company and therefore
there is no question of disputes and appeals of the relevant decisions of the competent bodies.
Contractual assets, receivables and contractual liabilities
A contractual asset is the Company’s right to consideration in exchange for goods or services that it has
transferred to a customer.
A receivable is the Company’s right to consideration that is unconditional. A right to consideration is
considered unconditional if only the passage of time is required for payment of that consideration to become
due.
A contractual obligation is an obligation of the Company to transfer to a customer goods or services for which
the Company has received consideration (or an amount of consideration is receivable) from the customer.
For the Group and the Company, contractual assets relate to the revenue receivable from contracts with
customers that have not been invoiced in each reporting period. Contractual assets of the Group and the
Company are included in the line item "Trade and other receivables", refer to relevant note 13.
Contractual liabilities of the Group and the Company relate to deferred revenue from contracts with
customers and are included in the line item "Trade and other payables", refer to relevant note 22.
4.18 Recognition of expenses
Expenses are recognised on an accrual basis.
4.19 Dividend distribution
Dividends on ordinary shares are recognised as a liability in the period in which they are approved by the
Company’s Shareholders at the Annual General Meeting.
4.20 Operating segment
The business segments in the Financial Statements are presented in a manner consistent with the business
segments in the internal reports used by the chief operating decision maker or the competent body for
making operating decisions. The relevant chief or the relevant body is responsible for making decisions about
the allocation of resources by business segment and for assessing its performance.
The Group has designated the Chief Executive Officer as the chief operating decision maker. All transactions
between business segments are conducted on an arm’s length basis, while transactions between segments
are eliminated. Revenues and expenses directly related to each segment are taken into account in assessing
its performance. Geographical segments include revenues from assets located or managed in the respective
geographical area.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
108
4.21 Earnings per share
Earnings per share (EPS) ratio is calculated by dividing the net profit or loss for the period attributable to
ordinary shareholders by the weighted average number of ordinary shares outstanding during the period,
excluding the average number of ordinary shares purchased by the Company and held as treasury shares.
Diluted earnings per share ratio is calculated using the same method as the basic EPS, but the determinants
are adjusted to reflect the potential dilution that could occur if convertible debt securities, share options, or
other contracts to issue ordinary shares were converted or exercised into ordinary shares.
4.22 Related party transactions
Related parties include the company’s shareholders, refer to Note 31, as well as the companies in which the
abovementioned shareholders and the Company have the control or have significant influence in the
management and financial decision making. Additionally, related parties include the members of the Board of
Directors, the members of the Management of the Company and the Group’s subsidiaries, their close
relatives, companies owned or controlled by them and companies over which they have significant influence
in the management and the financial decision making. All transactions with related parties have been carried
out on an arm’s length basis (in accordance with normal commercial terms for similar transactions with third
parties).
5. Financial risk management
5.1 Financial risk factors
The Group and the Company are exposed to financial risks such as market risk, credit risk and liquidity risk.
Financial risks are managed by the Management of the Group and the Company. The Group and Company
Management identifies, evaluates and takes measures to hedge against financial risks.
a) Market risk
i) Price risk
The Group and the Company are indirectly exposed to price risk related to financial instruments to the extent
that the value of subsidiaries and/or joint ventures fluctuates due to changes in the value of the underlying
assets (real estate).
The operation of the real estate market involves risks associated with factors such as the geographical location
and commerciality of the property, the general business activity in the area and the type of use in relation to
future developments and trends. These factors individually or in combination can result in a commercial
upgrading or downgrading of the area and the property with a direct impact on its value, refer to note 8.
In addition, fluctuations in the economic climate may affect the return-risk relationship that investors are
seeking for and may lead them to seek other forms of investment, resulting in adverse developments in the
real estate market that could affect the fair value of the Group’s and the Company’s properties and
consequently their performance and financial position.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
109
The Group and the Company focus their investment activity on areas and categories of real estate for which
there is increased demand and commerciality at least in the medium term based on current data and
forecasts.
The Group and the Company closely monitor and evaluate developments in the real estate market and their
properties are valued by independent certified valuers.
The successful management and utilization of the Group’s portfolio of investment projects depends on
macroeconomic developments in Greece and the international markets (to the extent that the latter affect
the prevailing conditions in Greece), which in turn have the potential to influence the domestic banking
sector and the prevailing trends and conditions in the domestic real estate market. Any extreme adverse
changes in macroeconomic conditions as a consequence of geopolitical, health or other developments (such
as, for example, the COVID-19 pandemic or the military conflicts) may adversely affect the time plan of
development, cost of development, cost of borrowing, value and disposability of the properties and,
therefore , the Group’s business activity, fair values of the properties, cash flows and financial position.
At the level of the domestic real estate market, the sharp increase in inflation and any further increase in
interest rates as a consequence of the above, potentially adversely affects both the cost of construction of
the projects as well as the cost of capital (debt and equity) required for the development of new projects, as
well as the valuation of the fair value of the properties, to the extent that these macroeconomic variables are
used as inputs in the valuation.
ii) Cash flow risk and risk of changes in fair value due to changes in interest rates
Interest rate risk arises from the Group’s and the Company’s long-term borrowing. The Group’s and the
Company’s long-term borrowings on 31.12.2024, includes floating interest rate loans, see related note 20 of
the Annual Financial Statements, and therefore the Group and the Company are exposed to the risk of
changes in fair value due to changes in interest rates and cash flow risk. Out of the Group’s total debt on
31.12.2024, the amount of €41,938,708 (2023: €36,550,970) relates to the balances of floating rate bond
loans of the subsidiaries Alkanor S.M.S.A., IQ Athens S.M.S.A. and Random S.M.S.A. The Company's bond
loan as of 31.12.2024, amounting to €10,206,027, bears a fixed interest rate.
If the borrowing rate, in loans with a variable interest rate, was increased/decreased by 1% during fiscal year
2024, while all other variables remaining constant, the Group’s profit or loss for the year would have
decreased/increased, respectively, by c. €419,387 (2023: €365,510). The above sensitivity analysis has been
calculated using the assumption that the balance of the Group’s debt on 31.12.2024, was the balance of the
Group’s debt throughout the year.
The Group’s policy is to minimise this exposure at all times by monitoring market developments with regard
to the interest rate framework and applying the appropriate strategy in each case. For those of the Group’s
long-term euro-denominated loans that are fixed-margin with a floating basis linked to Euribor, the Group
has studied the Euribor fluctuation curve over a five-year horizon during which no significant risk has arisen.
For protection against a potential increase in the interest rate (Euribor), the Group companies, in
collaboration with the financial institutions that finance them, have introduced clauses in the loan
agreements that provide for the use of interest rate risk hedging products under certain conditions. It should
be noted that the Group has not used the aforementioned instruments to hedge interest rate risk for the
fiscal years 2024 and 2023,
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
110
as their use has not been deemed necessary. In addition, the Group, having incorporated the philosophy of
"green" buildings into the core of its business, has the possibility of using Recovery and Resilience Fund (RRF)
resources to finance its projects. With this fixed-rate financing instrument, the Group partially offsets the risk
of rising interest rates during the construction period.
Note 5.1 (c) below includes an analysis with the contractual undiscounted future undiscounted cash flows
from the Group’s and the Company’s debt.
iii) Foreign exchange risk
The Group and the Company operate in Europe and the main part of their transactions are conducted in
euros. The Group and the Company did not hold any amount of bank deposits in foreign currencies as of
31.12.2024, therefore is not exposed to any risk due to exchange rate fluctuations.
Therefore, due to the fact that transactions are mainly conducted in euros and also that there are no cash
balances in currencies other than the euro, there is no material foreign exchange risk for the Group and the
Company.
b) Credit risk
The credit risk of the Group and the Company as of 31.12.2024, arises from the Group’s and the Company’s
cash and cash equivalents, receivables mainly from customers, receivables from finance subleases and loans
granted to related parties. The Group's trade receivables mainly relate to the Company's trade receivables
from joint ventures and third parties. The Group and the Company by definition do not create significant
concentrations of credit risk. Contracts are made with customers with a reduced degree of loss. Management
continually assesses the creditworthiness of its customers and the maximum credit limits allowed.
For the Group’s and the Company’s receivables and loans and information on the relevant provision for
impairment made by the Group and the Company, see related note 13.
The expected credit losses on the Group’s and the Company’s cash and cash equivalents at the reporting date
are not material as the Group and the Company cooperate only with recognised financial institutions with
high credit ratings.
c) Liquidity risk
With regard to liquidity risk, the Group and the Company are exposed to liquidity risk due to the medium
term (2-4 years) commitments in relation to their investment program and financial liabilities. The
Management of the Group and the Company monitors on a regular basis, the liquidity of the Group and the
Company, as well as each time a future investment and/or project is considered, in order to ensure that the
required liquidity is available in a timely manner. The Group and the Company manage the risks that may
arise from a lack of sufficient liquidity by ensuring that there are always secured bank facilities available for
use, access to investment funds, but also prudent cash management.
The table below shows, as at the reporting date, the cash f;ows payable by the Group and the Company from
financial liabilities. The amounts presented in the table are the contractual undiscounted cash flows.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
111
Group More than 5 Contractual undiscounted liabilities Less than 12 months 2-5 yearsyears Total Book value Decemeber 31, 2024 Trade and other payables 9,252,376 1,431,713 -10,684,08910,684,089 Lease liabilities 531,037 1,278,272 5,218,025 7,027,3353,087,558 Borrowings (except for lease liabilities) 22,519,509 45,516,082 18,726,137 86,761,72870,757,342 Total 32,302,922 48,226,067 23,944,162 104,473,152 84,528,989 More Less than 12 than 5 Book Contractual undiscounted liabilities months 2-5 yearsyears Total value Decemeber 31, 2023 Trade and other payables 6,263,767 1,234,172 -7,497,9397,497,939 Lease liabilities 551,638 1,584,461 5,299,206 7,435,3053,304,640 Borrowings (except for lease liabilities) 45,713,770 20,709,002 22,596,144 89,018,91678,167,816 Total 52,529,175 23,527,635 27,895,350 103,952,160 88,970,395Company Less than 12 More than 5 Book Contractual undiscounted liabilities months 2-5 yearsyears Total value Decemeber 31, 2024 Trade and other payables 2,053,044 - - 2,053,044 2,053,044 Lease liabilities 319,644 509,346 -828,989881,144 Borrowings (except for lease liabilities) 13,142,499 10,600,000 -23,742,49922,342,499 Total 15,515,187 11,109,346 -26,624,532 25,276,687Less than 12 More than 5 Book Contractual undiscounted liabilities months 2-5 yearsyears Total value Decemeber 31, 2023 Trade and other payables 2,715,152 - - 2,715,152 2,715,512 Lease liabilities 356,326 866,296 -1,222,6221,087,357 Borrowings (except for lease liabilities) 8,907,645 11,000,000 -19,907,64518,313,673 Total 11,979,123 11,866,296 -23,845,419 22,116,542
5.2 Capital management
The Group’s and the Company’s objective in terms of capital management is to ensure the Group’s and the
Company’s ability to continue their operation uninterruptedly and profitably, providing a satisfactory return
to shareholders by maintaining an optimal capital structure.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
112
The Management monitors debt in relation to total equity. In order to achieve the desired capital structure,
the Group and the Company may adjust the dividend, make a return of capital, or issue new shares.
Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Total debt 20 73,844,900 81,472,456 23,223,642 19,401,030 15 Minus: Cash and cash equivalents (38,265,299) (12,400,507) (21,028,443) (1,551,118) 13 Minus: Restricted cash (2,023,850) (2,023,850) - - Net Debt 33,555,751 67,048,099 2,195,199 17,849,912 Equity attributable to shareholders of the parent company 172,609,053 133,632,764 189,475,685 146,387,508 Total capital employed 206,164,804 200,680,863 191,670,884 164,237,420 Gearing ratio 16% 33% 1% 11%
5.3 Fair value Measurement of Financial Assets and Liabilities
The Group and the Company use the following hierarchy for determining and disclosing the fair value of
financial instruments:
Level 1: Financial assets that are traded in active markets whose fair value is determined based on published
market prices at the reporting date for similar assets and liabilities.
Level 2: Financial assets that are not traded in active markets whose fair value is determined using valuation
techniques and assumptions based either directly or indirectly on market data at the reporting date
Level 3: Financial assets that are not traded in active markets whose fair value is determined using valuation
techniques and assumptions that are not substantially based on market data.
The Company’s financial instruments measured at fair value relate to investments in subsidiaries. Due to the
fact that the subsidiaries are not listed companies and therefore there is no active market under IFRS 13 "Fair
Value Measurement", other valuation methods were used to measure them, namely the net asset value ("Net
Asset Value"), excluding deferred tax assets/liabilities, as it is considered to represent the fair value of the
subsidiaries at the reporting date. The above method falls within level 3 of the hierarchy as described above.
6. Significant accounting policies and judgements
Management’s estimates and judgments are continually reviewed and are based on historical data and
expectations of future events that are considered to be reasonable under current circumstances.
6.1 Significant accounting estimates and assumptions
The Group and the Company make estimates and assumptions about the development of future events. The
resulting accounting estimates, by definition, rarely equal the relevant actual results.
The estimates and assumptions that have a significant risk of causing material adjustments to the carrying
amounts of assets and liabilities within the next financial year are as follows:
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
113
a) Fair value measurement of the Group’s and Company’s investment properties
The Group and the Company collaborate with independent certified valuers to carry out fair value valuations
of investment properties. The most appropriate indication of fair value is the current values prevailing in an
active market for related leases and other contracts. If such information cannot be obtained, value is
determined through a range of reasonable fair value estimates. In making such a decision, the independent
valuers consider inputs from a variety of sources, including:
(i) Current prices in an active real estate market of a different nature, condition or location (or subject to
different leases or other contracts), adjusted for these differences,
(ii) Current prices of similar properties in less active markets, adjusted to reflect any changes in
economic conditions that have occurred since the date of the respective transactions at those prices, and
(iii) Discounted cash flows, based on reliable estimates of future cash flows derived from the terms of
existing leases and other contracts and (where practicable) from external inputs such as, current rental rates
for similar properties in the same location and condition, using discount rates that reflect the current market
assessment regarding the uncertainty of the amount and timing of those cash flows.
Disclosures relating to the calculation of the fair value of investment property are detailed in notes 8 and 10.
b) Fair value measurement of the Company’s investments in subsidiaries
The Company’s financial instruments measured at fair value relate to investments in subsidiaries, which are
unlisted companies. The fair values of investments in subsidiaries are determined using other valuation
methods, and specifically with the net asset value ("Net Asset Value"), excluding deferred tax assets/
liabilities, as it is considered to represent the fair value of the subsidiaries at the reporting date, refer to
relevant note 10.
c) Income tax
The provision for income tax under IAS 12 "Income Taxes" relates to the amounts of taxes expected to be
paid to the tax authorities and includes the provision for current income tax and the provision for any
additional taxes that may arise as a result of an audit by the tax authorities. The Group companies are
subject to different income tax jurisdictions and therefore significant judgement is required by Management
in order to determine the Group’s provision for income tax. The reported income taxes may differ from
these estimates due to future changes in tax legislation, significant changes in the laws of the countries in
which the Group and the Company operate, or unforeseen effects of the final determination of the tax
liability for each financial year by the tax authorities. These changes may have a significant impact on the
financial position of the Group and the Company. In the event that the resulting final additional taxes are
different from the amounts originally recorded, these differences will affect income tax and deferred tax
provisions in the year in which the tax differences are determined. Further details are included in note 30.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
114
d) Deferred Tax Assets
Deferred tax assets and liabilities are recognized in cases of temporary differences between the accounting
basis and the tax basis of assets and liabilities, using the tax rates that have been enacted and are expected
to be enacted in the periods during which these differences are expected to be settled. Deferred tax assets
are recognized for all deductible temporary differences and carried-forward tax losses, to the extent that it is
probable that there will be available taxable income against which the deductible temporary differences and
carried-forward unused tax losses can be utilized.
The Group and the Company take into account the existence of future taxable income and follow a continuous
conservative tax planning strategy when assessing the recovery of deferred tax assets. The accounting
estimates related to deferred tax assets require the management to make assumptions regarding the timing
of future events, such as the likelihood of expected future taxable income and available tax planning
opportunities. Further details are provided in note 12.
6.2 Significant accounting judgments in the application of accounting policies
Joint arrangements
With regard to the Group’s investments as of 31.12.2024 and 31.12.2023, as presented in note 11 of the
Annual Financial Statements, the Group has concluded that it exercises joint control over these companies,
as all significant related activities require the unanimous consent of both parties. Additionally, the
investments are classified as joint ventures, as these specific arrangements grant the parties a right to the
net assets of the respective companies.
7. Segment analysis
The Group’s core business is investment activity and relates to real estate development. In addition to its
investment activity, the Group also offers a wide range of services including project management and
construction services, technical and consulting support services, and facility management.
The Group separately monitors the following segments:
- Real estate related services segment.
The segment’s operations mainly concern the provision of project management services, technical and
consulting support, and facilities management services. Additionally, this sector includes the provision of
construction services to clients, as it resembles for business purposes the provision of project management
services.
- Real estate investment segment.
Through the real estate investment segment, the Group, through subsidiaries or joint ventures, acquires
properties in which it constructs or reconstructs buildings for the purpose of operating them or subsequently
selling the interest in the relevant subsidiary or joint venture.
It is noted that the revenue of all the sectors analysed below is derived from activity in Greece.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
115
Segment analysis by sector is analysed in the tables below:
Real estate Real estate services Unallocated Eliminations Total investments From 01.01. to From 01.01. to From 01.01. to From 01.01. to From 01.01. to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Revenue from maintenance services and 4,108,135 5,140,919 - - - - -(510,000)4,108,135 4,630,919 other services Revenue from project management and 7,492,627 7,512,667 - - - - (4,351,009) (2,757,878) 3,141,618 4,754,789 construction services Revenue from sales of residential houses - - 4,000,000 - - - - -4,000,000- Rental income - - 1,690,623 - - - - -1,690,623- Revenue from construction 15,483,342 - - - - - - - 15,483,342- Revenue 27,084,104 12,653,586 5,690,623 - - - (4,351,009) (3,267,878) 28,423,7189,385,708 Fair value gains on investment property - - 12,410,695 19,005,878 - - (1,102,033) 333,085 11,308,66219,338,963 Construction cost (14,462,603) - - - - - - - (14,462,603)- Property taxes - levies - - (1,017,411) (1,043,706) - - - - (1,017,411)(1,043,706) Personnel expenses - - - - (4,291,778) (4,058,492) - - (4,291,778)(4,058,492) Depreciation of property and equipment - - - - (427,568) (331,817) - - (427,568) (331,817) and amortisation of intangible assets Net change in inventory property - - (4,039,534) - - - - -(4,039,534)- Impairment losses (including reversals of impairment losses) on trade and other - - - - (27,293) (75,095) 7,793 (57,894) (19,500)(132,989) receivables Gain on disposal of investment property - - - 65,000 - - - - - 65,000 Gain on disposal of subsidiaries and joint - - 14,880,230 1,840,176 - - - - 14,880,230 1,840,176 ventures Other income - - 2,356,251 3,497,107 438,216 538,059 (2,567,421) (3,232,469) 227,046 802,696 Other expenses (5,373,267) (4,590,286) (4,164,704) (4,062,172) (3,076,508) (2,682,526) 5,158,890 3,848,546 (7,455,589) (7,486,437) Operating Profit 7,248,234 8,063,300 26,116,151 19,302,283 (7,384,931) (6,609,871) (2,853,781) (2,376,610) 23,125,673 18,379,102 Share of profit of investments accounted for - - 34,471,092 551,969 - - - - 34,471,092 551,969 using the equity method Finance income - - 1,986,110 1,990,728 - - (1,906,246) (1,876,715) 79,864 114,013 Finance expenses (778,699) (556,375) (4,262,119) (3,325,938) - - 1,901,052 1,856,684 (3,139,766) (2,025,629) Profit/(Loss) before tax 6,469,535 7,506,925 58,311,234 18,519,042 (7,384,931) (6,609,871) (2,858,975) (2,396,641) 54,536,863 17,019,455 Income tax - - (3,061,675) (3,820,010) 93 5,619 - - (3,061,582) (3,814,390) Profit/(Loss) for the period 6,469,535 7,506,925 55,249,559 14,699,032 (7,384,838) (6,604,252) (2,858,975) (2,396,641) 51,475,281 13,205,065 EBITDA 7,248,234 8,063,300 60,587,243 19,854,252 (6,957,363) (6,278,054) (2,853,781) (2,376,610) 58,024,333 19,262,888
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
116
Revenue from the real estate services segment includes revenues from services to two customers of €8,537,053 and €5,893,365 representing 30%
and 21% respectively, of the Group’s total revenue.
Unallocated income and expenses consist of personnel expenses, depreciation of property and equipment and amortisation of intangible assets,
Impairment losses (including reversals of impairment losses) on trade and other receivables, other income, other expenses and income taxes.
Real estate services Real estate investments Unallocated Unallocated 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Investment properties - - 141,784,782 117,103,629 - - 141,784,782 117,103,629 Investment properties - - 141,784,782 117,103,629 - - 141,784,782 117,103,629 Investments in joint ventures accounted for using the - - 24,738,087 22,375,280 - - 24,738,087 22,375,280 equity method, established in Cyprus Investments in joint ventures accounted for using the - - 62,322,934 26,924,902 - - 62,322,934 26,924,902 equity method, established in Greece Investments in joint ventures accounted for using - - 87,061,021 49,300,182 - - 87,061,021 49,300,182 the equity method Total liabilities 8,123,782 1,690,293 85,596,392 112,911,501 13,254,914 10,795,997 106,975,088 125,397,791
The unallocated liabilities mainly consist of the Company's borrowings through open current accounts and other liabilities, including actuarial
obligations, accrued expenses, guarantees, tax and duty obligations, social security contributions, and deferred income.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
117
8. Investment property
Investment properties of the Group and the Company are presented as follows:
Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Opening balance 117,103,629 96,999,127 -895,000Acquisition of investment property 51,502,652 33,064,624 --Acquisition of right of use of investment 46,983 652,875 - - property Additions to existing investment property 19,574,338 29,566,188 - - (Disposals)/(Reductions) (55,090,000) (14,289,000) - - Net fair value gains on investment property 11,308,662 19,338,963 - - Transfer to inventory 14 -(50,380,000)-(895,000)Gain on disposal of investment property -65,000--Transfer from trade and other receivables-13 248,355 2,085,852 - - Other non-current assets Transfer from trade and other receivables - Net investment in the lease - excluding (2,909,837) - - - related parties Closing balance 141,784,782 117,103,629 - -
A. Acquisition of investment property
Investment property acquired by the Group during the fiscal year 2024 are related to the following:• Part of a complex of buildings on the former property "MINION", in the centre of Athens, by thesubsidiary Alkanor S.M.S.A., and more specifically:o 8 horizontal properties of a total surface area of 266.68 sq.m. of building A on the formerproperty "MINION", acquired by notarial agreements for a total consideration of €500,000,plus taxes and expenses €15,450 (of which €50,000 had already been paid as prepaymentuntil 31.12.2023, under preliminary notarial agreement) and an amount of €450,000 was paidupon the signing of the final purchase agreements.o The last horizontal property with a total area of 76 sq.m. of building B of the former “MINION”property, acquired through a notarial deed dated 28.06.2024, for a consideration of €100,000,plus taxes and fees of €3,429. The payment of the consideration was made upon signing thefinal purchase agreement.
Furthermore, during 2024, the subsidiary Alkanor S.M.S.A., in an effort to enhance the utilization and
management of the entire “MINION” property, undertook amendments to the duration of two out of
three leases in force. The newly agreed duration for these two leases is now set at 23 years for each
lease agreement, as opposed to the 20 years stipulated in the original lease agreements. The
subsidiary recognized a right of use for investment properties in the amount of €46,983 upon the
execution of the aforementioned lease amendments.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
118
• A multi-story building located at 4 Korai Street and 30 Stadiou Street in the Municipality of Athens,which was acquired on 30.04.2024, by the subsidiary Iovis S.A. for a consideration of €48,000,000, plustaxes and expenses amounting to €1,694,818. Of the total consideration amounting to €48,000,000,an amount of €500,000 was paid as a deposit by 31.12.2023 in the context of the preliminaryagreement.• Three plots of land with a total area of c. 304,038 sq.m. (owned by “Athens Paper Mill”) located in theNew Sevasteia area of Drama, which were acquired on 09.04.2024, by the subsidiary Dramar S.M.S.A.for a consideration of €380,000, plus taxes and expenses amounting to €120,877. Of the totalconsideration of €380,000, an amount of €70,000 was paid as a deposit by 31.12.2022 in the contextof a preliminary agreement and while an amount of €310,000 was paid upon the signing of the finalagreement.• A plot of land of c. 2,699 sq.m. in the municipal unit of Thessaloniki, which was acquired on 08.04.2024,by the subsidiary Filma S.M.S.A. for a consideration of €630,000, plus taxes and expenses amountingto €34,278. Of the total consideration amounting to €630,000, an amount of €150,000 was paid as adeposit, in the context of a preliminary agreement, by 31.12.2023, while an amount of €480,000 waspaid upon the signing of the final agreement.
Β. Disposals
The disposals/reductions of investment properties by the Group during the fiscal year 2024 relate to the
following:
• On 17.05.2024, the investment property owned by the subsidiary Iovis S.A. was sold through the sale of the subsidiary’s total shares, refer to note 10. Upon derecognition, the fair value of the investment property amounted to €51,590,000, according to a valuation by independent certified valuers.• On 20.05.2024, the investment property owned by the subsidiary Kalliga Estate S.M.S.A. was sold through the sale of the subsidiary’s total shares, refer to note 10. Upon derecognition, the value of the investment property amounted to €3,500,000, according to a valuation by independent certified valuers.• On 30.12.2024, a sublease agreement was concluded for a four-story building of c. 3,153 sq.m. in the centre of Athens, on Apellou Street, by the subsidiary company Lavax S.M.S.A.. The right-of-use assets related to the investment property ceased to exist upon the signing of the aforementioned sublease and simultaneously, the net investment was transferred, as defined by IFRS 16, to the line item “Trade and other receivables - Net investment in the lease - excluding related parties”.
Following the acquisition of the new properties by the subsidiaries Dramar S.M.S.A. and Filma S.M.S.A., the
amount of €248,355, which related either to advance payments under preliminary agreement or to expenses
necessary for the smooth progression of the acquisition and development process of the investment
properties, was reclassified from the line item "Trade and other receivable" to the line item "Investment
properties," increasing the acquisition cost of these properties.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
119
The investment properties of subsidiaries Random S.M.S.A., Alkanor S.M.S.A. and IQ Athens S.M.S.A. have
mortgage pre-notations of €16,440,000, €54,990,000 and €163,592,000, respectively, to secure bank financing
granted to subsidiaries.
The Group capitalised in the period from 01.01.2024 to 31.12.2024, the borrowing costs of the construction
period of €1,903,420 (31.12.2023: €2,530,402), based on the provisions of IAS 23 "Borrowing Costs". The
relevant amount is included in the line "Additions to existing investment property" in the table above. The
Group, during the fiscal year 2024, recognized rental income from the investment properties of its
subsidiaries Alkanor S.M.S.A. and Insignio S.M.S.A. amounting to €522,974 and €1,167,650, respectively.
Investment properties are measured at fair value by independent certified valuers based on the methods
accepted by IFRS. In determining the fair value of investment properties, the assessment has taken into
account their optimal use, given their legal status, technical characteristics and permitted uses.
The table below shows the fair value agreement of the investment properties recognised in the Group by the
subsidiary Alkanor S.M.S.A., in accordance with IAS 40 paragraph 77: 31.12.2024 Valuation report by an independent valuer 55,270,000 Plus: Lease liabilities 692,782 Fair value of investment properties 55,962,782
The valuation methods used by the independent valuers to determine the fair value of the Group’s investment
properties as of 31.12.2024, are presented below.
Hierarchy Company Type of relation Method level IFRS 13 ALKANOR S.M.S.A. Subsidiary Residual Method 3 AGHIALOS ESTATE S.M.S.A. Subsidiary Residual Method 3 IQ ATHENS S.M.S.A. Subsidiary Residual Method 3 RANDOM S.M.S.A. Subsidiary Residual Method 3 FILMA S.M.S.A. Subsidiary Residual Method 3 Income Approach - Discounted CashflowsPIRAEUS REGENERATION 138 S.M.S.A. Subsidiary (DCF) Method, Profit Method and Residual3 Method DRAMAR S.M.S.A. Subsidiary Market Approach 3
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
120
The sensitivity analysis on the carrying value of the Group’s investment properties in relation to the main
assumptions used is presented below:
Sensitivity analysis of properties valued using the Residual Method - Fair value of investment properties: €138,980,782 Variation in construction cost Rental price per sq.m per sq.m. Variation to discount rate Discount rate +5%/-5%+5%/-5%+0,5%/-0,5%Highest / Lowest Lowest / Highest Lowest / Highest 14,962,147 / 14,712,670 10,091,087 / 10,081,088 10,319,067 / 10,939,743 8%-9.7%
Sensitivity analysis of properties valued using the methods Market Approach, Income Approach – Discounted Cashflows (DCF) Method, Profit Method and Residual Method - Fair value of investment properties: €2,073,000 Variation to Average Daily rate (during the 1st year of operation) Variation to discount factor Discount rate +10%/-10%+0.5%/-0.5%Highest / Lowest Lowest / Highest 873,000 / 873,000 142,000 / 148,000 9.00%
Sensitivity analysis of properties valued using the method Market Approach- Fair value of investment properties: €731,000 Selling price / rental price per sq.m. +10%/-10%Highest / Lowest 73,000 / 73,000
During 2024, a gain was recognised in the Group’s results from revaluation of investment property at fair
value of €11,308,662, while during the 2023 a gain was recognised in the Group’s results from revaluation of
investment property at fair value of €19,338,963.
The revaluation gain on investment properties is mainly derived from the amendment in conditions
compared to the previous year on existing investment property (urban maturation, progress of projects,
commercial maturation, etc.) and the conditions that existed at the first valuation of newly acquired
investment properties. The main conditions that affected the fair value revaluation gain on investment
properties are the signing of lease agreements, the progress of the projects, and the acquisition of investment
properties at a lower price than the market value.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
121
9. Property and equipment
The Group’s and the Company’s property and equipment are detailed in the following tables:
Group Leasehold Machinery and Motor Other Right-of-use Total improvements equipment vehicle equipment asset Cost January 1, 2023 72,692 2,699 15,099 794,094 1,103,043 1,987,627 Additions - - 6,270 28,915 847,109 882,294 Disposals, reductions, write-offs - - (5,290) -(23,518)(28,808) December 31, 2023 72,692 2,699 16,079 823,009 1,926,634 2,841,113 January 1, 2024 72,692 2,699 16,079 823,009 1,926,634 2,841,113 Additions - - 3,895 39,095 140,256 183,246 Disposals, reductions, write-offs - - - - (54,871) (54,871) December 31, 2024 72,692 2,699 19,974 862,104 2,012,019 2,969,488 Accumulated depreciation January 1, 2023 (63,431) (1,991) (10,699) (693,640) (561,028) (1,330,789) Depreciation charge (1,941) -(1,151)December 31, 2024(59,787) (266,446) (329,325) Disposals, reductions, write-offs - - 3,366-2,0315,398 December 31, 2023 (65,372) (1,991) (8,484) (753,427) (825,443) (1,654,716) January 1, 2024 (65,372) (1,991) (8,484) (753,427) (825,443) (1,654,716) Depreciation charge (3,396) (708)(1,683)(59,514) (359,448) (424,749) Disposals, reductions, write-offs - - - - 18,303 18,303 December 31, 2024 (68,768) (2,699) (10,167) (812,941) (1,166,588) (2,061,162) Net book value as of January 9,261 708 4,400 100,454 542,015 656,838 1, 2023 Net book value as of 7,320 708 7,595 69,582 1,101,192 1,186,397 December 31, 2023 Net book value as of 3,924 -9,80749,163 845,431 908,326
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
122
Company Leasehold Machinery and Motor Other Right-of-use Total improvements equipment vehicle equipment asset Cost January 1, 2023 72,692 2,699 15,099 779,345 955,793 1,825,628 Additions - - 6,270 25,272 649,466 681,008 Disposals, reductions, write-offs - - (5,290) -(7,292)(12,582) December 31, 2023 72,692 2,699 16,079 804,617 1,597,967 2.494.054 January 1, 2024 72,692 2,699 16,079 804,617 1,597,967 2,494,054 Additions - - 3,895 35,645 141,373 180,912 Disposals, reductions, write-offs - - - - (54,871) (54,871) December 31, 2024 72,692 2,699 19,974 840,261 1,684,469 2,620,095 Accumulated depreciation January 1, 2023 (63,431) (1,991) (10,699) (682,115) (483,566) (1,241,802) Depreciation charge (1,941) -(1,151)(54,532) (231,638) (289,262) Disposals, reductions, write-offs - - 3,366-2,0325,397 December 31, 2023 (65,372) (1,991) (8,484) (736,647) (713,172) (1,525,667) January 1, 2024 (65,372) (1,991) (8,484) (736,647) (713,172) (1,525,667) Depreciation charge (3,396) (708)(1,683)(57,873) (293,877) (357,537) Disposals, reductions, write-offs - - - - 18,303 18,303 December 31, 2024 (68,768) (2,699) (10,167) (794,520) (988,746) (1,864,901) Net book value as of January 9,261 708 4,400 97,230 472,227 583,827 1, 2023 Net book value as of 7,320 708 7,595 67,970 884,794 968,387 December 31, 2023 Net book value as of 3,924 -9,80745,742 695,723 755,194 December 31, 2024
Right-of-use assets relate to the following categories of assets: Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Buildings 418,659 591,272 268,949 374,874 Motor vehicles 274,972 340,433 274,972 340,433 Other equipment 151,800 169,487 151,802 169,487 845,431 1,101,192 695,723 884,794
As of 31.12.2024, the Group’s right-of-use assets include the lease of Company’s office space, with a total
lease term of 9 years, the lease of subsidiary Arcela Investments Ltd office space, with a total lease term of 3
years,
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
123
the lease of warehouse space of subsidiary Hub 204 S.M.S.A., with a total lease term of 3 years and leases of
the Company’s vehicles.
10. Investments in Subsidiaries (Financial assets at fair value through other comprehensive income
(FVTOCI), Financial assets at fair value through profit and loss (FVTPL))
Financial assets at fair value through other comprehensive income and financial assets at fair value through
profit or loss relate to investment in subsidiaries.
The Company measures investments in subsidiaries under IFRS 9, at fair value through profit or loss, except
for the investment in the subsidiary Arcela Investments Ltd, for which the Company has irrevocably elected
to measure at fair value through other comprehensive income.
The Company made this irrevocable election as this investment is held by the Company as a long-term
strategic investment and is not expected to be sold in the short to medium term.
The Group and the Company use the following hierarchy for determining and disclosing the fair value of
financial instruments:
Level 1: Financial instruments that are traded in active markets, the fair value of which is determined based
on published market prices that are in effect on the reporting date for similar assets and liabilities.
Level 2: Financial instruments that are not traded in active markets, the fair value of which is determined
using valuation techniques and assumptions that are based either directly or indirectly on market data at the
reporting date.
Level 3: Financial instruments that are not traded in active markets, the fair value of which is determined
using valuation techniques and assumptions that are primarily not based on market data.
The Company’s financial assets that are measured at fair value relate to investments in subsidiaries. Due to
the fact that the subsidiaries are unlisted companies and therefore there is no active market based on IFRS
13 'Fair Value Measurement,' other valuation methods were used for their measurement, specifically the Net
Asset Value, excluding deferred tax assets/liabilities, as it is considered to represent the fair value of the
subsidiaries as of the reporting date. The aforementioned method falls within Level 3 of the hierarchy, as
described above.
The following table sets out details of the subsidiaries consolidated by the Group:
December 31, 2024 December 31, 2023 Direct % of Indirect % of Direct % of Indirect % of ConsolidatioConsolidation Company name Country ownership ownership ownership ownership n method method interest interest interest interest Parent Full Parent Full DIMAND S.A. Greece - - company consolidation company consolidation Greece Full Full LAVAX S.M.S.A. 100% - 100% - consolidation consolidation Greece Full Full PERDIM S.M.S.A. 100% - 100% - consolidation consolidation Greece Full Full TERRA ATTIVA S.M.S.A. 100% - 100% - consolidation consolidation
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
124
December 31, 2024 December 31, 2023 Direct % of Indirect % of Direct % of Indirect % of ConsolidatioConsolidation Company name Country ownership ownership ownership ownership n method method interest interest interest interest Greece Full Full PROPELA S.M.S.A. 100% - 100% - consolidation consolidation Greece Full Full BOZONIO S.M.S.A. 100% - 100% - consolidation consolidation Greece Full IOVIS S.M.S.A. - - 100% - - consolidation Greece Full Full CITRUS S.M.S.A. - 100% - 100% consolidation consolidation AGCHIALOS ESTATE Greece Full Full S.M.S.A. (former consolidation consolidation - 100% - 100% APELLOU ESTATES.M.S.A.)Greece Full Full IQ ATHENS S.M.S.A. - 100% - 100% consolidation consolidation Greece Full INSIGNIO S.M.S.A. - - - 100% - consolidation Greece Full Full DRAMAR S.M.S.A. - 100% - 100% consolidation consolidation Greece Full Full BRIDGED -T LTD - 100% - 100% consolidation consolidation Greece Full Full FILMA ESTATE S.M.S.A. - 100% - 100% consolidation consolidation Greece Full Full ALKANOR S.M.S.A. - 100% - 100% consolidation consolidation Greece Full Full HUB 204 S.M.S.A. - 100% - 100% consolidation consolidation Greece Full Full - 100% - 100% RANDOM S.M.S.A. consolidation consolidation KALLIGA ESTATE Greece Full - - - 100% S.M.S.A.- consolidation PIRAEUS Greece Full Full REGENERATION 138 - 100% consolidation - 100% consolidation S.M.S.A.THOMAIS AKINITA Greece Full Full - 100% - 100% S.M.S.A.consolidation consolidation DIMAND REAL ESTATE Full Full Cyprus 100% - 100% - (CYPRUS) LTD consolidation consolidation VENADEKTOS Full Full Cyprus 100% - 100% - HOLDINGS LTD consolidation consolidation DIMAND REAL ESTATE Full Full Bulgaria - 100% - 100% AND SERVICES EOOD consolidation consolidation ARCELA INVESTMENTS Cyprus Full Full 100% - 100% - LTD consolidation consolidation Cyprus Full Full MAGROMELL LTD - 100% - 100% consolidation consolidation Cyprus Full SEVERDOR LTD - - - 100% - consolidation DARMENIA HOLDINGS Cyprus Full Full - 100% - 100% LTD consolidation consolidation Cyprus Full Full AFFLADE LTD - 100% - 100% consolidation consolidation MANDALINAR Cyprus Full Full - 100% - 100% HOLDINGS LTD consolidation consolidation Cyprus Full Full ARCELA FINANCE LTD - 100% - 100% consolidation consolidation Cyprus Full Full - 100% - 100% GRAVITOUSIA LTD consolidation consolidation
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
125
December 31, 2024 December 31, 2023 Direct % of Indirect % of Direct % of Indirect % of ConsolidatioConsolidation Company name Country ownership ownership ownership ownership n method method interest interest interest interest Cyprus Full Full KARTONERA LTD - 100% - 100% consolidation consolidation Cyprus Full Full ALABANA LTD - 100% - 100% consolidation consolidation PAVALIA ENTERPRICES Cyprus Full Full - 100% - 100% LTD consolidation consolidation Cyprus Full Full - 100% - 100% RODOMONDAS LTD consolidation consolidation OBLINARIUM Cyprus Full Full - 100% - 100% HOLDINGS LTD consolidation consolidation Cyprus Full Full 51% - 100% - METRINWOOD LTD consolidation consolidation
The movement of the Company’s investment in the subsidiary Arcela Investments Ltd, classified as " Financial
assets at fair value through other comprehensive income", is analysed in the table below:
31.12.2024
31.12.2023
Opening balance
125,210,365
101,676,335
Additions (Increase share capital of
subsidiaries)
12,526,725
7,547,275
Gain on financial assets at fair value
through other comprehensive income
22,963,187
15,986,755
Closing balance
160,700,277
125,210,365
Especially for the fair value measurement of the subsidiary Arcela Investments Ltd, the net asset value ("Net
Asset Value"), excluding deferred tax assets/liabilities is materially affected by the fair value measurement of
investment property or rights of use investment properties classified as investment property or property
and equipment or inventory of its direct and indirect interests in the joint ventures 3V S.A., Cante
Holdings Ltd (valuation of investment property and rights of use on investment property of the joint
ventures of Cante Holdings Ltd, Rinascita S.A. and Piraeus Tower S.A.), YITC European Trading Ltd (valuation
of the investment property of the subsidiary Evgenia Homes S.M.S.A.), IQ Karela S.A. and the subsidiaries
Piraeus Regeneration 138 S.M.S.A., Alkanor S.M.S.A., Random S.M.S.A., Filma S.M.S.A., Agchialos Estate
S.M.S.A., Dramar S.M.S.A. and IQ Athens S.M.S.A..
The valuation methods used by independent certified valuers to determine the fair value of the investment
properties of the above subsidiaries and joint ventures as of 31.12.2024, are presented below.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
126
Hierarchy Company Type of relation % of ownership interest Method level IFRS 13 ALKANOR S.M.S.A. Subsidiary 100% Residual Method 3 AGCXIALOS AKINITA S.M.S.A. Subsidiary 100% Residual Method 3 IQ ATHENS S.M.S.A. Subsidiary 100% Residual Method 3 Subsidiary Residual Method RANDOM S.M.S.A. 100% 3 FILMA S.M.S.A. Subsidiary 100% Residual Method 3 Subsidiary Income Approach - Discounted CashflowsPIRAEUS REGENERATION 138 S.M.S.A. 100% (DCF) Method, Profit3 Method and Residual Method DRAMAR S.M.S.A. Subsidiary 100% Market Approach 3 3V S.A. Joint venture 57% Residual Method 3 IQ KARELA S.A. Joint venture 60% Residual Method 3 EVGENIA HOMES S.A. Other related parties 20% Residual Method 3 Income Approach based P-TOWER S.A. Other related parties 45,50% on the Discounted Cash 3 Flow Method Income Approach based RINASCITA S.A. Other related parties 6,50% on the Discounted Cash 3 Flow Method
The following tables present a sensitivity analysis on the carrying value of the Company’s investment in the
subsidiary Arcela Investments Ltd with respect to the main assumptions used for the fair value measurement
of the investment properties of the above subsidiaries and joint ventures, as the value of the investment is
mainly aected by any changes in investment properties.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
127
Sensitivity analysis of properties valued using the Residual Method - Fair value of investment properties: € 138,980,782
Rental price per sq.m.
Variation in construction
cost per sq.m.
Variation to discount rate
Discount rate
+5%/-5%
+5%/-5%
+0.5%/-0.5%
Highest / Lowest
Lowest / Highest
Lowest / Highest
18,967,620 / 18,697,067
12,491,827 / 12,481,252
11,752,537 / 12,412,007
8.0%-10.15%
Sensitivity analysis of properties valued using the Market Approach, Income Approach – Discounted Cashflows (DCF)
Method, Profit Method and Residual Method - Fair value of investment properties: € 2,073,000
Variation to Average Daily rate
(during the 1st year of operation)
Variation to discount factor
Discount rate
+10%/-10%
+0.5%/-0.5%
Highest / Lowest
Lowest / Highest
873,000 / 873,000
142,000 / 148,000
9.00%
Sensitivity analysis of properties valued using Market Approach Method - Fair value of investment properties: €731,000
Selling prices / Rental price per sq.m.
+10%/-10%
Highest / Lowest
73,000 / 73,000
Sensitivity analysis of properties valued using the Income Approach based on the Discounted Cash Flow Method - Fair value
of investment properties: € 62,618,483
Variation to discount factor
Discount rate
+0,5%/-0,5%
Lowest / Highest
2,773,500 / 2,496,000
8.50%-9.80%
The movement in the Company’s investments in subsidiaries, classied as " Financial assets at fair value
through prot or loss", is detailed in the table below:
31.12.2024
31.12.2023
Closing balance
6,785,176
7,179,944
Incorporation/Acquisition of subsidiary
-
525,000
Additions (Increase share capital of
subsidiaries)
8,089,400
1,539,500
Reductions (Share capital decrease of subsidiary)
(2,585,000)
(863,000)
Disposals
(8,280,857)
-
Fair value gains / (losses) through profit or
loss
19,749,790
(1,596,268)
Closing balance
23,758,509
6,785,176
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
128
During the fiscal year 2024, the Company participated in the share capital increases of the subsidiaries Terra
Attiva S.M.S.A., Perdim S.M.S.A., Iovis S.A., Lavax S.M.S.A., Bozonio S.M.S.A. and Metrinwood Ltd by €160,000,
€180,000, €500,000, €58,000, €79,000 and €7,112,400, respectively.
The subsidiaries Terra Attiva S.M.S.A. and Perdim S.M.S.A. proceeded with share capital decreases during
the fiscal year of 2024 of €485,000 and €1,620,000, respectively, which resulted from the sale of the
properties they held. Additionally, the subsidiary Propela S.M.S.A. also proceeded with a share capital
decrease of €480,000 as it collected loan receivables from related parties.
On 17.05.2024, the Company proceeded with the sale of its shares in Iovis S.A. (100% of the share capital of
common shares), with the result of the transaction presented in the table below. Also, on 17.12.2024, the
Company proceeded with the sale of part of its participation (49%) in the subsidiary Metrinwood Ltd, while
retaining control of the subsidiary.
For the fair value measurement of subsidiaries classied as "Financial assets at fair value through prot or
loss", the net asset value, excluding deferred tax assets/liabilities, is materially aected by the fair value
measurement of their investment properties.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
129
The analysis of investments in subsidiaries of the parent company Dimand S.A. for the scal year 2024 and 2023 is analysed as follows:
LAVAX
S.M.S.A.
PERDIM
S.M.S.A.
PROPELA
S.M.S.A.
BOZONIO
S.M.S.A.
TERRA
AΤTIVA
S.M.S.A.
DIMAND
REAL
ESTATE
(CYPRUS)
LIMITED
VENADEKTOS
HOLDINGS
LIMITED
METRINWOOD
LTD
IOVIS
S.M.S.A.
Total
ARCELA
INVESTMENTS
LTD
Total
January 1, 2023
3,824,816
1,564,225
503,572
-
411,553
875,777
-
-
7,179,944
101,676,335
101,676,335
Incorporation of
subsidiary
-
-
-
-
-
-
-
-
525,000
525,000
-
-
Additions (Increase share
capital of subsidiaries)
25,000
5,000
-
197,000
50,000
-
-
1,262,500
-
1,539,500
7,547,275
7,547,275
Decreases (Share capital
decrease of subsidiary)
-
-
-
-
-
(863,000)
-
-
-
(863,000)
-
-
Fair value gains / (losses)
on financial assets at
subsidiaries and joint
ventures
(64,917)
(41,905)
5,591
(122,246)
(67,210)
(12,777)
-
(1,252,231)
(40,572)
(1,596,267)
-
-
Fair value gains on
financial assets at fair
value through other
comprehensive income
-
-
-
-
-
-
-
-
-
-
15,986,755
15,986,755
December 31, 2023
3,784,899
1,527,320
509,163
74,754
394,343
-
-
10,269
484,428
6,785,176
125,210,365
125,210,365
Incorporation/Acquisition
of subsidiary
-
-
-
-
-
-
-
-
-
-
-
-
Additions (Increase share
capital of subsidiaries)
58,000
180,000
-
79,000
160,000
-
-
7,112,400
500,000
8,089,400
12,526,725
12,526,725
Decreases (Share capital
decrease of subsidiary)
-
(1,620,000)
(480,000)
-
(485,000)
-
-
-
-
(2,585,000)
-
-
Disposals
-
-
-
-
-
-
-
(1,170,365)
(7,110,492)
(8,280,857)
-
-
Fair value gains / (losses)
on financial assets at
subsidiaries and joint
ventures
(2,375,014)
(62,310)
(7,059)
(33,453)
(43,502)
-
-
16,145,065
6,126,064
19,749,790
-
-
Fair value gains on
financial assets at fair
value through other
comprehensive income
-
-
-
-
-
-
-
-
-
-
22,963,187
22,963,187
December 31, 2024
1,467,885
25,010
22,104
120,301
25,841
-
-
22,097,369
-
23,758,509
160,700,277
160,700,277
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
130
The subsidiary Venadektos Holdings Limited participates in Dimand Real Estate and Services EOOD with a nil value as of 31.12.2024, and
31.12.2023.
The subsidiary Arcela Investments Ltd participates in the following subsidiaries as follows:
MAGROMELL
LTD
SEVERDOR
LTD
ARCELA
FINANCE
LTD
KARTONERA
LTD
AFFLADE
LTD
ALABANA
LTD
PAVALIA
ENTERPRICES
LTD
MANDALINAR
HOLDINGS LTD
RODOMONDAS
LTD
OBLINARIUM
HOLDINGS
LTD
RANDOM
S.M.S.A.
GRAVITOUSIA
LTD
January 1, 2023
10,780,592
11,023,555
485,409
4,210,609
-
11,319,246
2,849,271
-
10,034,348
3,434,481
7,952,486
4,944,763
Additions (Increase share
capital of
subsidiaries)
3,000,000
15,200,000
-
980,000
-
-
-
-
-
700,000
535,000
5,170,000
Decreases (Share capital
decrease of subsidiary)
-
-
(472,000)
-
-
(490,000)
(410,000)
-
(7,679,200)
-
-
-
Disposals
-
-
-
-
-
-
-
-
-
-
-
-
Fair value gains / (losses) on
financial assets at
subsidiaries and joint
ventures
7,852,792
80,955
(8,249)
1,281,711
-
1,120,127
1,481,557
-
(2,335,215)
(283,288)
64,974
(1,793)
December 31, 2023
21,633,384
26,304,510
5,160
6,472,321
-
11,949,373
3,920,828
-
19,933
3,851,193
8,552,460
10,112,970
Additions (Increase share
capital of subsidiaries)
-
-
-
1,600,000
-
-
-
-
-
-
377,000
-
Decreases (Share capital
decrease of subsidiary)
-
-
-
(2,215,042)
-
-
(1,942,400)
-
-
(1,300,000)
-
(10,865,800)
Disposals
-
(27,810,919)
-
-
-
-
-
-
-
-
-
-
Fair value gains / (losses) on
financial assets at
subsidiaries and joint
ventures
1,495,814
1,506,409
(5,160)
700,748
-
3,121,358
(1,967,696)
-
(8,388)
(403,687)
965,608
6,830,782
December 31, 2024
23,129,198
-
-
6,558,027
-
15,070,731
10,732
-
11,545
2,147,506
9,895,068
6,077,952
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
131
AGCHIALOS
AKINITA
S.M.S.A.
FILMA ESTATE
S.M.S.A.
ALKANOR
S.M.S.A.
DARMENIA
LTD
DRAMAR
S.M.S.A.
N.PERAMOS
S.M.S.A.
PEFKOR S.M.S.A.
CITRUS S.M.S.A.
IOVIS S.M.S.A.
Total
January 1, 2023
9,030,113
11,096,309
13,839,162
-
353,417
81,755
306,326
2,019,805
17,560
103,779,208
Additions (Increase share capital of
subsidiaries)
2,133,000
2,230,000
5,000,000
-
220,000
725,000
3,110,000
150,000
500,000
39,653,000
Decreases (Share capital
decrease of subsidiary)
-
-
-
-
-
-
-
-
-
(9,051,200)
Disposals
-
-
-
-
-
(2,814,689)
(3,545,876)
-
(488,392)
(6,848,957)
Fair value gains / (losses) on
financial assets at subsidiaries and
joint ventures
(424,912)
804,420
1,283,559
-
(245,322)
2,007,934
129,550
1,609,819
(29,168)
14,389,451
December 31, 2023
10,738,201
14,130,729
20,122,721
-
328,095
-
-
3,779,624
-
141,921,502
Additions (Increase share capital of
subsidiaries)
-
1,050,000
5,840,000
-
755,000
-
-
-
-
9,622,000
Decreases (Share capital
decrease of subsidiary)
-
-
-
-
-
-
-
(2,000,000)
-
(18,323,242)
Disposals
-
-
-
-
-
-
-
-
-
(27,810,919)
Fair value gains / (losses) on
financial assets at subsidiaries and
joint ventures
437,963
468,357
5,685,560
-
(158,555)
-
-
(1,110,380)
-
17,558,733
December 31, 2024
11,176,164
15,649,086
31,648,281
-
924,540
-
-
669,244
-
122,968,074
The subsidiary Arcela Investments Ltd holds an investment in Aade Ltd, Mandalinar Ltd and Darmenia Ltd with a nil value as of 31.12.2024
and 31.12.2023.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
132
Each of the above subsidiaries participate in the respective subsidiaries as detailed below:
Subsidiaries of Arcela Investments Ltd
MAGROMELL
LTD
KARTONERA LTD
OBLINARIUM
HOLDINGS LTD
OBLINARIUM
HOLDINGS LTD
OBLINARIUM
HOLDINGS LTD
DARMENIA LTD
SEVERDOR LTD
Company
IQ ATHENS
S.M.S.A.
HUB 204 S.M.S.A.
PIRAEUS
REGENERATION 138
S.M.S.A.
KALLIGA
ESTATE S.M.S.A.
THOMAIS
S.M.S.A.
BRIDGED T
INSIGNIO S.M.S.A.
Total
January 1, 2023
10.819.512
4.569.335
1.786.332
1.530.616
13.974
-
10.973.288
29.693.057
Additions (Increase share capital of subsidiaries)
2.340.000
447.000
-
185.000
-
-
15.200.000
18.172.000
Decreases (Share capital decrease of
subsidiary)
-
(2.105.840)
-
-
-
-
-
(2.105.840)
Fair value gains / (losses) on financial assets at
subsidiaries and joint ventures
7.864.898
1.299.520
(15.911)
(239.725)
(13.974)
-
96.977
8.991.785
December 31, 2023
21.024.410
4.210.015
1.770.421
1.475.891
-
-
26.270.265
54.751.002
Additions (Increase share capital of subsidiaries)
500.000
1.500.000
-
2.122.055
5.000
-
-
4.127.055
Disposals
-
-
-
(3.504.334)
-
-
(27.818.585)
(31.322.919)
Fair value gains / (losses) on financial assets at
subsidiaries and joint ventures
1.509.085
712.989
68.161
(93.612)
(5.000)
-
1.548.320
3.739.944
December 31, 2024
23.033.495
6.423.004
1.838.582
-
-
-
-
31.295.082
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
133
During the fiscal year 2024, the following changes occurred in the Group compared to the previous fiscal
year:
On 17.05.2024, the Group, through the Company, sold its 100% share in the subsidiary Iovis S.A. for a
consideration of €7,110,492, recognizing a gain from the disposal of €5,092,365, which was recorded in the
line item “Gain on disposal of investments”. Additionally, the Group recognized a gain from the revaluation
of the investment property to fair value prior to the sale amounting to €1,694,818, which is included in the
line item “Fair value gains on investment property”.
On 20.05.2024, the Group, through the company Oblinarium Holdings Ltd, sold its 100% shares in the
subsidiary Kalliga Estate S.M.S.A. for a consideration of €3,157,169, and the Group recognized a loss from
the sale amounting to €53,530, which was recorded in the line item “Gain on disposal of investments”. It is
noted that the Group recorded cumulativelly in all years, total gains of €663,135 from holding the shares
in the subsidiary Kalliga Estate S.M.S.A. (including the loss from the sale of the subsidiary’s shares).
On 16.12.2024, the Group, through its subsidiary Arcela Investments Ltd, sold its 100% share interest in
the subsidiary Severdor Ltd and indirectly in the subsidiary Insignio S.M.S.A. for a consideration of
€32,046,612 and the Group recognized a gain from the sale amounting to €6,704,258, which was recorded
under the line item "Gain on disposal of subsidiaries and joint ventures". It is noted that, from holding the
share interest in the subsidiaries Severdor Ltd and Insignio S.M.S.A., the Group has recorded cumulativelly
in all years, a total gain of €9,182,501 (including the gain from the sale of the share interest).
On 17.12.2024, the Company sold part of its share interest (49%) in the subsidiary Metrinwood Ltd for a
consideration of €1,170,365. For Group purposes, this transaction did not affect the Group's results, as it
was considered a transaction with non-controlling interests, and the gain was recorded directly in the
Group's equity.
The following tables summarize the fair value of the net assets derecognized as a result of the sale of the
subsidiaries Iovis S.A., Kalliga Estate S.M.S.A., Severdor Ltd and Insignio S.M.S.A. (Severdor Ltd Group), as
well as the result of the transaction:
Iovis S.A. Kalliga Estate S.M.S.A. Group Severdor Ltd Fair value of net assets 17.05.2024 20.05.2024 16.12.2024 Investment property 51,590,000 3,500,000 - Inventory - - 69,131,654 Other assets 235,887 22,029 4,218,548 Cash and cash equivalents 28,495 1,475 10,773,297 Liabilities (49,836,225) (312,805) (58,781,144) Total 2,018,127 3,210,699 25,342,355 Cash consideration 7,110,492 3,157,169 32,046,612 Gain/ (Loss) on disposal of subsidiaries 5,092,365 (53,530) 6,704,258
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
134
It is noted that the annual financial statements of the consolidated non-listed subsidiaries of the Group
are posted on the Company's website (https://dimand.gr/en/) in accordance with decision
12A/889/31.08.2020 of the Board of Directors of the Hellenic Capital Market Commission.
11. Investments in joint ventures accounted for using the equity method
The table below presents the movement of investments in joint ventures for the Group:
Group 31.12.2024 31.12.2023 Opening balance 49,300,182 37,302,366 Additions - 25,500 Additions (increases of share capital in joint 22,454,500 15,299,100 ventures) /Acquisition Share of profit of investments accounted for34,471,092 551,968 using the equity method Transfer to assets classified as held for sale - (3,878,752) Disposals (19,164,755) - Closing balance 87,061,019 49,300,182
The table below presents the Group’s investments in joint ventures, whose financial information is
included in the consolidated financial statements using the equity method:
Investments in joint % of ownership interest ventures accounted for using the equity method Company name Country 31.12.2024 31.12.2023 31.12.2024 31.12.2023 CANTE HOLDINGS LTD Cyprus 65% 65% 24,738,087 22,375,280 YITC EUROPEAN TRADING - - LTD Cyprus 20% 20% 3V S.A. Greece 57% 57% 13,792,407 10,931,672 OURANIA EPENDITIKI S.A. Greece - 65% -10,232,506IQ KARELA S.A. Greece 60% 60% 4,494,384 4,232,766P and E Investments S.A. Greece 55% 75% 40,027,461 - DI Terna S.A. Greece 51% 51% 4,008,680 1,527,958 Total 87,061,019 49,300,182
The joint venture 3V S.A., in which the Group holds 57.26% of its shares through its subsidiary Alabana Ltd,
owns as of 31.12.2024, a property (parcel of land) of c. 10,642 sq.m. in Neo Faliro, where the development
of a mixed use complex is planned.
On 20.12.2024, the Group, through its subsidiary Metrinwood Ltd, sold part of its share interest (20%) in
the joint venture P and E Investments S.A. and recognized a profit of €626,000, which was recorded under
the item " Gain on disposal of subsidiaries and joint ventures". At the same time, on 20.12.2024, the joint
venture P and E Investments S.A. proceeded with the acquisition of 65% of the shares in Skyline Real Estate
S.A. ("Skyline") from Alpha Group Investments Ltd of the Alpha Bank Group. Alpha Group Investments Ltd
retains a 35% share in Skyline. Group participates through its subsidiary Metrinwood Ltd (with a 51% share)
in the joint venture P and E Investments S.A. with a 55% share, while Premia Real Estate Investment
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
135
Company (Premia AEEAP) and the European Bank for Reconstruction and Development (EBRD) participate
with share interests of 25% and 20%, respectively.
On 26.11.2024 and 20.12.2024, prior to the aforementioned transaction, the joint venture P and E
Investments S.A. carried out two capital increases totalling €13,413,500, proportional to the shareholding
percentage of the subsidiary Metrinwood Ltd in P and E Investments S.A.
On 22.10.2024, the Group, through its subsidiary Gravitousia Ltd, sold 65% of the shares in the joint
venture Ourania Ependitiki S.A. for contractual consideration of €20,457,808. The final consideration will
be to be settled until 15.06.2025 and on 31.12.2024, based on the terms of the sale agremeent, the
consideration was calculated to €21,492,679. The joint venture owned four (4) plots of land with a total
area of 7,704 sq.m. in the "FIX" area on the western side of the city of Thessaloniki. During the fiscal year
2024 and prior to the sale of the 65% share interest, the Group, through its subsidiary Gravitousia Ltd,
participated in a capital increase of the joint venture, amounting to €4,225,000, in proportion to
Gravitousia Ltd's shareholding in Ourania Ependitiki S.A. The Group recognized a profit of €2,326,657
from the sale of the 65% share interest in the joint venture Ourania Ependitiki S.A., which was recorded
under the item " Gain on disposal of subsidiaries and joint ventures".
The joint venture IQ Karela S.A., in which the Group holds 60% of its shares through its subsidiary Arcela
Investments Ltd, owns a plot of land with a total surface area of 22,957 sq.m., located in the Municipality
of Peania. During the fiscal year 2024, the Group participated through its subsidiary Arcela Investments
Ltd in the increase of the share capital of the joint venture IQ Karela S.A. for the amount of €264,000.
The joint venture Cante Holdings Ltd, in which the Group holds 65% of its share through Arcela Investments
Ltd, is a group of companies comprising of the parent company Cante Holdings Ltd, the subsidiaries
Stivaleous Holdings Ltd and Emid Holdings Ltd and the joint ventures Rinascita S.A. and Piraeus Tower
S.A. During the fiscal year 2024, the Group participated through its subsidiary Arcela Investments Ltd in
the share capital increase of the joint venture Cante Holdings Ltd in the amount of €2,202,000.
The joint venture DI Terna S.A., in which the Group holds a 51% share interest through its subsidiary Arcela
Investments Ltd, has undertaken the project for the development of the property owned by the Technical
Chamber of Greece (TEE) in the area of Maroussi, Attica, under a land swap agreement. Under the land
swap agreement, DI Terna S.A. will proceed with the construction of an office complex with underground
levels and new high-quality infrastructure, featuring bioclimatic characteristics. The site will accommodate
two (2) independent buildings, one of which will be fully transferred to TEE (as the landowner) and the
other will be fully transferred to DI Terna S.A. (as the contractor of the project) as the construction
consideration. During the fiscal year 2024, the Group, through its subsidiary Arcela Investments Ltd,
participated in a capital increase of the joint venture DI Terna S.A. for the amount of €2,550,000, in
proportion to Arcela Investments Ltd's share interest in DI Terna S.A.
The joint venture YITC European Trading Ltd, in which the Group participates through Arcela Investments
Ltd, is a group of companies that includes the parent company YITC European Trading Ltd and the
subsidiary Evgenia Homes S.M.S.A.. The joint venture YITC European Trading Ltd, in which the Group holds
20% of its shares through its subsidiary Arcela Investments Ltd, holds 100% of the shares of Evgenia Homes
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
136
S.M.S.A.. The company Evgenia Homes SM.S.A. owns a plot of land after a building in the municipality of
Piraeus, Attica.
The total portfolio of investment projects under management (Assets under Management – AUM), in which
the Group participates through its joint ventures, includes, as of 31.12.2024, 6 investment projects with a
total fair value of €194,102,146 (2023: €220,002,588). Additionally, the Company participates through the
joint venture P and E Investments S.A. in Skyline S.A., which, as of 31.12.2024, holds properties with fair
value of €216,397,000.
The share of profit/(loss) from investments in joint ventures accounted for using the equity method by the
Group during the fiscal year 2024, includes the following:
• The Group’s share of profit from participation in the joint venture Cante Holdings Ltd of €360,806for the period 01.01.2024 to 31.12.2024.• The Group’s share of profit from participation in the joint venture 3V S.A. of €2,860,736 for theperiod 01.01.2024 to 31.12.2024.• The Group’s share of profit from participation in the joint venture Ourania Ependitiki S.A. of€4,707,249 for the period 01.01.2024 to 22.10.2024 (date of sale of the 65% shareholding in thecompany).• The Group’s share of loss from participation in the joint venture IQ Karela S.A. of €2,382 for theperiod 01.01.2024 to 31.12.2024.• The Group’s share of profit from participation in the joint venture P and E Investments S.A. of€26,613,962 for the period 01.01.2024 to 31.12.2024, which resulted from the gain during theinitial recognition of the acquired subsidiary of the aforementioned joint venture company underthe name "Skyline Akinita S.A." based on provisional values, as defined in IFRS 3:45.• The Group’s share of loss from participation in the joint venture DI Terna S.A. of €69,278 for theperiod 01.01.2024 to 31.12.2024.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
137
The following tables present summary financial information for each of the Group’s joint ventures as of 31.12.2024, and 31.12.2023:
Statement of Financial Position YITC EUROPEAN TRADING CANTE HOLDINGS LTD EPENDITIKI CHANION S.A. 3V S.A. LTD 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Cash and cash equivalents 94,325 608,152 -64,99422,927 8,509 3,478,727 177,192 Other current assets 7,519,000 8,275,682 -224,46075,897 72,945 79,518 69,097 Total current assets 7,613,325 8,883,834 -289,45398,825 81,454 3,558,245 246,289 Non-current assets 32,175,972 28,234,255 -6,269,8571,065,900 1,037,762 22,821,517 20,666,290 Total assets 39,789,297 37,118,089 -6,559,3101,164,725 1,119,216 26,379,762 20,912,579 Financial liabilities (excl.trade paybles) - - - - 1,789,313 3,375 3,000 3,437 Other current liabilities 977,657 2,035,900 -20,71065,990 67,961 47,606 43,769 Total current liabilities 977,657 2,035,900 -20,7101,855,303 71,336 50,605 47,207 Financial liabilities (excl.trade paybles) - - - 8,513 6,412 1,726,357 6,649 8,827 Other non-current liabilities - - - - - - 2,409,141 1,939,071 Total non-current liabilities - - - 8,513 6,412 1,726,357 2,415,791 1,947,898 Total Liabilites 977,657 2,035,900 -29,2221,861,716 1,797,693 2,466,396 1,995,104 Net assets 38,811,641 35,082,190 -6,530,088(696,990) (678,476) 23,913,366 18,917,475
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
138
YITC EUROPEAN CANTE HOLDINGS LTD EPENDITIKI CHANION S.A. 3V S.A. TRADING LTD Reconciliation to carrying amounts: Opening net assets 1 January 35,082,192 26,370,513 -4,047,838(678,476) (654,887) 18,917,475 17,344,667 Net assets at incorporation/acquisition - - --- - - - Share capital and share premium 3,080,000 10,100,000 - - - - - - increase/(decrease) Profit / (loss) for the year 649,451 (1,388,322) -2,482,251(18,490) (23,590) 4,995,891 1,572,808 Closing net assets 31 December 38,811,642 35,082,192 -6,530,088(696,966) (678,476) 23,913,366 18,917,475 Group’s share in % 65% 65% -60%20% 20% 57% 57% Group’s share in € 25,227,567 22,803,424 -3,918,053(139,393) (135,642) 13,693,542 10,832,738 Group share from unrealized profit /(loss) from transactions with the Joint (489,481) (428,144) -(38,756)- - (1,191) (1,123) Venture Difference at the initial acquisition - - - (545) - - 100,057 100,057 Transfer to assets classified as held for - - - (3,878,752) - - - - sale Reversal of share of loss on investment - - - - 139,393 135,642 - - in joint venture Carrying amount 24,738,088 22,375,280 - - - - 13,792,408 10,931,672
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
139
OURANIA EPENDITIKI S.A. IQ KARELA S.A. P and E INVESTMENTS S.A. DI TERNA S.A. 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Cash and cash equivalents -1,959,295123,803 22,567 25,685,344 36,825 497,444 1,174,217 Other current assets -2,384,877466,621 431,515 115,026,909 293,205 4,967,115 788,102 Total current assets -4,344,172590,424 454,082 140,712,253 330,031 5,464,559 1,962,319 Non-current assets -35,676,12710,107,850 9,655,365 216,686,665 166,705 7,023,342 1,161,666 Total asset -40,020,30010,698,274 10,109,447 357,398,918 496,735 12,487,901 3,123,985 Financial liabilities (excl.trade paybles) -2,154,9001,966,779 1,933,083 124,084 56,834 2,847 3,347 Other current liabilities -7,264,218111,911 91,138 14,068,246 473,143 4,540,350 112,328 Total current liabilities -9,419,1182,078,690 2,024,221 14,192,330 529,977 4,543,197 115,676 Financial liabilities (excl.trade paybles) -23,9196,287 8,346 100,674,306 92,555 6,114 8,275 Other non-current liabilities -14,578,5021,120,381 1,020,847 88,949,679 - - - Total non-current liabilities -14,602,4211,126,668 1,029,193 189,623,985 92,555 6,114 8,275 Total Liabilites -24,021,5383,205,358 3,053,414 203,816,315 622,532 4,549,311 123,950 Net assets -15,998,7617,492,916 7,056,032 153,582,603 (125,797) 7,938,589 3,000,035 Reconciliation to carrying amount: Opening net assets 1 January -6,456,6057,056,032 6,484,179 (125,797) (72,230) 3,000,035 - Net assets at incorporation/acquisition --- - - - - 48,710 Share capital and share premium -9,517,144440,000 255,232 23,842,845 1,149,655 5,000,000 2,958,000 increase/(decrease) Profit / (loss) for the year -25,012(1,796) 316,621 48,397,049 (1,203,222) (61,445) (6,675) Closing net assets 31 December -15,998,7617,494,236 7,056,032 72,114,097 (125,797) 7,938,589 3,000,035 Group’s share in % - 65% 60% 60% 55% 75% 51% 51% Group’s share in € -10,404,4974,497,694 4,234,440 39,663,852 (97,014) 4,070,101 1,551,438 Group share from unrealized profit /(loss) from -(171,992)(3,309) (1,674) 363,609 (259)(62,079)(24,137) transactions with the Joint Venture Difference at the initial acquisition - - - - - - 658658 Reversal of share of loss on investment in joint - - - - -97,272- - venture Carrying amount -10,232,5064,494,385 4,232,766 40,027,462 -4,008,6801,527,958
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
140
Statement of Comprehensive Income CANTE HOLDINGS LTD EPENDITIKI CHANION S.A. YITC EUROPEAN TRADING LTD 3V S.A. 1.1.2024 to 1.1.2023 to 1.1.2024 to 1.1.2023 to 1.1.2024 to 1.1.2023 to 1.1.2023 to 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Revenue - - - - - - 300,000 Fair value gains on investment property - - 2,548,178 30,000 18,361 5,557,817 1,844,815 Gain on disposal of subsidiaries and joint - (1,063,103) - - - - - ventures Share of profit of investments accounted for 861,717 (243,025) - - - - - using the equity method Other expenses (201,145) (72,102) (31,274) (24,347) (20,819) (15,041) (81,507) Other income - - - - - - Property taxes - levies - - (31,253) (12,807) (9,304) (80,599) (80,599) Depreciation - - (2,500) (2,385) (2,520) (2,905) (2,864) Finance income - - - - - 7,460 - Finance expenses (11,121) (10,091) (900) (9,347) (9,307) (769) (1,177) Income tax - - 396 - (470,071) (405,859) Profit/(Loss) for the year 649,451 (1,388,322) 2,482,251 (18,490) (23,590) 4,995,891 1,572,808 Other comprehensive income for the year - - - - - - - Other comprehensive income for the year, 649,451 (1,388,322) 2,482,251 (18,490) (23,590) 4,995,891 1,572,808 after tax Attributable to: Shareholders of the parent company 649,451 (1,388,322) 2,482,251 (18,490) (23,590) 4,995,891 1,572,808 Non-controlling interests Group’s share in % 65% 65% 60% 20% 20% 57% 57% Consolidation adjustments (reversal of share of loss on investment in joint venture and other (61,337) (112,130) (15,105) 3,698 4,718 (68) (696) consolidation adjustments) Share of net profit / (loss) of investments 360,806 (1,014,539) 1,474,246 - - 2,860,736 899,943 accounted for using the equity method
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
141
Statement of comprehensive income OURANIA EPENDITIKI S.A. IQ KARELA S.A. P and E INVESTMENTS S.A. DI TERNA S.A. 1.1.2024 to 1.1.2023 to 1.1.2024 to 1.1.2023 to 1.1.2024 to 1.1.2023 to 1.1.2024 to 15.12.2023 to 22.10.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Revenue 243,165 - - - 282,045 - - - Fair value gains on investment property 9,783,713 351,501 453,812 743,500 262,246 - - - Other expenses (561,271) (110,142) (182,676) (199,046) (3,602,055) (1,034,316) (55,598) (1,068) Other income - 100,000 23,700 - - - Property taxes - levies (90,160) (111,427) (22,370) (22,370) - - - Gain on acquisition of subsidiary - - - 52,080,835 - - - Personnel expenses - - - (247,444) (124,211) - - Depreciation (2,173) (2,569) (2,640) (2,601) (62,801) (38,358) (2,952) (129) Finance income - - - - 7,120 - - - Finance expenses (96,902) (104,540) (148,389) (139,292) (299,681) (6,338) (2,963) (5,478) Income tax (2,294,247) 2,189 (99,534) (163,570) (56,868) - 68 - Profit/(Loss) for the year 6,982,124 25,012 (1,796) 316,621 48,387,098 (1,203,222) (61,445) (6,675) Other comprehensive income for the year, after tax - - - - 164,837 - Total comprehensive income for the year 6,982,124 25,012 (1,796) 316,621 48,551,935 (1,203,222) (61,445) (6,675) Attributable to: Shareholders of the parent company 6,982,124 25,012 (1,796) 316,621 48,397,049 (1,203,222) (61,445) (6,675) Non-controlling interests - - - - 154,886 - - - Group’s share in % 65% 65% 60% 60% 55% 75% 51% 51% Consolidation adjustments (reversal of share of loss on investment in joint venture and other consolidation 168,868 (122,749) (1,304) (1,121) (4,415) 39,916 (37,941) (24,137) adjustments) Share of net profit / (loss) of investments accounted for 4,707,249 (106,491) (2,382) 188,852 26,613,961 (862,500) (69,278) (27,542) using the equity method
The above financial information for P and E Investments S.A., CANTE HOLDINGS LTD and YITC EUROPEAN TRADING LTD relates to their
consolidated financial statements.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
142
12. Deferred income tax
The Group and the Company recognised the following amounts for deferred income tax as of the reporting
dates.
Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Deferred tax (net) (7,664,589) (6,416,514) 431,394 434,959 The total change in deferred income tax is as follows: Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Opening Balance (6,416,516) (3,099,445) 434,959 424,583 (Debit)/Credit to Profit or Loss 30 (3,058,914) (3,812,717) (279)5,690(Debit)/Credit to Other Comprehensive (3,315) 4,704 (3,286) 4,686Income Disposal of companies 1,814,154 490,944 - - Closing Balance (7,664,589) (6,416,514) 431,394 434,959
The changes in deferred tax assets and liabilities during the year, excluding the netting of balances within the
same tax authority, are as follows: Deferred tax asset Accrued pension and Group Borrowings Tax losses Total retirement obligations January 1, 2023 - 50,377 374,288 424,664 (Debit)/Credit to Profit or Loss - 5,765 - 5,765 (Debit)/Credit to Equity - 4,704 - 4,704 December 31, 2023 - 60,846 374,288 435,133 January 1, 2024 - 60,846 374,288 435,133 (Debit)/Credit to Profit or Loss (1,048) 832 - (215) (Debit)/Credit to Equity - (3,315) -(3,315)December 31, 2024 (1,048) 58,363 374,288 431,603 Accrued Borrowings pension and Tax losses Total Company retirement obligations January 1, 2023 -50,296374,288 424,584 (Debit)/Credit to Profit or Loss - 5,690 -5,690(Debit)/Credit to Equity - 4,686 -4,686December 31, 2023 -60,672374,288 434,960 January 1, 2024 -60,672374,288 434,960 (Debit)/Credit to Profit or Loss (1,048) 769 -(279)(Debit)/Credit to Equity -(3,286)-(3,286)December 31, 2024 (1,048) 58,155 374,288 431,394
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
143
Group Company Deffered tax asset 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Recoverable after 12 months 431,603 435,133 431,394 434,960 Recoverable within 12 months - - - - 431,603 435,133 431,394 434,960
According to article 58 of the Tax Code (Law 4172/2013, A’ 167) as amended by article 120 of Law 4799/2021,
income tax for the fiscal year 2024 is taxed at a tax rate of 22%. The tax rate was 22% in the previous fiscal
year as well.
The Group recognized a deferred tax asset on the carried-forward tax losses of its subsidiary Hub 204 S.M.S.A.
amounting to €631,953 and of the Company amounting to €1,701,305, as it considers it highly probable that
future taxable profits will be sufficient to utilize the respective deferred tax asset. The tax losses of the
Company for which a deferred tax asset has been recognized can be utilized up to the amount of €1,229,791
until the fiscal year 2026 and up to the amount of €471,514 until the fiscal year 2027. Similarly, the tax losses
of the subsidiary Hub 204 S.M.S.A. for which a deferred tax asset has been recognized can be utilized up to
the amount of €105,778 until the fiscal year 2026, €150,228 until 2027, €51,461 until 2028, and €324,485
until 2029. The Group did not recognize a deferred tax asset on the carried-forward tax losses of the
Company and the other Group companies, totaling €4,317,164 and €10,325,570, respectively, as it
assessed that the recognition criteria under IAS 12 were not met.
Additionally, the Group does not recognize a deferred tax asset on the deductible temporary difference
related to the investment properties of its subsidiary Agchialos S.M.S.A., totalling €230,926, as it has assessed
that the recognition criteria are not met.
Deferred tax liabilities Investment Government Trade Group Tax losses Total Property grant payables January 1, 2023 (3,439,848) - - - (3,524,108) (Debit)/Credit to Profit or Loss (3,171,050) - - - (3,818,482) Disposal of companies 490,943 - - - 490,943 December 31, 2023 (6,119,956) - - - (6,851,647) January 1, 2024 (6,119,956) - - - (6,851,647) (Debit)/Credit to Profit or Loss (2,025,562) 347,403 71,387 226,603 (3,058,699) Disposal of companies 1,814,154 - - - 1,814,154 December 31, 2024 (6,331,363) 347,403 71,387 226,603 (8,096,192) Group Company Deffered tax liabilities 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Payable after 12 months (8,746,010) (6,851,647) - - Payable within 12 months - - - - (8,746,010) (6,851,647) --
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
144
The Company has not recognized a deferred tax liability on a taxable temporary difference, of €79,519,778,
relating to its investment in the subsidiary Arcela Investments Ltd, as Management has assessed that no
related income tax will arise in the future. Additionally, the Company has not recognized a deferred tax
liability on a taxable temporary difference, of €13,411,111, relating to investments in subsidiaries measured
at fair value through profit or loss, as Management has assessed that no related income tax will arise in the
future.
13. Trade and other receivables
Trade and other receivables of the Group and the Company are analysed as follows: Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Trade receivables 1,992,076 2,749,643 1,886,324 2,737,955 Provisions for expected credit loss (60,499) (76,235) (60,499) (76,235) Trade receivables from related parties 33 4,074,545 3,547,582 5,887,935 4,344,470 Provisions for expected credit loss 33 (44,507) (44,398) (56,591) (49,388) Trade receivables (net) 5,961,616 6,176,592 7,657,169 6,956,802 Accrued income - excluding related parties 1,175,349 1,079,292 1,134,401 1,030,118 Provisions for expected credit loss -(20,634)-(20,634)Accrued income - related parties 33 325,536 156,278617,443 853,833Provisions for expected credit loss 33 - (4) (2) (4) Accrued income (net) 1,500,884 1,214,932 1,751,841 1,863,313 Net investment in the lease - related parties 33 97,401 145,331 212,956 359,101 Other receivables from related parties 33 842,990 23,481 75,775 65,712 Loans granted to related parties 33 4,706,381 200,334 1,733,996 23,942,025 Provisions for expected credit loss 33 - (2) (951) (259) Other receivables and loans granted to 5,646,772 369,144 2,021,777 24,366,579 related partied (net) Guarantees 1,519,108 1,468,928 1,273,040 1,272,310 Restricted cash 2,023,850 2,023,850 - - Net investment in the lease - excluding related 2,919,170 22,610 9,333 22,610 parties Receivables from Greek State (taxes etc.) 11,837 280,555 11,738 170,235 Other Receivables from Greek State (VAT, 1,819,150 3,746,984 3,956 6,046 Property tax etc.) Prepaid expenses 259,888 534,910 117,236 99,677 Prepayments to suppliers 1,992,827 8,297,052 147,634 110,141 Other receivables 7,745,278 219,392 90,416 85,773 Other non-current assets -98,356- - Provisions for expected credit loss (58,430) (163,455)(3,161) (2,661) Total 31,341,950 24,289,850 13,080,979 34,950,825 Non-current assets 6,843,018 4,789,673 1,426,104 1,568,829 Current assets 24,498,934 19,500,177 11,654,875 33,381,996
The Group's "Other receivables from related parties" as of 31.12.2024 mainly include an amount of €819,000
paid to joint ventures intended for an increase in their share capital, while for the Company, "Other
receivables from related parties" mainly include an amount of €50,000 (31.12.2023: €50,000) paid to
subsidiary companies for the purpose of increasing their share capital.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
145
For loans granted to related parties, refer to note 33.
The Company has entered into an assignment agreement for receivables from the customers COSMOTE -
MOBILE TELECOMMUNICATIONS S.A. and ORGANIZATION OF TELECOMMUNICATIONS OF GREECE S.A.
without recourse with Eurobank Factors of Business Receivables Agency S.A. (hereinafter referred to as
"Eurobank Factors"), under a reverse assignment agreement signed by those customers with Eurobank
Factors. Based on the terms of the relevant agreement, the Company has assessed that it has transferred its
rights to collect the cash flows from the related receivables assigned to Eurobank Factors and does not bear
the credit risk of such assigned receivables (without recourse) and has therefore de-recognised the assigned
receivables. During 2024, non-recourse receivables of a total amount of €2,561,210 (2023: €2,206,142) were
assigned without recourse, and a related financial expense of €34,796 (2023: €34,346) was recognised and
included in the line "Finance expenses".
The Group's " Prepayments to suppliers" as of 31.12.2024 include an amount of €392,500 related to advances
paid by the subsidiaries Alkanor S.M.S.A. (€172,500) and Dramar S.M.S.A. (€220,000) as part of the signing of
pre-agreements for the acquisition and/or lease of investment properties. The final contracts are expected to
be signed within 2025. Additionally, this item includes advances to suppliers amounting to €1,600,327,
primarily granted to subcontractors to ensure the smooth continuation of construction work.
The "Net investment in the lease - excluding related parties " mainly relate to the sublease of the property
owned by the subsidiary company Lavax S.M.S.A., refer to note 8 for further details.
The «Restricted Cash» include an amount of €2,023,850 which has been allocated by the subsidiary Hub 204
S.M.S.A. to the bank to secure the letter of guarantee issued under the contract signed with the Judicial
Buildings' Financing Fund of the Ministry of Justice (hereinafter ”TAHDIK”) in the fiscal year 2023 for the
construction of the Piraeus Courthouse.
The Group’s "Guarantees" as of 31.12.2024, in the above table include guarantees under leases and other
guarantees of €319,108 as well as a guarantee granted by the Company under the bond loan with "National
Insurance" of €1,200,000, refer to note 20.
The "Accrued income - excluding related parties" as of 31.12.2024, amounting to €1,175,349 in the above
table, mainly includes accrued revenue from construction projects undertaken by the Company for third
parties. The invoicing of these works will commence in the fiscal year 2025.
On 22.10.2024, the Group, through its subsidiary Gravitousia Ltd, proceeded with the sale of its 65% share
interest in the joint venture Ourania Ependitiki S.A. for an amount of €21,492,679, of which €15,000,000 was
collected within the fiscal year 2024. The remaining amount of €6,492,679 will be received upon the final
settlement of the consideration upon the delivery of the completed building in the first half of 2025. This
amount is included under the line item "Other receivables”.
On 16.12.2024, the Group, through its subsidiary Arcela Investments Ltd, proceeded with the sale of its 100%
share interest in the subsidiary Severdor Ltd, which owned 100% of Insignio S.M.S.A. (PWC Campus), for an
amount of €32,046,612, of which €31,546,612 has been received as of 31.12.2024 (in the fiscal year 2024
amount of €9,213,279 and in the fiscal year 2023 amount of €22,333,333). The remaining amount of
€500,000 will be received upon the final settlement of the consideration in the first half of 2025. This amount
is included under the line item "Other receivables".
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
146
On 20.12.2024, the Group, through its subsidiary Metrinwood Ltd, proceeded with the sale of part of its
participation (20%) in the joint venture P and E Investments S.A. for an amount of €626,000, which had not
been collected as of 31.12.2024 and is included under the line item "Other receivables”.
The following tables illustrate the credit risk profile of customer and other receivables based on the relevant
table of provisions of the Group and the Company.
Group 31.12.2024 Non past 0 - 30 30 - 60 60 - 90 Trade and other receivables 90+ days Total due days days days Percentage of expected credit loss 0.39% 1.72% 0.94% 0.62% 1.92% 0.64% Balance of trade receivables prior to impairment 1,493,737 571,058 303,452 46,082 3,652,292 6,066,622 Balance of accrued income receivable prior to 1,500,884 - - - - 1,500,884 impairment Balance of receivables from leases prior to 3,016,571 - - - - 3,016,571 impairment Balance of loans granted to related parties prior 4,706,381 - - - - 4,706,381 to impairment Balance of other receivables and guarantees 10,114,118 - - - - 10,114,118 prior to impairment Impairment provision 80,484 9,817 2,867 285 69,983 163,436 25,241,141Company 31.12.2024 Trade and other receivables - excluding Non past 0 - 30 30 - 60 60 - 90 90+ days Total related parties due days days days Percentage of expected credit loss 0.68% 2.06% 2.33% 6.29% 23.76% 1.45% Balance of trade receivables prior to impairment 1,174,317 477,246 122,995 4,514 107,251 1,886,323 Balance of accrued income receivable prior to 1,134,401 - - - - 1,134,401 impairment Balance of receivables from leases prior to 9,333 - - - - 9,333 impairment Balance of other receivables and guarantees 1,363,456 - - - - 1,363,456 prior to impairment Impairment provision 25,215 9,815 2,866 284 25,480 63,660 4,329,853 31.12.2024 Non past 0 - 30 30 - 60 60 - 90 Trade and other receivables - related parties 90+ days Total due days days days Percentage of expected credit loss 0.03% 0.00% 0.00% 0.00% 1.26% 0.68% Balance of trade receivables prior to impairment 340,538 434,805 296,711 308,663 4,507,218 5,887,935 Balance of accrued income receivable prior to 617,443 - - - - 617,443 impairment Balance of receivables from leases prior to 212,956 - - - - 212,956 impairment Balance of loans granted to related parties prior 1,733,996 - - - - 1,733,996 to impairment Balance of other receivables and guarantees 25,775 - - - - 25,775 prior to impairment Impairment provision 954 2 1 1 56,586 57,544 8,420,562
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
147
Group 31.12.2023 Non past 0 - 30 30 - 60 60 - 90 Trade and other receivables 90+ days Total due days days days Percentage of expected credit loss 3.60% 1.47% 1.89% 0.22% 2.30% 3.03% Balance of trade receivables prior to impairment 2,544,136 568,565 262,417 118,557 2,803,550 6,297,225 Balance of accrued income receivable prior to 1,235,570 - - - - 1,235,570 impairment Balance of receivables from leases prior to 167,940 - - - - 167,940 impairment Balance of loans granted to related parties prior 200,334 - - - - 200,334 to impairment Balance of other receivables and guarantees 2,152,969 - - - - 2,152,969 prior to impairment Impairment provision 226,787 8,331 4,952 263 64,398 304,731 9,749,307Company 31.12.2023 Trade and other receivables - excluding Non past 0 - 30 30 - 60 60 - 90 90+ days Total related parties due days days days Percentage of expected credit loss 1.45% 2.11% 3.48% 6.00% 38.08% 1.93% Balance of trade receivables prior to impairment 2,144,456 394,454 142,163 4,369 52,513 2,737,955 Balance of accrued income receivable prior to 1,030,118 - - - - 1,030,118 impairment Balance of receivables from leases prior to 22,610 - - - - 22,610 impairment Balance of other receivables and guarantees 1,358,082 - - - - 1,358,082 prior to impairment Impairment provision 65,988 8,330 4,951 262 19,999 99,530 5,049,235 31.12.2023 Non past 0 - 30 30 - 60 60 - 90 Trade and other receivables - related parties 90+ days Total due days days days Percentage of expected credit loss 0.00% 0.00% 0.00% 0.00% 1.61% 0.17% Balance of trade receivables prior to impairment 545,739 402,622 168,629 166,789 3,060,691 4,344,470 Balance of accrued income receivable prior to 853,833 - - - - 853,833 impairment Balance of receivables from leases prior to 359,101 - - - - 359,101 impairment Balance of loans granted to related parties prior 23,942,025 - - - - 23,942,025 to impairment Balance of other receivables and guarantees 15,712 - - - - 15,712 prior to impairment Impairment provision 266 2 1 1 49,381 49,651 29,465,490
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
148
The change in the impairment provision is analysed as follows:
Group Company Accrued Accrued Trade Other Trade Other income income receivables receivables receivables receivables receivables receivables January 1, 2023 163,661 6,084 1,995 228,233 6,084 2,002 Impairment provision 7,726 20,634 161,895 12,568 20,634 1,120 Reversal of unused provisions (50,751) (6,084) (431)(114,919)(6,084) (457) December 31, 2023 120,636 20,634 163,459 125,882 20,634 2,665 Impairment provision 361 55,269 8,150 -498Reversal of unused provisions (15,990) (20,634) (160,297) (15,990) (20,634) - December 31, 2024 105,006 -58,431118,041 -3,163
Accrued revenue for the year by source of revenue is analyzed as follows: Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Revenues from construction services 1,054,401 -1,054,401- Revenues from project management services 320,628 684,093 452,534825,161 Revenues from maintenance services 80,000 102,303 80,000 102,303 Other 45,856 449,175 164,909 956,488 Impairment provision -(20,639)(2)(20,639)Balance of accrued income receivable 1,500,884 1,214,932 1,751,841 1,863,313 after impairment
14. Inventories
The Group’s inventories are analysed as follows:
Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Opening balance 50,427,800 - - - Trasfer from investment property 8 -50,380,000895,000 895,000 Additions 26,909,188 47,800 159,852 - Constraction cost (4,118,000) - - - Inventory sale (4,039,534) -(1,054,852)- Reductions (69,131,654) --- Closing balance 47,800 50,427,800 -895,000
On 10.01.2024, the Group, through its subsidiary Citrus S.M.S.A., signed an agreement for the transfer of a
property to the Black Sea Trade and Development Bank (BSTDB), for a total consideration of €15,250,000,
which will house the bank's new offices at the Western entrance of Thessaloniki. The cost of the above
property as of the transfer date amounted to €4,118,000. Additionally, on 01.05.2024, the Company and its
subsidiaries Perdim S.M.S.A. and Terra Attiva S.M.S.A. proceeded with the sale of the residential properties
they owned, with their total cost as of the transfer date amounting to c. €4,039,000.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
149
The additions for the year amounting to €26,909,188 mainly relate to additions made to the property of the
subsidiary Insignio S.M.S.A., which owns the plot located at 65 Kiffisias Avenue in Maroussi, where a
landmark, state-of-the-art office complex with a total area of approximately 24,940 sq.m. was
constructed. On 16.12.2024, the Group, through its subsidiary Arcela Investments Ltd, proceeded with
the sale of its 100% share interest in the subsidiary Severdor Ltd, which held 100% of Insignio S.M.S.A.
(PWC Campus). The reduction in inventories resulting from this transaction amounts to €69,131,654.
As of 31.12.2024 and 31.12.2023, there were no reasons for impairment of inventories.
15. Cash and Cash equivalents
The cash and cash equivalents of the Group and the Company are analysed as follows:
Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Cash in hand 4,396 3,954 938 171 Cash at bank 27,260,903 12,396,553 15,027,504 1,550,947 Time deposits 11,000,000 -6,000,000- Total 38,265,299 12,400,507 21,028,443 1,551,118 Bank deposits do not include deposits in foreign currency.
16. Assets classified as held for sale
The Group, through its subsidiary Pavalia Ltd, on 30.01.2024, proceeded to the signing of the final share
purchase – sale agreement of its 60% share in the joint venture Ependitiki Chanion S.A. for a consideration
of €4,061,964. From this sale, the Group recognized a profit of €183,212, which was recorded under the line
item " Gain on disposal of subsidiaries and joint ventures”. The joint venture Ependitiki Chania S.A. held a
parcel of land in the Municipality of Chania, Crete.
As of 31.12.2023, the Group classified the investment in Ependitiki Chanion S.A., valued at €3,878,752, as
"Assets classified as held for sale " as it met the criteria of IFRS 5.
17. Share capital
The share capital is analysed as follows:
Treasury Number of Ordinary Share stocks Total shares shares premium reserve January 1, 2023 18,680,300 934,015 92,158,255 -93,092,270Purchase of treasury stocks - - - (1,984,661) (1,984,661) December 31, 2023 18,680,300 934,015 92,158,255 (1,984,661) 91,107,609 January 1, 2024 18,680,300 934,015 92,158,255 (1,984,661) 91,107,609 Equity-settled share-based payment - - - 1,322,606 1,322,606 December 31, 2024 18,680,300 934,015 92,158,255 (662,055) 92,430,214
The total number of issued ordinary shares is eighteen million six hundred and eighty thousand three
hundred (18,680,300) shares with a nominal value of €0,05 per share, which have been traded on the
regulated market of the Athens Stock Exchange since 06.07.2022
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
150
The Annual General Meeting of the Company's shareholders dated 07.09.2022 resolved on the distribution of
free shares of the Company in recognition of the contribution of the members of the Board of Directors and
the Company's personnel, as well as the persons who provide the Company with services on a stable basis in
its development that led to a successful Public Offering and the listing of its shares for trading on the Main
Market of the Athens Stock Exchange. The purchase of the treasury shares commenced and was completed
in the first half of 2023. The Company acquired a total of 150,000 treasury shares, representing 0.8030% of
the Company’s total equity, at an average acquisition price of €13.1875 per share (according to the approved
terms by the aforementioned Annual General Meeting of the shareholders). The expenses for the purchase
of the treasury shares amounted to €6,529 and are included in the Treasury Stock Reserve of the above table.
The allocation of 100,292 shares took place on 11.06.2024, following the resolutions of the Annual General
Meetings of Shareholders dated 07.09.2022, and 22.06.2023, and the resolution of the Board of Directors
dated 02.04.2024. This allocation was aimed at rewarding executives and associates of the Company for their
contributions to achieving its medium-term and long-term goals, while also strengthening their dedication
and trust in the Company, thereby addressing its operational needs. The cost of the aforementioned free
allocation of the Company's own shares amounted to €828,412, determined using the market value of the
shares granted (i.e., the closing price of the Company’s shares on the Athens Stock Exchange at the date of
allocation). The beneficiaries received the shares without any monetary compensation and with an obligation
to retain them for six (6) months, until 11.12.2024. Following this allocation, the Company holds a total of
49,708 own shares, representing 0.266% of the total number of shares.
It is noted that by the resolution of the Annual General Meeting dated 13.06.2024, the extension of the
duration of the Share Buyback Program was approved in accordance with Article 49 of Law 4548/2018, as
amended, and specifically the duration of the Program was extended by twelve (12) additional months,
thereby making the total duration twenty-four (24) months from the date of its inception, i.e., from the
resolution of the Annual General Meeting of shareholders on 22.06.2023, resulting in a new expiration date
of 22.06.2025. As of 31.12.2024, the Company has acquired any own shares under the aforementioned
Program.
18. Other reserves
Other reserves are analysed as follows:
Group Statutory Special Tax free Other reserve Revaluation reserve Total reserve reserve reserve January 1, 2023 317,065 1,500,000 49,278 934,052 -2,800,395December 31, 2023 317,065 1,500,000 49,278 934,052 -2,800,395January 1, 2024 317,065 1,500,000 49,278 934,052 -2,800,395December 31, 2024 317,065 1,500,000 49,278 934,052 -2,800,395
All the above reserves relate to the Company.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
151
Company Statutory Other Special Tax free Revaluation reserve Total reserve reserve reserve reserve January 1, 2023 317,065 1,500,000 49,278 934,052 39,643,835 42,444,230 Fair value gains on financial assets at fair value through other - - - - 15,986,755 15,986,755 comprehensive income - after tax December 31, 2023 317,065 1,500,000 49,278 934,052 55,630,590 58,430,985 January 1, 2024 317,065 1,500,000 49,278 934,052 55,630,590 58,430,985 Fair value gains on financial assets at fair value through other - - - - 22,963,187 22,963,187 comprehensive income - after tax December 31, 2024 317,065 1,500,000 49,278 934,052 78,593,777 81,394,172
In accordance with the legislation on societe anonnymes, 5% of the profit for the fiscal year must be used to
form an ordinary reserve until it reaches 1/3 of the paid-up share capital. The distribution of the ordinary
reserve is prohibited during the life of the company.
The “Other Reserves” refer to taxed reserves formed by resolution of the Ordinary General Meeting dated
30.06.2013.
“Special Reserve” refers to taxed reserves resulting from a subsidy received by the Company from the Greek
State and formed by decision of the Extraordinary General Meeting dated 30.12.2008.
The “Tax Free Reserve” refers to reserves from dividend income paid by REICs which dividends taxed in a
special way and are not subject to further taxation in case of their distribution or capitalization.
Finally, the “Revaluation Reserve” relates to a reserve formed by the measurement of the investment in the
subsidiary Arcela Investments Ltd, for which the Company has irrevocably elected under IFRS 9 to measure it
at fair value through other comprehensive income, refer to relevant note 4.5.
19. Non-controlling interest
On 17.12.2024, the Company disposed part of its participation (49%) in the subsidiary Metrinwood Ltd without
losing control of the subsidiary. Therefore, from that date onwards, non-controlling interests exist for the
Group. Additionally, on 17.12.2024, a capital increase of €11,740,000 was carried out by the subsidiary
Metrinwood Ltd, with the non-controlling interests amounting to €5,752,600. The results for the year
attributable to non-controlling interests amount to €14,509,526, which arise from the joint venture P and E
Investments S.A., in which the subsidiary Metrinwood Ltd holds 55% of its share interest as of 31.12.2024,
refer to note 11. Consequently, the Group's non-controlling interests as of 31.12.2024 amount to €20,262,126
(31.12.2023: €0) and arise from the company Metrinwood Ltd, representing 49% of its equity.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
152
20. Borrowings
The total borrowings of the Group and the Company are analysed as follows:
Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Long-term borrowings Bond loans 50,342,753 35,145,229 10,000,000 10,206,027 Lease liabilities 2,686,836 2,435,588 562,288 424,958 Total long-term borrowings 53,029,589 37,580,817 10,562,288 10,630,985 Short-term borrowings Overdrafts 18,612,607 31,410,818 12,136,472 8,107,645 Short term of long-term loans 1,801,983 558,448 206,027 - Bond loans -11,053,320- - Lease liabilities 400,720 869,053 318,855 662,400 Total short-term borrowings 20,815,311 43,891,639 12,661,354 8,770,045 Total borrowings 73,844,900 81,472,456 23,223,642 19,401,030
During the fiscal year 2024, the Company executed disbursements of €8,650,000 from existing credit
agreements through open current accounts with Greek banks, while simultaneously repaid an amount of
€4,650,000. As of 31.12.2024, the outstanding balance of bank open current accounts amounts to
€12,000,000, compared to €8,000,000 as of 31.12.2023.
On 10.06.2024, the Company entered into an additional amendment to an existing credit agreement with an
open current account, aimed at increasing the credit limit by €5,000,000, from €1,000,000 to €6,000,000. With
the signing of an additional amendment on 28.11.2024, the ability to use the additional limit was extended
until 30.04.2025. As of 31.12.2024, the additional limit has been fully utilized.
On 24.05.2024, the Group, through its subsidiary Alkanor S.M.S.A., entered into a Common Bond Loan
Agreement with Alpha Bank S.A. for an amount of up to €28,000,000. The purpose of the bond loan is to
refinance existing intermediate financing and to finance part of the development costs of the subsidiary’s
project. On 27.06.2024, the subsidiary issued the first series of bonds, which were used to fully repay the
balance of the Common Bond Loan Agreement dated 22.12.2021 amounting to €11,000,000, and the
repayment of the balance of the open current account agreement dated 10.11.2022 amounting to
€5,000,000, as amended by the supplemental act dated 03.08.2023. The new bond loan carries a floating
interest rate based on 3M Euribor + 2.55%. The collateral includes, among others, the registration of a
mortgage pre-notation on part of the property of Alkanor (buildings B, C, D, E) amounting to €40,690,000, as
well as a pledge on the entirety of the share capital. It is noted that with the repayment of the interim
financings as described above, the securities that had been registered as collateral for these financings have
been lifted, with the exception of the mortgage pre-notation on the aforementioned property, which was
registered as collateral
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
153
for the Common Bond Loan of €14,300,000 dated 22.12.2021, and which has not been completed as of the
date of approval of the Annual Financial Statements by the Board of Directors.
On 11.06.2024, the Group's subsidiary Random S.M.S.A. signed an open current account agreement with
Attica Bank for an amount of €5,400,000, with a floating interest rate of Euribor 3M + 2.6% with the purpose
of the loan is to refinance the remaining balance of the open current account with Alpha Bank, amounting to
€3,790,000, and to finance working capital needs until the signing of the main financing agreement. On
04.09.2024, the subsidiary Random S.M.S.A. signed a Common Bond Loan agreement with Attica Bank as the
bondholder, for an amount of up to €13,700,000, with a floating interest rate of Euribor 3M + 2.6%. The
purpose of the Bond Loan is to finance part of the development cost of the property. On 18.10.2024, the first
issuance of bonds took place, with the proceeds fully repaying the remaining balance of €5,400,000 from the
interim financing. As collateral for the loan, a mortgage pre-notation of €16,440,000 has been registered on
the Random property. Additionally, as of 31.12.2024, the removal of the pre-notation in favor of Alpha Bank,
amounting to €4,584,000, which had been registered to secure the initial financing, has been completed.
On 01.04.2022, the Group, through its subsidiary Kalliga Estate S.M.S.A., entered into a loan agreement
through an open current account with Optima Bank S.A. for an amount of up to €2,000,000, with a variable
interest rate of Euribor 3M + 3.3%, of which the full amount had been disbursed as of 31.12.2023. To secure
the loan, all shares of the subsidiary Kalliga Estate S.M.S.A. were pledged. On 17.05.2024, the subsidiary Kalliga
Estate S.M.S.A. fully repaid the aforementioned credit, in anticipation of signing the sale agreement for the
transfer of shares on 20.05.2024. It is noted that the subsidiary had signed a common secured bond loan
agreement for an amount of up to €2,000,000 on 14.07.2023, with a duration of 13 months, intended for the
refinancing of the Open Current Account Agreement; however, this loan was not issued.
On 24.11.2023, the Group, through its subsidiary IQ Athens S.M.S.A., signed a joint bond loan agreement with
Alpha Bank S.A. and the participation of the Recovery and Resilience Fund (RRF), for an amount up to
€106,440,000. The participation of Alpha Bank S.A. in the financing scheme accounts for 30%, while the RRF
covers 40%, collectively covering 70% of the cost of the investment program, which is budgeted at
€152,224,454 and is entirely eligible expenditure according to the RRF. The purpose of the bond loan is to
finance the subsidiary's investment plan for the acquisition of a property in Elaiona and the development of a
modern office complex, including the refinancing of the open credit agreement. During the fiscal year 2024,
bond issuances totaling €13,000,000 were carried out, fully covered by Alpha Bank and RRF, with the
proceeds used on the same day to fully repay the remaining balance of €7,440,000 from the Open Current
Account Agreement dated on 22.06.2023, as well as for financing construction works. Since this financing
includes bond series corresponding to the RFF loan, which bear a fixed interest rate lower than the prevailing
market rate, it meets the criteria of IAS 20 – Government Grants. Additionally, on 04.03.2024, the subsidiary
IQ Athens S.M.S.A. signed a Common Bond Loan agreement with Alpha Bank S.A. for an amount of up to
€10,000,000, intended to finance the recoverable VAT during the construction period. The collateral for these
bond loans is shared and amounts to €163,592,000.
On 01.04.2022, the Group, through its subsidiary Piraeus Regeneration 138 S.M.S.A., entered into a loan
agreement via an open current account with Optima Bank S.A., for an amount of up to €500,000, with a
floating interest rate of Euribor 3M + 3.3%. As of 31.12.2024, the full amount has been drawn. As collateral for
the loan, the total shares of the subsidiary Piraeus Regeneration 138 S.M.S.A. have been pledged.
On 17.07.2023, the Group, through its subsidiary Filma Estate S.M.S.A., entered into an Open Current Account
Agreement with Piraeus Bank for an amount of up to €4,200,000 at a floating interest rate of Euribor
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
154
3M+3.55%. The maximum amount of this agreement was increased by €3,000,000 through an additional act
dated 25.10.2024, bringing the total to €7,200,000. The purpose of the loan is to finance: (a) part of the
acquisition cost of 25% of the investment property, specifically a plot with an industrial building complex
located on 26th October Street in Thessaloniki (the former FIX factory complex, "FIX Complex"), and/or (b)
early-stage construction works. As security for the loan, all shares of the subsidiary Filma S.M.S.A. were
pledged.
On 01.04.2022, the Group, through its subsidiary Insignio S.M.S.A., entered into a loan agreement through
an open current account with Eurobank S.A. for an amount of up to €16,500,000, as bridge financing, with a
floating interest rate of Euribor 3M+2.7%. On 14.07.2022, a common bond loan agreement was signed with
Eurobank S.A. for an amount of up to €48,500,000 for the purpose of a) repayment of bridge financing
through an open current account of up to €16,500,000, which was used in the amount of €14,000,000 for the
acquisition of a plot of land at Dionyssou and Vlachernon streets and 65 Kifissia Avenue in Maroussi, and b)
partial financing of the construction of the property. The common bond loan has a maturity date of
31.12.2029 and bears an interest rate of Euribor 3M+2.7% during the construction period and Euribor
3M+2.5% during the operation period. Until 16.12.2024, when the shares of the subsidiary Severdor Ltd—
which owned 100% of Insignio S.A.—were sold, the aforementioned bond loan had been fully disbursed.
On 11.04.2022, the Group, through its subsidiary Bozonio S.M.S.A., entered into a loan agreement for an open
current account of up to €3,090,430 with Optima Bank S.A. The subsidiary company Bozonio S.A. issued on
10.01.2023, two letters of guarantee for the amount of €600,012 and €818,610, respectively, to the Energy
Regulatory Authority as a guarantee for the activation of the electricity connection through a photovoltaic
plants and the above letters of guarantee were returned on 13.01.2025, as the lease agreement entered into
by the subsidiary company was terminated on 31.12.2024. To secure the loan, the shares of the subsidiary
Bozonio S.M.S.A. were pledged in their entirety and the release of the pledge was completed by the date of
approval of the Annual Financial Statements.
On 28.03.2023, a common bond loan was issued between “THE ETHNIKI HELLENIC GENERAL INSURANCE
COMPANY S.A.” (ETHNIKI INSURANCE) as bondholder and the Company as the issuer, for an amount of up to
€10,000,000 with a term of 3 years and a fixed interest rate of 8% in order to finance working capital needs
and/or the investment program of the issuer. As of 31.12.2024, the above bond loan has been fully disbursed.
A cash guarantee of €1,200,000 has been given to secure the above-mentioned bond loan, refer to note 13.
The contractual revaluation dates are limited to a period of up to 6 months.
The Company’s lease obligations relate to leases of office space and car leases. The Group’s lease obligations
also relate to the lease of office premises of Arcela Investments Ltd, lease of a warehouse by subsidiary Hub
204 S.M.S.A., lease of a 4-storey building by the subsidiary Lavax S.M.S.A. in the Municipality of Athens and
lease of premises near the investment property of the subsidiary Alkanor S.M.S.A..
During the fiscal years 2024 and 2023 there were no leases of the underlying asset of low value. There are no
commitments under lease agreements that have not entered into force by the end of the reporting period.
The maturity of the Group's and the Company's debt as of 31.12.2024 and 31.12.2023 is presented in note
5.1.c. and the weighted average margin of the Group’s borrowings was 3.6% as of 31.12.2024 (31.12.2023:
3.8%).
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
155
For the finance expense recognised during the fiscal year 2024 and the previous fiscal year 2023, refer to note
29.
The total cash outflow for leases for the fiscal year 2024 amounted to €357,295 (2023: €340,104) for the
Company and to €563,606 (2023: €526,603) for the Group. For the expense recognized during the fiscal
years 2024 and 2023, refer to notes 9 and 29.
The fair value of the Group’s and the Company’s borrowings is considered to approximate their carrying value.
The outstanding principal amount of the Group’s borrowings for the year ended 31.12.2024, and 31.12.2023,
is €73,078,000 and €77,314,000, respectively. The table below presents the Group’s borrowings as of
31.12.2024, and 31.12.2023.
31.12.2024 31.12.2023 Borrowing (Long-term and short-term borrowing) 73,844,900 81,472,455 Plus: Unamortized balance of capitalized loan costs (effective interest rate method). 13,527 49,688 Plus: Transfer to Government grants 1,579,107 - Plus: Issuance costs of bond loans 1,240,288 - Minus: Leases (3,087,556) (3,304,640) Minus: Accrued loan interests (512,264) (903,504) Outstanding balance of borrowings 73,078,000 77,314,000
The change in liabilities from financing activities for the fiscal years 2024 and 2023 is as follows:
Group Long-term Short-term Lease liabilities Total borrowings borrowings January 1, 2024 35,145,229 43,022,586 3,304,639 81,472,455 Proceeds for issued / disbursed 45,414,000 15,334,000 -60,748,000loans Loan repayments (720,000) (36,880,000) -(37,600,000)Disposal of (24,939,202) (2,559,316) -(27,498,518)companies/Transfers Payments of lease liabilities - - (545,470) (545,470) Changes in liabilities from 19,754,798 (24,105,316) (545,470) (4,895,987) financing activitiesOther Changes Lease aggrements - - 116,174 116,174 Loan issuance costs (1,289,446) - - (1,289,446) Interest expense 35,632 3,443,428 -3,479,060Interests paid -(3,670,464)-(3,670,464)Lease interests - - 212,214 212,214 Reclassification to government(1,579,107) - - (1,579,107) grants Reclassification(1,724,354) 1,724,354 - - Total of other changes (4,557,275) 1,497,319 328,387 (2,731,569) December 31, 2024 50,342,753 20,414,590 3,087,556 73,844,900
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
156
Company Long-term Short-term Lease liabilities Total borrowings borrowings January 1, 2024 10,206,027 8,107,645 1,087,358 19,401,030 Proceeds for issued / disbursed -8,250,000-8,250,000loans Loan repayments -(4,250,000)-(4,250,000)Payments of lease liabilities - - (385,921) (385,921)Changes in liabilities from -4,000,000(385,921) 3,614,079 financing activitiesOther Changes Lease aggrements - - 117,291 117,291 Interest expense -1,473,212-1,473,212Interests paid -(1,444,386)-(1,444,386)Lease interests - - 62,416 62,416 Reclassification(206,027) 206,027 - - Total of other changes (206,027) 234,854 179,707 208,533 December 31, 2024 10,000,000 12,342,499 881,143 23,223,642
Group Long-term Short-term Lease liabilities Total borrowings borrowings January 1, 2023 18,110,615 25,424,381 2,232,849 45,767,845 Proceeds for issued / disbursed 19,157,000 21,140,000 -40,297,000loans Loan repayments (1,930,000) (4,500,000) -(6,430,000)Payments of lease liabilities - - (531,646) (531,646)Changes in liabilities from 17,227,000 16,640,000 (531,646) 33,335,354 financing activitiesOther Changes - - 1,416,448 1,416,448 Lease aggrements 366,063 4,175,961 -4,542,024Interest expense -(3,776,203)-(3,776,203)Interests paid - - 186,988 186,988 Lease interests Reclassification (558,448) 558,448 - - Total of other changes (192,385) 958,205 1,603,436 2,369,256 December 31, 2023 35,145,229 43,022,586 3,304,639 81,472,455
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
157
Company Long-term Short-term Lease liabilities Total borrowings borrowings January 1, 2023 -6,035,511729,274 6,764,786 Proceeds for issued / disbursed 10,000,000 6,500,000-16,500,000loans Loan repayments -(4,500,000)-(4,500,000)Payments of lease liabilities - - (345,060) (345,060)Changes in liabilities from 10,000,000 2,000,000 (345,060) 11,654,940 financing activitiesOther Changes - - 641,790 641,790 Lease aggrements 206,027 1,049,084 -1,255,111Interest expense -(976,950)-(976,950)Interests paid Lease interests - - 61,354 61,354 Reclassification- - - - Total of other changes 206,027 72,134 703,143 981,304 December 31, 2023 10,206,027 8,107,645 1,087,358 19,401,030
21. Employee benefit obligations
The post-employment benefit obligations in the Group’s Statement of Financial Position relate to the
Company and the subsidiary Bridged T Ltd.
Group Company Liabilities in the Statement of Financial Position 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Defined benefit plan 295,293 276,573 294,214 275,780 Total 295,293 276,573 294,214 275,780 The amounts recognised in profit or loss are as follows:Group Company Debit / (Credit) in statement profit and loss: 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Defined benefit plan 55,483 89,232 55,063 88,865 Total 55,483 89,232 55,063 88,865 Group Company Debit / (Credit) in other comprehensive income: 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Defined benefit plan (15,071) 21,382 (14,937) 21,298 Total (15,071) 21,382 (14,937) 21,298
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
158
The amounts recognised in other comprehensive income are as follows:
Group Company 01.01.2024 01.01.2023 01.01.2024 01.01.2023 to to to to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Current service cost 25,549 28,505 25,153 28,151 Interest expenses 8,242 9,158 8,218 9,145 Gain and loss reductions/ settlements/ termination of Service 21,692 51,569 21,692 51,569 55,483 89,232 55,063 88,865
The change in the defined benefit obligation during the year is as follows:
Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Opening balance 276,572 228,987 275,780 228,618 Current service cost 25,549 28,478 25,153 28,151 Interest expenses 8,242 9,158 8,218 9,145 Actuarial (gains)/losses for the year (15,071) 21,381 (14,937) 21,298 Benefits paid (21,692) (63,001) (21,692) (63,001) Gain and loss reductions/ settlements/ termination of Service 21,692 51,569 21,692 51,569 Closing balance 295,293 276,572 294,214 275,780 The main assumptions used are detailed below: Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Discount rate 2.78% 2.98% 2.78% 2.98% Expected rate of salary increas 2.10% 2.10% 2.10% 2.10% Inflation 2.10% 2.10% 2.10% 2.10%
The sensitivity analysis for the actuarial assumption relating to the discount rate that shows how the defined
benefit obligation would have been affected by changes in that actuarial assumption is as follows:Change in actuarial Increase in actuarial Decrease in actuarial Group and Company assumptions assumption assumption Discount rate 0.5% (1.4%) 1.5% Inflation 0.5% 1.5% (1.4%)
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
159
22. Trade and other payables
The liabilities to suppliers and other liabilities of the Group and the Company are as follows:
Group Company Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Trade payables 3,537,120 3,676,609 1,783,553 1,690,293 Other payables due to related parties 33 5,150,452 4,358,082 1,475,220 637,925 Guarantees 1,193,032 1,092,335 12,452 15,852 Accrued expenses 5,026,341 2,697,654 137,073 343,063 Taxes – Levies 503,714 1,136,962 305,751 856,877 Social security insurance 224,782 132,797 218,559 127,789 Deffered income 34,772 904 34,772 - Prepayments of customers 7,126,090 23,673,333 2,685,000 1,040,000 Other payables 363,115 28,261 114,360 28,018 Total 23,159,416 36,796,937 6,766,740 4,739,817
Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Long-term borrowings 1,431,713 1,234,172 1,025,904 1,000,000 Short-term borrowings 21,727,703 35,562,765 5,740,836 3,739,817 Total 23,159,416 36,796,937 6,766,740 4,739,817
The guarantees mainly relate to performance guarantees received by contractors in relation to the
construction of building projects.
An amount of €4,355,000 is included in "Other payables due to related parties " in the table above as of
31.12.2024, paid by the joint venture Cante Holdings Ltd in connection with the decision of this joint venture
to reduce its share capital. As the required procedure (court decision) has not been completed by the
reporting date, the amount is reflected as a liability to related parties. The relevant proceedings are expected
to be completed in 2025. Additionally, an amount of €563,500 is included as of 31.12.2024 in the item “Other
payables due to related parties”, which is owed to the joint venture P and E Investments S.A. for the coverage of
a share capital increase that has been carried out.
The «Prepayments of costumers» as of 31.12.2024, include prepayments amounted to €7,126,090, against
contractual contracts executed by the Group through the Company, the subsidiary Citrus S.M.S.A., and the
subsidiary Hub 204 S.M.S.A.. From the above amount of €7,126,090, an amount of €1,025,904 has been
classified under long-term liabilities.
The "Accrued expenses" include an amount of €2,858,944 (31.12.2023: €2,112,255) for subcontractors’ fees
for services on the Group’s properties that have been completed as of 31.12.2024 but have not yet been
invoiced.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
160
23. Revenue
The table below presents the Group's and the Company's revenue resulting from the most significant
contracts with customers: Group Company From 01.01 to From 01.01 to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Revenue from project management 1,991,618 4,730,267 6,182,627 7,488,145 Revenue from maintenance services 3,888,634 3,057,440 3,888,634 3,057,440 Revenue from construction 15,483,342 -1,052,923- Revenue from sales of residential houses 4,000,000 -1,047,000- Revenue from consulting services 1,150,000 1,420,000 1,310,0001,930,000 Rental income 1,690,623 - - - Other 219,501 178,001 - - Total revenue 28,423,718 9,385,708 13,481,184 12,475,584
The table below presents a breakdown of the Group's and the Company's turnover by source of revenue and
by the way the revenue is recognised (over time / at a given point in time). Rental income of €1,690,623
(31.12.2023: €0) is not presented in the following analysis of the revenue.
Group From 01.01 to From 01.01 to 31.12.2024 31.12.2023 At a point At a point in Over time Over time in time time Revenue from project management 1,431,051 560,567 4,669,691 60,576 Revenue from maintenance services 2,494,285 1,394,349 1,685,810 1,371,630 Revenue from construction 15,483,342 - - - Revenue from sales of residential houses -4,000,000- - Revenue from consulting services 1,150,000 -1,420,000- Other 219,501 -178,001- Total revenue 20,778,179 5,954,915 7,953,502 1,432,206
Company From 01.01 to From 01.01 to 31.12.2024 31.12.2023 At a point in At a point in Over time Over time time time Revenue from project management 4,810,635 1,371,992 6,566,116 922,029 Revenue from maintenance services 2,494,285 1,394,349 1,685,810 1,371,630 Revenue from construction 1,052,923 - - - Revenue from sales of residential houses -1,047,000- - Revenue from consulting services 1,310,000 -1,930,000- Other - - - - Total revenue 9,667,844 3,813,340 10,181,925 2,293,659
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
161
The following table presents the total amount of the transaction price that has been allocated to
performance obligations that have not been fulfilled (or have been partially fulfilled) as of 31.12.2024 and 31.12.2023. Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Revenue from project management 8,679,274 10,258,183 38,764,640 37,423,167 Revenue from maintenance services 5,967,982 2,240,702 7,017,729 2,240,702 Revenue from construction 105,429,605 84,032,000 24,997,077 - Revenue from consulting services 1,640,000 760,000 1,640,000 760,000 Other 69,167 118,668 - - 121,786,028 97,409,553 72,419,446 40,423,869
The amount of 31.12.2024 will be recognized as income in subsequent years by the Group and the Company,
as follows:
Group 2025 2026 2027 2028 2029 Total Revenue from project management 2,359,461 2,509,348 1,476,364 1,476,364 857,735 8,679,273 Revenue from maintenance services 2,347,891 1,299,901 1,223,001 838,501 258,688 5,967,982 Revenue from construction 48,955,946 49,760,712 6,712,946 - - 105,429,605 Revenue from consulting services 780,000 860,000 - - - 1,640,000 Other 69,167 - - - - 69,167 Total 54,512,465 54,429,961 9,412,312 2,314,866 1,116,423 121,786,028
Company 2025 2026 2027 2028 2029 Total Revenue from project management 6,104,271 10,123,714 9,072,907 10,698,281 2,765,467 38,764,640 Revenue from maintenance services 2,713,091 1,665,101 1,496,901 838,501 304,135 7,017,729 Revenue from construction 8,739,683 16,257,395 - - - 24,997,077 Revenue from consulting services 780,000 860,000 - - - 1,640,000 Other - - - - - - Total 18,337,045 28,906,210 10,569,808 11,536,782 3,069,601 72,419,446
24. Construction cost
The construction cost consists solely of the construction expenses for the properties on behalf of the clients
TAHDIK, BSTDB and IOVIS S.M.S.A. and corresponds to construction revenue, refer above to note 23.
25. Property taxes - levies
Property taxes - levies consist exclusively of the Uniform Real Estate Property Tax on the Group's investment
properties and inventories. As of 31.12.2024, Unified Property Tax (ENFIA) amounting for the Group to
€1,017,411 (31.12.2023: €1,043,706) and for the Company to €1,828 (31.12.2023: €2,006). The decrease is
primarily attributed to the sale of properties owned by the subsidiaries during the fiscal year 2023.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
162
26. Personnel expenses
Personnel expenses for the Group and the Company are analysed as follows:
Group Company From 01.01 to From 01.01 to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Salaries 3,019,001 3,193,614 2,889,890 3,078,059 Social security costs 639,500 690,798 616,623 669,018 Other short-term benefits 586,012 84,874 586,012 84,874 Cost of defined-benefit pension schemes 47,265 89,206 46,845 88,865 Total 4,291,778 4,058,492 4,139,370 3,920,816
In the line “Other short-term benefits” for the Group and the Company is included amount of €478,320 which
relates to the cost of free allocation of the Company’s shares to the employees (non-recurring expense).
The number of personnel employed by the Group and the Company during the year ended 31.12.2024 and
31.12.2023 is as follows:
Group Company 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Personnel 71 62 63 55
27. Gain on disposal of investments
During the fiscal year 2024, the Group realized profits from the sale of its 100% share interest in the
subsidiary Iovis S.A., amounting to €5,092,365, and profits of €6,704,258 from the sale of its 100% share
interest in the subsidiary Severdor Ltd, the sole shareholder of Insignio S.M.S.A. Additionally, during the fiscal
year 2024, the sale of the share interest in the subsidiary Kalliga Estate S.M.S.A. resulted in a loss of €53,530
for the Group. Furthermore, in 2024, the Group completed the sale of its 60% share interest in the joint
venture Ependitiki Chanion S.A. and recognized a profit of €183,212, the sale of the 65% share interest in the
joint venture Ourania Ependitiki S.A., which resulted in a profit of €2,326,657, and through its subsidiary
Metrinwood Ltd, the sale of 20% of its participation in P and E Investments S.A., recognizing a profit of
€626,000. Below is a table presenting the results of the sales of subsidiary companies and participations in
joint ventures. Gain (Loss) on disposal of subsidiaries and joint ventures Subsidiary/Joint venture 2024 2023 Iovis S.A. (100%) 5,092,365 - Kalliga Estate S.M.S.A. (100%) (53,530) - Group Severdor (100%) 6,704,258 - P and E Investments S.A. (20%) 626,000 - Ependitiki Chanion S.A. (60%) 183,212 - Ourania Ependitiki S.A. (65%) 2,326,657 - IQ Hub S.M.S.A. (clearance) - (13,329) Nea Peramos S.M.S.A. (100%) - 1,042,475 Pefkor S.M.S.A. (100%) - 811,030 Total 14,880,230 1,840,176
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
163
28. Other expenses
The other expenses of the Group and the Company is analysed as follows:
Group Company From 01.01 to From 01.01 to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Direct costs related to investment property 228,249 217,177 394 19,860 Third party fees 4,644,051 5,085,408 6,599,932 5,728,152 Expenses relating to advertising, publication, etc 586,995 1,009,919 491,527 358,838 Expenses relating to subscriptions 194,449 168,742 187,801 161,534 Travel expenses 158,932 153,926 150,933 142,825 Taxies – levies 342,902 133,829 106,472 69,934 Other 1,300,011 717,436 751,187 689,913 Total 7,455,589 7,486,437 8,288,245 7,171,056
The line item "Third-party fees" consists of the following: a) third-party fees relating to the provision of
maintenance services, b) auditor’s fees, c) fees for legal services, and d) other third-party fees relating to the
activity of the Group and the Company.
In the line "Third-party fees" for the fiscal year 2024, an amount of €350,092 is included, which relates to the
cost of free share distribution by the Company to its associates, refer to note 17 for further details. Similarly,
in the fiscal year 2023, the line "Expenses relating to advertising, publication, etc" includes an amount of
€585,319, which pertains to promotion and marketing expenses for the project being developed by the
subsidiary Filma S.M.S.A. in Thessaloniki, and this is a non-recurring expense.
The audit firm "Deloitte SA" was the statutory independent auditor for the fiscal years ended 31.12.2024 and
31.12.2023.
The table below shows the total fees for audit and other professional services provided to the Group by the
audit firm "Deloitte Chartered Accountants Ltd." for the fiscal years 2024 and 2023, respectively.
Group Company From 01.01 to From 01.01 to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Fees for audit services 188,500 200,530 131,000 119,000 Fees for issuing Tax Compliance Report 64,000 91,500 24,000 24,000 14,500 22,200 9,400 Other permitted non-audit services 22,200 Total 267,000 314,230 164,400 165,200
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
164
29. Finance costs (net)
The financial costs of the Group and the Company are analysed as follows:
Group Company From 01.01 to From 01.01 to Note 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Interest expense Bank interest 820,297 896,663 646,730 439,769 Lease interest 212,214 186,988 62,416 61,354 Bond loans interest 1,622,620 609,315 800,000 609,315 Cost of letters of guarantee 101,913 146,305 15,072 10,460 Other 382,722 186,358 54,482 44,793 Finance expense 3,139,766 2,025,629 1,578,700 1,165,691 Finance income - Deposit interest income (59,313) (100,114) (59,293) (9,240) Finance income - Interest income from loans (58)(305)(58)(305)Finance income - Interest income from loans 33 (12,047) (847)(1,742,439)(1,810,463) granted to related parties Finance income from leases (8,447) (12,747) (19,666) (28,973) Finance income (79,864) (114,013) (1,821,456) (1,848,981) Finance cost - net 3,059,902 1,911,616 (242,756) (683,290)
30. Income tax
The amounts of taxes charged to the results of the Group and the Company are as follows:
Group Company From 01.01. to From 01.01. to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Current income tax 3 (2,327) - - Prior year adjustments 2,665 4,000 - - Total current income tax 2,668 1,673 - - Deferred tax 3,058,914 3,812,717 278 (5,690) Total deferred tax 3,058,914 3,812,717 278 (5,690) Total 3,061,582 3,814,390 278 (5,690)
The tax on the Group’s and the Company’s profit before tax differs from the theoretical amount that would
result using the tax rate applicable in Greece on profits.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
165
The difference is as follows:Group Company From 01.01 to From 01.01 to 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Profit/(Loss) before tax 54,536,861 17,019,455 19,285,204 1,012,368 Τax calculated on the basis of the tax 11,998,109 3,744,280 4,242,745 222,721 rates applicable in Greece Effect of different tax rates in Cyprus and (3,337,322) (2,154,094) - - Bulgaria Non-taxable income (7,992,139) (214,742) (4,139,917) (22,309) Non-tax deductible expenses 1,682,131 1,903,123 755,865 258,701 Losses of the year for which was not 1,651,274 942,618 - - recognised deferred tax asset Non recognition of deferred tax asset on investment property due to the (104,157) 55,045 - - recognition criteria are not met Use of tax losses of previous years for (836,314) (87,551) (858,415) (90,515) which no deferred tax asset had been recognised Derecognition of deferred tax asset that - (374,288) -(374,288)had been recognised in previous years Income tax 3,061,582 3,814,390 278 (5,690)
According to article 58 of the Tax Code (Law 4172/2013, A’ 167) as amended by article 120 of Law 4799/2021,
income for the tax year 2024 is taxed at a tax rate of 22%. The tax rate was 22% in the previous fiscal year as
well.
The corporate income tax rate in Cyprus is 12.5% and in Bulgaria 10%.
As far as Cyprus based subsidiaries are concerned, according to the Cyprus Tax Law the tax authorities have
the right to audit the last six (6) years.
The tax audit by the Certified Public Accountants for the companies of the Group that are subject to it for the
fiscal year 2024, as provided by the provisions of Article 65A of Law 4987/2022, is currently in progress. The
relevant tax certificate is expected to be issued after the publication of the annual financial statements for
the fiscal year 2024. However, the Group’s Management does not expect any significant changes either in the
tax obligations for this fiscal year upon completion of the tax audit or in the other unaudited tax years.
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
166
In detail, the unaudited fiscal years (either by Certified Public Accountants or by the tax authorities) for the
Group’s subsidiaries and the Company are as follows:
Country of Company Unaudited fiscal years incorporation DIMAND S.A. Greece - PERDIM S.M.S.A. Greece 2019 & 2022-2024 PROPELA S.M.S.A. Greece 2019-2024 BOZONIO S.M.S.A. Greece 2019-2020 & 2024 TERRA ATTIVA S.M.S.A. Greece 2019-2020 & 2023-2024 ARCELA INVESTMENTS LTD Cyprus 2019-2024 DIMAND REAL ESTATE (CYPRUS) LIMITED Cyprus 2019-2024 VENADEKTOS HOLDINGS LIMITED Cyprus 2019-2024 DIMAND REAL ESTATE AND SERVICES EOOD Bulgaria 2011-2024 ALKANOR S.M.S.A. Greece 2021 LAVAX S.M.S.A. Greece 2021 ARCELA FINANCE LTD Cyprus 2020-2024 AFFLADE LTD Cyprus 2020-2024 ALABANA LTD Cyprus 2020-2024 AGCHIALOS AKINITA S.M.S.A. Greece - FILMA ESTATE S.M.S.A. Greece 2021 MAGROMELL LTD Cyprus 2020-2024 METRINWOOD LTD Cyprus 2022-2024 GRAVITOUSIA LTD Cyprus 2019-2024 PIRAEUS REGENERATION 138 S.M.S.A. Greece - RANDOM S.M.S.A. Greece 2019 PAVALIA ENTERPRICES LTD Cyprus 2019-2024 RODOMONDAS LTD Cyprus 2019-2024 OBLINARIUM HOLDINGS LIMITED Cyprus 2019-2024 IQ ATHENS S.M.S.A. Greece 2020 HUB 204 S.M.S.A. Greece - CITRUS S.M.S.A. Greece 2022 DRAMAR S.M.S.A. Greece 2021-2022 & 2024 THOMAIS S.M.S.A. Greece 2022 & 2024 BRIDGED T LTD Greece 2019-2021 KARTONERA LTD Cyprus 2019-2024
The unaudited fiscal years (either by Certified Public Accountants or by the tax authorities) for the joint
ventures in which the Group participates, as well as for the other companies it participates indirectly through
the joint ventures, are as follows:
Company Country of incorporation Unaudited fiscal years CANTE HOLDINGS LTD Cyprus 2019-2024 EMID HOLDINGS LTD Cyprus 2019-2024 STIVALEUS HOLDINGS LTD Cyprus 2019-2024 P and E INVESTMENTS S.A. Greece 2022 RINASCITA S.A. Greece -
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
167
Company Country of incorporation Unaudited fiscal years PIRAEUS TOWER S.A. Greece - YITC EUROPEAN TRADING LTD Cyprus 2019-2024 IQ KARELLA S.A. Greece - EVGENIA HOMES S.M.S.A. Greece - DI TERNA S.A. Greece 2023-2024 3V S.A. Greece 2022
31. Earnings per share
Earnings per share for the Group are analysed as follows: From 01.01. to 31.12.2024 31.12.2023 Profit attributable to shareholders of the parent company 36,965,755 13,205,065 Weighted average number of ordinary shares in issue 18,586,079 18,609,071 Earnings per share 1.99 0.71
Diluted earnings per share are equal to basic earnings per share.
32. Contingent liabilities
Tax liabilities
The Group's companies have not been tax audited for certain financial years, and therefore, their tax
liabilities for these years have not become final. As a result of these audits, additional fines and taxes may be
imposed, the amounts of which cannot be accurately determined at present. As of 31.12.2024 and
31.12.2023, the Group and the Company have not made provisions for unaudited years. It is estimated that
any potential tax amounts that may arise will not have a significant impact on the financial position of the
Group and the Company. For further details on the unaudited years, refer to note 30. During the fiscal
year 2024, the Company was audited by the tax authorities for the years 2019-2020, without any
differences arising upon the completion of the tax audit.
Pending litigation
There are no litigated or pending disputes or decisions of courts or arbitration bodies that have an impact on
the financial position or operations of the Group and the Company.
Letters of guarantee and guarantees
The letters of guarantee and guarantees granted by the Company are presented as follows:
Letters of Guarantee issued by Banks for Assurance of Good Performance of Contracts
The letters of guarantee issued by banks to secure the performance of contracts for the Group as of
31.12.2024 amount to €6,474,836 (31.12.2023: €5,719,365).
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
168
Other Guarantees given to Third Parties to Secure Obligations A/A ITEM FOR 31.12.2024 31.12.2023 1 Securitiy of obligation DPN S.A. 2,153 2,153 2 Securitiy of obligation FILMA S.M.S.A. 370,000 - 372,153 2,153
Mortgage pre-notations and mortgages on properties owned by subsidiaries
The investment properties of the subsidiaries Random S.M.S.A, Alkanor S.M.S.A. and IQ Athens S.M.S.A. have
mortgage pre-notations of €16,440,000, €54,990,000 and €163,592,000, respectively, to secure bank
financing granted to the subsidiaries.
Capital Commitments
As of 1.12.2024, the Group has capital commitments for investment property improvements of €6,049,334
(excluding VAT).
33. Related party transactions
The Company’s shareholder composition as of 31.12.2024, is set out below:
Shareholders % Participation Andriopoulos Dimitrios 54.67% 1Damen Ltd0.22% Latsco Hellenic Holdings S.à r.l. 5.35% Treasury stocks 0.27% Other shareholders 39.49% % Shareholders 100.00%
It is noted that the above percentages are derived in accordance with the notifications received by the above
persons under the applicable legislation.
Transactions with related parties are carried out on an arm’s length basis within the framework of the
Company’s operations and in accordance with the usual commercial terms for corresponding transactions
with third parties.
1
Person closely associated as defined in article 3 par. 1 (26) of the Market Abuse Regulation (EU) No
596/2014 to Mr. Andriopoulos Dimitrios
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
169
Group Company From 01.01. to From 01.01. to Sales of service 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Subsidiaries - - 4,351,009 3,267,878 Joint ventures 656,365 1,313,793 - - Other related parties 1,467,431 1,722,827 2,123,796 3,036,620 Total 2,123,796 3,036,620 6,474,805 6,304,498
Sales of services mainly relate to the provision of project management service.
Group Company From 01.01. to From 01.01. to Other income 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Subsidiaries - - 254,753 287,200 Joint ventures 76,747 572,307 - - Other related parties 43,200 46,800 119,947 387,507 Total 119,947 619,107 374,700 674,707
Other income mainly pertains to the provision of administrative support services as well as expenses that
were re-invoiced to joint ventures.
Group Company Finance Income except for finance From 01.01. to From 01.01. to income from subleases 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Subsidiaries - - 1,742,439 1,810,463 Joint ventures 12,047 846 - - Total 12,047 846 1,742,439 1,810,463 Group Company From 01.01. to From 01.01. to Finance income from subleases 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Subsidiaries - - 11,219 16,418 Joint ventures 3,493 3,876 - - Other related parties 4,955 7,067 8,447 10,943 Total 8,447 10,943 19,666 27,361 Group Company Trade receivables from related 31.12.2024 31.12.2023 31.12.2024 31.12.2023 parties Subsidiares - - 2,156,963 1,543,653 Joint ventures 1,000,565 1,418,112 - - Other related parties 4,197,999 2,264,827 4,367,598 3,670,971 Other 5,198,565 3,682,939 6,524,561 5,214,624
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
170
Group Company Trade payables to related parties 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Subsidiares - - 1,243,112 634,880 Joint ventures 5,149,314 4,355,000 - - Other related parties 1,137 3,082 232,107 3,045 Other 5,150,452 4,358,082 1,475,220 637,925 Group Company Loans granted to related parties 31.12.2024 31.12.2023 31.12.2024 31.12.2023 except for net investment of sublease Subsidiares - - 1,733,996 23,942,025 Joint ventures 4,706,381 200,334 - - Other 4,706,381 200,334 1,733,996 23,942,025
The movement of loans granted to related parties is analysed as follows:
Group Company Loans granted to related parties 31.12.2024 31.12.2023 31.12.2024 31.12.2023 except for net investment of sublease Opening balance 200,334 153,488 23,942,025 24,131,601 Loans granted to related partied during 4,494,000 46,000 - - the period Repayments - - (23,905,184) (2,000,000) Charge of interest income 12,047 846 1,733,996 1,810,463 Interest income received - - (36,841) (39) Closing balance 4,706,381 200,334 1,733,996 23,942,025
On 11.06.2020, the Company entered into a loan agreement with the subsidiary Arcela Investments Ltd, for
an amount of €4,000,000, which was disbursed in full during 2020, while additional amounts totaling
€12,328,500 were disbursed through amendment agreements signed during 2021. The interest rate on the
loan is adjusted in accordance with the Company’s relevant financial costs. Interest is payable at the end of
the fiscal year and the contract provides for the capitalisation of accrued interest. The subsidiary Arcela
Investments Ltd, during t2024, repaid the principal of the mentioned loan, amounting to €23,505,184.
The balance of loans granted to related parties of the Group relates to a loan granted by Arcela Investments
Ltd in 2019 of €141,000 to the joint venture YITC European Trading Ltd, maturing on 30.06.2022, with an
interest rate of 0.5%. This loan was amended on 28.06.2024, with regard to the maturity date where it was
extended to 30.06.2026. Also, the subsidiary Arcela Investments Ltd, with the above contract in force,
proceeded in 2024 to grant an amount of €20,000 (2023: €46,000) to the joint venture YITC European Trading
Ltd. Finally, on 13.12.2024 the subsidiary Arcela Investments Ltd proceeded with the issuance of a bond loan
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
171
with the joint venture P and E Investments S.A. (issuer) for an amount of up to €5,000,000, maturing on
31.12.2025 with an interest rate of 5.90%, and within 2024, an amount of €4,474,000 was disbursed.
Group Company Net investment of sublease from 31.12.2024 31.12.2023 31.12.2024 31.12.2023 related parties Subsidiaries - - 115,556 213,770 Joint ventures 45,161 76,633 - - Other related parties 52,239 68,697 97,400 145,330 Total 97,401 145,330 212,956 359,100
Sublease receivables relate to subleases of the Company’s office space to subsidiaries, joint ventures and
other related parties of the Group.
Group Company Net investment of sublease from 31.12.2024 31.12.2023 31.12.2024 31.12.2023 related parties Opening balance 145,331 172,367 359,101 452,777 Net investment of sublease during the 22,465 13,787 22,464 13,787 year Remeasurement due to CPI changes 2,220 2,821 5,889 6,882 Transfer to Net invesments of sublease (43,605) (12,850) (103,338) (37,552) from third parties Capital receipts of subleases (29,010) (30,794) (71,161) (76,793) Interest income 7,738 10,943 18,957 27,360 Interest income received (7,738) (10,943) (18,957) (27,360) Closing balance 97,401 145,331 212,956 359,101
Group Company From 01.01. to From 01.01. to Key management compensation 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Remuneration of members of the Board and its committees and senior 1,293,354 1,386,322 1,264,096 1,356,526 executives Cost of free allocation of shares 167,315 -167,315- Total 1,460,669 1,386,322 1,431,411 1,356,526
Notes to the Financial Statements
Group and Company
All amounts expressed in Euro, unless otherwise stated
172
Group Company Due to key management 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Employee benefit obligations 225,634 215,675 225,634 215,675 Total 225,634 215,675 225,634 215,675
34. Events after the reporting period
The most significant events after 31.12.2024 are the following:
On 27.02.2025, the notarial deed for the establishment of the subsidiary company "Dorou Residencies
S.M.S.A." was signed. The company is the owner of Building A of "MINION," following the partial demerger
plan of the subsidiary Alkanor S.M.S.A.
On 20.03.2025, the Company proceeded with the repayment of €5,000,000 from an existing credit agreement
with an open current account with Alpha Bank, with the outstanding balance of the open current account
amounting to €1,000,000.
No other events, other than the above, have occurred since the date of the Statement of Financial Position
that would have a material impact on the financial statements.
Maroussi, 03.04.2025
The Vice Chairman of the
BOD and CEO
The Deputy CEO
The CFO
The Finance Director
Dimitrios Andriopoulos
Nikolaos-Ioannis Dimtsas
Anna Chalkiadaki
Dimitrioss Dimakakos
ID No A01124980
ID No AΗ 002049
ID No. AN 603900
PERM. No. 78785 A’
ID No. AΖ 736252
PERM. No. 131615 A’
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