1

GENERAL INFORMATION OF THE GROUP

The consolidated Group Financial Statements have been prepared in compliance with the International

Financial Reporting Standards as issued by the International Accounting Standards Board and adopted

by the European Union.

The Company “ MIG HOLDINGS S.A. ” under the discreet title MIG is domiciled in Greece in the

Municipality of Athens of Attica (El. Venizelou 10, 106 71). The Company’s term of duration is 100

years starting from its establishment and can be extended following a resolution of the General

Shareholders Meeting.

MIG operates as a holding societe anonyme according to Greek legislation and specifically according

to the provisions of C.L. 4548/2018 on societe anonyme, as it stands. The Financial Statements are

posted on the Company’s website at

www.migholdingssa.com

.

The Company’s shares are listed in the

Athens Stock Exchange. The Company’s share forms part of the ASE General Index (Bloomber

g

Ticker: MIG GA, Reuters ticker: MIGr.AT, OASIS: MIG).

The main activity of the Group is its focus on equity investments in Greece and throughout South-

Eastern Europe. The Group’s activity focuses on the following operating sectors:

•

Financial Services

(MIG, MIG AVIATION HOLDINGS, MIG LEISURE, ATHENIAN

INVESTMENTS),

•

Real Estate

(RKB),

•

Other [

MIG MEDIA (under liquidation)].

On December 31, 2023

the Group’s headcount amounted to

56, while on December 31, 2022 the

Group’s headcount amounted to 1,6

58 (1,596 pertaining to discontinued operations). On December

31, 2023

the Company’s headcount amounted to 14 while on December 31, 2022 the Company’s

headcount amounted to 17.

MIG’s companies, included in the consolidated Financial Statements, as well as their non

-tax audited

years are analysed in Note 2 to the Financial Statements.

The attached Financial Statements as of December 31, 2023

were approved by the Company’s Board

of Directors on February 26, 2024 and are subject to the final approval of the Annual Ordinary

General Shareholder Meeting. The financial statements are available to the investing public on the

Company’s website.

Consolidated Financial Statements of MIG Group are consolidated under the equity method, in the

Financial Statements of PIRAEUS FINANCIAL HOLDINGS S.A., which is domiciled in Greece and

whose holding in the Company (through its 100% subsidiary PIRAEUS BANK S.A.) amounts to

87.79% as of 31/12/2023.

 

2

GROUP STRUCTURE AND ACTIVITIES

2.1

Consolidated entities table on 31/12/2023

The following table presents MIG’s consolidated entities on 31/12/2023, their domiciles, their

principal activity, the Company’s direct and indirect shareholdings, the consolidation method as well

as the non-tax audited financial years.

Company Name

Domicile

Principal

activity

Direct

%

Indirect

%

Total %

Consolidation

Method

Non-tax

Audited

Years

(1)

MIG HOLDINGS S.A.

Greece

Holding

company

Parent Company

2017-2022

MIG Subsidiaries

MIG LEISURE LTD

Cyprus

Holding

company

100.00%

-

100.00%

Purchase Method

-

ATHENIAN INVESTMENTS HOLDINGS S.A.

Greece

Holding

company

100.00%

-

100.00%

Purchase Method

2017-2022

MIG AVIATION HOLDINGS LTD

Cyprus

Holding

company

100.00%

-

100.00%

Purchase Method

-

MIG MEDIA S.A.(2)

Greece

Under

liquidation

100.00%

-

100.00%

Purchase Method

2017-2022

JSC ROBNE KUCE BEOGRAD (RKB)

Serbia

Real estate

management

100.00%

-

100.00%

Purchase Method

-

Notes

(1) In respect to the Group companies established in Greece, which meet the relevant criteria for falling under the tax audit of Certified Auditors, the tax audit of fiscal

years 2018-2022 has been completed under the provisions of Law 4174/2013, article 65A, par.1. It is to be noted that the tax audit of fiscal year 2023 is in progress. On

31/12/2023 the fiscal years until 31/12/2017 were time-barred in accordance with the provisions of par. 1 of art. 36 of Law 4174/2013, with the exceptions provided by

the current legislation for extension of the right of the Tax Administration for the issuance of an act of administrative, estimated or corrective tax determination in specific

cases.

(2) As of 18/03/2022 the company was put into liquidation process

2.2

Changes in the Group’s structure

The consolidated Financial Statements for the annual period ended on December 31, 2023 compared

to the corresponding annual comparative period of 2022, do not include i) ATTICA group due to its

disposal on 12/05/2023 (till that date it was consolidated under equity method), ii) the company MIG

SHIPPING due to its disposal on 12/05/2023 (till that date it was consolidated under equity method),

iii) the company TOWER TECHNOLOGY HOLDINGS (OVERSEAS) LTD due to its liquidation as

at 15/05/2023 (till that date it was consolidated under equity method), and iv) the company MIG

REAL ESTATE SERBIA due to its liquidation as at 22/12/2023 (till that date it was consolidated

under equity method).

3

BASIS OF FINANCIAL STATEMENTS PRESENTATION

 

3.1

Statement of Compliance

The consolidated and separate Financial Statements as of December 31

st

, 2023 covering the annual

period from January 1

st

, to December 31

st

, 2023, have been prepared according to the International

Financial Reporting Standards (IFRS), which were published by the International Accounting

Standards Board (IASB) and according to their interpretations, which have been published by the

International Financial Reporting Interpretations Committee (IFRIC) and have been adopted by the

European Union until December 31

st

, 2023. The Group applies all the International Accounting

Standards, International Financial Reporting Standards and their Interpretations, which apply to the

Group’s activities. The relevant accounting policies, a summary of which is presented below in Note

4, have been applied consistently in all periods presented.

The aforementioned Financial Statements were prepared based on the going concern principle, which

implies that the Company and its subsidiaries will be in position to continue operating as entities in

the foreseeable future, taking into account the currently effective and projected financial position of

the Group.

 

3.2

Basis of Measurement

The Group’s

Financial Statements have been prepared according to the principle of historical cost, as

modified for the fair value adjustment of the items to follow:

•

Financial assets and liabilities at fair value through Profit & Loss, and

•

Investment property.

3.3

Presentation currency

The presentation currency is Euro (the currency of the Group’s parent domicile) and all the amounts

are presented in thousand Euro unless otherwise mentioned.

3.4

Use of Estimates

The preparation of the Financial Statements according to IFRS requires the use of estimates and

judgments on the application of the Company’s accounting policies. Opinions, assumptions and

Management estimates affect the valuation of several asset and liability items, the amounts

recognized during the financial year regarding specific income and expenses as well as the presented

estimates on contingent liabilities.

The assumptions and estimates are assessed on a continuous basis according to historic experience

and other factors, including expectations on future event outcomes that are considered as reasonable

given the current conditions. The estimates and assumptions relate to the future and, consequently,

the actual results may deviate from the accounting calculations.

The aspects requiring the highest degree of judgment as well as the aspects mostly affecting the

consolidated Financial Statements are presented in Note 6 to the Financial Statements.

3.5

Changes in Accounting Policies

The accounting policies based on which the Financial Statements were drafted, are in accordance

with those used in the preparation of the Annual Financial Statements for the FY 2022, adjusted to

the new Standards and revisions imposed by IFRS (see par. 3.5.1 and 3.5.2).

3.5.1

New Standards, Interpretations, Revisions and Amendments to existing Standards that

are effective and have been adopted by the European Union

The following new Standards, Interpretations and amendments of IFRSs have been issued by the

International Accounting Standards Board (IASB), are adopted by the European Union, and their

application is mandatory from or after 01/01/2023.

•

IFRS 17 “Insurance Contracts” (effective for annual periods starting on or after 01/01/2023)

In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4.

The aim of the project was to provide a single principle-based standard to account for all types of

insurance contracts, including reinsurance contracts that an insurer holds. A single principle-based

standard would enhance comparability of financial reporting among entities, jurisdictions and capital

markets. IFRS 17 sets out the requirements that an entity should apply in reporting information about

insurance contracts it issues and reinsurance contracts it holds. Furthermore, in June 2020, the IASB

issued amendments, which do not affect the fundamental principles introduced when IFRS 17 has

first been issued. The amendments are designed to reduce costs by simplifying some requirements in

the Standard, make financial performance easier to explain, as well as ease transition by deferring the

effective date of the Standard to 2023 and by providing additional relief to reduce the effort required

when applying the Standard for the first time. The amendments do not affect the consolidated

Financial Statements.

•

Amendments to IAS 1 “Presentation of Financial Statements” (effective for annual periods

starting on or after 01/01/2023)

In February 2021, the IASB issued narrow-scope amendments that pertain to accounting policy

disclosures. The objective of these amendments is to improve accounting policy disclosures so that

they provide more useful information to investors and other primary users of the financial statements.

More specifically, companies are required to disclose their material accounting policy information

rather than their significant accounting policies. The amendments do not affect the consolidated

Financial Statements. The above have been adopted by the European Union with effective date of

01/01/2023.

•

Amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors:

Definition of Accounting Estimates” (effective for annual periods starting on or after

01/01/2023)

In February 2021, the IASB issued narrow-scope amendments that they clarify how companies should

distinguish changes in accounting policies from changes in accounting estimates. That distinction is

important because changes in accounting estimates are applied prospectively only to future

transactions and other future events, but changes in accounting policies are generally also applied

retrospectively to past transactions and other past events. The amendments do not affect the

consolidated Financial Statements. The above have been adopted by the European Union with

effective date of 01/01/2023.

•

Amendments to IAS 12 “Income Taxes: Deferred Tax related to Assets and Liabilities

arising from a Single Transaction” (effective for annual periods starting on or after

01/01/2023)

In May 2021, the IASB issued targeted amendments to IAS 12 to specify how companies should

account for deferred tax on transactions such as leases and decommissioning obligations

–

transactions for which companies recognise both an asset and a liability. In specified circumstances,

companies are exempt from recognising deferred tax when they recognise assets or liabilities for the

first time. The amendments clarify that the exemption does not apply and that companies are required

to recognise deferred tax on such transactions. The amendments do not affect the consolidated

Financial Statements. The above have been adopted by the European Union with effective date of

01/01/2023.

•

Amendments to IFRS 17 “Insurance contracts: Initial Application of IFRS 17 and IFRS 9 –

Comparative Information” (effective for annual periods starting on or after 01/01/2023

In December 2021, the IASB issued a narrow-scope amendment to the transition requirements in IFRS

17 to address an important issue related to temporary accounting mismatches between insurance

contract liabilities and financial assets in the comparative information presented when applying IFRS

17 “Insurance Contracts” and IFRS 9 “Financial Instruments” for the first time.

The amendment aims

to improve the usefulness of comparative information for the users of the financial statements. The

amendments do not affect the consolidated Financial Statements. The above have been adopted by

the European Union with effective date of 01/01/2023.

•

Amendments to IAS 12 “Income taxes”: International Tax Reform –

Pillar Two Model Rules

(effective immediately and for annual periods starting on or after 01/01/2023)

In May 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 12

“Income Taxes”: International Tax Reform—

Pillar Two Model Rules. The amendments introduced a)

a temporary exception to the requirements to recognise and disclose information about deferred tax

assets and liabilities related to Pillar Two income taxes and b) targeted disclosure requirements for

affected entities. Companies may apply the temperorary exception immediately, but disclosure

requirements are required for annual periods commencing on or after 1 January 2023. The

amendments do not affect the consolidated Financial Statements. The above have been adopted by

the European Union with effective date of 01/01/2023.

•

Amendments to IFRS 16 “Leases: Lease Liability in a Sale and Leaseback” (effective for

annual periods starting on or after 01/01/2024)

In September 2022, the IASB issued narrow-

scope amendments to IFRS 16 “Leases” which add to

requirements explaining how a company accounts for a sale and leaseback after the date of the

transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that

same asset back for a period of time from the new owner. IFRS 16 includes requirements on how to

account for a sale and leaseback at the date the transaction takes place. However, IFRS 16 had not

specified how to measure the transaction when reporting after that date. The issued amendments add

to the sale and leaseback requirements in IFRS 16, thereby supporting the consistent application of

the Accounting Standard. These amendments will not change the accounting for leases other than

those arising in a sale and leaseback tra.nsaction. The Group will examine the impact of the above on

its Financial Statements, though it is not expected to have any. The above have been adopted by the

European Union with effective date of 01/01/2024.

•

Amendments to IAS 1 “Classification of Liabilities as Current or Non

-

current” (effective

for annual periods starting on or after 01/01/2024)

In January 2020, the IASB issued amendments to IAS 1 that affect requirements for the presentation

of liabilities. Specifically, they clarify one of the criteria for classifying a liability as non-current, the

requirement for an entity to have the right to defer settlement of the liability for at least 12 months

after the reporting period. The amendments include: (a) specifying that an entity’s right to defer

settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected

by management’s intentions or expectations about whether the entity will exercise its right to defer

settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements

for classifying liabilities an entity will or may settle by issuing its own equity instruments.

Furthermore, in July 2020, the IASB issued an amendment to defer by one year the effective date of

the initially issued amendment to IAS 1, in response to the Covid-19 pandemic. However, in October

2022, the IASB issued an additional amendment that aim to improve the information companies

provide about long-term debt with covenants. IAS 1 requires a company to classify debt as non-

current only if the company can avoid settling the debt in the 12 months after the reporting date.

However, a company’s ability to do so is often subject to complying with covenants. The amendments

to IAS 1 specify that covenants to be complied with after the reporting date do not affect the

classification of debt as current or non-current at the reporting date. Instead, the amendments require

a company to disclose information about these covenants in the notes to the financial statements. The

amendments are effective for annual reporting periods beginning on or after January 1

st

, 2024, with

early adoption permitted. The Group will examine the impact of the above on its Financial Statements,

though it is not expected to have any. The above have been adopted by the European Union with

effective date of 01/01/2024.

3.5.2

New Standards, Interpretations, Revisions and Amendments to existing Standards that

have not been applied yet or have not been adopted by the European Union

The following new Standards, Interpretations and amendments of IFRSs have been issued by the

International Accounting Standards Board (IASB), but their application has not started yet or they

have not been adopted by the European Union:

•

Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments:

Disclosures”: Supplier Finance Arrangements (effective for annual periods starting on or

after 01/01/2024)

In May 2023, the International Accounting Standards Board (IASB) issued Supplier Finance

Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:

Disclosures. The IASB issued Supplier Finance Arrangements to require an entity to provide

additional disclosures about its supplier finance arrangements. The amendments require additional

disclosures that complement the existing disclosures in these two standards. They require entities to

provide users of financial statements with information that enable them a) to assess how supplier

finance arrangements affect an entity’s liabilities and cash flows and to understand the effect of

supplier finance arrangements on an entity’s exposure to liquidity risk and how the entity might be

affected if the arrangements were no longer available to it. The amendments to IAS 7 and IFRS 7 are

effective for accounting periods on or after 1 January 2024. The Group will examine the impact of

the above on its Financial Statements, though it is not expected to have any. The above have not been

adopted by the European Union.

•

Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of

Exchangeability (effective for annual periods starting on or after 01/01/2025)

In August 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 21

The Effects of Changes in Foreign Exchange Rates that require entities to provide more useful

information in their financial statements when a currency cannot be exchanged into another currency.

The amendments introduce a definition of currency exchangeability and the process by which an

entity should assess this exchangeability. In addition, the amendments provide guidance on how an

entity should estimate a spot exchange rate in cases where a currency is not exchangeable and require

additional disclosures in cases where an entity has estimated a spot exchange rate due to a lack of

exchangeability.

The amendments to IAS 21 are effective for accounting periods on or after January

1

st

, 2025. The Group will examine the impact of the above on its Financial Statements, though it is

not expected to have any. The above have not been adopted by the European Union.

4

MATERIAL INFORMATION ABOUT ACCOUNTING POLICIES

 

4.1

Consolidation

4.1.1

Subsidiaries

Subsidiaries are all the companies, which the parent has the power to control directly or indirectly

through other subsidiaries. The Company has and exercises control through its ownership of the

majority of the subsidiaries’ voting rights. The companies a

lso considered subsidiaries are those in

which the Company, being their single major shareholder, has the ability to appoint the majority of

the members of their Board of Directors. The existence of potentially dilutive minority interests which

are exercisable during the financial statements preparation is taken into consideration in order to

assess whether the Company controls the subsidiaries.

Subsidiaries are fully consolidated under the purchase method from the date of acquisition, which is

the date on which control is transferred to the Group and cease to be consolidated from the date on

which control ceases. The purchase method of accounting is used to account for the acquisition of

subsidiaries. As of the acquisition date, the acquirer shall recognize goodwill arising from the

acquisition that is measured as the excess of:

•

the aggregate of: (i) the consideration transferred measured at fair value (ii) the amount of any

non-controlling interest in the acquired company valued either at their fair value or the

proportionate shareholding of the non-controlling interests, times the net recognizable assets of

the acquired company; and (iii) in a business combination achieved in stages, the acquisition-

date fair value of the acquirer’s previously held equity interest in the acquired company, less

•

the net value of the acquisition-date amounts of the identifiable assets acquired and the

liabilities assumed.

Goodwill is annually tested for impairment, and the difference between its book and its recoverable

value is recognized as an impairment loss in the period’s results.

Acquisition-related costs are costs (i.e. advisory, legal, accounting, valuation and other professional

or consulting fees) are recognized as expenses, burdening profit or loss for the period when incurred.

The opposite case, which is a business combination in which the net of the acquisition-date amounts

of the identifiable assets acquired and the liabilities assumed, exceeds the consideration-transferred

amount then the transaction is characterized as a bargain purchase. Following all the necessary re-

examinations, the excess amount of the aforementioned difference is recognized as profit in profit or

loss for the period.

Intracompany transactions, balances, and unrealized gains on transactions between group companies

are eliminated. Unrealized losses are also eliminated unless the transaction offers impairment

indications of the asset transferred.

Where necessary, the subsidiaries’ accounting policies have been modified to ensure consistency with

those adopted by the Group. Note 2 provides a full list of the consolidated subsidiaries alongside the

Group’s shareholdings.

Subsidiaries’ financial statements preparation date coincides with the relevant date of the parent

company.

4.1.2

Investments in Subsidiaries (Separate Financial Statements)

The investments of the parent company in its subsidiaries are measured at cost less impairment losses.

Impairment test is performed based on the requirements of IAS 36.

4.1.3

Changes in a parent’s

ownership interest in subsidiaries

In case of changes in a parent’s ownership interest in a subsidiary, it is examined whether the changes

result in a loss of control or not.

•

Changes in a parent’s ownership interest in a subsidiary that do not

result in a loss of control are

accounted for as equity transactions (i.e. transactions with owners in their capacity as owners).

In such circumstances, the carrying amounts of the controlling and non-controlling interests shall

be adjusted to reflect the changes in their relative interests in the subsidiary. Any difference

between the amount by which the non-controlling interests are adjusted and the fair value of the

consideration paid or received shall be recognized directly in equity and attributed to the owners

of the parent.

•

In case the parents’ ownership interest changes in such a way that there is loss of control, then

the parent shall record the necessary accounting entries and recognize the result from the sale

(derecognition of the assets, goodwill and liabilities of the subsidiary as of the date of loss of

control, derecognition of the book value of non-controlling interests, determination of the result

from the sale). Following the loss of control of a subsidiary, any investment in the former

subsidiary is recognized according to the requirements of IFRS 9.

4.2

Financial instruments

A financial instrument is defined as an agreement creating either a financial asset in a company and

a financial liability, or, a shareholding in another company.

4.2.1

Initial Recognition and Derecognition

Financial asset or financial liability are recognized in the Statement of Financial Position, when and

only when the Group becomes a party to the contractual provisions of the financial instrument.

Financial assets are derecognized when the contractual rights to the cash flows from the financial

asset expire, or when the financial asset and substantially all the risks and rewards are transferred.

A financial liability (or part of it) is derecognized from the Statement of Financial Position, when and

only when the contractual liability is extinguished, discharged, cancelled or expired. The balance

between the carrying amount of a financial liability (or part of it) that is derecognised and the

consideration paid, including any non-cash assets transferred or liabilities assumed, shall be

recognised in profit or loss.

A financial liability (or part of it) is settled when the debtor:

(a) discharges the liability (or part of it) by settling the creditor, usually in cash, other financial assets,

goods or services; or

(b) is legally discharged from primary responsibility for the (or part of it) either through legal

proceedings or by the creditor.

In the case of derecognition (settlement) of a financial liability in exchange for a transfer of a non-

cash asset (non-cash consideration), the balance between the carrying amount of the liability and the

fair value of the non-cash asset transferred is rec

ognised in profit or loss, in particular in “Other

financial income/expenses”. At the same time, at the date of derecognition, the balance

between the

carrying amount of the non-cash asset transferred and its fair value at that date is recognised as a gain

or loss on disposal in operating profit or loss. See also Note 8.1 to the accompanying financial

statements for details.

The gain or loss on reclassification of financial reporting is disclosed in the Statement of Profit and

Loss under Other Financial Results. In the case of disposal of an investment in a subsidiary through

an exchange, the gain or loss on disposal of the investment is recognised in

“

Income / Loss on

investments

”

in the separate financial statements and in

“

Income from discontinued operations

”

in

the consolidated financial statements.

4.2.2

Classification and measurement of financial liabilities

Financial assets are initially measured at fair value adjusting for transaction costs except for financial

assets measured at fair value through profit and loss.

Financial assets, other than those designated and effective as hedging instruments, are classified

into the following categories:

a)

Amortized cost

b)

Fair value through profit and loss, and

c)

Fair value through other comprehensive income

The classification is determined by both the entity’s business model for managing the financial asset

and the contractual cash flow characteristics of the financial asset.

All income and expenses relating to financial assets that are recognized in profit or loss are presented

within the items “Other financial results”, “Financial expenses” and “Financial income”, except for

impairment of trade receivables which is presented within operating expenses.

4.2.3

Subsequent measurement of financial assets

Financial asset is subsequently measured at fair value through profit and loss, amortized cost or fair

value through other comprehensive income. The classification is based on both criteria:

i.

the entity ‘s business model for managing the financial asset, meaning, whether the objective is

to hold for the purpose of collecting contractual cash flows or collecting contractual cash flows

as well as the sale of financial assets, and,

ii.

whether the contractual cash flows of the financial asset consist exclusively of capital

repayments and interest on the outstanding balance (“SPPI” criterion).

The measurement category at amortized cost includes non-derivative financial assets like loans and

receivables with fixed or determinable payments that are not tradeable in an active market. After

initial recognition these are measured at amortized cost using the effective interest method.

Discounting is omitted where the effect of discounting is immaterial.

For financial assets measured at fair value through other comprehensive income, changes of fair value

are recognized in the Statement of Comprehensive Income and reclassified in Income Statement upon

derecognition of the financial instruments.

For financial assets measured at fair value through profit and loss are measured at their fair value and

changes of fair value recognized in gains or losses of Income Statement. The fair value of these

instruments is determined by reference to active market transactions or using a valuation technique

where no active market exists.

4.2.4

Classification and measurement of financial liabilities

The Group’s financial liabilities include mainly bank loans. Borrowings are initially measured at cost,

which is the fair value of the exchange received minus the cost of issuance. They are then measured

at amortized cost under the effective rate method. Loans are classified as short term liabilities unless

the Group maintains the absolute right to transfer the settlement of liabilities for at least 12 months

after the Financial Statements reporting date.

Financial liabilities may be classified upon initial recognition at FVTPL, if the following criteria are

met.

(a)

The Classification reverses or reduces significantly the accounting mismatch effects that would

emerge if the liability had been measured at amortized cost.

(b)

These liabilities belong to a group of liabilities, being managed or evaluated with respect to their

performance, based on fair value, according to the Group’s financial risks management

strategies.

(c)

A financial liability contains an embedded derivative, classified and measured separately.

4.2.5

Fair Value Measurement Methods

The fair values of financial assets and liabilities that are traded in active markets are determined by

the current bid prices without subtracting the transaction costs. As for non-traded financial assets and

liabilities, the fair values are determined by the application of valuation techniques such as an analysis

of recent transactions, comparable assets that are traded, derivative valuation models and discounted

cash flows.

In some cases, the valuations derived from the generally accepted methods for valuation of securities

are adjusted to reflect factors which are taken into consideration by the market in order to value a

security, such as business risk and marketability risk.

The method used to determine fair value for financial instruments that are valued using valuation

models is described below. These models include the Group's assessment of the assumptions an

investor would use in performing a fair value valuation and are selected based on the specific

characteristics of each investment.

The Company, in accordance with the requirements of IFRS 9 at the end of each reporting period of

the financial statements performs the calculations required in relation to the determination of the fair

value of its financial instruments. Investments in listed shares in domestic and foreign stock

exchanges are valued based on the quoted market prices for these shares. Investments in non-listed

shares are valued based on generally accepted valuation models which sometimes incorporate data

based on observable market inputs and sometimes are based on unobservable data.

4.2.6

Offsetting

Financial assets and liabilities are offset and the net amount is presented in the statement of Financial

Position only when the Group has a legally enforceable right and intends to settle both the asset and

liability simultaneously on a net basis amount.

Income and expenses are offset only if such an act is permitted by the standards or when they refer

to gains or losses that arose from a group of similar transactions such as trading portfolio transactions.

4.3

Impairment of assets

The Group and the Company recognize impairment provisions for expected credit losses of all

financial assets except for those measured at fair value through profit and loss.

The purpose of IFRS 9 ‘s impairment requirements is to recognize expected credit losses over the

financial asset ‘s lifetime, whose credit risk has raised after initial recognition, regardless if the

assessment is at a collective or standalone level, using all information which can be collected, based

on both historical and current data as well, but also data in respect of reasonable and supportable

forecasts.

In applying the above mentioned approach a distinction is made between:

o

financial instruments that have not deteriorated significantly in credit quality since initial

recognition or that have low credit risk (Stage 1),

o

financial instruments that have deteriorated significantly in credit quality since initial

recognition and whose credit risk is not low (Stage 2), and

o

financial instruments that have objective evidence of impairment at the reporting date (Stage

3).

For financial instruments of Stage 1 are recognized as credit losses for the next twelve months period,

while for financial assets of Stage 2 or Stage 3 are recognized as credit losses over their lifetime.

Expected credit losses are defined as the difference between all the contractual cash flows that are

due to and the cash flows that are actually expected to be received by the Group or the Company.

This difference is discounted at the original effective interest rate of financial asset.

The Group applies the simplified approach of this Standard for assets instruments from contracts,

trade receivables and leases receivables by calculating the expected credit losses over the lifetime of

abovementioned instruments. In this case, the expected credit losses reflect the expected shortfalls in

contractual cash flows, considering the potential for default at any point during the life of the financial

instrument. In calculating the expected credit losses, the Group uses a provision matrix in which the

above mentioned financial instruments have been grouped in regard of balances’ nature and ageing

and by taking into account available historical data in respect of the debtors, adjusted with future

factors related to debtors and financial environment.

4.4

Investment property

Investment property relates to investments in properties which are held (either through acquisitions

or through leasing) by the Group, either to generate rent from its lease or for the increase in its value

(increased capital) or for both purposes and are not held: a) to be used for production or distribution

of raw materials / services or for administrative purposes; and b) for the sale as part of the company’s

ordinary activities.

Investment property is initially valued at purchase cost including transaction expenses. Subsequently,

it is measured at fair value. Independent appraisers with adequate experience in the location and in

the nature of investment properties measure the fair value.

The book value recognized in the Group’s Financial Statements reflects the market conditions on the

date of the reporting date of the Statement Financial Position. Every profit or loss derived from the

fair value revaluations of the investment is recognized in the Income Statement for the period in

which it has been recognized (for the result recognized in the Income Statement for the presented

period please refer to Note 14).

Property transfers from investment property to fixed assets take place only when there is a change in

the use of the said property which is proven by the Group

’s own use of the property or by the Group’s

commencement to develop this property for sale.

An investment property is derecognized (eliminated from the Statement of Financial Position) when

it is sold, or it is permanently retired and when the investment is not expected to generate future

economic benefits from its sale. The profits or losses from the retirement or sale of investment

properties are derived from the difference of the net proceeds from the sale and the book value of the

asset and are recognized in the Income Statement for the period in which the asset was sold or

withdrawn.

4.5

Cash and cash equivalent

Cash and cash equivalents include cash in hand, sight deposits and term deposits. In the comparative

period, they also included

separately the Group’s and the Company’s blocked deposits.

For purposes

of preparing the consolidated Statement of Cash Flows, cash and cash equivalents consist of cash in

hand and bank deposits.

4.6

Non-current assets classified as held for sale and discontinued operations

The Group classifies a long-term asset or a group of long-term assets and liabilities as those held for

sale if their carrying amount is to be recovered principally through a sale transaction rather than

through continuing use.

The basic requirements in order to classify a long-term asset or group of assets as held for sale is that

the asset (or group of assets) must be available for sale in its present condition while the sale should

be subject only to terms that are usual and customary for sales of such assets and must also be highly

probable.

In order for a sale to be considered extremely possible, the following conditions should be applied:

•

management must be committed in relation to a plan to sell the asset or the group of assets,

•

a process to identify a buyer and complete the transaction has to be initiated,

•

the asset or group of assets under disposal must be offered for sale at a price that is reasonable

compared to the concurrent market value of such assets,

•

the sale must be expected to be completed within one year from the date of classification of the

asset or group of assets as assets held for sale, except for specific exceptions, and

•

the actions required to complete the plan should indicate that it is unlikely that significant

changes to the plan will be made or that the plan will be withdrawn.

Immediately before the initial classification of the asset (or group of assets and liabilities) as held for

sale, the carrying amount of the asset (or group of assets and liabilities) will be measured in

accordance with applicable IFRS.

Long-term assets (or group of assets and liabilities) classified as held for sale are measured (after the

initial classification as mentioned above) at the lower of their carrying amounts and fair values less

costs to sell and the impairment losses are recorded in the Income Statement. Any increase in fair

value under a subsequent valuation is recorded in the Income Statement but not for an amount

exceeding the cumulative impairment loss that had been initially recognized.

Starting from the date a long-term asset (or group of assets and liabilities) is classified as held for

sale, depreciation is not recognized on such a long-term asset.

4.7

Share Capital and Treasury Shares

The share capital is defined according to the nominal value of the shares issued by the Company. A

share capital increase by cash payment includes every share premium at the initial share capital

issuance.

(a) Share capital increase expenses

Expenses directly related to a share capital increase are shown subtracted from equity after deducting

tax.

(b) Dividends

Shareholders dividends are recognized as a liability within the financial year approved by the General

Meeting of the Company’s Shareholders.

(c) Treasury shares

The Company’s shares owned by it or its subsidiaries are recognized at acquisition cost, are included

in the “Treasury Shares” account and are subtracted from the Company’s equity until they are

 

cancelled, reissued or resold. Treasury share acquisition cost includes transaction expenditures, after

excluding the corresponding income tax. The Company’s treasury shares do not reduce the number

of outstanding shares; they do, nevertheless, affect the number of shares included in the earnings per

share calculation. The Company’s treasury shares are not entitled to a dividend. The difference

between the acquisition cost and the final price from reselling (or reissuing) the treasury shares is

recognized in equity and is not included in the net result for the financial year. On 31/12/2023, the

Group did not hold any treasury shares.

4.8

Provisions, Contingent Assets and Liabilities

Provisions are recognized when the Group has present legal or imputed liabilities as a result of past

events; their settlement is possible through resources’ outflow and the exact liability amount can be

reliably estimated. The provisions are reviewed on the date of the Financial Statements and are

adjusted accordingly to reflect the present value of the expense expected for the settlement of the

liability. Restructuring provisions are identified only if there is a detailed restructuring plan and if

Managem

ent has informed the affected parties on the plan’s key points. When the effect of the time

value of money is significant, the provision is calculated as the present value of the expenses expected

to be incurred in order to settle this liability.

If it is no longer probable that an outflow will be required in order to settle a liability for which a

provision has been formed, then it is reversed.

In cases where the outflow due to current commitments is considered improbable or the provision

amount cannot be reliably estimated, no liability is recognized in the financial statements.

Contingent liabilities are not recognized in the financial statements but are disclosed except if the

probability of an outflow, which encompasses economic benefits, is scarce. Possible inflows from

economic benefits for the Group which do not meet the criteria of an asset are considered a contingent

asset and are disclosed when the inflow of the economic benefits is probable.

4.9

Revenues-Expenses Recognition

For the recognition and measurement of revenues from contracts with customers, a new model is

followed which includes a 5-step process.

1.

Identifying the contract with a customer.

2.

Identifying the performance obligations.

3.

Identifying the transaction price.

4.

Allocating the transaction price to the performance obligations.

5.

Recognizing revenue when/as performance obligation(s) are satisfied.

Transaction price is the amount of consideration to which the Group expects to be entitled in exchange

for transferring promised goods or services to a customer, excluding amounts collected on behalf of

third parties (value added tax, other taxes on sales). If the amount of consideration is variable, then

the Group estimates the amount of consideration which will be entitled for transferring promised

goods or services with the method of expected value or the method of most probable amount.

Transaction price, usually, is allocated to each performance obligations on the base of relevant stand-

alone selling prices of promised contract, distinct good or service.

Revenues are recognized when the performance obligations are satisfied, either at a point in time

(usually for obligations relevant to transfer of goods at a client) or over time (usually for obligations

relevant to transfer of services to a client).

The Group recognizes a contractual obligation for amounts received from clients (prepayments) in

respect of performance obligations which have not been fulfilled, as well when it retains right on an

amount of consideration which is unreserved (deferred inc

ome) before the execution of contract ‘s

performance obligations and the transfer of goods or services. The contractual obligation is

derecognized when the performance obligations have been executed and the revenue has been

recognized in Income Statement.

The Group recognizes trade receivable when exists an unconditional right to receive an amount of

consideration for executed performance obligations of the contract to the client. Respectively the

Group recognizes an asset from contracts when it has satisfied the performance obligations, before

client ‘s payment or before become due the payment, for example when the goods or the services are

transferred to the client before the Group ‘s right to issue the invoice.

Revenue is recognized as follows:

•

Income from rentals:

Revenue from operating leases of the Group’s investment properties is

recognized gradually during the lease.

•

Interest and Dividend income

: Interest income is recognized using the effective rate method

which is the rate which is accurately discounts estimated future cash flows to be collected or paid

in cash during the estimated life cycle of the financial asset or liability, or when required for a

shorter period of time, with its net book value.

Dividends are recognized as income upon establishing their collection right.

•

Income from charters of vessels (discontinued operations):

Income from charters of vessels

is recognized when the passenger makes the voyage.

Revenues from government grants from barren lines itineraries are recognized during the period

they occur and included in Sales.

•

Revenue from chartering (discontinued operations):

Revenues from chartering are recognized

on an accrual basis, as stated in the charter agreement.

•

Income from sales of services on board of ships (discontinued operations):

Group offer its

services either directly to the customer or through contractors issuing upon completion the

invoice or services rendered invoice. Revenue is recognized based on services rendered (accrual

basis income).

•

Expenses:

Expenses are recognized in profit or loss in the period on an accrual basis. Payments

made under operating leases are transferred to the Income Statement as an expense at the time of

use of the leased asset.

The interest expenses are recognized on an accrual basis.

4.10

Profit or loss from discontinued operations

A discontinued operation is a component of the Group that is either disposed of or classified as held

for sale and

•

represents a separate major line of business or geographical area of operations,

•

is part of a unified, coordinated disposure plan for a large part of business or geographical area

of operations or

•

is a subsidiary acquired exclusively with a view to be resold.

Profit or loss from discontinued operations, including profit or loss of the comparative period are

presented as a separate line in the Income Statement. This amount constitutes the after tax results of

discontinued operations and after-tax profit or loss resulting from the valuation and disposal of the

assets classified as held for sale (please refer to Note 8).

The disclosures of discontinued operations of the comparative period include disclosures for earlier

periods presented in Financial Statements so that the disclosures relate to all the operations that have

been discontinued until the last date of the latest period presented. In cases where operations,

previously classified as discontinued operations, are now continuing operations, disclosures of the

prior periods are adjusted accordingly.

4.11

Earnings per share

Basic earnings per share (Basic EPS) are calculated by dividing the profit after tax that is attributable

to the shareholders of the parent company with the weighted average number of ordinary shares

outstanding during the period, excluding the average number of ordinary shares acquired as treasury

shares.

Diluted earnings per share are calculated by dividing the profit after tax that is attributable to the

shareholders of the parent company (after adjusting for the post tax interest expense of the convertible

securities) with the weighted average number of ordinary shares during the period (adjusted for

diluted shares).

The weighted average number of ordinary shares outstanding during the accounting period as well as

during all presented accounting periods is adjusted in relation to the events that have altered the

number of outstanding ordinary shares without the corresponding alteration of the resources.

4.12

Leases

The Group as a lessee

For every new contract signed, the Group assesses whether the contract constitute, or involves, a

lease. A lease constitutes or involves a lease if the contract grants the right-of-use of an identified

asset for a period against a fixed consideration. In this context, the Group assesses whether:

•

the contract grants the right-of-use of an identified asset, which is either expressly specified

in the contract or indirectly if expressly specified at the time the item becomes available for

use by the Group,

•

the Group has the right to substantially receive all financial benefits from the use of the

identified, and

•

the Group has the right to direct the use of the identified asset.

Leases are recognized in the Statement of Financial Position as a right-of-use asset and a lease liability

at the date the leased asset becomes available for use.

The rights-of-use assets are initially measured at cost less accumulated depreciation and any

impairment. The cost, at initial recognition, includes the amount of initial measurement of the lease

liability, initial costs directly attributable to the lease, costs of rehabilitation and the lease payments

made on or prior to the effective date, reduced by the amount of discounts or other incentives.

Subsequent to initial recognition, the rights-of-use assets are amortized at the straight-line basis over

the shorter period between the asset's useful life and its lease term and is subject to impairment test

if relative indications are identified.

Lease liabilities are initially recognized at amount equal to the current value of the leases over the

entire term of the lease and include conventional fixed lease payments, variable payments that depend

on an index and amounts related to residual payments that are expected to be paid. They also include

the exercise price of the purchase option, as well as amounts of penalties for terminating the lease if

the lessor is reasonably certain to exercise that option. The interest rate implicit in the lease is used

to calculate the present value of the lease, or in the event that this is not specified in the contract, the

incremental borrowing rate. This interest rate represents the cost that the lessee should pay to borrow

the capital needed to acquire an asset with similar characteristics, and conditions with the leased asset

in a similar economic environment.

After initial recognition, the amount of the lease liabilities is increased by their financial cost and

decreased by the lease payments. In the event, there is a change in the lease payments due to a change

in an index, in measuring the residual value or in evaluating an exercise price of the purchase option,

extending or terminating the lease, then the amount of the liability is reassessed.

The Group has chosen to make use of the facilitation practices provided for in IFRS 16 for short-term

leases (leases with a maturity less than 12 months) and for low-value leases. Lease payments for these

leases are recognized as expenses in the consolidated Income Statement using the fixed method.

In the Statement of Financial Position the right-of-

use assets are presented in “Fixed Assets”, while

the lease liabilities are presented separately.

The Group as a lessor

The Group's leases as a lessor are classified as operating or finance. A lease is classified as financial

if it transfers substantially all the risks and benefits related to the ownership of the identified asset.

On the contrary, a lease is classified as operating if it does not transfer substantially all the risks and

benefits related to the ownership of the asset.

Lease income from operating leases is recognized under the terms of the fixed method lease. Initially,

direct costs burdening the Group in the negotiation and agreement of an operating lease are added to

the book value of the leased asset and are recognized throughout the lease term as lease income.

Assets under finance lease are derecognized and the Group recognizes a receivable equal to the net

investment in the lease. Lease receivables are discounted by the realized interest rate method and the

book value is adjusted accordingly. Leases collected are increased on the basis of interest on the

receivables and are decreased by the lease collections.

5

OTHER INFORMATION ABOUT ACCOUNTING POLICIES

5.1

Tangible Fixed Assets

Tangible fixed assets are recognized in the Financial Statements at cost, less accumulated depreciation

and any potential impairment losses. The acquisition cost includes all direct costs stemming from the

acquisition of the assets.

The cost of repair and maintenance works is recognized in the Income Statement when they are carried

out.

The depreciation of tangible fixed assets (excluding land, which is not depreciated) is calculated

based on the straight-line method over their estimated useful life as follows:

Tangible assets

Useful life (in years)

Building facilities

6

Vehicles

9

Other equipment

5-17

The residual value and the useful life of each asset are re-assessed at the end of every financial year.

When the book values of the tangible fixed assets are higher than their recoverable value, then the

difference (impairment) is recognized directly as an expense in the Income Statement. Upon sale of

tangible assets, the differences between the sale price and their book value are recognized as profits

or losses in the Income Statement.

5.2

Intangible Assets

Intangible assets include mainly software programs and licenses. Intangible assets are initially

recognized at cost. Following initial recognition, the intangible assets are measured at cost less

accumulated amortization and any impairment loss. Amortizations are recorded based on the straight-

line method during the useful life of the said assets, which is 5 years.

The maintenance of software programs is recognized as an expense when the expense is realized. On

the contrary, the costs incurred for improving or prolonging the return of software programs beyond

their initial technical specifications, or respectively the costs incurred for the modification of the

software, are incorporated in the acquisition cost of the intangible asset, only if they can be measured

reliably.

5.3

Employee benefits

Short-term Benefits:

Short-term benefits to personnel (except for termination of employment

benefits) in cash and in kind are recognized as an expense when considered accrued. Any unpaid

amount is recognized as a liability, whereas in case the amount already paid exceeds the b

enefits’

amount, the entity identifies the excess as an asset (prepaid expense) only to the extent that the

prepayment shall lead to a future payments’ reduction or refund.

Retirement Benefits:

Benefits following termination of employment include lump-sum severance

grants, pensions and other benefits paid to employees after termination of employment in exchange

for their service. The Group’s liabilities for retirement benefits cover both defined

contribution plans

and defined benefit plans.

The defined contribution plan’s accrued cost is recognized as an expense in the financial year where

it relates. Pension plans adopted by the Group are partly financed through payments to insurance

companies or state social security funds.

(a) Defined Contribution Plan

Defined contribution plans pertain to contribution payment to Social Security Organizations and

therefore, the Group does not have any legal obligation in case the Fund is incapable of paying a

pension to the insured person. The employer’s obligation is limited to paying the employer’s

contributions to the Funds. The payable contribution by the Group in a defined contribution plan is

identified as a liability after the deduction of the paid contribution, while accrued contributions are

recognized as an expense in the Income Statement.

(b) Defined Benefit Plan (non-funded)

Under Laws 2112/20 and 4093/2012, the Company must pay compensation upon retirement or

termination to its employees. The amount of compensation paid depends on the years of service, the

level of wages and the way of leaving service (dismissal or retirement). The entitlement to participate

in these plans is usually based on years of service of the employee until retirement.

The liability recognized in the Statement of financial Position for defined benefit plans is the present

value of the liability for the defined benefit less the plan assets’ fair value (reserve from payments to

an insurance company), the changes deriving from any actuarial profit or loss and the service cost.

The defined benefit commitment is calculated on an annual basis by an independent actuary through

the use of the projected unit credit method. Regarding the prepayment for 2023, the selected rate

follows the tendency of iBoxx AA Corporate Overall 10+ EUR indices, which is regarded as

consistent with the provisions of IAS 19, i.e. is based on bonds corresponding to the currency and the

estimated term relative to employee benefits as well as appropriate for long-term provisions.

A defined benefit plan establishes, based on various parameters, such as age, years of service and

salary, the specific obligations for payable benefits. Provisions for the period are included in the

relative staff costs in the accompanying separate and consolidated Income Statements and comprise

of the current and past service cost, the relative financial cost, the actuarial gains or losses and any

possible additional charges. Regarding unrecognized actuarial gains or losses, the revised IAS 19 is

applied, which includes a number of changes to accounting for defined benefit plans, including:

•

recognition of actuarial gains/losses in other comprehensive income and their permanent

exclusion from the Income Statement,

•

non-recognition of the expected returns on the plan investment in the Income Statement but

recognition of the relative interest on net liability/(asset) of the benefits calculated based on the

discount rate used to measure the defined benefit obligation,

•

recognition of past service cost in the Income Statement at the earliest between the plan

modification date or when the relative restructuring or terminal provision are recognized,

•

other changes include new disclosures, such as quantitative sensitivity analysis.

5.4

Income tax and deferred tax

The income tax charge includes current taxes, deferred tax and the differences of preceding financial

years’ tax audits.

Current income tax

Current tax is calculated based on the tax statements of Financial Position from each one of the

companies included in the consolidated Financial Statements, according to the tax laws applicable in

Greece or other tax regulations applicable for foreign subsidiaries. The income tax expense includes

income tax based on each company’s profits as presented on their tax declarations and provisions for

additional taxes and is calculated based on the dully or in principal constituted tax rates.

Deferred income tax

Deferred taxes are the taxes or the tax reliefs from the financial encumbrances or benefits of the

financial year in question, which have been allocated or shall be allocated to different financial years

by the tax authorities. Deferred income tax is determined under the liability method deriving from the

temporary differences between the book value and tax base of assets and liabilities. There is no

deferred income tax if it derives from the initial recognition of an asset or liability at a transaction,

other than at a business combination, and the recognition did not affect either the accounting or the

tax profit or loss.

Deferred tax assets and liabilities are measured in accordance with the tax rates in effect in the

financial year during which an asset or a liability shall be settled, taking into account the tax rates

(and tax regulations) which have been or are effectively in force until the Statement of Financial

Position reporting date. In case where it is not possible to clearly determine the time needed to reverse

the temporary differences, the tax rate applied is the one in force in the day after the Statement of

Financial Position reporting date.

Deferred tax assets are recognized when there is taxable income and a temporary difference which

creates a deferred tax asset. Deferred tax assets are re-examined on each reporting date and are

decreased to the extent where there won’t be sufficient taxabl

e income to allow the utilization of the

benefit as a whole or in part of the deferred tax asset.

Deferred income tax is recognized for the temporary differences derived from investments in

subsidiaries and associates, except in the case whereby the temporary differences reversal is

controlled by the Group and is probable that the temporary differences will not be reversed in the

foreseeable future.

Most changes in the deferred tax assets and liabilities are recognized as part of the tax expenses in

the Income Statement for the financial year. Only those changes in assets and liabilities which affect

the temporary differences are recognized directly i

n the Group’s equity resulting in the relative

change in deferred tax assets or liabilities to be recognized in equity.

5.5

Operating segments

The Company’s BoD

is the main corporate body responsible for business decision-making. The BoD

reviews all of the internal financial reports in order to assess the Company’s and Group’s performance

and take decisions on the allocation of resources. The Management has set the operating segments

based on the said internal reports. The BoD uses different criteria in order to assess the Group’s

activities which vary according to the nature of each segment, taking into consideration the risks

involved and their cash requirements.

MIG’s operating segments are defined as the segments in which the Group operates and on which the

Group’s management information systems are based.

For the segmentation, the following have been taken into consideration:

•

the nature of the services;

•

the regulatory framework; and

•

the potential risks involved.

Following the application of IFRS 8 and based on the Management’s approach have been identified

the following operating segments. The operating segments of the Group and the main consolidated

companies (subsidiaries and associates) are presented below:

•

Financial Services

(MIG, MIG AVIATION HOLDINGS, MIG LEISURE, TOWER

TECHNOLOGY, ATHENIAN INVESTMENTS),

•

Real Estate

(RKB),

•

Other

[MIG MEDIA (under liquidation)].

5.6

Conversion into Foreign Currency

The consolidated Financial Statements are presented in Euro, which is the functional currency and

the Group’s reporting currency.

Foreign currency transactions are converted into the functional currency by using the exchange rates

applicable on the date when the said transactions were performed. The monetary assets and liabilities

which are denominated in foreign currency are converted into the Group’s functional currency on the

Statement of Financial Position reporting date using the prevailing exchange rate on that day. Any

gains or losses due to translation differences that result from the settlement of such transactions during

the period, as well as from the conversion of monetary assets denominated in foreign currency based

on the prevailing exchange rates on the Statement of Financial Position reporting date, are recognized

in the Income Statement.

6

SIGNIFICANT ACCOUNTING ESTIMATES AND MANAGEMENT ASSESSMENTS

The preparation of the Financial Statements in accordance with the International Financial Reporting

Standards (IFRS) requires the Management to make judgments, estimates and assumptions which

affect assets and liabilities, contingent receivables and liabilities disclosures as well as revenues and

expenses during the periods presented.

In particular, amounts included in or affecting the financial statements, as well as the related

disclosures, are estimated through making assumptions about values or conditions that cannot be

known with certainty at the time of preparation of the financial statements and therefore actual results

may differ from what has been estimated. An accounting estimate is considered significant when it is

material to the financial position and income statement of the Group and requires the most difficult,

subjective or complex judgments of the management. Estimates and judgments of the Management

are based on past experience and other factors, including expectations for future events that are

deemed to be reasonable in the circumstances, and are constantly reassessed on the basis of all

available information. The Group assesses such estimates on an ongoing basis, based on historical

results and experience, holding meetings with experts, trends and other methods that are considered

reasonable in the circumstances, as well as projections regarding their potential change in the future.

(1) Useful Life of Depreciated Assets

The Management examines the useful life of depreciated assets every financial year. On 31/12/2023,

the Management estimates that the useful lives represent the anticipated remaining useful life of the

assets.

(2) Estimate of Fair Value of Financial Instruments

The calculation of the fair value of financial assets and liabilities for which there are no public market

prices, requires the use of specific valuation techniques. The measurement of their fair value requires

different types of estimates. The most important estimates include the assessment of different risks

to which the instrument is exposed to such as business risk, liquidity risk etc., and the assessment of

the future profitability prospects in the case of equity securities valuation.

(3) Measurement of expected credit losses

Impairment of financial assets is based on assumptions regarding default risk and percentages of

expected credit losses. In particular, the Group's Management applies judgments under selecting such

assumptions, as well as under selecting the inflows for the purposes of calculating impairment, based

on the historical data, the current market conditions and the projections for the future financial sizes

at the end of the reporting period.

Regarding contractual assets, trade receivables and leases, the simplified approach of IFRS 9 is

applied, calculating the expected credit losses over the life of those items using a table of projections.

This table is based on historical data but is adjusted in such a way that it should reflect the projections

for the future economic environment. The correlation between the historical data, the future financial

conditions and the expected credit needs making significant estimates. The amount of expected credit

losses depends to a large extent on changes in the circumstances and the projections of the future

financial conditions. Moreover, historical data and projections for the future may not lead to

conclusions indicative of the actual amount of default on customer liabilities in the future (further

information is provided in Notes 4.3 and 16).

(4) Fair Value Measurement of investment property

Estimates relating to fair value measurement of investment property are determined based on

appraisal reports carried out by independent real estate appraisal firm, which assess the fair value of

investment property according to international accepted appraisal methods. The most appropriate

indication of fair value is the existing current values in an active market for relevant rental and other

agreements. In case that the abovementioned information is not available, the value is determined

through a range of reasonable estimates of fair values. In most cases, Discounted Cash Flows was

assessed as the most appropriate valuation method, since the real estate properties are held by the

Group for investment purposes and they are already leased or planned to be leased. Discounted cash

flows models are based on reliable estimates of future cash flows, which derive from the lease terms

of existing rentals and (where possible) from external data, such as current rentals for similar

properties in the same location and condition, using discount rates which depict the current market

estimate regarding the uncertainty of the amount and timing of these cash flows. The application of

discounted cash flow models, involves the use of assumptions to estimate fair value, which are relate

to: receipt of contractual rentals, expected future market rentals, vacancy periods, maintenance

expenses and appropriate discount rates. Further information regarding the key assumptions is

included in Note 40.2.

(5) Contingent Assets and Liabilities

The Group is involved in court claims and compensations during its ordinary activities. The

Management judges that any settlement would not significantly influence the Group’s financial

position on 31/12/2023. The Management assesses the outcome of pending legal cases, according to

information received from the Legal Department and collaborating legal offices. Such information

arises from the recent developments in the legal cases they handle. In case of a probable outflow from

company’s resources for the s

ettlement of liability and the amount can be estimated reliably, the

Management will make the necessary provisions. Defining the amount necessary to settle the liability

is based on the Management's estimates and a number of factors that require judgment. Changes in

judgments or estimates are likely to result in an increase or decrease in the Group's liabilities in the

future. When additional information becomes available, the Group's Management reviews the events,

based on which it might have to review its estimates (see Note 39.3).

7

BUSINESS

COMBINATIONS

AND

ACQUISITIONS

OF

NON-CONTROLLING

INTERESTS

7.1

Change in non-controlling interests within the annual period ended as of 31/12/2022

On 12/05/2023, the Company completed the transaction with STRIX Holdings L.P. to exchange its

direct and indirect shareholdings (through MIG SHIPPING) in ATTICA (79.383%) for all of the

Company's bond loans in full and complete repayment of the Company's borrowings (see Note 8.1 for

details).

7.2

Other changes within the annual period ended as of 31/12/2023

Within the first quarter of 2023 the transfer of the stake of RKB from the wholly owned subsidiary

MIG REAL ESTATE SERBIA to MIG was completed, and as a result MIG owns directly the 100%

of RKB.

On 15/05/2023, the liquidation of 100% subsidiary TOWER TECHNOLOGY HOLDINGS

(OVERSEAS) LTD was completed and from the outcome of the liquidation an amount of

€

2k was

returned to MIG.

Within 2023, MIG capitalized part of the receivable from the wholly owned subsidiary RKB for a

gross amount of €

150,000k.

In 2023, MIG increased share capital through cash payment in the subsidiary companies MIG

LEISURE by €

15k, MIG REAL ESTATE SERBIA by €

54k and MIG AVIATION HOLDINGS by

€

15k.

On 22/12/2023 the liquidation process of the wholly owned subsidiary MIG REAL ESTATE SERBIA

was completed.

8

DISPOSAL GROUPS HELD FOR SALE AND DISCONTINUED OPERATIONS

8.1

Signing the agreement on sale of the participation in ATTICA

On 13/12/2022, the Company announced that it has received a proposal from the company STRIX

Holdings L.P.

(“STRIX”), bondholder –

owner of the entirety of the bonds a) of the common bond

loan issued by the Company on 14/05/2021, with an outstanding balance as at 31/12/2022 of € 282.9

m, and b) the convertible bond loan issued by the Company on 31/07/2017, with an outstanding

balance as at 31/12/2022 of € 160.8 m, for the exchange of the entirety of the bonds owned by STRIX

and issued by the Company, for the Company’s total direct and indirect shareholding in ATTICA, i.e.

22,241,173 shares representing 10.31% in

ATTICA’s share capital, directly owned by the Company,

and the entirety of the shares of the Company’s wholly owned subsidiary MIG SHIPPING, which

owns 149,072,510 shares representing 69.07% in ATTICA’s share capital. The terms of the proposal

included a confirmatory legal and financial due diligence in MIG SHIPPING, the approval of any

competent competition authority, as required by law, and the granting of an exclusivity period until

30/06/2023. The Board of Directors at its meeting held on 13/12/2022 accepted the aforementioned

proposal and decided to appoint forthwith a financial advisor that will examine the fairness of the

financial terms of the transaction. Any definite agreement will be submitted for approval to the

General Meeting of the Company’s

Shareholders.

On 23/02/2023, the Hellenic Competition Commission granted its approval to STRIX Holdings L.P.

for the notified concentration, since it was established that it does not cast significant doubts, as to

its compatibility with the requirements of the competition regulation in the separate markets it

concerns.

The Post-Adjournment (as of 13/02/2023) Repetitive Extraordinary General Meeting of the

Company's Shareholders held on of 03/03/2023, approved the above transaction among other things

according to article 23 of Law 4706/2020. On 06/03/2023, the Company announced that following

the decision made at its Shareholders General Meeting on 05/03/2023 it received a request from the

shareholder PIRAEUS BANK, urging to consider the potential for postponing preparation of the

transfer until the approval of the Hellenic Competition Commission requested by PIRAEUS BANK

on acquisition of control over the Company. Once the approval has been issued, PIRAEUS BANK

will acquire the control and the procedures effective under article 99 of Law 4548/2018 can be legally

terminated

. On 05/03/2023, the Company’s Board of Directors decided to accept PIRAEUS BANK’s

request.

Following the acquisition of control by PIRAEUS BANK and the approval of the Hellenic

Competition Commission, the Company applied the approval procedure of articles 99-101 of Law

4548/2018 after the completion of which

ο

n 12/05/2023 the exchange of the total participation in

ATTICA (79.383%) with all of the Company's bond loans was completed towards full and complete

repayment of the Company's borrowings of nominal value €

443.8 m, the transaction that constituted

related parties transaction within the meaning of IAS 24.

The book value of ATTICA group and MIG SHIPPING net assets on the date of the disposal

finalization are presented below as follows:

Amounts in € '000

Book values as of

the date of sale

Tangible assets

697,052

Goodwill

30,130

Intangible assets

33,066

Other non-current assets

25,234

Current assets

173,961

Cash and cash equivalents

62,699

Total assets

1,022,142

 

Amounts in € '000

Book values as of

the date of sale

Non-current liabilities

461,475

Current liabilities

170,630

Total liabilities

632,105

Total equity

390,037

Less: Non-controlling interests

76,423

Equity attributable to

ο

wners of the parent

313,614

The total profit from the above

transaction, as analyzed in the table below, amounts to € 132,189k in

the consolidated financial statements and is broken down into an amount of € 116,011k that concerns

the profit from the disposal and an amount of € 16,178k that concerns the profit from

derecognition

of bond loans (see Note 4.2.1).

Amounts in € '000

Result from the sale

Fair value of investments minus relevant expenses incurred

429,625

Less: Book value of ATTICA-MIG SHIPPING

313,614

Gains from the sale

116,011

Loans book value at the exchange date

446,175

Less: Fair value of investments

429,997

Gain from the derecognition of loans

16,178

Total gain recognised from the transaction

132,189

For the above calculation purposes, the fair value of the investments was determined based on

ATTICA stock exchange price as of 12/05/2023. The amount of

€

16,178k was recognized in the

Other Financial Results of the Group, while the amount of

€

116,011k was recognized in the results

from discontinued operations as profit from the disposal.

Total gain from the transaction in the Separate Financial Statements is analyzed in Note 12.

On 31/12/2023, the Group did not consolidate the items of the Statement of Financial Position of

ATTICA group and MIG SHIPPING, while it included in the consolidated Statement of Profit and

Loss in the results from discontinued operations the operating results of the above subsidiaries up to

the date of their disposal, i.e. losses amounting to € (7.5) m, profit from the disposal of € 116.0 m

and loss of € (9.2) m from reclassification of other total expenses related to discontinued operations

(see Note 8.3).

8.2

Discontinued operations within the comparative reporting period (01/01-31/12/2022)

The discontinued operations of the comparative period include:

•

the results of ATTICA group for the period 01/01-31/12/2022 (due to its sale on 12/05/2023),

and

•

the results of MIG SHIPPING for the period 01/01-31/12/2022 (due to its sale on 12/05/2023).

8.3

Net results of the Group from discontinued operations

The Group’s

net result from discontinued operations for the periods 01/01-12/05/2023 and 01/01-

31/12/2022 are analyzed as follows:

01/01-12/05/2023

01/01-31/12/2022

Amounts in € '000

Transportation

Transportation

Sales

140,768

530,242

Cost of sales

(117,559)

(464,087)

Gross profit

23,209

66,155

Administrative expenses

(11,543)

(32,688)

Distribution expenses

(8,008)

(32,699)

Other operating income

148

4,550

Operating profit

3,806

5,318

Other financial results

(2,571)

29,633

Financial expenses

(8,300)

(20,243)

Financial income

105

250

Share in net gains/(losses) of companies accounted for by the equity

method

(438)

1,993

Profit/(Loss) before tax from discontinuing operations

(7,398)

16,951

Income Tax

(67)

(435)

Profit/(Loss) after taxes from discontinued operations

(7,465)

16,516

Reclassification of other comprehensive expenses associated with non-

current assets classified as held for sale through the income statement

(9,208)

-

Gains from the sale of the discontinued operations

116,011

-

Results from discontinued operations

99,338

16,516

Attributable to:

Owners of the parent

100,875

13,110

Non-controlling interests

(1,537)

3,406

The following table presents the net cash flows from operating, investing and financing activities

pertaining to the discontinued operations for the periods 01/01-12/05/2023 and 01/01-31/12/2022:

01/01-12/05/2023

01/01-31/12/2022

Amounts in € '000

Transportation

Transportation

Net cash flows operating activities

16,292

58,232

Net cash flows from investing activities

(80,953)

(37,806)

Net cash flow from financing activities

(23,468)

(13,139)

Exchange differences in cash, cash equivalents and

restricted cash

242

(29)

Total net cash flow from discontinued operations

(87,887)

7,258

Basic earnings per share from discontinued operations for the periods 01/01-12/05/2023 and 01/01-

31/12/2022 amount to € 3.2211 and € 0.4186 respectively, while diluted earnings per share from

discontinued operations amounted to € 0.4456 and € 0.0231 respectively (for the analysis of the

calculation please refer to Note 36).

9

OPERATING SEGMENTS

The Group applies IFRS 8 “Operating Segments”, under

whose requirements the Group recognizes

its operating segments based on “management approach” which requires the public information to be

based on internal information. The Company’s Board of Directors is the key decision maker and sets

the operating segments for the Group. The required information per operating segment is as follows:

Revenues and results, assets and liabilities per operating segment are presented as follows:

Amounts

in € '000

Financial

Services

Real

Estate

Other

Total from

continuing

operations

Discontinued

operations

Group

01/01-31/12/2023

Revenues from external customers

-

7,868

-

7,868

140,768

148,636

Operating profit

(3,552)

3,448

(11)

(115)

3,806

3,691

Depreciation and amortization expense

(258)

(25)

-

(283)

(16,975)

(17,258)

Profit/(Loss) before tax, financing, investing results and

total depreciation charges

(3,294)

3,473

(11)

168

20,781

20,949

Other financial results

16,806

80

-

16,886

(2,571)

14,315

Profits from reversal of impairment losses

-

105

-

105

-

105

Financial income

184

109

-

293

105

398

Financial expenses

(9,618)

(3,615)

-

(13,233)

(8,300)

(21,533)

Share in net profit (Loss) of companies accounted for by

the equity method

-

-

-

-

(438)

(438)

Profit/(Loss) before income tax

3,881

127

(11)

3,997

(7,398)

(3,401)

Income tax

-

-

-

-

(67)

(67)

Αssets as of 31/12/2023

108,808

206,902

358

316,068

-

316,068

Liabilities as of 31/12/2023

2,601

191,596

6

194,203

-

194,203

Amounts in € '000

Financial

Services

Real

Estate

Other

Total from

continuing

operations

Discontinued

operations

Group

01/01-31/12/2022

Revenues from external customers

-

7,039

82

7,121

530,242

537,363

Operating profit

(3,733)

2,788

(79)

(1,024)

5,318

4,294

Depreciation and amortization expense

(259)

(22)

-

(281)

(52,427)

(52,708)

Profit/(Loss) before tax, financing, investing results and

total depreciation charges

(3,474)

2,810

(79)

(743)

57,745

57,002

Other financial results

2,560

5,585

-

8,145

29,633

37,778

Impairment losses

-

(4,735)

-

(4,735)

-

(4,735)

Financial income

-

140

-

140

250

390

Financial expenses

(21,254)

(3,364)

-

(24,618)

(20,243)

(44,861)

Share in net profit (Loss) of companies accounted for by

the equity method

-

-

-

-

1,993

1,993

Profit/(Loss) before income tax

(22,427)

414

(79)

(22,092)

16,951

(5,141)

Income tax

-

-

-

-

(435)

(435)

Αssets as of 31/12/2022

262,124

210,293

378

472,795

1,028,129

1,500,924

Liabilities as of 31/12/2022

439,421

345,114

15

784,550

626,771

1,411,321

The reconciliation of revenue, operating profit and loss, assets and liabilities of each segment with

the respective amounts of the Financial Statements are analyzed as follows:

Amounts in € '000

Revenues

01/01-

31/12/2023

01/01-

31/12/2022

Total revenues for reportable segments

148,636

537,363

Adjustments for :

Discontinued operations

(140,768)

(530,242)

Income statement's revenues

7,868

7,121

Amounts in € '000

Profit / (Loss)

01/01-

31/12/2023

01/01-

31/12/2022

Total profit / (loss) for reportable segments

(3,401)

(5,141)

Adjustments for :

Discontinued operations

7,398

(16,951)

Profit / (Loss) before income tax

3,997

(22,092)

  

Amounts in € '000

Profit / (Loss) from discontinued operations

01/01-

31/12/2023

01/01-

31/12/2022

Profit/(Loss) before tax from discontinued operations

(7,398)

16,951

Adjustments for :

Income tax

(67)

(435)

Derecognition of comprehensive income associated with

non-current assets classified as held for sale through the

income statement

(9,208)

-

Gains/(Losses)

from the sale of the discontinued

operations

116,011

-

Gains/(Losses) for the year after tax from

discontinued operations

99,338

16,516

Amounts in € '000

Assets

31/12/2023

31/12/2022

Total assets for reportable segments

316,068

472,795

Elimination of receivable from corporate headquarters

(95,874)

(250,236)

Non-current assets classified as held for sale

-

1,028,129

Entity's assets

220,194

1,250,688

Amounts in € '000

Liabilities

31/12/2023

31/12/2022

Total liabilities for reportable segments

194,203

784,550

Elimination of payable to corporate headquarters

(95,874)

(250,236)

Non-current assets classified as held for sale

-

626,771

Entity's liabilities

98,329

1,161,085

Disclosure of geographical information:

Amounts in € '000

Segment results 31/12/2023

Greece

European

countries

Other

countries

Group

Revenues from external customers

-

7,868

-

7,868

Revenues from external customers (discontinued

operations)

126,146

12,970

1,652

140,768

Non-current assets*

352

204,342

-

204,694

Amounts in € '000

Segment results as of 31/12/2022

Greece

European

countries

Other

countries

Group

Revenues from external customers

82

7,039

-

7,121

Revenues from external customers (discontinued

operations)

472,188

54,565

3,489

530,242

Non current assets 31/12/2022

590

203,949

-

204,539

* Non-current assets do not include the

“Financial Assets” as well as the “Deferred Tax Assets” as in compliance with

the provisions of IFRS 8.

10

PROPERTY, PLANT AND EQUIPMENT & RIGHT-OF-USE ASSETS

10.1

Property, plant and equipment

The changes in the Group’s property, plant and equipment

account are analyzed as follows:

Amounts in € '000

Land &

Buildings

Machinery

& Vehicles

Furniture

& Fittings

Total

Gross book value as of 01/01/2023

434

30

1,157

1,621

Additions

-

-

26

26

Other movements/Reclassifications

4

(30)

(81)

(107)

Gross book value as of 31/12/2023

438

-

1,102

1,540

Accumulated depreciation as of 01/01/2023

(264)

(30)

(1,016)

(1,310)

Depreciation charges

(79)

-

(50)

(129)

Other movements/Reclassifications

(4)

30

81

107

Accumulated depreciation as of 31/12/2023

(347)

-

(985)

(1,332)

Net book value as of 31/12/2023

91

-

117

208

THE GROUP

Amounts in € '000

Vessels

Land &

Buildings

Machinery &

Vehicles

Furniture

& Fittings

Construction

in progress

Total

Gross book value as of 01/01/2022

1,107,010

15,286

442

4,962

10,774

1,138,474

Additions

-

-

-

14

-

14

Additions of disposal groups held for sale

32,905

2,660

-

275

66

35,906

Acquisitions through business combinations of

disposal groups held for sale

-

11,760

276

8

-

12,044

Disposals / Write-offs

-

-

-

(19)

-

(19)

Assets classified as held for sale

(1,150,564)

(29,258)

(688)

(4,081)

(191)

(1,184,782)

Reclassifications on cost of disposal groups held

for sale

10,649

-

-

-

(10,649)

-

Other movements/Reclassifications

-

(14)

-

(2)

-

(16)

Gross book value as of 31/12/2022

-

434

30

1,157

-

1,621

Accumulated depreciation as of 01/01/2022

(453,301)

(3,698)

(426)

(4,472)

-

(461,897)

Depreciation charges

-

(78)

-

(50)

-

(128)

Depreciation of disposals / write-offs

-

-

-

19

-

19

Depreciation of disposal groups held for sale

(46,750)

(931)

(8)

(233)

-

(47,922)

Accumulated depreciations of acquisitions through

business combinations of disposal groups held for

sale

-

(1)

(253)

(8)

-

(262)

Accumulated depreciations of disposal groups held

for sale

500,051

4,430

657

3,728

-

508,866

Other movements/Reclassifications

-

14

-

-

-

14

Accumulated depreciation as of 31/12/2022

-

(264)

(30)

(1,016)

-

(1,310)

Net book value as of 31/12/2022

-

170

-

141

-

311

The changes in the Company’s property, plant and equipment account are analyzed as follows

:

THE COMPANY

Amounts in € '000

31/12/2023

31/12/2022

Land &

Buildings

Furniture &

Fittings

Total

Land &

Buildings

Furniture &

Fittings

Total

Gross book value at the beginning

438

1,003

1,441

448

1,017

1,465

Additions

-

21

21

-

5

5

Disposals / Write-offs

-

-

-

-

(19)

(19)

Reclassifications

-

-

-

(10)

-

(10)

Gross book value at the end

438

1,024

1,462

438

1,003

1,441

Accumulated depreciation at the beginning

(268)

(898)

(1,166)

(200)

(874)

(1,074)

Depreciation charges

(79)

(44)

(123)

(78)

(43)

(121)

Depreciation of disposals / write-offs

-

-

-

-

19

19

Reclassifications

-

-

-

10

-

10

Accumulated depreciation at the end

(347)

(942)

(1,289)

(268)

(898)

(1,166)

Net book value at the end

91

82

173

170

105

275

10.2

Right-of-use assets

Unamortized value of right-of-use assets as at 31/12/2023 and as at 31/12/2022 and amortizations for

the annual period 01/01-31/12/2023 and the respective annual comparative period regarding the

Group and the Company per assets category are recorded below as follows:

THE GROUP

Amounts in € '000

Land &

Buildings

Machinery &

Vehicles

Furniture &

Fittings

Total

Book value as of

01/01/2023

688

60

14

762

Termination of leasing contracts

-

-

(14)

(14)

Gross book value as of 31/12/2023

688

60

-

748

Accumulated depreciation as of

01/01/2023

(439)

(27)

(10)

(476)

Depreciation charges

(115)

(14)

(4)

(133)

Termination of leasing contracts

-

-

14

14

Accumulated depreciation as of 31/12/2023

(554)

(41)

-

(595)

Net book value as of 31/12/2023

134

19

-

153

THE GROUP

Amounts in € '000

Vessels

Land &

Buildings

Machinery &

Vehicles

Furniture &

Fittings

Total

Book value as of

01/01/2022

16,497

4,142

232

14

20,885

Additions of disposal groups held for sale

17,211

-

57

-

17,268

Termination of leasing contracts

-

-

(90)

-

(90)

Assets of disposal groups held for sale

(33,708)

(3,454)

(139)

-

(37,301)

Gross book value as of 31/12/2022

-

688

60

14

762

THE GROUP

Amounts in € '000

Vessels

Land &

Buildings

Machinery &

Vehicles

Furniture &

Fittings

Total

Accumulated depreciation as of

01/01/2022

(13,092)

(1,680)

(138)

(5)

(14,915)

Depreciation charges

-

(114)

(15)

(5)

(134)

Depreciation of disposal groups held for sale

(2,877)

(461)

(21)

-

(3,359)

Termination of leasing contracts

-

-

90

-

90

Accumulated depreciations of disposal groups held for

sale

15,969

1,816

57

-

17,842

Accumulated depreciation as of 31/12/2022

-

(439)

(27)

(10)

(476)

Net book value as of 31/12/2022

-

249

33

4

286

THE COMPANY

Amounts in € '000

Land &

Buildings

Machinery &

Vehicles

Furniture &

Fittings

Total

Book value as of

01/01/2023

688

26

14

728

Termination of leasing contracts

-

-

(14)

(14)

Gross book value as of 31/12/2023

688

26

-

714

Accumulated depreciation as of 01/01/2023

(439)

(9)

(10)

(458)

Depreciation charges

(115)

(5)

(4)

(124)

Termination of leasing contracts

-

-

14

14

Accumulated depreciation as of 31/12/2023

(554)

(14)

-

(568)

Net book value as of 31/12/2023

134

12

-

146

THE COMPANY

Amounts in € '000

Land &

Buildings

Machinery &

Vehicles

Furniture &

Fittings

Total

Gross book value as of 01/01/2022

688

116

14

818

Termination of leasing contracts

-

(90)

-

(90)

Gross book value as of 31/12/2022

688

26

14

728

Accumulated depreciation as of 01/01/2022

(325)

(93)

(5)

(423)

Depreciation charges

(114)

(6)

(5)

(125)

Terminationof leasing contracts

-

90

-

90

Accumulated depreciation as of 31/12/2022

(439)

(9)

(10)

(458)

Net book value as of 31/12/2022

249

17

4

270

11

INTANGIBLE ASSETS

The intangible assets at Group level for the years 2023 and 2022 are briefly presented in the following

tables: