EFG : Standalone Financial Statements- 1Q2024

EFG Holding Company

(EFG - Hermes Holding Company "previously")

(Egyptian Joint Stock Company)

Separate interim financial statements for the period ended 31 March 2024

&

Review Report

Contents	Page
Review report
Separate statement of financial position	1
Separate income statement	2
Separate statement of comprehensive income	3
Separate statement of changes in equity	4
Separate statement of cash flows	5
Notes to the separate interim financial statements	6-27
Significant accounting policies applied	28-50

EFG Holding Company

(Previously EFG Hermes Holding Company)

(Egyptian Joint Stock Company) Separate income statement

	Note	For the period		For the period
	no.	ended		ended
(in EGP Thousands)		31/3/2024	31/3/2023
Revenues
Dividends income	(20)	2			5 108
Custody activity income		22 112			7 484
Net changes in the fair value of investments at fair value through profit and loss	(4)	2 380 128			745 893
Treasury bills and bonds interest	(13)	70 082			72 528
Interest income	(29)	39 208			19 904
Gain from sale of fixed asset		103	-
Other income	(29،24)	40 583			27 040
Reverse of impairment loss on assets	(3)	94			111
Foreign currencies exchange differences		260 130			210 005
Gains on sale / redemptions of financial investments	(25)	-			5 890
Total revenues
	2 812 442	1 093 963
Expenses
Finance cost	(29)	( 216 330)	( 144 647)
General administrative expenses	(21)	( 343 474)	( 175 240)
Fixed assets depreciation	(16)	( 6 737)			( 6 305)
Investment property depreciation	(14)	( 1 375)			( 1 576)
Intangible assets amortization	(17)	( 1 140)			( 2 365)
Provisions	(10)	( 188 750)	-
Total expenses
	( 757 806)	( 330 133)
Profit before tax		2 054 636			763 830
Current income tax		( 14 038)	(	14 615)
Deferred tax	(23)	( 596 267)	(	214 872)
Profit for the period		1 444 331			534 343
Earnings per share (in EGP )	(26)	0.99	0.37

The accompanying notes and accounting policies from page (6) to page (50) are an integral part of these financial statements and are to be read therewith.

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EFG Holding Company

(Previously EFG Hermes Holding Company)

(Egyptian Joint Stock Company)

Separate statement of comprehensive income

	For the period		For the period
(in EGP Thousands)	ended		ended
	31/3/2024	31/3/2023
Profit for the period	1 444 331	534 343
Other comprehensive income:
Investments at fair value through OCI - net change in fair value	41 743	( 70 062)
Tax related to comprehensive income items	( 9 392)	15 764
Other comprehensive income	32 351	( 54 298)
Total comprehensive income for the period	1 476 682	480 045

The accompanying notes and accounting policies from page (6) to page (50) are an integral part of these financial statements and are to be read therewith.

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EFG Holding Company

(Previously EFG Hermes Holding Company) (Egyptian Joint Stock Company)

Separate statement of changes in equity

				Attributable to owners of the Company
	Issued &	Legal			Other reserves			Retained	Equity settled	Total
	paid- in	reserve	General	Share	Fair value-	Revaluation surplus of	earnings	share- based	equity
	capital		reserve	premium	Investments at fair	fixed assets transferred		payment
		value through OCI	to investment property
(in EGP Thousands)
Balance as at 31 December, 2023	7 298 030	972 345	158	1 668 624	( 152 579)	14 387	985 308	419 947	11 206 220
Total comprehensive income
Profit for the period	-	-	-	-	-		-	1 444 331	-	1 444 331
Other comprehensive income items	-	-	-	-		32 351	-	-	-	32 351
Total comprehensive income	-	-	-	-		32 351	-	1 444 331	-	1 476 682
Transactions with owners of the Company
Equity settled share- based payment	-	-	-	-	-		-	-	5 562	5 562
Transferred to share premimium reserve	-	-	-	129 214	-		-	-	( 129 214)	-
Transferred to legal reserve	-	21 344	-	-	-		-	( 21 344)	-	-
Balance as at 31 March, 2024	7 298 030	993 689	158	1 797 838	( 120 228)	14 387	2 408 295	296 295	12 688 464
Balance as at 31 December 2022	5 838 424	867 455	158	1 668 624	( 101 905)	15 450	2 304 346	289 009	10 881 561
Total comprehensive income
Profit for the period	-	-	-	-	-		-	534 343	-	534 343
Other comprehensive income items	-	-	-	-	(	54 298)	-	-	-	( 54 298)
Total comprehensive income	-	-	-	-	(	54 298)	-	534 343	-	480 045
Transactions with owners of the Company
Equity settled share- based payment	-	-	-	-	-		-	-	27 011	27 011
Transferred to legal reserve	-	104 890	-	-	-		-	( 104 890)	-	-
Balance as at 31 March, 2023	5 838 424	972 345	158	1 668 624	( 156 203)	15 450	2 733 799	316 020	11 388 617

The accompanying notes and accounting policies from page (6) to page (50) are an integral part of these financial statements and are to be read therewith.

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EFG Holding Company

(Previously EFG Hermes Holding Company) (Egyptian Joint Stock Company)

Separate statement of cash flows

Note	For the period	For the period
no.	ended	ended
(in EGP Thousands)	31/03/2024	31/03/2023
Cash flows from operating activities
Profit before tax	2 054 636	763 830
Adjustments for :

Gain from sale fixed assets Fixed assets depreciation Investment property depreciation Intangible assets amortization Impairment loss on assets Provisions formed

Net changes in the fair value of investments at fair value through profit and loss Gains on sale / redemptions of financial investememt

Interst on treasury bills and bonds Intrest income

Finance cost

Foreign currencies exchange differences Equity settled share- based payment

Change in

Investments at fair value through profit and loss

Due from subsidiaries and related parties

Other debit balances

Due to subsidiaries and related parties

Creditors and other credit balance

Income tax paid

Net cash provided from (used in) operating activities

Cash flows from investment activities

Payement to purchase fixed assets Proceeds from sale fixed assets Payments to purchase intangible assets Proceeds from intrest income Payement from loan to subsidiary Proceeds from loans to subsidiaries Proceeds from loans from subsidiaries Payments for loans from subsidiaries

Payments to purchase Investments at fair value through OCI Proceeds from sale of Investments at fair value through OCI Proceeds from investments in subsidiaries

Net cash provided from (used in) investment activities

Cash flows from financing activities

		( 103)			-
(16)		6 737				6 305
(14)		1 375				1 576
(17)		1 140				2 365
		( 94)			(	111)
		188 750			-
( 2 380 128)	( 745 893)
		-			(	5 890)
		( 70 082)			( 72 528)
		( 39 208)			( 19 904)
		213 904			142 298
( 260 130)	( 210 005)
		7 302				6 649
( 275 901)		(	131 308)
		-			(	3 750)
		740 200			199 751
		20 083			( 51 030)
(	182 875)	( 382 530)
(	116 056)	( 275 758)
	(	49 564)			( 17 939)
		135 887	( 662 564)
		( 10 015)			(	4 560)
		150			-
		-			(	288)
		286 770			109 422
( 136 600)	(	60 200)
		61 600			60 940
		850 000			-
( 600 000)			-
( 963 678)	(	807 024)
		981 382			322 929
		-			13 860
		469 609		( 364 921)

Dividends payout

Intrest expense paid

Payments for finance lease liabilities

Net cash used in financing activities

Net change in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

	(	142 451)			( 65 274)
	(	213 904)	(	142 298)
	(	20 179)		(	16 877)
	( 376 534)		( 224 449)
		228 962	( 1 251 934)
(22)	( 2 088 087)		( 1 556 404)
(22)	( 1 859 125)		( 2 808 338)

Non-cash transactions:

An amount of EGP Thousands 335 has been eliminated from Due from subsidiaries and related parties

The accompanying notes and accounting policies from page (6) to page (50) are an integral part of these financial statements and are to be read therewith.

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EFG Holding Company

(Previously EFG - Hermes Holding Company) (Egyptian Joint Stock Company)

Notes to the separate financial statements For the interim period ended March 31, 2024

(In the notes all amounts are shown in EGP Thousands unless otherwise stated)

_____________________________________________________

1- Description of business

1-1 Legal status

EFG Holding (Previously EFG - Hermes Holding Company) S.A.E "the company" is an Egyptian Joint Stock Company subject to the provisions of the Capital Market Law No.95 of 1992 and its executive regulations. The Company's registered office is located in Smart Village building No. B129, phase 3, KM 28 Cairo Alexandria Desert Road, 6 October, Egypt.

The name of the company have been changed to EFG Holding based of the General Assembly's approved dated May 24, 2023 and was reflected in the commercial register on June 14, 2023.

1-2 Purpose of the company

• EFG Holding (Previously EFG - Hermes Holding Company), is a premiere financial services corporation that offers diverse investment banking services including securities brokerage, investment banking, asset management and private equity, in addition to its non-banking financial products, including leasing, micro-finance, factoring, securitization, collection and Sukuk.
• The purpose of the company includes participation in the establishment of companies that issues securities or in increasing their share capital, custody activities and margin trading.

2- Basis of preparation

2-1 Statement of compliance

• These financial statements have been prepared in accordance with the Egyptian Accounting Standards and relevant Egyptian laws and regulations.
• The financial statements were authorized for issue in accordance with a resolution of the board of directors on 22 May 2024.

2-2 Functional and presentation currency

These financial statements are presented in Egyptian Pounds (EGP), which is the Company's functional currency and all the financial data presented are in Egyptian Pounds (EGP).

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EFG Holding Company

(Previously EFG - Hermes Holding Company) Notes to the separate financial statements

for the interim period ended 31/3/2024 (Cont'd)

(In the notes all amounts are shown in EGP Thousands unless otherwise stated)

______________________________________________________________________________________________

2-3 Use of estimates and judgments

In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.

• Estimates and assumptions about them are re-viewed on regular basis.
• The change in accounting estimates is recognized in the period where the estimate is changed whether the change affects only that period, or in the period of change and the future periods if the change affects them both.

2-4 Consolidated financial statements

The Company has subsidiaries and according to the Egyptian Accounting Standard No. 42 "consolidated financial statements" and the article No. 188 of the executive regulation of law No. 159-1981, the Company is required to prepare consolidated financial statements which present fairly the financial position, the result of operations and cash flows for the group as a whole.

3- Cash and cash equivalents
	31/3/2024	31/12/2023
Cash on hand	1 967	549
Banks - current accounts	1 843 802	684 172
Banks - time deposits	21 263	616 764
Checks under collection	--	50 000
	___________	____________
Total	1 867 032	1 351 485
Deduct: Impairment loss	(324)	(418)
	__________	____________
Balance	1 866 708	1 351 067
	=========	===========
4- Investments at fair value through profit and loss	31/3/2024	31/12/2023
Mutual fund certificates	6 321 280	3 941 159
Equity securities	3 810	3 574
	___________	____________
Balance	6 325 090	3 944 733
==========	===========
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