Southben Holdings Limited

	Page
Directors' Report	1—2
Consolidated Profit and Loss Account	3
Consolidated Statement of Comprehensive Income	4
Consolidated Balance Sheet	5—6
Company Balance Sheet	7
Consolidated Statement of Changes in Equity	8
Company Statement of Changes in Equity	9
Notes to the Financial Statements	10—17

The directors present their report and the financial statements for the period ended 31 December 2024.

Principal Activity

Southben Holdings Company is a UK-based private holding company with operational subsidiaries in Chile engaged in the production and commercialization of olive oil, the development of real estate projects, and the conservation of native forests.

The Group’s principal activity is the management of its investments and the provision of strategic oversight to its Chilean subsidiaries.

Business Model

The Company creates value by:

Holding and financing investments in its Chilean subsidiaries.

Providing strategic direction, corporate governance, and access to capital.

Supporting subsidiaries throughout the business development process — from project evaluation to company formation, execution, and commercialization.

The Chilean subsidiaries generate revenue primarily from the sale of olive oil and residential properties developed through real estate projects.

Strategy & Objectives

The Group’s strategy is to:

Become a leading player in olive oil commercialization in Chile and Latin America.

Develop residential projects that contribute to livable and sustainable urban spaces.

Preserve native forests in the Araucanía region.

Review of the Business

The year 2024 was particularly challenging for the agricultural business. Due to adverse climatic conditions, production was minimal. The company relied on resources from previous years to cover its operating expenses.

Similarly, the real estate segment faced a difficult year, mainly due to slow sales and the ongoing real estate crisis affecting Chile.

Chilean Subsidiaries’ Performance:

Petra SpA:

Since 2019, Petra has focused its investments on real estate developments through its subsidiaries: Ararat (the investment vehicle) and Puerto+Arquitectura (the management company).

The Chilean real estate sector is currently facing a prolonged downturn caused by reduced demand and rising land and construction costs. Consequently, project recovery timelines have lengthened and returns have decreased.

In response, management is exploring alternative partnerships with other project managers.

Regarding Petra’s 15.8% investment in Grupo Patio, the company’s new management team is preparing a five-year strategic plan.

El Olivar de Manantiales SpA:

The farm is expected to deliver a good olive yield. Although water availability remains limited, the region experienced a better winter in terms of temperature and rainfall. Management anticipates a normal production year compared to the previous harvest (May–June), which was the worst on record for the farm.

Reserva La Fusta SpA:

The situation at La Fusta has remained stable in recent months. Collaboration with neighboring communities and the University of La Frontera continues.

During the upcoming autumn, efforts will focus on maintaining internal farm roads to improve access between different sectors.

External Factors Affecting Performance:

In the UK, the broader economic situation has affected market performance.

In Chile, political uncertainty and weak economic activity throughout 2024 have created significant instability in the real estate market. Rising interest rates have made mortgage financing increasingly difficult, while higher construction costs have pushed property prices upward, slowing housing sales.

Future Developments

Toward the end of 2025, Chile will hold presidential and parliamentary elections. This is expected to improve business confidence and growth expectations, potentially driving a recovery in housing sales.

Although the drought is not expected to end completely, a modest improvement in water availability is anticipated, which should lead to higher olive oil production.

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Southben Holdings Limited

Directors' Report (continued)

For the Period 15 December 2023 to 31 December 2024

Directors

The directors who held office during the period were as follows:

Mr Peter Charlton	Appointed	15/12/2023
Mr Sven Herlin Kaiser	Appointed	15/12/2023
Ms Florence Newman	Appointed	15/12/2023

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr Sven Herlin Kaiser

Director

24/12/2025

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Southben Holdings Limited

Consolidated Profit and Loss Account

For the Period 15 December 2023 to 31 December 2024

Consolidated Profit and Loss Account

		31 December 2024
	Notes	$
TURNOVER		12,199,598
Cost of sales		(9,874,213 )

GROSS PROFIT		2,325,385

Administrative expenses		(31,155,148 )
Other operating income		180,407

OPERATING LOSS		(28,649,356 )
Income from participating interests		(568,735 )
Other interest receivable and similar income		1,583,363
Interest payable and similar charges		(11,828,326 )

LOSS BEFORE TAXATION		(39,463,054 )
Tax on Loss		2,673,191

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(36,789,863 )

The notes on pages 10 to 17 form part of these financial statements.

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Southben Holdings Limited

Consolidated Statement of Comprehensive Income

For the Period 15 December 2023 to 31 December 2024

Consolidated Statement of Comprehensive Income

		31 December 2024
		$
LOSS FOR THE FINANCIAL PERIOD		(36,789,863 )
OTHER COMPREHENSIVE INCOME FOR THE PERIOD		-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(36,789,863 )

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Southben Holdings Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 15354767

		31 December 2024
	Notes	$	$
FIXED ASSETS
Intangible Assets	4		3,485,130
Tangible Assets	5		30,839,983
Investments	6		91,540,389

			125,865,502
CURRENT ASSETS
Stocks	7	52,544,344
Debtors	8	39,283,218
Investments	9	5,031,263
Cash at bank and in hand		3,518,688

		100,377,513
Creditors: Amounts Falling Due Within One Year	10	(108,728,947 )

NET CURRENT ASSETS (LIABILITIES)			(8,351,434 )

TOTAL ASSETS LESS CURRENT LIABILITIES			117,514,068

Creditors: Amounts Falling Due After More Than One Year	11		(85,262,787 )

NET ASSETS			32,251,281

CAPITAL AND RESERVES
Called up share capital	12		1
Share premium account			132,953,186
Other reserves			10,015,127
Profit and Loss Account			(110,717,033 )

SHAREHOLDERS' FUNDS			32,251,281

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Southben Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 December 2024

For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr Sven Herlin Kaiser

Director

24/12/2025

The notes on pages 10 to 17 form part of these financial statements.

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Southben Holdings Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 15354767

		31 December 2024
	Notes	$	$
CURRENT ASSETS
Investments	9	148,547,195

		148,547,195
NET CURRENT ASSETS (LIABILITIES)			148,547,195

TOTAL ASSETS LESS CURRENT LIABILITIES			148,547,195

NET ASSETS			148,547,195

CAPITAL AND RESERVES
Called up share capital	12		1
Share premium account			132,953,186
Other reserves			15,594,008

SHAREHOLDERS' FUNDS			148,547,195

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the period was $0 .

For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

On behalf of the board

Mr Sven Herlin Kaiser

Director

24/12/2025

The notes on pages 10 to 17 form part of these financial statements.

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Southben Holdings Limited

Consolidated Statement of Changes in Equity

For the Period 15 December 2023 to 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Other reserves	Profit and Loss Account	Total
	$	$	$	$	$
As at 15 December 2023	1	-	(5,578,881 )	(73,927,170 )	(79,506,050)
Loss for the period and total comprehensive income	-	-	-	(36,789,863 )	(36,789,863)

Arising on shares issued during the period	-	132,953,186	-	-	132,953,186
Movements in Capital contribution reserve	-	-	15,594,008	-	15,594,008

As at 31 December 2024	1	132,953,186	10,015,127	(110,717,033 )	32,251,281

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Southben Holdings Limited

Company Statement of Changes in Equity

For the Period 15 December 2023 to 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Share Premium	Other reserves	Total
	$	$	$	$
As at 15 December 2023	1	-	-	1
Arising on shares issued during the period	-	132,953,186	-	132,953,186
Movements in Capital contribution reserve	-	-	15,594,008	15,594,008

As at 31 December 2024	1	132,953,186	15,594,008	148,547,195

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Southben Holdings Limited

Notes to the Financial Statements

For the Period 15 December 2023 to 31 December 2024

Notes to the Financial Statements

1. General Information

Southben Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15354767 . The registered office is Units B1 & B2, Access 12 Station Road, Theale, Berkshire, RG7 4PN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

On the 22nd December 2023, the Company became the new intermediate holding company of Benares Holding Ltd, pursuant to a group reorganisation. Under the reorganisation, the Company acquired 100% of the share capital of Benares Holding Ltd from their shared parent company.

This transaction was between entities under common control, as the ultimate controlling party, did not change as a result of the reorganisation. In accordance with the Company’s accounting policy for such transactions, the assets and liabilities of the acquired entities have been recognised at their existing carrying amounts as recorded by the ultimate parent company. No goodwill has arisen.

The results and net assets of the acquired subsidiaries are included in these financial statements from the date of the reorganisation. Comparative information has not been presented, as these are the Company’s first set of financial statements since incorporation The company consolidates these subsidiaries from the acquisition date. The period from 22 December to 31 December 2023 represents 10 days of consolidation. Management has assessed that the results of the subsidiaries during this period are immaterial to the consolidated financial statements. Accordingly, no consolidation adjustments have been made for this partial period.

2.4. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

2.5. Significant judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements and no key sources of estimation uncertainty.

2.6. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.7. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets comprise of mining claims, water rights, and trademark rights. These assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and any impairment losses

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

inc. facilities and construction	Over 240 Months
Plant & Machinery	Over 80 or 180 Months
Motor Vehicles	Over 36 months

2.9. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

The useful life estimated for buildings and infrastructure works is 20 years.

2.10. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.11. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

2.12. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.13. Trade Debtors and other accounts receivable

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.14. Trade Creditors and other accounts receivable

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.15. Investments

Included in other investments are Biological assets. Biological assets are normally measured at fair value less costs to sell. However, when fair value cannot be reliably measured without excessive cost or effort, they can be measured at cost. After review, management has concluded that fair value is not reliably determinable for the Group's biological assets, so cost is used as the best estimate of their value.

3. Average Number of Employees

Group

Average number of employees, including directors, during the period was: 43

Company

Average number of employees, including directors, during the period was: NIL

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

4. Intangible Assets

Group

	Other
	$
Cost
As at 15 December 2023	3,485,130

As at 31 December 2024	3,485,130

Net Book Value
As at 31 December 2024	3,485,130

As at 15 December 2023	3,485,130

Company

The company had no intangible fixed assets as at 31 December 2024.

5. Tangible Assets

Group

	Land & Property
	inc. facilities and construction	Investment Properties	Plant & Machinery	Motor Vehicles	Total
	$	$	$	$	$
Cost
As at 15 December 2023	21,858,221	9,447,648	1,480,720	136,093	32,922,682
Additions	255,713	189,687	1,761,217	-	2,206,617
Disposals	(3,391 )	(486,995 )	(1,909 )	-	(492,295 )

As at 31 December 2024	22,110,543	9,150,340	3,240,028	136,093	34,637,004

Depreciation
As at 15 December 2023	984,559	1,619,924	509,830	79,998	3,194,311
Provided during the period	188,364	316,290	88,037	11,216	603,907
Disposals	(13 )	-	(1,184 )	-	(1,197 )

As at 31 December 2024	1,172,910	1,936,214	596,683	91,214	3,797,021

Net Book Value
As at 31 December 2024	20,937,633	7,214,126	2,643,345	44,879	30,839,983

As at 15 December 2023	20,873,662	7,827,724	970,890	56,095	29,728,371

Company

The company had no tangible fixed assets as at 31 December 2024.

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

6. Investments

Group

	Other
	$
Cost or Valuation
As at 15 December 2023	41,692,689
Additions	62,637,184
Disposals	(11,422,589 )
Revaluations	(1,366,895 )

As at 31 December 2024	91,540,389

Provision
As at 15 December 2023	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	91,540,389

As at 15 December 2023	41,692,689

Subsidiaries

Details of the group's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of Shares held	Direct Holding	Indirect Holding
Benares Holding Ltd	Chile	Ordinary	100.00%	-
Petra SpA	Chile	Ordinary	-	100.00%
Inmobiliaria Casas de la Iglesia SpA	Chile	Ordinary	-	63.00%
Inmobilaria Las Frutillas SpA	Chile	Ordinary	-	50.00%
Asesorias e Inversiones Avios SpA	Chile	Ordinary	-	100.00%
Inmobiliaria Locurro SpA	Chile	Ordinary	-	100.00%
Ararat SpA	Chile	Ordinary	-	100.00%
Inmobiliaria Candelaria Goyonechea SpA	Chile	Ordinary	-	100.00%
Inmobiliaria Itahue SpA	Chile	Ordinary	-	100.00%
Itahue Raices SpA	Chile	Ordinary	-	100.00%
Puerto + Arquitectura SpA	Chile	Ordinary	-	100.00%
Inmobiliaria Bilbao SpA	Chile	Ordinary	-	100.00%
Inmobiliaria rodo SpA	Chile	Ordinary	-	100.00%
Francisco de Aguirre SpA	Chile	Ordinary	-	100.00%
Camoens SpA	Chile	Ordinary	-	100.00%
San Rafael SpA	Chile	Ordinary	-	100.00%
Reserva La Fusta SpA	Chile	Ordinary	-	100.00%
El Olivar de Manantiales SpA	Chile	Ordinary	-	100.00%

Company

The company had no investments as at 31 December 2024.

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

7. Stocks

	31 December 2024
	$
Stock	597,343
Long term contracts	51,947,001

	52,544,344

8. Debtors

	Group	Company
	31 December 2024	31 December 2024
	$	$
Due within one year
Trade debtors	282,034	-
Other debtors	18,677,070	-

	18,959,104	-
Due after more than one year
Trade debtors	1,898,427	-
Amounts owed by group undertakings	3,933,446	-
Other debtors	14,492,241	-

	20,324,114	-

	39,283,218	-

9. Current Asset Investments

	Group	Company
	31 December 2024	31 December 2024
	$	$
Shares in subsidiaries	5,031,263	148,547,195

10. Creditors: Amounts Falling Due Within One Year

	Group
	31 December 2024
	$
Trade creditors	14,215,513
Other loans	87,032,232
Amounts owed to participating interests	40,956
Other creditors	7,138,657
Taxation and social security	301,589

	108,728,947

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

11. Creditors: Amounts Falling Due After More Than One Year

	Group
	31 December 2024
	$
Trade creditors	12,649,632
Other loans	57,472,769
Amounts owed to participating interests	13,132,651
Other creditors	2,007,735

	85,262,787

12. Share Capital

	31 December 2024
	$
Allotted, Called up and fully paid	1

13. Dividends

There were no amounts recognised as distributions to equity holders in the year.

14. Related Party Transactions

Accounts receivable from related entities as of December 31, 2024:

		Current	Non-Current
Company	Relationship	$	$
Peide Gestión Ambiental S.A.	Other related parties		157,402
Siena Activos Inmobiliarios SpA	Other related parties		3,016
Inm.y constructora Rosario Norte S.A.	Other related parties		3,433,531
Stone Paper SpA	Joint business		337,487
Asesorías y Gestión Inmobiliaria Gómez, Matte y Del Solar Limitada	Other related parties		2,011

Accounts payable to related entities as of December 31, 2024:

		Current	Non-Current
Company	Relationship	$	$
Seguros Vida Security Previsión S.A.	Other related parties		13,132,651

The main transactions and their effects on the Consolidated Statement of Comprehensive Income with related entities in 2024 are as follow:

		Amount	Effect on Earnings
Company	Detail	$	$
Siena Activos Inmobiliarios SpA	Business loans	(2,699,098)	0
Seguros Vida Security Previsión S.A.	Loans received	4,967,624	(199,965)
Siena Constructora S.A.	Business loans	(46,083)	0
Inm.y constructora Rosario Norte S.A	Loans granted	239,637	140,350

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Southben Holdings Limited

Notes to the Financial Statements (continued)

For the Period 15 December 2023 to 31 December 2024

15. Ultimate Controlling Party

The company's ultimate controlling party is The Edelhert Foundation by virtue of his ownership of 100% of the issued share capital in the company.

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