Consolidated statement of financial position | |||
As at 31 December 2023 | |||
As at | As at | ||
Note | 31 December | 31 December | |
2023 | 2022 | ||
ASSETS | |||
Non-current assets | |||
Investment property | 6 | ||
Intangible assets | |||
Financial instruments – derivatives | 20 | ||
Restricted cash | 8 | ||
Prepayments | 7 | ||
Total non-current assets | |||
Current assets | |||
Income tax asset | |||
Trade and other receivables | 7 | ||
Prepayments | 7 | ||
Cash and cash equivalents | 8 | ||
Total current assets | |||
Total assets | |||
EQUITY | |||
Capital attributable to the Company’s equity holders | |||
Share capital | 9 | ||
Translation reserve | |||
Retained earnings | |||
Total equity attributable to equity holders of the parent | |||
Total equity |
Consolidated statement of financial position (continued) | |||
As at 31 December 2023 | As at | As at | |
Note | 31 December | 31 December | |
2023 | 2022 | ||
LIABILITIES | |||
Non-current liabilities | |||
Bank loans and borrowings | 11 | ||
Bonds issued | 10 | ||
Trade payables and other liabilities | 12 | ||
Advances received | 12 | ||
Deferred tax liability | 13 | ||
Total non-current liabilities | |||
Current liabilities | |||
Bank loans and borrowings | 11 | ||
Income tax liabilities | |||
Trade payables and other liabilities | 12 | ||
Advances received | 12 | ||
Total current liabilities | |||
Total liabilities | |||
Total liabilities and equity |
Consolidated statement of comprehensive income | |||
For the period ended 31 December 2023 | |||
For the year | For the year | ||
ended | ended | ||
31 December 2023 | 31 December 2022 | ||
Note | |||
Rental revenue | 14 | ||
Total revenues | |||
Fair value gain on investment property | 6 | ||
(Impairment) / reversal of impairment of loans and trade receivables | 20 | ( | |
Other operating income | 14 | ||
Other operating expenses | 15 | ( | ( |
Operating profit | |||
Interest and other finance income | 16 | ||
Interest and other finance expense | 16 | ( | ( |
Net finance expense | ( | ( | |
(Loss)/Profit before income tax | ( | ||
Income tax expense | 17 | ( | ( |
(Loss)/Profit for the year | ( | ||
Other comprehensive (loss)/ income | |||
Items that are or may be reclassified subsequently | |||
to profit or loss | |||
Foreign currency translation differences | ( | ||
Other comprehensive (loss)/ income for the year | ( | ||
Total comprehensive (loss)/ income for the year | ( | ||
(Loss)/Profit for the year attributable to: | |||
Owners of the Company | ( | ||
Total comprehensive (loss)/ income for the year | |||
attributable to: | |||
Owners of the Company | ( |
Consolidated statement of changes in equity | ||||
For the year ended 31 December 2023 | ||||
Translation | ||||
Share capital | reserve | Retained earnings | Total equity | |
Balance at 1 January 2023 | ||||
Total comprehensive income for the year: | ||||
(Loss) for the year | ( | ( | ||
Other comprehensive (loss) for the year: | ||||
Foreign currency translation differences | ( | ( | ||
Total other comprehensive (loss) for the year | ( | ( | ||
Total comprehensive (loss) for the year | ( | ( | ( | |
Balance at 31 December 2023 |
Consolidated statement of changes in equity | ||||
For the year ended 31 December 2022 | ||||
Translation | ||||
Share capital | reserve | Retained earnings | Total equity | |
Balance at 1 January 2022 | ||||
Total comprehensive income for the year: | ||||
Profit for the year | ||||
Other comprehensive income for the year: | ||||
Foreign currency translation differences | ||||
Total other comprehensive income for the year | ||||
Total comprehensive income for the year | ||||
Balance at 31 December 2022 |
Consolidated statement of cash flows | |||
For the year ended 31 December 2023 | |||
For the year | For the year | ||
ended | ended | ||
31 December | 31 December | ||
Note | 2023 | 2022 | |
Cash flows from operating activities: | |||
Profit /(loss) before taxation | ( | ||
Adjustments for: | |||
Net fair value (gain) on investment property | 6 | ( | ( |
Amortization of intangible assets | |||
(Reversal of impairment)/Impairment loss on trade and other receivables | 20 | ( | |
Interest income | 16 | ( | |
Interest expense | 16 | ||
Change in fair value of derivates | 16 | ( | ( |
Foreign exchange translation differences | ( | ||
Operating profit before changes in the working capital | |||
Change in trade and other receivables and prepayments | ( | ( | |
Change in trade payables and other liabilities | |||
Change in deferred revenues | |||
Net cash generated from operations activities | |||
Income taxes paid | ( | ||
Net cash flows generated from operating activities | |||
Cash flows from investing activities: | |||
Expenditure on investment property | 6 | ( | ( |
Interest received | 16 | ||
Net cash flows used in investing activities | ( | ( | |
Cash flows from financing activities: | |||
Proceeds from loans and borrowings | 11 | ||
Repayment of loans and borrowings | 11 | ( | ( |
Change in cash held on restricted bank accounts | 11 | ( | |
Interest paid | 11 | ( | ( |
Net cash flows generated from financing activities | ( |
Consolidated statement of cash flows (continued) | |||
For the year ended 31 December 2023 | |||
For the year | For the year | ||
ended | ended | ||
Note | 31 December 2023 | 31 December 2022 | |
Effect of exchange rate changes on cash and cash equivalents | ( | ||
Net (decrease) / increase in cash and cash equivalents | ( | ( | |
Cash and cash equivalent at the beginning of the period ** | |||
Cash and cash equivalents at the end of the period ** | 8 |
Ownership structure as at | 31/12/2023 | Class of shares | Number of shares |
as at 31/12/2023 | |||
Savarin Holdco Limited | 99.998% | A | 49,999 |
Crestyl Finco Development S.à r.l. | 0.002% | B | 1 |
50,000 | |||
Ownership structure as at | 31/12/2022 | Class of shares | Number of shares |
as at 31/12/2022 | |||
Savarin Holdco Limited | 99.998% | A | 49,999 |
Crestyl Finco Development Limited | 0.002% | B | 1 |
50,000 |
Project | Group company |
Savarin Development | Palace Savarin, s.r.o. |
Project Savarin | WELWYN COMPANY, a.s |
For the year | For the year | |
Entity | ended | ended |
31 December 2023 | 31 December 2022 | |
WELWYN COMPANY, a.s. | 14,602 | 10,745 |
Palace Savarin, s.r.o. | (3,936) | (6,278) |
Total | 10,666 | 4,467 |
For the year | For the year | |
Entity | ended | ended |
31 December 2023 | 31 December 2022 | |
WELWYN COMPANY, a.s. | 4,100 | (4,374) |
Palace Savarin, s.r.o. | 1,265 | (1,504) |
Total | 5,365 | (5,878) |
Construction costs as at 31/12/2023 | Construction costs as at 31/12/2022 | ||||
(10%) | 0% | 10% | (10%) | 0% | 10% |
242,467 | 225,624 | 208,781 | 229,059 | 211,155 | 193,251 |
31/12/2023 | 31/12/2022 | ||
Investment property – combin ed purpose | |||
Balance at 1 January | 211,155 | 193,816 | |
Additions - construction cost | 7,046 | 5,218 | |
Additions - capitalized interest (Note 16) | 1,993 | 857 | |
Additions - capitalized management fees | 598 | 602 | |
Change in fair value | 10,666 | 4,467 | |
• | Out of which change related to valuation in EUR | 5,365 | (5,878) |
Translation differences | (5,834) | 6,195 | |
Balance at 31 December | 225,624 | 211,155 |
Developer's margin as at 31/12/2023 | Developer's margin as at 31/12/2022 | |||||
(10%) | 0% | 10% | (10%) | 0% | 10% | |
233,321 | 225,624 | 217,927 | 221,047 | 211,155 | 201,263 |
Equivalent yield as at 31/12/2023 | Equivalent yield as at 31/12/2022 | ||||
(25) bp | 0 bp | 25 bp | (25) bp | 0 bp | 25 bp |
253,199 | 225,624 | 200,603 | 241,693 | 211,155 | 184,865 |
Expected rental value as at 31/12/2023 | Expected rental value as at 31/12/2022 | ||||
(2.50%) | 0% | 2.50% | (2.50%) | 0% | 2.50% |
212,104 | 225,624 | 239,144 | 197,100 | 211,155 | 225,210 |
31/12/2023 | 31/12/2022 | |
Financial assets | ||
Trade receivables | 1,807 | 551 |
Accrued income | 619 | 638 |
Subtotal financial assets | 2,426 | 1,189 |
Non-financial assets | ||
Value added tax receivables | - | 7 |
Notarial deposits | - | 415 |
Subtotal non-financial assets | - | 422 |
Total | 2,426 | 1,611 |
Current | 2,426 | 1,611 |
Total | 2,426 | 1,611 |
31 December 2023 | Gross carrying amount | Loss allowance | Expected credit loss rate |
Current (not past due) | 1,188 | (1) | 0.10% |
1-30 days past due | 472 | (5) | 1.00% |
31-90 days past due | 458 | (6) | 1.00% |
91-180 days past due | 208 | (10) | 5.00% |
181-360 days past due | 244 | (122) | 50.00% |
More than 360 days past due | 40 | (40) | 100.00% |
Total | 2,610 | (184) | 7.05% |
31 December 2022 | Gross carrying amount | Loss allowance | Expected credit loss rate |
Current (not past due) | 979 | (1) | 0.10% |
1-30 days past due | 61 | (1) | 1.00% |
31-90 days past due | 47 | (1) | 1.00% |
91-180 days past due | 107 | (6) | 5.00% |
181-360 days past due | 8 | (4) | 50.00% |
More than 360 days past due | 95 | (95) | 100.00% |
Total | 1,297 | (108) | 8,33% |
31/12/2023 | 31/12/2022 | |
Advances paid | 864 | 963 |
Prepaid expenses | 1,125 | 1,030 |
Total | 1,989 | 1,993 |
Current | 1,143 | 1,153 |
Non-current | 846 | 840 |
Total | 1,989 | 1,993 |
31/12/2023 | 31/12/2022 | |
Bank accounts | 999 | 1,319 |
Cash and cash equivalents in the statement of financial position | 999 | 1,319 |
31/12/2023 | 31/12/2022 | |
Bank accounts with restricted access – non – current | 4,700 | 4,916 |
Restricted cash | 4,700 | 4,916 |
31/12/2023 | 31/12/2022 | ||
Authorised issued and fully paid-up | |||
49,999 | Ordinary A shares of EUR 1 each | 50 | 50 |
1 Ordinary B share at EUR 1 | - | - | |
50 | 50 |
31/12/2023 | 31/12/2022 | |
Nominal value of bonds issued | 84,001 | 84,001 |
Initial discount | (24,119) | (24,119) |
Transaction cost related to issue of bonds | (1,786) | (1,786) |
Accrued interest | 15,067 | 9,466 |
Translation differences | 3,395 | 5,358 |
Total | 76,558 | 72,920 |
31/12/2023 | 31/12/2022 | |
Bank loans and borrowings – non-current | 103,993 | 91,829 |
Bank loans and borrowings – current | 1,049 | 441 |
Total current and non-current bank loans and borrowings | 105,042 | 92,270 |
Nominal | Balance at | Due | Due in 1–5 | ||
Currency | interest | 31/12/2023 | within 1 year | years | |
rate | |||||
Secured bank loans | EUR | variable | 104,691 | 1,049 | 103,642 |
Secured bank loans | CZK | variable | 351 | - | 351 |
Total bank loans and borrowings | 105,042 | 1,049 | 103,993 |
Loans and | Bonds issued | Restricted | Equity | Total | |
borrowings | cash | ||||
Balance at 1 January 2023 | 92,270 | 72,920 | (4,916) | 42,671 | 202,945 |
Changes from financing cash flows | |||||
Drawings of loans and borrowings | 7,425 | - | - | - | 7,425 |
Repayments of loans and borrowings | (333) | - | - | - | (333) |
Change in cash held on restricted bank accounts | - | - | 216 | - | 216 |
Interest paid | (2,308) | - | - | - | (2,308) |
Total changes from financing cash flows | 4,784 | - | 216 | - | 5,000) |
The effect of changes in foreign exchange rates and | |||||
translation differences | (275) | (1,963) | - | (963) | (3,201) |
Other changes | |||||
Interest expense | 6,270 | 5,601 | - | - | 11,871 |
Interest recorded to investment property | 1,993 | - | - | - | 1,993 |
Total liability-related other changes | 8,263 | 5,601 | - | - | 13,864 |
Total equity-related other changes | - | - | - | (4,391) | (4,391) |
Balance at 31 December 2023 | 105,042 | 76,558 | (4,700) | 37,317 | 214,217 |
Currency | Nominal interest | Balance at 31/12/2022 | Due | Due in 1–5 years | |
rate | within 1 year | ||||
Secured bank loans | EUR | variable | 90,280 | 441 | 89,839 |
Secured bank loans | CZK | variable | 1,990 | - | 1,990 |
Total bank loans and borrowings | 92,270 | 441 | 91,829 |
Loans and | Bonds | Restricted | Equity | Total | |
borrowings | issued | cash | |||
Balance at 1 January 2022 | 87,171 | 65,725 | (4,193) | 37,621 | 186,324 |
Changes from financing cash flows | |||||
Drawings of loans and borrowings | 18,990 | - | - | - | 18,990 |
Repayments of loans and borrowings | (17,924) | - | - | - | (17,924) |
Change in cash held on restricted bank accounts | - | - | (723) | - | (723) |
Interest paid | (1,080) | - | - | - | (1,080) |
Total changes from financing cash flows | (14) | - | (723) | - | (737) |
The effect of changes in foreign exchange rates | |||||
and translation differences | 434 | 2,109 | - | 1,281 | 3,824 |
Other changes | |||||
Interest expense | 3,822 | 5,086 | - | - | 8,908 |
Interest recorded to investment property | 857 | - | - | - | 857 |
Total liability-related other changes | 4,679 | 5,086 | - | - | 9,765 |
Total equity-related other changes | - | - | - | 3,769 | 3,769 |
Balance at 31 December 2022 | 92,270 | 72,920 | (4,916) | 42,671 | 202,945 |
31/12/2023 | 31/12/2022 | |
Financial liabilities | ||
Trade payables | 1,608 | 1,258 |
Accrued expenses | 1,534 | 847 |
Other payables | 62 | 2 |
Retention payables | 951 | 397 |
Subtotal financial liabilities | 4,155 | 2,504 |
Non-financial liabilities | ||
VAT payables | 14 | 25 |
Other tax payables | - | - |
Subtotal non-financial liabilities | 14 | 25 |
Current | 3,694 | 2,529 |
Non-current | 475 | - |
Total | 4,169 | 2,529 |
31/12/2023 | 31/12/2022 | |
Other advances received (1) | 784 | 867 |
Total | 784 | 867 |
Current | 430 | 486 |
Non-current | 354 | 381 |
Total | 784 | 867 |
Assets | Liabilities | Net | ||||
31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | |
Investment property | - | - | (15,567) | (12,363) | (15,567) | (12,363) |
Trade and other receivables | 38 | 17 | - | - | 38 | 17 |
Loans and borrowings | - | - | (281) | (426) | (281) | (426) |
Tax losses carried-forward | 610 | 192 | - | - | 610 | 192 |
Tax assets / (liabilities) | 648 | 209 | (15,848) | (12,789) | (15,200) | (12,580) |
Set-off of tax | (648) | (209) | 648 | 209 | - | - |
Net tax assets / (liabilities) | - | - | (15,200) | (12,580) | (15,200) | (12,580) |
Out of which | |||||
caused by the | |||||
Recognized | change in the | ||||
in profit | income tax | Translation | |||
Balance at | or loss | rate | differences | Balance at | |
31/12/2022 | (Note 17) | 31/12/2023 | |||
Investment property | (12,363) | (3,616) | (1,301) | 412 | (15,567) |
Trade and other receivables | 17 | 22 | 2 | (1) | 38 |
Loans and borrowings | (426) | 138 | (45) | 7 | (281) |
Tax losses carried-forward | 192 | 435 | 20 | (17) | 610 |
Total | (12,580) | (3,021) | (1,324) | 401 | (15,200) |
Recognized in | Translation | ||||
profit or loss | |||||
Balance at | differences | Balance at | |||
31/12/2021 | (Note 17) | 31/12/2022 | |||
Investment property | (10,792) | (1,215) | (356) | (12,363) | |
Trade and other receivables | 26 | (10) | 1 | 17 | |
Loans and borrowings | (284) | (131) | (11) | (426) | |
Tax losses carried-forward | 418 | (234) | 8 | 192 | |
Total | (10,632) | (1,590) | (358) | (12,580) |
31/12/2023 | 31/12/2022 | |
Impairment of trade and other receivables | - | - |
Tax losses carried forward | 871 | 425 |
Unrecognized deferred tax assets | 871 | 425 |
Losses | Amount of | Percentage | Unrecognised DTA | |
31/12/2023 | expire in year | tax loss | income tax % | 31/12/2023 |
Year 2019 | 2024 | 1 | 21.00% | - |
Year 2020 | 2025 | 2,021 | 21.00% | 424 |
Year 2021 | 2026 | 418 | 21.00% | 88 |
Year 2022 | 2027 | 985 | 21.00% | 207 |
2028 | 21.00% | |||
Year 2023 | 724 | 152 | ||
Total | 4,149 | 871 |
Losses | Amount of | Percentage | Unrecognised DTA | |
31/12/2022 | expire in year | tax loss | income tax % | 31/12/2022 |
Year 2019 | 2024 | 1 | 19.00% | - |
Year 2020 | 2025 | 1,890 | 19.00% | 359 |
Year 2021 | 2026 | 348 | 19.00% | 66 |
Total | 2,239 | 425 |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December 2022 | |
Rental revenues | 3,044 | 2,965 |
Total revenue | 3,044 | 2,965 |
Other operating income | 1 | - |
2024 | 2025 | 2026 | 2027 | 2028 | ||
Undiscounted | lease | 3,388 | 1,890 | 1,985 | 2,045 | 2,121 |
payments |
2023 | |
Undiscounted lease payments | 2,638 |
For the year ended 31 | For the year ended 31 | |
December 2023 | December 2022 | |
Professional services | 811 | 881 |
Commission fees | - | - |
Utilities, phones and similar expenses | 381 | 596 |
Audit and consulting fees | 111 | 102 |
Repairs and maintenance | 41 | 59 |
Office expenses and other miscellaneous items | 14 | 6 |
Depreciation and amortization | 4 | 3 |
Other expenses | 12 | 65 |
Total | 1,374 | 1,712 |
Auditor | Period | Services | Amount |
PricewaterhouseCoopers | 1/1/2022-31/12/2022 | Audit of annual reports | 99 |
PricewaterhouseCoopers | 1/1/2022-31/12/2022 | Other assurance services | 12 |
Total | 111 |
Auditor | Period | Services | Amount |
PricewaterhouseCoopers | 1/1/2022-31/12/2022 | Audit of annual reports | 98 |
PricewaterhouseCoopers | 1/1/2022-31/12/2022 | Other assurance services | 4 |
Total | 102 |
For the year | For the year | |
ended | ended | |
31 December 2023 | ||
31 December 2022 | ||
Interest received | 247 | 187 |
Change in fair value of derivates - gains | 519 | 5,993 |
Foreign exchange gains | 42 | 2,246 |
Total | 808 | 8,426 |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December 2022 | |
Interest on bank loans and bonds issued | 13,864 | 9,765 |
Less: Interest from borrowings capitalized (Note 6) | (1,993) | (857) |
Interest expense charged to profit or loss | 11,871 | 8,908 |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December 2022 | |
Interest expense charged to profit or loss | 11,871 | 8,908 |
Foreign exchange losses | 2,445 | 54 |
Change in fair value of derivates - losses | - | - |
Other finance expenses | 9 | 5 |
Total | 14,325 | 8,967 |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December 2022 | |
Current tax expense | (90) | (44) |
Deferred tax expense (Note 13) | (3,021) | (1,590) |
Total income tax expense | (3,111) | (1,634) |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December | |
2022 | ||
Profit/(loss) before tax | (1,280) | 5,403 |
Domestic tax rates applicable to profits of the parent company | 35% | 35% |
Domestic tax rate applicable to profits of other consolidated | 19% | 19% |
Czech entities | ||
Income tax using the entities’ domestic rate | 1,050 | (2,041) |
Tax-exempt income | 235 | 4,109 |
Tax non-deductible expenses | (2,670) | (3,835) |
Change in unrecognised deferred tax asset from tax losses | (446) | 202 |
Change in income tax rate | (1,324) | - |
Change in unrecognized deferred tax asset from other items | (36) | |
Other | 44 | (33) |
Tax expense | (3,111) | (1,634) |
As at 31/12/2023 | Before eliminations | Eliminations | After eliminations |
Investment property | 225,624 | - | 225,624 |
Other intangible assets | 7 | - | 7 |
Provided loans non-current | 105,742 | (105,742) | - |
Other financial assets non-current | 3,394 | - | 3,394 |
Restricted cash non-current | 4,700 | - | 4,700 |
Prepayments non-current | 846 | - | 846 |
Income tax asset | 21 | - | 21 |
Trade and other receivables current | 2,426 | 2,426 | |
Prepayments current | 1,143 | - | 1,143 |
Cash and cash equivalents | 999 | - | 999 |
Total pledged assets | 344,902 | (105,742) | 239,160 |
As at 31/12/2022 | Before eliminations | Eliminations | After eliminations |
Investment property | 211,155 | - | 211,155 |
Other intangible assets | 11 | - | 11 |
Provided loans non-current | 96,361 | (96,361) | - |
Other financial assets non-current | 2,875 | - | 2,875 |
Restricted cash non-current | 4,916 | - | 4,916 |
Prepayments non-current | 840 | - | 840 |
Trade and other receivables current | 1,788 | (177) | 1,611 |
Prepayments current | 1,153 | - | 1,153 |
Cash and cash equivalents | 1,319 | - | 1,319 |
Total pledged assets | 320,418 | (96,538) | 223,880 |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December 2022 | |
Other operating expenses | ||
Related party under control of the same ultimate parent company | 199 | 206 |
Director | 66 | 67 |
Subtotal other operating expenses | 265 | 273 |
Other acquisitions | ||
Related party under control of the same ultimate parent company as at the date of the transaction | 598 | 620 |
Subtotal other acquisitions | 598 | 620 |
Total | 863 | 893 |
For the year | For the year | |
ended | ended | |
31 December 2023 | 31 December 2022 | |
Rental income | ||
Related party under control of the same ultimate parent company | 793 | 627 |
Subtotal rental income | 793 | 627 |
31/12/2023 | 31/12/2022 | |
Trade and other receivables | ||
Related party under control of the same ultimate parent company | 628 | 364 |
Subtotal trade and other receivables | 628 | 364 |
Prepayments | ||
Related party under control of the same ultimate parent company | 887 | 857 |
Subtotal prepayments | 887 | 857 |
Total | 1,515 | 1,221 |
31/12/2023 | 31/12/2022 | |
Trade payables and other liabilities | ||
Related party under control of the same ultimate parent company | 973 | 666 |
Subtotal trade payables and other liabilities | 973 | 666 |
Advances received | ||
Related party under control of the same ultimate parent company | 80 | 80 |
Subtotal advances received | 80 | 80 |
Total | 1,053 | 746 |
As at | 31/12/2023 | 31/12/2022 |
In thousands of EUR | ||
Financial assets measured at amortised cost | ||
Cash and cash equivalents | 999 | 1,319 |
Restricted cash | 4,700 | 4,916 |
Trade and other receivables | 2,426 | 1,189 |
8,125 | 7,424 | |
Total | ||
Financial liabilities measured at amortised cost | ||
Bank loans and borrowings | (105,042) | (92,270) |
Bonds issued | (76,558) | (72,920) |
Trade payables and other liabilities | (4,155) | (2,504) |
Total | (185,755) | (167,694) |
Financial assets/(liabilities) measured at FVTPL | ||
Derivative financial instruments | 3,394 | 2,875 |
Total | 3,394 | 2,875 |
As at 31/12/2023 | EUR | CZK |
In thousands of EUR | ||
Financial assets measured at amortised cost | ||
Cash and cash equivalents | 785 | 214 |
Restricted cash | 755 | 3,945 |
Trade and other receivables | 754 | 1,672 |
Total | 2,294 | 5,831 |
Financial liabilities measured at amortised cost | ||
Bank loans and borrowings | (104,691) | (351) |
Bonds issued | - | (76,558) |
Trade payables and other liabilities | (587) | (3,568) |
Total | (105,278) | (80,477) |
Net statement of financial position exposure | (102,984) | (74,646) |
Financial assets/ liabilities measured at FVTPL | ||
Derivative financial instruments (nominal amounts) | (53,500) | 58,401 |
Total | (53,500) | 58,401 |
Net exposure | (156,484) | (16,245) |
As at 31/12/2022 | EUR | CZK |
In thousands of EUR | ||
Financial assets measured at amortised cost | ||
Cash and cash equivalents | 457 | 862 |
Restricted cash | 565 | 4,351 |
Trade and other receivables | 446 | 743 |
Total | 1,468 | 5,956 |
Financial liabilities measured at amortised cost | ||
Bank loans and borrowings | (90,280) | (1,990) |
Bonds issued | - | (72,920) |
Trade payables and other liabilities | (330) | (2,174) |
Total | (90,610) | (77,084) |
Net statement of financial position exposure | (89,142) | (71,128) |
Financial assets liabilities measured at FVTPL | ||
Derivative financial instruments (nominal amounts) | (53,500) | 59,878 |
Total | (53,500) | 59,878 |
Net exposure | (142,642) | (11,250) |
Average rate | Reporting date spot rate | |||
CZK | For the year ended | For the year ended | 31/12/2023 | 31/12/2022 |
31 December 2023 | 31 December 2022 | |||
EUR | 24.007 | 24.565 | 24.725 | 24.115 |
31 December 2023 | 31 December 2022 | |
Net position of financial assets and liabilities denominated in CZK | (16,245) | (11,250) |
Effect on profit or loss and on equity of: | ||
EUR strengthening by 5% | 812 | 562 |
EUR weakening by 5% | (812) | (562) |
As at | 31/12/2023 | 31/12/2022 |
In thousands of EUR | ||
Fixed rate instruments | ||
Bonds issued | (76,558) | (72,920) |
Total | (76,558) | (72,920) |
Variable rate instruments | ||
Bank loans received | (105,042) | (92,270) |
Total | (105,042) | (92,270) |
Interest rate sensitivity | ||||
31/12/2023 | 31/12/2022 | |||
+100 bps | -100 bps | +100 bps | -100 bps | |
Fair value sensitivity | ||||
Fixed rate instruments | (766) | 766 | (729) | 729 |
Cash flow sensitivity | ||||
Variable rate instruments | (1,050) | 1,050 | (923) | 923 |
Contractual cash flows | |||||
On demand | From 1 to | From 1 to | In more than 5 | ||
31/12/2023 | and less than | 12 months | 5 years | years | Total |
1 month | |||||
Bank loans and borrowings | - | 10,447 | 119,650 | - | 130,097 |
Bonds issued | - | - | 88,914 | - | 88,914 |
Trade and other payables | 3,680 | - | 475 | - | 4,155 |
Total Current and Non-current | 3,680 | 10,447 | 209,039 | - | 223,166 |
financial liabilities |
Contractual cash flows | |||||
On demand | From 1 to | From 1 to | In more than 5 | ||
31/12/2022 | and less than | 12 months | 5 years | years | Total |
1 month | |||||
Bank loans and borrowings | - | 7,275 | 100,755 | - | 108,030 |
Bonds issued | - | - | 91,179 | - | 91,179 |
Trade and other payables | 2,504 | - | - | - | 2,504 |
Total Current and Non-current | 2,504 | 7,275 | 191,934 | - | 201,713 |
financial liabilities |
As at | 31/12/2023 | 31/12/2022 |
In thousands of EUR | ||
Financial assets measured at amortised cost | ||
Cash and cash equivalents | 999 | 1,319 |
Restricted cash | 4,700 | 4,916 |
Trade and other receivables | 2,426 | 1,189 |
Total | 8,125 | 7,424 |
As at | 31/12/2023 | 31/12/2022 |
In thousands of EUR | ||
Financial assets/ liabilities measured at FVTPL | ||
Derivative financial instruments | 3,394 | 2,875 |
Total | 3,394 | 2,875 |
As at | 31/12/2023 | 31/12/2022 |
In thousands of EUR | ||
Impairment loss on trade and other receivables | (184) | (108) |
Total | (184) | (108) |
For the year ended | For the year ended | |
31 December 2023 | 31 December 2022 | |
In thousands of EUR | ||
Impairment (loss)/reversal/ charges on trade and other receivables | (100) | 224 |
Total | (100) | 224 |
Corporate | Banks and | ||||
As at 31/12/2023 | (non-financial | financial | Individuals | Other | Total |
institutions) | institutions | ||||
Cash and cash equivalents | - | 999 | - | - | 999 |
Restricted cash | - | 4,700 | - | - | 4,700 |
Trade and other receivables | 2,426 | - | - | - | 2,426 |
Derivative financial instrument | - | 3,394 | - | - | 3,394 |
Total | 2,426 | 9,093 | - | - | 11,519 |
Corporate | Banks and | ||||
As at 31/12/2022 | (non-financial | financial | Individuals | Other | Total |
institutions) | institutions | ||||
Cash and cash equivalents | - | 1,319 | - | - | 1,319 |
Restricted cash | - | 4,916 | - | - | 4,916 |
Trade and other receivables | 1,189 | - | - | - | 1,189 |
Derivative financial instrument | - | 2,875 | - | - | 2,875 |
Total | 1,189 | 9,110 | - | - | 10,299 |
For the year ended | For the year ended | |
31 December 2023 | 31 December 2022 | |
Opening balance | (108) | (324) |
Amounts written off | (18) | - |
Net remeasurement of loss allowance | (82) | 224 |
Translation differences | 24 | (8) |
Closing balance | (184) | (108) |
Fair value at | Due within 1 | Due in 1– | ||||||
As at 31/12/2023 | Nominal value | Currency | Maturity | 31/12/2023 | year (TEUR) | 5 years | ||
(TEUR) | (TEUR) | |||||||
Foreign exchange swap | 53,500,000 | EUR | ||||||
1,443,965,000 | CZK | |||||||
Foreign exchange swap | 09/01/2026 | 3,394 | ||||||
Financial | instruments | - | 3,394 | |||||
derivatives - total | Fair value at | Due within 1 | Due in 1– | |||||
As at 31/12/2022 | Nominal value | Currency | Maturity | 31/12/2022 | year (TEUR) | 5 years | ||
(TEUR) | (TEUR) | |||||||
Foreign exchange swap | 53,500,000 | EUR | ||||||
1,443,965,000 | CZK | |||||||
Foreign exchange swap | 09/01/2026 | 2,875 | - | 2,875 | ||||
Financial | instruments | - | 2,875 | - | 2,875 | |||
derivatives - total |
Gross | Gross | Net amount | Amounts subject to master | |||
amounts | amounts set | after offsetting | netting and similar | |||
before | off in the | in the | arrangements not set off in | Net amount | ||
offsetting in | statement of | statement of | the statement of financial | of exposure | ||
the statement | financial | financial | position | |||
of financial | position | position | Financial | Cash | ||
position | ||||||
instruments | collateral | |||||
ASSETS | ||||||
Cash settled with financial liabilities | 999 | - | 999 | - | (999) | - |
(Note 8) | ||||||
Restricted cash settled | ||||||
with financial liabilities | 4,700 | - | 4,700 | - | (4,700) | - |
(Note 8) | ||||||
Other financial assets | 2,426 | - | 2,426 | (2,426) | - | - |
(Note 7) | ||||||
Derivative financial | 3,394 | - | 3,394 | (3,394) | - | - |
instrument (Note 20) | ||||||
TOTAL ASSETS | ||||||
SUBJECT TO OFFSETTING, MASTER | 11,519 | - | 11,519 | (5,820) | (5,699) | - |
NETTING AND SIMILAR | ||||||
ARRANGEMENT | ||||||
LIABILITIES | ||||||
Bank loans | (105,042) | - | (105,042) | 2,426 | 1,921 | (100,695) |
(Note 11) | ||||||
Bonds issued | (76,558) | - | (76,558) | 3,394 | 3,778 | (69,386) |
(Note 10) | ||||||
Other financial liabilities | (4,155) | - | (4,155) | - | - | (4,155) |
(Note 12) | ||||||
TOTAL LIABILITIES | ||||||
SUBJECT TO OFFSETTING, MASTER | (185,755) | - | (185,755) | 5,820 | 5,699 | (174,236) |
NETTING AND SIMILAR | ||||||
ARRANGEMENT |
Gross | Gross | Net amount | Amounts subject to master | |||
amounts | amounts set | after offsetting | netting and similar | |||
before | off in the | in the | arrangements not set off in | Net amount | ||
offsetting in | statement of | statement of | the statement of financial | of exposure | ||
the statement | financial | financial | position | |||
of financial | position | position | Financial | Cash | ||
position | ||||||
instruments | collateral | |||||
ASSETS | ||||||
Cash settled with financial liabilities (Note | 1,319 | - | 1,319 | - | (1,319) | - |
8) | ||||||
Restricted cash settled | ||||||
with financial liabilities | 4,916 | - | 4,916 | - | (4,916) | - |
(Note 8) | ||||||
Other financial assets | 1,189 | - | 1,189 | (1,189) | - | - |
(Note 7) | ||||||
Derivative financial | 2,875 | - | 2,875 | (2,875) | - | - |
instrument (Note 20) | ||||||
TOTAL ASSETS | ||||||
SUBJECT TO OFFSETTING, MASTER | 10,299 | - | 10,299 | (4,064) | (6,235) | - |
NETTING AND SIMILAR | ||||||
ARRANGEMENT | ||||||
LIABILITIES | ||||||
Bank loans | (92,270) | - | (92,270) | 1,189 | 1,543 | (89,538) |
(Note 11) | ||||||
Bonds issued | (72,920) | - | (72,920) | 2,875 | 4,692 | (65,353) |
(Note 10) | ||||||
Other financial liabilities | (2,504) | - | (2,504) | - | - | (2,504) |
(Note 12) | ||||||
TOTAL LIABILITIES | ||||||
SUBJECT TO OFFSETTING, MASTER | (167,694) | - | (167,694) | 4,064 | 6,235 | (157,395) |
NETTING AND SIMILAR | ||||||
ARRANGEMENT |
Effective ownership (%) | Consolidation method | Profile | |||
31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | ||
Savarin P.L.C. (1) | n/a | n/a | Full | Full | Parent company |
Savarin HoldCo, s.r.o. | 100 | 100 | Full | Full | Holding |
(1)+(2) | company | ||||
Palace Savarin HoldCo, | 100 | 100 | Full | Full | Holding |
s.r.o. (1)+(2) | company | ||||
WELWYN COMPANY, a.s. | 100 | 100 | Full | Full | Investment |
(1)+(2) | property project | ||||
Palace Savarin, s.r.o. (1)+(2) | 100 | 100 | Full | Full | Investment |
property project |