APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
APPENINN HOLDING PLC.
STANDALONE ANNUAL FINANCIAL STATEMENTS
INTERNATIONAL FINANCIAL REPORTING ACCORDING TO STANDARDS
31 DECEMBER 2023.
WITH A COMPARATIVE PERIOD ENDING ON 31 DECEMBER 2022
1
APPENINN HOLDING PLC. | ||
31 DECEMBER 2023 | ||
STANDALONE ANNUAL FINANCIAL STATEMENTS | ||
Table of contents | ||
1. | General section | 8 |
1.1 | Presentation of the company | 8 |
1.2 | Basis of preparation of the balance sheet | 9 |
2. | Accounting policy | 10 |
2.1 | Significant accounting policies | 10 |
2.1.1. | Reporting currency and foreign currency balances | 10 |
2.1.2. | Revenues | 11 |
2.1.3. | Other income and expenditure | 12 |
2.1.4. | Valuation of capital investments | 13 |
2.1.5. | Investment property | 14 |
2.1.6. | Financial instruments | 14 |
2.1.7. | Financial liabilities | 16 |
2.1.8. | Fair value | 16 |
2.1.9. | Related parties | 17 |
2.1.10. Income taxes | 18 | |
2.1.11. Leasing | 19 | |
2.1.12. Earnings per share (EPS) | 21 | |
2.1.13. Deposits paid by tenants | 21 | |
2.1.14. Off-balance sheet items | 21 | |
2.1.15. Treasury shares repurchased | 21 | |
2.1.16. Dividends | 22 | |
2.1.17. Result of financial operations | 22 | |
2.1.18. Events after year end | 22 | |
2.2 | Changes in accounting policies | 22 |
2.3 | Significant accounting estimates and assumptions | 25 |
2.3.1. | Classification of properties | 26 |
2.3.2. | Fair value of investment property | 26 |
2.3.3. | Impairment of participations | 27 |
3. | Revenues | 27 |
4. | Direct costs of letting a property | 28 |
5. | Service charges from subsidiaries | 29 |
6. | Administrative costs, service charges, wages and salaries | 29 |
7. | Balance of other income and expenditure | 30 |
8. | Profit (loss) on sale of subsidiaries, investments | 30 |
9. | Fair value result on investment property | 30 |
10. | Depreciation and amortisation | 34 |
11. | Other expenditure and income on financial operations | 34 |
12. | Balance of interest receivable and payable | 34 |
13. | Income taxes | 35 |
14. | Earnings per share | 36 |
15. | Investment properties | 37 |
16. | Tangible assets | 38 |
17. | Participations and assets held for sale | 39 |
18. | Trade receivables | 40 |
2
APPENINN HOLDING PLC. | ||
31 DECEMBER 2023 | ||
STANDALONE ANNUAL FINANCIAL STATEMENTS | ||
19. | Other current receivables | 41 |
20. | Receivables from related parties | 42 |
21. | Short-term loans | 42 |
22. | Accruals | 43 |
23. | Cash and cash equivalents | 43 |
24. | Share capital | 44 |
25. | Treasury shares repurchased | 44 |
26. | Reserves | 45 |
27. | Retained earnings | 45 |
28. | Deposits paid by tenants | 47 |
29. | Lease commitments | 47 |
30. | Own issued bonds | 48 |
31. | Deferred tax liabilities | 48 |
32. | Short-term loans | 49 |
33. | Other current liabilities | 49 |
34. | Current liabilities to related parties | 50 |
35. | Trade payables | 50 |
36. | Tax and duty obligations | 50 |
37. | Accruals and deferred income | 50 |
38. | Transactions with related parties | 51 |
39. | Remuneration of key managers | 51 |
40. | Financial instruments | 51 |
41. | Risk management | 52 |
41.1 | Capital Markets | 53 |
41.2 | Credit risk | 53 |
41.3 | Market risk | 54 |
41.4 | Foreign exchange risk | 54 |
41.5 | Business risk | 54 |
41.6 | Liquidity risk | 55 |
42. | Changes in liabilities related to financing activities | 56 |
43. | Contingent liabilities | 56 |
44. | Environmental impacts on the Company's activities | 56 |
45. | Segment reports | 57 |
46. | Events after the balance sheet date | 57 |
47. | Information on the preparation of the standalone financial statements | 57 |
48. | Audit of standalone financial statements, auditor's fees | 58 |
49. | Authorisation of financial statements for issue | 58 |
Statements | 59 |
3
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
Statement of financial position | Notes | 31.12.2023 | 31.12.2022 |
thousand | thousand | ||
Assets | HUF | HUF | |
Investment properties | 15 | 8.884.324 | 10.274.737 |
Fixed assets | 16 | 10.492 | 11.052 |
Investments | 17 | 8.153.554 | 6.209.014 |
Total non-current assets | 17.048.370 | 16.494.803 | |
Trade receivables | 18 | 89.881 | 17.137 |
Other current receivables | 19 | 154.627 | 62.451 |
Receivables from related parties | 20 | 21.485.258 | 13.325.612 |
Short-term loans | 21 | - | 60.565 |
Accruals | 22 | 111.910 | 62.439 |
Assets held for sale | 17 | - | 500.000 |
Cash and cash equivalents | 23 | 6.324.324 | 12.304.042 |
Total current assets | 28.166.000 | 26.332.246 | |
Total assets | 45.214.370 | 42.827.049 | |
Equity and liabilities | |||
Share capital | 24 | 4.737.142 | 4.737.142 |
Treasury shares repurchased | 25 | (1.114) | (1.114) |
Reserves | 26 | 8.095.844 | 8.095.844 |
Retained earnings | 27 | 7.263.787 | 7.420.955 |
Total equity | 20.095.659 | 20.252.827 | |
Deposits paid by tenants | 28 | 206.986 | 218.592 |
Lease commitments | 29 | 17.315 | 124.859 |
Bond debts | 30 | 20.120.103 | 20.125.900 |
Deferred tax liabilities | 31 | - | 506.059 |
Total long-term liabilities | 20.344.404 | 20.975.410 | |
Short-term bank loans and lease liabilities | 32 | 102.099 | 103.603 |
Other current liabilities | 33 | 262.535 | 30.762 |
Short-term related liabilities | 34 | 4.057.423 | 1.269.294 |
Liabilities to suppliers | 35 | 13.035 | 66.255 |
Income tax liabilities | 49.975 | 46.881 | |
Tax and duty obligations | 36 | 66.485 | 74.222 |
Accruals | 37 | 222.755 | 7.795 |
Total current liabilities | 4.774.307 | 1.598.812 | |
Total liabilities | 25.118.711 | 22.574.222 | |
Total equity and liabilities | 45.214.370 | 42.827.049 |
The notes on pages 8 to 59 form an integral part of these standalone financial statements
4
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
Statement of Total | Notes | financial year | year ending |
comprehensive income | for the | for the financial | |
ending | 31.12.2022 | ||
31.12.2023 | |||
thousand HUF | thousand HUF | ||
Income from the rental of immovable property | 3 | 709.399 | 729.476 |
Direct costs | 4 | (63.891) | (70.077) |
Gross margin | 645.508 | 659.399 | |
Service charges from subsidiaries | 5 | 161.817 | 231.271 |
Administrative costs, service charges, wages and salaries | 6 | (310.611) | (362.845) |
Other income/(expenses) | 7 | (28.962) | (14.566) |
Profit (loss) on sale of subsidiaries, investments | 8 | - | 11.032 |
Fair value result on investment property | 9 | (1.161.951) | 965.947 |
Profit before tax, interest and depreciation | (694.199) | 1.490.238 | |
Depreciation and amortisation | 10 | (2.394) | (20.048) |
Other (expense)/income from financial operations | 11 | (695.087) | 349.777 |
Balance of interest receivable and (payable) | 12 | 827.451 | 622.882 |
Leasing interest | 12 | (4.929) | (15.827) |
Profit before tax | (569.158) | 2.427.022 | |
Income taxes | 13 | 411.990 | (234.387) |
Result for the year | (157.168) | 2.192.635 | |
Other comprehensive income | - | - | |
Other comprehensive income for the year, net of tax | - | - | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (157.168) | 2.192.635 |
The notes on pages 8 to 59 form an integral part of these standalone financial statements
5
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
Changes in equity | Notes | Share | Reserves | Treasury shares | Retained | Total |
(data in thousands of HUF) | capital | earnings | equity | |||
On 1 January 2022 | 26-29 | 4.737.142 | 8.095.844 | (1.114) | 5.228.320 | 18.060.192 |
Total comprehensive income for the year | ||||||
Total comprehensive income for the year | 29 | 2.192.635 | 2.192.635 | |||
Balance at 31 December 2022 | 26-29 | 4.737.142 | 8.095.844 | (1.114) | 7.420.955 | 20.252.827 |
On 1 January 2023 | 26-29 | 4.737.142 | 8.095.844 | (1.114) | 7.420.955 | 20.252.827 |
Total comprehensive income for the year | ||||||
Total comprehensive income for the year | 29 | (157.168) | (157.168) | |||
Balance at 31 December 2023 | 26-29 | 4.737.142 | 8.095.844 | (1.114) | 7.263.787 | 20.095.659 |
The notes on pages 8 to 59 form an integral part of these standalone financial statements
6
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
Cash flow statement | Notes | for the | for the financial |
financial year | year ending | ||
data in thousands of HUF | ending | 31.12.2022 | |
31.12.2023 | |||
Profit before tax | (569.158) | 2.427.022 | |
Transactions not involving the movement of money: | |||
Fair value result on investment property | 9 | 1.161.951 | (965.947) |
Depreciation | 10 | 2.394 | 20.048 |
(Profit)/loss on sales of subsidiaries | 8 | - | (11.032) |
Impairment of shareholding | 17 | 513.989 | 108.627 |
Interest receivable | 12 | (1.600.062) | (1.322.882) |
Interest expenditure | 12 | 777.540 | 700.000 |
Change in receivables and other current assets | 18-22 | 143.618 | 4.516 |
Changes in liabilities and accruals | 32-37 | 430.833 | 36.727 |
Income tax paid | (90.975) | (22.612) | |
Net cash flow from operating activities | 770.130 | 974.467 | |
Acquisition of shares and loans | 17 | (2.225.847) | 1.600.000 |
Sale of shares | 17 | 500.000 | - |
Purchases of tangible fixed assets | 16 | (1.834) | (4.947) |
Loans to related parties | 20 | (8.628.466) | 5.791.556 |
Revenue from repayment of loans granted | 21 | 60.565 | 367.846 |
Subleasing income | 18 | 110.813 | - |
Interest received | 12 | 1.600.062 | 1.322.882 |
Net cash flow from investing activities | (8.584.707) | 9.077.337 | |
Loans, leases, loan repayments | 32 | (109.048) | (64.187) |
Obtaining loans, leases, loans | 32 | 2.788.129 | - |
Leasing rates | 12 | (4.929) | (15.827) |
Interest paid | 12 | (700.000) | (700.000) |
Net cash flow from financing activities | 1.974.152 | (780.014) | |
Exchange rate impact | (139.293) | (78.685) | |
Change in cash and cash equivalents | 23 | (5.979.718) | 9.193.104 |
Cash balances: | |||
Cash at the beginning of the year | 23 | 12.304.042 | 3.110.938 |
Cash and cash equivalents at the end of the year | 23 | 6.324.324 | 12.304.042 |
The notes on pages 8 to 59 form an integral part of these standalone financial statements
7
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
1. General section
1.1 Presentation of the company
Appeninn Holding Asset Management Plc ("the Company") was established on 1 December 2009. On 7 December 2009, the Company was registered with the Court of Registration under Cg. 01-10-046538. On 19 May 2011, Rotux Zrt. (registration number 01-10-045553) was merged into Appeninn Plc.
The Group's registered office is 1022 Budapest, Bég utca 3-5.
Shareholders of the Company holding more than 5% on 31 December 2023:
Owner name | Number of shares | Shareholding(%) |
Avellino Zrt. | 11.369.141 | 24,000% |
Sequor Holding Zrt. | 11.297.291 | 23,840% |
OTP Real Estate Investment Fund | 2.410.372 | 5,090% |
Own share | 1.848 | 0,004% |
Free float | 22.292.767 | 47,066% |
Total: | 47.371.419 | 100.00% |
Holders of more than 5% of the Company's shares on 31 December 2022:
Owner name | Number of shares | Shareholding(%) |
Avellino Zrt. | 11.369.141 | 24,000% |
Sequor Holding Zrt. | 11.297.291 | 23,840% |
OTP Real Estate Investment Fund | 2.410.372 | 5,090% |
Own share | 1.848 | 0,004% |
Free float | 22.292.767 | 47,066% |
Total: | 47.371.419 | 100.00% |
Transformation into a regulated real estate investment company
The Company was registered as a Regulated Real Estate Investment Holding on 12 January 2024, with effect from 1 January 2024, by the Metropolitan Court of Budapest.
In the future, the Company will be exempt from paying corporate tax and local business tax as a Regulated Real Estate Investment Company.
8
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
1.2 Basis of preparation of the balance sheet
i) Acceptance and declaration of compliance with International Financial Reporting Standards
The financial statements have been prepared on a going concern basis. The standalone financial statements were approved by the Board of Directors on 4 April 2024. The standalone financial statements have been prepared in accordance with International Financial Reporting Standards, as published and incorporated by regulation in the Official Journal of the European Union (EU). IFRS are standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC).
The figures given in the standalone financial statements of the Company are in thousands of forints. All amounts are rounded to the nearest thousand forints.
iii) Basis of preparation of the accounts
The standalone financial statements have been prepared in accordance with the standards and IFRIC interpretations in force for the year ending 31 December 2023.
The notes to the financial statements include disclosures required by the Hungarian Accounting Act.
The financial year is the same as the calendar year.
iv) Basis of assessment
The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses and the accounting policies used. Estimates and related assumptions are based on historical experience and a number of other factors that are believed to be reasonable under the circumstances, the results of which form the basis for estimating the carrying amounts of assets and liabilities that are not readily determinable from other sources. Actual results may differ from these estimates.
Estimates and assumptions are regularly reviewed. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only the current year, and in the period of the revision and future periods if the revision affects both current and future years.
9
APPENINN HOLDING PLC. 31 DECEMBER 2023 STANDALONE ANNUAL FINANCIAL STATEMENTS
2. Accounting policy
The principal accounting policies applied in the preparation of the standalone financial statements are set out below. Accounting policies have been consistently applied to the periods covered by these standalone financial statements. The principal accounting policies applied in the preparation of the financial statements are as follows:
2.1 Significant accounting policies
2.1.1. Reporting currency and foreign currency balances
Given the substance and circumstances of the underlying transactions, the functional currency of the Company is the Hungarian forint.
Foreign exchange transactions denominated in currencies other than HUF are initially recorded at the exchange rate prevailing on the date on which such transactions are executed. Foreign currency assets and liabilities are translated into forint at the exchange rate prevailing at the balance sheet date. The resulting exchange differences are recognised in the profit and loss account under financial income or financial expenses.
Financial statements are presented in Hungarian Forint (HUF), rounded to the nearest thousand, except where otherwise indicated.
The Company uses the exchange rate quoted by the Hungarian National Bank.
Transactions in foreign currencies are recorded in the functional currency, using the exchange rate between the reporting currency and the foreign currency at the date of the transaction for the amount in the foreign currency. In the statement of comprehensive income, exchange differences arising on the settlement of monetary items, on initial recognition during the period or arising from the use of exchange rates different from those used in the previous financial statements are recognised as income or expense in the period in which they arise. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the end of the reporting period. Foreign currency items measured at fair value are translated at the exchange rate at the date when the fair value was determined.
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Appeninn Vagyonkezelo Holding Nyrt. published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 22:33:38 UTC.