CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 12 MONTHS PERIOD ENDED 31 DECEMBER, 2023 (UNAUDITED)
Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
City Service SE
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE TWELVE MONTHS PERIOD ENDED 31 DECEMBER, 2023 (UNAUDITED)
Beginning of the reporting period | 1 January 2023 |
End of the reporting period | 31 December 2023 |
Business name | City Service SE |
Registration number | 12827710 |
Legal address | Narva mnt. 5, 10117 Tallinn, the Republic of Estonia |
Telephone | +370 5 239 49 00 |
Fax | +370 5 239 48 48 |
info@cityservice.eu | |
Website | http://www.cityservice.eu |
Auditor | Ernst & Young Baltic AS |
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Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
CONTENTS | |
GENERAL INFORMATION | 11 |
1.1. ACTIVITY | 11 |
1.2. SHARE CAPITAL OF THE COMPANY | 12 |
1.3. SHAREHOLDERS OF THE COMPANY | 12 |
1.4. CITY SERVICE GROUP | 13 |
1.5. COMPANY'S SUPERVISORY BOARD | 16 |
1.6. COMPANY'S MANAGEMENT BOARD | 17 |
1.7. ACTIVITY AND SEGMENT INFORMATION | 18 |
ACCOUNTING POLICIES | 20 |
GOODWILL | 20 |
SIGNIFICANT EVENTS | 22 |
OTHER INTANGIBLE ASSETS | 25 |
PROPERTY, PLANT AND EQUIPMENT | 26 |
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | 27 |
RIGHT OF USE ASSETS AND LEASE | 30 |
TRADE RECEIVABLES | 31 |
BORROWINGS | 31 |
COST OF SALES | 32 |
GENERAL AND ADMINISTRATIVE EXPENSES | 32 |
OTHER OPERATING INCOME (EXPENSES) | 33 |
INTEREST AND OTHER FINANCE INCOME AND (EXPENSES) | 33 |
DIVIDENDS PER SHARE | 33 |
RELATED PARTY TRANSACTIONS | 34 |
SUBSEQUENT EVENTS | 35 |
3
Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
DECLARATION OF THE MANAGEMENT
4
Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes | As of 31 | As of 31 | |||
December 2023 | December 2022 | ||||
Assets | |||||
NON-CURRENT ASSETS | |||||
Goodwill | 3 | 8,799 | 8,799 | ||
Other intangible assets | 5 | 18,957 | 18,978 | ||
Property, plant and equipment | 6 | 856 | 994 | ||
Right of use assets | 8 | 2,154 | 3,902 | ||
Non-current receivables | 9 | 5,939 | 4,941 | ||
Deferred income tax asset | 1,732 | 1,501 | |||
TOTAL NON-CURRENT ASSETS | 38,437 | 39,115 | |||
CURRENT ASSETS | |||||
Inventories | 672 | 1,047 | |||
Prepayments | 1,758 | 1,579 | |||
Trade receivables | 9 | 25,506 | 20,483 | ||
Receivables from related parties | 16 | 2,196 | 217 | ||
Contract assets | 1,154 | 1,485 | |||
Other receivables and current assets | 3,741 | 4,311 | |||
Cash and cash equivalents | 9,176 | 3,434 | |||
TOTAL CURRENT ASSETS | 44,203 | 32,556 | |||
Assets held for sale | - | 6,032 | |||
Total assets | 82,640 | 77,703 | |||
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Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (cont'd)
Notes
Equity and liabilities
EQUITY
Share capital
Other reserves
Share premium
Retained earnings (deficit)
Reserves of a disposal group classified as held for sale
Non-controlling interests
TOTAL EQUITY
Liabilities | ||
NON-CURRENT LIABILITIES | ||
Non-current borrowings | 10 | |
Lease liabilities | 8 | |
Deferred income tax liabilities | ||
Non-current payables | ||
TOTAL NON-CURRENT LIABILITIES | ||
CURRENT LIABILITIES | ||
Current portion of non-current borrowings | 10 | |
Current portion of lease liabilities | 8 | |
Current loans | 10 | |
Trade payables | ||
Payables to related parties | 16 | |
Contract liabilities | ||
Other current liabilities |
TOTAL CURRENT LIABILITIES
Liabilities related to assets held for sale
Total liabilities
Total equity and liabilities
As of 31 | As of 31 | |
December 2023 | December 2022 | |
9,483 | 9,483 | |
- | 948 | |
8,490 | 21,067 | |
6,044 | (13,525) | |
- | (92) | |
24,017 | 17,881 | |
176 | 138 | |
24,193 | 18,019 | |
10,279 | 10,459 | |
1,564 | 2,739 | |
1,222 | 1,335 | |
4,707 | 4,553 | |
17,772 | 19,086 | |
1,138 | 3,038 | |
701 | 1,313 | |
9,000 | 1,829 | |
8,160 | 8,611 | |
5,119 | 3,475 | |
6,335 | 7,891 | |
10,221 | 10,427 | |
40,674 | 36,584 | |
1 | 4,014 | |
58,447 | 59,684 | |
82,640 | 77,703 | |
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Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (for the period 1 January - 31 December)
Notes | ||
Revenue from contracts with customers | 1.7 | |
Cost of sales | 11 | |
Gross profit (loss) | ||
General and administrative expenses | 12 | |
Impairment of goodwill, other intangibles and other non-current assets | ||
Credit loss expenses on financial assets | ||
Other operating activity, net | 13 | |
Profit (loss) from operations | ||
Interest and other finance income | 14 | |
Interest and other finance expenses | 14 | |
Profit (loss) before tax | ||
Income tax | ||
Profit (loss) from continued operations | ||
Discontinued operations | ||
Net profit (loss) from discontinued operations | 7 | |
Net profit (loss) | ||
Other comprehensive income
Exchange differences on translation of foreign operations
Total comprehensive income
Attributable to:
The shareholders of the Company
Non-controlling interests
Total comprehensive income attributable to:
The shareholders of the Company
Non-controlling interests
2023 Q4 2022 Q4 (Restated)
101,65784,385
(75,199)(60,185)
26,45824,200
(19,644)(19,671)
-(1,511)
(275)(568)
170510
6,7092,960
14,683248
(13,850)(946)
7,5422,262
(1,373)(877)
6,1691,385
(90)(9,890)
6,079(8,505)
-3,319
6,079(5,186)
6,041(4,660)
38(516)
6,079(5,176)
6,041(1,503)
38(354)
6,079(1,857)
Basic and diluted earnings per share (EUR) | 0.19 | (0.15) | |
7
Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
STATEMENT OF COMPREHENSIVE INCOME
(for the period 1 October - 31 December)
Sales
Cost of sales
Gross profit (loss)
General and administrative expenses Impairment of goodwill, other intangibles and other non-current assets
Credit loss expenses on financial assets Other operating income, net
Gain (loss) from operations
Finance activity result, net
Gain (loss) before tax
Income tax
Net gain (loss) from continued operations Discontinued operations
Net profit (loss) from discontinued operations
Net profit (loss)
2023 Q4 | 2022 Q4 (Restated) | ||
27,961 | 25,009 | ||
(20,859) | (17,959) | ||
7,102 | 7,050 | ||
(5,198) | (5,365) | ||
- | (1,511) | ||
(125) | (224) | ||
143 | 26 | ||
1,922 | (24) | ||
(225) | (36) | ||
1,697 | (60) | ||
(138) | (261) | ||
1,559 | (321) | ||
(30) | (6,727) | ||
1,529 | (7,048) | ||
8
Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign | Assets | Non- | ||||||||||||||
Share | currency | Other | Retained | |||||||||||||
Notes | Share capital | held for | Total | controlling | Total | |||||||||||
premium | translation | reserves | earnings | |||||||||||||
sale | interest | |||||||||||||||
reserve | ||||||||||||||||
Balance as of | 9,483 | 21,067 | (3,249) | 948 | (8,865) | - | 19,384 | 492 | 19,876 | |||||||
1 January 2022 | ||||||||||||||||
Net profit (loss) | - | - | - | - | (4,660) | - | (4,660) | (516) | (5,176) | |||||||
Other comprehensive | - | - | 3,157 | - | - | - | 3,157 | 162 | 3,319 | |||||||
Income | ||||||||||||||||
Total comprehensive | - | - | 3,157 | - | (4,660) | - | (1,503) | (354) | (1,857) | |||||||
Income | ||||||||||||||||
Disposal of subsidiaries | - | - | 92 | - | - | (92) | - | - | - | |||||||
Balance as of | 9,483 | 21,067 | - | 948 | (13,525) | (92) | 17,881 | 138 | 18,019 | |||||||
31 December 2022 | ||||||||||||||||
Balance as of | 9,483 | 21,067 | - | 948 | (13,525) | (92) | 17,881 | 138 | 18,019 | |||||||
1 January 2023 | ||||||||||||||||
Net profit (loss) | - | - | - | - | 6,042 | - | 6,042 | 38 | 6,080 | |||||||
Total comprehensive | - | - | - | - | 6,042 | - | 6,042 | 38 | 6,080 | |||||||
Income | ||||||||||||||||
Transfers from | - | (12,577) | - | (948) | 13,525 | - | - | - | - | |||||||
reserves | ||||||||||||||||
Disposal of subsidiaries | - | - | - | - | - | 92 | 92 | - | 92 | |||||||
Balance as of | 9,483 | 8,490 | - | - | 6,042 | - | 24,015 | 176 | 24,191 | |||||||
31 December 2023 | ||||||||||||||||
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Consolidated interim financial statements for the twelve months period ended 31 December, 2023 (unaudited), thousand euros
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes | 2023 Q4* | 2022 Q4* | |
Cash flows from (to) operating activities | |||
Net profit (loss) from continued operations | 6,170 | 1,385 | |
Net profit (loss) from discontinued operations | (90) | (9,890) | |
Adjustments for non-cash items: | |||
Income tax expenses | 1,403 | 776 | |
Depreciation and amortisation | 5,6,8 | 3,803 | 3,841 |
Impairment and discounting of accounts receivable | 763 | 369 | |
Gain (loss) on disposal of property, plant and equipment | 13 | 93 | (871) |
Gain (loss) from sale of investments | (1,624) | (117) | |
Impairment of goodwill | (110) | 130 | |
Interest (income) | (131) | (155) | |
Interest (expenses) | 1,264 | 1,044 | |
Other financial activity, net | (275) | 516 | |
11,266 | (2,972) | ||
Changes in working capital: | |||
(Increase) decrease in inventories | 994 | (1,080) | |
(Increase) decrease in receivables, contract assets and other current assets | (13,726) | 330 | |
(Increase) decrease in prepayments | (28) | (554) | |
Increase (decrease) in trade payables and payables to related parties | 16,970 | 6,764 | |
Income tax (paid) | (961) | (1,361) | |
Increase (decrease) in advances received, contract liabilities and other current | (8,416) | 4003 | |
liabilities |
Net cash flows from (to) operating activities | |
Cash flows from (to) investing activities | |
(Acquisition) of non-current assets (except investments) | 5,6 |
Proceeds from sale of non-current assets
(Acquisition) of investments in subsidiaries (net of cash acquired in the Group) Disposal of investments in subsidiaries
Interest received
Loans (granted)
Loans repaid
Net cash flows (to) from investing activities
Cash flows from (to) financing activities (Repayment) proceeds of loans
(Repayment) of financial lease liabilities Interest (paid)
Net cash (to) financial activities
Net increase (decrease) in cash and cash equivalents
Foreign exchange difference
6,0995,130
(2,442)(3,707)
1,4141,579
52(6,279)
(704)545
131155
(7,560)(1)
6,9932,246
(2,116)(5,462)
5,183(8,031)
(2,439)(1,986)
(1,264)(1,044)
1,480(11,061)
5,463(11,393)
48216
Cash and cash equivalents at the beginning of the period* | 3,666 | 6,172 |
Cash and cash equivalents at the end of the period | 9,176 | (5,005) |
*Group cash flows for 2023 Q4 and 2022 Q4 comprise total consolidated Group, including discontinued operations.
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City Service SE published this content on 29 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 15:57:03 UTC.