A T L A N T I S SE
FOR THE PERIOD SINCE 01 JULY 2021 TILL 30 JUNE 2022
PREPARED IN ACCORDANCE WITH
INTERNATIONAL FINANCIAL REPORTING STANDARDS
Tallinn, 13.10.2022r.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 2 of 47
ATLANTIS SE
I. GENERAL INFORMATION
Business name: ATLANTIS SE
Registry code: 14633855
Address: Harju maakond, Tallinn, Kesklinna linnaosa, Tornimäe tn 5, 10145
E-mail: biuro@atlantis-sa.pl
Website: www.atlantis-sa.pl
Reporting period: 01/07/2021 - 30/06/2022
Auditor: Number RT OÜ, Eve Leppik, Nr: 230
The main economic activity: As at 30/06/2022 the economic activity registered in Estonia is
„financial holding activities”.
Members of the Supervisory Board:
Małgorzata Patrowicz
Jacek Koralewski
Martyna Patrowicz
Wojciech Hetkowski
The Management Board:
Damian Patrowicz
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 3 of 47
Table of contents:
I. GENERAL INFORMATION ........................................................................................................ 2
II. LETTER OF THE MANAGEMENT BOARD .............................................................................. 4
III. SELECTED FINANCIAL DATA ................................................................................................ 5
IV. MANAGEMENT REPORT ...................................................................................................... 6
V. CORPORATE GOVERNANCE REPORT ............................................................................... 11
VI. REMUNERATION REPORT .................................................................................................. 19
VII. FINANCIAL STATEMENTS .................................................................................................. 20
1. Statement of financial position ................................................................................................20
2. Statement of profit or loss ........................................................................................................21
3. Statement of comprehensive income .......................................................................................21
4. Statement of changes in equity ................................................................................................21
5. Cash flow statement .................................................................................................................23
6. Notes to the financial statements .............................................................................................24
VIII. MANAGEMENT BOARD’S CONFIRMATION OF THE ANNUAL REPORT ......................... 47
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 4 of 47
II. LETTER OF THE MANAGEMENT BOARD
Dear Sirs,
On behalf of the Management Board of ATLANTIS SE, I present the report on the activities
of ATLANTIS SE for the period since 1 July 2021 until 30 June 2022, as an introduction to the
submitted Annual Report. The current financial year is third year of the Company’s operation in
Estonia. It is also another year filled with activities aimed at achieving goals which were set for the
Management Board, and which were at the same time expectations of the Shareholders
participating in the General Meetings.
Financial activity in the field of granting loans provided stability to the Company. The actions
taken in the previous years and their effects allow us to be convinced that the decision to change
the Company’s development strategy, that was made a few years ago, has created tangible effects
which will lead to a positive financial result. The Management Board’s aim was to identify most of
the risks and costs related to them, which could finally be a threat for undertaken activity.
Independently however, on obvious challenges facing the Company, such as economic
development and achieving profit on activity that is satisfactory for the Shareholders, the intention
of the Management Board is to conduct stable activity, compliant with applicable provisions of law
and corporate standards, as well as to create a loans portfolio characterized by a satisfactory rate
of return a measurable gratification for the Shareholders.
Yours faithfully,
Damian Patrowicz
Member of the Management Board
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 5 of 47
III. SELECTED FINANCIAL DATA
Selected financial data
in thous. EUR
01/07/2021 -
30/06/2022
01/07/2020 -
30/06/2021
Revenue from interest 187 76
Profit (loss) on operating activity 169 47
Profit (loss) before income tax 169 51
Profit (loss) for the period 169 51
Net cash flow from operating activity 53 -112
Change in cash and cash equivalents 0 -114
Assets total
6 782 8 438
Short-term liabilities 11 1 783
Equity 6 771 6 655
Share capital 33 750 1 125
The weighted diluted average number of ordinary shares (in pcs.) 157 839 041
75 578 767
Profit (loss) per one ordinary share (EUR) 0,00 0,00
Book value per share (EUR) 0,02 0,59
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 6 of 47
IV. MANAGEMENT REPORT
The main fields of activity
The main business activity of the Company is financial activity, including lending activities The
company, implementing its business profile in the field of granting loans, has concluded
agreements with related parties. In the reporting period, the Company obtained revenues mainly
from its financial service activity, i.e., interest on loans granted.
The Company intends to continue its operations in the area of lending activities.
General (macroeconomic) development
The Company undertakes financial activities, especially related to granting loans to natural persons
and business entities, mostly to related parties. Entrepreneurs who have not obtained financing
from a bank, usually reach out to companies which provide lending services and declare high
flexibility depending on the needs of a particular customer and their security capabilities. The
Company notices development potential in the field of providing financial services for this kind of
entities and, accordingly, intends to continue its business activity in this segment. As at the date of
publication of the annual report, Atlantis SE has one major borrower, a related party, whose
operating activity is focused on investments in the capital market, therefore the fulfilment of the
loan repayment obligation may be indirectly affected by the level of interest rates, which may affect
the valuation of assets on stock exchanges.
Financial instruments, financial risk management objectives and policies
The main risks arising from financial instruments of the Company are: interest rate risk, liquidity
risk, credit risk, risk related to financial collaterals. The Management Board is responsible for
establishing of risk management policies in the Company as well as for supervision of their
compliance. The purpose of the Company's risk management policies is to identify and analyse the
risks to which the Company is exposed, by setting appropriate restrictions and controls, as well as
by monitoring the risks and limits adjusted accordingly.
Ensuring liquidity
As at the day of preparation of the Annual report, the Management Board according to their best
knowledge, does not recognize any threat in terms of fulfilling his obligations and financial liquidity.
The Company systematically settles its liabilities and does not have any credits or loans taken or
any other significant obligations. The Company dedicates owned funds for conducted lending
activity and intends to develop this activity gradually. Because of the fact that the main activity of
the Company is lending activity, proper and prompt realization of obligations by the Borrowers
toward the Company which result from concluded loan agreements has significant impact on
results and maintaining liquidity of the Company.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 7 of 47
The Company conducts mostly financial service activity, granting loans for related parties. The
current lending operating is financed from own funds of the Company. Further activities in the field
of granting loans and possible investments, the Company intends to realize mainly from own funds.
Characteristic of external and internal factors that are important for the company’s
development
Considering the specific of the activity, i.e., financial service activities in the field of granting loans
to related parties, according to the Company, the following internal and external factors have and
will have significant influence on results
the general market prosperity on lending market and level of interest rates,
the proper realization by the Borrowers of their obligations resulting from concluded loan
agreements, as well as course of the execution process and the collection of overdue loans,
if such agreements occur,
efficiency of administrative and legal procedures,
the economic situation and investing circumstances in Poland, Estonia, or in this region,
access to external financing sources,
cooperation with other financial entities.
The risk related to the possibility of fluctuations in the exchange rate of one currency in relation to
another may lead to both deterioration of the financial situation of an entity or its improvement.
The Company's income and operating cash flows are dependent of changes in market interest
rates, because some of the contracts are concluded at variable interest rates.
Significant factors of risks are described on pages 34-38 of the annual report.
The main financial ratios concerning the financial year and the preceding financial year, and
the methods for calculating the ratios.
RATIO
30/06/2022
(thous. EUR)
30/06/2021
(thous. EUR)
EBITDA 169 51
ROA 2,49% 0,60%
ROE 2,5% 0,77%
ROA – return on assets, net profit of the Company to value of the assets (net profit/value of
assets*100)
ROE – return on equity, net profit of the Company to equity (net profit/equity*100)
EBITDA – earnings before interest, taxes, depreciation and amortization (EBIT+ amortization)
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 8 of 47
Share capital of the Company
As at 30/06/2022 the share capital of the Company amounted to: EUR 33 750 000 and was 337
500 000 bearer shares without par value.
As at 18/01/2022 there was the registration of bonus issue. Each shareholder who held one share
on 19/01/2022 received 29 new shares.
Since 18/01/2022 the share capital of the Company amounts to: EUR 33 750 000 and is divided
into 337 500 000 bearer shares without par value.
As at the balance sheet date, 30/06/2022, the Company’s equity is less than 50% of the share
capital and does not comply with the requirements of § 301 of the Commercial Code of Estonia.
The Management Board of Atlantis SE will propose to the general meeting to reduce the share
capital of the Company.
Qualifying holding pursuant to the provisions of § 9 of the Securities Market Act
As at the date 30/06/2022 and 30/06/2021 according to the Management Board’s best knowledge,
the structure of direct and indirect shareholders holding at least 5% of the total number of votes at
the General Meeting was as follows:
30/06/2022
No. Shareholder
Number of
shares
% of shares
Number of
votes
% of votes
1
Patro Invest OU
175 069 000
51,87
175 069 000 51,87
x
Total
33
7
50
0
000
100
33
7
50
0
000
100
* Damian Patrowicz holds 100% of Patro Invest OU shares
30/06/2021
No. Shareholder
Number of
shares
% of shares
Number of
votes
% of votes
1
Patro Invest OU
5 626 400
50,003
5 626 400
50,003
x
Total
11
250 000
100
11
250 000
100
* Damian Patrowicz holds 100% of Patro Invest OU shares
As at the date of publication of this report, the Shareholder of Patro Invest OU holds shares
representing 51,87 % of the share capital and votes at the Shareholders’ Meeting.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 9 of 47
The Company did not issue shares granting specific powers to its Shareholders.
Shares owned by members of the Company’s management and supervisory board:
Members of the Management board
As at the balance sheet date 30/06/2022 and as at the date of publication of the annual report, the
Chairman of the Management Board Mr. Damian Patrowicz owns indirectly shares of the Company.
According to the best knowledge of the Management Board Mr. Damian Patrowicz owns indirectly,
via his company Patro Invest OÜ, 51,87% of the Company’s share capital and entitling to cast
175 069 000 of votes at the General Meeting of Shareholders.
Members of the Supervisory Board
According to the best knowledge of the Management Board of Atlantis SE, Members of the
Supervisory Board do not own directly and indirectly shares of the Company as at the balance
sheet date and as at the date of publication of the annual report.
Provisions and rules for the election, appointment, resignation and removal of the members
of the management board and supervisory board
The Management Board of the Company consists of 1 to 4 members elected for 3 years. The term
of office of the member of the Management Board may be extended. The members of the
Management Board shall be elected and removed by the Supervisory Board that shall also decide
on the remuneration of the members of the Management Board. Each member of the Management
Board may represent the Company independently in all legal acts unless a resolution of the
Supervisory Board prescribes otherwise. If the Management Board has more than 2 members, the
chairman of the Management Board shall be appointed by the Supervisory Board by its resolution.
A meeting of the Management Board has a quorum if more than one-half of the members of the
Management Board are present. The resolutions of the Management Board are adopted by a
simple majority of votes. Each member of the Management Board has one vote. The chairman of
the Management Board shall have a casting vote upon an equal division of votes. Members of the
Supervisory Board are elected by the company's general meeting of shareholders.
Provisions and rules for amendment of the articles of association of the company.
Amendment of the Company’s Article of Association is voted by Shareholders. If amendments are
included in the agenda of the general meeting shareholders may vote via electronic voting before
or during the meeting. The notice on convening the general meeting shall specify whether electronic
voting is possible and the manner for casting votes determined by the Management Board. A
shareholder who has voted electronically is considered to be present at the general meeting and
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 10 of 47
the number of votes from the shares represented is taken into account in the quorum, if the
applicable legal acts do not state otherwise.
Authorization of the members of the management board of the company, including the
authorization to issue and repurchase shares.
Members of the Management Board are obliged to act within applicable provisions of law and
authorisations granted by the General Meeting and Supervisory Board.
Indication of significant proceedings pending in a court
There have been conducted some control actions in the reporting period, which are a result of the
Company’s request for return of the tax due to the Company. In the Management Board’s opinion
after finishing of all official procedures, the fund will be paid out to the Company. In the reporting
period ATLANTIS SE has not been a party of any proceeding or proceedings pending in a court,
arbitration body or public administration authority.
Information about transactions concluded by the company with related parties
In the period covered by this report, the Company has not concluded significant transactions with
related parties on other than market conditions. All important transactions, including those with
related parties, are indicated in the Financial Statements of the Company for the financial year and
previous financial year.
Information on average employment
The Company did not hire any employees in the financial year lasting since 1 July 2021 until 30
June 2022 and in the previous financial year.
Information regarding an agreement and an entity authorized to Audit financial statements
of the company.
According to the Company’s Article of Association, the right to elect a certified auditor is at the
General Meeting of Shareholders. On May 4, 2022 the General Meeting of Shareholders elected
the auditing company Number RT OÜ as the auditor. Remuneration for the Auditor will be paid
according to the Agreement concluded between the Company and Number RT OÜ which was
established on market conditions. The audit fee for the financial year lasting since 1 July 2021 until
30 June 2022 amounted to 4.800 EUR and the audit fee for the previous financial year lasting since
1 July 2020 until 30 June 2021 amounted to 3.500 EUR.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 11 of 47
V. CORPORATE GOVERNANCE REPORT
The Company's full statement regarding the compliance with the Best Practice for The Warsaw
Stock Exchange (GPW) Listed Companies 2021 and Corporate Governance Principles is available
on the Company's website www.atlantis.pl, in the "Regulations" section, the "Best practices" tab on
corporate governance.
During the reporting period, in the scope of Best Practices, the Company does not apply 21 rules:
1.2., 1.3.1., 1.3.2., 1.4., 1.4.1., 1.4.2., 1.5., 1.6., 2.1., 2.3., 2.11.1., 2.11.2., 2.11.3., 2.11.4., 2.11.5.,
2.11.6., 3.9., 3.10., 4.1.,4.3., 4.6.
1. INFORMATION POLICY AND COMMUNICATION WITH INVESTORS
The listed company cares about a proper communication with investors, leading a transparent and
effective information policy.
1.2. Companies make available their financial results compiled in periodic reports as soon as
possible after the end of each reporting period; should that not be feasible for substantial reasons;
companies publish at least preliminary financial estimates as soon as possible.
Comments of the Company: The Company publishes periodic reports within deadlines arising
from applicable Estonian law.
1.3. Companies integrate ESG – (environmental, social, and governance) factors in their business
strategy, including in particular:
1.3.1. environmental factors, including measures and risks relating to climate change and
sustainable development;
Comments of the Company: The activity of the Company bases on granting large-value cash
loans to related parties. Therefore, the activity of the Company does not have significant impact on
the environment. The Company makes efforts to ensure that its activity have the least possible
impact on the natural environment.
1.3.2. social and employee factors, including among other actions taken and planned to ensure
equal treatment of women and men, decent working conditions, respect for employees’ rights,
dialogue with local communities, customer relations.
Comments of the Company: The Company explains that the principles of sustainable
development and respect for social and employee rights and interests are applied in the strategy
of its activity. In this regard, the Company complies with all applicable laws and guidelines. As at
the time of publication this report, no written rules have been drawn up because there are no
employees.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 12 of 47
1.4. To ensure quality communications with stakeholders, as a part of the business strategy,
companies publish on their website information concerning the framework of the strategy,
measurable goals, including in particular long-term goals, planned activities and their status,
defined by measures, both financial and non-financial. ESG information concerning the strategy
should among others:
Comments of the Company: The Company publishes a number of financial and non-financial
measures, as well as information on the adopted development strategy both on the Company’s
website and publishing current and periodic reports. The Company indicated that it does not publish
information on development plans and the progress of their implementation separately. The
Company also does not publish any forecasts.
1.4.1. explain how the decision-making processes of the company integrate climate change,
including the resulting risks.
Comments of the Company: Due to the above-mentioned in point 1.3.1. marginal impact of the
Company's activity on the natural environment, the Company does not publish additional
explanations in this scope.
1.4.2. present the equal pay index for employees, defined as the percentage difference between
the average monthly pay (including bonuses, awards and other benefits) of women and men in the
last year, and present information about actions taken to eliminate any pay gaps, including a
presentation of related risks and the time horizon of the equality target.
Comments of the Company: Due to the fact, that the Company has no employees, it is not
appropriate to disclose this information.
1.5. Companies disclose at least on an annual basis the amounts expensed by the company
and its group in support of culture, sports, charities, the media, social organisations, trade unions,
etc. If the company or its group pay such expenses in the reporting year, the disclosure presents a
list of such expenses.
Comments of the Company: The Company does not conduct sponsorship activities.
2. MANAGEMENT BOARD AND SUPERVISORY BOARD
To ensure top standards of the responsibilities and effective performance of the management board
and the supervisory board of a company, only persons with the adequate competences, skills and
experience are appointed to the management board and the supervisory board.
Management Board members act in the interest of the company and are responsible for its activity.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 13 of 47
The management board is responsible among others for the company’s leadership, engagement
in setting and implementing its strategic objectives, and ensuring the Company’s efficiency and
safety.
Supervisory board members acting in their function and to the extent of their responsibilities on the
supervisory board follow their independent opinion and judgement, including in decision making,
and act in the interest of the Company.
The supervisory board functions in the spirit of debate and analyses the position of the Company
in the context of the sector and the market on the basis of information provided by the management
board of the company and via the Company’s internal systems and functions and obtained from
external sources. The supervisory board in particular issues opinions on the Company’s strategy,
verifies the work of the management board in pursuit of defined strategic objectives, and monitors
the Company’s performance.
Management Board:
Damian Patrowicz – the only member of the Management Board of the Company
Supervisory Board:
Wojciech Hetkowski Chairman of the Supervisory Board
Jacek Koralewski Member of the Supervisory Board
Małgorzata Patrowicz Member of the Supervisory Board
Martyna Patrowicz Member of the Supervisory Board
TOTAL NUMBER OF ALL SHARES OF THE COMPANY AND SHARES IN RELATED ENTITIES
OF THE COMPANY OWNED BY THE MANAGING AND SUPERVISING PERSONS OF THE
COMPANY
Members of the Management Board
As at the balance sheet date 30/06/2022 (51,87%) and as at the date of submitting the annual
report the Chairman of the Management Board Mr Damian Patrowicz owns indirectly shares of the
Company. Damian Patrowicz owns at the date of submitting the report indirectly via his company
Patro Invest OÜ, 175 069 000 shares of ATLANTIS SE, constituting 51,87% of the share capital of
the Company and granting 175 069 000 votes constituting 51,87% of votes at the General Meeting
of the Company.
Members of the Supervisory Board
According to the best knowledge of the Management Board of Atlantis SE, Members of the
Supervisory Board do not own directly and indirectly shares of the Company as at the balance
sheet date and as at the date of submitting of the annual report.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 14 of 47
2.1. Companies should have in place a diversity policy applicable to the management board and
the supervisory board, approved by the supervisory board and the general meeting, respectively.
The diversity policy defines diversity goals and criteria, among others including gender, education,
expertise, age, professional experience, and specifies the target dates and the monitoring systems
for such goals. With regard to gender diversity of corporate bodies, the participation of the minority
group in each body should be at least 30%.
Comments of the Company:
Crucial personnel decisions in relations to the Company’s governing
bodies and its key managers are taken by the General Meeting and the Supervisory Board.
2.3. At least two members of the supervisory board meet the criteria of being independent
referred to in the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision, and have
no actual and material relations with any shareholder who holds at least 5% of the total vote in the
company.
Comments of the Company: The decision to elect Members of the Supervisory Board is within
the competence of the General Meeting of Shareholders. Shareholders act on the basis of their
competences and trust in individual candidates, appoint the composition of the Supervisory Board.
Depending on the decision of the General Meeting, the Company may or may not meet this criterion
periodically, depending on the selected composition of the Supervisory Board. Currently, the
Supervisory Board does not fulfil the independence criteria, as only one of the Supervisory Board
Members is independent, and assessment of the risk resulting from this is within the competence
of the General Meeting.
2.11. In addition to its responsibilities laid down in the legislation, the supervisory board prepares
and presents an annual report to the annual general meeting once per year. Such report includes
at least the following:
2.11.1. information about the members of the supervisory board, including indication of those
supervisory board members who fulfil the criteria of being independent referred to in the Act of 11
May 2017 on Auditors, Audit Firms and Public Supervision and those supervisory board members
who have no actual and material relations with any shareholder who holds at least 5% of the total
vote in the company, and information about the members of the supervisory board in the context
of diversity;
Comments of the Company: In accordance with the applicable provisions of the Estonian law,
the Company does not publish or submit to the General Meeting for approval a report on activities
of the Supervisory Board.
2.11.2. summary of the activity of the supervisory board.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 15 of 47
Comments of the Company: As explained in point 2.11.1. the Supervisory Board does not prepare
such a document.
2.11.3. assessment of the company’s standing on, including assessment of the internal control, risk
management and compliance systems and the internal audit function, and information about
measures taken by the supervisory board to perform such assessment; such assessment should
cover all significant controls, in particular reporting and operational controls;
Comments of the Company: As explained in point 2.11.1. the Supervisory Board does not prepare
such a document.
2.11.4. assessment of the company’s compliance with the corporate governance principles and the
manner of compliance with the disclosure obligations concerning compliance with the corporate
governance principles defined in the Exchange Rules and the regulations on current and periodic
reports published by issuers of securities, and information about measures taken by the
supervisory board to perform such assessment;
Comments of the Company: As explained in point 2.11.1. the Supervisory Board does not
prepare such a document.
2.11.5. assessment of the rationality of expenses referred to in principle 1.5;
Comments of the Company: As explained in point 2.11.1. the Supervisory Board does not prepare
such a document.
2.11.6. information regarding the degree of implementation of the diversity policy applicable to the
management board and the supervisory board, including the achievement of goals referred to in
principle 2.1.
Comments of the Company: As explained in point 2.11.1. the Supervisory Board does not prepare
such a document.
3. INTERNAL SYSTEMS AND FUNCTIONS
Efficient internal systems and functions are an indispensable tool of exercising supervision over a
company.
The systems cover the company and all areas of activity of its group which have a significant impact
on the position of the company.
3.9. The supervisory board monitors the efficiency of the systems and functions referred to in
principle 3.1 among others on the basis of reports provided periodically by the persons responsible
for the functions and the company’s management board, and makes annual assessment of the
efficiency of such systems and functions according to principle 2.11.3.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 16 of 47
Comments of the Company: In accordance with the applicable provisions of the Estonian law,
the Company does not publish or submit to the General Meeting for approval a report on activities
of the Supervisory Board.
4. GENERAL MEETING, SHAREHOLDER RELATIONS
The management board and the supervisory board of listed companies should encourage the
engagement of shareholders in matters of the company, in particular through active participation in
the general meeting, either in person or through a proxy.
The general meeting should proceed by respecting the rights of all shareholders and ensuring that
passed resolutions do not infringe on legitimate interests of different groups of shareholders.
Shareholders who participate in a general meeting exercise their rights in accordance with the rules
of good conduct. Participants of a general meeting should come prepared to the general meeting.
As at the balance sheet date 30/06/2022 according to the Management Board’s best knowledge,
the structure of direct and indirect shareholders holding at least 5% of the total number of votes at
the General Meeting was as follows:
30/06/2022
no.
Shareholder
N
umber of
shares
% of shares
N
umber of
votes
% of votes
1
Patro Invest OU
175 069 000
51,87 175 069 000 51,87
x
Total
33
7
50
0
000
100
33
7
50
0
000
100
* Damian Patrowicz holds 100% of Patro Invest OU shares
4.1. Companies should enable their shareholders to participate in a general meeting by means
of electronic communication (e-meeting) if justified by the expectations of shareholders notified to
the company, provided that the company is in a position to provide the technical infrastructure
necessary for such general meeting to proceed.
Comments of the Company: The Company considers that the costs of enabling shareholders to
participate in the general meeting by means of electronic communication (e-meeting) are too high.
Nevertheless, the Management Board indicates, that the structure of the Company’s shareholding
means that the shareholders are not interested in participating in the Company’s general meeting
in electronic form. At the same time, the Company's Articles of Association and the Regulations of
the General Meeting do not prescribe the possibility of participating in the Meeting by means of
electronic communication.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 17 of 47
4.3. Companies provide a public real-life broadcast of the general meeting.
Comments of the Company: The Company recognizes that the costs of broadcasting the General
Meeting are too high. At the same time, the Management Board indicates that the Company's
shareholder structure causes a lack of interest in the General Meeting. At the same time, the
Company's Articles of Association and the General Meeting Regulations do not prescribe
transmission of the meeting.
4.6. To help shareholders participating in a general meeting to vote on resolutions with adequate
understanding, draft resolutions of the general meeting concerning matters and decisions other
than points of order should contain a justification, unless it follows from documentation tabled to
the general meeting. If a matter is put on the agenda of the general meeting at the request of a
shareholder or shareholders, the management board requests presentation of the justification of
the proposed resolution, unless previously presented by such shareholder or shareholders.
Comments of the Company: As at the date of publication of this report, the Company does not
publish any additional justification for the draft resolutions of the General Meeting. So far, the
shareholders of the Company have not expressed interest in the additional discussion of the matter
of the General Meetings.
DESCRIPTION OF THE COMPANY’S INTERNAL CONTROL SYSTEMS AND RISK
MANAGEMENT WITH REGARD TO THE PROCESS OF PREPARING FINANCIAL
STATEMENTS
Due to the simplified structure and relatively limited number of financial risks, the Company’s
Management Board has not developed and introduced a written procedure of the internal control
system and risk management in the scope of preparing financial statements, however the Company
approaches the issue of financial reporting with the utmost diligence.
The Management Board of the Company is responsible for the internal control system in the
Company and its effectiveness in terms of the correctness of preparing financial statements and
periodic reports. Financial statements and periodic reports are prepared on the basis of financial
data from the financial and accounting system, where they are recorded in accordance with the
principles of the adopted accounting policy in accordance with the Accounting Act.
The control of the correctness of preparation of periodic financial statements takes place thanks to
annual financial audits conducted by independent auditors. In the reporting period, the financial
report was prepared by a professional entity – the auditing office of the „Galex” auditor, providing
accounting services for the Company on the basis of an outsourcing agreement.
By using the services of a specialized office, the Management Board received ongoing external
advice on consulting any problems related to the correct preparation of mandatory financial
statements, including quarterly, semi-annual and annual financial statements and tax issues.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 18 of 47
RESTRICTIONS AND AGREEMENTS RELATING TO VOTING RIGHTS
Such restrictions do not apply to the Company's shares.
INDICATION OF ALL RESTRICTIONS REGARDING THE TRANSFER OF OWNERSHIP OF THE
COMPANY'S SECURITIES
Restrictions regarding the transfer of ownership of the Company’s securities do not occur.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 19 of 47
VI. REMUNERATION REPORT
This remuneration report has been prepared in accordance with the remuneration principles of the
Company’s Management Board member. The member of the Management Board is remunerated
pursuant to the signed contract. The remuneration report discloses the remuneration and benefits
paid to the member of the Management Board in the financial year 2021/2022.
The remuneration report is prepared for the first time and submitted to the shareholders for approval
at the General Meeting of the Shareholders.
The Management Board of the Company consist of one member - Damian Patrowicz. The contract
of Damian Patrowicz, a member of the Management Board, was signed on 18/05/2022 and his
term of office is valid until 18/05/2025.
Management Board Members are selected by the Supervisory Board of the Company based on
their expertise in the sector the Company is operating, in addition to candidate’s leadership and
management experience is taken into account as well as the commitment to the Company. The
Management Board member is not paid any remuneration. No share options are offered to the
management.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 20 of 47
VII. FINANCIAL STATEMENTS
1. Statement of financial position
STATEMENT OF FINANCIAL POSITION Note
30/06/2022
(THOUS. EUR)
30/06/2021
(THOUS. EUR)
A
s s e t s
Fixed
assets
3 330
4 912
Long-term financial assets
4 3 330
4 912
Current assets
3 452
3 526
Short-term financial assets 4 3 368
3 440
Short-term receivables 82
85
Short-term accruals and prepayments 2
1
A s s e t s t o t a l
6 782
8 438
E q u
i
t y a n d
l
i a b i l i t i e s
E
q
u
i
t
y
6 771
6 655
Share capital 5 33 750
1 125
Share premium 0
32 444
Other reserves 292
473
Exchange differences -959
-906
Retained earnings -26 312
-26 481
L i a b i l i t i e s
11
1 783
Short
-
term liabilities
11
1 783
Trade liabilities 8 5
4
Other liabilities 8 1
1 776
Other provisions 8 5
3
E q u
i
t y a n d l
i a b i l i t i e s
t o t a l
6 782
8 438
Book
value
of equity
6 771
6 655
Number of shares
7 337 500 000
11 250 000
Book value per share (in EURO)
7 0,02
0,59
Diluted number of shares
7 337 500 000
11 250 000
Diluted book value per share (in EURO)
7 0,02
0,59
Notes to the annual statement on pages 24-46 are an integral part of the annual financial statement.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 21 of 47
2. Statement of profit or loss
STATEMENT OF PROFIT OR LOSS Note
01/07/2021 -
30/06/2022
(THOUS. EUR)
01/07/2020 -
30/06/2021
(THOUS. EUR)
Revenue from interest 9 187
76
Gross profit (loss) on sale
187
76
General and administrative costs 10 -45
-29
Other operating revenues 27
0
Profit (loss) on operating activity
169
47
Financial income 0
4
Profit (loss) before income tax
169
51
Profit (loss) for the period
7
169
51
Weighted average number of ordinary shares
7
157 839 041
75 578 767
Profit (loss) per one ordinary share
7 0,00 0,00
Weighted diluted average number of ordinary
shares
7
157 839 041
75 578 767
Diluted profit (loss) per one ordinary share
7 0,00 0,00
Notes to the annual statement on pages 24-46 are an integral part of the annual financial statement.
3. Statement of comprehensive income
STATEMENT OF COMPREHENSIVE INCOME
01/07/2021
-
30/06/2022
(THOUS. EUR)
01/07/2020
-
30/06/2021
(THOUS. EUR)
P
rofit
(
loss
)
for the period
169
51
Other comprehensive income (loss), including:
-53 -96
Exchange differences
-53 -96
Total comprehensive income
(loss)
for the period
116
-
45
Basic earnings
per share (
in
EUR)
0,00
0,00
Diluted earnings per share (
in
EUR)
0,00
0,00
Notes to the annual statement on pages 24-46 are an integral part of the annual financial statement.
4. Statement of changes in equity
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 22 of 47
STATEMENT OF CHANGES IN EQUITY
01/07/2021 -
30/06/2022
(THOUS. EUR)
01/07/2020 -
30/06/2021
(THOUS. EUR)
Opening balance of equity 6 655
8 475
Opening balance of share capital 1 125
2 750
Changes in share capital 32 625
- 1 625
a) Increases (due to): 32 625
27 500
- bonus issue 32 625
27 500
b) Decreases (due to): 0
-29 125
- redemption of own shares 0
-3 025
- increase of share premium 0
-26 100
Closing balance of share capital 33 750
1 125
Opening balance of share premium 32 444
32 594
Changes in share premium -32 444
-150
a) Increases (due to): 0
27 350
- redemption of own shares 0
1 250
- decrease of share capital 0
26 100
b) Decreases (due to): -32 444
-27 500
- bonus issue -32 444
-27 500
Closing balance of share premium 0
32 444
Opening balance of other reserve capitals 473
473
Changes in other reserve capitals -181
0
a) decreases (due to): -181
0
- bonus issue -181
0
Closing balance of other reserve capitals 292
473
Opening balance of exchange differences -906
-810
Changes in exchange differences -53
-96
Closing balance of exchange differences -959
-906
Opening balance of retained earnings -26 481
-26 532
Changes in retained earnings 169
51
a) profit/loss for the period 169
51
Closing balance of retained earnings
-26 312
-26 481
Closing balance of equity 6 771
6 655
Notes to the annual statement on pages 24-46 are an integral part of the annual financial statement.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 23 of 47
5. Cash flow statement
CASH FLOW STATEMENT
(indirect method)
NOTE
01/07/2021
-
30/06/2022
(THOUS.
EUR)
01/07/2020
-
30/06/2021
(THOUS.
EUR)
Operating activities
Profit (loss) for the period
169
51
Adjustments:
-116
-163
Other adjustments 11 0
-1 775
Difference between interest calculated and received -92
-31
Loans granted 12 -1 454
-1 961
Received repayments of the loans 12 1 374
1 829
Changes in receivables 1 828
0
Changes in liabilities -1 772
1 775
Net cash
flow
(outflow)
from
operating
activities
53
-112
Exchange differences
-53
-2
Net cash
flow
(outflow)
, total
0
-114
Change in
cash balance
0
-114
Opening balance of cash
0
114
Closing balance of cash
0
0
Notes to the annual statement on pages 24-46 are an integral part of the annual financial statement.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 24 of 47
6. Notes to the financial statements
Note 1. Accounting policies
1.1. General information
ATLANTIS SE (hereinafter referred to as the “Company” or “ATLANTIS”), a Company based on
Polish capital, operates in Estonia and Poland.
The financial statements of the Company for 2021/2022 were signed by the member of
management Board of ATLANTIS SE on 13 october 2022.
In accordance with the requirements of the Commercial Code of the Republic of Estonia, the annual
report prepared by the Management Board and approved by the Supervisory Board, which also
includes the financial statements, is approved by the general meeting of shareholders.
Shareholders have the right not to approve the annual report prepared by the Management Board
and approved by the Supervisory Board and to request that a new report is prepared.
1.2. Basis of preparation of financial statements
The Company’s 2021/2022 annual financial statements have been prepared in conformity of
International Financial Reporting Standards as endorsed in the European Union (“IFRS (EU)”. The
Company has consistently applied the accounting policies throughout all periods presented, unless
stated otherwise.
The annual financial statements for 2021/2022 have been prepared on a going concern basis.
The preparation of annual financial statements in conformity with IFRS (EU) requires the use of
certain critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Company’s accounting policies. Changes in assumptions may have a
significant impact on the financial statements in the period the assumptions changed. The
management of the Company believes the underlying assumptions in the preparation of annual
financial statements for 2021/2022 are appropriate.
These annual financial statements consist of statements of financial position, statement of profit or
loss, statement of comprehensive income, statement of changes in equity, statement of cash flows,
and explanatory notes.
The annual financial statements are presented in euros and all values are rounded to the nearest
thousand (€000), except when otherwise indicated.
The original annual financial statements of the Company have been prepared is English. In case
of the conflict with Polish or Estonian translation, the English version shall prevail.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 25 of 47
1.3. Functional and reporting currency
The functional currency of the Company is Polish zloty (PLN) and reporting (presentational)
currency is euro (EUR).
Balance sheet items are calculated according to the exchange rate announced by the European
Central Bank as at the balance sheet day.
Items in the statement of profit or loss and in the cash flow statement are converted at the exchange
rate being the arithmetic average exchange rate published by the European Central Bank for the
financial year.
1.4. Accounting policies, changes in accounting estimates and errors (IAS 8)
When an IFRS (EU) specifically applies to a transaction, other event, or condition, the accounting
policy or policies applied to that item shall be determined by applying the IFRS (EU). In the absence
of an IFRS (EU) that specifically applies to a transaction, other event or condition, management
shall use its judgement in developing and applying an accounting policy that results in information
that is relevant to the economic decision-making needs of users and reliable.
The Company selects and applies its accounting policies consistently for similar transactions, other
events, and conditions, unless an IFRS (EU) specifically requires or permits categorization of items
for which different policies may be appropriate. If an IFRS (EU) requires or permits such
categorization, an appropriate accounting policy shall be selected and applied consistently to each
category.
The Company changes an accounting policy only if the change is required by IFRS (EU) or results
in the financial statements providing reliable and more relevant information about the effects of
transactions, other events, or conditions on the entity’s financial position, financial performance or
cash flows. When a change in accounting policy is applied retrospectively the Company adjusts
the opening balance of each affected component of equity for the earliest prior period presented
and the other comparative amounts disclosed for each prior period presented as if the new
accounting policy had always been applied.
The effect of a change in an accounting estimate shall be recognized prospectively by including it
in profit or loss in the period of the change, if the change affect that period only or the period of the
change and future periods, if the change affects both.
The Company corrects material prior period errors retrospectively in the first set of financial
statements authorized for issue at their discovery by restating the comparative amounts for the
prior period(s) presented in which the error occurred; or if the error occurred before the earliest
prior period presented, restating the opening balances of assets, liabilities and equity for the earliest
prior period presented.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 26 of 47
1.5. Impact of new and revised standards and interpretations
The accounting policies applied in the preparation of these financial statements are the same as
those used by the Company in the financial statements for the year ended 30 June 2021.
Revised standards effective on or after 1 January 2022
Certain new or revised standards and interpretations have been issued that are mandatory for the
Company’s annual reporting periods beginning on or after 1 January 2022 and that have not been
adopted by the Company ahead of effective date.
Amendments to the Conceptual Framework for Financial Reporting (amendments to IFRS 3) - The
amendments update the obsolete reference to the conceptual framework in IFRS 3 without
substantially changing the requirements of the standard. Effective for annual reporting periods
beginning on or after 1 January 2022. The EU has approved the changes.
Definition of Accounting Estimates (amendments to IAS 8) - The amendment replaces the definition
of a change in accounting estimates with the definition of accounting estimates. According to the
new definition, accounting estimates are "monetary amounts in financial statements that are subject
to measurement uncertainty". Entities should develop accounting estimates when the accounting
policies require the measurement of items in the financial statements that are subject to
measurement uncertainty. The amendments clarify that a change in an accounting estimate
resulting from new information or new developments is not a correction of an error. Effective for
annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
Classification of liabilities as current or non-current (amendments to IAS 1) - The amendments are
aimed to promote consistency in applying the requirements by helping the companies determine
whether liabilities and other liabilities with uncertain settlement dates should be classified as current
(to be settled within 12 months) or non-current. The amendments clarify what is meant by the right
to defer settlement; that a right to deferral must exist at the end of the reporting period; that
classification is unaffected by the likelihood that an entity will exercise its deferral right and that
only if the embedded derivative in a convertible liability is itself an equity instrument would the terms
of a liability not impact its classification. Effective for annual reporting periods beginning on or after
1 January 2023. The EU has approved the changes.
Disclosure of Accounting Policies (amendments to IAS 1) - The amendments require an entity to
disclose its material accounting policies instead of significant accounting policies. The additional
amendments clarify how an entity can determine a material accounting policy. Examples are
provided where the accounting policy is likely to be material. Effective for annual reporting periods
beginning on or after 1 January 2023. Not yet endorsed for use in the EU.
The Company does not expect the amendments to have a material impact on its financial
statements when initially applied.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 27 of 47
Other new standards, amendments to standards and interpretations that are not yet effective are
not expected to have a significant impact on the Company’s financial statements.
1.6. Financial assets (IFRS 9, IAS 32)
Classification
The Company classifies financial assets into the following measurement categories:
those at fair value (either through other comprehensive income or through profit or loss);
those carried at amortised cost.
The classification depends on the Company's business model for managing its financial assets and
the contractual terms of the cash flows.
Registration and derecognition
Purchases and sales of financial assets under normal market conditions are recognized on the
trade date, the date on which the Company commits to purchase or sell the asset. Financial assets
are derecognised when the rights to receive cash flows from the asset have expired or have been
transferred and the Company has transferred substantially all risks and rewards of ownership.
Measurement
Financial assets (unless they are receivables from a buyer that does not have a significant financing
component and are initially measured at transaction price) are initially measured at fair value and
in the case of assets not measures at fair value through profit or loss, related acquisition costs of
assets are added to the initial value.
Debt instruments
Subsequent recognition of debt instruments depends on the Company's business model for
managing its financial assets and the contractual cash flows of the financial assets. Assets held for
the purpose of collecting contractual cash flows that have only cash flows and interest payable are
recognised at amortised cost using the effective interest rate method. Impairment losses are
deducted from the adjusted acquisition cost. Interest income, foreign exchange gains and losses
and impairment losses are recognised in the income statement.
Gains or losses on derecognition are recognised in the income statement under “Other operating
income / expense”. As of 30 June 2021 and 30 June 2022 and during 2021/2022, financial assets
of the Company were classified as at amortised cost.
Impairment of financial assets
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 28 of 47
The impairment loss model is applied to financial assets at amortized cost. Financial assets carried
at amortized cost consist of loan receivables, other receivables, cash and cash equivalents.
Expected credit losses are probability-weighted estimated credit losses. Credit loss is the difference
between the contractual cash flows of the Company and the expected cash flows of the Company,
discounted at the original effective interest rate.
Measurement of expected credit loss takes into account: (i) an unbiased and probabilistic amount
that estimates a number of different outcomes, (ii) the time value of money and (iii) reasonable and
reasonable information available at the end of the reporting period conditions and forecasts of
future economic conditions.
The Company measures impairment as follows:
cash and cash equivalents at low credit risk (senior management considers a low credit risk
assessment of at least one of the major credit rating agencies) to be equivalent to expected
credit losses within 12 months;
for all other financial assets, the amount of credit losses expected to be incurred over a 12-
month period, unless the credit risk (i.e. the expected life of the financial asset in default)
has increased significantly after initial recognition; if the risk is significantly increased, the
credit loss is measured at an amount equal to the expected credit loss over a lifetime.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. Loans and receivables are initially recognised at their fair value
plus transaction costs. After initial recognition, loans and receivables are carried at amortised cost
using the effective interest rate method. This method is used to calculate interest income on the
receivable in subsequent periods. Financial assets are adjusted for impairment losses.
Impairment is based on expected credit loss. The principle of expected credit loss is to show the
overall trend in the deterioration or improvement in the credit quality of a financial asset. Impairment
losses on financial assets classified at amortised cost are recognised as a provision for impairment.
Expected credit losses are probability-weighted estimated credit losses that, at the reporting date,
consider all relevant information, including information about past events, current conditions,
reasonable and reasonable future events, and forecasts of economic conditions. At the end of each
reporting period, the Company conducts a review to determine whether there has been a material
increase in risk compared to the last estimate. Indicators of increased credit risk include, but are
not limited to, overdue payments over 30 days, significant financial difficulties of the debtor,
possible bankruptcy or restructuring of the debtor. Impairment charges are recognised in the
income statement under “Other operating expenses”. If receivables are uncollectible, they are
written off together with a provision for impairment.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 29 of 47
Receivables are generally recognised as current assets when they are due to be settled within 12
months after the balance sheet date. Receivables that are due later than 12 months after the
balance sheet date are recognised as non-current assets. Financial assets that do not include SPPI
(Solely Payment of Principal and Interest) cash flows are recognised at fair value through profit or
loss.
Information on financial instruments
30/06/2022
Classes of financial instruments
Fair
value
through
compreh
ensive
income
Fair
value
through
the
financial
Amortized
cost
Financial
liabilities
measured at
amortized
cost
Total
Total financial assets
0
0
6 78
2
0
6 78
2
Loans granted 0
0
6 698
0
6 698
Receivables from deliveries and
services and other receivables 0
0
84
0
84
Total financial liabilities
0
0
0
11
11
Other liabilities 0
0
0
11
11
30/06/2021
Classes of financial instruments
Fair
value
through
compreh
ensive
income
Fair
value
through
the
financial
Amortized
cost
Financial
liabilities
measured at
amortized
cost
Total
Total financial assets
0
0
8 437
0
8 437
Loans granted 0
0
8 352
0
8 352
Receivables from deliveries and
services and other receivables 0
0
85
0
85
Total financial liabilities
0
0
0
1
783
1
783
Other liabilities 0
0
0
1 783
1 783
Professional judgment
If a given transaction is not regulated by any standard or interpretation, the Management Board,
guided by its subjective judgment, determines and applies accounting policies which will ensure
that the financial statements will contain correct and reliable information and will:
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 30 of 47
correctly, clearly and fairly present the property and financial situation of the Company, the
results of its activities and cash flows,
reflect the economic content of the transaction,
objective,
prepared in accordance with the principle of prudent valuation,
complete in all material respects.
When valuating the loans, the debtor's solvency is taken into account. We take into account the
risk of non-repayment. If there is no risk of repayment, we value the loans at their nominal value.
There are conducted proper analysis.
The Management Board makes decisions considering all the potential consequences of its
decisions. Hence, the decision-making process is based on multi-stage analysis of, inter alia,
borrowers' collaterals.
Uncertainty of estimates
When applying the accounting principles in force in the Company, the Management Board is
obliged to make estimates, judgments and assumptions regarding the amounts of valuation of
individual assets and liabilities. The estimates and related assumptions are based on historical
experience and other factors considered relevant. The actual results may differ from the adopted
estimated values. The preparation of the financial statements requires the Management Board of
the Company to make estimates, as much of the information contained in the financial statements
cannot be measured precisely. The Management Board verifies the adopted estimates based on
changes in the factors considered when making them, new information or past experiences.
Therefore, the estimates made as at June 30, 2022 may be changed in the future.
In the report for 2021/2022, the Management Board assesses that there are no other significant
areas with regard to which there is a risk related to uncertainty of estimates.
1.7. Cash and cash equivalents, cash flows (IAS 7)
Cash and cash equivalents are cash at bank and on hand, short-term extremely high liquidity
investments (up to three months) that are readily convertible into a known amount of cash and
which are subject to an insignificant risk of changes in value.
The statement of cash flows reports cash flows during the period classified by operating, investing
and financing activities. The Company reports cash flows from operating activities using the indirect
method whereby net profit or loss is adjusted for the effects of transactions of a non-cash nature,
any deferrals or accruals of past or future operating cash receipts or payments, and items of income
or expense associated with investing or financing cash flows.
1.8. Share Capital (IAS 1)
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 31 of 47
Ordinary shares are included within equity. The expenditures related to the issue of ordinary shares
are recognised as a reduction of equity. Treasury shares repurchased by the parent company are
recognised as a reduction of equity (in the line item “Treasury shares”). Disbursements and
contributions related to treasury shares are recognised in equity.
1.9. Share premium (IAS 1)
The differences between the fair value of the payment received and the nominal value of shares
are recognized in the share premium. In the event of buyout of shares, the amount paid for the
shares is charged to equity and is disclosed in the statement of financial position under equity.
The costs of issuing shares, incurred when establishing a joint-stock company or increasing the
share capital, reduce the entity's supplementary capital to the amount of the excess of the issue
value over the par value of the shares, and the remaining part is classified as financial costs.
1.10. Statutory reserve capital (IAS 1)
Reserve capital is formed to comply with the requirements of the Commercial Code of the Republic
of Estonia. During each financial year, at least 5% of the net profit shall be transferred to reserve
capital until reserve capital reaches one-tenth of share capital. Reserve capital may be used to
cover a loss or to increase share capital. Payments shall not be made to shareholders from reserve
capital. In the statement of financial position statutory reserve is recognised in Other reserves.
1.11. Earnings per share (IAS 33)
Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary
equity holders of the Company by the weighted average number of shares outstanding during the
year. Diluted earnings per share is calculated by dividing the profit attributable to equity holders of
the Company (after adjusting for interest on the convertible preference shares) by the weighted
average number of shares outstanding during the year plus the weighted average number of shares
that would be issued on conversion of all the dilutive potential shares into shares.
1.12. Financial liabilities (IFRS 9, IAS 32)
All financial liabilities (trade payables, other short and long-term liabilities, borrowings, etc.) are
initially recognised at their fair value, less any transaction costs. They are subsequently recognised
at amortised cost, using the effective interest rate method.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 32 of 47
The amortised cost of the current financial liabilities generally equals their nominal value; therefore
current financial liabilities are stated in the statement of financial position at redemption value. To
calculate the amortised cost of non- current financial liabilities, they are initially recognised at fair
value of the proceeds received (net of transaction costs incurred) and an interest expense is
calculated on the liability in subsequent periods using the effective interest rate method.
A financial liability is classified as current when it is due to be settled within 12 months after the
balance sheet date or the Company does not have an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date. Interest-bearing liabilities that are due
within 12 months after the balance sheet date, but which are refinanced after the balance sheet
date as long-term, are recognised as short-term interest-bearing liabilities. Also, borrowings are
classified as short-term if the lender had at the balance sheet date the contractual right to demand
immediate payment of the borrowing due to the breach of conditions set forth in the agreement.
1.13. Provisions and contingent liabilities (IAS 37)
Provisions are recognized when the Company has a present obligation (legal or constructive)
because of a past event it is probable that the Company will be required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the end of the reporting period, considering the risks and uncertainties
surrounding the obligation. When a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows (when the effect
of the time value of money is material).
When some or all the economic benefits required to settle a provision are expected to be recovered
from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement
will be received.
Contingent liabilities
Contingent liabilities are those liabilities the realization of which is less probable than non-
realization or the amount of which cannot be measured sufficiently reliably. The Company does not
recognize contingent liabilities but discloses brief description of the nature of the contingent liability
and, where practicable an estimate of its financial effect; an indication of the uncertainties relating
to the amount or timing of any outflow; and the possibility of any reimbursement unless the
possibility of any outflow in settlement is remote.
1.14. Revenue recognition (IFRS 15)
Interest income
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 33 of 47
Interest income is recognized when it is probable that the economic benefits associated with the
transaction will flow to the Company and the amount of the revenue can be measured reliably.
Interest income is recognized on an accrual basis.
1.15. Operating segments (IFRS 15, IFRS 8)
A segment is a distinguishable component of the Company, which generates revenues and incurs
expenditures. The segment reporting is presented in respect of operating and geographical
segments. The company operates in only one business area, therefore the segment reporting is
not relevant.
1.16. Income tax (IAS 12)
Corporate income tax in Estonia
According to the Income Tax Act entered into force in Estonia at 1 January 2000, it is not the
company's profits that are taxed but net dividends paid. Income tax is paid on dividends, fringe
benefits, gifts, donations, costs of reception of guests, non-business payments and transfer price
adjustments. The effective income tax rate is 20/80 on net dividends paid out. Starting from 2019,
it is possible to apply a more favorable tax rate on dividend payments (14/86). The more favorable
tax rate can be applied to a dividend distribution that amounts to up to three preceding years’
average dividend distribution that has been taxed at 20/80 rate.
1.17. Related parties (IAS 24)
A related party is a person or entity that is related to the entity that is preparing its financial
statements. A related party transaction is a transfer of resources, services, or obligations between
a reporting entity and a related party, regardless of whether a price is charged. Such transactions
could have an effect on the profit or loss and financial position of the Company. For this reason,
knowledge of the Company’s transactions, outstanding balances, including commitments, and
relationships with related parties may affect assessments of its operations by users of financial
statements, including assessments of the risks and opportunities facing the Company.
The Company discloses the related party relationship when control exists, irrespective of whether
there have been transactions between the related parties.
The Company considers key members of the management (payments for remuneration and
management board), their close relatives and entities under their control or significant influence as
well as associated companies as related parties.
1.18. Events after the reporting period (IAS 10)
Events after the reporting period are those events, favorable and unfavorable, that occur between
the end of the reporting period and the date when the financial statements are authorized for issue.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 34 of 47
Events after the reporting period are those that provide evidence of conditions that existed at the
end of the reporting period (adjusting events after the reporting period) and those that are indicative
of conditions that arose after the reporting period (non-adjusting events after the reporting period).
Note 2. Financial risks
Granted loans
The Company makes investments in the form of loans granted to related parties. These loans
involve the risk of possible insolvency of entities to whom loans were granted. The Company points
out that it undertakes a number of activities to prevent this risk, in particular through proper
verification of entities and their operations, as well as by obtaining collateral for the most important
portfolio positions, i.e., mortgage collateral.
Objectives and principles of financial risk management
The Company is exposed to the following types of risk resulting from the use of financial
instruments: credit risk, market risk, liquidity risk, interest rate risk. The Management Board is
responsible for establishment of risk management in the Company as well as for supervision of its
respecting. Risk management principles in the Company aim at identification and analysis of risks
to which the Company is exposed, setting out the proper limits and control as well as monitoring of
risk and level of limits adjusted to it.
Credit risk
Credit risk is the risk of incurring a financial loss by the Company when the customer or the other
party to the contract for a financial instrument fails to comply with the obligations arising from the
contract. Credit risk is mainly associated with receivables. The Company's exposure to credit risk
is mainly due to the individual characteristics of each client. The company monitors its receivables
on an ongoing basis. The Company creates impairment losses that correspond to the estimated
value of losses incurred on trade and other receivables and on investments. The purpose of the
Company's credit policy is to maintain financial liquidity ratios at a safe high level, timely payment
of liabilities to suppliers and minimization of costs related to servicing bank liabilities. The policy of
managing liabilities and receivables from suppliers and customers is also used to minimize the use
of bank loans and related financial costs. Its purpose is to agree the terms of mutual payments in
such a way that, while complying with the principle of timely fulfilment of own obligations, also use
a trade credit.
The maturity dates of assets as at 30/06/2022
Maturity dates
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 35 of 47
30/06/2022 in thous. EUR
Total
< 1 year 1-2 years 2-3 years
Above 3
years
Loans granted
6 698
3 368
283
3 047
0
Other receivables
84
84
0
0
0
Total
6 782
3 452
283
3 047
0
The maturity dates of assets as at 30/06/2021
Maturity dates
30/06/2021 in thous. EUR
Total
< 1 year 1-2 years
2-3 years
Above 3
years
Loans granted
8 352
3 440
396
283
4 233
Other receivables
86
86
0
0
0
Total
8 438
3 526
396
283
4 233
Entities to which Company provides financing are related entities, therefore there is no particular
type of control. Related entities received loans to invest in the capital market or grant further loans.
Interest rate risk
The Company invests free cash in short-term deposits with a variable interest rate. All such
investments have a maturity of up to one year. The Company did not apply interest rate hedges,
considering that the interest rate risk is not significant.
At the balance sheet date, the interest rate structure of the Company’s interest bearing financial
instruments were as follows:
Borrower Interest rate
Fixed/variable interest
rate
DAMAR PATRO UU 2,5% - 8% Fixed
PATRO ADMINISTRACJA SP. Z
O.O.
2,5% / WIBOR 1M + 0,5% Fixed / Variable
FON SE WIBOR 1M + 0,5% Variable
PATRO INVEST OU WIBOR 1M + 0,5% / 2,5% - 8% Variable / Fixed
The Company has no significant interest-bearing liabilities.
The Company's income and operating cash flows are dependent of changes in market interest
rates, because some of the contracts are concluded at variable interest rates. If the variable interest
rate as at 30/06/2022 were higher/lower by 1 percentage point, the Company’s profit for the
financial year would have increased/decreased by EUR 41 thous./EUR 27 thous. (30/06/2021: EUR
74 thous./EUR 50 thous.), assuming all other variables remained constant.
Liquidity risk
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 36 of 47
Liquidity risk is the risk of difficulties in meeting the obligations of the Company related to financial
liabilities, which are settled through the release of cash or other financial assets. The liquidity
management by the Company consists in ensuring, to the highest degree possible, that the
Company always has sufficient liquidity to settle the required liabilities. The Company has enough
resources to cover the expected operating expenses and to service financial liabilities.
The maturity dates of liabilities as at 30/06/2022
Maturity dates
30/06/2022 in thous. EUR Total < 1 year 1-2 years 2-3 years Above 3 years
Trade liabilities
5
5
0
0
0
Other liabilities
6
6
0
0
0
Total
11
11
0
0
0
The maturity dates of liabilities as at 30/06/2021
Maturity dates
30/06/2021 in thous. EUR Total < 1 year 1-2 years 2-3 years Above 3 years
Trade liabilities
4
4
0
0
0
Other liabilities
1 779
1 779
0
0
0
Total
1 783
1 783
0
0
0
Risk related to related parties
There are interpretations indicating the possibility of risk arising from the negative impact of links
between members of the Company's bodies on their decisions. This applies in particular to the
impact of these ties in the scope of ongoing supervision over the Company's operations. When
assessing the likelihood of such risk, it should be considered that the supervisory bodies are subject
to the control of another body - the General Meeting, and it is in the interest of the members of the
Supervisory Board to perform their duties in a reliable and lawful manner.
Risk of shares price’s fluctuations and limited liquidity
An inherent feature of market trading is fluctuations in share prices and short-term fluctuations in
turnover. It might result in possible sale or purchase of the qualifying holding of the Company’s
shares will relate to a necessity to accept significantly less favourable price than the reference
price. The Company cannot also exclude significant, temporary limitations of liquidity, which may
significantly hamper the sale or purchase of the Company’s shares.
Risk related to the shareholder structure
As at the balance sheet date (30/06/2022), 51,87% of the share capital and 51,87% of votes at the
Company’s General Meeting owned directly Patro Invest OU, as a result of which the above-
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 37 of 47
mentioned Shareholder has a significant influence on the adopted resolutions at the General
Meeting of the Company’s Shareholder.
Risk related to the economic situation in Poland and Estonia
The economic situation in Poland and Estonia have a significant impact on the financial results
achieved by all entities operating in these countries, including the Company, because the success
of the development of companies investing in financial instruments and conducting financial
services activities largely depends on the conditions of running a business. Rising inflation may
also have an impact on the business situation because it may have an impact on the level of interest
rates.
Currency risk
The Company do not own significant financial instruments whose fair value and future cash flow
related to them may fluctuate due to changes in currency exchange rates. Therefore, the impact of
changes in exchange rates on the Company's results was not estimated. There is a currency risk
in connection with the loans granted in PLN. The risk related to the possibility of fluctuations in the
exchange rate of one currency in relation to another may lead to both deterioration of the financial
situation of the entity and its improvement as a result of a decrease in a given receivable or an
increase in this receivable. Financial assets and liabilities recognized in euros and polish zloty did
not carry considerable risk.
Risk resulting from influence of the SARS-CoV-2 coronavirus epidemic on the Company
activity
Due to the type of business, the Company is moderately exposed for negative consequences of
the coronavirus SARS-CoV-2 epidemic that causes COVID-19 disease. The Company, after
analysing the current situation related to the coronavirus SARS-CoV-2 epidemic, causing COVID-
19, and its potential impact on the Company's operations - indicates that as at the date of
publication of the report, they do did not notice any impact of above-mentioned situation on the
Company’s activity.
Risk related to the armed conflict in Ukraine
Due to the ongoing armed conflict in Ukraine, the Company's operations are moderately exposed
to the consequences of the war. As at the date of publication of the report, the Company does not
anticipate extending the conflict beyond the territory of Ukraine therefore, no impact on the
operating activities of the Company is expected.
ASSESSMENT
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 38 of 47
As at the day of preparation of the annual report, the Management Board according to their best
knowledge, does not recognize any threat in terms of fulfilling his obligations and financial liquidity.
The Company settles its liabilities systematically and has not taken any credits or loans taken or
other significant obligations. The Company dedicates its financial resources for conducted lending
activity and intends to develop this activity gradually. Possible surpluses are located on temporary
deposits in safe banks. Because of the fact that the main activity of the Company is the granting of
loans, the proper and prompt fulfilment of the contractual obligations of the borrowers has a
significant impact on the Company's results and maintaining.
CHARACTERISTIC OF EXTERNAL AND INTERNAL FACTORS
Considering the specifics of the activity, i.e., financial service activities in the field of granting loans,
results are significantly influenced by:
the general situation on the loan market and level of interest rates,
the proper fulfilment by the Borrowers of their obligations resulting from concluded loan
agreements, as well as the progress of the enforcement procedure and the collection of
overdue loans if such agreements occur,
efficiency of administrative and legal procedures,
opportunity to gain possible borrowers,
the economic situation and investment conditions in Poland, Estonia and the entire region,
access to external financing sources,
cooperation with other financial entities.
Note 3. Capital management
The main objective of Company when managing the capital is protection of company ability to run
its operative activities. The Company complies with regulations regarding share capital included in
Estonia Commercial Code, especially with regulations concerning decreasing of assets.
To maintain or adjust the capital structure, Atlantis SE may issue new shares, decide to transfer
the profit to appropriate reserve (legal or prescribed by the articles of association), use debt
financing or sell assets for debt reduction. The Company manages its capital in order to maintain
the ability to continue operations, including the implementation of planned investments, so that it
can generate returns for shareholders. In line with market practice, the Company monitors capital,
among others, based on the equity ratio and the loans and other sources of financing / EBITDA
ratio. The equity ratio is calculated as the ratio of the net asset value to the balance sheet total.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 39 of 47
The debt / EBITDA ratio is calculated as the ratio of liabilities due to credits, loans and financial
leases minus free cash and short-term investments with maturity of up to 1 year to EBITDA (net
profit after adding depreciation). In order to maintain financial liquidity and creditworthiness allowing
for obtaining external financing at a reasonable level of costs, the Company assumes maintaining
the equity ratio at a level not lower than 0.5, while the ratio: credits, loans and other sources of
financing / EBITDA at the level of up to 2.0.
Specification
30/06/2022
(thous. EURO)
30/06/2021
(thous. EURO)
Equity
6 771 6 655
Net value of assets
6 771 6 655
Balance sheet total
6 782 8 438
Equity ratio
1,00 0,79
Net profit/loss
169 51
EBITDA
169 51
Loans and other sources of financing
11 1 783
Free cash and short-term investments
3 368 3 440
Ratio: Credits, loans and other sources of
financing/EBITDA
0,07 34,96
Equity ratio = equity / assets
EBITDA = Net income + taxes + interest expenses + deprecation
Free cash and short-term investment = short term investments + cash
Note 4. Financial assets
As at 30/06/2022
Borrower
During 12
months.
(thous.
EUR)
1
-
5
years
(thous.
EUR)
Interest rate
Currency
of the loan
granted
Repayment
date
Collaterals
PATRO
ADMINISTRACJA SP.
Z O.O.
559 0
2,5% PLN
05.2022 -
05.2023
Blank promissory
note with note
agreement
PATRO
ADMINISTRACJA SP.
Z O.O.
0 302
WIBOR 1M + 0,5% PLN 12.2024
Blank promissory
note with note
agreement
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 40 of 47
PATRO INVEST OU
1 398 0
2,5% - 8% PLN
09.2022 –
06.2023
Blank promissory
note with note
agreement
PATRO INVEST OU
0 3
WIBOR 1M + 0,5% PLN 12.2024
Blank promissory
note with note
agreement
DAMAR PATRO
UU
1 351 283
2,5% EUR
02.2023 –
10.2023
Blank promissory
note with note
agreement
DAMAR PATRO
UU
60 0
8% PLN 06.2023
Blank promissory
note with note
agreement
FON SE
0 2 742
WIBOR 1M + 0,5% PLN 12.2024
Blank promissory
note with note
agreement
TOTAL 3 368 3 330
As at June 30, 2022 all loans were granted for related entities and are disclosed in note 12.
As at 30/06/2021
Borrower
During 12
months.
(thous.
EUR)
1
-
5
years
(thous.
EUR)
Interest rate
Currency
of the loan
granted
Repayment
date
Collaterals
DAMAR PATRO
UU
1 005 590 2,5% EUR
02.2022 –
10.2023
Blank promissory
note with note
agreement
PATRO
ADMINISTRACJA SP.
Z O.O.*
475 89 2,5% PLN
05.2022 –
05.2023
Blank promissory
note with note
agreement
FON SE 322 3 928 WIBOR 1M + 0,5% PLN 12.2024
Blank promissory
note with note
agreement
PATRO INVEST OU* 1 638 0 WIBOR 1M + 0,5% PLN 09.2021
Blank promissory
note with note
agreement
PATRO
ADMINISTRACJA SP.
Z O.O.*
0 305 WIBOR 1M + 0,5% PLN 12.2024
Blank promissory
note with note
agreement
TOTAL 3 440 4 912
* The loan is taken out by Patro Invest OU and acquired by Patro Administracja Sp. z o.o. in connection with
the Assignment of claims. On September 1, 2021, as a result of the debt acquisition agreement concluded
by Patro Administracja sp.z o.o. from Patro Invest OU for the amount of EUR 869 thous, the new debtor of
Atlantis SE as at June 30, 2021 was Patro Administracja sp.z o.o.
As at June 30, 2021 all loans were granted for related entities and are disclosed in note 12.
Note 5. Share capital
Share capital
30
/
06
/
2022
(thous EUR)
30
/
06
/
2021
(thous EUR)
Opening balance of share capital 1 125
2 750
Increase / decrease of share capital 32 625
-1 625
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 41 of 47
Closing balance of share capital 33 750
1 125
On 18/01/2022, the Business Register (Äriregister), competent for Estonia's law, registered the
amendments to the Articles of Association resulting from the resolutions adopted at the Ordinary
General Meeting of Shareholders on 07/01/2022. The share capital of the Company was increased
by way of a bonus issue of shares by increasing the share capital by EUR 32.625.000 at the
expense of the share premium, which was reduced about EUR 32.625.000. The number of shares
was increased from 11 250 000 into 337 500 000.
As at the balance sheet date, 30/06/2022, the Company’s equity is less than 50% of the share
capital and does not comply with the requirements of § 301 of the Commercial Code of Estonian.
The Management Board of ATLANTIS SE will propose to the general meeting to reduce the share
capital of the Company.
Note 6. Shareholding structure
As at 30/06/2022 according to the best knowledge of the Management Board, the structure of direct
and indirect shareholders holding at least 5% of the total number of votes at the General Meeting
of was as follows:
30/06/2022
No.
Shareholder
N
umber of
shares
% of shares
N
umber of
votes
% of votes
1 Patro Invest OU 175 069 000 51,87 175 069 000 51,87
x
Total 337 500 000 100 337 500 000 100
* Damian Patrowicz holds 100% of Patro Invest OU shares.
As at the of publication of the report, the Shareholder Patro Invest OU holds 175 069 000 shares
constituting 51,87% of the Company’s share capital and votes at the General Meeting of
Shareholders.
As at 30/06/2021 according to the best knowledge of the Management Board, the structure of direct
and indirect shareholders holding at least 5% of the total number of votes at the General Meeting
of was as follows:
30/06/2021
No.
Shareholder
N
umber of
shares
% of shares
N
umber of
votes
% of votes
1 Patro Invest OU 5 626 400 50,003 5 626 400 50,003
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 42 of 47
x
Total
11
250 000
100
11
250 000
100
* Damian Patrowicz holds 100% of Patro Invest OU shares.
As at the of publication of the report, the Shareholder Patro Invest OU holds 5 626 400 shares
constituting 50.003% of the Company’s share capital and votes at the General Meeting of
Shareholders.
Note 7. Book value per share and profit per share
B
ook value per share
As at 30
/
06
/
2022
(in thous EUR)
As at 30
/
06
/
202
1
(in thous EUR)
Book value (in thous EUR) 6 771
6 655
Number of shares (pcs) 337 500 000
11 250 000
Book value per share (in EUR) 0,02
0,59
Diluted number of shares (pcs) 337 500 000
11 250 000
Diluted book value per share (in EUR) 0,02
0,59
Weighted average number of shares (pcs) 157 839 041
75 578 767
Profit/loss for 12 months (in thous EUR) 169
51
Profit/Loss per one ordinary share (in EUR)
0,00
0,00
Diluting factors did not occur, and the weighted average number of shares equals the diluted
number of shares.
Note 8. Short-term liabilities
Short-term liabilities
30
/06/
2022
(thous. EUR)
30
/06/2021
(thous. EUR)
a) other liabilities, including:
1
1 776
- related entities (note 12)
0
1 775
- others
1
1
b) trade liabilities toward other entities
5
4
c) other reserves
5
3
Short
-
term liabilities, total
11
1 783
Trade liabilities and liabilities to the related entities are not interest-bearing. Liabilities due to taxes,
duties, insurances and other benefits are not interest-bearing and settled on monthly basis.
Note 9. Revenue
INFORMATION ON REVENUES AND RESULTS FOR EACH INDUSTRY SEGMENT
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 43 of 47
In accordance with the requirements of IFRS 8, operating segments should be identified based on
internal reports on those elements of the Company that are regularly verified by persons deciding
about allocating resources to a given segment and assessing its financial results.
The Company’s main activity is granting loans, there are no other activities, segment reporting is
not applicable.
Sales to related entities are described in the note 12.
Revenue by geographical regions (location of customer):
Geographical area for financial activities
01
/
07
/
2021
-
30
/
06
/
2022
(thous. EUR)
01
/
07
/
202
0
-
30
/
06
/
202
1
(thous. EUR)
Estonia 164 75
Poland 23 1
Total
187
76
INFORMATION ON LEADING CUSTOMERS
In the period 01/07/2021-30/06/2022 the Company achieved revenue from transactions with a
single client exceeding 10% of the entity’s total revenues:
Client no. 1 – 51,34 % of total revenues
Client no. 2 – 20,86 % of total revenues
Client no. 3 – 15,51 % of total revenues
Client no. 4 – 12,30 % of total revenues
In the period 01/07/2020-30/06/2021 the Company achieved revenue from transactions with a
single client exceeding 10% of the entity’s total revenues:
Client no. 1 – 45,49 % of total revenues
Client no. 2 – 30,92 % of total revenues
Client no. 3 – 23,59 % of total revenues
Note 10. Costs by type
Costs by type
01
/
07
/
2021
-
30/06/2022
(thous. EUR)
01
/
07
/
202
0
-
30/06/2021
(thous. EUR)
Net revenue
01/07/2021-30/06/2022
(thous. EUR)
01/07/2020-30/06/2021
(thous. EUR)
Revenue from interest 187
76
Net revenue, total
187
76
-
including: from related entities
187
76
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 44 of 47
a) external services
-23
-29
b) taxes and fees
-22
0
General
and
administrative
costs
, total
-
45
-
29
Note 11. Explanatory note to the cash flow statement – other adjustments
Balance as at 30/06/2021
The entry "other adjustments" from business activities in the period 2020/2021 in the amount of
EUR 1,775 thousand consists of a reduction of the share capital. No payments had been made by
the balance sheet date.
Note 12. Balances and transactions with related parties
Relations between members of Company’s bodies
The Parent Company: Patro Invest OÜ in Tallinn (directly), Damian Patrowicz (indirectly by Patro
Invest OÜ)
The Management Board:
Damian Patrowicz – Member of the Supervisory Board: ELKOP SE, INVESTMENT
FRIENDS SE, DAMF INWESTYCJE S.A. Chairman of the Management Board FON SE,
INVESTMENT FRIENDS CAPITAL SE, ATLANTIS SE, Chairman of the Management
Board PATRO INWESTYCJE SP. Z O.O., PATRO INVEST OÜ, Patro Administracja Sp. z
o.o. Is a shareholder of Patro Invest OÜ. Mr. Patrowicz is a general partner in Damar
Patro UÜ and shareholder of Patro Invest Sp. z o.o. in liquidation.
The Supervisory Board:
Wojciech Hetkowski - Member of the Supervisory Board: ELKOP SE, ATLANTIS SE, FON
SE, INVESTMENT FRIENDS CAPITAL SE, INVESTMENT FRIENDS SE,
Małgorzata Patrowicz - Member of the Supervisory Board: ELKOP SE, ATLANTIS SE, FON
SE, INVESTMENT FRIENDS CAPITAL SE, INVESTMENT FRIENDS SE. Member of the
Supervisory Board: PATRO INWESTYCJE SP. Z O.O.. Mrs. Małgorzata Patrowicz is also
member of the Management Board of Patro Administracja Sp. z o.o.?
Martyna Patrowicz – Member of the Supervisory Board: ELKOP SE, ATLANTIS SE, FON
SE, INVESTMENT FRIENDS CAPITAL SE.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 45 of 47
Jacek Koralewski – Chairman of the Management Board ELKOP SE, Member of the
Supervisory Board: ATLANTIS SE, FON SE, INVESTMENT FRIENDS SE, INVESTMENT
FRIENDS CAPITAL SE.
Transactions and balances with related parties:
As at June 30, 2022 all loans were granted to related entities and are described in note 4.
As at June 30, 2022 there are not any loans received from related entities.
The Company did not grant warranties for any entities.
As at June 30, 2021 all loans were granted to related entities and are described in note 4.
As at June 30, 2021 there are not any loans received from related entities.
On September 1, 2021, as a result of the debt acquisition agreement concluded by Patro
Administracja sp.z o.o. from Patro Invest OU for the amount of EUR 869 thous, the new debtor of
ATLANTIS SE as at June 30, 2021 was Patro Administracja sp.z o.o.
The Company did not grant warranties for any entities.
Note 13. Average employment.
Transactions and balances
for the period ended on
30/06/2022
(in thous. euro)
Interest
revenue
Loans
granted
Repayments
of loans
granted
Receivable
s from
loans and
interest
Liabilities
from
deliveries
and services
and other
liabilities
FON SE 96
0
1 374
2 742
0
Damar Patro UU 39
69
0
1 694
0
Patro Invest OU 29
1392
0
1401
0
Patro Administracja Sp. z
o.o.
23
0
0
861
0
Total
187
1
454
1 374
6 698
0
Transactions and balances
for the period ended on
30/06/2021
(in thous. euro)
Interest
revenue
Loans
granted
Repayments
of loans
granted
Receivable
s from
loans and
interest
Liabilities
from
deliveries
and services
and other
liabilities
FON SE 35
0
1 149
4 250
0
Damar Patro UU 23
1 264
0
1 595
0
Patro Invest OU 17
697
680
1 638
1 775
Patro Administracja Sp. z
o.o.
1
0
0
869
0
Total
76
1
961
1 829
8 352
1 775
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 46 of 47
The Company did not employ any employees in the financial year and previous financial year.
In the financial years 2021/2022 and 2020/2021 the Management Board and the Supervisory Board
did not receive any remuneration.
Note 14. Contingent assets and liabilities
A Tax authorities have the right to review the Company tax records for up to 5 years after submitting
the tax declaration and upon finding errors, impose additional taxes, interest and fines. The tax
authorities have not performed any tax audits at the Company during 2020-2022.
Note 15. Events after the balance sheet date
Events affecting the results presented in this report did not occur after the balance sheet date.
At the moment, the war in Ukraine has not affected the situation of the Company. ATLANTIS SE
does not expect military actions in Ukraine to have a negative impact on the operating activities of
the Company.
Note 16. Going concern
As at the balance sheet date, 30/06/2022, the Company’s equity is less than 50% of the share
capital and does not comply with the requirements of § 301 of the Commercial Code of Estonia.
The Management Board of ATLANTIS SE will propose to the general meeting to reduce the share
capital of the Company.
FINANCIAL STATEMENT OF
ATLANTIS SE
FOR THE YEAR ENDED 30/06/2022 /in thous. EUR/
Pages 47 of 47
VIII. MANAGEMENT BOARD’S CONFIRMATION OF THE ANNUAL REPORT
The Management Board confirms that the management report, corporate governance report and
remuneration report as set out on pages 6 to 19 gives a true and fair view of the key events that
occurred during the reporting period and their impact on the financial statements contains a
description of the key risks and uncertainties, and reflects material transactions with related parties.
The Management Board confirms the correctness and completeness of Atlantis SE financial
statements for the year 2021/2022 as set out on pages 20 to 46 and that:
the accounting policies used in preparing the financial statements are in compliance with
International Financial Reporting Standards as adopted by the European Union;
the financial statements give a true and fair view of the financial position, financial
performance and cash flows of the Company;
Atlantis SE is going concern.
Signature
Member of the Management Board
Damian Patrowicz
