A T L A N T I S SE
ANNUAL REPORT
FOR THE PERIOD SINCE JULY 1, 2023 TILL JUNE 30, 2024
PREPARED IN COMPLIANCE WITH
INTERNATIONAL FINANCIAL REPORTING STANDARDS (EU)

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
2 z 51
Contents
 ................................................................................................................................................. 3
 ................................................................................................................. 4
 ................................................................................................................................... 5
 ........................................................................................................................................... 6
 ..................................................................................................................... 11
 ..................................................................................................................................... 18
 ..................................................................................................................................... 19
 ............................................................................................................................ 19
 ................................................................................................................................... 20
 .................................................................................................................. 20
 ........................................................................................................................... 21
 ............................................................................................................................................. 22
 ........................................................................................... 23
 ........................................................... 50
 ................................................................... 51
I. CORPORATE PROFILE
 





 









A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
4 z 51
II. LETTER OF THE MANAGEMENT BOARD
Dear Sir or Madam,
On behalf of the Management Board of Atlantis SE (hereinafter ‘the Company’) I present to you the Annual
Report for the financial year from July 1, 2023 to June 30, 2024. During this period the Company continued
to provide lending activities, which constitute the main part of the revenues.
In the opinion of the Management Board, the Company’s situation is stable and there is no risk of liquidity
loss or threat to the going concern.
The Company has activities in the new financial year will still focus on financial activities. The main
strategic goals of the Company for the next years are to stabilize the position of the Company in the areas
where Atlantis SE already provides its financial services, striving to meet the ever-growing requirements
of clients and achieving positive financial results that will meet the expectations of our Shareholders .
I invite you to get acquainted with this report. I would also like to thank all the shareholders for the trust
that they have invested in the Company's shares, and I wish everyone continued cooperation.
Yours faithfully,
Damian Patrowicz
Member of the Management Board
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
5 z 51
III. SELECTED FINANCIAL DATA
Selected financial data
In thous. EUR
01.07.2023 -
30.06.2024
01.07,2022-
30.06.2023































 
 






III.I Effective interest income
Effective interest income
In thous. EUR
In thous. EUR
01.07.2023 –
30.06.2024
01.07.2022–
30.06.2023





Interest income


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
6 z 51
IV. MANAGEMENT REPORT
The main fields of activity
             

         



General (macroeconomic) development












Financial instruments, financial risk management objectives and policies


              




A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
7 z 51
Ensuring financial liquidity

  

              

Description of significant external and internal factors




             









The main financial ratios concerning the financial year and the preceding financial year, and the
methods for calculating the ratios

30.06.2023

ROA

ROE



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
8 z 51
Share capital of the Company




Information on the Company and shareholders


Qualifying holding pursuant to the provisions of § 9 of the Securities Market Act



As at30.06.2024
No.
Shareholder
Number of
shares
% of shares
Number of votes
% of votes
1
Patro Invest OÜ
5 079 951
50,17
5 079 951
50,17
Total
10 125 000
100
10 125 000
100
 
At at 30.06.2023
No.
Shareholder
Number of
shares
% of shares
Number of votes
% of votes
1
Patro Invest OÜ
175 069 000
51,87
175 069 000
51,87
Total
337 500 000
100
337 500 000
100
 

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
9 z 51
Shares owned by members of the Company’s management and Supervisory Board




 





Provisions and rules for the election, appointment, resignation and removal of the members of
the Management Board and Supervisory Board


               


              





Provisions and rules for amendment of the articles of association of the Company
             

  
             



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
10 z 51
Information about transactions concluded by the Company with related parties
   
            

Information on average employment
The Company did not hire employees in current and previous financial year.
Information regarding the selected auditor and the contract signed with them

 
             
 
               
             

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
11 z 51
V. CORPORATE GOVERNANCE REPORT

            











              

Comments of the Company

           

 

Comments of the Company

 


Comments of the Company:




A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
12 z 51
 
      



Comments of the Company


          

 

Comments of the Company        


 
 
             


Comments of the Company
           
   

 
        


Comments of the Company:



              
             
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
13 z 51
              


Comments of the Company       






      









              
            


Management Board:

Supervisory Board:




A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
14 z 51
  

Members of the Management Board



  


Members of the Supervisory Board



 
            


   

Comments of the Company:
       


 



Comments of the Company:




A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
15 z 51



             
 

Comments of the Company:
              


     



 
       
           




Comments of the Company
              


            






A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
16 z 51



As at 30.06.2024
No.
Shareholder
Number of shares
% of shares
Number of votes
% of votes
1
Patro Invest OÜ
5 079 951
50,17
5 079 951
5 079 951
Total
10 125 000
100
10 125 000
100
 

          


Comments of the Company

           





Comments of the Company         
             

            

             
          
             

            
   

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
17 z 51
Comments of the Company




         








    


            
   

               




          


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
18 z 51
VI. REMUNERATION REPORT

           


     


             
              
              

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
19 z 51
VII. FINANCIAL STATEMENTS
1. Statement of financial position
STATEMENT OF FINANCIAL POSITION
Note
30.06.2024
(THOUS.
EURO)
30.06.2023
(THOUS.
EURO)
A s s e t s

2 998
4 032



Current assets
4 503
3 190









A s s e t s t o t a l
7 501
7 222
L i a b i l i t i e s
Equity
4 674
7 196














Short-term liabilities
2 827
26





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
7 501
7 222
Book value of equity


Number of shares
 
 
Book value per share (in EUR)


Diluted number of shares
 
 
Diluted book value per share (in EUR)



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
20 z 51
2. Statement of profit or loss
STATEMENT OF PROFIT OR LOSS
Note
01.07.2023 -
30.06.2024
(THOUS. EURO)
01.07.2022 -
30.06.2023
(THOUS. EURO)
Net interest income


Gross profit (loss) on sale
342
468





Profit (loss) on operating activity
290
429



Profit (loss) before tax
58
429
Net profit (loss) for the period
58
429
Weighted average number of ordinary shares
(in units.)
252 551 712
337 500 000
Earnings (loss) per ordinary share (EUR)


Weighted diluted average number of ordinary
shares
252 551 712
337 500 000
Diluted earning (loss) per ordinary share



3. Statement of other comprehensive income
STATEMENT OF OTHER COMPREHENSIVE INCOME
01.07.2023 -
30.06.2024
(THOUS. EURO)
01.07.2022 -
30.06.2023
(THOUS. EURO)
Profit/loss for the period
58
429
Other comprehensive income, including:






Total comprehensive income for the period
852
425

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
21 z 51
4. Statement of changes in equity
STATEMENT OF CHANGES IN EQUITY
Note
01.07.2023 -
30.06.2024
(THOUS.
EURO)
01.07.2022 -
30.06.2023
(THOUS.
EURO)
Opening balance of equity (OB)
7 196
6 771
Opening balance of share capital
5
33 750
33 750

5

a) 
5





Closing balance of share capital
5
1 013
33 750
Opening balance of reserve capital
0
0


Closing balance of reserve capital
5
29 363
0
Opening balance of other reserve capitals
292
292

Closing balance of other reserve capitals
292
292
Opening balance of foreign exchange differences
-963
-959

794
-4
Closing balance of foreign exchange differences
-169
-963
Opening balance of retained earnings
-25 883
-26 312






Closing balance of retained earnings/unsettled
losses from previous years
-25 825
-25 883
Closing balance of equity (CB)
4 674
7 196

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
22 z 51
5. Cash flow statement
CASH FLOW STATEMENT
(Indirect method)
Note
01.07.2022
30.06.2023
(THOUS.
EURO)
01.07.2022
30.06.2023
(THOUS.
EURO)
Operating activities
A.I. Profit (loss) for the period
58
429
A.II. Total adjustments:
-434
-278
Difference between interest calculated and received
gross
211
-357

12
-4 535
-5 595

12
3 899
5 670

2
0

-3
-4

2 799
15

6
-7

13
-2 813
0
A.IIINet cash flow from operating activities
-376
151
B. 
217
9
Net cash flow (outflow), total (A.III+/-B)
-159
160
Balance change in cash and cash equivalents
-159
160
Cash balance at the beginning of the period
160
0
Cash balance at the end of the period
1
160

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
23 z 51
6. Additional information to the financial statements
Nota 1. Accounting principles
1.1. General information





             



1.2. Basis of preparation of financial statements
           
     












             



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
24 z 51
1.3. Functional and reporting currency





              

1.4. Accounting policies, changes in accounting estimates and errors (IAS 8)



















             

   


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
25 z 51
1.5. Impact of new and revised standards and interpretations




             
  









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
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A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
26 z 51
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A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
27 z 51
New standards or interpretations effective for annual reporting periods beginning on or after January 1,
2027.
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

          






1.6. Financial assets (IFRS 9, IAS 32)
Classification





Recognition and derecognition

                
               

Measurement


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
28 z 51


Debt instruments


           
            


             


Impairment of financial assets


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          
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
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
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
29 z 51
Loans and receivables
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

             


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
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
30 z 51

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
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

      


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




󰑤


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
31 z 51
Information on financial instruments
As at 30.06.2024
Classes of financial instruments
Amortised cost
Total
Financial assets total
7 501
7 501











Total financial liabilities
2 827
2 827




As at 30.06.2023
Classes of financial instruments
Amortised cost
Total
Financial assets total
7 222
7 222















Professional judgment

           







 
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
32 z 51
                


            

Uncertainty of estimates



         
             
             
             




             




            








A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
33 z 51
1.7. Cash and cash equivalents, cash flows (IAS 7)
              



            



1.8. Share Capital (IAS 1)

              
             

1.9. Capital from the sale of shares above their nominal value (IAS 1)






1.10. Statutory reserve capital (IAS 1)



       

1.11. Earnings per share (IAS 33)



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
34 z 51



1.12. Financial liabilities (IFRS 9, IAS 32)
            







     






1.13. Provisions and contingent liabilities (IAS 37)




             






A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
35 z 51
Contingent liabilities






1.14. Revenue recognition (IFRS 15)
Interest income
              


   
            

               




              



            



1.15. Operating segments (IFRS 15, IFRS 8)
             


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
36 z 51
1.16. Income tax (IAS 12)
Corporate income tax in Estonia

 





1.17. Related parties (IAS 24)
                  




            

  

           


1.18. Events after the reporting period (IAS 10)



             

Note 2. Financial risks
Granted loans


A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
37 z 51
        
              

Objectives and principles of financial risk management

    

              

.
Credit risk




             
  








A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
38 z 51
Maturity dates of assets as of 30.06.2024









7 408



282


1

92

Total
7 501


Maturity dates of assets as of 30.06.2023









6 967



160


160


95

Total
7 222
3 190
4 032
0
0
Liquidity risk

              



The maturity dates of liabilities as at 30.06.2024








6

2 814


7
Total
2 827
2 827
0
0
The maturity dates of liabilities as at 30.06.2023








21


5
Total
26
26
0
0
 
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
39 z 51


   


               





              




Interest rate risk
              

Borrower
Interest rate
Fixed/variable interest
rate



Ü


Ü






Borrower
Interest rate
Fixed/variable interest
rate



 
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
40 z 51
Risk related to related parties






Risk of shares price’s fluctuations and limited liquidity


  


Risk related to the shareholder structure


              

Risk related to the economic situation in Poland and Estonia

              
          


Currency risk




A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
41 z 51





Change in
exchange rate
Exchange
rate after the
change
Interest
EUR’000
Impact on
gross result
EUR’000
Impact on
net result
EUR’000
Impact on
equity
EUR’000





















Risk related to the armed conflict in Ukraine




Note 3. Capital management






            

  

Specification
30.06.2024
(thous. EURO)
30.06.2023
(thous. EURO)















A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
42 z 51





Note 4. Financial assets
As at 30.06.2024
Borrower
12 months
priod (thous.
EUR) - princi-
pal
12 months
pe-
riod(thous.
EUR) – inter-
est
1-5
years
(thous.
EUR)-
princi-
pal
Interest rate
Cur-
rency
Repay-
ment
date
Collaterals







  
 
  
   
   
  
  

 
 
 
 
 
  

 
 
 
 

 
   


  
  


   


  
 


















Total
4 401
282
2 725



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
43 z 51
As at 30.06.2023
Borrower
12 months
period
(thous.
EUR)
1-5
years
(thous.
EUR)
Interest rate
Currency
Repayment
date
Collaterals








      
        
      
   
    

   



      

    

Total
2 935
4 032

Note 5. Share, supplementary capital
Share capital
30/06/2024
(thous. EUR)
30/06/2023
(thous. EUR)
Opening balance of share capital
33 750
33 750








Closing balance of share capital
1 013
33 750
Supplementary capital
30/06/2024
(thous. EUR)
30/06/2023
(thous. EUR)
Opening balance of supplementary capital
0
0


Opening balance of supplementary capital
29 363
0
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
44 z 51
            


      

Note 6. Shareholding structure



As at 30.06.2024
No.
Shareholder
Number of
shares
% of shares
Number of
votes
% of votes





Total
10 125 000
100
10 125 000
100
 
                  




As at 30.06.2023
Shareholder
Number of shares
% of shares
Number of votes
% of votes





Total
337 500 000
100
337 500 000
100

  

                  
   

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
45 z 51


Share capital
as of
30.06.2024
Types of shares
Number of shares
Share capital

 
 
TOTAL
 

   


Share capital
as of
30.06.2023
Types of shares
Number of shares
Share capital

 
  
TOTAL
 
 
                


Note 7. Book value per share and profit per share
Book value per share
As at
30.06.2024
(thous. EUR)
As at
30.06.2023
(thous. EUR)




 
 




 
 




 
 



A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
46 z 51
Note 8. Short-term liabilities
Short-term liabilities
30.06.2024
(thous. EUR)
30.06.2023
(thous. EUR)





Short-term liabilities, total
2 827
26
 


             

Note 9. Net interest income
    
 
             


Revenue by geographical regions (location of customer):
Geographical area for financial activities
01/07/2023-
30/06/2024
(thous. EUR)
01/07/2022-
30/06/2023
(thous. EUR)





Total
342
468
INFORMATION ON LEADING CUSTOMERS



interest income
01/07/2023-
30/06/2024
(thous.. EUR)
01/07/2022-
30/06/2023
(thous.. EUR)
interest income
342
468
- including from related entities:
285
468
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
47 z 51









Reporting segments
Reporting segments
01/07/2023-30/06/2024
(thous. EUR)
ESTONIA
POLAND





Profit/loss
31
27
Note 10. General and administrative costs
Costs by type
01.07.2023-
30.06.2024
(thous. EUR)
01.07.2022-
30.06.2023
(thous. EUR)




General and administrative costs, total
52
32
Note 11. Financial costs
Financial costs
01.07.2023-
30.06.2024
(thous. EUR)
01.07.2022-
30.06.2023
(thous. EUR)


Financial costs, total
232
0
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
48 z 51
Nota 12. Balances and transactions with related parties
 
Selected transactions and balances with related entites


Transaction and balances
for the period ended on
30.06.2024
(in thous. euro)
Revenues
due to inter-
ests
Loans
granted
Repayments
of loans
granted
principal
Receivables
due to inter-
ests and
loans
Liabilities
due to the
redemp-
tion of the
company's
shares
















Total
285
4 535
3 899
7 408
0




Transaction and balances
for the period ended on
30.06.2023
(in thous. euro)
Revenues due
to interests
Loans
granted
Repayments of
loans granted
principal
Receivables due
to interests and
loans

Patro Invest O
14
694
2 074
0

FON SE
40
0
2 754
0
Damar Patro U
411
4 901
0
6 967
Patro Administracja Sp. z
o.o.
3
0
842
0
Total
468
5 595
5 670
6 967
A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
49 z 51
Note 13. Explanatory note to the cash flow statement – item "other adjustments"
 


                 



Note 14. Average employment.



Note 15. Contingent assets and liabilities

              

Note 16. Events after the balance sheet date
 

 

            



          

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
50 z 51
VIII. MANAGEMENT BOARD’S CONFIRMATION OF THE ANNUAL REPORT


               



            



.
Signature
Member of the Management Board
Damian Patrowicz

A FINANCIAL STATEMENT
ATLANTIS SE
FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR
51 z 51
IX. MANAGEMENT BOARD’S PROPOSAL FOR PROFIT DISTRIBUTION






              
               
              

Signature


KPMG Baltics OÜ
Ahtri 4
Tallinn 10151
Estonia
Telephone +372 6 268 700
Fax +372 6 268 777
Internet www.kpmg.ee
KPMG Baltics OÜ, an Estonian limited liability company and a
member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative (“KPMG
International”), a Swiss entity. Reg no 10096082.
Independent Auditors’ Report
To the shareholders of Atlantis SE
The Auditor’s Report of the Annual Financial Statements
Opinion
We have audited the financial statements of Atlantis SE (the Company), which comprise the statement of financial
position as at 30 June 2024, the statement of profit and loss, other comprehensive income and the statements of cash
flows and changes in equity for the year then ended, and notes, comprising material accounting policies and other
explanatory information.
In our opinion, the financial statements presented on pages from 19 to 49 present fairly, in all material respects, the
financial position of the Company as at 30 June 2024, and its financial performance and its cash flows for the year then
ended in accordance with International Financial Reporting Standards as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (Estonia). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants
(Estonia) (including Independence Standards) and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Value of the loans granted
Granted loans consist of loans granted and interest in the amount of 7 408 thousand euros, which is 98,8% of the
company's assets. Of the loans granted, 100% are loans to related parties.
We refer to the following note in the financial statements: Note 4 "Financial Assets."
The key audit matter
How the matter was adressed in our audit
The value of the loans granted is assessed using the
amortized cost method, as described in Note 1 of the
financial statements.
The valuation of these loans is an area of estimation, as
it relies on management's assessments based on their
past experience and assumptions.
During the audit procedures, we performed, among
other things, the following:
• Reviewed the terms of loan agreements and
verified the consistency of accounting data with the
agreements;
• Verified the accuracy of balances with confirmation
of balances;
• Reviewed and analyzed the financial data of the
borrowers and ensured that management’s
assessments were consistent with our
understanding;
• Checked the receipt of loan payments after the
balance sheet date;
• Assessed the adequacy of the disclosed
information and its compliance with IFRS
requirements.
Other Information
Management is responsible for the other information. The other information comprises the management report, letter
of the management board, corporate governance report, remuneration report, corporate profile and selected financial
data but does not include the financial statements and our auditors’ report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated. With respect to the remuneration report, our
responsibility also includes considering whether the remuneration report has been prepared in accordance with the
requirements of Article 135
3
(3) of the Securities Market Act.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard. In our opinion, the remuneration report has
been prepared in accordance with the requirements of Article 135
3
(3) of the Securities Market Act.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
International Financial Reporting Standards as adopted by the European Union, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
International Standards on Auditing (Estonia) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing (Estonia), we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence and where applicable, actions taken to eliminate threats or
safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Other Requirements of the Auditors' Report
We were appointed by shareholders on 8 May 2024 to audit the financial statements of Atlantis SE for the year ended
30 June 2024. Our total uninterrupted period of engagement is 1 year covering the period ended on 30 June 2024.
We confirm that we have not provided to the Company the prohibited non-audit services (NASs) referred to in Article
5(1) of EU Regulation (EU) No 537/2014. We also remained independent of the audited entity in conducting the audit.
KPMG Baltics OÜ
Licence No 17
Eero Kaup
Certified Public Accountant, Licence No. 459
Tallinn, 8 November 2024