1
ANNUAL REPORT
INVESTMENT FRIENDS SE
AS AT JUNE 30, 2025
FOR THE PERIOD SINCE 01/07/2024 TILL 30/06/2025
PREPARED IN ACCORDANCE WITH
INTERNATIONAL FINANCIAL REPORTING STANDARDS (EU)
TALLINN 31/10/2025
2
INVESTMENT FRIENDS SE
GENERAL INFORMATION
Company's name:INVESTMENT FRIENDS SE
Registry code: 14617862
Address: Harju maakond, Tallinn, Kesklinna linnaosa, Tornimäe tn 5, 10145
Email: info@ifsa.pl
Website: www.ifsa.pl
Reporting period: 01/07/2024 - 30/06/2025
Auditor: KPMG Baltics OÜ
Composition of the Supervisory Board:
Wojciech Hetkowski
Jacek Koralewski
Małgorzata Patrowicz
Anna Kajkowska
Composition of the Management Board:
Agnieszka Gujgo – Member of the Management Board
3
Table of contents:
I. GENERAL IFNORMATION ABOUT THE ISSUER …................……………………………………….2
II. MANAGEMENT BOARD'S LETTER................................................................................................5
III. MANAGEMENT BOARD'S REPORT...............................................................................................8
IV. CORPORATE GOVERNANCE REPORT …………………………………………………………………..10
V. REMUNERATION REPORT ………....……………………………………………………………………….17
VI. FINANCIAL STATEMENTS............................................................................................................18
VII. STATEMENT OF COMPLIANCE.…………………………………….………………………………………45
VIII. MANAGEMENT BOARD'S PROPOSAL ON PROFIT DISTRIBUTION…………………....46
IX.
INDEPENDENT AUDITOR'S REPORT …………………………………………………………...........47
4
II. MANAGEMENT BOARD'S LETTER
Dear Sir or Madam,
On behalf of the Company, I am submitting the annual report of Investment Friends SE (hereinafter
‘the Company’) presenting the financial results and key facts of the Company's operations for the
period from July 1, 2024 to June 30, 2025.
The Company has consistently implemented activities aimed at achieving the goals set for the
Management Board, which at the same time were also the expectations the Shareholders
participating in the General Meetings.
The steps taken in previous years and their effects allow us to think, that the decision of changing
the strategy of the Company’s development brought measurable effects, which resulted in positive
financial result and financial activity in the scope of granting loans ensured stability for the
Company.
I would also like to express my gratitude to all Shareholders for placing their trust in the Company
and Collaborators, as well as our Contractors, wishing continued fruitful cooperation.
Agnieszka Gujgo
Member of the Management Board
Investment Friends SE
5
III. MANAGEMENT BOARD'S REPORT
The main fields of activity
In the reporting period, the main activity of the Company was financial activity, including
granting loans. All loans granted during the financial year were provided to related parties. The
Company, implementing its business profile in the field of granting loans, has concluded
agreements with Polish and Estonian entities. The Company intends to continue its operations
in this area.
The loans granted to related parties were subsequently invested by those entities in real estate
and tradeable securities with the objective of generating profit.
General (macroeconomic) development
The Company undertakes financial activities, especially related to granting loans to business
entities, mostly to related parties.
In the opinion of the Management Board, activity in this area is developing especially in the
Polish market. Entrepreneurs who have not obtained financing from a bank, usually reach out to
companies which provide lending services and declare high flexibility depending on the needs of
a particular customer and their collateral capabilities ensuring their safety.
Financial markets are characterized by high volatility, which increases the risk of running a
business such as lending services, but on the other hand it gives an opportunity to earn above-
average profits in a relatively short time.
The key factors influencing the volatility of stock prices on financial markets include:
• economic situation – in the country and in the world,
• monetary policy of central banks,
• internal situation of the Company or on a given market,
• situation on foreign markets.
Investment Friends SE notices development potential in the field of providing financial services
for this kind of entities and, accordingly, intends to continue its business activity in this segment.
Financial instruments, financial risk management objectives and policies
The main risks arising from financial instruments of the Company are: interest rate risk,
liquidity risk, credit risk, risk related to financial collaterals. The Management Board is
responsible for establishing of risk management in the Company as well as for supervision of
their compliance. The purpose of the Company's risk management policies is to identify and
analyse the risks to which the Company is exposed, establishing appropriate restrictions and
controls, as well as by monitoring adjustment of the risks and limits accordingly. The
Management Board identifies potential risks by analysing each transaction of the Company. Due
to the simple structure of the Company, there are no problems with communicating information
in a timely manner. The Management Board is responsible for designing, introducing, and
ensuring adequate and effective actions aimed at achieving the goal. Also, appropriate
experience and education of the Management Board allows to minimize the influence of risks on
6
the operating activity. The Company's Management Board monitors risks on an ongoing basis
and manages it in a logical and systematic way, in accordance with established methods. The
Company described the risks in note no. 2.
Description of significant external and internal factors
Considering the specifics of the activity, i.e., financial service activities in the field of granting
loans, the results are currently and will be significantly influenced by:
- the general market prosperity on lending market and the level of interest rates,
- the proper realization by the borrowers of their obligations resulting from concluded loan
agreements, as well as course of execution process and vindication of loans terminated, if such
agreements occur,
- borrowers' field of activity and related risks,
- efficiency of administrative and legal procedures,
- opportunity to gain new borrowers,
- the economic situation and investing circumstances in Poland, Estonia, and the region,
- access to external financing sources,
- cooperation with other financial entities.
- changes in market prices, such as foreign exchange rates, interest rates (including currency
risk).
The risk related to the possibility of fluctuations in the exchange rate of one currency against
another may lead to both a deterioration of the financial situation of the entity and its
improvement. The Company's revenues and cash flows from operating activities are dependent
on changes in market interest rates, because one cash loan agreement is concluded with a
variable interest rate.
The entities that the Company provides financing to are related parties; therefore. The related
parties have received loans for investments in the stock market or for granting further loans.
The principal borrower's strategy is conservative, meaning the borrower invests the borrowed
money in value-added companies
Company described the risks in note no. 2.
Structure of the share capital
As at the balance-sheet date of 30/06/2025 and as at the end of the previos financial year, as
well as at the date of publication of the report, Investment Friends SE held 68 850 000 of issued
shares.
Share capital of the Company
- as of the balance sheet date of 30/06/2025 and as at the end of the previous financial year the
share capital of the Company amounted to EUR 6 885 000.
As of the balance sheet date of 30/06/2025 and as at the end of the previos financial year the
equity of the Company is less than 50% of its share capital and does not meet the requirements
of § 301 of the Estonian Commercial Code. The Management Board of Investment Friends will
propose a reduction of the share capital to the General Meeting of Shareholders.
7
Information regarding the company's capital is described in note no. 6.
Information about the Company and shareholders
As at the balance sheet date i.e. 30/06/2025 and as at the end of the previous financial year the
Company Investment Friends SE did not have any subsidiaries and did not form its own
consolidated group.
According to the best knowledge of the Management Board the direct shareholder as at the
balance sheet date i.e. 30/06/2025 and as at the date of publication this report is the Company
Patro Invest OǕ headquartered in Tallinn,.
Qualifying holding pursuant to the provisions of § 9 of the Securities Market Act.
The table below presents shareholding structure as at 30/06/2025
It presents shareholders holding 10% or more of voting rights at the General Meeting of
the Company.
No.
Shareholder
Number of
shares
% of shares
Number of votes
% of votes
1.
PATRO INVEST OÜ
43 929 950
63,8025
43 929 950
63,8025
total
68 850 000
100
68 850 000
100
Damian Patrowicz holds 100% of Patro Invest OÜ
The table below presents shareholding structure as at 30/06/2024. It presents shareholders
holding 10% or more of voting rights at the General Meeting of the Company.
No.
Shareholder
Number of
shares
% of shares
Number of votes
% of votes
1.
PATRO INVEST OÜ
43 961 150
63,85
43 961 150
63,85
total
68 850 000
100
68 850 000
100
Damian Patrowicz holds 100% of Patro Invest OÜ
Members of the Management Board
Members of the Management Board as of the balance sheet date i.e. 30/06/2025 and as of the
date of publication of the periodical report do not directly or indirectly hold any shares in the
Company.
8
Members of the Supervisory Board
Members of the Supervisory Board as of the balance sheet date i.e. 30/06/2025 and as of the
date of publication of the periodical report do not directly or indirectly hold any shares in the
Company.
Provisions and rules for the election, appointment, resignation, and dismissal of the
members of the Management Board of the Company established by legislation.
There are general rules for the election, appointment, resignation, and dismissal of the members
of the Management board of a Company established by the Estonian Commercial Code, in
particular § 308, § 309 and others. Section V of the Company's Articles of Association contains
principles similar to the general rules of the Commercial Code. Information about the
description of management and supervisory bodies and their composition have been described
in the corporate governance report.
Competences and election of the Supervisory Board
In accordance with the provisions of point 5.3. of the Company's Articles of Association,
members of the Company’s Management Board are appointed and dismissed by the Supervisory
Board, which also decides on the remuneration of members of the Management Board. Members
of the Supervisory Board are elected by the Company's General Meeting of shareholders.
Resolutions and rules for amendment of the articles of association of the company
In accordance with point 4.9.1 of the Company's Articles of Association, any amendment of the
Company’s Articles of Association is included in the General Meeting of Shareholders’
competencies.
In accordance with point 4.5 of the Articles of Association, the General Meeting is able to adopt
valid resolutions, if more than half of all votes are represented at the General Meeting, if the
applicable legal acts do not provide for a higher majority of votes.
If an enough number of shareholders does not participate in General Meeting, in order to ensure
a majority of votes, in accordance with point 4.5, the Management Board of the Company within
three weeks, but not earlier than after seven days, convenes a new General Meeting with the
same agenda. In this way, the General Meeting is competent to adopt resolutions regardless of
the number of votes represented. Resolutions of the general Meeting are adopted, when more
than half of all votes represented at the General Meeting support the resolution, and there is no
other requirement arising from applicable legal acts.
Information on average employment
In the financial year lasting from 01/07/2024 till 30/06/2025 and in the previous financial year
lasting from 01/07/2023 till 30/06/2024 the Company did not hire any employees.
9
Information regarding the selected auditor and the contract signed with them.
The Company has signed an agreement for the audit of the annual financial statements for the
period covered by this report with the audit Company KPMG Baltics OÜ registration number
10096082. Remuneration for the Auditor will be paid according to the Agreement concluded
between the Company and KPMG Baltics OÜ, which was established on market conditions.
Selected ratios of Investment Friends SE
RATIO
30/06/2025
30/06/2024
ROA
0,024
0,001
ROE
0,025
0,001
ROA – Return on Assets:, the ratio of a Company's net profit to the value of its assets
(profit / assets)
ROE – Return on Equity: the ratio of a Company's net profit to the value of its equity
(profit / equity)
10
IV. CORPORATE GOVERNANCE REPORT
The Company's statement regarding the compliance with the Best Practice for GPW Listed
Companies 2021 and Corporate Governance Principles is available on the Company's website
www.ifsa.pl, in the "Regulations" section, the "Good practices" on corporate governance.
During the reporting period, Investment Friends SE was subject to the corporate governance
standards contained in the document “Best Practice for GPW Listed Companies 2021”, which
were adopted by resolution of the Stock Exchange Supervisory Board no. 13/1834/2021 of
March 29, 2021 for companies listed on the WSE Main Market - "Best Practices of WSE Listed
Companies 2021" (Best Practices 2021, DPSN2021).
In fulfilling the disclosure requirements regarding the application of corporate governance
standards, Investment Friends SE is guided by the principles of an effective and transparent
information policy and communication with the market and investors. The Company was
informed on July 30,2022 by the stock exchange announcement No. 1/2021. of the current
corporate governance principles "WSE Listed Companies Good Practices 2021".
The scope of the Company’s deviation from clauses of the collection of adopted
corporate governance principles,
The Company undertook to apply all corporate governance principles contained in ‘Best Practice
for GPW Listed Companies 2021’, except for the following:
DISCLOSURE POLICY, INVESTOR COMMUNICATIONS
1.2. Companies make available their financial results compiled in periodic reports as soon as
possible after the end of each reporting period; should that not be feasible for substantial
reasons; companies publish at least preliminary financial estimates as soon as possible.
Comments of the Company
:
The Company publishes periodic reports within deadlines arising
from applicable Estonian law.
1.3. Companies integrate ESG (environmental, social, and governance) factors in their business
strategy, including in particular:
1.3.1. environmental factors, including measures and risks relating to climate change and
sustainable development.
Comments of the Company: The main activity of the Company is granting loans. The company
is unable to determine the ESG impact of the loans granted.
1.3.2. social and employee factors, including among other actions taken and planned to ensure
equal treatment of women and men, decent working conditions, respect for employees’ rights,
dialogue with local communities, customer relations.
Comments of the Company: The Company explains that the principles of sustainable
development and respect for social and employee rights and interests are applied in the strategy
of its activity. In this regard, the Company complies with all applicable laws and guidelines. As at
the time of publication of this report no written rules have been drawn up in the discussed area.
1.4. To ensure quality communications with stakeholders, as a part of the business strategy,
companies publish on their website information concerning the framework of the strategy,
measurable goals, including in particular long-term goals, planned activities and their
11
status,defined by measures, both financial and non-financial. ESG information concerning the
strategy should among others:
Comments of the Company: The Company publishes a number of financial and non-financial
measures, as well as information on the adopted development strategy both on the Company’s
website and publishing current and periodic reports. The Company indicated that it does not
publish information on its development plans and the progress of their implementation
separately. The Company also does not publish forecasts.
1.4.1 explain how the decision-making processes of the Company integrate climate change,
including the resulting risks.
Comments of the Company: Due to the above-mentioned in point 1.3.1. marginal impact of the
Company's activity on the natural environment, the Company does not publish additional
explanations in this scope.
1.4.2. present the equal pay index for employees, defined as the percentage difference between
the average monthly pay (including bonuses, awards and other benefits) of women and men in
the last year, and present information about actions taken to eliminate any pay gaps, including a
presentation of related risks and the time horizon of the equality target.
Comments of the Company: Due to the fact that as at the date of submitting this statement, the
Company’s application of the rules of respect for respecting social and employee matters has not
been formalized, the Company does not publish additional information in the scope covered by
this point.
1.5. Companies disclose at least on an annual basis the amounts expensed by the Company in
support of culture, sports, charities, the media, social organisations, trade unions, etc. If the
company pay such expenses in the reporting year, the disclosure presents a list of such
expenses.
Comments of the Company: The Company does not conduct sponsorship activities.
1.6. Companies participating in the WIG20, mWIG40 or sWIG80 index hold on a quarterly basis
and other companies hold at least on an annual basis a meeting with investors to which they
invite in particular shareholders, analysts, industry experts and the media. At such meetings, the
Management Board of the Company presents and comments on the strategy and its
implementation, the financial results of the Company and its group, and the key events
impacting the business of the Company and its group, their results and outlook. At such
meetings, the Management Board of the Company publicly provides answers and explanations
to questions raised.
Comments of the Company: The Company is not included in the WIG20, mWIG40 or sWIG80
index. The Company gives comprehensive explanations within the bounds of law to all questions
of shareholders and investors. The Company maintain electronic communication with investors.
Separate meeting with investors, analysts, industry experts and media representatives are not
organized due to the lack of interest in this form of obtaining information about the Company by
investors.
12
MANAGEMENT BOARD, SUPERVISORY BOARD
2.1. Companies should have in place a diversity policy applicable to the Management Board and
the Supervisory Board, approved by the Supervisory Board and the General Meeting,
respectively. The diversity policy defines diversity goals and criteria, among others including
gender, education, expertise, age, professional experience, and specifies the target dates and the
monitoring systems for such goals. With regard to gender diversity of corporate bodies, the
participation of the minority group in each body should be at least 30%
Comments of the Company: Crucial personnel decisions in relations to the Company’s
governing bodies and its key managers are taken by the General Meeting and the Supervisory
Board.
2.3. At least two members of the Supervisory Board meet the criteria of being independent
referred to in the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision, and have
no actual and material relations with any shareholder who holds at least 5% of the total vote in
the Company.
Comments of the Company: The Decision to elect Members of the Supervisory Board is within
the competence of the General Meeting of Shareholders. Shareholders acts on the basis of their
competences and trust in individual candidates, appoint the composition of the Supervisory
Board. Depending on the decision of the General Meeting, the Company may or may not fulfil
this criterion periodically, depending on the selected composition of the Supervisory Board.
Currently, the Supervisory Board does not fulfil the independence criteria, as only one member
of the Supervisory Board is independent, and assessment of the risk resulting from this is within
the competence of the General Meeting.
2.11. In addition to its responsibilities laid down in the legislation, the Supervisory Board
prepares and presents an annual report about activities of Supervisory Board to the General
Meeting once per year.
Comments of the Company: In accordance with the applicable provisions of the Estonian law,
the Company does not publish or submit to the General Meeting for approval a report on
activities of the Supervisory Board.
INTERNAL SYSTEMS AND FUNCTIONS
3.9. The Supervisory Board monitors the efficiency of the systems and functions referred to in
principle 3.1 among others on the basis of reports provided periodically by the persons
responsible for the functions and the Company’s Management Board and makes annual
assessment of the efficiency of such systems and functions according to principle 2.11.3.
In case when the Company has an audit committee, it monitors the effectiveness of the systems
and functions referred to in principle
3.1, however, it does not exempt the Supervisory Board from preparing an annual assessment of
the effectiveness of these systems and functions.
Comments of the Company: In accordance with the applicable provisions of the Estonian law,
the Company does not publish or submit a report on activities of the Supervisory Board to the
General Meeting for approval.
Description of the Company’s internal control systems and risk management with regard
to the process of preparing financial statements.
13
Due to the simplified structure and relatively limited number of financial risks, the Company's
Management Board has not developed and implemented a written procedure for the internal
control and risk management system in the preparation of financial statements, however the
Company approaches financial reporting with the greatest care.
The Management Board of the Company is responsible for the internal control system in the
Company and its effectiveness in terms of the correctness of preparing financial statements and
periodical reports. Financial statements and periodic reports are prepared based on financial
data from the financial and accounting system, where they are recorded in accordance with the
principles of the adopted accounting policy in accordance with the Accounting Act. The audit of
the correctness of the preparation of periodic financial statements is conducted thanks to the
annual financial audits carried out by independent auditors. In the reporting period, the
financial report was prepared by the Management Board of the Company and consulted with a
professional entity - the Galex Law Firm, which provides consulting services on a contractual
basis. Using the consulting services of the specialized Law Firm, the Management Board is able
to conduct an analysis of the formal correctness of the submitted documents, prepare
mandatory financial reports, including quarterly, half-yearly and annual financial reports.
GENERAL MEETING, SHAREHOLDER RELATIONS
4.1. Companies should enable their shareholders to participate in a General Meeting by means of
electronic communication (e-meeting) if justified by the expectations of shareholders notified to
the Company, provided that the Company is in a position to provide the technical infrastructure
necessary.
Comments of the Company: The Company considers that the costs of enabling shareholders to
participate in the General Meeting by means of electronic communication (meeting) are too
high. Nevertheless, the Management Board indicates, that the structure of the Company’s
shareholding means that the shareholders are not interested in participating in the Company’s
General Meeting in electronic form.
At the same time, the Company's Articles of Association and the Regulations of the General
Meeting do not prescribe the possibility of participating in the Meeting by means of electronic
communication.
4.3. Companies provide a public real-life broadcast of the General Meeting.
Comments of the Company: The Company recognizes that the costs of broadcasting the General
Meeting are too high. At the same time, the Management Board indicates that the Company's
shareholding structure causes the lack of interest in the General Meeting. At the same time, the
Company's Articles of Association and the General Meeting Regulations do not prescribe
transmission of the meeting.
4.6. To help shareholders participating in a General Meeting to vote on resolutions with
adequate understanding, draft resolutions of the General Meeting concerning matters and
decisions other than points of order should contain a justification, unless it follows from
documentation tabled to the General Meeting. If a matter is put on the agenda of the General
Meeting at the request of a shareholder or shareholders, the Management Board requests
presentation of the justification of the proposed resolution, unless previously presented by such
shareholder or shareholders.
Comments of the Company: As at the date of publication of this statement, the Company does
not publish any additional justification for the draft resolutions of the General Meeting. So far,
14
the shareholders of the Company have not expressed interest in the additional discussion of the
matter of the General Meetings.
Shareholders with major holdings of shares
The table below presents shareholders holding 10% or more of voting rights at the General
Meeting as at 30/06/2025, based on the statements received by the Company under applicable
laws.
As at 30/06/2025
No.
Shareholder
Number of
shares
% of shares
Number of votes
% of votes
1.
PATRO INVEST OÜ
43 929 950
63,8025
43 929 950
63,8025
total
68 850 000
100
68 850 000
100
Damian Patrowicz holds 100% in Patro Invest OU
The table below presents the shareholders holding 10% or more votes at the General
Meeting of Shareholders as at 30/06/2024, based on the declarations received by the Company
pursuant to the rules in force – in accordance with the data presented in the annual report for
the financial year 2023/2024.
As at 30/06/2024
No.
Shareholder
Number of
shares
% of shares
Number of votes
% of votes
1.
PATRO INVEST OÜ
43 961 150
63,85
43 961 150
63,85
total
68 850 000
100
68 850 000
100
Damian Patrowicz holds 100% in Patro Invest OU
Holders of securities that give specific control rights and a
description of those rights
Investment Friends SE shares do not confer any specific control rights.
15
Restrictions on voting rights
Such restrictions do not apply to the Company's shares.
Restrictions on transferability of ownership of the Company's shares
In accordance with the Articles of Association of Investment Friends SE there are no
restrictions on transferability of ownership of the Company's shares.
Rules governing the appointment and removal of Management members and their
rights
The listed Company Investment Friends SE is managed by the Management Board, its Members
act in the interest of the Company and are responsible for its activities. The activities of the
Management Board includes, in particular, managing the company, commitment to setting its
strategic goals and their implementation, as well as ensuring the company efficiency and
security.
The company is supervised by an effective and competent Supervisory Board. Members of
the Supervisory Board act in the interest of the Company and are guided by the independence of
their own opinions and decisions. The Supervisory Board in particular makes recommendations
on the Company's strategy and controls the work of the Management Board in achieving
strategic goals and monitors the achieved results.
The Members of the Management Board are appointed by the Supervisory Board and the
Members of the Supervisory Board are elected by the Company's General Meeting of
shareholders. (Article of Association, point IV).
Amendments to the Articles of Association
Amendments to the Articles of Association require a resolution of the General Meeting . The
notice convening a General Meeting whose agenda includes amendments to the Articles of
Association should contain existing provisions of the Articles of Association and the proposed
amendments. Where justified by a significant scope of the intended amendments, the notice may
include a draft of a new text of the Articles of Association together with a list of its new or
amended provisions.
The text of the Articles of Association is available on the Company's website at:
http://www.ifsa.pl/statut.php
Proceedings of the General Meetings and its powers
The General Meetings of the Company are held in accordance with the rules set out in the
Commercial Code, the Articles of Association of Investment Friends SE and the applicable capital
market laws.
16
Composition of the Management Board and description of the
activities of the Investment Friends SE Management and Supervisory body
in 2024/2025
Management Board:
Agnieszka Gujgo
Supervisory Board:
Wojciech Hetkowski
Jacek Koralewski
Małgorzata Patrowicz
Anna Kajkowska
The main task of the Management Board is to manage the Company's activities and represent it,
but is also responsible for planning, implementing, and ensuring adequate and effective actions
aimed at achieving the goal. The Supervisory Board exercises permanent supervision over the
Company's activities in all areas of its operations. The main duties of Supervisory Board
members also include appointing, dismissing, and suspending members of the Company's
Management Board, delegating members of the Supervisory Board to perform tasks in replace
the members of the Management board. Due to the simple structure of the Company, there are
no problems with communicating information in a timely manner between the Management
Board and the Supervisory Board.
17
V. REMUNERATION REPORT
This remuneration report has been prepared in accordance with the remuneration principles
for the Company’s Management Board member.
The Management Board of the Company consists of one board member. Mrs. Agnieszka Gujgo
was initially appointed by the Supervisory Board to serve on the Board of Directors on
18/06/2018 for a three-year term. Subsequently, the term was extended by resolution of the
Supervisory Board. The current term of office runs until 18/06/2027.
Management Board Members are selected by the Supervisory Board of the Company based on
their expertise in the sector the Company is operating,
A member of the Management Board does not receive a remuneration. Members of the
Company's Supervisory Board also do not receive remuneration. Members of the Management
Board and Supervisory Board are not granted remuneration in the form of financial instruments.
Investment Friends SE is not a member of a capital group, therefore it is not required to report
remuneration received from the entitites belonging to the same capital group.
18
VI . FINANCIAL STATEMENTS
SPRAWOZDANIE Z SYTUACJI FINANSOWEJ ORAZ BILANS
STATEMENT OF FINANCIAL POSITION
Note
30 June 2025
(in thous. EUR)
30 June 2024
(in thous. EUR)
A s s e t s
Current assets
2
1 522
1 476
Short-term receivables
4
1 491
1 452
Cash and cash equivalents
5
28
22
Short-term accruals
3
2
T o t a l A s s e t s
1 522
1 476
L i a b i l i t i e s
Equity
1 459
1 422
Share capital
6
6 885
6 885
Differences from conversion to EURO
110
110
Share premium
161
161
Other reserve capitals
0
0
Retained earnings / Undistributed financial result
-5 697
-5 734
II. Short-term liabilities
63
54
Trade liabilities
1
1
Other reserves
62
53
Equity and liabilities total
1 522
1 476
Book value
7
1 459
1 422
Number of shares
7
68 850 000
68 850 000
Book value per share (in EUR)
7
0,02
0,02
Diluted number of shares
7
68 850 000
68 850 000
Diluted book value per share (in EUR)
7
0,02
0,02
The annual financial statements notes on pages 22-44 are an integral part of the annual financial
statements.
19
STATEMENT OF PROFIT AND LOSS
Note
Period ended on
30.06.2025
(in thous EUR)
Period ended on
30.06.2024
(in thous EUR)
Net interest income
8
35
35
Gross profit (I-II)
35
35
General and administrative costs
34
35
Other operating revenues
0
4
Other operating costs
16
0
Profit (loss) from operational activity
-15
4
Financial revenues
52
0
Financial costs
0
2
Profit (loss) before tax
37
2
Net profit (loss)
37
2
Weighted average number of ordinary shares
68 850 000,00
32 466 575,00
Profit (loss) per ordinary share (in EURO)
0,00
0,00
Diluted weighted average number of ordinary shares (in
units)
68 850 000,00
32 466 575,00
Diluted profit (loss) per one ordinary share (in EUR)
0,00
0,00
The annual financial statements notes on pages 22-44 are an integral part of the annual financial statements.
STATEMENT OF OTHER COMPREHENSIVE
INCOME
Period ended on
30.06.2025
(in thous EUR)
Period ended on
31.06.2024
(in thous EUR)
Profit (loss) for the period
37
2
Other comprehensive income, including:
0
2
- differences from conversion to EURO - will not be reclassified to the
income statement
0
2
Total comprehensive income for the period
37
4
The annual financial statements notes on pages 22-44 are an integral part of the annual financial
statements.
20
STATEMENT OF CHANGES IN EQUITY
Note
Period ended on
30.06.2025
(in thous EUR)
Period ended on
31.06.2024
(in thous EUR)
Opening balance of equity (OB)
1 422
1 418
Opening balance of share capital
6
6 885
405
Changes in share capital
6
0
6 480
a) increases (due tos) – reduction the nominal
value of the shares
6
0
6 480
b) decreases (due to) - reduction of the nominal
value of the shares
0
0
Closing balance of share capital
6
6 885
6 885
Share premiumat the beginning of the period
161
6 435
Changes in share premium
0
-6 274
a) increases (due to) the result of the nominal value
of shares
0
0
b) decreases (due to) decrease in the nominal value
of shares
0
6 274
Share premium at the end of the period
161
161
Other reserves at the beginning of the period
0
206
Changes in other capital reserves
0
-206
a) increases (due to) decrease in share capital
0
0
a) Decreases (due to) increase in share capital
0
206
Other reserve capital at the end of the period
0
0
Retained earnings
-5 734
-5 736
increase (due to)
37
2
a) profit/loss for the period
37
2
decrease (due to)
0
0
b)coverage of loss from share premium
0
0
Retained earnings
-5 697
-5 734
Foreign exchange differences at the beginning of the
period
110
108
Changes in exchange rate differences
0
2
increases
0
2
decreases
0
0
Exchange rate differences at the end of the period
110
110
Closing balance at the end of the period (CB)
1 459
1 422
The annual financial statements notes on pages 22-44 are an integral part of the annual financial
statements.
21
CASH FLOW STATEMENT
(indirect method)
Note
Period ended on
30.06.2025
(in thous EUR)
Period ended on
31.06.2024
(in thous EUR)
Operating activities
A.I. Gross profit
37
2
A.II. Adjustments total
-31
-16
Difference between accrued and received interest
9
36
-18
Loans granted
-23
0
Received loan repayments
0
0
Change in reserves
9
3
Change in receivables and accruals
1
-1
Change in liabilities
0
0
Changes in accrued expenses
-1
0
Other adjustments
-53
0
A.III.Net cash flow from operating activities
6
-14
B. Exchange differences
0
1
Net cash flow, total (A.III+/-B)
6
-13
Balance change in cash
6
-13
Cash at the beggining of the period
22
35
Cash at the end of the period
28
22
The annual financial statements notes on pages 22-44 are an integral part of the annual financial
statements.
22
Notes to the financial statements
Note 1.
Accounting policy
1.1 General information
Investment Friends SE (hereinafter referred to as the “Company” or “Investment Friends ”), a
Company based on Polish capital, operates in Estonia and Poland.
The financial statements of the Company for 2024/2025 were signed by the member of
Management Board of Investment Friends SE on 31/10/2025.
In accordance with the requirements of the Commercial Code of the Republic of Estonia, the
annual report prepared by the Management Board and approved by the Supervisory Board,
which also includes the financial statements, is approved by the General Meeting of
Shareholders. Shareholders have the right not to approve the annual report prepared by the
Management Board and approved by the Supervisory Board and to request that a new report is
prepared.
1.2. Basis of preparation of financial statements
The Company’s annual financial statements for the years 2024/2025 was prepared in
conformity of International Financial Reporting Standards as endorsed in the European Union
(“IFRS (EU)”). The Company has consistently applied the accounting policies throughout all
periods presented, unless stated otherwise.
The annual financial statements for 2024/2025 have been prepared on a going concern basis.
The preparation of annual financial statements in conformity with IFRS (EU) requires the use of
certain critical accounting estimates. It also requires management to exercise its judgment in the
process of applying the Company’s accounting policies. Changes in assumptions may have a
significant impact on the financial statements in the period the assumptions changed. The
management of the Company believes the underlying assumptions in the preparation of annual
financial statements for 2024/2025 are appropriate.
These annual financial statements consist of statements of financial position, statement of profit
or loss, statement of comprehensive income, statement of changes in equity, statement of cash
flows, and explanatory notes. The annual financial statements are presented in euros and all
values are rounded to the nearest thousand (€000), except when otherwise indicated. The
original annual financial statements of the Company have been prepared is English. In case of
the conflict with Polish or Estonian translation, the English version shall prevail.
1.3. Functional and reporting currency
The functional currency of the Company is Polish zloty (PLN) and reporting (presentational)
currency is euro (EUR).
Balance sheet items are calculated according to the exchange rate announced by the European
Central Bank as at the balance sheet day.
Items in the statement of profit or loss and in the cash flow statement are converted at the
exchange rate being the arithmetic average exchange rates announced by the European Central
Bank for the financial year.
23
1.4. Accounting policies, changes in accounting estimates and errors (IAS 8)
When an IFRS (EU) specifically applies to a transaction, other event, or condition, the accounting
policy or policies applied to that item shall be determined by applying the IFRS (EU). In the
absence of an IFRS (EU) that specifically applies to a transaction, other event or condition,
management shall use its judgement in developing and applying an accounting policy that
results in information that is relevant to the economic decision-making needs of users and
reliable.
The Company selects and applies its accounting policies consistently for similar transactions,
other events, and conditions, unless an IFRS (EU) specifically requires or permits categorization
of items for which different policies may be appropriate. If an IFRS (EU) requires or permits
such categorization, an appropriate accounting policy shall be selected and applied consistently
to each category.
The Company changes an accounting policy only if the change is required by IFRS (EU) or results
in the financial statements providing reliable and more relevant information about the effects of
transactions, other events, or conditions on the entity’s financial position, financial performance,
or cash flows. When a change in accounting policy is applied retrospectively the Company
adjusts the opening balance of each affected component of equity for the earliest prior period
presented and the other comparative amounts disclosed for each prior period presented as if
the new accounting policy had always been applied.
The effect of a change in an accounting estimate shall be recognized prospectively by including it
in profit or loss in the period of the change, if the change affect that period only or the period of
the change and future periods, if the change affects both. The Company corrects material prior
period errors retrospectively in the first set of financial statements authorized for issue at their
discovery by restating the comparative amounts for the prior period(s) presented in which the
error occurred; or if the error occurred before the earliest prior period presented, restating the
opening balances of assets, liabilities and equity for the earliest prior period presented.
1.5. Impact of new and revised standards and interpretations
The accounting policies used in the preparation of these financial statements are the same as
those used by the Company in its financial statements for the year ended June 30, 2024.
Updated standards effective for annual reporting periods beginning on or after January 1,
2024.
Certain new or revised standards and issued interpretations that are effective for the Company's
annual reporting periods beginning on or after January 1, 2024 and that were not adopted by
the Company prior to their effective date.
Amendments to IAS 1 Presentation of Financial Statements (Classification of liabilities as
current or non-current) – the amendments aim to ensure consistency in the application of the
requirements by helping companies determine whether liabilities and other obligations with an
uncertain settlement date should be classified as current (to be settled within 12 months) or
non-current. The amendments clarify what is meant by a right to defer settlement; that the right
to defer must exist at the end of the reporting period; this classification is not affected by the
24
probability that the entity will exercise the right to defer repayment; and that only if the
derivative embedded in the convertible liability is itself an equity instrument will the terms of
the liability not affect its classification.
Valid for annual reporting periods beginning on or after 1 January 2023. The EU has approved
the changes.
The Company does not expect the amendments to have a material impact on its financial
statements upon initial adoption.
Amendments to IAS 7 "Statement of Cash Flows" - the amendments aim to disclose information
about suppliers' financing mechanisms that enable users of financial statements to evaluate the
effect of these mechanisms on the entity's liabilities and cash flows and on its exposure to
liquidity risk.
Valid for annual reporting periods beginning on or after 1 January 2024. The EU has approved
the changes.
The Company does not expect the amendments to have a material impact on its financial
statements upon initial adoption.
Amendments to IAS 21 „Lack of Exchangeability” – the amendments aim to clarify when a
currency is exchangeable and how to determine the exchange rate when it is not exchangeable.
The Amendment state that the currency is. exchangeable into another currency when an entity
is able to obtain the other currency within a time frame that allows for a normal administrative
delay and through a market or exchange mechanism in which an exchange transaction would
create enforceable rights and obligations. An entity assesses whether a currency is exchangeable
into another currency at the measurement date and for a particular purpose.
If the entity is able to obtain no more than an insignificant amount of the other currency at the
masurement date for that purpose, the currency is not considered exchangeable into the other
currency.
The assessment of whether a currency is exchangeable into another currency depends on the
entity's ability to obtain the other currency, and not on its intention or decision to do so. When a
currency is not exchangeable at the measurment date, an entity’s objective in estimating the
spot exchange rate is to reflect the rate at which an orderly exchange transaction would take
place at the measurement date between market participants under prevailing economic
conditions. In that case an entity shall disclose information that enables users of its financial
statements to understand how the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity's financial performance, financial position and cash
flows.
Entities are required to apply the amendments for annual reporting periods beginning on or
after 1 January 2025, with early application permitted. The amendments shall not be applied
25
retrospectively. Instead, an entity shall apply specific transitio requirements set out in the
amendments.
The Company does not expect the amendments to have a material impact on its financial
statements upon initial adoption.
Amendments to IFRS 7 Financial Instruments – Disclosures (Supplier Financing Arrangements)
– the amendments are intended to draw attention to other factors that an entity may consider
when making disclosures, which include, but are not limited to, whether the entity:
has committed sources of financing (e.g. in the form of corporate bonds) or other
financing means (e.g. available credit lines) that it can use to meet liquidity needs;
holds deposits with central banks to meet liquidity needs;
has well-diversified sources of funding;
is exposed to significant concentrations of liquidity risk related to its assets or funding
sources;
has internal control processes and contingency plans for managing liquidity risk;
has instruments that contain contingent accelerated repayment provisions (e.g. in the
event of a deterioration in the entity's credit rating);
has instruments that could require the posting of collateral (e.g. margin calls in the case
of derivatives);
has instruments with an option to settle the financial obligation by delivering cash (or
another financial asset) or by delivering its own shares;
has instruments that provide for settlement by way of set-off or has used or has access
to facilities under supplier financing arrangements that provide the entity with deferred
payment terms or the entity's suppliers with early payment terms.
Valid for annual reporting periods beginning on or after 1 January 2024. The EU has approved
the changes.
The Company does not expect the amendments to have a material impact on its financial
statements upon initial adoption.
Other amendments
The Company does not expect that the new standards, amendments to standards and
interpretations to have a material impact on its financial statements upon initial adoption.
Changes in standards
New standards or interpretations effective for annual reporting periods beginning on or after
January 1, 2024.
IFRS 18 „Presentation and Disclosure in Fincial Statements” – the changes are intended to
ensure that financial statements contain more transparent and comparable information on
companies' financial performance. The key requirements introduced by IFRS 18 concern three
areas:
26
improving the comparability of the income statement by requiring companies to classify
all income and expense items in the income statement into one of five categories:
operating, investing, financial, income tax, and discontinued operations; the first three
categories are newly introduced;
desclosure of company-specific indicators ((management-defined performance
measures – MPMs);
principles for aggregating and disaggregating information in financial statements.
The Company does not expect the amendments to have a material impact on its financial
statements upon initial adoption.
1.6. Financial assets (IFRS 9, IAS 32)
Classification
The Company classifies financial assets into the following measurement categories:
those at fair value (either through other comprehensive income or through profit or
loss);
those carried at amortised cost.
The classification depends on the Company's business model for managing its financial assets
and the contractual terms of the cash flows.
Registration and derecognition
Purchases and sales of financial assets under normal market conditions are recognized on the
trade date, the date on which the Company commits to purchase or sell the asset. Financial
assets are derecognised when the rights to receive cash flows from the asset have expired or
have been transferred and the Company has transferred substantially all risks and rewards of
ownership.
Measurement
Financial assets (unless they are receivables from a buyer that does not have a significant
financing component and are initially measured at transaction price) are initially measured at
fair value and in the case of assets do not measure at fair value through profit or loss, related
acquisition costs of assets are added to the initial value.
Debt instruments
Subsequent recognition of debt instruments depends on the Company's business model for
managing its financial assets and the contractual cash flows of the financial assets.
Assets held for the purpose of collecting contractual cash flows that have only cash flows and
interest payable are recognised at amortised cost using the effective interest rate method.
Impairment losses are deducted from the adjusted acquisition cost. Interest income, foreign
exchange gains and losses and impairment losses are recognised in the income statement.
Gains or losses on derecognition are recognised in the income statement under “Other operating
income / expense”.
As of June 30, 2024 and June 30, 2025 and during 2023/2024, financial assets of the Company
were classified as at amortised cost.
27
The Company measures impairment as follows:
cash and cash equivalents at low credit risk (senior management considers a low credit
risk assessment of at least one of the major credit rating agencies) to be equivalent to
expected credit losses within 12 months;
for all other financial assets, the amount of credit losses expected to be incurred over a
12-month period, unless the credit risk (i.e., the expected life of the financial asset in
default) has increased significantly after initial recognition; if the risk is significantly
increased, the credit loss is measured at an amount equal to the expected credit loss
over a lifetime.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. Loans and receivables are initially recognised at their
fair value plus transaction costs. After initial recognition, loans and receivables are carried at
amortised cost using the effective interest rate method. This method is used to calculate interest
income on the receivable in subsequent periods. Financial assets are adjusted for impairment
losses.
Impairment is based on expected credit loss. The principle of expected credit loss is to show the
overall trend in the deterioration or improvement in the credit quality of a financial asset.
Impairment losses on financial assets classified at amortised cost are recognised as a provision
for impairment.
Expected credit losses are probability-weighted estimated credit losses that, at the reporting
date, consider all relevant information, including information about past events, current
conditions, reasonable and reasonable future events, and forecasts of economic conditions. At
the end of each reporting period, the Company conducts a review to determine whether there
has been a material increase in risk compared to the last estimate. Indicators of increased credit
risk include, but are not limited to, overdue payments over 30 days, significant financial
difficulties of the debtor, possible bankruptcy or restructuring of the debtor. Impairment
charges are recognised in the income statement under “Other operating costs”. If receivables are
uncollectible, they are written off together with a provision for impairment.
Receivables are generally recognised as current assets when they are due to be settled within 12
months after the balance sheet date. Receivables that are due later than 12 months after the
balance sheet date are recognised as non-current assets. Financial assets that do not include
SPPI (Solely Payment of Principal and Interest) cash flows are recognised at fair value through
Information on financial instruments profit or loss.
Impairment of Credits and Loans
The Company’s impairment estimation is based on the "Expected Credit Loss" (ECL) concept.
Consequently, the Company determines impairment allowances based on expected credit losses,
considering future economic conditions in assessing the credit risk of a given exposure.
The methodology and assumptions used to estimate the impairment of credit exposures are
regularly monitored to reduce discrepancies between estimated and actual losses. To assess the
adequacy of impairment allowances established through both individual and collective analysis,
28
a periodic historical review (backtesting) is conducted, no less than annually, and results are
used to define actions aimed at improving the process quality.
The implemented impairment model applies to financial assets classified under IFRS 9 as
financial assets measured at amortized cost or at fair value through other comprehensive
income. According to IFRS 9, credit exposures are categorized as follows:
▪ Stage 1 – non impaired exposures where the expected credit loss is estimated over a 12-
month period.
▪ Stage 2 - non impaired exposured identified with a significant increase in credit risk, where
the expected credit loss is calculated over the entire lifetime of the financial asset.
▪ Stage 3 - exposures with identified impairment indicators for which the expected credit loss is
calculated over the entire lifetime of the financial asset.
Measurement of Expected Credit Loss
Since the implementation of IFRS 9 in 2018, the Company's impairment estimation has relied on
the Expected Credit Loss (ECL) model. This approach necessitates the calculation of impairment
allowances based on expected credit losses and incorporates projections of future economic
conditions when assessing the credit risk of each exposure. The impairment model applies to
financial assets classified under IFRS 9 as financial assets measured at amortized cost or at fair
value through other comprehensive income. According to IFRS 9, credit exposures are classified
as follows:
▪ Stage 1 – non-impaired exposures where the expected credit loss is estimated over a 12-
month horizon
▪ Stage 2 - non-impaired exposures with a significant increase in credit risk (SICR), where the
expected credit loss is estimated over a lifetime horizon, i.e., until the exposure's maturity.
▪ Stage 3 – impaired exposures there the expected credit loss is estimated over a lifetime
horizon (until the financial asset is fully recovered)
In accordance with IFRS 9, the Company has adopted a definition of default for the purpose of
measuring expected credit losses and assessing impairment.
A financial asset is considered to be in default when one or more of the following conditions are
met:
▪ there is objective evidence that the borrower is unlikely to repay its obligations in full without
realization of collateral, if any;
▪ the borrower is subject to significant financial difficulties, restructuring of debt, or other
indicators of credit deterioration;
▪ external information or internal assessment indicates a significant increase in credit risk.
The Company applies a consistent definition of default for all financial assets subject to
impairment under IFRS 9.
The Company applies the impairment requirements to recognize and measure the allowance for
expected credit losses on financial assets measured at fair value through other comprehensive
income. However, the allowance for expected credit losses is recognized in the income
statement and does not reduce the carrying amount of the financial asset in the statement of
29
financial position. Management Board, taking into account all reasonable and supportable
information available, considers that an impairment loss may only be recognized when there is
objective evidence that events (impairment indicators) that have led to impairment.
Information on financial instruments
June 30, 2025
Classes of financial instruments
Amortised cost
Total
Financial assets total
1 522
1 522
Loans granted
1 491
1 491
- including interest
91
91
Cash and cash equivalents
28
28
Short-term accruals
3
3
Total financial liabilities
63
63
Trade and other liabilities
1
1
Short-term reserves
62
62
June 30, 2024
Classes of financial instruments
Amortised cost
Total
Financial assets total
1 476
1 476
Loans granted
1 451
1 451
-including interest
75
75
Cash and cash equivalents
22
22
Short-term accruals
2
2
Total financial liabilities
54
54
Trade and other liabilities
1
1
Short-term reserves
53
53
Professional judgment
If a given transaction is not regulated by any standard or interpretation, the Management Board,
guided by its subjective judgment, determines, and applies accounting policies which will ensure
that the financial statements will contain correct and reliable information and :
correctly, clearly, and fairly present the assets and financial situation of the Company,
the results of its activities and cash flows,
reflect the economic content of the transaction,
are objective,
is prepared in accordance with the principle of prudent valuation,
is complete in all material respects.
When valuating the loans, the debtor's solvency is taken into account. We take into account the
risk of non-repayment. If there is no risk of repayment, we value the loans at their nominal
value. There are conducted proper analysis.
The Management Board makes decisions considering all the potential consequences of its
30
decisions. Hence, the decision-making process is based on multi-stage analysis of, inter alia,
borrowers' collaterals.
Uncertainty of estimates
When applying the accounting principles in force in the Company, the Management Board is
obliged to make estimates, judgments, and assumptions regarding the amounts of valuation of
individual assets and liabilities. The estimates and related assumptions are based on historical
experience and other factors considered relevant. The actual results may differ from the
adopted estimated values. The preparation of the financial statements requires the Management
Board of the Company to make estimates, as much of the information contained in the financial
statements cannot be measured precisely. The Management Board verifies the adopted
estimates based on changes in the factors considered when making them, new information or
past experiences. Therefore, the estimates made as of June 30, 2024 may be changed in the
future.
In the report for 2023/2024, the Management Board assesses that there are no other significant
areas with regard to which there is a risk related to uncertainty of estimates.
Areas where the disclosure of information may be necessary depending on specific facts and
circumstances:
• recognition and measurement of provisions, if there is uncertainty regarding the outcome of
legal proceeding - as of the balance sheet date, the Company is not involved in any ongoing legal
proceedings; therefore, it does not recognize or measure any provisions in this regard.
• recognition and measurement of liabilities related to uncertain tax positions - as of the
balance sheet date, the Company does not have any uncertain tax positions, therefore, it does
not recognize or measure liabilities related to such positions.
• measurement of liabilities for long-term employee benefits - as of the balance sheet date, the
Company does not employ any personnel; therefore, there is no need to measure liabilities
related to any employee benefits.
These and other matters are subject to the disclosure requirements outlined in IAS 1 only when
there is a significant risk of material adjustments to the carrying amounts of assets and liabilities
in the next reporting period.
1.7. Cash and cash equivalents, cash flows (IAS 7)
Cash and cash equivalents are cash at bank and on hand, short-term extremely high liquidity
investments (up to three months) that are readily convertible into a known amount of cash and
which are subject to an insignificant risk of changes in value.
The statement of cash flows reports cash flows during the period classified by operating,
investing, and financing activities. The Company reports cash flows from operating activities
using the indirect method whereby net profit or loss is adjusted for the effects of transactions of
a non-cash nature, any deferrals, or accruals of past or future operating cash receipts or
payments, and items of income or expense associated with investing or financing cash flows.
1.8. Share Capital (IAS 1)
Ordinary shares are included within equity. The expenditures related to the issue of ordinary
shares are recognised as a reduction of equity. Treasury shares repurchased by the parent
31
Company are recognised as a reduction of equity (in the line item “Treasury shares”).
Disbursements and contributions related to treasury shares are recognised in equity.
1.9. Capital from sales of shares above their nominal value (IAS 1)
The differences between the fair value of the payment received and the nominal value of shares
are recognized in the share premium. In the event of buyout of shares, the amount paid for the
shares is charged to equity and is disclosed in the statement of financial position under equity.
The costs of issuing shares, incurred when establishing a joint-stock Company or increasing the
share capital, reduce the entity's share premiumto the amount of the excess of the issue value
over the par value of the shares, and the remaining part is classified as financial costs.
1.10. Statutory reserve capital (IAS 1)
Reserve capital is formed to comply with the requirements of the Commercial Code of the
Republic of Estonia. During each financial year, at least 5% of the net profit shall be transferred
to reserve capital until reserve capital reaches one-tenth of share capital. Reserve capital may be
used to cover a loss or to increase share capital. Payments shall not be made to shareholders
from reserve capital. In the statement of financial position statutory reserve is recognised in
other reserves.
1.11. Earnings per share (IAS 33)
Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary
equity holders of the Company by the weighted average number of shares outstanding during
the year. Diluted earnings per share is calculated by dividing the profit attributable to equity
holders of the Company (after adjusting for interest on the convertible preference shares) by the
weighted average number of shares outstanding during the year plus the weighted average
number of shares that would be issued on conversion of all the dilutive potential shares into
shares.
1.12. Financial liabilities (IFRS 9, IAS 32)
All financial liabilities (trade payables, other short and long-term liabilities, borrowings, etc.) are
initially recognised at their fair value, less any transaction costs. They are subsequently
recognised at amortised cost, using the effective interest rate method.
The amortised cost of the current financial liabilities generally equals their nominal value;
therefore, current financial liabilities are stated in the statement of financial position at
redemption value. To calculate the amortised cost of non- current financial liabilities, they are
initially recognised at fair value of the proceeds received (net of transaction costs incurred) and
an interest expense is calculated on the liability in subsequent periods using the effective
interest rate method.
A financial liability is classified as current when it is due to be settled within 12 months after the
balance sheet date or the Company does not have an unconditional right to defer settlement of
the liability for at least 12 months after the balance sheet date. Interest-bearing liabilities that
are due within 12 months after the balance sheet date, but which are refinanced after the
balance sheet date as long-term, are recognised as short-term interest-bearing liabilities. Also,
borrowings are classified as short-term if the lender had at the balance sheet date the
32
contractual right to demand immediate payment of the borrowing due to the breach of
conditions set forth in the agreement.
1.13. Provisions and contingent liabilities
Provisions are recognized when the Company has a present obligation (legal or constructive)
because of a past event it is probable that the Company will be required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the end of the reporting period, considering the risks and uncertainties
surrounding the obligation. When a provision is measured using the cash flows estimated to
settle the present obligation, its carrying amount is the present value of those cash flows (when
the effect of the time value of money is material).
When some or all the economic benefits required to settle a provision are expected to be
recovered from a third party, a receivable is recognized as an asset if it is virtually certain that
reimbursement will be received.
Contingent liabilities
Contingent liabilities are those liabilities the realization of which is less probable than non-
realization or the amount of which cannot be measured sufficiently reliably. The Company does
not recognize contingent liabilities but discloses brief description of the nature of the contingent
liability and, where practicable an estimate of its financial effect; an indication of the
uncertainties relating to the amount or timing of any outflow; and the possibility of any
reimbursement unless the possibility of any outflow in settlement is remote.
1.14. Revenue recognition (IFRS 15)
Interest income
Interest income is recognized when it is probable that the economic benefits associated with the
transaction will flow to the Company and the amount of the revenue can be measured reliably.
Interest income is recognized on an accrual basis.
Interest income includes interest related to financial instruments measured at amortized cost
and financial assets measured at fair value through other comprehensive income using the
effective interest rate method. The effective interest rate method is a way of calculating the
amortized cost of a financial asset or liability and allocating interest income or expense and
certain fees (that are an integral part of the effective interest rate) to the appropriate period.
The effective interest rate is the rate that exactly discounts estimated future cash flows (over the
life of the financial instrument) to the gross carrying amount of the asset/amortized cost of the
liability. In calculating the effective interest rate, the Company estimates cash flows considering
all contractual terms of the financial instrument, but does not take into account any potential
future losses from defaulted loans. This calculation includes all fees paid or received between
the parties to the agreement that are integral to the effective interest rate.
Interest income includes interest and fees (received or due) recognized in the effective interest
rate calculation for loans and advances. Upon recognizing the impairment of a financial
instrument measured at amortized cost and those measured at fair value through other
comprehensive income, interest income is recognized in the income statement but is calculated
33
based on the newly determined carrying amount of the financial instrument (i.e., the amount
reduced by the impairment allowance).
1.15.Operating segments (IFRS 15, IFRS 8)
A segment is a distinguishable component of the Company, which generates revenues and incurs
expenditures. The segment reporting is presented in respect of operating and geographical
segments. The Company operates in only one business area, therefore the segment reporting is
not relevant.
1.16. Income tax (IAS 12)
Corporate income tax in EstoniaAccording to the Income Tax Act entered into force in Estonia
on 1 January 2000, it is not the company's profits that are taxed but net dividends paid. Income
tax is paid on dividends, fringe benefits, gifts, donations, costs of reception of guests, non-
business payments and transfer price adjustments. The effective income tax rate is 20/80 on net
dividends paid out. Starting from 2019, it is possible to apply a more favourable tax rate on
dividend payments (14/86). The more favourable tax rate can be applied to a dividend
distribution that amounts to up to three preceding years’ average dividend distribution that has
been taxed at 20/80 rate.
1.17. Related parties (IAS 24)
A related party is a person or entity that is related to the entity that is preparing its financial
statements. A related party transaction is a transfer of resources, services, or obligations
between a reporting entity and a related party, regardless of whether a price is charged. Such
transactions could have an effect on the profit or loss and financial position of the Company. For
this reason, knowledge of the Company’s transactions, outstanding balances, including
commitments, and relationships with related parties may affect assessments of its operations by
users of financial statements, including assessments of the risks and opportunities facing the
Company.
The Company discloses the related party relationship when control exists, irrespective of
whether there have been transactions between the related parties.
The Company considers key members of the management (Supervisory and Management
Board), their close relatives and entities under their control or significant influence as well as
associated companies as related parties.
1.18. Events after the reporting period (IAS 10)
Events after the reporting period are those events, favourable and unfavourable, that occur
between the end of the reporting period and the date when the financial statements are
authorized for issue. Events after the reporting period are those that provide evidence of
conditions that existed at the end of the reporting period (adjusting events after the reporting
period) and those that are indicative of conditions that arose after the reporting period (non-
adjusting events after the reporting period).
34
Note 2.
Description of significant factors of risks and threats
The main types of risk arising from the Company's financial instruments include interest rate
risk, liquidity risk, credit risk. The Management Board is responsible for establishing the risk
management rules and supervision. The principles of risk management aim to identify and
analyse the risks that the Company is exposed to, by establishing appropriate limits and
controls.
Interest rate risk
When determining the loan terms for each borrower, the Company individually negotiates the
contract interest rate. The interest rates below result from the date the loan was taken and the
level of interest rated at the time.
At the balance sheet date, the interest rate structure of the Company’s interest-bearing financial
instruments was as follows:
Interest rate
Fixed/variable interest
rate
Damar Patro UU
2,5%
Fixed
Damar Patro UU
7%
Fixed
Patro Invest sp. z o.o. w likwidacji
24,5%
Fixed
The Company has no liabilities related to received loans.
As at 30/06/2024 the interest rate structure of the Company’s financial instruments was as
follows:
Interest rate
Fixed/variable interest
rate
Damar Patro UU
2,5%
Fixed
Patro Invest sp. z o.o. w likwidacji
24,5%
Fixed
The Company has no liabilities related to received loans.
Credit risk
a) Credit Risk Assessment – credit risk refers to the potential loss that may occur if a
counterparty in a transaction fails to meet its contractual obligations, resulting in the inability to
provide expected cash flows. The Company's credit risk is primarily associated with loans
granted by the Company, cash and cash equivalents, and deposits. The scope of the Company’s
credit risk is largely influenced by specific circumstances. Additionally, the Company’s
Management considers general factors such as the legal status of the client (private or public
entity), the client’s geographical location, industry sector, current economic conditions, and
future economic forecasts. To mitigate credit risk, the payment discipline of customers and their
ability to meet obligations should be monitored on a daily basis.
(b) Credit quality of financial assets – The Company applies a simplified approach to measuring
expected credit loss under IFRS 9, using lifetime expected credit losses.Historical loss rates are
adjusted to account for current and forward-looking information on macroeconomic factors that
35
may affect the ability of customers to settle their receivables. Based on the principles outlined
above, the impact of impairment losses on the Company's cash flows was insignificant.
The Company is exposed to risks arising from fluctuations in exchange rates, which is why a
sensitivity analysis of exchange rate changes and their impact on net profit and equity has been
added. However, the Company is not exposed to risk arising from changes in interest rates, as it
has not granted or received any loans with variable interest rates.
Information regarding financial assets, along with a descpription of the collateral held, has been
discloded in note 4.
Liquidity risk
Liquidity risk management process bases on monitoring estimated cash-flows, and adjusting
final maturity of assets and liabilities, analysing working capital and maintaining an access to
alternate sources of funding. The aim of the Company is to maintain the balance between
funding continuity and flexibility, through using sources of funding such as loan overdraft
facility.
Maturity dates of liabilities as of 30/06/2025
30/06/2025
in thous. EUR
Total
Repayment date
< 1 year
1-2 years
2-3 years
over 3
years
Trade liabilities
1
1
0
0
0
Other liabilities
0
0
0
0
0
Other obligations
62
62
0
0
0
Total
63
63
0
0
0
Maturity dates of liabilities as of 30/06/2024
30/06/2024
in thous. EUR
Total
Repayment date
< 1 year
1-2 years
2-3 years
over 3
years
Trade liabilities
1
1
0
0
0
Other liabilities
0
0
0
0
0
Other obligations
53
53
0
0
0
Total
54
54
0
0
0
Current financial liquidity ratio as of 30/06/2024 indicates that for every polish zlotyof short-
term liabilities, there were EUR 27.33 of current assets, while as at 30/06/2025 it was EUR
24,16 EURO. This means that the company's financial liquidity situation has deteriorated.. It
should be noted that this is a positive result outcome, as the ratio does not fall within the
optimal range in both examined years, its value in the 2023/2024 financial year may indicate
excess liquidity.
The maturity dates of assets as at 30/06/2025
30/06/2025
in thous. EUR
Total
Repayment date
< 1 year
1-2 years
2-3 years
over 3 years
36
Cash
28
28
0
0
0
Loans granted
1 491
1 491
0
0
0
-including interest
91
91
0
0
0
Other receivables
3
3
0
0
0
Total
1 522
1 522
0
0
0
The maturity dates of assets as at 30/06/2024
30/06/2024
in thous. EUR
Total
Repayment date
< 1 year
1-2 years
2-3 years
over 3 years
Cash
22
22
0
0
0
Loans granted
1 451
1 451
0
0
0
-including interest
75
75
0
0
0
Other receivables
2
2
0
0
0
Total
1 475
1 475
0
0
0
The entities that the Company provides financing to are related parties; therefore, Company
does not have a control policy. The related parties have received loans for investments in the
stock market or for granting further loans. The principal borrower's strategy is conservative,
meaning the borrower invests the borrowed money in value-added companies. Loans are to be
repaid, among other things, from dividends paid by companies in the borrower's portfolio.
Risk of shares price’s fluctuations and limited liquidity
Immanent feature of market trading is the shares’ price fluctuations and short-term fluctuations
of turnover. It might result in sale or purchase of the qualifying holding of the Company’s shares
will relate to a necessity to accept significantly less favourable price than the reference price.
The Company cannot also exclude significant, temporary limitations of liquidity which may
significantly hamper sales or purchase of the Company’s shares.
Currency risk
Liquidity risk management process bases on monitoring estimated cash-flows, and adjusting
final maturity of assets and liabilities, analysing working capital and maintaining an access to
different sources of funding. The aim of the Company is to maintain the balance between
funding continuity and flexibility, through using loans.
Due to the stable exchange rate of euro to zloty, the financial assets and liabilities denominated
in these currencies were not subject to significant risk. The euro/zloty exchange rate is
characterized by a low level of volatility.
To illustrate the currency risk arising from fluctuations in exchange rates, the Company
conducted a sensitivity analysis:
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
37
+ 10%
4,6825
35
-2
-2
-2
+ 5%
4,4697
35
-1
-1
-1
- 5%
4,0441
35
-1
-1
-1
- 10%
3,8313
35
0
0
0
Risk related to related parties
There are interpretations indicating the possibility of emerging risks consisting in the negative
impact of links between members of the Company’s bodies on their decisions. This applies to the
impact of these links on the Company’s Supervisory Board regarding the day-to- day supervision
of the Company’s operations. While assessing the probability of such a risk, one should consider
the fact that the supervisory bodies are subject to the control of another body – the General
Meeting, and in the interest of the members of the Supervisory Board it is to perform their
duties in a reliable and lawful manner.
Risk related to the shareholding structure
As at the balance sheet date 63,85% of the share capital and 43961150 votes at the Company’s
General Meeting belong directly to Patro Invest OÜ, as a result of which the above Shareholder
has a significant impact on the resolutions adopted at the Company’s General Meeting.
Risk related to the economic situation in Poland and Estonia
The economic situation in Poland has a significant impact on the financial results achieved by all
entities including the Company itself, because the success of development of companies
investing in financial instruments and conducting financial services largely depends on the
conditions of running a business.
Risk related to the armed conflict in Ukraine
Due to the ongoing armed conflict in Ukraine, the Company’s operations are moderately exposed
to the consequences of the war. As at the date of publication of the report, the Company does not
anticipate extending the conflict beyond the territory of Ukraine therefore, no impact on the
operating activities of the Company is expected.
Note 3.
Capital management
The Management Board’s policy is to maintain a solid capital base to maintain investor
confidence and to ensure the future development of business operations.
The company manages its capital to maintain the ability to continue operations, including the
implementation of planned investments, so that it can generate returns for shareholders.
In line with market practice, the Company monitors capital, among others, based on the equity
ratio and the loans and other sources of financing / EBITDA ratio.
The equity ratio is calculated as the ratio of the net value of assets (equity less intangible assets)
to the balance sheet total.
In order to maintain financial liquidity and creditworthiness allowing obtaining external
financing at a reasonable level of costs.
38
Selected data
30/06/2025
(in thous. EUR)
30/06/2024
(in thous. EUR)
Equity
1 459
1 422
Balance sheet total
1 522
1 476
Equity ratio*
0,96
0,96
Net profit/loss
37
2
EBITDA
37
4
*Equity ratio = equity / assets
EXPLANATORY NOTES
Note 4
Financial assets
As at 30/06/2025
Borrower
12
months
period -
principal
12
months
period –
interest
1-5
year
s
Interest
rate
Currency
Repayment
date
Collaterals
Damar Patro
UU
1 376
90
0
2,5%
EUR
30/06/20
25
Investment Friends SE is
entitled for each of these
loans to fill in the bill of
exchange in the amount of
the Borrower's obligation
resulting from the
concluded loan
agreement, reduced by
the payments made by the
Borrower towards this
obligation and increased
by the value of unpaid
interest, as well as any
default interest and other
incidental costs in the
event of failure to repay
the full amount of the loan
together with incidental
liabilities within the
required time limit.
Damar Patro
UU
24
1
0
7%
PLN
31/12/20
25
Total
1 400
91
0
As at June 30, 2025 all the loans were granted to the related entities and was disclosed in note 9.
39
As at 30/06/2024
Borrower
12
months
period -
principal
12
months
period –
interest
1-5
year
s
Interest
rate
Currenc
y
Repayment
date
Collaterals
Damar Patro
UU
1 376
60
0
2,5%
EUR
30/06/2025
Investment Friends SE is
entitled for each of these
loans to fill in the bill of
exchange in the amount of
the Borrower's obligation
resulting from the
concluded loan
agreement, reduced by
the payments made by the
Borrower towards this
obligation and increased
by the value of unpaid
interest, as well as any
default interest and other
incidental costs in the
event of failure to repay
the full amount of the loan
together with incidental
liabilities within the
required time limit.
Patro Invest
Sp. z o.o. w
likwidacji*
0
15
0
24,5%
PLN
25/10/2019
Total
1 376
75
0
*In the years 2019 and 2020 the Company made an impairment charge on receivables from the
Company Patro Invest SP. z o.o. w likwidacji in the total amount of EUR 51 958,44. The
impairment did not cover the amount of interest amounting to EUR 14 789,34 EUR. After the
balance sheet date the claim from Patro Invest Sp. z o.o. w likwidacji with registered office in
Płock was transferred in full to the Company Patro Administracja Sp. z o.o. with registered
office in Płock.
As at June 30, 2024 all the loans were granted to the related entities and was disclosed in note 9.
Note 5
Cash and cash equivalents
CASH AND CASH EQUIVALENTS
June 30
2025
in thous.
EUR
June 30
2024
in thous.
EUR
Cash on the bank accounts
28
22
Cash and cash equivalents, total
28
22
The Company on the basis of agreement concluded with IFSE UU with registered office in
Tallinn ( Estonia) shares two bank account with this Company in currencies PLN and EURO.
40
Note 6
Share capital
As at the balance sheet date, i.e. 30/06/2025, and at the end of the previous financial year, the
Company's share capital amounted to EUR 6 885 000.
In the reporting year 2023/2024 the share capital of the Company increased by EUR 6 480
thous. as a result of the issuance of the premium, i.e., from the surplus accumulated in the
reserve capital (6 274 thous. EUR) and other reserve capitals (EUR 206 thous. to 6 885 thous.)
SHARE CAPITAL
June 30
2025
in thous. EUR
June 30
2024
in thous.
EUR
Opening balance of share capital
6 885
405
Increase of share capital
0
6 480
Decrease of share capital due to the nominal value of shares
decrease
0
0
Closing balance of share capital
6 885
6 885
RESERVE CAPITAL
June 30
2025
in thous. EUR
June 30
2024
in thous.
EUR
Opening balance of reserve capital
161
6 435
Increase in reserve capital due to the result of nominal value of
shares
0
0
Decrease in reserve capital due to the decrease of the nominal value
of shares
0
6 274
Closing balance of reserve capital
161
161
In case the equity capital is lower than 50% of the share capital, in order to meet § 301 of the
Estonian Commercial Companies Code, the Board proposes to the General Meeting to take action
to reduce the share capital of the Company. The Company convenes a relevant General Meeting,
during which the share capital is reduced to the reserve capital. In this way, the requirement of
§ 301 of the Estonian Commercial Companies Code is met.
Share capital as of
30/06/2025
Type of action
Number of shares
Share capital
Registered shares
68 850 000
6 885 000 euro
TOTAL
68 850 000
6 885 000 euro
41
As of 30/06/2025, the number of shares without nominal value is 6 885 000. As of the balance
sheet date, there are no rights or restrictions associated with each class of shares, and there are
no shares transferred for issue under an agreement or other contracts.
Share capital as of
30/06/2024
Type of action
Number of shares
Share capital
Registered shares
68 850 000
6 885 000 eur
TOTAL
68 850 000
6 885 000 eur
As of 30/06/2024, the number of shares without nominal value is 6 885 000. As of the balance
sheet date, there are no rights or restrictions associated with each class of shares, and there are
no shares transferred for issue under an agreement or other contracts.
Note 7
Book value per share
Book value of equity as of 30/06/2025
1 459 tys. EUR
Number of shares as of 30/06/2025
68 850 000
Book value per share (in EUR)
0,02 EUR
Diluted number of shares
68 850 000
Diluted book value per share (in EUR)
0,02 EUR
Book value of equity as of 30/06/2024
1 422 tys. EUR
Number of shares as of 30/06/2024
68 850 000
Book value per share (in EUR)
0,02 EUR
Diluted number of shares
68 850 000
Diluted book value per share (in EUR)
Profit per share
Profit per share as at 30/06/2025
Weighted number of shares 68 850 000
Profit/loss for 12 months 37 thous. EUR
Profit/loss per one ordinary share 0,00 EUR
Profit per share as at 30/06/2024
Weighted average number of shares 32 466 575
Profit/loss for 12 months 2 thous. EUR
Profit/loss per one ordinary share 0,00 EUR
0,02 EUR
Note 8
In accordance with the requirements of IFRS 8, operating segments should be identified based
on internal reports on those elements of the Company that are regularly verified by persons
42
deciding about allocating resources to a given segment and assessing its financial results. The
Company conducts a homogeneous activity of providing other financial services.
The Company’s main activity is granting loans, there are no other activities, segment reporting is
not applicable.
Revenues from interest
NET INCOME FROM SALES OF PRODUCTS
(MATERIAL STRUCTURE - TYPES OF ACTIVITY)
June 30,
2025
In thous EUR
June 30,
2024
In thous. EUR
revenues from interest
35
35
- including: from related entities
35
35
Data on revenues from related entities can be found in note 9
Geographical information
Below we present revenues from clients divided into operating areas:
GEOGRAPHICAL AREA FOR
FINANCIAL ACTIVITY
01/07/2024 – 30/06/2025
(in thous. EUR)
01/07/2023 – 30/06/2024
(in thous. EUR)
Estonia
35
35
Poland
0
0
Total for the financial activity
35
35
Information on leading clients.
In the period 01/07/2024-30/06/2025 the Company achieved revenues from transactions with
an external single client which exceed 10% of the entity's total revenues:
Client no. 1 –100% of total revenues
In the period 01/07/2023-30/06/2024 the Company achieved revenues from transactions with
an external single client which exceed 10% of the entity's total revenues:
Client no. 1 –100% of total revenues
The Company's core business is lending, the Company does not conduct any other activities,
segment reporting is not applicable.
Division into reporting segments
Reporting segments
01/07/2024 – 30/06/2025
(in thous. EUR)
ESTONIA
POLAND
Assets
1519
3
Liabilities
15
48
43
Profit/loss
19
18
Reporting segments
01/07/2023 – 30/06/2024
(in thous. EUR)
ESTONIA
POLAND
Assets
1 459
17
Liabilities
54
0
Profit/loss
14
-12
Note 9
Transactions with related entities
Parent Company: Patro Invest OÜ in Tallinn (100% shareholder of Patro Invest OÜ is a natural
person Damian Patrowicz).
The parent Company is also the main shareholder of Fon SE, Atlantis SE, Investment Friends
Capital SE.
Related party
transactions for the
period ended
30/06/2025
Interest
income
loans granted
loans repaid
Loan and interest
receivables
Parent Company :
Patro Invest OU
0
0
0
0
Key Management Board members and all companies they directly or indirectly own:
Patro Invest sp. z o.o. w
likwidacji
0
0
0
0
Damar Patro UU
35
0
4
1 491
Total (notes 4,8)
35
0
4
1 491
Related party
transactions for the
period ended
30/06/2024
Interest
income
loans
granted
loans repaid
Loan and interest
receivables
Parent Company:
Patro Invest OU
0
0
18
0
Key Management Board members and all companies they directly or indirectly own:
Patro Invest sp. z o.o. w
likiwdacji
0
0
0
15
Damar Patro UU
60
0
0
1 436
Total (notes 4,8)
60
0
18
1 451
44
Remuneration of the Supervisory Board and the Management Board:
No remuneration was paid by the company to members of the Management Board and
Supervisory Board for the financial year and the previous year.
The Company did not employ any employees during the financial year or the previous year.
Note 10
Contingent assets and liabilities
Tax authorities have the right to inspect the Company's tax records for up to 5 years after the
filing of the tax return and, in the event of errors, impose additional taxes, interest and penalties.
The tax authorities did not conduct any tax audits at the Company in 2024-2025.
Note 11
Significant events after the balance sheet date
Assessing all available information corresponding to the next twelve months from the end of the
reporting period, the Management Board of the compan prepared a report for the period from
01/07/2024 to 30/06/2025 assuming the Company's continued operations.
The Company has been profitable to date and continues to be so. It has easy access to financial
resources. According to the Management, this does not require a detailed analysis or the search
for alternative sources of financing.
Due to the fact that as of the balance sheet date the Company's equity is less than 50% of the
share capital, i.e., it does not meet the requirements of § 301 of the Estonian Commercial Code,
the Issuer's Management Board will propose to the Shareholders at the next General Meeting to
adopt an appropriate resolution to reduce the share capital.
At present, the war in Ukraine does not have an impact on the Company's situation. Investment
Friends SE does not anticipate that military actions in Ukraine will negatively affect the
Company's operational activities.
45
VII. STATEMENT OF COMPLIANCE
The Management Board confirms that the Management report, corporate governance report and
remuneration report as set out on pages 5 to 17 gives a true and fair view of the key events that
occurred during the reporting period and their impact on the financial statements contains a
description of the key risks and uncertainties and reflects material transactions with related
parties.
The Management Board confirms the correctness and completeness of Investment Friends SE
financial statements for the year 2024/2025 as set out on pages from 18 to 44 and that:
the accounting policies used in preparing the financial statements are in compliance with
International Financial Reporting Standards as adopted in the European Union;
the financial statements give a true and fair view of the financial position, financial
performance and cash flows of the Company;
Investment Friends SE is going concern.
Signature
Member of the Management Board of the Issuer
Agnieszka Gujgo
46
VIII. MANAGEMENT BOARD'S PROPOSAL ON PROFIT DISTRIBUTION
In accordance with § 332 of the Estonian Commercial Companies Code, the Management Board
hereby proposes to the General Meeting of Shareholders that the Company's profit after tax (net
profit) for the financial year 2024/2025, amounting to EUR 37 thous, as disclosed in the
Company's annual separate financial statements for the year ended 30/06/2025, be allocated as
follows:
- the amount of EUR 37 thous. (thirty-seven thousand euros) shall be allocated to the Company's
reserve capital.
The Management Board decides to request the Supervisory Board to assess this proposal for the
distribution of the Company's net profit for the financial year 2024/2025 and to submit it for
consideration to the General Meeting of Shareholders, in accordance with § 332 of the Estonian
Commercial Code.
Signature
Member of the Management Board of the Issuer
Agnieszka Gujgo
