As at 31 December 2024 | As at 31 December 2023 | |||
Number of | Ownership | Number of | Ownership | |
shares held | interest, % | shares held | interest, % | |
Willgrow (ex UAB \u201eME Investicija\u201c) | 779,900 | 9.99% | 779,900 | 9.99% |
Ugnius Radvila | 740,702 | 9.49% | 740,702 | 9.49% |
Moonrider OU | 543,346 | 6.96% | 543,346 | 6.96% |
Pali\u016bnas Vidas | 535,278 | 6.86% | 535,278 | 6.86% |
\u0160\u016bmakaris Rytis | 535,278 | 6.86% | 535,278 | 6.86% |
Other | 4,616,499 | 59.13% | 4,616,499 | 59.13% |
Total | 7,751,003 | 99.28% | 7,751,003 | 99.28% |
Novaturas AB | 55,997 | 0.72% | 55,997 | 0.72% |
Total | 7,807,000 | 100.00% | 7,807,000 | 100.00% |
Part of | Part of | ||||||
shares | shares | ||||||
Registered | Registered | held by | held by | Core | |||
Company | Code | at | office | the Group | the Group | activities | |
as at 31 | as at 31 | ||||||
December | December | ||||||
2024, % | 2023 | , % | |||||
Latvian | Kr. | Organization | |||||
Novatours SIA | 40003525782 | registry of | Valdemara | 100% | 100% | and | |
enterprises | St. 100, | distribution of | |||||
Riga, Latvia | tours. | ||||||
Estonian | Ravala g. 6, | Organization | |||||
Novatours OU | 110138798 | registry of | Tallinn, | 100% | 100% | and | |
enterprises | Estonia | distribution of | |||||
tours. | |||||||
Lithuanian | Konstitucijos | Organization | |||||
Aviaturas ir Partneriai UAB | 124266117 | registry of | ave. 15/5, | 100% | 100% | and | |
enterprises | Vilnius, | distribution of | |||||
Lithuania | tours. | ||||||
Romanian | M. Caramfil | ||||||
st. 53, | |||||||
Novatours Holidays SRL | 22801786 | registry of | 100% | 100% | Dormant |
As at 31 December 2024 | As at 31 December 2023 | |||
Number of | Ownership | Number of | Ownership | |
shares held | interest, % | shares held | interest, % | |
Willgrow (ex UAB \u201eME Investicija\u201c) | 779,900 | 9.99% | 779,900 | 9.99% |
Ugnius Radvila | 740,702 | 9.49% | 740,702 | 9.49% |
Moonrider OU | 543,346 | 6.96% | 543,346 | 6.96% |
Pali\u016bnas Vidas | 535,278 | 6.86% | 535,278 | 6.86% |
\u0160\u016bmakaris Rytis | 535,278 | 6.86% | 535,278 | 6.86% |
Other | 4,616,499 | 59.13% | 4,616,499 | 59.13% |
Total | 7,751,003 | 99.28% | 7,751,003 | 99.28% |
Novaturas AB | 55,997 | 0.72% | 55,997 | 0.72% |
Total | 7,807,000 | 100.00% | 7,807,000 | 100.00% |
As at 31 December 2024 | As at 31 December 2023 | |||
Number of | Ownership | Number of | Ownership | |
shares held | interest, % | shares held | interest, % | |
Willgrow (ex UAB \u201eME Investicija\u201c) | 779,900 | 9.99% | 779,900 | 9.99% |
Ugnius Radvila | 740,702 | 9.49% | 740,702 | 9.49% |
Moonrider OU | 543,346 | 6.96% | 543,346 | 6.96% |
Pali\u016bnas Vidas | 535,278 | 6.86% | 535,278 | 6.86% |
\u0160\u016bmakaris Rytis | 535,278 | 6.86% | 535,278 | 6.86% |
Other | 4,616,499 | 59.13% | 4,616,499 | 59.13% |
Total | 7,751,003 | 99.28% | 7,751,003 | 99.28% |
Novaturas AB | 55,997 | 0.72% | 55,997 | 0.72% |
Total | 7,807,000 | 100.00% | 7,807,000 | 100.00% |
Payables | ||||
2024 | Acquisitions | Sales | Receivables | (including |
loans | ||||
received) | ||||
The shareholders of the Company | - | - | - | - |
Subsidiaries | 5,670 | 6,534 | 595 | 12,450 |
Total: | 5,670 | 6,534 | 595 | 12,450 |
Receivables, neither | Receivables past due but not impaired | ||||||||
Company | past due nor allowed | Less than | 30-60 | 60-90 | 90-120 | More than | Total | ||
for expected credit | 30 days | days | days | days | 120 days | ||||
loss | |||||||||
2023 | 4,007 | - | - | - | - | - | 4,007 | ||
2024 | 595 | - | - | - | - | - | 595 |
As originaIly | Restated | |||
Group | reported | Error #1 | Error #2 | |
As at 31 | As at 31 December | |||
December 2023 | 2023 | |||
Prepayments | 5,786 | (1,745) | (541) | 3,500 |
Total current assets | 17,695 | (1,745) | (541) | 15,409 |
TOTAL ASSETS | 49,853 | (1,745) | (541) | 47,567 |
Retained earnings | 16,464 | (1,745) | (541) | 14,178 |
Total equity | 17,939 | (1,745) | (541) | 15,653 |
TOTAL EQUITY AND LIABILITIES | 49,853 | (1,745) | (541) | 47,567 |
As originaIly | Restated | |||
Group | reported | Error #1 | Error #2 | |
As at 1st January | As at 1st | |||
2023 | January 2023 | |||
Prepayments | 15,140 | (1,530) | (541) | 13,069 |
Total current assets | 23,215 | (1,530) | (541) | 21,144 |
TOTAL ASSETS | 55,590 | (1,530) | (541) | 53,519 |
Retained earnings | 12,797 | (1,530) | (541) | 10,726 |
Total equity | 14,455 | (1,530) | (541) | 12,384 |
TOTAL EQUITY AND LIABILITIES | 55,590 | (1,530) | (541) | 53,519 |
As originaIly | Restated | |||
Group | reported | Error #1 | Error #2 | |
2023 | 2023 | |||
Cost of sales | (181,889) | (215) | - | (182,104) |
Gross profit | 26,442 | (215) | - | 26,227 |
Operating profit | 4,556 | (215) | - | 4,341 |
Profit before tax | 4,068 | (215) | - | 3,853 |
Net profit (loss) | 3,587 | (215) | - | 3,372 |
Total comprehensive income | 3,587 | (215) | - | 3,372 |
Net profit attributable to: | ||||
To the equity holders of the Company | 3,587 | (215) | - | 3,372 |
Total comprehensive income | ||||
attributable to: | ||||
To the equity holders of the Company | 3,587 | (215) | - | 3,372 |
Earnings per share (EPS) for continuing operations: | ||||
Basic and diluted, profit for the period | ||||
attributable to ordinary equity holders of the parent (in EUR) | 0.46 | (0.03) | - | 0.43 |
As originaIly | Restated | |||
Company | reported | Error #1 | Error #2 | |
As at 31 | As at 31 December | |||
December 2023 | 2023 | |||
Prepayments | 4,093 | (1,745) | (541) | 1,807 |
Total current assets | 13,101 | (1,745) | (541) | 10,815 |
TOTAL ASSETS | 47,935 | (1,745) | (541) | 45,649 |
Retained earnings | 10,363 | (1,745) | (541) | 8,077 |
Total equity | 11,693 | (1,745) | (541) | 9,407 |
TOTAL EQUITY AND LIABILITIES | 47,935 | (1,745) | (541) | 45,649 |
As originaIly | Restated | |||
Company | reported | Error #1 | Error #2 | |
As at 1st | As at 1st January | |||
January 2023 | 2023 | |||
Prepayments | 5,885 | (1,530) | (541) | 3,814 |
Total current assets | 10,463 | (1,530) | (541) | 8,392 |
TOTAL ASSETS | 45,458 | (1,530) | (541) | 43,387 |
Retained earnings | 8,537 | (1,530) | (541) | 6,466 |
Total equity | 10,050 | (1,530) | (541) | 7,979 |
TOTAL EQUITY AND LIABILITIES | 45,458 | (1,530) | (541) | 43,387 |
As originaIly | Restated | |||
Company | reported | Error #1 | Error #2 | |
2023 | 2023 | |||
Cost of sales | (102,765) | (215) | - | (102,980) |
Gross profit | 16,681 | (215) | - | 16,466 |
Operating profit | 3,409 | (215) | - | 3,194 |
Profit before tax | 2,209 | (215) | - | 1,994 |
Net profit (loss) | 1,746 | (215) | - | 1,531 |
Total comprehensive income | 1,746 | (215) | - | 1,531 |
Net profit attributable to: | ||||
To the equity holders of the Company | 1,746 | (215) | - | 1,531 |
- | - | |||
Total comprehensive income attributable to: | ||||
To the equity holders of the Company | 1,746 | (215) | - | 1,531 |
- | ||||
Earnings per share (EPS) for continuing operations: | ||||
Basic and diluted, profit for the period | ||||
attributable to ordinary equity holders of the parent (in EUR) | 0.22 | (0.03) | - | 0.20 |
As originaIly | Restated | |||
Group | reported | Error #1 | Error #2 | |
As at 31 | As at 31 December | |||
December 2023 | 2023 | |||
Prepayments | 5,786 | (1,745) | (541) | 3,500 |
Total current assets | 17,695 | (1,745) | (541) | 15,409 |
TOTAL ASSETS | 49,853 | (1,745) | (541) | 47,567 |
Retained earnings | 16,464 | (1,745) | (541) | 14,178 |
Total equity | 17,939 | (1,745) | (541) | 15,653 |
TOTAL EQUITY AND LIABILITIES | 49,853 | (1,745) | (541) | 47,567 |
As originaIly | Restated | |||
Group | reported | Error #1 | Error #2 | |
As at 1st January | As at 1st | |||
2023 | January 2023 | |||
Prepayments | 15,140 | (1,530) | (541) | 13,069 |
Total current assets | 23,215 | (1,530) | (541) | 21,144 |
TOTAL ASSETS | 55,590 | (1,530) | (541) | 53,519 |
Retained earnings | 12,797 | (1,530) | (541) | 10,726 |
Total equity | 14,455 | (1,530) | (541) | 12,384 |
TOTAL EQUITY AND LIABILITIES | 55,590 | (1,530) | (541) | 53,519 |
As originaIly | Restated | |||
Group | reported | Error #1 | Error #2 | |
2023 | 2023 | |||
Cost of sales | (181,889) | (215) | - | (182,104) |
Gross profit | 26,442 | (215) | - | 26,227 |
Operating profit | 4,556 | (215) | - | 4,341 |
Profit before tax | 4,068 | (215) | - | 3,853 |
Net profit (loss) | 3,587 | (215) | - | 3,372 |
Total comprehensive income | 3,587 | (215) | - | 3,372 |
Net profit attributable to: | ||||
To the equity holders of the Company | 3,587 | (215) | - | 3,372 |
Total comprehensive income | ||||
attributable to: | ||||
To the equity holders of the Company | 3,587 | (215) | - | 3,372 |
Earnings per share (EPS) for continuing operations: | ||||
Basic and diluted, profit for the period | ||||
attributable to ordinary equity holders of the parent (in EUR) | 0.46 | (0.03) | - | 0.43 |
As originaIly | Restated | |||
Company | reported | Error #1 | Error #2 | |
As at 31 | As at 31 December | |||
December 2023 | 2023 | |||
Prepayments | 4,093 | (1,745) | (541) | 1,807 |
Total current assets | 13,101 | (1,745) | (541) | 10,815 |
TOTAL ASSETS | 47,935 | (1,745) | (541) | 45,649 |
Retained earnings | 10,363 | (1,745) | (541) | 8,077 |
Total equity | 11,693 | (1,745) | (541) | 9,407 |
TOTAL EQUITY AND LIABILITIES | 47,935 | (1,745) | (541) | 45,649 |
As originaIly | Restated | |||
Company | reported | Error #1 | Error #2 | |
As at 1st | As at 1st January | |||
January 2023 | 2023 | |||
Prepayments | 5,885 | (1,530) | (541) | 3,814 |
Total current assets | 10,463 | (1,530) | (541) | 8,392 |
TOTAL ASSETS | 45,458 | (1,530) | (541) | 43,387 |
Retained earnings | 8,537 | (1,530) | (541) | 6,466 |
Total equity | 10,050 | (1,530) | (541) | 7,979 |
TOTAL EQUITY AND LIABILITIES | 45,458 | (1,530) | (541) | 43,387 |
As originaIly | Restated | |||
Company | reported | Error #1 | Error #2 | |
2023 | 2023 | |||
Cost of sales | (102,765) | (215) | - | (102,980) |
Gross profit | 16,681 | (215) | - | 16,466 |
Operating profit | 3,409 | (215) | - | 3,194 |
Profit before tax | 2,209 | (215) | - | 1,994 |
Net profit (loss) | 1,746 | (215) | - | 1,531 |
Total comprehensive income | 1,746 | (215) | - | 1,531 |
Net profit attributable to: | ||||
To the equity holders of the Company | 1,746 | (215) | - | 1,531 |
- | - | |||
Total comprehensive income attributable to: | ||||
To the equity holders of the Company | 1,746 | (215) | - | 1,531 |
- | ||||
Earnings per share (EPS) for continuing operations: | ||||
Basic and diluted, profit for the period | ||||
attributable to ordinary equity holders of the parent (in EUR) | 0.22 | (0.03) | - | 0.20 |
Estimated impairment on value of goodwill, EUR\u2018000 | ||||
Description of the change in assumption used | Lithuania | Latvia CGU | Estonia | Group |
CGU | CGU | |||
WACC rate increase by 1 pp (12.72% to 13.72%) | - | 42 | 6,016 | 6,058 |
Growth of sales through own channels reduces by 5pp (8% to 3% during 2026 - 2029) | - | 835 | 7,240 | 8,075 |
Profitability per customer reduces by 10 % during 2026 - 2029 | - | 1,048 | 7,072 | 8,120 |
Estimated impairment on value of goodwill, EUR\u2018000 | ||||
Description of the change in assumption used | Lithuania | Latvia CGU | Estonia | Group |
CGU | CGU | |||
WACC rate increase by 1 pp (12.72% to 13.72%) | - | 42 | 6,016 | 6,058 |
Growth of sales through own channels reduces by 5pp (8% to 3% during 2026 - 2029) | - | 835 | 7,240 | 8,075 |
Profitability per customer reduces by 10 % during 2026 - 2029 | - | 1,048 | 7,072 | 8,120 |
Group | Goodwill | Software | Total |
Acquisition cost: | |||
Balance as of 31 December 2022 | 30,327 | 1,322 | 31,649 |
Additions | - | 292 | 292 |
Write-offs | - | (33) | (33) |
Balance as of 31 December 2023 | 30,327 | 1,581 | 31,908 |
Additions | - | 233 | 233 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 30,327 | 1,811 | 32,138 |
Accumulated amortisation/impairment: | |||
Balance as of 31 December 2022 | - | 695 | 695 |
Amortisation charge for the year | - | 77 | 77 |
Impairment | - | - | - |
Write-offs | - | - | - |
Balance as of 31 December 2023 | - | 772 | 772 |
Amortisation charge for the year | - | 306 | 306 |
Impairment | 5,683 | - | 5,683 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 5,683 | 1,075 | 6,758 |
Net book value as of 31 December 2024 | 24,644 | 736 | 25,380 |
Net book value as of 31 December 2023 | 30,327 | 809 | 31,136 |
Net book value as of 31 December 2022 | 30,327 | 627 | 30,954 |
Company | Goodwill | Software | Total |
Acquisition cost: | - | ||
Balance as of 31 December 2022 | 30,327 | 1,229 | 31,556 |
Additions | - | 258 | 258 |
Write-offs | - | - | - |
Balance as of 31 December 2023 | 30,327 | 1,487 | 31,814 |
Additions | - | 233 | 233 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 30,327 | 1,717 | 32,044 |
Accumulated amortisation/impairment: | |||
Balance as of 31 December 2022 | - | 602 | 602 |
Amortisation charge for the year | - | 76 | 76 |
Impairment | - | - | - |
Write-offs | - | - | - |
Balance as of 31 December 2023 | - | 678 | 678 |
Amortisation charge for the year | - | 306 | 306 |
Impairment | 5,683 | - | 5,683 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 5,683 | 981 | 6,664 |
Net book value as of 31 December 2024 | 24,644 | 736 | 25,380 |
Net book value as of 31 December 2023 | 30,327 | 809 | 31,136 |
Net book value as of 31 December 2022 | 30,327 | 627 | 30,954 |
Group | Company | |||||
As at 31 | As at 31 | As at 1 | As at 31 | As at 31 | As at 1 | |
December | December | January | December | December | Jaguary | |
2024 | 2023 | 2023 | 2024 | 2023 | 2023 | |
(restated)* | (restated)* | (restated)* | (restated)* | |||
Prepayments | ||||||
Prepayments to service suppliers | 2,986 | 4,310 | 14,375 | 1,125 | 2,451 | 4,954 |
Impairment losses for doubtful | (269) | (810) | (1,306) | (103) | (644) | (1,140) |
balances | ||||||
Total of prepayments | 2,717 | 3,500 | 13,069 | 1,022 | 1,807 | 3,814 |
*Note 2.4 |
Group | Goodwill | Software | Total |
Acquisition cost: | |||
Balance as of 31 December 2022 | 30,327 | 1,322 | 31,649 |
Additions | - | 292 | 292 |
Write-offs | - | (33) | (33) |
Balance as of 31 December 2023 | 30,327 | 1,581 | 31,908 |
Additions | - | 233 | 233 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 30,327 | 1,811 | 32,138 |
Accumulated amortisation/impairment: | |||
Balance as of 31 December 2022 | - | 695 | 695 |
Amortisation charge for the year | - | 77 | 77 |
Impairment | - | - | - |
Write-offs | - | - | - |
Balance as of 31 December 2023 | - | 772 | 772 |
Amortisation charge for the year | - | 306 | 306 |
Impairment | 5,683 | - | 5,683 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 5,683 | 1,075 | 6,758 |
Net book value as of 31 December 2024 | 24,644 | 736 | 25,380 |
Net book value as of 31 December 2023 | 30,327 | 809 | 31,136 |
Net book value as of 31 December 2022 | 30,327 | 627 | 30,954 |
Company | Goodwill | Software | Total |
Acquisition cost: | - | ||
Balance as of 31 December 2022 | 30,327 | 1,229 | 31,556 |
Additions | - | 258 | 258 |
Write-offs | - | - | - |
Balance as of 31 December 2023 | 30,327 | 1,487 | 31,814 |
Additions | - | 233 | 233 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 30,327 | 1,717 | 32,044 |
Accumulated amortisation/impairment: | |||
Balance as of 31 December 2022 | - | 602 | 602 |
Amortisation charge for the year | - | 76 | 76 |
Impairment | - | - | - |
Write-offs | - | - | - |
Balance as of 31 December 2023 | - | 678 | 678 |
Amortisation charge for the year | - | 306 | 306 |
Impairment | 5,683 | - | 5,683 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 5,683 | 981 | 6,664 |
Net book value as of 31 December 2024 | 24,644 | 736 | 25,380 |
Net book value as of 31 December 2023 | 30,327 | 809 | 31,136 |
Net book value as of 31 December 2022 | 30,327 | 627 | 30,954 |
Group | Goodwill | Software | Total |
Acquisition cost: | |||
Balance as of 31 December 2022 | 30,327 | 1,322 | 31,649 |
Additions | - | 292 | 292 |
Write-offs | - | (33) | (33) |
Balance as of 31 December 2023 | 30,327 | 1,581 | 31,908 |
Additions | - | 233 | 233 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 30,327 | 1,811 | 32,138 |
Accumulated amortisation/impairment: | |||
Balance as of 31 December 2022 | - | 695 | 695 |
Amortisation charge for the year | - | 77 | 77 |
Impairment | - | - | - |
Write-offs | - | - | - |
Balance as of 31 December 2023 | - | 772 | 772 |
Amortisation charge for the year | - | 306 | 306 |
Impairment | 5,683 | - | 5,683 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 5,683 | 1,075 | 6,758 |
Net book value as of 31 December 2024 | 24,644 | 736 | 25,380 |
Net book value as of 31 December 2023 | 30,327 | 809 | 31,136 |
Net book value as of 31 December 2022 | 30,327 | 627 | 30,954 |
Company | Goodwill | Software | Total |
Acquisition cost: | - | ||
Balance as of 31 December 2022 | 30,327 | 1,229 | 31,556 |
Additions | - | 258 | 258 |
Write-offs | - | - | - |
Balance as of 31 December 2023 | 30,327 | 1,487 | 31,814 |
Additions | - | 233 | 233 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 30,327 | 1,717 | 32,044 |
Accumulated amortisation/impairment: | |||
Balance as of 31 December 2022 | - | 602 | 602 |
Amortisation charge for the year | - | 76 | 76 |
Impairment | - | - | - |
Write-offs | - | - | - |
Balance as of 31 December 2023 | - | 678 | 678 |
Amortisation charge for the year | - | 306 | 306 |
Impairment | 5,683 | - | 5,683 |
Write-offs | - | (3) | (3) |
Balance as of 31 December 2024 | 5,683 | 981 | 6,664 |
Net book value as of 31 December 2024 | 24,644 | 736 | 25,380 |
Net book value as of 31 December 2023 | 30,327 | 809 | 31,136 |
Net book value as of 31 December 2022 | 30,327 | 627 | 30,954 |
Group | Company | |
Right-of-use assets: | ||
Balance as of 31 December 2022 | 338 | 239 |
Additions | 251 | 116 |
Depreciation for the year | (231) | (154) |
Balance as of 31 December 2023 | 358 | 201 |
Additions | 285 | 233 |
Depreciation for the year | (217) | (145) |
Balance as of 31 December 2024 | 426 | 289 |
Group | Company | |
Lease liabilities: | ||
Balance as of 31 December 2022 | 367 | 251 |
Additions | 295 | 150 |
Payments made | (231) | (163) |
Interest paid | (30) | (17) |
Balance as of 31 December 2023 | 401 | 221 |
Additions | 372 | 296 |
Payments made | (262) | (178) |
Interest paid | (44) | (32) |
Balance as of 31 December 2024 | 467 | 307 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Depreciation expense on right-of-use assets | 217 | 145 | 231 | 154 |
Interest expense on lease liabilities | 44 | 32 | 30 | 17 |
Expense relating to short-term leases | 262 | 178 | 231 | 163 |
Total of expenses | 523 | 355 | 492 | 334 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Non-current lease liabilities | 235 | 155 | 235 | 133 |
Current lease liabilities | 232 | 152 | 166 | 88 |
Total of liabilities | 467 | 307 | 401 | 221 |
Group | Company | |
Right-of-use assets: | ||
Balance as of 31 December 2022 | 338 | 239 |
Additions | 251 | 116 |
Depreciation for the year | (231) | (154) |
Balance as of 31 December 2023 | 358 | 201 |
Additions | 285 | 233 |
Depreciation for the year | (217) | (145) |
Balance as of 31 December 2024 | 426 | 289 |
Group | Company | |
Lease liabilities: | ||
Balance as of 31 December 2022 | 367 | 251 |
Additions | 295 | 150 |
Payments made | (231) | (163) |
Interest paid | (30) | (17) |
Balance as of 31 December 2023 | 401 | 221 |
Additions | 372 | 296 |
Payments made | (262) | (178) |
Interest paid | (44) | (32) |
Balance as of 31 December 2024 | 467 | 307 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Depreciation expense on right-of-use assets | 217 | 145 | 231 | 154 |
Interest expense on lease liabilities | 44 | 32 | 30 | 17 |
Expense relating to short-term leases | 262 | 178 | 231 | 163 |
Total of expenses | 523 | 355 | 492 | 334 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Non-current lease liabilities | 235 | 155 | 235 | 133 |
Current lease liabilities | 232 | 152 | 166 | 88 |
Total of liabilities | 467 | 307 | 401 | 221 |
Group | Company | |
Right-of-use assets: | ||
Balance as of 31 December 2022 | 338 | 239 |
Additions | 251 | 116 |
Depreciation for the year | (231) | (154) |
Balance as of 31 December 2023 | 358 | 201 |
Additions | 285 | 233 |
Depreciation for the year | (217) | (145) |
Balance as of 31 December 2024 | 426 | 289 |
Group | Company | |
Lease liabilities: | ||
Balance as of 31 December 2022 | 367 | 251 |
Additions | 295 | 150 |
Payments made | (231) | (163) |
Interest paid | (30) | (17) |
Balance as of 31 December 2023 | 401 | 221 |
Additions | 372 | 296 |
Payments made | (262) | (178) |
Interest paid | (44) | (32) |
Balance as of 31 December 2024 | 467 | 307 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Depreciation expense on right-of-use assets | 217 | 145 | 231 | 154 |
Interest expense on lease liabilities | 44 | 32 | 30 | 17 |
Expense relating to short-term leases | 262 | 178 | 231 | 163 |
Total of expenses | 523 | 355 | 492 | 334 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Non-current lease liabilities | 235 | 155 | 235 | 133 |
Current lease liabilities | 232 | 152 | 166 | 88 |
Total of liabilities | 467 | 307 | 401 | 221 |
Group | Company | |
Right-of-use assets: | ||
Balance as of 31 December 2022 | 338 | 239 |
Additions | 251 | 116 |
Depreciation for the year | (231) | (154) |
Balance as of 31 December 2023 | 358 | 201 |
Additions | 285 | 233 |
Depreciation for the year | (217) | (145) |
Balance as of 31 December 2024 | 426 | 289 |
2024 | 2023 | |||
Group | Company | Group | Company | |
Depreciation expense on right-of-use assets | 217 | 145 | 231 | 154 |
Interest expense on lease liabilities | 44 | 32 | 30 | 17 |
Expense relating to short-term leases | 262 | 178 | 231 | 163 |
Total of expenses | 523 | 355 | 492 | 334 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Agency commissions | 11,853 | 11,778 | 5,898 | 5,964 |
Salaries and related taxes | 3,509 | 3,601 | 2,062 | 2,153 |
Advertising and marketing expenses | 1,347 | 1,392 | 666 | 816 |
Depreciation and amortisation | 157 | 159 | 91 | 91 |
Rent and maintenance expenses | 60 | 88 | 41 | 51 |
Other | 176 | 241 | 86 | 122 |
Total of selling expenses | 17,102 | 17,259 | 8,844 | 9,197 |
2024 | 2023 | |||||||
Acquisition | Controlled | Net profit | Equity of | Acquisition | Controlled | Net profit | Equity of | |
Subsidiary | cost | part, % | (loss) of | subsidiary | cost | part, % | (loss) of | subsidiary |
subsidiary | subsidiary | |||||||
Novatours SIA | 1,073 | 100% | (1,452) | (1,270) | 1,073 | 100% | 151 | 183 |
Novatours OU | 1,786 | 100% | (545) | 8,150 | 1,786 | 100% | 1,825 | 8,695 |
Aviaturas ir Partneriai | 361 | 100% | 6 | 234 | 361 | 100% | 120 | 228 |
UAB | ||||||||
Novatours Holidays | 95 | 100% | - | - | 95 | 100% | - | - |
SRL | ||||||||
(Impairment) | (456) | 100% | - | - | (456) | 100% | - | - |
Total | 2,859 | 2,859 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Cost to obtain a contract | 702 | 719 | 342 | 325 |
Cost to fulfil a contract | 2,502 | 3,313 | 1,043 | 925 |
Total of capitalized contract costs | 3,204 | 4,032 | 1,385 | 1,250 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Deposited guarantees | 3,310 | - | 1,500 | - |
Total other current financial assets | 3,310 | - | 1,500 | - |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Trade accounts receivable | ||||
Trade receivable, gross | 1,237 | 1,257 | 778 | 655 |
Less: Impairment losses for doubtful receivable | (354) | (354) | (351) | (351) |
Total of trade accounts receivables | 883 | 903 | 427 | 304 |
Other receivables | ||||
Compensation receivable for Get-Jet Airlines case | - | 1,000 | - | 1,000 |
Deposits to the service suppliers | 1,810 | 1,316 | 1,692 | 234 |
Subsidies receivable from government | 72 | 40 | 72 | 40 |
VAT receivable | 52 | 356 | 45 | 262 |
Other | 11 | 362 | 11 | 120 |
Total of other receivables | 1,945 | 3,074 | 1,820 | 1,656 |
Contract assets | 124 | 223 | 66 | 120 |
Total of trade accounts receivables and other current assets | 2,952 | 4,200 | 2,313 | 2,080 |
Individually assessed impairment | ||
Group | Company | |
Balance as of 31 December 2022 | (408) | (399) |
Reversal of allowance for expected credit loss for the year | 49 | 48 |
Written off amounts | - | - |
Allowance for expected credit loss for the year | 5 | - |
Balance as of 31 December 2023 | (354) | (351) |
Reversal of allowance for expected credit loss for the year | - | - |
Written off amounts | - | - |
Allowance for expected credit loss for the year | - | - |
Balance as of 31 December 2024 | (354) | (351) |
Receivables, | Receivables past due but not impaired | |||||||
neither past | More | |||||||
Company | due nor | Less | 30-60 | 60-90 | than | 90- | Total | |
allowed for | than 30 | days | days | 120 | 120 | |||
expected | days | days | days | |||||
credit loss | ||||||||
2024 | ||||||||
Trade accounts receivables (including | 116 | 168 | 4 | 27 | 379 | 150 | 844 | |
contract assets) | ||||||||
Less: Impairment losses for doubtful | - | - | - | - | (351) | - | (351) | |
receivables | ||||||||
Total trade accounts receivables | 116 | 168 | 4 | 27 | 28 | 150 | 493 | |
(including contract assets) | ||||||||
2023 | ||||||||
Trade accounts receivables (including | 189 | 6 | 75 | 11 | 459 | 35 | 775 | |
contract assets) | ||||||||
Less: Impairment losses for doubtful | - | - | - | - | (351) | - | (351) | |
receivables | ||||||||
Total trade accounts receivables | 189 | 6 | 75 | 11 | 108 | 35 | 424 | |
(including contract assets) |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Trade accounts receivable | ||||
Trade receivable, gross | 1,237 | 1,257 | 778 | 655 |
Less: Impairment losses for doubtful receivable | (354) | (354) | (351) | (351) |
Total of trade accounts receivables | 883 | 903 | 427 | 304 |
Other receivables | ||||
Compensation receivable for Get-Jet Airlines case | - | 1,000 | - | 1,000 |
Deposits to the service suppliers | 1,810 | 1,316 | 1,692 | 234 |
Subsidies receivable from government | 72 | 40 | 72 | 40 |
VAT receivable | 52 | 356 | 45 | 262 |
Other | 11 | 362 | 11 | 120 |
Total of other receivables | 1,945 | 3,074 | 1,820 | 1,656 |
Contract assets | 124 | 223 | 66 | 120 |
Total of trade accounts receivables and other current assets | 2,952 | 4,200 | 2,313 | 2,080 |
Individually assessed impairment | ||
Group | Company | |
Balance as of 31 December 2022 | (408) | (399) |
Reversal of allowance for expected credit loss for the year | 49 | 48 |
Written off amounts | - | - |
Allowance for expected credit loss for the year | 5 | - |
Balance as of 31 December 2023 | (354) | (351) |
Reversal of allowance for expected credit loss for the year | - | - |
Written off amounts | - | - |
Allowance for expected credit loss for the year | - | - |
Balance as of 31 December 2024 | (354) | (351) |
Receivables, | Receivables past due but not impaired | |||||||
neither past | More | |||||||
Company | due nor | Less | 30-60 | 60-90 | than | 90- | Total | |
allowed for | than 30 | days | days | 120 | 120 | |||
expected | days | days | days | |||||
credit loss | ||||||||
2024 | ||||||||
Trade accounts receivables (including | 116 | 168 | 4 | 27 | 379 | 150 | 844 | |
contract assets) | ||||||||
Less: Impairment losses for doubtful | - | - | - | - | (351) | - | (351) | |
receivables | ||||||||
Total trade accounts receivables | 116 | 168 | 4 | 27 | 28 | 150 | 493 | |
(including contract assets) | ||||||||
2023 | ||||||||
Trade accounts receivables (including | 189 | 6 | 75 | 11 | 459 | 35 | 775 | |
contract assets) | ||||||||
Less: Impairment losses for doubtful | - | - | - | - | (351) | - | (351) | |
receivables | ||||||||
Total trade accounts receivables | 189 | 6 | 75 | 11 | 108 | 35 | 424 | |
(including contract assets) |
Carrying amount | Fair value | |||||
Group | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Group | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 3,310 | - | 3,310 | - |
Cash and cash equivalents | 394 | 3,347 | 394 | 3,347 |
Interest bearing borrowings | 9,089 | 8,262 | 9,089 | 8,262 |
Interest free loans | 161 | 420 | 161 | 420 |
Carrying amount | Fair value | |||||
Company | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Company | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 1,500 | - | 1,500 | - |
Cash and cash equivalents | 165 | 1,434 | 165 | 1,434 |
Interest bearing borrowings | 15,389 | 14,562 | 15,389 | 14,562 |
Interest free loans | 158 | 410 | 158 | 410 |
Carrying amount | Fair value | |||||
Group | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Group | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 3,310 | - | 3,310 | - |
Cash and cash equivalents | 394 | 3,347 | 394 | 3,347 |
Interest bearing borrowings | 9,089 | 8,262 | 9,089 | 8,262 |
Interest free loans | 161 | 420 | 161 | 420 |
Carrying amount | Fair value | |||||
Company | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Company | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 1,500 | - | 1,500 | - |
Cash and cash equivalents | 165 | 1,434 | 165 | 1,434 |
Interest bearing borrowings | 15,389 | 14,562 | 15,389 | 14,562 |
Interest free loans | 158 | 410 | 158 | 410 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Cash at bank | 226 | 3,206 | 136 | 1,413 |
Cash on hand | 104 | 109 | 27 | 19 |
Cash in transit | 64 | 32 | 2 | 2 |
Total of cash and cash equivalents | 394 | 3,347 | 165 | 1,434 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Borrowings | ||||
Luminor Bank AS long-term credit line, annual | 3,300 | 2,000 | 3,300 | 2,000 |
interest rate \u2013 3 month EURIBOR + 3.8% | ||||
Limited partnership \u201cPagalbos verslui fondas\u201d | 5,000 | 5,000 | 5,000 | 5,000 |
ordinary bonds of 5.60% | ||||
Novatours OU loan, annual interest rate \u2013 6 month | - | - | 6,300 | 6,300 |
EURIBOR + 2.68% | ||||
Loan granted by Investicij\u0173 ir verslo garantijos UAB, annual interest rate \u2013 1.69%. | 789 | 1,262 | 789 | 1,262 |
Average weighted annual interest rate on a liquidity | ||||
loan and loan from State Social Insurance Fund \u2013 | 161 | 420 | 158 | 410 |
0% | ||||
Total borrowings | 9,250 | 8,682 | 15,547 | 14,972 |
Less: current portion of non-current borrowings | (3,412) | (742) | (3,406) | (735) |
Total non-current borrowings | 5,838 | 7,940 | 12,141 | 14,237 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Current borrowings (current portion of non-current | 5.5% | 5.1% | 7.1% | 6.8% |
borrowings) | ||||
Non-current borrowings | 5.5% | 5.1% | 7.1% | 6.8% |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Up to 1 year | 3,412 | 742 | 3,406 | 735 |
1-5 years | 5,838 | 7,940 | 12,141 | 14,237 |
Total repayment of non-current borrowings | 9,250 | 8,682 | 15,547 | 14,972 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Borrowings | ||||
Opening balance as at 1 January | 8,682 | 8,840 | 14,972 | 15,180 |
Loans received | 4,800 | 6,000 | 4,800 | 6,000 |
Loans repaid | (4,232) | (6,158) | (4,225) | (6,208) |
Closing balance as at 31 December | 9,250 | 8,682 | 15,547 | 14,972 |
Interest liabilities | ||||
Opening balance as at 1 January | - | - | 255 | 377 |
Accumulated interest for the year | 1,088 | 1,139 | 1,655 | 1,562 |
Non-cash offsets | - | - | (707) | (453) |
Interest paid | (1,069) | (1,139) | (1,060) | (1,231) |
Closing balance as at 31 December | 19 | - | 143 | 255 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Borrowings | ||||
Luminor Bank AS long-term credit line, annual | 3,300 | 2,000 | 3,300 | 2,000 |
interest rate \u2013 3 month EURIBOR + 3.8% | ||||
Limited partnership \u201cPagalbos verslui fondas\u201d | 5,000 | 5,000 | 5,000 | 5,000 |
ordinary bonds of 5.60% | ||||
Novatours OU loan, annual interest rate \u2013 6 month | - | - | 6,300 | 6,300 |
EURIBOR + 2.68% | ||||
Loan granted by Investicij\u0173 ir verslo garantijos UAB, annual interest rate \u2013 1.69%. | 789 | 1,262 | 789 | 1,262 |
Average weighted annual interest rate on a liquidity | ||||
loan and loan from State Social Insurance Fund \u2013 | 161 | 420 | 158 | 410 |
0% | ||||
Total borrowings | 9,250 | 8,682 | 15,547 | 14,972 |
Less: current portion of non-current borrowings | (3,412) | (742) | (3,406) | (735) |
Total non-current borrowings | 5,838 | 7,940 | 12,141 | 14,237 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Current borrowings (current portion of non-current | 5.5% | 5.1% | 7.1% | 6.8% |
borrowings) | ||||
Non-current borrowings | 5.5% | 5.1% | 7.1% | 6.8% |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Up to 1 year | 3,412 | 742 | 3,406 | 735 |
1-5 years | 5,838 | 7,940 | 12,141 | 14,237 |
Total repayment of non-current borrowings | 9,250 | 8,682 | 15,547 | 14,972 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Borrowings | ||||
Opening balance as at 1 January | 8,682 | 8,840 | 14,972 | 15,180 |
Loans received | 4,800 | 6,000 | 4,800 | 6,000 |
Loans repaid | (4,232) | (6,158) | (4,225) | (6,208) |
Closing balance as at 31 December | 9,250 | 8,682 | 15,547 | 14,972 |
Interest liabilities | ||||
Opening balance as at 1 January | - | - | 255 | 377 |
Accumulated interest for the year | 1,088 | 1,139 | 1,655 | 1,562 |
Non-cash offsets | - | - | (707) | (453) |
Interest paid | (1,069) | (1,139) | (1,060) | (1,231) |
Closing balance as at 31 December | 19 | - | 143 | 255 |
As at 31 December 2024 | As at 31 December 2023 | ||||
Group | (restated) | ||||
Assets | Liabilities | Assets | Liabilities | ||
EUR | 3,157 | 31,219 | 7,323 | 22,080 | |
USD | - | 172 | - | 7,792 | |
THB | 65 | - | 1 | 265 | |
3,222 | 31,391 | 7,324 | 30,137 |
As at 31 December 2024 | As at 31 December 2023 | ||||
Company | (restated) | ||||
Assets | Liabilities | Assets | Liabilities | ||
EUR | 2,955 | 30,781 | 7,400 | 33,648 | |
USD | - | 1,952 | - | 936 | |
THB | 52 | - | 1 | 84 | |
3,007 | 32,733 | 7,401 | 34,668 |
Group | Company | |||
Fluctuations | Effect on | Fluctuations | Effect on | |
in exchange | the profit | in exchange | the profit | |
rate | before tax | rate | before tax | |
2024 | ||||
USD | -10% | (17) | -10% | (195) |
USD | 10% | 17 | 10% | 195 |
THB | -10% | 6 | -10% | 5 |
THB | 10% | (6) | 10% | (5) |
2023 | ||||
USD | -10% | (779) | -10% | (94) |
USD | 10% | 779 | 10% | 94 |
THB | -10% | (26) | -10% | (8) |
THB | 10% | 26 | 10% | 8 |
Carrying amount | Fair value | |||||
Group | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Group | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 3,310 | - | 3,310 | - |
Cash and cash equivalents | 394 | 3,347 | 394 | 3,347 |
Interest bearing borrowings | 9,089 | 8,262 | 9,089 | 8,262 |
Interest free loans | 161 | 420 | 161 | 420 |
Carrying amount | Fair value | |||||
Company | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Company | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 1,500 | - | 1,500 | - |
Cash and cash equivalents | 165 | 1,434 | 165 | 1,434 |
Interest bearing borrowings | 15,389 | 14,562 | 15,389 | 14,562 |
Interest free loans | 158 | 410 | 158 | 410 |
On | Less than | From 3 to | From 1 to | Discount | Total | ||
Group | demand | 3 months | 12 | 5 years | Total | effect | discounted |
months | |||||||
Interest bearing borrowings | - | 432 | 3,766 | 5,374 | 9,572 | (464) | 9,108 |
Interest free loans | - | 18 | 88 | 55 | 161 | - | 161 |
Trade accounts payable | - | 5,156 | - | - | 5,156 | - | 5,156 |
Lease liabilities | - | 41 | 206 | 239 | 486 | (19) | 467 |
Other current liabilities and accrued | 146 | 583 | 736 | - | 1,465 | - | 1,465 |
expenses | |||||||
Balance as at 31 December 2024 | 146 | 6,230 | 4,796 | 5,668 | 16,840 | (483) | 16,357 |
Interest bearing borrowings | - | 148 | 736 | 8,430 | 9,314 | (1,052) | 8,262 |
Interest free loans | - | 91 | 178 | 151 | 420 | - | 420 |
Trade accounts payable | - | 3,854 | - | - | 3,854 | - | 3,854 |
Lease liabilities | - | 30 | 148 | 245 | 423 | (22) | 401 |
Derivate financial instruments | - | 229 | - | - | 229 | - | 229 |
Other current liabilities and accrued | 107 | 795 | 517 | - | 1,419 | - | 1,419 |
expenses | |||||||
Balance as at 31 December 2023 | 107 | 5,147 | 1,579 | 8,826 | 15,659 | (1,074) | 14,585 |
On | Less than | From 3 to | From 1 to | Discount | Total | ||
Company | demand | 3 months | 12 | 5 years | Total | effect | discounted |
months | |||||||
Interest bearing borrowings | - | 432 | 3,766 | 12,399 | 16,597 | (1,189) | 15,408 |
Interest free loans | - | 18 | 88 | 52 | 158 | - | 158 |
Trade accounts payable | - | 2,018 | - | - | 2,018 | - | 2,018 |
Payables to related parties | - | 6,150 | - | - | 6,150 | - | 6,150 |
Lease liabilities | - | 27 | 134 | 158 | 319 | (12) | 307 |
Other current liabilities and accrued | 101 | 328 | 394 | - | 823 | - | 823 |
expenses | |||||||
Balance as at 31 December 2024 | 101 | 8,973 | 4,382 | 12,609 | 26,065 | (1,201) | 24,864 |
Interest bearing borrowings | - | 233 | 1,163 | 15,967 | 17,363 | (2,801) | 14,562 |
Interest free loans | - | 90 | 172 | 148 | 410 | - | 410 |
Trade accounts payable | - | 1,950 | - | - | 1,950 | - | 1,950 |
Payables to related parties | - | 8,663 | - | - | 8,663 | - | 8,663 |
Lease liabilities | - | 16 | 78 | 139 | 233 | (12) | 221 |
Derivate financial instruments | - | 229 | - | - | 229 | - | 229 |
Other current liabilities and accrued | 68 | 428 | 323 | - | 819 | - | 819 |
expenses | |||||||
Balance as at 31 December 2023 | 68 | 11,609 | 1,736 | 16,254 | 29,667 | (2,813) | 26,854 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Non-current liabilities | 6,073 | 8,175 | 12,296 | 14,370 |
Current liabilities | 25,356 | 23,739 | 20,438 | 21,872 |
Total liabilities | 31,429 | 31,914 | 32,734 | 36,242 |
Equity, attributable to the equity holders of the parent | 8,021 | 15,653 | 3,765 | 9,407 |
Liabilities to equity ratio | 3.92 | 2.04 | 8.69 | 3.85 |
Carrying amount | Fair value | |||||
Group | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Group | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 3,310 | - | 3,310 | - |
Cash and cash equivalents | 394 | 3,347 | 394 | 3,347 |
Interest bearing borrowings | 9,089 | 8,262 | 9,089 | 8,262 |
Interest free loans | 161 | 420 | 161 | 420 |
Carrying amount | Fair value | |||||
Company | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Company | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 1,500 | - | 1,500 | - |
Cash and cash equivalents | 165 | 1,434 | 165 | 1,434 |
Interest bearing borrowings | 15,389 | 14,562 | 15,389 | 14,562 |
Interest free loans | 158 | 410 | 158 | 410 |
Carrying amount | Fair value | |||||
Group | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Group | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 3,310 | - | 3,310 | - |
Cash and cash equivalents | 394 | 3,347 | 394 | 3,347 |
Interest bearing borrowings | 9,089 | 8,262 | 9,089 | 8,262 |
Interest free loans | 161 | 420 | 161 | 420 |
Carrying amount | Fair value | |||||
Company | As at 31 | As at 31 | As at 31 | As at 31 | ||
December | December | December | December | |||
2024 | 2023 | 2024 | 2023 | |||
Derivate financial instruments | - | 229 | - | 229 |
Carrying amount | Fair value | |||
Company | As at 31 | As at 31 | As at 31 | As at 31 |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Other current financial assets | 1,500 | - | 1,500 | - |
Cash and cash equivalents | 165 | 1,434 | 165 | 1,434 |
Interest bearing borrowings | 15,389 | 14,562 | 15,389 | 14,562 |
Interest free loans | 158 | 410 | 158 | 410 |
On | Less than | From 3 to | From 1 to | Discount | Total | ||
Group | demand | 3 months | 12 | 5 years | Total | effect | discounted |
months | |||||||
Interest bearing borrowings | - | 432 | 3,766 | 5,374 | 9,572 | (464) | 9,108 |
Interest free loans | - | 18 | 88 | 55 | 161 | - | 161 |
Trade accounts payable | - | 5,156 | - | - | 5,156 | - | 5,156 |
Lease liabilities | - | 41 | 206 | 239 | 486 | (19) | 467 |
Other current liabilities and accrued | 146 | 583 | 736 | - | 1,465 | - | 1,465 |
expenses | |||||||
Balance as at 31 December 2024 | 146 | 6,230 | 4,796 | 5,668 | 16,840 | (483) | 16,357 |
Interest bearing borrowings | - | 148 | 736 | 8,430 | 9,314 | (1,052) | 8,262 |
Interest free loans | - | 91 | 178 | 151 | 420 | - | 420 |
Trade accounts payable | - | 3,854 | - | - | 3,854 | - | 3,854 |
Lease liabilities | - | 30 | 148 | 245 | 423 | (22) | 401 |
Derivate financial instruments | - | 229 | - | - | 229 | - | 229 |
Other current liabilities and accrued | 107 | 795 | 517 | - | 1,419 | - | 1,419 |
expenses | |||||||
Balance as at 31 December 2023 | 107 | 5,147 | 1,579 | 8,826 | 15,659 | (1,074) | 14,585 |
On | Less than | From 3 to | From 1 to | Discount | Total | ||
Company | demand | 3 months | 12 | 5 years | Total | effect | discounted |
months | |||||||
Interest bearing borrowings | - | 432 | 3,766 | 12,399 | 16,597 | (1,189) | 15,408 |
Interest free loans | - | 18 | 88 | 52 | 158 | - | 158 |
Trade accounts payable | - | 2,018 | - | - | 2,018 | - | 2,018 |
Payables to related parties | - | 6,150 | - | - | 6,150 | - | 6,150 |
Lease liabilities | - | 27 | 134 | 158 | 319 | (12) | 307 |
Other current liabilities and accrued | 101 | 328 | 394 | - | 823 | - | 823 |
expenses | |||||||
Balance as at 31 December 2024 | 101 | 8,973 | 4,382 | 12,609 | 26,065 | (1,201) | 24,864 |
Interest bearing borrowings | - | 233 | 1,163 | 15,967 | 17,363 | (2,801) | 14,562 |
Interest free loans | - | 90 | 172 | 148 | 410 | - | 410 |
Trade accounts payable | - | 1,950 | - | - | 1,950 | - | 1,950 |
Payables to related parties | - | 8,663 | - | - | 8,663 | - | 8,663 |
Lease liabilities | - | 16 | 78 | 139 | 233 | (12) | 221 |
Derivate financial instruments | - | 229 | - | - | 229 | - | 229 |
Other current liabilities and accrued | 68 | 428 | 323 | - | 819 | - | 819 |
expenses | |||||||
Balance as at 31 December 2023 | 68 | 11,609 | 1,736 | 16,254 | 29,667 | (2,813) | 26,854 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Non-current liabilities | 6,073 | 8,175 | 12,296 | 14,370 |
Current liabilities | 25,356 | 23,739 | 20,438 | 21,872 |
Total liabilities | 31,429 | 31,914 | 32,734 | 36,242 |
Equity, attributable to the equity holders of the parent | 8,021 | 15,653 | 3,765 | 9,407 |
Liabilities to equity ratio | 3.92 | 2.04 | 8.69 | 3.85 |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Provisions | ||||
Provision for Get-Jet Airlines legal case | - | 1,497 | - | 1,497 |
Provision for onerous contracts | 38 | 280 | 1 | 77 |
Total provisions | 38 | 1,777 | 1 | 1,574 |
Accrued expenses | ||||
Travel related accrued expenses | 90 | 617 | 85 | 294 |
Accrual for management bonus | - | 286 | - | 236 |
Employees vacation accrual | 375 | 347 | 319 | 278 |
Accrual for agents' bonus | 384 | 281 | 267 | 178 |
Audit related accrued expenses | 112 | 111 | 78 | 78 |
Other accruals | 24 | 10 | 19 | 10 |
Total of accrued expenses | 985 | 1,652 | 768 | 1,074 |
Other current liabilities | ||||
Deposits from agencies | 538 | 372 | 256 | 231 |
Taxes payable, other than income tax | 6 | 294 | 3 | 133 |
Payroll related liabilities | 220 | 265 | 70 | 104 |
Other amounts payable | 317 | 28 | 118 | 28 |
Total other liabilities | 1,081 | 959 | 447 | 496 |
Total of other current liabilities and accrued | 2,066 | 2,611 | 1,215 | 1,570 |
expenses |
Provision for | Provision for | Total | |
Group | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 280 | 1,777 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 280 | 1,777 |
Addition | - | 38 | 38 |
Utilisation* | (1,497) | (280) | (1,777) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 38 | 38 |
* Amount paid. |
Provision for | Provision for | Total | |
Company | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 77 | 1,574 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 77 | 1,574 |
Addition | - | 1 | 1 |
Utilisation* | (1,497) | (77) | (1,574) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 1 | 1 |
* Amount paid. |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Provisions | ||||
Provision for Get-Jet Airlines legal case | - | 1,497 | - | 1,497 |
Provision for onerous contracts | 38 | 280 | 1 | 77 |
Total provisions | 38 | 1,777 | 1 | 1,574 |
Accrued expenses | ||||
Travel related accrued expenses | 90 | 617 | 85 | 294 |
Accrual for management bonus | - | 286 | - | 236 |
Employees vacation accrual | 375 | 347 | 319 | 278 |
Accrual for agents' bonus | 384 | 281 | 267 | 178 |
Audit related accrued expenses | 112 | 111 | 78 | 78 |
Other accruals | 24 | 10 | 19 | 10 |
Total of accrued expenses | 985 | 1,652 | 768 | 1,074 |
Other current liabilities | ||||
Deposits from agencies | 538 | 372 | 256 | 231 |
Taxes payable, other than income tax | 6 | 294 | 3 | 133 |
Payroll related liabilities | 220 | 265 | 70 | 104 |
Other amounts payable | 317 | 28 | 118 | 28 |
Total other liabilities | 1,081 | 959 | 447 | 496 |
Total of other current liabilities and accrued | 2,066 | 2,611 | 1,215 | 1,570 |
expenses |
Provision for | Provision for | Total | |
Group | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 280 | 1,777 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 280 | 1,777 |
Addition | - | 38 | 38 |
Utilisation* | (1,497) | (280) | (1,777) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 38 | 38 |
* Amount paid. |
Provision for | Provision for | Total | |
Company | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 77 | 1,574 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 77 | 1,574 |
Addition | - | 1 | 1 |
Utilisation* | (1,497) | (77) | (1,574) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 1 | 1 |
* Amount paid. |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Provisions | ||||
Provision for Get-Jet Airlines legal case | - | 1,497 | - | 1,497 |
Provision for onerous contracts | 38 | 280 | 1 | 77 |
Total provisions | 38 | 1,777 | 1 | 1,574 |
Accrued expenses | ||||
Travel related accrued expenses | 90 | 617 | 85 | 294 |
Accrual for management bonus | - | 286 | - | 236 |
Employees vacation accrual | 375 | 347 | 319 | 278 |
Accrual for agents' bonus | 384 | 281 | 267 | 178 |
Audit related accrued expenses | 112 | 111 | 78 | 78 |
Other accruals | 24 | 10 | 19 | 10 |
Total of accrued expenses | 985 | 1,652 | 768 | 1,074 |
Other current liabilities | ||||
Deposits from agencies | 538 | 372 | 256 | 231 |
Taxes payable, other than income tax | 6 | 294 | 3 | 133 |
Payroll related liabilities | 220 | 265 | 70 | 104 |
Other amounts payable | 317 | 28 | 118 | 28 |
Total other liabilities | 1,081 | 959 | 447 | 496 |
Total of other current liabilities and accrued | 2,066 | 2,611 | 1,215 | 1,570 |
expenses |
Provision for | Provision for | Total | |
Group | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 280 | 1,777 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 280 | 1,777 |
Addition | - | 38 | 38 |
Utilisation* | (1,497) | (280) | (1,777) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 38 | 38 |
* Amount paid. |
Provision for | Provision for | Total | |
Company | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 77 | 1,574 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 77 | 1,574 |
Addition | - | 1 | 1 |
Utilisation* | (1,497) | (77) | (1,574) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 1 | 1 |
* Amount paid. |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Provisions | ||||
Provision for Get-Jet Airlines legal case | - | 1,497 | - | 1,497 |
Provision for onerous contracts | 38 | 280 | 1 | 77 |
Total provisions | 38 | 1,777 | 1 | 1,574 |
Accrued expenses | ||||
Travel related accrued expenses | 90 | 617 | 85 | 294 |
Accrual for management bonus | - | 286 | - | 236 |
Employees vacation accrual | 375 | 347 | 319 | 278 |
Accrual for agents' bonus | 384 | 281 | 267 | 178 |
Audit related accrued expenses | 112 | 111 | 78 | 78 |
Other accruals | 24 | 10 | 19 | 10 |
Total of accrued expenses | 985 | 1,652 | 768 | 1,074 |
Other current liabilities | ||||
Deposits from agencies | 538 | 372 | 256 | 231 |
Taxes payable, other than income tax | 6 | 294 | 3 | 133 |
Payroll related liabilities | 220 | 265 | 70 | 104 |
Other amounts payable | 317 | 28 | 118 | 28 |
Total other liabilities | 1,081 | 959 | 447 | 496 |
Total of other current liabilities and accrued | 2,066 | 2,611 | 1,215 | 1,570 |
expenses |
Provision for | Provision for | Total | |
Group | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 280 | 1,777 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 280 | 1,777 |
Addition | - | 38 | 38 |
Utilisation* | (1,497) | (280) | (1,777) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 38 | 38 |
* Amount paid. |
Provision for | Provision for | Total | |
Company | Get-Jet Airlines | onerous | provisions |
legal case | contracts | ||
Balance as of 31 December 2022 | - | - | - |
Addition | 1,497 | 77 | 1,574 |
Utilisation | - | - | - |
Reversal | - | - | - |
Balance as of 31 December 2023 | 1,497 | 77 | 1,574 |
Addition | - | 1 | 1 |
Utilisation* | (1,497) | (77) | (1,574) |
Reversal | - | - | - |
Balance as of 31 December 2024 | - | 1 | 1 |
* Amount paid. |
Group | Company | |||
As at 31 | As at 31 | As at 31 | As at 31 | |
December | December | December | December | |
2024 | 2023 | 2024 | 2023 | |
Advance payments collected from customers for future travels | 11,996 | 12,210 | 6,422 | 6,002 |
Contract liabilities for travels started, but not ended | 2,151 | 1,658 | 923 | 746 |
at the end of the reporting period | ||||
Travel coupons and vouchers | 299 | 360 | 151 | 198 |
Total of contract liabilities | 14,446 | 14,228 | 7,496 | 6,946 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Flight package tours | 170,697 | 182,833 | 98,305 | 102,118 |
Sightseeing tours by coach | 1,981 | 1,847 | 1,981 | 1,847 |
Sightseeing tours by plane | 2,840 | 2,752 | 2,257 | 2,169 |
Other sales | 25,360 | 20,899 | 14,520 | 13,312 |
Total of revenue form the contract with customers | 200,878 | 208,331 | 117,063 | 119,446 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Revenue from the contract with customers | 175,518 | 187,432 | 102,543 | 106,134 |
recognised over time | ||||
Revenue from the customers with the customers | 25,360 | 20,899 | 14,520 | 13,312 |
recognised at the point in time | ||||
Total of revenue form the contract with customers | 200,878 | 208,331 | 117,063 | 119,446 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Flight package tours | 170,697 | 182,833 | 98,305 | 102,118 |
Sightseeing tours by coach | 1,981 | 1,847 | 1,981 | 1,847 |
Sightseeing tours by plane | 2,840 | 2,752 | 2,257 | 2,169 |
Other sales | 25,360 | 20,899 | 14,520 | 13,312 |
Total of revenue form the contract with customers | 200,878 | 208,331 | 117,063 | 119,446 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Revenue from the contract with customers | 175,518 | 187,432 | 102,543 | 106,134 |
recognised over time | ||||
Revenue from the customers with the customers | 25,360 | 20,899 | 14,520 | 13,312 |
recognised at the point in time | ||||
Total of revenue form the contract with customers | 200,878 | 208,331 | 117,063 | 119,446 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Flight package tours | 148,761 | 156,959 | 87,275 | 88,739 |
Sightseeing tours by coach | 1,870 | 1,872 | 1,870 | 1,871 |
Sightseeing tours by plane | 1,908 | 1,777 | 1,987 | 1,856 |
Other sales | 27,597 | 21,496 | 11,428 | 10,514 |
Total of cost of sales | 180,136 | 182,104 | 102,560 | 102,980 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Flight package tours | 148,761 | 156,959 | 87,275 | 88,739 |
Sightseeing tours by coach | 1,870 | 1,872 | 1,870 | 1,871 |
Sightseeing tours by plane | 1,908 | 1,777 | 1,987 | 1,856 |
Other sales | 27,597 | 21,496 | 11,428 | 10,514 |
Total of cost of sales | 180,136 | 182,104 | 102,560 | 102,980 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Agency commissions | 11,853 | 11,778 | 5,898 | 5,964 |
Salaries and related taxes | 3,509 | 3,601 | 2,062 | 2,153 |
Advertising and marketing expenses | 1,347 | 1,392 | 666 | 816 |
Depreciation and amortisation | 157 | 159 | 91 | 91 |
Rent and maintenance expenses | 60 | 88 | 41 | 51 |
Other | 176 | 241 | 86 | 122 |
Total of selling expenses | 17,102 | 17,259 | 8,844 | 9,197 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Goodwill impairment* | 5,683 | - | 5,683 | - |
Salaries and related taxes | 2,421 | 2,449 | 2,227 | 2,259 |
Depreciation and amortisation | 419 | 196 | 401 | 174 |
IT systems expenses | 390 | 284 | 383 | 279 |
Tour operator insurance | 221 | 149 | 120 | 65 |
Remuneration for Board members | 166 | 85 | 166 | 85 |
Consulting expenses | 126 | 156 | 93 | 110 |
Bank commissions | 146 | 72 | 114 | 39 |
Audit expenses | 141 | 284 | 102 | 162 |
Representation expenses | 94 | 100 | 14 | 54 |
Rent and maintenance expenses | 79 | 57 | 59 | 48 |
Change in allowance for doubtful accounts | - | (54) | - | (48) |
Other | 489 | 594 | 400 | 494 |
Total of general and administrative | 10,375 | 4,372 | 9,762 | 3,721 |
* Note 3 UAB Ernst & Young Baltic provided audit services amounting to EUR 137 thousand for the Group and EUR 105 thousand for the Company in 2024, compared to EUR 191 thousand for the Group and EUR 96 thousand for the Company in 2023. |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Flight | Sightseei | Sightseeing | Other | ||
2024 | packages | ng tours | tours by | sales | Group |
by coach | plane | ||||
Revenue from the contracts with customers | 170,697 | 1,981 | 2,840 | 25,360 | 200,878 |
Cost of sales | (148,761) | (1,870) | (1,908) | (27,597) | (180,136) |
Gross profit | 21,936 | 111 | 932 | (2,237) | 20,742 |
Sales commission expenses | (11,714) | (70) | (69) | - | (11,853) |
Sales profit by segment | 10,222 | 41 | 863 | (2,237) | 8,889 |
Unallocated income (expenses) | |||||
Other operating income | 214 | ||||
Operating expenses (other than sales commission) | (15,624) | ||||
Other operating (expenses) | (34) | ||||
Profit (loss) from operations | (6,555) | ||||
Finance income (expenses), net | (1,231) | ||||
Profit (loss) before tax | (7,786) | ||||
Income tax (expenses) | 182 | ||||
Net profit (loss) | (7,604) |
Flight | Sightseeing | Sightseeing | Other | ||
2023 | packages | tours by | tours by | sales | Group |
coach | plane | ||||
Revenue from the contracts with customers | 182,833 | 1,847 | 2,752 | 20,899 | 208,331 |
Cost of sales | (156,959) | (1,872) | (1,777) | (21,496) | (182,104) |
Gross profit | 25,874 | (25) | 975 | (597) | 26,227 |
Sales commission expenses | (11,684) | (66) | (28) | - | (11,778) |
Sales profit by segment | 14,190 | (91) | 947 | (597) | 14,449 |
Unallocated income (expenses) | |||||
Other operating income | 485 | ||||
Operating expenses (other than sales commission) | (9,853) | ||||
Other operating (expenses) | (740) | ||||
Profit from operations | 4,341 | ||||
Finance income (expenses), net | (488) | ||||
Profit before tax | 3,853 | ||||
Income tax (expenses) | (481) | ||||
Net profit (loss) | 3,372 |
As at 31 December 2024 | Lithuania | Latvia | Estonia | Group |
Sales | 110,692 | 42,803 | 47,383 | 200,878 |
Non-current assets | 19,190 | 4,447 | 1,839 | 25,476 |
As at 31 December 2023 | Lithuania | Latvia | Estonia | Group |
Sales | 114,302 | 40,539 | 53,490 | 208,331 |
Non-current assets | 19,299 | 4,448 | 7,524 | 31,271 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Goodwill impairment* | 5,683 | - | 5,683 | - |
Salaries and related taxes | 2,421 | 2,449 | 2,227 | 2,259 |
Depreciation and amortisation | 419 | 196 | 401 | 174 |
IT systems expenses | 390 | 284 | 383 | 279 |
Tour operator insurance | 221 | 149 | 120 | 65 |
Remuneration for Board members | 166 | 85 | 166 | 85 |
Consulting expenses | 126 | 156 | 93 | 110 |
Bank commissions | 146 | 72 | 114 | 39 |
Audit expenses | 141 | 284 | 102 | 162 |
Representation expenses | 94 | 100 | 14 | 54 |
Rent and maintenance expenses | 79 | 57 | 59 | 48 |
Change in allowance for doubtful accounts | - | (54) | - | (48) |
Other | 489 | 594 | 400 | 494 |
Total of general and administrative | 10,375 | 4,372 | 9,762 | 3,721 |
* Note 3 UAB Ernst & Young Baltic provided audit services amounting to EUR 137 thousand for the Group and EUR 105 thousand for the Company in 2024, compared to EUR 191 thousand for the Group and EUR 96 thousand for the Company in 2023. |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Goodwill impairment* | 5,683 | - | 5,683 | - |
Salaries and related taxes | 2,421 | 2,449 | 2,227 | 2,259 |
Depreciation and amortisation | 419 | 196 | 401 | 174 |
IT systems expenses | 390 | 284 | 383 | 279 |
Tour operator insurance | 221 | 149 | 120 | 65 |
Remuneration for Board members | 166 | 85 | 166 | 85 |
Consulting expenses | 126 | 156 | 93 | 110 |
Bank commissions | 146 | 72 | 114 | 39 |
Audit expenses | 141 | 284 | 102 | 162 |
Representation expenses | 94 | 100 | 14 | 54 |
Rent and maintenance expenses | 79 | 57 | 59 | 48 |
Change in allowance for doubtful accounts | - | (54) | - | (48) |
Other | 489 | 594 | 400 | 494 |
Total of general and administrative | 10,375 | 4,372 | 9,762 | 3,721 |
* Note 3 UAB Ernst & Young Baltic provided audit services amounting to EUR 137 thousand for the Group and EUR 105 thousand for the Company in 2024, compared to EUR 191 thousand for the Group and EUR 96 thousand for the Company in 2023. |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Interest income | 10 | 136 | 112 | 128 |
Foreign exchange gain | 881 | 228 | 324 | 99 |
Gain from derivative financial instruments | 504 | 660 | 277 | 354 |
(realised) | ||||
Gain from derivative financial instruments (not realised) | - | - | - | - |
Other financial income (including fines and penalties) | 17 | 186 | - | 6 |
Total finance income | 1,412 | 1,210 | 713 | 587 |
Interest expense | 1,088 | 1,169 | 1,655 | 1,579 |
Foreign currency exchange loss | 839 | 319 | 403 | 89 |
Loss from derivative financial instruments | 716 | - | 395 | - |
(realised) | ||||
Loss from derivative financial instruments (not realised) | - | 209 | - | 119 |
Other finance expenses | - | 1 | - | - |
Total finance expenses | 2,643 | 1,698 | 2,453 | 1,787 |
Net finance income (expenses) | (1,231) | (488) | (1,740) | (1,200) |
Group | Company | ||||
2024 | 2023 | 2024 | 2023 | ||
Components of the income tax expenses | |||||
(income) | |||||
Current income tax for the reporting year | 8 | 134 | - | 116 | |
Adjustments in respect of current income tax of previous year | (10) | - | (10) | - | |
Deferred tax expenses | (180) | 347 | (180) | 347 | |
Income tax (income) expenses recorded in the statement of comprehensive income | (182) | 481 | (190) | 463 |
Group | Company | ||||
2024 | 2023 | 2024 | 2023 | ||
Deferred income tax asset | |||||
Tax loss carry forward | 650 | 398 | 649 | 398 | |
Impairment of investments and loans granted | - | - | 239 | 224 | |
Impairment of receivables | 56 | 53 | 56 | 53 | |
Derivative financial instruments | - | 18 | - | 18 | |
Other | - | 57 | - | 56 | |
Deferred tax asset, net of fair value allowance | 706 | 526 | 944 | 749 | |
Less: allowance | - | - | (239) | (224) | |
Deferred income tax asset | 706 | 526 | 705 | 525 | |
Deferred tax, net | 706 | 526 | 705 | 525 |
Balance as at | Recognized | Recognized in | Balance | |
Group | 31 December | in profit or | other | as at 31 |
2023 | loss | comprehensive | December | |
income | 2024 | |||
Deferred income tax asset | ||||
Tax loss carry forward | 2,653 | 1,406 | - | 4,059 |
Impairment of investments and loans granted | - | - | - | - |
Impairment of receivables | 351 | - | - | 351 |
Derivative financial instruments | 119 | (119) | - | - |
Other | 384 | (381) | - | 3 |
Total temporary differences before valuation | 3,507 | 906 | - | 4,413 |
allowance | ||||
Less: allowance | - | - | - | - |
Total temporary differences | 3,507 | 906 | - | 4,413 |
Deferred tax, net | 526 | 145 | - | 706 |
Balance as at | Recognized | Recognized in | Balance | |
Group | 31 December | in profit or | other | as at 31 |
2022 | loss | comprehensive | December | |
income | 2023 | |||
Deferred income tax asset | ||||
Tax loss carry forward | 4,467 | (1,814) | - | 2,653 |
Impairment of investments and loans granted | - | - | - | - |
Impairment of receivables | 927 | (576) | - | 351 |
Derivative financial instruments | - | 119 | - | 119 |
Other | 424 | (40) | - | 384 |
Total temporary differences before valuation | 5,818 | (2,311) | - | 3,507 |
allowance | ||||
Less: allowance | - | - | - | - |
Total temporary differences | 5,818 | (2,311) | - | 3,507 |
Deferred tax, net | 872 | (347) | - | 526 |
Balance as at | Recognized | Recognized in | Balance | |
Company | 31 December | in profit or | other | as at 31 |
2023 | loss | comprehensive | December | |
income | 2024 | |||
Deferred income tax asset | ||||
Tax loss carry forward | 2,653 | 1,406 | - | 4,059 |
Impairment of investments and loans granted | 1,495 | - | - | 1,495 |
Impairment of receivables | 351 | - | - | 351 |
Derivative financial instruments | 119 | (119) | - | - |
Other | 380 | (381) | - | (1) |
Total temporary differences before valuation | 4,998 | 906 | - | 5,904 |
allowance | ||||
Less: allowance | (1,495) | - | - | (1,495) |
Total temporary differences | 3,503 | 906 | - | 4,409 |
- | ||||
Deferred tax, net | 525 | 145 | - | 705 |
Balance as | Recognized in | Balance as | ||
Company | at 31 | Recognized in | other | at 31 |
December | profit or loss | comprehensive | December | |
2022 | income | 2023 | ||
Deferred income tax asset | ||||
Tax loss carry forward | 4,467 | (1,814) | - | 2,653 |
Impairment of investments and loans | 1,495 | - | - | 1,495 |
granted | ||||
Allowance for doubtful accounts receivable | 927 | (576) | - | 351 |
Unrealised loss of derivatives | - | 119 | - | 119 |
Other | 420 | (40) | - | 380 |
Total temporary differences before valuation allowance | 7,309 | (2,311) | - | 4,998 |
Less: allowance | (1,495) | - | - | (1,495) |
Total temporary differences | 5,448 | (2,311) | - | 3,503 |
Deferred tax, net | 872 | (347) | - | 525 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Income tax expenses (income) computed at statutory | (1,168) | 578 | (870) | 299 |
rate 15% | ||||
Effect of different tax rate applicable to foreign | 297 | (366) | - | (95) |
subsidiaries | ||||
Non-deductible expenses for tax purposes (not taxable income) | 689 | 269 | 680 | 259 |
Income tax expenses reported in the statement | (182) | 481 | (190) | 463 |
of comprehensive income |
Group | Company | ||||
2024 | 2023 | 2024 | 2023 | ||
Components of the income tax expenses | |||||
(income) | |||||
Current income tax for the reporting year | 8 | 134 | - | 116 | |
Adjustments in respect of current income tax of previous year | (10) | - | (10) | - | |
Deferred tax expenses | (180) | 347 | (180) | 347 | |
Income tax (income) expenses recorded in the statement of comprehensive income | (182) | 481 | (190) | 463 |
Group | Company | ||||
2024 | 2023 | 2024 | 2023 | ||
Deferred income tax asset | |||||
Tax loss carry forward | 650 | 398 | 649 | 398 | |
Impairment of investments and loans granted | - | - | 239 | 224 | |
Impairment of receivables | 56 | 53 | 56 | 53 | |
Derivative financial instruments | - | 18 | - | 18 | |
Other | - | 57 | - | 56 | |
Deferred tax asset, net of fair value allowance | 706 | 526 | 944 | 749 | |
Less: allowance | - | - | (239) | (224) | |
Deferred income tax asset | 706 | 526 | 705 | 525 | |
Deferred tax, net | 706 | 526 | 705 | 525 |
Balance as at | Recognized | Recognized in | Balance | |
Group | 31 December | in profit or | other | as at 31 |
2023 | loss | comprehensive | December | |
income | 2024 | |||
Deferred income tax asset | ||||
Tax loss carry forward | 2,653 | 1,406 | - | 4,059 |
Impairment of investments and loans granted | - | - | - | - |
Impairment of receivables | 351 | - | - | 351 |
Derivative financial instruments | 119 | (119) | - | - |
Other | 384 | (381) | - | 3 |
Total temporary differences before valuation | 3,507 | 906 | - | 4,413 |
allowance | ||||
Less: allowance | - | - | - | - |
Total temporary differences | 3,507 | 906 | - | 4,413 |
Deferred tax, net | 526 | 145 | - | 706 |
Balance as at | Recognized | Recognized in | Balance | |
Group | 31 December | in profit or | other | as at 31 |
2022 | loss | comprehensive | December | |
income | 2023 | |||
Deferred income tax asset | ||||
Tax loss carry forward | 4,467 | (1,814) | - | 2,653 |
Impairment of investments and loans granted | - | - | - | - |
Impairment of receivables | 927 | (576) | - | 351 |
Derivative financial instruments | - | 119 | - | 119 |
Other | 424 | (40) | - | 384 |
Total temporary differences before valuation | 5,818 | (2,311) | - | 3,507 |
allowance | ||||
Less: allowance | - | - | - | - |
Total temporary differences | 5,818 | (2,311) | - | 3,507 |
Deferred tax, net | 872 | (347) | - | 526 |
Balance as at | Recognized | Recognized in | Balance | |
Company | 31 December | in profit or | other | as at 31 |
2023 | loss | comprehensive | December | |
income | 2024 | |||
Deferred income tax asset | ||||
Tax loss carry forward | 2,653 | 1,406 | - | 4,059 |
Impairment of investments and loans granted | 1,495 | - | - | 1,495 |
Impairment of receivables | 351 | - | - | 351 |
Derivative financial instruments | 119 | (119) | - | - |
Other | 380 | (381) | - | (1) |
Total temporary differences before valuation | 4,998 | 906 | - | 5,904 |
allowance | ||||
Less: allowance | (1,495) | - | - | (1,495) |
Total temporary differences | 3,503 | 906 | - | 4,409 |
- | ||||
Deferred tax, net | 525 | 145 | - | 705 |
Balance as | Recognized in | Balance as | ||
Company | at 31 | Recognized in | other | at 31 |
December | profit or loss | comprehensive | December | |
2022 | income | 2023 | ||
Deferred income tax asset | ||||
Tax loss carry forward | 4,467 | (1,814) | - | 2,653 |
Impairment of investments and loans | 1,495 | - | - | 1,495 |
granted | ||||
Allowance for doubtful accounts receivable | 927 | (576) | - | 351 |
Unrealised loss of derivatives | - | 119 | - | 119 |
Other | 420 | (40) | - | 380 |
Total temporary differences before valuation allowance | 7,309 | (2,311) | - | 4,998 |
Less: allowance | (1,495) | - | - | (1,495) |
Total temporary differences | 5,448 | (2,311) | - | 3,503 |
Deferred tax, net | 872 | (347) | - | 525 |
Group | Company | |||
2024 | 2023 | 2024 | 2023 | |
Income tax expenses (income) computed at statutory | (1,168) | 578 | (870) | 299 |
rate 15% | ||||
Effect of different tax rate applicable to foreign | 297 | (366) | - | (95) |
subsidiaries | ||||
Non-deductible expenses for tax purposes (not taxable income) | 689 | 269 | 680 | 259 |
Income tax expenses reported in the statement | (182) | 481 | (190) | 463 |
of comprehensive income |
Payables | ||||
2024 | Acquisitions | Sales | Receivables | (including |
loans | ||||
received) | ||||
The shareholders of the Company | - | - | - | - |
Subsidiaries | 5,670 | 6,534 | 595 | 12,450 |
Total: | 5,670 | 6,534 | 595 | 12,450 |
Receivables, neither | Receivables past due but not impaired | ||||||||
Company | past due nor allowed | Less than | 30-60 | 60-90 | 90-120 | More than | Total | ||
for expected credit | 30 days | days | days | days | 120 days | ||||
loss | |||||||||
2023 | 4,007 | - | - | - | - | - | 4,007 | ||
2024 | 595 | - | - | - | - | - | 595 |
Weighted | Weighted | ||
Number of | Average | Average Fair | |
Options | Exercise Price | Value (EUR) | |
(EUR) | |||
Balance as of 31 December 2022 | 33,400 | 1,002 | - |
Granted during year | 62,597 | 1,878 | 125,054 |
Earned to be granted | 52,525 | 1,576 | 42,349 |
Forfeited during year | (20,130) | (604) | (22,474) |
Exercised during year | (20,000) | (600) | (65,331) |
Balance as of 31 December 2023 | 108,392 | 3,252 | 79,598 |
Granted during year | 44,311 | 1,329 | 8,515 |
Earned to be granted | 16,000 | 480 | 2,630 |
Forfeited during year | (60,735) | (1,822) | (40,271) |
Exercised during year | - | - | |
Balance as of 31 December 2024 | 107,968 | 3,239 | 50,471 |
Weighted | Weighted | ||
Company | Number of | Average | Average Fair |
Options | Exercise Price | Value (EUR) | |
(EUR) | |||
Balance as of 31 December 2022 | 29,090 | 873 | - |
Granted during year | 53,906 | 1,617 | 116,424 |
Earned to be granted | 52,525 | 1,576 | 42,349 |
Forfeited during year | (19,350) | (581) | (21,603) |
Exercised during year | (20,000) | (600) | (65,331) |
Balance as of 31 December 2023 | 96,171 | 2,885 | 71,838 |
Granted during year | 31,509 | 945 | 5,996 |
Earned to be granted | 16,000 | 480 | 2,630 |
Forfeited during year | (59,965) | (1,799) | (40,814) |
Exercised during year | - | - | |
Balance as of 31 December 2024 | 83,715 | 2,511 | 39,650 |