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"f13423": {
"value": "1. General information Baltic Classi\ufb01eds Group PLC (the \u201cCompany\u201d) is a Company incorporated in the United Kingdom and its registered o\ufb03ce is
\nHighdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH (Company no. 13357598). The consolidated
\n\ufb01nancial statements as at and for the year ended 30 April 2023 comprise the Company and its subsidiaries (together referred to
\nas the \u201cGroup\u201d). The principal business of the Group is operating leading online classi\ufb01eds portals for automotive, real estate,
\njobs and services, and general merchandise in the Baltics.
\n2. Principles of preparation of consolidated \ufb01nancial
\nstatements
\nThese consolidated \ufb01nancial statements have been prepared as at, and for the year ended 30 April 2023. These consolidated
\n\ufb01nancial statements, which have been audited, have been prepared in accordance with UK-adopted international accounting
\nstandards (\u201cUK-adopted IFRS\u201d) and the applicable legal requirements of the Companies Act 2006.
\nThe Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).
\nThe parent company \ufb01nancial statements present information about the Company as a separate entity and not about its group.
\nThe Group \ufb01nancial statements have been prepared and approved by the directors in accordance with UK-adopted IFRS. The
\nCompany has elected to prepare its parent company \ufb01nancial statements in accordance with FRS 102; these are presented on
\npages 139 to 147.
\nBaltic Classi\ufb01eds Group PLC was incorporated on 26 April 2021 and on 5 July 2021 was admitted to trading on the London Stock
\nExchange. At the same time as the admission, the Company acquired 88.42 per cent of the share capital of ANTLER TopCo S.\u00e0 r.l
\nand 100% of ANTLER Management S.A. that owned the residual 11.58% of the share capital of ANTLER TopCo S.\u00e0 r.l in a share
\nfor share exchange, thereby inserting Baltic Classi\ufb01eds Group PLC as the Parent Company of the Group that includes ANTLER
\nMidCo S.\u00e0 r.l.
\nThese are the second set of consolidated \ufb01nancial statements of the Company. By applying the principles of common control
\naccounting, this group reorganisation has been accounted for as a business combination outside of the scope of a business
\ncombination as de\ufb01ned under IFRS 3 in 2022. Book value accounting has been adopted, meaning that the carrying values of
\nassets and liabilities of the parties to the combination were not adjusted to fair value on consolidation, and the results and
\ncash\ufb02ows of ANTLER TopCo S.\u00e0 r.l. and Baltic Classi\ufb01eds Group PLC were brought into the consolidated \ufb01nancial statements of
\nBaltic Classi\ufb01eds Group PLC as if Baltic Classi\ufb01eds Group PLC had always owned ANTLER TopCo S.\u00e0 r.l.
\nBaltic Classi\ufb01eds Group PLC has adopted the \ufb01nancial reporting framework of the group below it, which has previously presented
\n\ufb01nancial statements under EU adopted International Financial Reporting Standards and given there are no differences between
\nthe UK and EU adopted International Financial Reporting Standards, the Group did not consider itself to be a \ufb01rst time adopter
\nof UK-adopted IFRS when preparing the \ufb01rst set of consolidated \ufb01nancial statements in 2022.
\nBasis of measurement
\nThese consolidated \ufb01nancial statements have been prepared on the historical cost basis, unless otherwise stated in the
\naccounting policies below.
\nBasis of consolidation
\nSubsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct
\nthe relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement
\nwith the entity. In assessing control, potential voting rights are taken into account. The \ufb01nancial statements of subsidiaries are
\nincluded in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases.
\nFunctional and presentation currency
\nThese consolidated \ufb01nancial statements are presented in Euro (\u20ac), which is the Company\u2019s functional currency. All amounts are
\nrounded to the nearest thousand (\u20ac 000), except where otherwise indicated.
\n\n
\nThe Group companies use Euro (\u20ac) as a functional currency considering the nature of the Group companies\u2019 revenue, costs, and
\ndebt instruments. The Company and its direct subsidiary BCG Holdco Limited are UK based companies with their share capital
\ndenominated in British pound (\u00a3). All equity transactions of these companies as well as a majority of operating expenses the
\ncompanies incurred are in British pound (\u00a3). However, while being the ultimate holding companies, Baltic Classi\ufb01eds Group PLC
\nand BCG Holdco Limited follow the functional currency of their operating subsidiaries, i.e. Euro (\u20ac), as that is the currency they
\nare most exposed to.
\nUse of estimates and judgements
\nThe preparation of the consolidated \ufb01nancial statements, in accordance with UK-adopted IFRS, requires management to make
\njudgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
\nliabilities, income and expenses. Actual results may differ from these estimates.
\nEstimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
\nthe period in which the estimates are revised or in any future periods affected.
\nEstimates
\nAs at 30 April 2023, there were no signi\ufb01cant estimates that would have a signi\ufb01cant risk of material adjustment to the carrying
\namounts of assets within the next \ufb01nancial year.
\nOther estimates:
\n\u2022
Carrying values of goodwill. An impairment review is performed of goodwill balances by the Group on a \u2018value in use\u2019 basis.
\nThis requires making assumptions and estimates in calculating the future cash \ufb02ows, the time period over which they
\noccur, and in arriving at an appropriate discount rate to apply to the cash\ufb02ows as well as an appropriate long term growth
\nrate. Each of these assumptions and estimates has an impact on the overall value of cash\ufb02ows expected and therefore the
\nheadroom between the cash\ufb02ows and carrying values of the cash generating units. Key assumptions and uncertainties
\nfor impairment are disclosed in note 13.
\n\u2022
Useful lives of intangible assets. A useful life is assigned to an acquired intangible asset based on the estimated period of
\ntime an asset is likely to remain in service. This estimate has an impact on the amortisation expense for any given period.
\nUseful lives of intangible assets are disclosed in note 4.
\nJudgements
\nAs at 30 April 2023, there were no signi\ufb01cant judgements that would have a signi\ufb01cant risk of material adjustment to the
\ncarrying amounts of assets within the next \ufb01nancial year.
\nOther judgements:
\n\u2022
Deferred tax asset. An unrecognised deferred tax asset of \u20ac3,934 thousand (30 April 2022: \u20ac3,934 thousand) has not been
\nrecognised in relation to tax losses incurred by the Company's indirect subsidiary UAB Antler Group. Deferred tax assets
\nare recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary
\ndifferences can be utilised. Recognition, therefore, involves judgement regarding the probability of future taxable pro\ufb01t of
\nthe indirect subsidiary being available. Taxable losses carried forward for which no deferred tax asset is recognised are
\ndiscussed in note 11 (d).
\nGoing concern
\nThe Directors have made an assessment of the Group\u2019s ability to continue as a going concern covering a period of at least 12
\nmonths from the date of approval of these consolidated \ufb01nancial statements and has a reasonable expectation that the Group
\nhas adequate resources to continue in operational existence over this period.
\nThe Group meets its day-to-day working capital requirements from cash balances, if needed the Group also has access to a
\nrevolving credit facility that amounts to \u20ac10,000 thousand and is available until July 2026. As at 30 April 2023 no amounts of
\nthe revolving credit facility were drawn down. The bank loan matures in July 2026 and its availability is subject to continued
\ncompliance with certain covenants, it becomes repayable on demand in the case of a change in control. The Group voluntarily
\nrepaid \u20ac14,000 thousand of the loan during the 2023, the outstanding balance at the year ends amounts to \u20ac70,000 thousand.
\nThe Group had cash balances of \u20ac27,070 thousand at the year end. After 30 April 2023, the Group has made a further voluntary
\nrepayment of debt of \u20ac7,000 thousand.
\nDuring the \ufb01nancial year ended 30 April 2023 the Group has generated a pro\ufb01t of \u20ac23,215 thousand. The Directors also
\nprepared detailed cash \ufb02ow forecasts for the period ending 12 months from the date of approval of these consolidated \ufb01nancial
\nstatements. The future growth assumptions used in the cash \ufb02ow forecasts are based on the Group\u2019s historical performance
\nand the Directors\u2019 experience of the industry and take into account both internal and external factors.
\n
\n
\n\n
\nStress case scenarios have been modelled to make the assessment of going concern to take into account severe but plausible
\npotential impacts of a major data breach, adverse changes to the competitive environment and a continuing geopolitical
\ntensions in the neighbouring countries. The stress testing indicates that the Group would be able to withstand the impact,
\nremain cash generative and be able to continue to comply with debt covenants for the assessment period.
\nConsequently, the Directors are con\ufb01dent that the Group will have su\ufb03cient funds to continue to meet its liabilities as they fall
\ndue for at least 12 months from the date of approval of these consolidated \ufb01nancial statements and therefore have prepared
\nthese consolidated \ufb01nancial statements on a going concern basis.
\nEffective new standards as at 1 May 2022
\nThe following amendments to standards have been adopted by the Group for the \ufb01rst time for the \ufb01nancial year beginning on
\n1 May 2022:
\n\u2022
Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (Amendment to IAS 37);
\n\u2022
Annual Improvements to IFRS Standards 2018-2020;
\n\u2022
Reference to the Conceptual Framework (Amendments to IFRS 3);
\n\u2022
Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16).
\nThe adoption of these amendments has had no material effect on the Group\u2019s consolidated \ufb01nancial statements.
\nStandards issued but not yet effective
\nThere are a few amendments to IFRS that have been issued by the IASB that become mandatory in a subsequent accounting
\nperiods including:
\n\u2022
Classi\ufb01cation of Liabilities as Current or Non-Current (Amendments to IAS 1);
\n\u2022
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts;
\n\u2022
De\ufb01nition of Accounting Estimates (Amendments to IAS 8);
\n\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) (not yet endorsed
\nby EU);
\n\u2022
Amendments to IFRS 16 impacting Lease Liabilities in a Sale and Leaseback arrangement.
\nThe Group has evaluated these changes (with an exception of IFRS 17, which impact has not yet been evaluated), and none are
\nexpected to have a signi\ufb01cant impact on these consolidated \ufb01nancial statements.
\n3. Prior year restatement
\nDuring 2022, a deferred tax liability of \u20ac1,307 thousand was released following a write-off of upfront commission fees incurred
\non long term borrowings to which it related. After an enquiry by the FRC \u2019s Corporate Reporting Review team (refer to the Audit
\nCommittee Report on page 80), the Directors reviewed historic accounting of deferred tax amounts and found that the deferred
\ntax liability of \u20ac1,307 thousand which was recognised in 2020 and released in 2022 should have been released in 2021.
\nThe opening retained earnings and income tax expense were restated resulting in a change to pro\ufb01t for the comparative period
\nand EPS. The impact of the restatement is shown below:
\nImpact on consolidated Statement of Pro\ufb01t and Loss and Other Comprehensive
\nIncome for the year ended 30 April 2022
\n2022 As reported
\n(\u20ac thousands)
\nRestatement
\n(\u20ac thousands)
\n2022 As restated
\n(\u20ac thousands)
\nIncome tax expense
(46)
(1,307)
(1,353)
\nPro\ufb01t / (loss) for the period
2,399
(1,307)
1,092
\nOther comprehensive income/(loss)
-
-
-
\nTotal comprehensive income/(loss) for the year
2,399
(1,307)
1,092
\nAttributable to:
\nOwners of the Company
2,399
(1,307)
1,092
\nEarnings / (loss) per share (\u20ac cents)
\nBasic and diluted
0.49
(0.27)
0.22
\n\n
\n\n
\nImpact on consolidated Statement of Financial Position
\nThere is no impact on the Statement of Financial Position as at 30 April 2022.
\nThe impact on Statement of Financial Position as at 1 May 2021 is presented below:
\n2021 As reported
\n(\u20ac thousands)
\nRestatement
\n(\u20ac thousands)
\n2021 As restated
\n(\u20ac thousands)
\nRetained earnings
(11,229)
1,307
(9,922)
\nTotal equity
208,274
1,307
209,581
\nDeferred tax liabilities
8,901
(1,307)
7,594
\nNon-current liabilities
219,314
(1,307)
218,007
\nTotal liabilities
229,339
(1,307)
228,032
\nTotal equity and liabilities
437,613
-
437,613
\nImpact on consolidated Statement of Cash Flows for the year ended 30 April 2022
\n2022 As reported
\n(\u20ac thousands)
\nRestatement
\n(\u20ac thousands)
\n2022 As restated
\n(\u20ac thousands)
\nCash \ufb02ows from operating activities
\nPro\ufb01t / (loss) for the period
2,399
(1,307)
1,092
\nAdjustments for:
\nTaxation
46
1,307
1,353
\nCash generated from operating activities
34,101
-
34,101
\n4. Signi\ufb01cant accounting policies
\nThe Group has consistently applied the accounting policies to all the periods presented in these consolidated \ufb01nancial
\nstatements.
\nRevenue
\nRevenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is recognised at the point when
\nthe performance obligations are satis\ufb01ed. The Group applies the \ufb01ve-step revenue recognition model in accordance with IFRS
\n15 as follows.
\na) Identi\ufb01cation of the contract with a customer
\nb) Identi\ufb01cation of performance obligations
\nc) Determination of the transaction price
\nd) Allocating the transaction price to individual performance obligations
\ne) Recognition of revenue when performance obligations are satis\ufb01ed
\nThe Group\u2019s revenue streams include listings revenue, advertising revenue, \ufb01nancial intermediation and ancillary revenue. The
\ndifferent types of services offered to customers along with the nature and timing of satisfaction of performance obligations are
\nset as follows:
\nListing fees
\nThe Group operates leading online classi\ufb01eds portals for automotive, real estate, jobs and services, and general merchandise.
\nListing fees revenue is generated from both private (\u201cC2C\u201d) and business customers (\u201cB2C\u201d).
\nPrivate customers pay a fee in advance to advertise their product (automotive, real estate, general merchandise) on the Group\u2019s
\nplatform for a speci\ufb01ed period. Revenue is deferred until the customer obtains control over the services. Control is obtained by
\ncustomers across the life of the contract as their product is continuously listed, or the period of service, if shorter. Contracts for
\nthese services are typically entered into for a period of between a day and a year.
\nBusiness customers pay fees to obtain a \u201cservice pack\u201d which allows the customer to advertise a set number of listings during
\na period, unused listings cannot be rolled over. Revenue is deferred until the customer obtains control over the services. Control
\nis obtained by the customers across the life of the performance obligation being provided, which is either the set period in the
\ncontract, or the period of service, if shorter. Any unused listings at the end of the contract period are invoiced at the end of the
\ncontract period. B2C typically invoice monthly, although some contracts are annual contracts and have 7-60 days settlement
\nterms.
\n
\n
\n\n
\nThe Group applies a \ufb01xed price to all listings, both C2C and B2C.
\nOne of the Group\u2019s general merchandise platforms, Osta.ee allows a customer to \ufb01ll an e-wallet with money that can then be
\nused to pay for services provided by the Group. The customer can cash out at any time. This cash balance is therefore accounted
\nfor as a \ufb01nancial liability labelled \u2018customer credit balances\u2019 within trade and other payables in the consolidated statement of
\n\ufb01nancial position and as cash within cash and cash equivalents. This cash is physically separated from the rest in a dedicated
\nbank account and, although there is no formal restriction on this cash, the Group\u2019s policy is to keep the cash balance at a level
\nnot lower than the e-wallet balance. No revenue is recognised unless the customer purchases a product provided by the Group
\nusing money from their e-wallet. Revenue is then recognised in accordance with the product purchased.
\nAdvertising
\nAdvertising revenue comprises fees (net of rebates) from business customers for banner advertising on the Group\u2019s platforms.
\nThe customer pays fees to advertise on the Group\u2019s platforms. Revenue is deferred until the customer obtains control over the
\nservices. Control is obtained by the customers over the life of the advertisement. Customers are typically invoiced monthly and
\nhave a 7-60 days settlement term.
\nAncillary
\nAncillary revenue comprises revenue from \ufb01nancial intermediation, subscription services and other.
\nAncillary revenue is recognised as the Group satis\ufb01es its performance obligation by bringing leads to a customer or by providing
\nother agreed services. Financial intermediation revenue comprises commission fees from \ufb01nancial institutions for directing
\npotential customers from the Group\u2019s portals to \ufb01nancing offers such institutions provide. At the beginning of each month the
\nGroup agrees certain tra\ufb03c metrics with \ufb01nancial institutions and issues invoices for the commission or a minimum agreed fee.
\nRevenue is recognised as the Group satis\ufb01es its performance obligation by directing potential customer tra\ufb03c to the \ufb01nancial
\ninstitutions.
\nThe revenue accounting policy across business lines is the same for each revenue stream, i.e. advertising revenue is accounted
\nfor the same in both automotive and real estate business lines.
\nThe timing of the satisfaction of performance obligations usually is the same as the typical timing of payment or recognition of
\ntrade receivable; when it is not, a contract liability is recognised.
\nOther income and expenses
\nOther income and expenses comprise gains or losses from disposal of property, plant and equipment, intangible assets, as well
\nas other income and costs not directly related to the primary activities of the Group.
\nFinance income and \ufb01nance costs
\nFinance income and expenses comprise interest receivable and payable, realised and unrealised exchange gains and losses
\nregarding trade receivables, trade payables and loans denominated in foreign currencies.
\nInterest income is recognised as it accrues in pro\ufb01t or loss, using the effective interest method.
\nFinance costs comprise interest expense on borrowings and unwinding of discounts on provisions. Borrowing costs that are
\nnot directly attributable to the acquisition, construction or production of a qualifying asset are recognised in pro\ufb01t or loss using
\nthe effective interest method.
\nForeign currency gains and losses are reported on a net basis.
\nIncome tax
\nIncome tax on the pro\ufb01t or loss for the period comprises current and deferred tax. Income tax is recognised in pro\ufb01t or loss
\nexcept to the extent that it relates to items recognised directly to equity, in which case it is recognised in equity.
\nCurrent tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at
\nthe reporting date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting purposes and the amounts used for taxation purposes.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on
\nlaws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there
\nis a legally enforceable right to offset current tax liabilities and assets, and if they relate to income taxes levied by the same tax
\nauthority.
\nA deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilised. Deferred tax assets are reviewed at each
\nreporting date and are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
\n
\n
\n\n
\nSegment information
\nOperating segment information is reported in a manner consistent with the internal reporting provided to the Chief Operating
\nDecision Maker (CODM). The CODM, who is responsible for allocating resources, assessing performance of the operating
\nsegment and making strategic decisions, has been identi\ufb01ed as the Board of Baltic Classi\ufb01eds Group PLC.
\nEarnings per share
\nBasic earnings per share and diluted earnings per share are presented for ordinary shares.
\nBasic earnings per share is calculated by dividing pro\ufb01t / (loss) attributable to owners of the Company by the weighted average
\nnumber of shares outstanding.
\nDiluted earnings per share adjust the \ufb01gures used in the determination of basic earnings per share to take into account the
\nweighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all
\ndilutive potential ordinary shares.
\nConsolidation
\na) Business combinations
\nBusiness combinations are accounted for using the acquisition method when control is transferred to the Group. The
\nconsideration transferred in the acquisition is measured at fair value, as are the identi\ufb01able net assets acquired. Any goodwill
\nthat arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately.
\nTransaction costs are expensed as incurred, except if related to the issuance of debt or equity securities.
\nThe consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts
\nare recognised in pro\ufb01t or loss.
\nAny contingent consideration is measured at fair value at the date of acquisition. If the obligation to pay contingent consideration
\nmeets the de\ufb01nition of a \ufb01nancial instrument and is classi\ufb01ed as equity, it is not remeasured, and settlement is accounted for
\nwithin equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent
\nchanges in the fair value of the contingent consideration are recognised in pro\ufb01t or loss.
\nb) Non-controlling interests (hereinafter - NCI)
\nNCI are measured initially at their proportionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition. Changes
\nin the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
\nc) Loss of control
\nWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI
\nand other components of equity. Any resulting gain or loss is recognised in pro\ufb01t or loss. Any interest retained in the former
\nsubsidiary is measured at fair value when control is lost.
\nd) Transactions eliminated on consolidation
\nAll intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are
\neliminated in full.
\nAcquisitions from entities under common control
\nA \u201cbusiness combination involving entities or businesses under common control\u201d is a business combination in which all of the
\ncombining entities or businesses are ultimately controlled by the same party or parties both before and after the combination,
\nand that control is not transitory. Business combinations under common control are excluded from the scope of IFRS 3 Business
\nCombinations. For business combinations among entities under common control, the Group elects to apply the common control
\nexclusion in IFRS 3 and where this is the case applies an accounting policy re\ufb02ecting the \u201cpredecessor value method\u201d or \u201cbook
\nvalue accounting method\u201d. Under this method, rather than acquisition accounting in accordance with IFRS 3, the acquired
\nassets and liabilities of the acquired business are recorded at their existing carrying \u201cbook\u201d values, as such no goodwill is
\nrecorded.
\nForeign currency
\nTransactions in foreign currencies are translated to the functional currency of Group entities at the foreign exchange rate ruling
\nat the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
\nretranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on
\ntranslation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical
\ncost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
\nliabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign
\nexchange rates ruling at the dates the fair value was determined.
\n
\n
\n\n
\nIntangible assets and goodwill
\na) Recognition and measurement
\nGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
\nOther intangible assets, including customer relationships, software and trademarks, that are acquired by the Group and have
\n\ufb01nite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses.
\nb) Research and development
\nCosts associated with maintaining software programmes are recognised as an expense as incurred. Material development
\ncosts that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group
\nare recognised as intangible assets where the following criteria are met:
\n\u2022
it is technically feasible to complete the software so that it will be available for use
\n\u2022
management intends to complete the software and use or sell it
\n\u2022
there is an ability to use or sell the software
\n\u2022
it can be demonstrated how the software will generate probable future economic bene\ufb01ts
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are available,
\nand
\n\u2022
the expenditure attributable to the software during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs
\nare recorded as intangible assets and amortised from the point at which the asset is ready for use.
\nResearch expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
\nincurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
\nc) Subsequent expenditure
\nSubsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to
\nwhich it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t
\nor loss as incurred.
\nd) Amortisation
\nAmortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line
\nmethod over their estimated useful lives and is recognised in pro\ufb01t or loss. Goodwill is not amortised. Estimated useful lives
\nare as follows:
\nTrademarks and domains
10 years
\nRelationship with clients
5-7 years
\nOther intangible assets
3-7 years
\nProperty, plant and equipment
\na) Recognition and measurement
\nItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost
\nincludes expenditure that is directly attributable to the acquisition of the asset.
\nWhen parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of
\nproperty, plant and equipment.
\nThe gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal
\nwith the carrying amount of the property, plant and equipment, and is recognised within other operating income/other operating
\nexpenses in pro\ufb01t or loss.
\nb) Subsequent expenditure
\nThe expenditure of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item
\nif it is probable that the future economic bene\ufb01ts within the part will \ufb02ow to the Group, and its costs can be measured reliably.
\nThe carrying amount of the replaced part is derecognised. The cost of the day-to-day servicing of property, plant and equipment
\nare recognised in pro\ufb01t or loss as incurred.
\n
\n
\n\n
\nc) Depreciation
\nDepreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less
\nits residual value. Depreciation is recognised in pro\ufb01t or loss on a straight-line basis over the estimated useful lives of each part
\nof an item of property, plant and equipment, since this most closely re\ufb02ects the expected pattern of consumption of the future
\neconomic bene\ufb01ts embodied in the asset. Depreciation is calculated from the \ufb01rst day of the next month when the asset is
\navailable for use, using the straight-line method.
\nLeased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the
\nGroup will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives of property, plant
\nand equipment for current and comparative periods are as follows:
\nBuildings
15-20 years
\nVehicles
4-10 years
\nOther
3-6 years
\nThe useful lives, residual values and depreciation method are reviewed annually to ensure that the depreciation period and other
\nestimates are consistent with the expected pattern of economic bene\ufb01ts from items in property, plant and equipment.
\nLeases
\nAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if
\nthe contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. To
\nassess whether a contract conveys the right to control the use of the identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease
\nin IFRS 16 Leases.
\nAs a lessee
\nAt commencement or on modi\ufb01cation of a contract that contains a lease component, the Group allocates the consideration in
\nthe contract to each lease component on the basis of its relative stand-alone prices.
\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
\ninitially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
\nbefore the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
\nunderlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
\nremeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
\ndiscounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental
\nborrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
\nThe Group determines its incremental borrowing rate by obtaining interest rates from various external \ufb01nancing sources and
\nmakes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022
Fixed payments, including in-substance \ufb01xed payments
\n\u2022
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement
\ndate
\n\u2022
Amounts expected to be payable under a residual value guarantee
\n\u2022
The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
\nrenewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a
\nlease unless the Group is reasonably certain not to terminate early
\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in
\nthe future lease payments arising from a change in an index or rate, if there is a change in the Group\u2018s and the Group\u2019s estimate
\nof the amount expected to be payable under a residual value guarantee, if the Group\u2019s changes its assessment of whether it will
\nexercise a purchase, extension or termination option or if there is a revised in-substance \ufb01xed lease payment.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset or is recorded in pro\ufb01t or loss if the carrying amount of the right-of-use asset has been reduced to zero.
\nThe Group presents right-of-use assets that do not meet the de\ufb01nition of investment property in `Right-of-use assets\u2019 and lease
\nliabilities in `long-term lease liabilities` and `short-term lease liabilities` in the statement of \ufb01nancial position.
\n
\n
\n\n
\nImpairment of non-\ufb01nancial assets
\nAt each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any
\nindication of impairment. If any such indications exist, then the asset\u2019s recoverable amount is estimated.
\nFor impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from
\ncontinuing use, that are largely independent of the cash in\ufb02ows of other assets (the \u201ccash-generating unit, or CGU\u201d).
\nThe recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is
\nbased on the estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the asset or CGU.
\nAn impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses
\nare recognised in pro\ufb01t or loss. Impairment loss is reversed to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been
\nrecognised.
\nCash and cash equivalents
\nCash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known
\namounts of cash with original maturities of three months or less and that are subject to an insigni\ufb01cant risk of change in value.
\nIn the statement of cash \ufb02ows, cash and cash equivalents include cash at banks.
\nFinancial instruments
\nA \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
\nof another entity.
\na) Financial assets
\ni) Initial recognition and measurement
\nThe Group quali\ufb01es \ufb01nancial assets to one of the following categories:
\n\u2022
measured at amortised cost
\n\u2022
measured at fair value through other comprehensive income
\n\u2022
measured at fair value through pro\ufb01t or loss
\nThe classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant
\n\ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at
\nfair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are
\nmeasured at the transaction price determined under IFRS 15.
\nThe Group\u2019s business model for managing \ufb01nancial assets refers to how the Group manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows,
\nselling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets are recognised on the trade date, i.e., the date that the Group commits to purchase or
\nsell the asset.
\nii) Subsequent measurement
\nAfter initial recognition, the Group measures a \ufb01nancial asset at amortised cost (debt instruments).
\niii) Financial assets at amortised cost (debt instruments)
\nThe Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual
\ncash \ufb02ows and
\n\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
\nand interest on the principal amount outstanding
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
\nimpairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired.
\nThe Group\u2019s \ufb01nancial assets at amortised cost includes trade, other current and non-current receivables and contract assets.
\n
\n
\n\n
\niv) Impairment of \ufb01nancial assets
\nAs relevant for:
\n\u2022
Financial assets measured at amortised cost
\n\u2022
Contract assets
\nThe Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at
\n12-month ECLs:
\n\u2022
debt securities that are determined to have low credit risk at the reporting date
\n\u2022
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the
\n\ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition
\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.
\nWhen determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when
\nestimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
\nor effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience
\nand informed credit assessment, and includes forward-looking information.
\nThe Group considers a \ufb01nancial asset to be in default when the \ufb01nancial asset is more than 180 days past due.
\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
\n12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
\ndate (or a shorter period if the expected life of the instrument is less than 12 months).
\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed
\nto credit risk.
\nv) Measurement of ECLs
\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls
\n(i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
\nexpects to receive).
\nECLs are discounted at the effective interest rate of the \ufb01nancial asset.
\nvi) Presentation of allowance for ECL in the statement of \ufb01nancial position
\nLoss allowances for \ufb01nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
\nvii) Write-off
\nThe gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations of recovering
\na \ufb01nancial asset in its entirety or a portion thereof. For individual and corporate customers, the Group individually makes an
\nassessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery.
\nThe Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still
\nbe subject to enforcement activities in order to comply with the procedures for recovery of amounts due.
\nb) Financial liabilities
\ni) Initial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and
\nborrowings and payables. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings
\nand payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables,
\nloans and borrowings, lease liabilities and \ufb01nancial liabilities measured at fair value with changes recognised in pro\ufb01t or loss.
\nii) Subsequent measurement
\nThe measurement of \ufb01nancial liabilities depends on their classi\ufb01cation.
\nAfter initial recognition, the Group\u2019s loans, borrowings and other payables are subsequently measured at amortised cost using
\nthe EIR method. Gains and losses are recognised in pro\ufb01t or loss, when the liabilities are derecognised as well as through the
\nEIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance expenses in pro\ufb01t or loss.
\nc) Offsetting of \ufb01nancial instruments
\nFinancial assets and \ufb01nancial liabilities are offset and the net amount is reported in the statement of \ufb01nancial position if there
\nis a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to
\nrealize the assets and settle the liabilities simultaneously.
\n
\n
\n\n
\nPayroll related liabilities
\nShort-term payroll related liabilities are expensed as the related service is provided. These include salaries and wages, social
\nsecurity contributions, vacation payouts, compensation for illness, bonuses, allowances, severance payments, vacation
\naccruals, all of which are recognised as costs when an employee has ful\ufb01lled his duties in exchange for the received allowance.
\nShare-based payments
\nEquity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread
\nover the vesting period. Fair value of the awards are measured using Black-Scholes pricing model. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t
\nand loss account over the vesting period and the credit side of the entry recognised as a liability.
\nProvisions
\nProvisions on obligations are accounted for only when the Group has legal obligation or irrevocable commitment as a result
\nof past events, and it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle it, and
\nthe amount of obligation can be measured reliably. Provisions are determined by discounting the expected future cash \ufb02ows
\nat a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the liability. The
\nunwinding of the discount is recognised as \ufb01nance expenses.
\nShare capital
\nIncremental costs directly attributable to the issue of ordinary shares are recognised as deductions from equity. Income tax
\nrelating to transaction costs of equity transactions is accounted for in accordance with IAS 12.
\nWhere the Group purchases its own equity share capital, the consideration paid is deducted from equity attributable to the
\nGroup\u2019s shareholders. Where such shares are subsequently cancelled, the nominal value of the shares repurchased is deducted
\nfrom share capital and transferred to a capital redemption reserve.
\nOwn shares held
\nThe Employee Bene\ufb01t Trust (\u2018EBT\u2019) provides for the issue of shares to Group employees principally under Performance Share Plan
\nscheme. The Group has control of the EBT and therefore consolidates the EBT in the Group \ufb01nancial statements. Accordingly,
\nshares in the Company held by the EBT are included in the balance sheet at cost as a deduction from equity.
\nCapital reorganisation reserve
\nThe capital reorganisation reserve arose on consolidation as a result of the share for share exchange transactions that took
\nplace on 5 July 2021 (note 17). It represents the difference between the nominal value of shares issued by Baltic Classi\ufb01eds
\nGroup PLC in this transaction and the share capital and other capital reserves of ANTLER TopCo S.a.r.l.
\nCapital redemption reserve
\nThe capital redemption reserve arises from the purchase and subsequent cancellation of the Group\u2019s own equity share capital.
\nDividends
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s \ufb01nancial statements in the period
\nin which the dividend is approved by the Company\u2019s shareholders in the case of \ufb01nal dividends, or the date at which they are
\npaid in the case of interim dividends.
\nContingencies
\nContingent liabilities are not recognised in the consolidated \ufb01nancial statements but are disclosed unless the possibility of an
\nout\ufb02ow of resources embodying economic bene\ufb01ts is remote.
\nContingent assets are not recognised in the consolidated \ufb01nancial statements, unless the realisation of income is virtually
\ncertain. They are disclosed in the consolidated \ufb01nancial statements when an in\ufb02ow of economic bene\ufb01t is probable.
\nSubsequent events
\nEvents that provide additional evidence on conditions that existed at the end of the reporting period (the adjusting events) are
\nrecognised in the \ufb01nal statements. Other subsequent events are not adjusting events and are disclosed in the notes if material.
\n
\n
\n\n
\n5. Alternative performance measures (APMs)
\nIn the analysis of the Group\u2019s \ufb01nancial performance, certain information disclosed in the \ufb01nancial statements may be prepared
\non a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly
\npermitted GAAP measure. These measures are reported in line with the way in which \ufb01nancial information is analysed by
\nmanagement and designed to increase comparability of the Group\u2019s year-on-year \ufb01nancial position, based on its operational
\nactivity. These measures are not designed to be a substitute for any of the IFRS measures of performance and may not be
\ndirectly comparable with other companies\u2019 alternative performance measures. The key alternative performance measures
\npresented by the Group are:
\n\u2022
Adjusted operating pro\ufb01t which is Operating pro\ufb01t after adding back acquired intangibles amortisation and one-off IPO
\nrelated costs. This measure helps to provide an indication of the Group\u2019s ongoing business performance.
\n\u2022
EBITDA which is Operating pro\ufb01t after adding back depreciation and amortisation. This measure is used internally to
\nassess business performance and in budgeting and forecasting.
\n\u2022
EBITDA margin which is EBITDA as a percentage of revenue. Progression in EBITDA margin is an important indicator of
\nthe Group\u2019s operating e\ufb03ciency.
\n\u2022
Adjusted EBITDA which is EBITDA after one-off IPO related costs. This is one of the key metrics used by management to
\nassess operating performance of the business and is used in assessing covenant compliance for the Group\u2019s loan facility.
\n\u2022
Adjusted EBITDA margin which is Adjusted EBITDA as a percentage of revenue. Progression in EBITDA margin is an
\nimportant indicator of the Group\u2019s operating e\ufb03ciency.
\n\u2022
Adjusted net income which is Pro\ufb01t for the period after adding back post-tax impact of acquired intangibles amortisation
\nand one-off costs related to IPO, including IPO re\ufb01nancing arrangement. It is used to arrive at Adjusted basic EPS and in
\napplying the Group\u2019s capital allocation policy.
\n\u2022
Adjusted basic EPS which is Adjusted net income divided by the weighted average number of ordinary shares in issue. This
\nmeasure helps to provide an indication of the Group\u2019s ongoing business performance.
\n\u2022
Net Debt which is calculated as total debt (bank loans principal and Osta.ee customer credit balances) less cash and cash
\nequivalents. See Revenue subsection of note 4 for more information on Osta.ee credit balances. Net debt is used to arrive
\nat the leverage ratio.
\n\u2022
Leverage which is calculated as Net Debt as a percentage of Adjusted EBITDA over last twelve months (LTM). This measure
\nis used in assessing covenant compliance for the Group\u2019s loan facility which includes a Total Leverage Ratio covenant
\n(see note 20).
\n\u2022
Cash conversion which is EBITDA (or adjusted EBITDA in comparative periods) after deducting acquisition of intangible
\nassets and property, plant and equipment as a percentage of EBITDA (or adjusted EBITDA in comparative periods). This
\nmeasure is used to monitor the Group\u2019s operational e\ufb03ciency.
\nReconciliation of alternative performance measures
\nAdjusted operating pro\ufb01t
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nOperating Pro\ufb01t
29,056
13,616
\nAcquired intangibles amortisation
16,198
16,147
\nIPO related fees
-
7,393
\nIPO related free share awards to employees (note 25)
-
1,378
\nAdjusted Operating Pro\ufb01t
45,254
38,534
\nEBITDA
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nOperating Pro\ufb01t
29,056
13,616
\nDepreciation and amortisation
\n1
\n16,989
16,894
\nEBITDA
46,045
30,510
\nAdjusted EBITDA
\nand Adjusted EBITDA margin
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nEBITDA
46,045
30,510
\nIPO related fees
-
7,393
\nIPO related free share awards to employees (note 25)
-
1,378
\nAdjusted EBITDA
46,045
39,281
\nAdjusted EBITDA margin
76%
77%
\n
\n1
\nIncluding acquired intangibles amortisation of \u20ac16,198 thousand (\u20ac16,147 thousand in 2022).
\n\n
\nAdjusted net income
\n2023
\n(\u20ac thousands)
\n2022 Restated
\n1
\n(\u20ac thousands)
\nPro\ufb01t for the year
23,215
1,092
\nAcquired intangibles amortisation
16,198
16,147
\nDeferred tax effect of acquired intangibles
\namortisation
\n(1,434)
(1,434)
\nIPO related fees
-
7,393
\nTax effect of IPO related fees
-
(70)
\nIPO related free share awards to employees (note 25)
-
1,378
\nSenior Facility Agreement related early repayment
\npenalty (note 20)
\n-
1,618
\nSenior Facility Agreement related upfront fee write off
\n(note 20)
\n-
5,075
\nAdjusted net income
37,979
31,198
\nAdjusted basic EPS
2023
2022
\nAdjusted net income (\u20ac thousands)
37,979
31,198
\nWeighted average number of ordinary shares (note 12)
496,082,891
488,467,552
\nAdjusted basic EPS (\u20ac cents)
7.66
6.39
\nNet debt
\n30/04/2023
\n(\u20ac thousands)
\n30/04/2022
\n(\u20ac thousands)
\nBank loan principal amount (note 20)
70,000
84,000
\nCustomer credit balances
2,363
2,289
\nTotal Debt
72,363
86,289
\nCash and cash equivalents
27,070
19,914
\nNet Debt
45,293
66,375
\nLeverage
\n30/04/2023
\n(\u20ac thousands)
\n30/04/2022
\n(\u20ac thousands)
\nNet debt
45,293
66,375
\nAdjusted EBITDA
46,045
39,281
\nTotal Debt
0.98
1.69
\nCash conversion
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nAdjusted EBITDA
46,045
39,281
\nAcquisition of intangible assets and property, plant
\nand equipment
(251)
(433)
\n45,794
38,848
\nCash conversion
99%
99%
\n6. Operating segments
\nOperating segments are identi\ufb01ed on the basis of internal reports about components of the Group that are regularly reviewed by
\nthe chief operating decision maker (\u201cCODM\u201d) in order to allocate resources to the segments and to assess their performance.
\nThe CODM has been identi\ufb01ed as the Board of Baltic Classi\ufb01eds Group PLC.
\nThe main focus of the Group is operating leading online classi\ufb01eds platforms for automotive, real estate, jobs and services, and
\ngeneral merchandise in the Baltics. The Group\u2019s business is managed on a consolidated level. The Board views information
\nfor each classi\ufb01ed platform at a revenue level only and therefore the platforms are considered products but not a separate
\nline of business or segment. The Group considers itself a classi\ufb01ed business operating in a well-de\ufb01ned and economically
\nsimilar geographical area, the Baltic countries. And therefore the Board views detailed revenue information but only views costs
\nand pro\ufb01t information at a Group level. As such, management concluded that BCG has one operating segment, which also
\nrepresents one reporting segment.
\nThe revenue break-down is disclosed by primary geographical markets, key revenue streams and revenue by business lines in
\naccordance with IFRS 15 in note 7.
\nOf the total intangible assets and goodwill, 69% (70% in 2022) is located in Lithuania, 30% (29% in 2022) in Estonia and 1% (1%
\nin 2022) in Latvia.
\n1
\nSee note 3 for further details.
\n\n
\n\n
\n7. Revenue
\nIn the following tables, revenue from contracts with customers is disaggregated by primary geographical markets, key revenue
\nstreams and revenue by business lines.
\nPrimary geographic markets
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nLithuania
42,407
35,236
\nEstonia
17,203
14,620
\nLatvia
1,204
1,103
\nTotal
60,814
50,959
\nKey revenue streams
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nAdvertising revenue
3,728
3,731
\nListings revenue
53,750
43,725
\n- Listings revenue: B2C
29,765
24,590
\n- Listings revenue: C2C
23,985
19,135
\nAncillary revenue
\n1
\n3,336
3,503
\nTotal
60,814
50,959
\nRevenue by business lines
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nAutomotive
22,236
18,293
\n- Advertising revenue
1,101
1,122
\n- Listings revenue: B2C
9,908
7,432
\n- Listings revenue: C2C
8,167
6,507
\n- Ancillary revenue
3,060
3,232
\nReal Estate
15,044
12,451
\n- Advertising revenue
1,836
1,903
\n- Listings revenue: B2C
8,653
7,052
\n- Listings revenue: C2C
4,494
3,439
\n- Ancillary revenue
61
57
\nGeneralist
11,744
10,397
\n- Advertising revenue
764
701
\n- Listings revenue: B2C
1,229
1,282
\n- Listings revenue: C2C
9,536
8,200
\n- Ancillary revenue
215
214
\nJobs & Services
11,790
9,818
\n- Advertising revenue
27
7
\n- Listings revenue: B2C
9,975
8,822
\n- Listings revenue: C2C
1,788
988
\n- Ancillary revenue
-
1
\nTotal
60,814
50,959
\nDue to the large number of customers the Group serves, there are no individual customers whose revenue is greater than 10%
\nof the Group\u2019s total revenue in all periods presented in these \ufb01nancial statements.
\n1
\nAncillary revenue includes revenue from \ufb01nancial intermediation, subscription services, and other. Financial intermediation revenue accounts for 91% of the total ancillary
\nrevenue for the year ending 30 April 2023 and 94% of the total ancillary revenue for the year ending 30 April 2022.
\n\n
\nContract liabilities
\nContract liabilities
\n1
\ninclude consideration received in advance of the satisfaction of performance obligations. The movement in
\ncontract liabilities is provided below:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOpening balance
2,982
1,464
\nRecognised in revenue in the period
(5,620)
(4,333)
\nAdvance consideration received
6,352
5,851
\nClosing balance
3,714
2,982
\n8. Operating pro\ufb01t
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOperating pro\ufb01t is after charging the following:
\nLabour costs
\n2
\n(9,605)
(8,886)
\nDepreciation and amortisation
(16,989)
(16,894)
\nAdvertising and marketing services
(971)
(841)
\nIT expenses
(725)
(692)
\nImpairment (loss) / reversal on trade receivables and
\ncontract assets
\n(79)
(59)
\nOther
\n3
\n(3,398)
(9,977)
\n(31,767)
(37,349)
\nServices provided by the Company\u2019s auditors
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nFees payable for audit services:
\nAudit of the Company and consolidated \ufb01nancial
\nstatements
\n4
\n(563)
(244)
\nAudit of the Company\u2019s subsidiaries pursuant to
\nlegislation
\n(197)
(103)
\nTotal audit remuneration
(760)
(347)
\nFees payable for other services:
\n- Audit related assurance services
-
(110)
\n- Transaction related services
\n5
\n-
(532)
\n- Other assurance services
\n5
\n-
(267)
\n- Tax advisory services
-
-
\nTotal non-audit remuneration
-
(909)
\nTotal
(760)
(1,256)
\n1
\nContract liabilities amount in the statement of \ufb01nancial position also include prepayments received from customers.
\n2
\nFor the year ended 30 April 2022 labour costs include \u20ac1,378 thousand IPO related free share awards expenses (note 25).
\n3
\nOther expenses for the year ended 30 April 2022 include \u20ac7,393 thousand fees and costs incurred in relation to the Initial Public Offering (IPO).
\n4
\nIn 2023, fees payable for audit of the Company and consolidated \ufb01nancial statements consist of audit fees for current \ufb01nancial year \u20ac461 thousand and previous \ufb01nancial
\nyear \u20ac102 thousand.
\n5
\nTransaction related and other assurance services provided by the Company\u2019s auditors during the year ended 30 April 2022 relate to the IPO.
\n\n
\n\n
\n9. Employee numbers and costs
\nThe average number of persons employed (including Executive Directors but excluding 5 Non-Executive Directors) during the
\nyear was 147 (139 in 2022).
\nThe average number of full-time equivalent persons employed (including Executive Directors but excluding 5 Non-Executive
\nDirectors) during the year, analysed by category, was as follows:
\n2023
(number)
2022
(number)
\nAdministration
125
120
\nKey Management Personnel (note 24)
6
6
\nTotal
131
126
\nThe aggregate payroll costs of these persons were as follows:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nWages and salaries
(7,034)
(6,219)
\nSocial security costs
(726)
(645)
\n(7,760)
(6,864)
\nShare-based payment costs (note 25)
(1,567)
(2,022)
\nTotal
(9,327)
(8,886)
\n10. Net \ufb01nance costs
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOther \ufb01nancial income
7
138
\nTotal \ufb01nance income
7
138
\nInterest expenses
\n1
\n(2,602)
(9,426)
\nCommitment and agency fees
(80)
(132)
\nOther \ufb01nancial expenses
\n2
\n(1)
(1,734)
\nInterest unwind on lease liabilities
(15)
(17)
\nTotal \ufb01nance expenses
(2,698)
(11,309)
\nNet \ufb01nance costs recognised in pro\ufb01t or loss
(2,691)
(11,171)
\n11. Income taxes
\n(a) Tax recognised in pro\ufb01t or loss
\n2023
\n(\u20ac thousands)
\n2022 Restated
\n3
\n(\u20ac thousands)
\nCurrent tax expense
\nCurrent year
(4,904)
(3,102)
\nDeferred tax expense
\nChange in deferred tax
1,754
1,749
\nTax expense
(3,150)
(1,353)
\nTax losses can be transferred between companies within the same tax group effectively reducing consolidated income tax
\nexpense.
\n
\n1
\nInterest expense for the year ended 30 April 2022 contains \u20ac5,075 thousand of upfront fee that was written off upon the repayment of Senior Facility Agreement in July
\n2021.
\n2
\nOther \ufb01nancial expenses for the year ended 30 April 2022 contain \u20ac1,618 thousand of Senior Facility Agreement related early repayment fee.
\n3
\nSee note 3 for further details.
\n\n\n(b) Factors affecting the tax expense for the year
\nThe table below explains the differences between the expected tax expense and the Group\u2019s total tax expense for each year.
\n2023
\n(\u20ac thousands)
\n2022 Restated
\n1
\n(\u20ac thousands)
\nPro\ufb01t before tax
26,365
2,445
\nTax at the domestic rates applicable to pro\ufb01ts in the coun
-
\ntries concerned
\n2
\n(2,988)
369
\nNon-deductible expenses
(127)
(1,664)
\nTax on distributions by subsidiary
(58)
\nRecognition of previously unrecognised (derecognition of
\npreviously recognised) deductible temporary differences
\n(85)
-
\nPrior year adjustments
50
-
\n(3,150)
(1,353)
\nSummary of taxation rates by country is presented below:
\n2023
2022
\nUnited Kingdom
\n3
\n25%
19%
\nLithuania
15%
15%
\nLatvia
\n4
\n20%
20%
\nEstonia
\n4
\n20%
20%
\nLuxembourg
-
25%
\n(c) Movement in deferred tax balances
\nFor the year ended
\n30 April 2022:
\nNet balance
\nat 30 April 2021
\nRestated
\n1
\n(\u20ac thousands)
\nRecognised
\nin pro\ufb01t or loss
\nRestated
\n1
\n(\u20ac thousands)
\nRecognised
\nin equity
\n(\u20ac thousands)
\nNet balance at
\n30 April 2022
\n(\u20ac thousands)
\nDeferred
\ntax asset
\n(\u20ac thousands)
\nDeferred
\ntax liability
\n(\u20ac thousands)
\nIntangible assets
\namortisation
\n(7,952)
1,691
-
(6,261)
-
(6,261)
\nOther temporary
\ndifferences
\n358
59
-
417
417
-
\nTax assets (liabilities)
\nbefore set-off
\n(7,594)
1,750
-
(5,844)
417
(6,261)
\nSet-off of tax
\n6
\n-
-
-
-
(417)
417
\nNet tax assets
\n(liabilities)
\n(7,594)
1,750
-
(5,844)
-
(5,844)
\nFor the year ended
\n30 April 2023:
\nNet balance
\nat 30 April 2022
\n(\u20ac thousands)
\nRecognised
\nin pro\ufb01t or loss
\n(\u20ac thousands)
\nRecognised
\nin equity
\n5
\n(\u20ac thousands)
\nNet balance at
\n30 April 2023
\n(\u20ac thousands)
\nDeferred
\ntax asset
\n(\u20ac thousands)
\nDeferred
\ntax liability
\n(\u20ac thousands)
\nIntangible assets
\namortisation
\n(6,261)
1,434
-
(4,827)
-
(4,827)
\nCapitalized borrowing
\ncosts
\n-
(64)
-
(64)
-
(64)
\nTax losses
-
153
-
153
153
-
\nOther temporary
\ndifferences
\n417
231
20
668
668
-
\nTax assets (liabilities)
\nbefore set-off
\n(5,844)
1,754
20
(4,070)
821
(4,891)
\nSet-off of tax
\n6
\n-
-
-
-
(668)
668
\nNet tax assets
\n(liabilities)
\n(5,844)
1,754
20
(4,070)
153
(4,223)
\n1
\nSee note 3 for further details.
\n2
\nFor the year ended 2022, the expected tax amount, being the tax at the domestic rates applicable to pro\ufb01ts in the countries concerned, is a tax credit overall due to the
\nlosses incurred by the parent company domiciled in the United Kingdom as a result of IPO related costs, which has a higher corporate income tax rate than the countries
\nin which the pro\ufb01ts were generated.
\n3
\n19% until 31 March 2023.
\n4
\n0% income tax rate applies in Estonia and Latvia if there are no pro\ufb01t distributions.
\n5
\nTaxation on items taken directly to equity of \u20ac20 thousand (nil in 2022) relates to share-based payments.
\n6
\nSet-off is allowed as it is the same jurisdiction (Lithuania).
\n
\n
\n\n
\n
\n
\n(d) Unrecognised deferred tax assets and liabilities
\nDeferred tax assets have not been recognised in respect to the tax losses incurred by UAB Antler Group, because it is not
\nprobable that future taxable pro\ufb01t will be available in UAB Antler Group against which the Group can use the bene\ufb01ts therefrom.
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nGross amount
Tax effect
Gross amount
Tax effect
\nTax losses
(26,229)
3,934
(26,229)
3,934
\n(26,229)
3,934
(26,229)
3,934
\nThe aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities
\nhave not been recognised is \u20ac7,270 thousand (\u20ac6,109 thousand in 2022). No deferred tax liability has been recognised as the
\nCompany is able to control the timing of distributions from these subsidiaries and is not expected to distribute these pro\ufb01ts in
\nthe foreseeable future.
\n(e) Tax losses carried forward
\nTax losses carried forward for which no deferred tax asset has been recognised were incurred by the Company\u2019s indirect
\nsubsidiary UAB Antler Group prior to being eligible for transfer to other Group companies.
\nAccording to Lithuanian legislation, deductible tax losses carried forward can be used to reduce the taxable income earned
\nduring the reporting year by maximum 70% of respective legal entity with no Group relief bene\ufb01t. Tax losses can be carried
\nforward for an inde\ufb01nite period, except for the losses incurred as a result of disposal of securities and/or derivative \ufb01nancial
\ninstruments. Such carrying forward is disrupted if the Group and the Company stops its activities due to which these losses
\nwere incurred except when the Group and the Company does not continue its activities due to reasons which do not depend on
\nthe Company itself. The losses from disposal of securities and/or derivative \ufb01nancial instruments can be carried forward for 5
\nconsecutive years and can only be used to reduce the taxable income earned from transactions of the same nature.
\nTax losses carried forward by expiration:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDo not expire
(26,229)
(26,229)
\nTotal
(26,229)
(26,229)
\n12. Earnings per share
\n2023
2022 Restated
\n1
\nWeighted average number of shares outstanding
496,082,891
488,467,552
\nDilution effect on the weighted average number of shares
279,681
-
\nDiluted weighted average number of shares outstanding
496,362,572
488,467,552
\nPro\ufb01t / (loss) attributable to owners of the Company (\u20ac thousands)
23,215
1,092
\nBasic earnings per share (\u20ac cents)
4.68
0.22
\nDiluted earnings per share (\u20ac cents)
4.68
0.22
\nBasic earnings per share (EPS) amounts are calculated by dividing net pro\ufb01t for the year attributable to ordinary equity holders
\nof the parent by the weighted average number of ordinary shares outstanding during the year. The weighted average number of
\nshares for the comparative period has been stated as if the Group share for share exchange (see note 17) has occurred at the
\nbeginning of the comparative period.
\nIn calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of
\nall potentially dilutive shares. The Group\u2019s potentially dilutive instruments are in respect of share-based incentives granted
\nto employees. Options under the Performance Share Plan (note 25) are contingently issuable shares and are therefore only
\nincluded within the calculation of diluted EPS if the performance conditions are satis\ufb01ed.
\nThe average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of share-based incentives was
\nbased on quoted market prices during the period which the share-based incentives were outstanding.
\n1
\nSee note 3 for further details.
\n\n
\n
\n
\nThe reconciliation of the weighted average number of shares is provided below:
\n2023
2022
\nNumber of shares
Number of shares
\nIssued ordinary shares at 1 May less ordinary shares held by EBT
498,292,405
435,265,078
\nWeighted effect of issued ordinary shares
-
53,415,350
\nWeighted effect of ordinary shares purchased by EBT
(1,114,685)
(212,877)
\nWeighted effect of own shares purchased for cancellation
(1,094,829)
-
\nWeighted average number of ordinary shares at 30 April
496,082,891
488,467,552
\n13. Intangible assets and goodwill
\nGoodwill
\n(\u20ac thousands)
\nTrademarks
\nand domains
\n(\u20ac thousands)
\nRelationship
\nwith clients
\n(\u20ac thousands)
\nOther
\nintangible
\nassets
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nCost
\nBalance at 1 May 2021
328,732
63,220
50,710
1,347
444,009
\nDisposals
-
-
-
(23)
(23)
\nBalance at 30 April 2022
328,732
63,220
50,710
1,324
443,986
\nBalance at 1 May 2022
328,732
63,220
50,710
1,324
443,986
\nAcquisitions
1,229
120
250
-
1,599
\nDisposals
-
-
-
(33)
(33)
\nBalance at 30 April 2023
329,961
63,340
50,960
1,291
445,552
\nAccumulated amortisation and impairment losses
\nBalance at 1 May 2021
-
10,693
16,132
275
27,100
\nAmortisation
-
6,323
9,824
273
16,420
\nDisposals
(23)
(23)
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nAmortisation
-
6,332
9,866
257
16,455
\nDisposals
-
(33)
(33)
\nBalance at 30 April 2023
-
23,348
35,822
749
59,919
\nCarrying amounts
\nBalance at 30 April 2021
328,732
52,527
34,578
1,072
416,909
\nBalance at 30 April 2022
328,732
46,204
24,754
799
400,489
\nBalance at 30 April 2023
329,961
39,992
15,138
542
385,633
\nImpairment testing for cash generating units containing goodwill
\nThe following carrying amounts of goodwill are allocated to each cash-generating unit within the Group:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDiginet LTU UAB
228,515
228,515
\nAllePal OU
82,297
82,027
\nKinnisvaraportaal OU
13,976
13,976
\nCity24 SIA
3,998
3,039
\nVIN Solutions OU
1,175
1,175
\n329,961
328,732
\n\n
\n
\n
\nThe smallest groups of assets that generate cash in\ufb02ows from continuing use are legal entities based in Lithuania, Estonia and
\nLatvia. The recoverable amounts of each cash generating unit as at 30 April 2023 and 2022 were determined based on the value
\nin use calculations that use cash \ufb02ow projections based on the \ufb01ve-year \ufb01nancial forecasts. The \ufb01rst year in the forecasts is the
\no\ufb03cial budget approved by the Board, with the remaining years forecast prepared by management. The post-tax discount rates
\napplied to the post-tax cash\ufb02ows are derived from the post-tax weighted cost of capital. The discount rate takes into account
\nthe risk-free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group. The assumptions
\nused in the calculation of the Group\u2019s weighted average cost of capital are benchmarked to externally available data. Terminal
\nvalue growth rate was set for each CGU with reference to the long-term growth rate for the market and territory in which the
\nCGU operates. Budgeted revenues and expenses were estimated based on past performance and management\u2019s expectation of
\ngrowth from pricing, volume and product development. Due, in part, to rapid technological changes, evolving industry standards
\nand changing needs and preferences of listers and consumers, the Group\u2019s competitive landscape is changing rapidly. It is,
\ntherefore, di\ufb03cult for the Group to accurately assess or predict the Group\u2019s future competitors and the competitive threats the
\nGroup may be facing.
\nThe key assumptions used for the value in use calculations are as follows:
\n2023
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
12%
13%
13%
14%
13%
\nTerminal value growth rate
2.5%
2.5%
2.5%
2.5%
2.5%
\n2022
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
9%
9%
9%
10%
9%
\nTerminal value growth rate
2.0%
2.0%
2.0%
2.0%
2.0%
\nThe value in use forecasts assume growth in revenue in the initial \ufb01ve-year period. Key drivers to future growth rates are
\ndependent on the Group\u2019s ability to maintain and grow income streams. The level of headroom may change if different growth
\nrate assumptions or a different pre-tax rates were used in the cash\ufb02ow projections. Therefore, revenue growth and discount
\nrate are considered to be key assumptions. The discount rate has increased compared to last year re\ufb02ecting an increase in the
\nrisk-free rate of return and market risk premium.
\nHaving completed the impairment review for the year ended 30 April 2023, no impairment has been recognised in relation to any
\nof the CGU\u2019s (for the period ended 30 April 2022: no impairment).
\nSensitivity in changes to key assumptions
\nManagement has considered reasonably possible although not currently expected changes in three key assumptions being
\nrevenue growth, pre-tax discount rate and terminal growth. There are no changes to the key assumptions that are considered
\nby the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to any of the CGU\u2019s, except for
\nVin Solutions O\u00dc CGU.
\nVin Solutions O\u00dc CGU
\nThe estimated Vin Solutions O\u00dc CGU recoverable amount exceeds the CGU\u2019s carrying amount by \u20ac313 thousand. Vin Solutions
\nrevenue is forecasted to grow 65% in the initial \ufb01ve-year period as a result of a project together with Autoplius whereby car
\nhistory reports service will be sold to customers in Lithuania. If the forecasted revenue growth in the initial \ufb01ve-year period
\nused in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 15pp lower than management\u2019s estimate (50% instead
\nof 65%), the group would have had to recognise an impairment against the carrying amount goodwill of \u20ac379 thousand. If the
\nrevenue growth in the initial \ufb01ve-year period was 6pp lower than management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the pre-tax discount rate used in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 3pp higher than management\u2019s
\nestimate (13% instead of 10%), the group would have had to recognise an impairment against the carrying amount goodwill of
\n\u20ac149 thousand. If the pre-tax discount rate was 2pp higher than the management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the forecasted revenue growth in the initial \ufb01ve-year period used in the value-in-use calculation for Vin Solutions O\u00dc CGU had
\nbeen 10pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimate, the group would have had to recognise
\nan impairment against the carrying amount goodwill of \u20ac310 thousand. If the revenue growth in the initial \ufb01ve-year period was
\n3pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimates, VIN Solutions O\u00dc CGU recoverable amount
\nwould equal its carrying amount.
\nThere are no changes to the terminal growth rate that are considered to be reasonably possible, that would give rise to an
\nimpairment of VIN Solutions O\u00dc CGU.
\n\n
\n14. Right-of-use assets
\nBuildings
\n(\u20ac thousands)
\nVehicles
\n(\u20ac thousands)
\nOther
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nCost
\nBalance at 30 April 2021
996
255
29
1,280
\nAcquisitions
-
22
15
37
\nDisposals
-
(89)
-
(89)
\nRe-assessment
30
-
-
30
\nBalance as at 30 April 2022
1,026
188
44
1,258
\nAcquisitions
56
-
-
56
\nDisposals
(159)
-
-
(159)
\nRe-assessment
731
1
-
732
\nBalance as at 30 April 2023
1,654
189
44
1,887
\nAccumulated depreciation and impairment losses
\nBalance at 30 April 2021
420
85
14
519
\nDepreciation
256
43
9
308
\nDisposals
-
(26)
-
(26)
\nBalance as at 30 April 2022
676
102
23
801
\nDepreciation
260
37
14
311
\nDisposals
(109)
-
-
(109)
\nBalance as at 30 April 2023
827
139
37
1,003
\nCarrying amounts
\nBalance at 30 April 2021
576
170
15
761
\nBalance at 30 April 2022
350
86
21
457
\nBalance at 30 April 2023
827
50
7
884
\nCertain lease rentals include extension options. In 2023, the Group extended the term of the existing lease of Vilnius o\ufb03ce space
\nwhich resulted in a lease-reassessment.
\n15. Trade and other receivables
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade receivables
3,322
3,002
\nExpected credit loss on trade receivables
(45)
(71)
\nOther short-term receivables
70
39
\nTotal
3,347
2,970
\nTrade and other receivables are non-interest bearing. The Group has recognized impairment losses in the amount of \u20ac45
\nthousand as at 30 April 2023 (\u20ac71 thousand as at 30 April 2022). Change in impairment losses for trade receivables, netted with
\nrecoveries, for \ufb01nancial year amounted to \u20ac79 thousand as at 30 April 2023 and \u20ac59 thousand as at 30 April 2022. As at 30 April
\n2023 and 30 April 2022, there are no pledges on trade receivables.
\nReconciliation of changes in impairment allowance for trade receivables:
\n(\u20ac thousands)
\nBalance at 30 April 2021
(84)
\nRecoveries
77
\nWrite offs
72
\nChanges in allowance and allowance recognised for new \ufb01nancial assets originated
(136)
\nBalance as at 30 April 2022
(71)
\nRecoveries
70
\nWrite offs
105
\nChanges in allowance and allowance recognised for new \ufb01nancial assets originated
(149)
\nBalance as at 30 April 2023
(45)
\n\n
\n16. Cash and cash equivalents
\nThe balance of the Group\u2019s cash and cash equivalents as at 30 April 2023 and 30 April 2022 comprises of cash in banks. The
\ncredit rating of banks the Group holds its cash and cash equivalents varies from A1 to Baa3 as per Moody\u2019s ratings.
\nAs at 30 April 2023 and 30 April 2022, there are no restrictions on cash in Group\u2019s bank accounts.
\n17. Equity
\nNumber
\nof shares
\nShare capital
\namount
\n(\u20ac thousands)
\nShare premium
\namount
\n(\u20ac thousands)
\nBalance as at 1 May 2021
435,265,079
506,509
-
\nGroup restructure:
\n\u2022
Redeemable preference share redeemed
-
(57)
-
\n\u2022
Share issue for IPO
64,734,921
75,322
48,959
\n\u2022
Share issue related transaction costs
-
-
(5,816)
\nNominal value of ordinary shares reduced and share premium
\ncancelled to create distributable reserves
\n-
(575,956)
(43,143)
\nShares issued to satisfy IPO related free share awards (note 25)
392,405
4
-
\nBalance as at 30 April 2022
500,392,405
5,822
-
\nPurchase and cancellation of own shares
(3,429,240)
(39)
-
\nBalance as at 30 April 2023
496 963 165
5,783
-
\nOn 5 July 2021 BCG was inserted into the Group\u2019s holding structure via a share for share exchange with the shareholders of a
\nprevious top holding entity, ANTLER TopCo S.a.r.l:
\n1) BCG issued 38,740,076 ordinary shares at \u00a31 (\u20ac1.16) each in the share for share exchange to acquire ANTLER Management
\nS.A. that was a minority shareholder of ANTLER TopCo S.a.r.l.
\n2) BCG issued 396,525,002 ordinary shares at \u00a31 (\u20ac1.16) each in the share for share exchange to acquire the rest of ANTLER
\nTopCo S.a.r.l.
\n3) 1 redeemable preference share with a value of \u00a349,999 (\u20ac57,487) per share was redeemed.
\nOn 5 July 2021 BCG issued 64,734,921 ordinary shares with a value of \u00a31 (\u20ac1.16) each that were listed at \u00a31.65 (\u20ac1.92) on the
\nLondon Stock Exchange.
\nShare issue related expenses amounting to \u20ac5,816 thousand were set against the share premium that arose during the listing,
\nout of which \u20ac2,942 thousand relate to the underwriting fee that reduced the cash received from the IPO proceeds.
\nOn 23 September 2021 BCG undertook a Court approved capital reduction to create distributable reserves. The entire amount
\nstanding to the credit of BCG share premium account was cancelled and the nominal value of each ordinary share in issue in the
\ncapital of BCG was reduced from \u00a31 (\u20ac1.15) to \u00a30.01 (\u20ac0.01). This created a total of \u20ac619,100 thousand in distributable reserves.
\nOn 19 October 2021 BCG issued 392 405 shares with a value of \u00a30.01 (\u20ac0.01) each to be gifted, on an unrestricted basis, to all
\nemployees other than the Executive Directors and the rest of the Senior Management team.
\nShare capital and share premium in the comparative periods have been stated as if the Group share for share exchange has
\noccurred at the beginning of the comparative periods. For this reason, a capital reorganisation reserve has been created which
\ncomprises a difference between the recalculated share capital amount and the total of share capital and share premium of
\nANTLER TopCo S.a.r.l.
\nIncluded within shares in issue at 30 April 2023 are 3,600,000 (2,100,000 in at 30 April 2022) shares held by the Employee Bene\ufb01t
\nTrust (\u201cEBT\u201d) (note 18).
\n18. Own shares held
\nShares held by EBT
\nAmount
(\u20ac thousands)
Number
\nBalance as at 1 May 2021
-
-
\nPurchase of shares for performance share plan
\n1
\n3,418
2,100,000
\nBalance as at 30 April 2022
3,418
2,100,000
\nPurchase of shares for performance share plan
\n1
\n2,834
1,500,000
\nBalance as at 30 April 2023
6,252
3,600,000
\n1
\nShares were purchased on 29 July 2022 at a price of \u00a31.54 (\u20ac1.84) per share and on 2 August 2022 at a price of \u00a31.62 (\u20ac1.93) per share. Stamp duty reserve tax and
\ncommissions amounting to \u20ac12 thousand were capitalised in the year (\u20ac16 thousand in 2022).
\n
\n\n\n19. Dividends
\n2023
2022
\n\u20ac cents per share
\u20ac thousands
\u20ac cents per share
\u20ac thousands
\n2022 \ufb01nal dividend paid
1.4
6,955
-
-
\n2023 interim dividend paid
0.8
3,963
-
-
\nTotal
2.2
10,918
-
-
\nThe proposed \ufb01nal dividend for the year ended 30 April 2023 of 1.7 \u20ac cents per share is subject to approval by Company
\nshareholders at the Annual General Meeting (\u2018AGM\u2019) and hence has not been included as a liability in the \ufb01nancial statements.
\nThe 2023 \ufb01nal dividend will be paid on 13 October 2023 to shareholders on the register at the close of business on 8 September
\n2023 and the payment will comprise approximately \u20ac8,400 thousand of cash.
\nThe Directors intend to return one third of Adjusted net income (as de\ufb01ned and reconciled in note 5) each year via an interim and
\n\ufb01nal dividend, split one third and two thirds, respectively. Adjusted net income (as reconciled in note 5) for 2023 was \u20ac37,979
\nthousand (\u20ac31,198 in 2022).
\n20. Loans and borrowings
\nNon-current liabilities
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nBank loan
68,716
82,311
\nLease liabilities
515
167
\n69,231
82,478
\nCurrent liabilities
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nBank loan
180
121
\nLease liabilities
282
202
\n462
323
\nBank loan:
\nPeriod end
Maturity
Loan currency
Effective interest rate
Amount
(\u20ac thousands)
\nBank Loan
30 April 2023
2026 July
\u20ac
2.91%
68,896
\nBank Loan
30 April 2022
2026 July
\u20ac
4.04%
\n1
\n82,432
\nIn July 2021 the Group drew down a new loan consisting of Facility B (\u20ac98,000 thousand) and agreed on a new revolving credit
\nfacility of \u20ac10,000 thousand. The previous loan was fully repaid in July 2021. Due to early repayment the Group paid an early
\nrepayment fee that amounted to \u20ac1,618 thousand (included within other \ufb01nancial expenses for the year ended 30 April 2022).
\nThe Group also wrote-off a capitalised upfront fee that amounted to \u20ac5,075 thousand (included within interest expenses for the
\nyear ended 30 April 2022).
\nAs at 30 April 2023 the loan comprised of Facility B (outstanding balance: \u20ac70,000 thousand as \u20ac14,000 thousand was repaid
\nduring the \ufb01nancial year), the undrawn revolving credit facility amounted to \u20ac10,000 thousand. As at 30 April 2022 the loan
\ncomprised of Facility B (outstanding balance: \u20ac84,000 thousand), the undrawn revolving credit facility amounted to \u20ac10,000
\nthousand.
\nCapitalised debt issue costs amounted to \u20ac1,284 thousand and \u20ac1,689 thousand for the year ended 30 April 2023 and 30 April
\n2022 respectively. Interest payable amounted to \u20ac180 thousand and \u20ac121 thousand for the year ended 30 April 2023 and 30
\nApril 2022 respectively.
\nThe loan agreement prescribes a Total Leverage Ratio covenant. Total Leverage Ratio is calculated as Net Debt over last twelve
\nmonths (LTM) of Adjusted EBITDA and shall not exceed 5.50:1. As at 30 April 2023 and 30 April 2022, the Group complied with
\nthe covenant prescribed in the loan agreement.
\nAs per the same agreement, the interest margin for each facility is tied to the Total Leverage Ratio at each interest calculation
\ndate on a semi-annual basis:
\n1
\nEffective interest rate for the year ended 30 April 2022 includes 2 months\u2019 worth of interest on a pre-IPO higher margin loan that was repaid in July 2021. Since IPO the
\ninterest rate margin has reduced to 2.0% due to lower leverage and even further reduced to 1.75% after publishing the \ufb01rst set of annual \ufb01nancial statements, however the
\npositive impact of the reduction was partly offset by the increase in EURIBOR.
\n
\n\n\n
\n
\nTotal Leverage Ratio
Facility B Margin
(% p.a.)
Revolving Facility Margin (% p.a.)
\nGreater than 4.50:1
3.50
3.50
\nEqual to or less than 4.50:1 but greater than 4.00:1
3.00
3.00
\nEqual to or less than 4.00:1 but greater than 3.50:1
2.75
2.75
\nEqual to or less than 3.50:1 but greater than 3.00:1
2.50
2.50
\nEqual to or less than 3.00:1 but greater than 2.75:1
2.25
2.25
\nEqual to or less than 2.75:1 but greater than 2.50:1
2.00
2.00
\nEqual to or less than 2.50:1
1.75
1.75
\nThe following pledges and securities were granted as of 30 April 2023 and 30 April 2022: group companies shares. The carrying
\namount of pledged assets is as follows:
\nPledged assets
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nGroup companies shares
\n1
\n332,227
332,227
\n332,227
332,227
\nReconciliation of movements of liabilities to cash\ufb02ows arising from \ufb01nancing
\nactivities
\nBorrowings
\n(\u20ac thousands)
\nLease liabilities
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nBalance as at 1 May 2021
212,463
663
213,126
\nChanges from \ufb01nancing cash flows
\n\u2022
Proceeds from loans and borrowings
96,650
-
96,650
\n\u2022
Repayment of borrowings
(228,295)
-
(228,295)
\n\u2022
Payment of lease liabilities
-
(305)
(305)
\nTotal changes from \ufb01nancing cash \ufb02ows
(131,645)
(305)
(131,950)
\nOther liability related changes
\n\u2022
New leases
-
67
67
\n\u2022
Lease disposal
-
(56)
(56)
\n\u2022
Capitalised borrowing costs
(676)
-
(676)
\n\u2022
Capitalised borrowing costs write off
5,075
-
5,075
\n\u2022
Interest expenses
4,351
17
4,368
\n\u2022
Interest paid
(7,136)
(17)
(7,153)
\nTotal other liability related changes
1,614
11
1,625
\nBalance as at 30 April 2022
82,432
369
82,801
\nBalance as at 1 May 2022
82,432
369
82,801
\nChanges from \ufb01nancing cash flows
\n\u2022
Repayment of borrowings
(14,000)
-
(14,000)
\n\u2022
Payment of lease liabilities
-
(247)
(247)
\nTotal changes from \ufb01nancing cash \ufb02ows
(14,000)
(247)
(14,247)
\nOther liability related changes
\n\u2022
New leases and lease reassessments
-
721
721
\n\u2022
Lease disposal
-
(46)
(46)
\n\u2022
Interest expenses
2,602
15
2,617
\n\u2022
Interest paid
(2,138)
(15)
(2,153)
\nTotal other liability related changes
464
675
1,139
\nBalance as at 30 April 2023
68,896
797
69,693
\n1
\nAs de\ufb01ned in the loan agreement, the pledged assets include the shares held by Group companies (see the full list of subsidiaries in note 28):
\n\u2022
the shares of UAB Antler Group that are held by BCG HoldCo Limited;
\n\u2022
the shares of Baltics Classi\ufb01eds Group O\u00dc and UAB Diginet LTU that are held by UAB Antler Group;
\n\u2022
the shares of AllePal O\u00dc that are held by Baltics Classi\ufb01eds Group O\u00dc.
\n\n
\n21. Trade and other payables
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade payables
299
235
\nAccrued expenses
391
344
\nOther tax
1,326
1,578
\nCustomer credit balances
2,363
2,289
\nOther payables
130
12
\n4,509
4,458
\n22. Financial risk management
\nIn its activities, the Group is exposed to various \ufb01nancial risks: market risk (including interest rate risk), credit risk and liquidity
\nrisk. The Directors are responsible for creation and control of overall risk management policy in the Group.
\nRisk management policies are established to identify and analyse the risks faced by the Group, and to set appropriate risk
\nlimits and controls. Risk management policies and systems are reviewed on a regular basis to re\ufb02ect changes in the market
\nconditions and the Group\u2018s activities. The Group, through its training and management standards and procedures, aims to
\ndevelop a disciplined and constructive control environment in which all employees understand their roles and obligations. From
\ntime to time, the Group may use derivative \ufb01nancial instruments in order to hedge against certain risks.
\nThe note below presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and
\nprocesses for measuring and managing the risk, and the Group\u2019s management of capital.
\n(a) Credit risk
\nCredit risk is the risk of Group's \ufb01nancial loss if a customer or counterparty fails to comply with contractual obligations. Credit risk
\nis controlled by applying credit limits depending on the risk pro\ufb01le of the customer and monitoring debt collection procedures.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
\nreporting date was as follows:
\nNote
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade receivables
15
3,277
2,931
\nOther short term receivables
15
70
39
\nCash and cash equivalents
16
27,070
19,914
\n30,417
22,884
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. However, management
\nalso considers the factors that may in\ufb02uence the credit risk of its customer base, including the default risk associated with the
\nindustry and country in which customers operate.
\nCredit risk related to loans receivable is managed by monitoring counterparty\u2019s pro\ufb01tability and their cash \ufb02ow projections.
\nCredit risk related to cash and cash equivalent balances is managed by monitoring credit ratings of the Group\u2019s banks.
\nExpected credit loss assessment for trade receivables
\nThe Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss
\n(including but not limited to external ratings, audited consolidated \ufb01nancial statements, management accounts and cash \ufb02ow
\nprojections and available press information about customers) and applying experienced credit judgement.
\nCredit risk grades are de\ufb01ned using qualitative and quantitative factors that are indicative of the risk of default and are aligned
\nto external credit rating de\ufb01nitions from agencies.
\nAn ECL rate is calculated based on delinquency status and actual credit loss experience over the past three years. These
\nrates are multiplied by scalar factors to re\ufb02ect differences between economic conditions during the period over which the
\nhistorical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of
\nthe receivables.
\nThe trade receivables do not have a signi\ufb01cant \ufb01nancing component. The Group\u2019s credit terms on sales to business customers
\nare 7-60 days from receipt of the invoice by the customer. For sales to private customers, the Group collects payments instantly
\nat the time of the transaction and is not exposed to credit risk.
\n\n
\n
\n
\nThe Group applies the simpli\ufb01ed approach for trade receivables.
\nThe Group has elected to use a provision matrix to calculate lifetime ECLs, which is based on:
\n\u2022
Historical default rates over the expected life of the trade receivables
\n\u2022
Adjustment for forward-looking estimates
\nImpairment allowance \u2013 analysis as at 30 April 2023:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.1%)
2,701
(4)
\n1 \u2013 30 days past due
(0.7%)
313
(2)
\n31 \u2013 60 days past due
(3.0%)
72
(2)
\n61 \u2013 90 days past due
(6.0%)
26
(2)
\n> 90 days past due
(16.8%)
210
(35)
\n(1.4%)
3,322
(45)
\nImpairment allowance \u2013 analysis as at 30 April 2022:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.4%)
2,101
(9)
\n1 \u2013 30 days past due
(0.3%)
378
(1)
\n31 \u2013 60 days past due
(1.1%)
147
(2)
\n61 \u2013 90 days past due
(2.0%)
71
(1)
\n> 90 days past due
(19.2%)
305
(58)
\n(2.4%)
3,002
(71)
\nFor the movement in impairment allowance see note 15.
\n(b) Liquidity risk
\nLiquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the obligations associated with its \ufb01nancial liabilities
\nthat are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as
\npossible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both normal and stressed conditions,
\nwithout incurring unacceptable losses or risking damage to the Group\u2019s reputation.
\nThe Group\u2018s policy is to maintain su\ufb03cient amounts of cash and cash equivalents via operations, borrowings and credit facilities
\nto meet its commitments at a given date. This policy excludes the potential impact of extreme circumstances that cannot be
\nreasonably predicted, such as natural disasters.
\nCash \ufb02ow budgeting is performed by the Group\u2019s management and the Group\u2019s liquidity requirements are monitored to ensure
\nit has su\ufb03cient cash to meet operational needs.
\nThe Group has access to a credit facility with the current lender at a total of \u20ac80,000 thousand. All of the commitment matures
\nin July 2026. At 30 April 2023, \u20ac70,000 thousand was drawn under the credit facilities available. The undrawn revolving credit
\nfacility amounted to \u20ac10,000 thousand. The covenant of this credit facility is discussed in note 20.
\nThe table below summarises the remaining contractual maturities of \ufb01nancial liabilities as at 30 April of 2023, including
\nestimated interest payments:
\nFinancial
\nliabilities
\nCarrying
\namount
\n(\u20ac thousands)
\nContractual
\ncash \ufb02ows
\n(\u20ac thousands)
\nUp to 1 year
\n(\u20ac thousands)
\n1-2 years
\n(\u20ac thousands)
\n2-5 years
\n(\u20ac thousands)
\nMore than
\n5 years
\n(\u20ac thousands)
\nBank loan
68,896
(80,828)
(3,340)
(3,345)
(74,143)
-
\nLease liabilities
797
(895)
(286)
(198)
(411)
-
\nTrade payables
299
(299)
(299)
-
-
-
\nOther payables
2,493
(2,493)
(2,493)
-
-
-
\n72,485
(84,515)
(6,418)
(3,543)
(74,554)
-
\n\n
\n\n
\nThe table below summarises the remaining contractual maturities of the Group\u2019s \ufb01nancial liabilities as at 30 April of 2022,
\nincluding estimated interest payments:
\nFinancial
\nliabilities
\nCarrying
\namount
\n(\u20ac thousands)
\nContractual
\ncash \ufb02ows
\n(\u20ac thousands)
\nUp to 1 year
\n(\u20ac thousands)
\n1-2 years
\n(\u20ac thousands)
\n2-5 years
\n(\u20ac thousands)
\nMore than
\n5 years
\n(\u20ac thousands)
\nBank loan
82,432
(91,501)
(1,764)
(1,769)
(87,968)
-
\nLease liabilities
369
(472)
(273)
(134)
(65)
-
\nTrade payables
235
(235)
(235)
-
-
-
\nOther payables
2,301
(2,301)
(2,301)
-
-
-
\n85,337
(94,509)
(4,573)
(1,903)
(88,033)
-
\n(c) Market risk
\nMarket risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will affect the Group's
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control
\nmarket risk exposures within acceptable parameters, while optimizing the return.
\ni) Currency risk
\nEUR is the functional currency of each legal entity comprising the Group, as well as the Group\u2019s reporting currency. The Group is
\nexposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than EUR.
\nThe Group is not using any \ufb01nancial instruments to hedge against the foreign currency exchange risk.
\nAs at 30 April 2023, the Group has no signi\ufb01cant monetary assets and liabilities denominated in other currencies. As at 30 April
\n2022, the Group had no signi\ufb01cant monetary assets and liabilities denominated in other currencies than EUR except for \u20ac1.7m
\ncash held in GBP.
\nii) Interest rate risk
\nThe Group\u2019s income and operating cash \ufb02ows are substantially independent of changes in market interest rates. The Group has
\nno signi\ufb01cant interest-bearing assets.
\nAt the reporting date, the interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was as follows:
\nCarrying amount
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nInstruments with a variable interest rate
\nBank loan
68,716
82,311
\n68,716
82,311
\nCash \ufb02ow sensitivity analysis for variable rate instruments
\nA reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity
\nand pro\ufb01t or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
\n2023
Impact of \ufb01nancial instruments on pro\ufb01t before tax
\nFinancial instruments by class
\nIncrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
Decrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
\nVariable rate instruments
+100 bp
(700)
-100 bp
700
\n2022
Impact of \ufb01nancial instruments on pro\ufb01t before tax
\nFinancial instruments by class
\nIncrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
Decrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
\nVariable rate instruments
+100 bp
(840)
-100 bp
840
\n\n
\n
\n
\nc) Capital management
\nEquity in combination with net debt is considered to be capital for capital management purposes. The Group\u2019s policy is to
\nmaintain the con\ufb01dence of creditors and the market, to fund business development opportunities in the future and comply with
\nexternal capital requirements.
\nd) Fair value of \ufb01nancial instruments
\nThe Group\u2019s principal \ufb01nancial instruments not carried at fair value are trade and other receivables, trade and other payables,
\nnon-current and current borrowings.
\nThe management of the Group is of the opinion that carrying amount of trade and other receivables, trade and other payables is
\na reasonable approximation of fair value due to their short-term nature.
\nBased on the discounted cash \ufb02ow analysis performed, management considers that the borrowings carrying amount is a
\nreasonable approximation of fair value. The discounted cash \ufb02ow analysis was performed using a market rate of interest and
\nprincipal payments discounted to a present value using interest rate as a discount rate.
\nA number of the Group\u2019s accounting policies and disclosures require determination of fair value, for both \ufb01nancial and non-
\n\ufb01nancial assets and liabilities.
\nFair value hierarchy
\nWhen measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
\nare categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\nprices) or indirectly (i.e. derived from prices).
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe Group recognised transfers between the fair value hierarchy from the end of the reporting period in which the change
\noccurred. Below listed are \ufb01nancial assets and \ufb01nancial liabilities:
\n2023
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
3,347
-
-
-
-
\nCash and cash equivalents
27,070
-
-
-
-
\nLoans and borrowings
(68,896)
-
(68,896)
-
(68,896)
\nTrade and other payables
(4,509)
-
-
-
-
\n(42,988)
-
(68,896)
-
(68,896)
\n2022
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
2,970
-
-
-
-
\nCash and cash equivalents
19,914
-
-
-
-
\nLoans and borrowings
(82,432)
-
(82,432)
-
(82,432)
\nTrade and other payables
(4,458)
-
-
-
-
\n(64,006)
-
(82,432)
-
(82,432)
\n23. Related party transactions
\nDuring the period ended 30 April 2023 the transactions with related parties outside the consolidated Group consisted of
\nremuneration of key management personnel (note 24), including share option awards under the PSP scheme (note 25);
\nDuring the period ended 30 April 2022 the transactions with related parties outside the consolidated Group included:
\n\u2022
remuneration of key management personnel (note 24), including share option awards under the PSP scheme (note 25);
\n\u2022
before the IPO a part of ANTLER Management S.A. shares were acquired by the three Executive Directors together with
\nother key employees as part of management incentive program that existed since BCG acquisition by funds advised by
\nApax Partners (\u201cApax\u201d) in FY 2020; shares were purchased at a value equal to the price paid by Apax in FY 2020;
\n\u2022
at the IPO three Non-Executive Directors purchased shares of ANTLER TopCo S\u00e0rl outside the Offer at the IPO price;
\n\u2022
share for share exchange transaction during the reorganisation for the IPO (note 17) where three Executive Directors, three
\nNon-Executive Directors and Directors of Group Companies exchanged the shares they held in ANTLER Management S.A.
\nand ANTLER TopCo S\u00e0rl for the like-for-like amount of shares in Baltic Classi\ufb01eds Group PLC.
\n\n
\n24. Remuneration of key management personnel and
\nother payments
\nKey management personnel comprises 3 Executive directors (CEO, CFO, COO), 5 Non-Executive Directors and Directors of Group
\ncompanies. Remuneration of key management personnel in the reporting year, including social security and related accruals,
\namounted to \u20ac1,257 thousand for the period ended 30 April 2023 and \u20ac969 thousand for the period ended 30 April 2022. Share-
\nbased payments amounted to \u20ac1,031 thousand for the period ended 30 April 2023 and \u20ac509 thousand for the period ended 30
\nApril 2022.
\nDuring the period ended 30 April 2023 the Executive directors of the Group were granted a set number of share options under
\nthe PSP scheme. See note 25 for further detail.
\nDuring the year ended 30 April 2023 and 30 April 2022, key management personnel of the Group did not receive any loans,
\nguarantees, no other payments or property transfers occurred and no pension or retirement bene\ufb01ts were paid.
\n25. Share-based payments
\nPerformance Share Plan
\nThe Group currently operates a Performance Share Plan (PSP) that is subject to a service and a non-market performance
\ncondition. The estimate of the fair value of the PSP is measured using Black-Scholes pricing model.
\nThe total charge in the period relating to the PSP scheme was \u20ac1,567 thousand (\u20ac644 thousand in the period ended 30 April
\n2022).
\nThe PSP plan consists of share options for Executive Directors and certain key employees with a vesting period of 3 years.
\nIf the options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are
\nforfeited if the employee leaves the Group before the options vest, unless under exceptional circumstances.
\nOn 12 July 2022, the Group awarded 1,221,592 share options under the PSP scheme. For these awards, the Group\u2019s performance
\nis measured by reference to the Group's Earnings per Share in FY2025. These awards have a service condition and vest in 3
\nyears. On 12 July 2022 the Group also granted a retention award in a form of 244,318 share options to two new joiners as part
\nof GetaPro acquisition. These awards have a service condition only and vest in 1 year.
\nThe fair value of the 2022 award was determined to be \u20ac1.40 (\u20ac1.46 for GetaPro employees) per option using a Black-Scholes
\npricing model. The resulting share-based payments charge is being spread evenly over the period between the grant date and
\nthe vesting date.
\nThe assumptions used in the measurement of the fair value at grant date of the PSP awards are as follows:
\nGrant
\ndate
Condition
\nShare price at
\ngrant date
(\u20ac)
\nExercise
\nprice
(\u20ac)
\nExpected
\nvolatility
(%)
\nVesting
\nperiod
(years)
\nRisk-free
\nrate
(%)
\nDividend
\nyield
(%)
\nFair value
\nper option
(\u20ac)
\n12 July
\n2022
\nEPS performance
\ncondition, service condition
\n1.49
0.01
69%
3
1.37%
1.96%
1.40
\n12 July
\n2022
\nService condition
1.49
0.01
69%
1
1.37%
1.96%
1.46
\n27 July
\n2021
\nEPS performance
\ncondition, service condition
\n2.62
0.01
53%
3
(0.20)%
0.78%
2.56
\nThe expected volatility was determined using UK listed peers\u2019 historical volatility average as at the date of option valuation own
\ndata was not available due to a relatively recent Admission.
\n\n
\nThe number of options outstanding and exercisable as at 30 April 2023 was as follows:
\n2023
(number)
2022
(number)
\nOutstanding at beginning of period
1,041,475
-
\nOptions granted in the period
1,465,911
1,041,475
\nOptions exercised in the period
-
-
\nOptions forfeited in the period
(23,439)
-
\nOutstanding at period ending
2,483,947
1,041,475
\nIPO Related Free Share Awards
\nIn 2022, as part of IPO and in addition to the PSP scheme, 392,405 of free shares were awarded to all employees of the Group
\nwith the number per employee based on length of service with the business and ranging between \u20ac3,000 and \u20ac15,000 in value.
\nThe total value of the shares awarded amounted to \u20ac968 thousand. Fringe bene\ufb01t tax was paid by the Group, it amounted to
\n\u20ac410 thousand.
\nExecutive Directors and the rest of Senior Management team did not receive free shares under this arrangement.
\n26. Enquiries by Competition Authorities
\nAs at 30 April 2023, the Group had three open enquiries from Competition Authorities, however the Directors\u2019 view is that the
\nlikelihood of any material out\ufb02ow of resources in respect of these enquiries is remote, and therefore no provision or contingent
\nliability has been recognised in the \ufb01nancial statements in respect of these matters (no provision or liability in 2022).
\nOn March 2019 the Estonian Competition Authority (\"ECA\u201d) initiated supervisory proceedings against the AllePal O\u00dc and
\nKinnisvaraportaal O\u00dc, the operators of two real estate online classi\ufb01ed portals, based on the complaint \ufb01led by various real
\nestate companies and portals (\"Claimants\"). The Claimants alleged that the Group had abused its position by unfairly limiting
\nthe conditions for XML data exchange and applying excessively high prices. On 12 November 2021 the ECA terminated the
\nsupervisory proceedings with regard to the part that concerned the conditions of XML data exchange. The Group is co-operating
\nwith the ECA and although the Group expects that the supervisory proceedings will be terminated without any material effect
\nto the \ufb01nancial position or operations of the Group, the Group cannot make any assurances that the ECA will not \ufb01nd any
\ninfringements. As the ECA or any other Estonian authorities have not initiated any misdemeanour (or criminal) proceedings
\nagainst any Group company, the ongoing supervisory proceedings cannot lead to any imposition of \ufb01nes to any Group company,
\nhowever, if the ECA concludes that AllePal O\u00dc and Kinnisvaraportaal O\u00dc abused their position, the ECA could issue a precept
\nordering these Group companies to end any ongoing infringements.
\nOn 4 February 2022 the ECA initiated supervisory proceedings against AllePal O\u00dc, the operator of real estate online classi\ufb01ed
\nportal, based on the complaint \ufb01led by Reales O\u00dc. Reales O\u00dc had entered into service agreement with AllePal O\u00dc for the insertion
\nof real estate ads on both of real estate online classi\ufb01ed portals, and according to the complaint, AllePal O\u00dc unfairly refused
\nto provide the service to Reales O\u00dc by terminating the agreement. According to AllePal O\u00dc, service agreement was terminated
\nbecause the claimant used the services to provide real estate ads brokerage or aggregation services and did not engage in
\nreal estate brokerage, for which the real estate online classi\ufb01eds portals are intended. AllePal O\u00dc actively co-operates with the
\nECA and provides all necessary information and holds negotiations with Reales O\u00dc in order to develop a suitable contract and
\nthe pricing for the service needed by the claimant. On 15 March 2022, Reales O\u00dc submitted an additional complaint to initiate
\nadditional supervisory proceedings against the AllePal O\u00dc, which alleges that the pricing difference between the prices offered
\nto the business and private customers indicates the abuse of a dominant position. On 1 April 2022 the ECA decided not to
\ninitiate additional proceedings and investigate the raised question within the ongoing supervisory proceedings. As the ECA or
\nany other Estonian authorities have not initiated any misdemeanour (or criminal) proceedings against any Group company, the
\nongoing supervisory proceedings cannot lead to any imposition of \ufb01nes to any Group company, however, if the ECA concludes
\nthat AllePal O\u00dc and Kinnisvaraportaal O\u00dc abused their position, the ECA could issue a precept ordering these Group companies
\nto end any ongoing infringements.
\nOn 7 November 2022, the ECA initiated supervisory proceedings against the AllePal O\u00dc, the operator of online classi\ufb01eds portal
\nfor automotive Auto24.ee (\u201cAuto24\u201d), based on the signals from the market that Auto24 increased the prices to both business
\nand private customers to levels which may be excessive from the competition law perspective. The Group is co-operating with
\nthe ECA and although the Group expects that the supervisory proceedings will be terminated without any material effect to the
\n\ufb01nancial position or operations of the Group, the Group cannot make any assurances that the ECA will not \ufb01nd any infringements.
\nAs the ECA or any other Estonian authorities have not initiated any misdemeanour (or criminal) proceedings against the Auto24,
\nthe ongoing supervisory proceedings cannot lead to imposition of \ufb01nes to AllePal O\u00dc, however, if the ECA concludes that AllePal
\nO\u00dc abused their position, the ECA could issue a precept ordering these Group companies to end any ongoing infringements.
\n
\n
\n\n
\n27. Business combinations
\nOn 1 July 2022, the Group's subsidiary City24 SIA acquired a 100% control of GetaPro business. The business combination
\nincluded an acquisition of SIA GetaPro assets consisting of getapro.lv and getapro.ee portals, business processes and
\nemployees. No liabilities were acquired. The acquired assets meet the de\ufb01nition of a business as per IFRS 3 therefore an
\nacquisition accounting exercise was performed.
\nGetapro.lv and getapro.ee are services portals operating in Latvia and Estonia. The acquisition provided the Group with increased
\nshare of Latvian and Estonian classi\ufb01eds markets.
\nFor the ten months ended 30 April 2023, GetaPro portals contributed revenue of \u20ac132 thousand and loss of \u20ac545 thousand
\nto Group\u2019s result. If the acquisition had occurred on 1 May 2022, management estimates that consolidated revenue would
\nhave been higher by \u20ac26 thousand, and consolidated pro\ufb01t for the \ufb01nancial year would have been lower by approximately \u20ac42
\nthousand.
\nConsideration
\u20ac thousands
\nCash
1,600
\nTotal consideration transferred
1,600
\nAcquisition related costs
\u20ac thousands
\nAcquisition-related costs (legal fees, due diligence costs and other) are included
\nin other expenses for the twelve months ended 30 April 2023
\n43
\nRecognised amounts of identi\ufb01able assets acquired:
\n\u20ac thousands
\nProperty, plant and equipment
1
\nIntangible assets
370
\nTotal identi\ufb01able net assets
371
\nRecognised amounts of identi\ufb01able intangible assets acquired and their useful economic lives:
\nUEL
\u20ac thousands
\nInternet domains
10 years
120
\nContracts and relationships
5 years
250
\nTotal identi\ufb01able intangible assets
370
\nThe relief-from-royalty method and multi-period excess earnings method were used for determination of the fair value of the
\nintangible assets. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be
\navoided as a result of the internet domains being owned. Fair value of the internet domains amounts to \u20ac120 thousand. The
\nmulti-period excess earnings method considers the present value of net cash \ufb02ows expected to be generated by the customer
\ncontracts and relationships, by excluding any cash \ufb02ows related to contributory assets. Fair value of the customer contracts
\nand relationships amounts to \u20ac250 thousand.
\nGoodwill arising from the acquisition has been recognised as follows:
\n\u20ac thousands
\nConsideration transferred
1,600
\nFair value of identi\ufb01able net assets
(371)
\nGoodwill
1,229
\nThe goodwill recognised on acquisition relates to the fair value of the going concern element of the acquired entity existing
\nbusiness, including plans to generate cash \ufb02ows from the new clients and new business opportunities, probability of prolonging
\ncustomer contracts even further than considered in the valuation, assembled workforce and other items, which are not possible
\nto recognise as separate intangible assets.
\nNet cash \ufb02ow on acquisition:
\n\u20ac thousands
\nConsideration in cash
1,600
\nLess cash and cash equivalents of the acquiree
-
\nNet cash \ufb02ow on acquisition
1,600
\n\n
\n28. List of subsidiaries
\nCompany name
Registered o\ufb03ce
\nRegistration
\nNumber
\nActivity
\nShare in
\ncapital
\nHeld
\ndirectly?
\nBCG HOLDCO Limited
\nHighdown House,
\nYeoman Way, Worthing,
\nWest Sussex, United
\nKingdom, BN99 3HH
\n13415193
\nAcquiring
\nparticipations
\n100%
Yes
\nANTLER Management SA
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235771
\nLiquidated on 21
\nApril 2022
\n-
-
\nANTLER TopCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235647
\nLiquidated on 21
\nApril 2022
\n-
-
\nANTLER PiKCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235730
\nLiquidated on 31
\nMarch 2022
\n-
-
\nANTLER MidCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235872
\nLiquidated on 10
\nMarch 2022
\n-
-
\nANTLER HoldCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB234342
\nLiquidated on 24
\nFebruary 2022
\n-
-
\nUAB Antler Group
\nV. Nagevi\u010diaus 3, Vilnius,
\nLithuania
\n305147427
\nManagement and
\nconsulting services
\n100%
No
\nUAB Diginet LTU
\nSaltoni\u0161ki\u0173 9B-1, Vilnius,
\nLithuania
\n126222639
Online classi\ufb01eds
100%
No
\nO\u00dc AllePal
\nP\u00e4rnu mnt. 141, Tallinn,
\nEstonia
\n12209337
Online classi\ufb01eds
100%
No
\nO\u00dc Kinnisvaraportaal
\nP\u00e4rnu mnt. 141, Tallinn,
\nEstonia
\n10680295
Online classi\ufb01eds
100%
No
\nO\u00dc VIN Solutions
Turu 2, Tartu, Estonia
14071883
\nInformation
\nservices
\n100%
No
\nO\u00dc Baltic Classi\ufb01eds
\nGroup
\nP\u00e4rnu mnt. 141, Tallinn,
\nEstonia
\n14608656
Online classi\ufb01eds
100%
No
\nSIA City24
\nGustava Zemgala 78 - 1,
\nR\u012bga, Latvia
\n40003692375
Online classi\ufb01eds
100%
No
\nBCG HOLDCO Limited is exempt from the requirement to \ufb01le audited accounts for the year ended 30 April 2023 by virtue of
\nsection 479A of the Companies Act 2006.
\n29. Subsequent events
\nA voluntary repayment of debt of \u20ac7,000 thousand was made on 2 June 2023 reducing the outstanding principal amount of bank
\nborrowings to \u20ac63,000 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13424": {
"value": "1. General information Baltic Classi\ufb01eds Group PLC (the \u201cCompany\u201d) is a Company incorporated in the United Kingdom and its registered o\ufb03ce is
\nHighdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH (Company no. 13357598). The consolidated
\n\ufb01nancial statements as at and for the year ended 30 April 2023 comprise the Company and its subsidiaries (together referred to
\nas the \u201cGroup\u201d). The principal business of the Group is operating leading online classi\ufb01eds portals for automotive, real estate,
\njobs and services, and general merchandise in the Baltics.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13428": {
"value": "Baltic Classi\ufb01eds Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13429": {
"value": "Baltic Classi\ufb01eds Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13430": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13431": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13433": {
"value": "Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13436": {
"value": "The principal business of the Group is operating leading online classi\ufb01eds portals for automotive, real estate, jobs and services, and general merchandise in the Baltics.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13440": {
"value": "the Baltics",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13442": {
"value": "2. Principles of preparation of consolidated \ufb01nancial statements
\nThese consolidated \ufb01nancial statements have been prepared as at, and for the year ended 30 April 2023. These consolidated
\n\ufb01nancial statements, which have been audited, have been prepared in accordance with UK-adopted international accounting
\nstandards (\u201cUK-adopted IFRS\u201d) and the applicable legal requirements of the Companies Act 2006.
\nThe Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).
\nThe parent company \ufb01nancial statements present information about the Company as a separate entity and not about its group.
\nThe Group \ufb01nancial statements have been prepared and approved by the directors in accordance with UK-adopted IFRS. The
\nCompany has elected to prepare its parent company \ufb01nancial statements in accordance with FRS 102; these are presented on
\npages 139 to 147.
\nBaltic Classi\ufb01eds Group PLC was incorporated on 26 April 2021 and on 5 July 2021 was admitted to trading on the London Stock
\nExchange. At the same time as the admission, the Company acquired 88.42 per cent of the share capital of ANTLER TopCo S.\u00e0 r.l
\nand 100% of ANTLER Management S.A. that owned the residual 11.58% of the share capital of ANTLER TopCo S.\u00e0 r.l in a share
\nfor share exchange, thereby inserting Baltic Classi\ufb01eds Group PLC as the Parent Company of the Group that includes ANTLER
\nMidCo S.\u00e0 r.l.
\nThese are the second set of consolidated \ufb01nancial statements of the Company. By applying the principles of common control
\naccounting, this group reorganisation has been accounted for as a business combination outside of the scope of a business
\ncombination as de\ufb01ned under IFRS 3 in 2022. Book value accounting has been adopted, meaning that the carrying values of
\nassets and liabilities of the parties to the combination were not adjusted to fair value on consolidation, and the results and
\ncash\ufb02ows of ANTLER TopCo S.\u00e0 r.l. and Baltic Classi\ufb01eds Group PLC were brought into the consolidated \ufb01nancial statements of
\nBaltic Classi\ufb01eds Group PLC as if Baltic Classi\ufb01eds Group PLC had always owned ANTLER TopCo S.\u00e0 r.l.
\nBaltic Classi\ufb01eds Group PLC has adopted the \ufb01nancial reporting framework of the group below it, which has previously presented
\n\ufb01nancial statements under EU adopted International Financial Reporting Standards and given there are no differences between
\nthe UK and EU adopted International Financial Reporting Standards, the Group did not consider itself to be a \ufb01rst time adopter
\nof UK-adopted IFRS when preparing the \ufb01rst set of consolidated \ufb01nancial statements in 2022.
\nBasis of measurement
\nThese consolidated \ufb01nancial statements have been prepared on the historical cost basis, unless otherwise stated in the
\naccounting policies below.
\nBasis of consolidation
\nSubsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct
\nthe relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement
\nwith the entity. In assessing control, potential voting rights are taken into account. The \ufb01nancial statements of subsidiaries are
\nincluded in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases.
\nFunctional and presentation currency
\nThese consolidated \ufb01nancial statements are presented in Euro (\u20ac), which is the Company\u2019s functional currency. All amounts are
\nrounded to the nearest thousand (\u20ac 000), except where otherwise indicated.
\n\n
\nThe Group companies use Euro (\u20ac) as a functional currency considering the nature of the Group companies\u2019 revenue, costs, and
\ndebt instruments. The Company and its direct subsidiary BCG Holdco Limited are UK based companies with their share capital
\ndenominated in British pound (\u00a3). All equity transactions of these companies as well as a majority of operating expenses the
\ncompanies incurred are in British pound (\u00a3). However, while being the ultimate holding companies, Baltic Classi\ufb01eds Group PLC
\nand BCG Holdco Limited follow the functional currency of their operating subsidiaries, i.e. Euro (\u20ac), as that is the currency they
\nare most exposed to.
\nUse of estimates and judgements
\nThe preparation of the consolidated \ufb01nancial statements, in accordance with UK-adopted IFRS, requires management to make
\njudgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
\nliabilities, income and expenses. Actual results may differ from these estimates.
\nEstimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
\nthe period in which the estimates are revised or in any future periods affected.
\nEstimates
\nAs at 30 April 2023, there were no signi\ufb01cant estimates that would have a signi\ufb01cant risk of material adjustment to the carrying
\namounts of assets within the next \ufb01nancial year.
\nOther estimates:
\n\u2022
Carrying values of goodwill. An impairment review is performed of goodwill balances by the Group on a \u2018value in use\u2019 basis.
\nThis requires making assumptions and estimates in calculating the future cash \ufb02ows, the time period over which they
\noccur, and in arriving at an appropriate discount rate to apply to the cash\ufb02ows as well as an appropriate long term growth
\nrate. Each of these assumptions and estimates has an impact on the overall value of cash\ufb02ows expected and therefore the
\nheadroom between the cash\ufb02ows and carrying values of the cash generating units. Key assumptions and uncertainties
\nfor impairment are disclosed in note 13.
\n\u2022
Useful lives of intangible assets. A useful life is assigned to an acquired intangible asset based on the estimated period of
\ntime an asset is likely to remain in service. This estimate has an impact on the amortisation expense for any given period.
\nUseful lives of intangible assets are disclosed in note 4.
\nJudgements
\nAs at 30 April 2023, there were no signi\ufb01cant judgements that would have a signi\ufb01cant risk of material adjustment to the
\ncarrying amounts of assets within the next \ufb01nancial year.
\nOther judgements:
\n\u2022
Deferred tax asset. An unrecognised deferred tax asset of \u20ac3,934 thousand (30 April 2022: \u20ac3,934 thousand) has not been
\nrecognised in relation to tax losses incurred by the Company's indirect subsidiary UAB Antler Group. Deferred tax assets
\nare recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary
\ndifferences can be utilised. Recognition, therefore, involves judgement regarding the probability of future taxable pro\ufb01t of
\nthe indirect subsidiary being available. Taxable losses carried forward for which no deferred tax asset is recognised are
\ndiscussed in note 11 (d).
\nGoing concern
\nThe Directors have made an assessment of the Group\u2019s ability to continue as a going concern covering a period of at least 12
\nmonths from the date of approval of these consolidated \ufb01nancial statements and has a reasonable expectation that the Group
\nhas adequate resources to continue in operational existence over this period.
\nThe Group meets its day-to-day working capital requirements from cash balances, if needed the Group also has access to a
\nrevolving credit facility that amounts to \u20ac10,000 thousand and is available until July 2026. As at 30 April 2023 no amounts of
\nthe revolving credit facility were drawn down. The bank loan matures in July 2026 and its availability is subject to continued
\ncompliance with certain covenants, it becomes repayable on demand in the case of a change in control. The Group voluntarily
\nrepaid \u20ac14,000 thousand of the loan during the 2023, the outstanding balance at the year ends amounts to \u20ac70,000 thousand.
\nThe Group had cash balances of \u20ac27,070 thousand at the year end. After 30 April 2023, the Group has made a further voluntary
\nrepayment of debt of \u20ac7,000 thousand.
\nDuring the \ufb01nancial year ended 30 April 2023 the Group has generated a pro\ufb01t of \u20ac23,215 thousand. The Directors also
\nprepared detailed cash \ufb02ow forecasts for the period ending 12 months from the date of approval of these consolidated \ufb01nancial
\nstatements. The future growth assumptions used in the cash \ufb02ow forecasts are based on the Group\u2019s historical performance
\nand the Directors\u2019 experience of the industry and take into account both internal and external factors.
\n
\n
\n\n
\nStress case scenarios have been modelled to make the assessment of going concern to take into account severe but plausible
\npotential impacts of a major data breach, adverse changes to the competitive environment and a continuing geopolitical
\ntensions in the neighbouring countries. The stress testing indicates that the Group would be able to withstand the impact,
\nremain cash generative and be able to continue to comply with debt covenants for the assessment period.
\nConsequently, the Directors are con\ufb01dent that the Group will have su\ufb03cient funds to continue to meet its liabilities as they fall
\ndue for at least 12 months from the date of approval of these consolidated \ufb01nancial statements and therefore have prepared
\nthese consolidated \ufb01nancial statements on a going concern basis.
\nEffective new standards as at 1 May 2022
\nThe following amendments to standards have been adopted by the Group for the \ufb01rst time for the \ufb01nancial year beginning on
\n1 May 2022:
\n\u2022
Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract (Amendment to IAS 37);
\n\u2022
Annual Improvements to IFRS Standards 2018-2020;
\n\u2022
Reference to the Conceptual Framework (Amendments to IFRS 3);
\n\u2022
Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16).
\nThe adoption of these amendments has had no material effect on the Group\u2019s consolidated \ufb01nancial statements.
\nStandards issued but not yet effective
\nThere are a few amendments to IFRS that have been issued by the IASB that become mandatory in a subsequent accounting
\nperiods including:
\n\u2022
Classi\ufb01cation of Liabilities as Current or Non-Current (Amendments to IAS 1);
\n\u2022
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts;
\n\u2022
De\ufb01nition of Accounting Estimates (Amendments to IAS 8);
\n\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) (not yet endorsed
\nby EU);
\n\u2022
Amendments to IFRS 16 impacting Lease Liabilities in a Sale and Leaseback arrangement.
\nThe Group has evaluated these changes (with an exception of IFRS 17, which impact has not yet been evaluated), and none are
\nexpected to have a signi\ufb01cant impact on these consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13446": {
"value": "2023-04-30",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13447": {
"value": "These consolidated \ufb01nancial statements, which have been audited, have been prepared in accordance with UK-adopted international accounting
\nstandards (\u201cUK-adopted IFRS\u201d) and the applicable legal requirements of the Companies Act 2006.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13461": {
"value": "Baltic Classi\ufb01eds Group PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13476": {
"value": "Basis of consolidation
\nSubsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct
\nthe relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement
\nwith the entity. In assessing control, potential voting rights are taken into account. The \ufb01nancial statements of subsidiaries are
\nincluded in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases.
Consolidation
\na) Business combinations
\nBusiness combinations are accounted for using the acquisition method when control is transferred to the Group. The
\nconsideration transferred in the acquisition is measured at fair value, as are the identi\ufb01able net assets acquired. Any goodwill
\nthat arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately.
\nTransaction costs are expensed as incurred, except if related to the issuance of debt or equity securities.
\nThe consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts
\nare recognised in pro\ufb01t or loss.
\nAny contingent consideration is measured at fair value at the date of acquisition. If the obligation to pay contingent consideration
\nmeets the de\ufb01nition of a \ufb01nancial instrument and is classi\ufb01ed as equity, it is not remeasured, and settlement is accounted for
\nwithin equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent
\nchanges in the fair value of the contingent consideration are recognised in pro\ufb01t or loss.
\nb) Non-controlling interests (hereinafter - NCI)
\nNCI are measured initially at their proportionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition. Changes
\nin the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
\nc) Loss of control
\nWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI
\nand other components of equity. Any resulting gain or loss is recognised in pro\ufb01t or loss. Any interest retained in the former
\nsubsidiary is measured at fair value when control is lost.
\nd) Transactions eliminated on consolidation
\nAll intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are
\neliminated in full.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13483": {
"value": "Functional and presentation currency These consolidated \ufb01nancial statements are presented in Euro (\u20ac), which is the Company\u2019s functional currency. All amounts are
\nrounded to the nearest thousand (\u20ac 000), except where otherwise indicated.
\n\n
\nThe Group companies use Euro (\u20ac) as a functional currency considering the nature of the Group companies\u2019 revenue, costs, and
\ndebt instruments. The Company and its direct subsidiary BCG Holdco Limited are UK based companies with their share capital
\ndenominated in British pound (\u00a3). All equity transactions of these companies as well as a majority of operating expenses the
\ncompanies incurred are in British pound (\u00a3). However, while being the ultimate holding companies, Baltic Classi\ufb01eds Group PLC
\nand BCG Holdco Limited follow the functional currency of their operating subsidiaries, i.e. Euro (\u20ac), as that is the currency they
\nare most exposed to.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13519": {
"value": "Use of estimates and judgements The preparation of the consolidated \ufb01nancial statements, in accordance with UK-adopted IFRS, requires management to make
\njudgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
\nliabilities, income and expenses. Actual results may differ from these estimates.
\nEstimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
\nthe period in which the estimates are revised or in any future periods affected.
\nEstimates
\nAs at 30 April 2023, there were no signi\ufb01cant estimates that would have a signi\ufb01cant risk of material adjustment to the carrying
\namounts of assets within the next \ufb01nancial year.
\nOther estimates:
\n\u2022
Carrying values of goodwill. An impairment review is performed of goodwill balances by the Group on a \u2018value in use\u2019 basis.
\nThis requires making assumptions and estimates in calculating the future cash \ufb02ows, the time period over which they
\noccur, and in arriving at an appropriate discount rate to apply to the cash\ufb02ows as well as an appropriate long term growth
\nrate. Each of these assumptions and estimates has an impact on the overall value of cash\ufb02ows expected and therefore the
\nheadroom between the cash\ufb02ows and carrying values of the cash generating units. Key assumptions and uncertainties
\nfor impairment are disclosed in note 13.
\n\u2022
Useful lives of intangible assets. A useful life is assigned to an acquired intangible asset based on the estimated period of
\ntime an asset is likely to remain in service. This estimate has an impact on the amortisation expense for any given period.
\nUseful lives of intangible assets are disclosed in note 4.
\nJudgements
\nAs at 30 April 2023, there were no signi\ufb01cant judgements that would have a signi\ufb01cant risk of material adjustment to the
\ncarrying amounts of assets within the next \ufb01nancial year.
\nOther judgements:
\n\u2022
Deferred tax asset. An unrecognised deferred tax asset of \u20ac3,934 thousand (30 April 2022: \u20ac3,934 thousand) has not been
\nrecognised in relation to tax losses incurred by the Company's indirect subsidiary UAB Antler Group. Deferred tax assets
\nare recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary
\ndifferences can be utilised. Recognition, therefore, involves judgement regarding the probability of future taxable pro\ufb01t of
\nthe indirect subsidiary being available. Taxable losses carried forward for which no deferred tax asset is recognised are
\ndiscussed in note 11 (d).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13554": {
"value": "Going concern The Directors have made an assessment of the Group\u2019s ability to continue as a going concern covering a period of at least 12
\nmonths from the date of approval of these consolidated \ufb01nancial statements and has a reasonable expectation that the Group
\nhas adequate resources to continue in operational existence over this period.
\nThe Group meets its day-to-day working capital requirements from cash balances, if needed the Group also has access to a
\nrevolving credit facility that amounts to \u20ac10,000 thousand and is available until July 2026. As at 30 April 2023 no amounts of
\nthe revolving credit facility were drawn down. The bank loan matures in July 2026 and its availability is subject to continued
\ncompliance with certain covenants, it becomes repayable on demand in the case of a change in control. The Group voluntarily
\nrepaid \u20ac14,000 thousand of the loan during the 2023, the outstanding balance at the year ends amounts to \u20ac70,000 thousand.
\nThe Group had cash balances of \u20ac27,070 thousand at the year end. After 30 April 2023, the Group has made a further voluntary
\nrepayment of debt of \u20ac7,000 thousand.
\nDuring the \ufb01nancial year ended 30 April 2023 the Group has generated a pro\ufb01t of \u20ac23,215 thousand. The Directors also
\nprepared detailed cash \ufb02ow forecasts for the period ending 12 months from the date of approval of these consolidated \ufb01nancial
\nstatements. The future growth assumptions used in the cash \ufb02ow forecasts are based on the Group\u2019s historical performance
\nand the Directors\u2019 experience of the industry and take into account both internal and external factors.
\n
\n
\n\n
\nStress case scenarios have been modelled to make the assessment of going concern to take into account severe but plausible
\npotential impacts of a major data breach, adverse changes to the competitive environment and a continuing geopolitical
\ntensions in the neighbouring countries. The stress testing indicates that the Group would be able to withstand the impact,
\nremain cash generative and be able to continue to comply with debt covenants for the assessment period.
\nConsequently, the Directors are con\ufb01dent that the Group will have su\ufb03cient funds to continue to meet its liabilities as they fall
\ndue for at least 12 months from the date of approval of these consolidated \ufb01nancial statements and therefore have prepared
\nthese consolidated \ufb01nancial statements on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13614": {
"value": "Standards issued but not yet effective There are a few amendments to IFRS that have been issued by the IASB that become mandatory in a subsequent accounting
\nperiods including:
\n\u2022
Classi\ufb01cation of Liabilities as Current or Non-Current (Amendments to IAS 1);
\n\u2022
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts;
\n\u2022
De\ufb01nition of Accounting Estimates (Amendments to IAS 8);
\n\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) (not yet endorsed
\nby EU);
\n\u2022
Amendments to IFRS 16 impacting Lease Liabilities in a Sale and Leaseback arrangement.
\nThe Group has evaluated these changes (with an exception of IFRS 17, which impact has not yet been evaluated), and none are
expected to have a signi\ufb01cant impact on these consolidated \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13636": {
"value": "3. Prior year restatement During 2022, a deferred tax liability of \u20ac1,307 thousand was released following a write-off of upfront commission fees incurred
\non long term borrowings to which it related. After an enquiry by the FRC \u2019s Corporate Reporting Review team (refer to the Audit
\nCommittee Report on page 80), the Directors reviewed historic accounting of deferred tax amounts and found that the deferred
\ntax liability of \u20ac1,307 thousand which was recognised in 2020 and released in 2022 should have been released in 2021.
\nThe opening retained earnings and income tax expense were restated resulting in a change to pro\ufb01t for the comparative period
\nand EPS. The impact of the restatement is shown below:
\nImpact on consolidated Statement of Pro\ufb01t and Loss and Other Comprehensive
\nIncome for the year ended 30 April 2022
\n2022 As reported
\n(\u20ac thousands)
\nRestatement
\n(\u20ac thousands)
\n2022 As restated
\n(\u20ac thousands)
\nIncome tax expense
(46)
(1,307)
(1,353)
\nPro\ufb01t / (loss) for the period
2,399
(1,307)
1,092
\nOther comprehensive income/(loss)
-
-
-
\nTotal comprehensive income/(loss) for the year
2,399
(1,307)
1,092
\nAttributable to:
\nOwners of the Company
2,399
(1,307)
1,092
\nEarnings / (loss) per share (\u20ac cents)
\nBasic and diluted
0.49
(0.27)
0.22
\n\n
\n\n
\nImpact on consolidated Statement of Financial Position
\nThere is no impact on the Statement of Financial Position as at 30 April 2022.
\nThe impact on Statement of Financial Position as at 1 May 2021 is presented below:
\n2021 As reported
\n(\u20ac thousands)
\nRestatement
\n(\u20ac thousands)
\n2021 As restated
\n(\u20ac thousands)
\nRetained earnings
(11,229)
1,307
(9,922)
\nTotal equity
208,274
1,307
209,581
\nDeferred tax liabilities
8,901
(1,307)
7,594
\nNon-current liabilities
219,314
(1,307)
218,007
\nTotal liabilities
229,339
(1,307)
228,032
\nTotal equity and liabilities
437,613
-
437,613
\nImpact on consolidated Statement of Cash Flows for the year ended 30 April 2022
\n2022 As reported
\n(\u20ac thousands)
\nRestatement
\n(\u20ac thousands)
\n2022 As restated
\n(\u20ac thousands)
\nCash \ufb02ows from operating activities
\nPro\ufb01t / (loss) for the period
2,399
(1,307)
1,092
\nAdjustments for:
\nTaxation
46
1,307
1,353
\nCash generated from operating activities
34,101
-
34,101",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13755": {
"value": "4. Signi\ufb01cant accounting policies The Group has consistently applied the accounting policies to all the periods presented in these consolidated \ufb01nancial
\nstatements.
\nRevenue
\nRevenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is recognised at the point when
\nthe performance obligations are satis\ufb01ed. The Group applies the \ufb01ve-step revenue recognition model in accordance with IFRS
\n15 as follows.
\na) Identi\ufb01cation of the contract with a customer
\nb) Identi\ufb01cation of performance obligations
\nc) Determination of the transaction price
\nd) Allocating the transaction price to individual performance obligations
\ne) Recognition of revenue when performance obligations are satis\ufb01ed
\nThe Group\u2019s revenue streams include listings revenue, advertising revenue, \ufb01nancial intermediation and ancillary revenue. The
\ndifferent types of services offered to customers along with the nature and timing of satisfaction of performance obligations are
\nset as follows:
\nListing fees
\nThe Group operates leading online classi\ufb01eds portals for automotive, real estate, jobs and services, and general merchandise.
\nListing fees revenue is generated from both private (\u201cC2C\u201d) and business customers (\u201cB2C\u201d).
\nPrivate customers pay a fee in advance to advertise their product (automotive, real estate, general merchandise) on the Group\u2019s
\nplatform for a speci\ufb01ed period. Revenue is deferred until the customer obtains control over the services. Control is obtained by
\ncustomers across the life of the contract as their product is continuously listed, or the period of service, if shorter. Contracts for
\nthese services are typically entered into for a period of between a day and a year.
\nBusiness customers pay fees to obtain a \u201cservice pack\u201d which allows the customer to advertise a set number of listings during
\na period, unused listings cannot be rolled over. Revenue is deferred until the customer obtains control over the services. Control
\nis obtained by the customers across the life of the performance obligation being provided, which is either the set period in the
\ncontract, or the period of service, if shorter. Any unused listings at the end of the contract period are invoiced at the end of the
\ncontract period. B2C typically invoice monthly, although some contracts are annual contracts and have 7-60 days settlement
\nterms.
\n
\n
\n\n
\nThe Group applies a \ufb01xed price to all listings, both C2C and B2C.
\nOne of the Group\u2019s general merchandise platforms, Osta.ee allows a customer to \ufb01ll an e-wallet with money that can then be
\nused to pay for services provided by the Group. The customer can cash out at any time. This cash balance is therefore accounted
\nfor as a \ufb01nancial liability labelled \u2018customer credit balances\u2019 within trade and other payables in the consolidated statement of
\n\ufb01nancial position and as cash within cash and cash equivalents. This cash is physically separated from the rest in a dedicated
\nbank account and, although there is no formal restriction on this cash, the Group\u2019s policy is to keep the cash balance at a level
\nnot lower than the e-wallet balance. No revenue is recognised unless the customer purchases a product provided by the Group
\nusing money from their e-wallet. Revenue is then recognised in accordance with the product purchased.
\nAdvertising
\nAdvertising revenue comprises fees (net of rebates) from business customers for banner advertising on the Group\u2019s platforms.
\nThe customer pays fees to advertise on the Group\u2019s platforms. Revenue is deferred until the customer obtains control over the
\nservices. Control is obtained by the customers over the life of the advertisement. Customers are typically invoiced monthly and
\nhave a 7-60 days settlement term.
\nAncillary
\nAncillary revenue comprises revenue from \ufb01nancial intermediation, subscription services and other.
\nAncillary revenue is recognised as the Group satis\ufb01es its performance obligation by bringing leads to a customer or by providing
\nother agreed services. Financial intermediation revenue comprises commission fees from \ufb01nancial institutions for directing
\npotential customers from the Group\u2019s portals to \ufb01nancing offers such institutions provide. At the beginning of each month the
\nGroup agrees certain tra\ufb03c metrics with \ufb01nancial institutions and issues invoices for the commission or a minimum agreed fee.
\nRevenue is recognised as the Group satis\ufb01es its performance obligation by directing potential customer tra\ufb03c to the \ufb01nancial
\ninstitutions.
\nThe revenue accounting policy across business lines is the same for each revenue stream, i.e. advertising revenue is accounted
\nfor the same in both automotive and real estate business lines.
\nThe timing of the satisfaction of performance obligations usually is the same as the typical timing of payment or recognition of
\ntrade receivable; when it is not, a contract liability is recognised.
\nOther income and expenses
\nOther income and expenses comprise gains or losses from disposal of property, plant and equipment, intangible assets, as well
\nas other income and costs not directly related to the primary activities of the Group.
\nFinance income and \ufb01nance costs
\nFinance income and expenses comprise interest receivable and payable, realised and unrealised exchange gains and losses
\nregarding trade receivables, trade payables and loans denominated in foreign currencies.
\nInterest income is recognised as it accrues in pro\ufb01t or loss, using the effective interest method.
\nFinance costs comprise interest expense on borrowings and unwinding of discounts on provisions. Borrowing costs that are
\nnot directly attributable to the acquisition, construction or production of a qualifying asset are recognised in pro\ufb01t or loss using
\nthe effective interest method.
\nForeign currency gains and losses are reported on a net basis.
\nIncome tax
\nIncome tax on the pro\ufb01t or loss for the period comprises current and deferred tax. Income tax is recognised in pro\ufb01t or loss
\nexcept to the extent that it relates to items recognised directly to equity, in which case it is recognised in equity.
\nCurrent tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at
\nthe reporting date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting purposes and the amounts used for taxation purposes.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on
\nlaws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there
\nis a legally enforceable right to offset current tax liabilities and assets, and if they relate to income taxes levied by the same tax
\nauthority.
\nA deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilised. Deferred tax assets are reviewed at each
\nreporting date and are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
\n
\n
\n\n
\nSegment information
\nOperating segment information is reported in a manner consistent with the internal reporting provided to the Chief Operating
\nDecision Maker (CODM). The CODM, who is responsible for allocating resources, assessing performance of the operating
\nsegment and making strategic decisions, has been identi\ufb01ed as the Board of Baltic Classi\ufb01eds Group PLC.
\nEarnings per share
\nBasic earnings per share and diluted earnings per share are presented for ordinary shares.
\nBasic earnings per share is calculated by dividing pro\ufb01t / (loss) attributable to owners of the Company by the weighted average
\nnumber of shares outstanding.
\nDiluted earnings per share adjust the \ufb01gures used in the determination of basic earnings per share to take into account the
\nweighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all
\ndilutive potential ordinary shares.
\nConsolidation
\na) Business combinations
\nBusiness combinations are accounted for using the acquisition method when control is transferred to the Group. The
\nconsideration transferred in the acquisition is measured at fair value, as are the identi\ufb01able net assets acquired. Any goodwill
\nthat arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately.
\nTransaction costs are expensed as incurred, except if related to the issuance of debt or equity securities.
\nThe consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts
\nare recognised in pro\ufb01t or loss.
\nAny contingent consideration is measured at fair value at the date of acquisition. If the obligation to pay contingent consideration
\nmeets the de\ufb01nition of a \ufb01nancial instrument and is classi\ufb01ed as equity, it is not remeasured, and settlement is accounted for
\nwithin equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent
\nchanges in the fair value of the contingent consideration are recognised in pro\ufb01t or loss.
\nb) Non-controlling interests (hereinafter - NCI)
\nNCI are measured initially at their proportionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition. Changes
\nin the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
\nc) Loss of control
\nWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI
\nand other components of equity. Any resulting gain or loss is recognised in pro\ufb01t or loss. Any interest retained in the former
\nsubsidiary is measured at fair value when control is lost.
\nd) Transactions eliminated on consolidation
\nAll intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are
\neliminated in full.
\nAcquisitions from entities under common control
\nA \u201cbusiness combination involving entities or businesses under common control\u201d is a business combination in which all of the
\ncombining entities or businesses are ultimately controlled by the same party or parties both before and after the combination,
\nand that control is not transitory. Business combinations under common control are excluded from the scope of IFRS 3 Business
\nCombinations. For business combinations among entities under common control, the Group elects to apply the common control
\nexclusion in IFRS 3 and where this is the case applies an accounting policy re\ufb02ecting the \u201cpredecessor value method\u201d or \u201cbook
\nvalue accounting method\u201d. Under this method, rather than acquisition accounting in accordance with IFRS 3, the acquired
\nassets and liabilities of the acquired business are recorded at their existing carrying \u201cbook\u201d values, as such no goodwill is
\nrecorded.
\nForeign currency
\nTransactions in foreign currencies are translated to the functional currency of Group entities at the foreign exchange rate ruling
\nat the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
\nretranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on
\ntranslation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical
\ncost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
\nliabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign
\nexchange rates ruling at the dates the fair value was determined.
\n
\n
\n\n
\nIntangible assets and goodwill
\na) Recognition and measurement
\nGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
\nOther intangible assets, including customer relationships, software and trademarks, that are acquired by the Group and have
\n\ufb01nite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses.
\nb) Research and development
\nCosts associated with maintaining software programmes are recognised as an expense as incurred. Material development
\ncosts that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group
\nare recognised as intangible assets where the following criteria are met:
\n\u2022
it is technically feasible to complete the software so that it will be available for use
\n\u2022
management intends to complete the software and use or sell it
\n\u2022
there is an ability to use or sell the software
\n\u2022
it can be demonstrated how the software will generate probable future economic bene\ufb01ts
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are available,
\nand
\n\u2022
the expenditure attributable to the software during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs
\nare recorded as intangible assets and amortised from the point at which the asset is ready for use.
\nResearch expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
\nincurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
\nc) Subsequent expenditure
\nSubsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to
\nwhich it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t
\nor loss as incurred.
\nd) Amortisation
\nAmortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line
\nmethod over their estimated useful lives and is recognised in pro\ufb01t or loss. Goodwill is not amortised. Estimated useful lives
\nare as follows:
\nTrademarks and domains
10 years
\nRelationship with clients
5-7 years
\nOther intangible assets
3-7 years
\nProperty, plant and equipment
\na) Recognition and measurement
\nItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost
\nincludes expenditure that is directly attributable to the acquisition of the asset.
\nWhen parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of
\nproperty, plant and equipment.
\nThe gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal
\nwith the carrying amount of the property, plant and equipment, and is recognised within other operating income/other operating
\nexpenses in pro\ufb01t or loss.
\nb) Subsequent expenditure
\nThe expenditure of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item
\nif it is probable that the future economic bene\ufb01ts within the part will \ufb02ow to the Group, and its costs can be measured reliably.
\nThe carrying amount of the replaced part is derecognised. The cost of the day-to-day servicing of property, plant and equipment
\nare recognised in pro\ufb01t or loss as incurred.
\n
\n
\n\n
\nc) Depreciation
\nDepreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less
\nits residual value. Depreciation is recognised in pro\ufb01t or loss on a straight-line basis over the estimated useful lives of each part
\nof an item of property, plant and equipment, since this most closely re\ufb02ects the expected pattern of consumption of the future
\neconomic bene\ufb01ts embodied in the asset. Depreciation is calculated from the \ufb01rst day of the next month when the asset is
\navailable for use, using the straight-line method.
\nLeased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the
\nGroup will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives of property, plant
\nand equipment for current and comparative periods are as follows:
\nBuildings
15-20 years
\nVehicles
4-10 years
\nOther
3-6 years
\nThe useful lives, residual values and depreciation method are reviewed annually to ensure that the depreciation period and other
\nestimates are consistent with the expected pattern of economic bene\ufb01ts from items in property, plant and equipment.
\nLeases
\nAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if
\nthe contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. To
\nassess whether a contract conveys the right to control the use of the identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease
\nin IFRS 16 Leases.
\nAs a lessee
\nAt commencement or on modi\ufb01cation of a contract that contains a lease component, the Group allocates the consideration in
\nthe contract to each lease component on the basis of its relative stand-alone prices.
\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
\ninitially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
\nbefore the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
\nunderlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
\nremeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
\ndiscounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental
\nborrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
\nThe Group determines its incremental borrowing rate by obtaining interest rates from various external \ufb01nancing sources and
\nmakes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022
Fixed payments, including in-substance \ufb01xed payments
\n\u2022
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement
\ndate
\n\u2022
Amounts expected to be payable under a residual value guarantee
\n\u2022
The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
\nrenewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a
\nlease unless the Group is reasonably certain not to terminate early
\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in
\nthe future lease payments arising from a change in an index or rate, if there is a change in the Group\u2018s and the Group\u2019s estimate
\nof the amount expected to be payable under a residual value guarantee, if the Group\u2019s changes its assessment of whether it will
\nexercise a purchase, extension or termination option or if there is a revised in-substance \ufb01xed lease payment.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset or is recorded in pro\ufb01t or loss if the carrying amount of the right-of-use asset has been reduced to zero.
\nThe Group presents right-of-use assets that do not meet the de\ufb01nition of investment property in `Right-of-use assets\u2019 and lease
\nliabilities in `long-term lease liabilities` and `short-term lease liabilities` in the statement of \ufb01nancial position.
\n
\n
\n\n
\nImpairment of non-\ufb01nancial assets
\nAt each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any
\nindication of impairment. If any such indications exist, then the asset\u2019s recoverable amount is estimated.
\nFor impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from
\ncontinuing use, that are largely independent of the cash in\ufb02ows of other assets (the \u201ccash-generating unit, or CGU\u201d).
\nThe recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is
\nbased on the estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the asset or CGU.
\nAn impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses
\nare recognised in pro\ufb01t or loss. Impairment loss is reversed to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been
\nrecognised.
\nCash and cash equivalents
\nCash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known
\namounts of cash with original maturities of three months or less and that are subject to an insigni\ufb01cant risk of change in value.
\nIn the statement of cash \ufb02ows, cash and cash equivalents include cash at banks.
\nFinancial instruments
\nA \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
\nof another entity.
\na) Financial assets
\ni) Initial recognition and measurement
\nThe Group quali\ufb01es \ufb01nancial assets to one of the following categories:
\n\u2022
measured at amortised cost
\n\u2022
measured at fair value through other comprehensive income
\n\u2022
measured at fair value through pro\ufb01t or loss
\nThe classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant
\n\ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at
\nfair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are
\nmeasured at the transaction price determined under IFRS 15.
\nThe Group\u2019s business model for managing \ufb01nancial assets refers to how the Group manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows,
\nselling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets are recognised on the trade date, i.e., the date that the Group commits to purchase or
\nsell the asset.
\nii) Subsequent measurement
\nAfter initial recognition, the Group measures a \ufb01nancial asset at amortised cost (debt instruments).
\niii) Financial assets at amortised cost (debt instruments)
\nThe Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual
\ncash \ufb02ows and
\n\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
\nand interest on the principal amount outstanding
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
\nimpairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired.
\nThe Group\u2019s \ufb01nancial assets at amortised cost includes trade, other current and non-current receivables and contract assets.
\n
\n
\n\n
\niv) Impairment of \ufb01nancial assets
\nAs relevant for:
\n\u2022
Financial assets measured at amortised cost
\n\u2022
Contract assets
\nThe Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at
\n12-month ECLs:
\n\u2022
debt securities that are determined to have low credit risk at the reporting date
\n\u2022
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the
\n\ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition
\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.
\nWhen determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when
\nestimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
\nor effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience
\nand informed credit assessment, and includes forward-looking information.
\nThe Group considers a \ufb01nancial asset to be in default when the \ufb01nancial asset is more than 180 days past due.
\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
\n12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
\ndate (or a shorter period if the expected life of the instrument is less than 12 months).
\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed
\nto credit risk.
\nv) Measurement of ECLs
\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls
\n(i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
\nexpects to receive).
\nECLs are discounted at the effective interest rate of the \ufb01nancial asset.
\nvi) Presentation of allowance for ECL in the statement of \ufb01nancial position
\nLoss allowances for \ufb01nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
\nvii) Write-off
\nThe gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations of recovering
\na \ufb01nancial asset in its entirety or a portion thereof. For individual and corporate customers, the Group individually makes an
\nassessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery.
\nThe Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still
\nbe subject to enforcement activities in order to comply with the procedures for recovery of amounts due.
\nb) Financial liabilities
\ni) Initial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and
\nborrowings and payables. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings
\nand payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables,
\nloans and borrowings, lease liabilities and \ufb01nancial liabilities measured at fair value with changes recognised in pro\ufb01t or loss.
\nii) Subsequent measurement
\nThe measurement of \ufb01nancial liabilities depends on their classi\ufb01cation.
\nAfter initial recognition, the Group\u2019s loans, borrowings and other payables are subsequently measured at amortised cost using
\nthe EIR method. Gains and losses are recognised in pro\ufb01t or loss, when the liabilities are derecognised as well as through the
\nEIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance expenses in pro\ufb01t or loss.
\nc) Offsetting of \ufb01nancial instruments
\nFinancial assets and \ufb01nancial liabilities are offset and the net amount is reported in the statement of \ufb01nancial position if there
\nis a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to
\nrealize the assets and settle the liabilities simultaneously.
\n
\n
\n\n
\nPayroll related liabilities
\nShort-term payroll related liabilities are expensed as the related service is provided. These include salaries and wages, social
\nsecurity contributions, vacation payouts, compensation for illness, bonuses, allowances, severance payments, vacation
\naccruals, all of which are recognised as costs when an employee has ful\ufb01lled his duties in exchange for the received allowance.
\nShare-based payments
\nEquity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread
\nover the vesting period. Fair value of the awards are measured using Black-Scholes pricing model. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t
\nand loss account over the vesting period and the credit side of the entry recognised as a liability.
\nProvisions
\nProvisions on obligations are accounted for only when the Group has legal obligation or irrevocable commitment as a result
\nof past events, and it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle it, and
\nthe amount of obligation can be measured reliably. Provisions are determined by discounting the expected future cash \ufb02ows
\nat a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the liability. The
\nunwinding of the discount is recognised as \ufb01nance expenses.
\nShare capital
\nIncremental costs directly attributable to the issue of ordinary shares are recognised as deductions from equity. Income tax
\nrelating to transaction costs of equity transactions is accounted for in accordance with IAS 12.
\nWhere the Group purchases its own equity share capital, the consideration paid is deducted from equity attributable to the
\nGroup\u2019s shareholders. Where such shares are subsequently cancelled, the nominal value of the shares repurchased is deducted
\nfrom share capital and transferred to a capital redemption reserve.
\nOwn shares held
\nThe Employee Bene\ufb01t Trust (\u2018EBT\u2019) provides for the issue of shares to Group employees principally under Performance Share Plan
\nscheme. The Group has control of the EBT and therefore consolidates the EBT in the Group \ufb01nancial statements. Accordingly,
\nshares in the Company held by the EBT are included in the balance sheet at cost as a deduction from equity.
\nCapital reorganisation reserve
\nThe capital reorganisation reserve arose on consolidation as a result of the share for share exchange transactions that took
\nplace on 5 July 2021 (note 17). It represents the difference between the nominal value of shares issued by Baltic Classi\ufb01eds
\nGroup PLC in this transaction and the share capital and other capital reserves of ANTLER TopCo S.a.r.l.
\nCapital redemption reserve
\nThe capital redemption reserve arises from the purchase and subsequent cancellation of the Group\u2019s own equity share capital.
\nDividends
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s \ufb01nancial statements in the period
\nin which the dividend is approved by the Company\u2019s shareholders in the case of \ufb01nal dividends, or the date at which they are
\npaid in the case of interim dividends.
\nContingencies
\nContingent liabilities are not recognised in the consolidated \ufb01nancial statements but are disclosed unless the possibility of an
\nout\ufb02ow of resources embodying economic bene\ufb01ts is remote.
\nContingent assets are not recognised in the consolidated \ufb01nancial statements, unless the realisation of income is virtually
\ncertain. They are disclosed in the consolidated \ufb01nancial statements when an in\ufb02ow of economic bene\ufb01t is probable.
\nSubsequent events
\nEvents that provide additional evidence on conditions that existed at the end of the reporting period (the adjusting events) are
\nrecognised in the \ufb01nal statements. Other subsequent events are not adjusting events and are disclosed in the notes if material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13760": {
"value": "Revenue Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and is recognised at the point when
\nthe performance obligations are satis\ufb01ed. The Group applies the \ufb01ve-step revenue recognition model in accordance with IFRS
\n15 as follows.
\na) Identi\ufb01cation of the contract with a customer
\nb) Identi\ufb01cation of performance obligations
\nc) Determination of the transaction price
\nd) Allocating the transaction price to individual performance obligations
\ne) Recognition of revenue when performance obligations are satis\ufb01ed
\nThe Group\u2019s revenue streams include listings revenue, advertising revenue, \ufb01nancial intermediation and ancillary revenue. The
\ndifferent types of services offered to customers along with the nature and timing of satisfaction of performance obligations are
\nset as follows:
\nListing fees
\nThe Group operates leading online classi\ufb01eds portals for automotive, real estate, jobs and services, and general merchandise.
\nListing fees revenue is generated from both private (\u201cC2C\u201d) and business customers (\u201cB2C\u201d).
\nPrivate customers pay a fee in advance to advertise their product (automotive, real estate, general merchandise) on the Group\u2019s
\nplatform for a speci\ufb01ed period. Revenue is deferred until the customer obtains control over the services. Control is obtained by
\ncustomers across the life of the contract as their product is continuously listed, or the period of service, if shorter. Contracts for
\nthese services are typically entered into for a period of between a day and a year.
\nBusiness customers pay fees to obtain a \u201cservice pack\u201d which allows the customer to advertise a set number of listings during
\na period, unused listings cannot be rolled over. Revenue is deferred until the customer obtains control over the services. Control
\nis obtained by the customers across the life of the performance obligation being provided, which is either the set period in the
\ncontract, or the period of service, if shorter. Any unused listings at the end of the contract period are invoiced at the end of the
\ncontract period. B2C typically invoice monthly, although some contracts are annual contracts and have 7-60 days settlement
\nterms.
\n
\n
\n\n
\nThe Group applies a \ufb01xed price to all listings, both C2C and B2C.
\nOne of the Group\u2019s general merchandise platforms, Osta.ee allows a customer to \ufb01ll an e-wallet with money that can then be
\nused to pay for services provided by the Group. The customer can cash out at any time. This cash balance is therefore accounted
\nfor as a \ufb01nancial liability labelled \u2018customer credit balances\u2019 within trade and other payables in the consolidated statement of
\n\ufb01nancial position and as cash within cash and cash equivalents. This cash is physically separated from the rest in a dedicated
\nbank account and, although there is no formal restriction on this cash, the Group\u2019s policy is to keep the cash balance at a level
\nnot lower than the e-wallet balance. No revenue is recognised unless the customer purchases a product provided by the Group
\nusing money from their e-wallet. Revenue is then recognised in accordance with the product purchased.
\nAdvertising
\nAdvertising revenue comprises fees (net of rebates) from business customers for banner advertising on the Group\u2019s platforms.
\nThe customer pays fees to advertise on the Group\u2019s platforms. Revenue is deferred until the customer obtains control over the
\nservices. Control is obtained by the customers over the life of the advertisement. Customers are typically invoiced monthly and
\nhave a 7-60 days settlement term.
\nAncillary
\nAncillary revenue comprises revenue from \ufb01nancial intermediation, subscription services and other.
\nAncillary revenue is recognised as the Group satis\ufb01es its performance obligation by bringing leads to a customer or by providing
\nother agreed services. Financial intermediation revenue comprises commission fees from \ufb01nancial institutions for directing
\npotential customers from the Group\u2019s portals to \ufb01nancing offers such institutions provide. At the beginning of each month the
\nGroup agrees certain tra\ufb03c metrics with \ufb01nancial institutions and issues invoices for the commission or a minimum agreed fee.
\nRevenue is recognised as the Group satis\ufb01es its performance obligation by directing potential customer tra\ufb03c to the \ufb01nancial
\ninstitutions.
\nThe revenue accounting policy across business lines is the same for each revenue stream, i.e. advertising revenue is accounted
\nfor the same in both automotive and real estate business lines.
\nThe timing of the satisfaction of performance obligations usually is the same as the typical timing of payment or recognition of
\ntrade receivable; when it is not, a contract liability is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13836": {
"value": "Other income and expenses Other income and expenses comprise gains or losses from disposal of property, plant and equipment, intangible assets, as well
\nas other income and costs not directly related to the primary activities of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13842": {
"value": "Finance income and \ufb01nance costs Finance income and expenses comprise interest receivable and payable, realised and unrealised exchange gains and losses
\nregarding trade receivables, trade payables and loans denominated in foreign currencies.
\nInterest income is recognised as it accrues in pro\ufb01t or loss, using the effective interest method.
\nFinance costs comprise interest expense on borrowings and unwinding of discounts on provisions. Borrowing costs that are
\nnot directly attributable to the acquisition, construction or production of a qualifying asset are recognised in pro\ufb01t or loss using
\nthe effective interest method.
\nForeign currency gains and losses are reported on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13847": {
"value": "Interest income is recognised as it accrues in pro\ufb01t or loss, using the effective interest method. Finance costs comprise interest expense on borrowings and unwinding of discounts on provisions. Borrowing costs that are
\nnot directly attributable to the acquisition, construction or production of a qualifying asset are recognised in pro\ufb01t or loss using
\nthe effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13850": {
"value": "Finance costs comprise interest expense on borrowings and unwinding of discounts on provisions. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in pro\ufb01t or loss using
the effective interest method.
Foreign currency gains and losses are reported on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13860": {
"value": "Income tax Income tax on the pro\ufb01t or loss for the period comprises current and deferred tax. Income tax is recognised in pro\ufb01t or loss
\nexcept to the extent that it relates to items recognised directly to equity, in which case it is recognised in equity.
\nCurrent tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at
\nthe reporting date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting purposes and the amounts used for taxation purposes.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on
\nlaws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there
\nis a legally enforceable right to offset current tax liabilities and assets, and if they relate to income taxes levied by the same tax
\nauthority.
\nA deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilised. Deferred tax assets are reviewed at each
\nreporting date and are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13867": {
"value": "Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on
\nlaws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there
\nis a legally enforceable right to offset current tax liabilities and assets, and if they relate to income taxes levied by the same tax
\nauthority.
\nA deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
\nprobable that future taxable pro\ufb01ts will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13901": {
"value": "Segment information Operating segment information is reported in a manner consistent with the internal reporting provided to the Chief Operating
\nDecision Maker (CODM). The CODM, who is responsible for allocating resources, assessing performance of the operating
\nsegment and making strategic decisions, has been identi\ufb01ed as the Board of Baltic Classi\ufb01eds Group PLC.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13908": {
"value": "Earnings per share Basic earnings per share and diluted earnings per share are presented for ordinary shares.
\nBasic earnings per share is calculated by dividing pro\ufb01t / (loss) attributable to owners of the Company by the weighted average
\nnumber of shares outstanding.
\nDiluted earnings per share adjust the \ufb01gures used in the determination of basic earnings per share to take into account the
\nweighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all
\ndilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13919": {
"value": "a) Business combinations
\nBusiness combinations are accounted for using the acquisition method when control is transferred to the Group. The
\nconsideration transferred in the acquisition is measured at fair value, as are the identi\ufb01able net assets acquired. Any goodwill
\nthat arises is tested annually for impairment. Any gain on a bargain purchase is recognised in pro\ufb01t or loss immediately.
\nTransaction costs are expensed as incurred, except if related to the issuance of debt or equity securities.
\nThe consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts
\nare recognised in pro\ufb01t or loss.
\nAny contingent consideration is measured at fair value at the date of acquisition. If the obligation to pay contingent consideration
\nmeets the de\ufb01nition of a \ufb01nancial instrument and is classi\ufb01ed as equity, it is not remeasured, and settlement is accounted for
\nwithin equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent
\nchanges in the fair value of the contingent consideration are recognised in pro\ufb01t or loss.
c) Loss of control
\nWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI
\nand other components of equity. Any resulting gain or loss is recognised in pro\ufb01t or loss. Any interest retained in the former
\nsubsidiary is measured at fair value when control is lost.
Acquisitions from entities under common control
\nA \u201cbusiness combination involving entities or businesses under common control\u201d is a business combination in which all of the
\ncombining entities or businesses are ultimately controlled by the same party or parties both before and after the combination,
\nand that control is not transitory. Business combinations under common control are excluded from the scope of IFRS 3 Business
\nCombinations. For business combinations among entities under common control, the Group elects to apply the common control
\nexclusion in IFRS 3 and where this is the case applies an accounting policy re\ufb02ecting the \u201cpredecessor value method\u201d or \u201cbook
\nvalue accounting method\u201d. Under this method, rather than acquisition accounting in accordance with IFRS 3, the acquired
\nassets and liabilities of the acquired business are recorded at their existing carrying \u201cbook\u201d values, as such no goodwill is
\nrecorded.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13932": {
"value": "b) Non-controlling interests (hereinafter - NCI) NCI are measured initially at their proportionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition. Changes
\nin the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13956": {
"value": "Foreign currency Transactions in foreign currencies are translated to the functional currency of Group entities at the foreign exchange rate ruling
\nat the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
\nretranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on
\ntranslation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical
\ncost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
\nliabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign
\nexchange rates ruling at the dates the fair value was determined.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13988": {
"value": "Intangible assets and goodwill a) Recognition and measurement
\nGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
\nOther intangible assets, including customer relationships, software and trademarks, that are acquired by the Group and have
\n\ufb01nite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses.
\nb) Research and development
\nCosts associated with maintaining software programmes are recognised as an expense as incurred. Material development
\ncosts that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group
\nare recognised as intangible assets where the following criteria are met:
\n\u2022
it is technically feasible to complete the software so that it will be available for use
\n\u2022
management intends to complete the software and use or sell it
\n\u2022
there is an ability to use or sell the software
\n\u2022
it can be demonstrated how the software will generate probable future economic bene\ufb01ts
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are available,
\nand
\n\u2022
the expenditure attributable to the software during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs
\nare recorded as intangible assets and amortised from the point at which the asset is ready for use.
\nResearch expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
\nincurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
\nc) Subsequent expenditure
\nSubsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to
\nwhich it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t
\nor loss as incurred.
\nd) Amortisation
\nAmortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line
\nmethod over their estimated useful lives and is recognised in pro\ufb01t or loss. Goodwill is not amortised. Estimated useful lives
\nare as follows:
\nTrademarks and domains
10 years
\nRelationship with clients
5-7 years
\nOther intangible assets
3-7 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13989": {
"value": "Intangible assets and goodwill a) Recognition and measurement
\nGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
\nOther intangible assets, including customer relationships, software and trademarks, that are acquired by the Group and have
\n\ufb01nite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses.
\nb) Research and development
\nCosts associated with maintaining software programmes are recognised as an expense as incurred. Material development
\ncosts that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group
\nare recognised as intangible assets where the following criteria are met:
\n\u2022
it is technically feasible to complete the software so that it will be available for use
\n\u2022
management intends to complete the software and use or sell it
\n\u2022
there is an ability to use or sell the software
\n\u2022
it can be demonstrated how the software will generate probable future economic bene\ufb01ts
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are available,
\nand
\n\u2022
the expenditure attributable to the software during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs
\nare recorded as intangible assets and amortised from the point at which the asset is ready for use.
\nResearch expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
\nincurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
\nc) Subsequent expenditure
\nSubsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to
\nwhich it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t
\nor loss as incurred.
\nd) Amortisation
\nAmortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line
\nmethod over their estimated useful lives and is recognised in pro\ufb01t or loss. Goodwill is not amortised. Estimated useful lives
\nare as follows:
\nTrademarks and domains
10 years
\nRelationship with clients
5-7 years
\nOther intangible assets
3-7 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13990": {
"value": "Intangible assets and goodwilla) Recognition and measurement
\nGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
\nOther intangible assets, including customer relationships, software and trademarks, that are acquired by the Group and have
\n\ufb01nite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses.
c) Subsequent expenditure
\nSubsequent expenditure is capitalised only when it increases the future economic bene\ufb01ts embodied in the speci\ufb01c asset to
\nwhich it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in pro\ufb01t
\nor loss as incurred.
\nd) Amortisation
\nAmortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line
\nmethod over their estimated useful lives and is recognised in pro\ufb01t or loss. Goodwill is not amortised. Estimated useful lives
\nare as follows:
\nTrademarks and domains
10 years
\nRelationship with clients
5-7 years
\nOther intangible assets
3-7 years
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f13999": {
"value": "b) Research and development Costs associated with maintaining software programmes are recognised as an expense as incurred. Material development
\ncosts that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group
\nare recognised as intangible assets where the following criteria are met:
\n\u2022
it is technically feasible to complete the software so that it will be available for use
\n\u2022
management intends to complete the software and use or sell it
\n\u2022
there is an ability to use or sell the software
\n\u2022
it can be demonstrated how the software will generate probable future economic bene\ufb01ts
\n\u2022
adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are available,
\nand
\n\u2022
the expenditure attributable to the software during its development can be reliably measured.
\nDirectly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs
\nare recorded as intangible assets and amortised from the point at which the asset is ready for use.
\nResearch expenditure and development expenditure that do not meet the criteria above are recognised as an expense as
\nincurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14042": {
"value": "Property, plant and equipment a) Recognition and measurement
\nItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost
\nincludes expenditure that is directly attributable to the acquisition of the asset.
\nWhen parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of
\nproperty, plant and equipment.
\nThe gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal
\nwith the carrying amount of the property, plant and equipment, and is recognised within other operating income/other operating
\nexpenses in pro\ufb01t or loss.
\nb) Subsequent expenditure
\nThe expenditure of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item
\nif it is probable that the future economic bene\ufb01ts within the part will \ufb02ow to the Group, and its costs can be measured reliably.
\nThe carrying amount of the replaced part is derecognised. The cost of the day-to-day servicing of property, plant and equipment
\nare recognised in pro\ufb01t or loss as incurred.
\n
\n
\n\n
\nc) Depreciation
\nDepreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less
\nits residual value. Depreciation is recognised in pro\ufb01t or loss on a straight-line basis over the estimated useful lives of each part
\nof an item of property, plant and equipment, since this most closely re\ufb02ects the expected pattern of consumption of the future
\neconomic bene\ufb01ts embodied in the asset. Depreciation is calculated from the \ufb01rst day of the next month when the asset is
\navailable for use, using the straight-line method.
\nLeased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the
\nGroup will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives of property, plant
\nand equipment for current and comparative periods are as follows:
\nBuildings
15-20 years
\nVehicles
4-10 years
\nOther
3-6 years
\nThe useful lives, residual values and depreciation method are reviewed annually to ensure that the depreciation period and other
\nestimates are consistent with the expected pattern of economic bene\ufb01ts from items in property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14081": {
"value": "c) DepreciationDepreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less
\nits residual value. Depreciation is recognised in pro\ufb01t or loss on a straight-line basis over the estimated useful lives of each part
\nof an item of property, plant and equipment, since this most closely re\ufb02ects the expected pattern of consumption of the future
\neconomic bene\ufb01ts embodied in the asset. Depreciation is calculated from the \ufb01rst day of the next month when the asset is
\navailable for use, using the straight-line method.
\nLeased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the
\nGroup will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives of property, plant
\nand equipment for current and comparative periods are as follows:
\nBuildings
15-20 years
\nVehicles
4-10 years
\nOther
3-6 years
\nThe useful lives, residual values and depreciation method are reviewed annually to ensure that the depreciation period and other
\nestimates are consistent with the expected pattern of economic bene\ufb01ts from items in property, plant and equipment.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
\nremeasurements of the lease liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14102": {
"value": "Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if
\nthe contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. To
\nassess whether a contract conveys the right to control the use of the identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease
\nin IFRS 16 Leases.
\nAs a lessee
\nAt commencement or on modi\ufb01cation of a contract that contains a lease component, the Group allocates the consideration in
\nthe contract to each lease component on the basis of its relative stand-alone prices.
\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
\ninitially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
\nbefore the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
\nunderlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or
\nthe cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset
\nwill be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property
\nand equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
\nremeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
\ndiscounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental
\nborrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
\nThe Group determines its incremental borrowing rate by obtaining interest rates from various external \ufb01nancing sources and
\nmakes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022
Fixed payments, including in-substance \ufb01xed payments
\n\u2022
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement
\ndate
\n\u2022
Amounts expected to be payable under a residual value guarantee
\n\u2022
The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
\nrenewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a
\nlease unless the Group is reasonably certain not to terminate early
\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in
\nthe future lease payments arising from a change in an index or rate, if there is a change in the Group\u2018s and the Group\u2019s estimate
\nof the amount expected to be payable under a residual value guarantee, if the Group\u2019s changes its assessment of whether it will
\nexercise a purchase, extension or termination option or if there is a revised in-substance \ufb01xed lease payment.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
\nasset or is recorded in pro\ufb01t or loss if the carrying amount of the right-of-use asset has been reduced to zero.
\nThe Group presents right-of-use assets that do not meet the de\ufb01nition of investment property in `Right-of-use assets\u2019 and lease
\nliabilities in `long-term lease liabilities` and `short-term lease liabilities` in the statement of \ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14170": {
"value": "Impairment of non-\ufb01nancial assets At each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any
\nindication of impairment. If any such indications exist, then the asset\u2019s recoverable amount is estimated.
\nFor impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from
\ncontinuing use, that are largely independent of the cash in\ufb02ows of other assets (the \u201ccash-generating unit, or CGU\u201d).
\nThe recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is
\nbased on the estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the asset or CGU.
\nAn impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses
\nare recognised in pro\ufb01t or loss. Impairment loss is reversed to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been
\nrecognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14171": {
"value": "Impairment of non-\ufb01nancial assetsAt each reporting date, the Group reviews the carrying amounts of its non-current assets to determine whether there is any
\nindication of impairment. If any such indications exist, then the asset\u2019s recoverable amount is estimated.
\nFor impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from
\ncontinuing use, that are largely independent of the cash in\ufb02ows of other assets (the \u201ccash-generating unit, or CGU\u201d).
\nThe recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is
\nbased on the estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current
\nmarket assessments of the time value of money and the risks speci\ufb01c to the asset or CGU.
\nAn impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses
\nare recognised in pro\ufb01t or loss. Impairment loss is reversed to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount that would have been determined, net of depreciation and amortisation, if no impairment loss had been
recognised. iv) Impairment of \ufb01nancial assets As relevant for:
\n\u2022
Financial assets measured at amortised cost
\n\u2022
Contract assets
\nThe Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at
\n12-month ECLs:
\n\u2022
debt securities that are determined to have low credit risk at the reporting date
\n\u2022
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the
\n\ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition
\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.
\nWhen determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when
\nestimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
\nor effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience
\nand informed credit assessment, and includes forward-looking information.
\nThe Group considers a \ufb01nancial asset to be in default when the \ufb01nancial asset is more than 180 days past due.
\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
\n12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
\ndate (or a shorter period if the expected life of the instrument is less than 12 months).
\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed
\nto credit risk.
\nv) Measurement of ECLs
\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls
\n(i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
\nexpects to receive).
\nECLs are discounted at the effective interest rate of the \ufb01nancial asset.
\nvi) Presentation of allowance for ECL in the statement of \ufb01nancial position
\nLoss allowances for \ufb01nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
\nvii) Write-off
\nThe gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations of recovering
\na \ufb01nancial asset in its entirety or a portion thereof. For individual and corporate customers, the Group individually makes an
\nassessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery.
\nThe Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still
\nbe subject to enforcement activities in order to comply with the procedures for recovery of amounts due.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14188": {
"value": "Cash and cash equivalents Cash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known
\namounts of cash with original maturities of three months or less and that are subject to an insigni\ufb01cant risk of change in value.
\nIn the statement of cash \ufb02ows, cash and cash equivalents include cash at banks.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14195": {
"value": "Financial instruments A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
\nof another entity.
\na) Financial assets
\ni) Initial recognition and measurement
\nThe Group quali\ufb01es \ufb01nancial assets to one of the following categories:
\n\u2022
measured at amortised cost
\n\u2022
measured at fair value through other comprehensive income
\n\u2022
measured at fair value through pro\ufb01t or loss
\nThe classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant
\n\ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at
\nfair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are
\nmeasured at the transaction price determined under IFRS 15.
\nThe Group\u2019s business model for managing \ufb01nancial assets refers to how the Group manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows,
\nselling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets are recognised on the trade date, i.e., the date that the Group commits to purchase or
\nsell the asset.
\nii) Subsequent measurement
\nAfter initial recognition, the Group measures a \ufb01nancial asset at amortised cost (debt instruments).
\niii) Financial assets at amortised cost (debt instruments)
\nThe Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual
\ncash \ufb02ows and
\n\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
\nand interest on the principal amount outstanding
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
\nimpairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired.
\nThe Group\u2019s \ufb01nancial assets at amortised cost includes trade, other current and non-current receivables and contract assets.
\n
\n
\n\n
\niv) Impairment of \ufb01nancial assets
\nAs relevant for:
\n\u2022
Financial assets measured at amortised cost
\n\u2022
Contract assets
\nThe Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at
\n12-month ECLs:
\n\u2022
debt securities that are determined to have low credit risk at the reporting date
\n\u2022
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the
\n\ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition
\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.
\nWhen determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when
\nestimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
\nor effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience
\nand informed credit assessment, and includes forward-looking information.
\nThe Group considers a \ufb01nancial asset to be in default when the \ufb01nancial asset is more than 180 days past due.
\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
\n12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
\ndate (or a shorter period if the expected life of the instrument is less than 12 months).
\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed
\nto credit risk.
\nv) Measurement of ECLs
\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls
\n(i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
\nexpects to receive).
\nECLs are discounted at the effective interest rate of the \ufb01nancial asset.
\nvi) Presentation of allowance for ECL in the statement of \ufb01nancial position
\nLoss allowances for \ufb01nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
\nvii) Write-off
\nThe gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations of recovering
\na \ufb01nancial asset in its entirety or a portion thereof. For individual and corporate customers, the Group individually makes an
\nassessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery.
\nThe Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still
\nbe subject to enforcement activities in order to comply with the procedures for recovery of amounts due.
\nb) Financial liabilities
\ni) Initial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and
\nborrowings and payables. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings
\nand payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables,
\nloans and borrowings, lease liabilities and \ufb01nancial liabilities measured at fair value with changes recognised in pro\ufb01t or loss.
\nii) Subsequent measurement
\nThe measurement of \ufb01nancial liabilities depends on their classi\ufb01cation.
\nAfter initial recognition, the Group\u2019s loans, borrowings and other payables are subsequently measured at amortised cost using
\nthe EIR method. Gains and losses are recognised in pro\ufb01t or loss, when the liabilities are derecognised as well as through the
\nEIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance expenses in pro\ufb01t or loss.
\nc) Offsetting of \ufb01nancial instruments
\nFinancial assets and \ufb01nancial liabilities are offset and the net amount is reported in the statement of \ufb01nancial position if there
\nis a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to
\nrealize the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14200": {
"value": "a) Financial assets i) Initial recognition and measurement
\nThe Group quali\ufb01es \ufb01nancial assets to one of the following categories:
\n\u2022
measured at amortised cost
\n\u2022
measured at fair value through other comprehensive income
\n\u2022
measured at fair value through pro\ufb01t or loss
\nThe classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics
\nand the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant
\n\ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at
\nfair value through pro\ufb01t or loss, transaction costs. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are
\nmeasured at the transaction price determined under IFRS 15.
\nThe Group\u2019s business model for managing \ufb01nancial assets refers to how the Group manages its \ufb01nancial assets in order to
\ngenerate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows,
\nselling the \ufb01nancial assets, or both.
\nPurchases or sales of \ufb01nancial assets are recognised on the trade date, i.e., the date that the Group commits to purchase or
\nsell the asset.
\nii) Subsequent measurement
\nAfter initial recognition, the Group measures a \ufb01nancial asset at amortised cost (debt instruments).
\niii) Financial assets at amortised cost (debt instruments)
\nThe Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\n\u2022
The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual
\ncash \ufb02ows and
\n\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
\nand interest on the principal amount outstanding
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
\nimpairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired.
\nThe Group\u2019s \ufb01nancial assets at amortised cost includes trade, other current and non-current receivables and contract assets.
\n
\n
\n\n
\niv) Impairment of \ufb01nancial assets
\nAs relevant for:
\n\u2022
Financial assets measured at amortised cost
\n\u2022
Contract assets
\nThe Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at
\n12-month ECLs:
\n\u2022
debt securities that are determined to have low credit risk at the reporting date
\n\u2022
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the
\n\ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition
\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.
\nWhen determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when
\nestimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
\nor effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience
\nand informed credit assessment, and includes forward-looking information.
\nThe Group considers a \ufb01nancial asset to be in default when the \ufb01nancial asset is more than 180 days past due.
\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
\n12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
\ndate (or a shorter period if the expected life of the instrument is less than 12 months).
\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed
\nto credit risk.
\nv) Measurement of ECLs
\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls
\n(i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
\nexpects to receive).
\nECLs are discounted at the effective interest rate of the \ufb01nancial asset.
\nvi) Presentation of allowance for ECL in the statement of \ufb01nancial position
\nLoss allowances for \ufb01nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
\nvii) Write-off
\nThe gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations of recovering
\na \ufb01nancial asset in its entirety or a portion thereof. For individual and corporate customers, the Group individually makes an
\nassessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery.
\nThe Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still
\nbe subject to enforcement activities in order to comply with the procedures for recovery of amounts due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14259": {
"value": "iv) Impairment of \ufb01nancial assets As relevant for:
\n\u2022
Financial assets measured at amortised cost
\n\u2022
Contract assets
\nThe Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at
\n12-month ECLs:
\n\u2022
debt securities that are determined to have low credit risk at the reporting date
\n\u2022
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the
\n\ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition
\nLoss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.
\nWhen determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when
\nestimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost
\nor effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience
\nand informed credit assessment, and includes forward-looking information.
\nThe Group considers a \ufb01nancial asset to be in default when the \ufb01nancial asset is more than 180 days past due.
\nLifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
\n12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting
\ndate (or a shorter period if the expected life of the instrument is less than 12 months).
\nThe maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed
\nto credit risk.
\nv) Measurement of ECLs
\nECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls
\n(i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
\nexpects to receive).
\nECLs are discounted at the effective interest rate of the \ufb01nancial asset.
\nvi) Presentation of allowance for ECL in the statement of \ufb01nancial position
\nLoss allowances for \ufb01nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
\nvii) Write-off
\nThe gross carrying amount of a \ufb01nancial asset is written off when the Group has no reasonable expectations of recovering
\na \ufb01nancial asset in its entirety or a portion thereof. For individual and corporate customers, the Group individually makes an
\nassessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery.
\nThe Group expects no signi\ufb01cant recovery from the amount written off. However, \ufb01nancial assets that are written off could still
\nbe subject to enforcement activities in order to comply with the procedures for recovery of amounts due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14303": {
"value": "b) Financial liabilities i) Initial recognition and measurement
\nFinancial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, loans and
\nborrowings and payables. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings
\nand payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables,
\nloans and borrowings, lease liabilities and \ufb01nancial liabilities measured at fair value with changes recognised in pro\ufb01t or loss.
\nii) Subsequent measurement
\nThe measurement of \ufb01nancial liabilities depends on their classi\ufb01cation.
\nAfter initial recognition, the Group\u2019s loans, borrowings and other payables are subsequently measured at amortised cost using
\nthe EIR method. Gains and losses are recognised in pro\ufb01t or loss, when the liabilities are derecognised as well as through the
\nEIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as \ufb01nance expenses in pro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14318": {
"value": "c) Offsetting of \ufb01nancial instruments Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the statement of \ufb01nancial position if there
\nis a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to
realize the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14347": {
"value": "Payroll related liabilities Short-term payroll related liabilities are expensed as the related service is provided. These include salaries and wages, social
\nsecurity contributions, vacation payouts, compensation for illness, bonuses, allowances, severance payments, vacation
\naccruals, all of which are recognised as costs when an employee has ful\ufb01lled his duties in exchange for the received allowance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14354": {
"value": "Share-based payments Equity-settled awards are valued at the grant date, and the fair value is charged as an expense in the income statement spread
\nover the vesting period. Fair value of the awards are measured using Black-Scholes pricing model. The credit side of the entry is
\nrecorded in equity. Cash-settled awards are revalued at each reporting date with the fair value of the award charged to the pro\ufb01t
\nand loss account over the vesting period and the credit side of the entry recognised as a liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14362": {
"value": "Provisions Provisions on obligations are accounted for only when the Group has legal obligation or irrevocable commitment as a result
\nof past events, and it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle it, and
\nthe amount of obligation can be measured reliably. Provisions are determined by discounting the expected future cash \ufb02ows
\nat a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the liability. The
\nunwinding of the discount is recognised as \ufb01nance expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14371": {
"value": "Share capital Incremental costs directly attributable to the issue of ordinary shares are recognised as deductions from equity. Income tax
\nrelating to transaction costs of equity transactions is accounted for in accordance with IAS 12.
\nWhere the Group purchases its own equity share capital, the consideration paid is deducted from equity attributable to the
\nGroup\u2019s shareholders. Where such shares are subsequently cancelled, the nominal value of the shares repurchased is deducted
\nfrom share capital and transferred to a capital redemption reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14380": {
"value": "Own shares held The Employee Bene\ufb01t Trust (\u2018EBT\u2019) provides for the issue of shares to Group employees principally under Performance Share Plan
\nscheme. The Group has control of the EBT and therefore consolidates the EBT in the Group \ufb01nancial statements. Accordingly,
\nshares in the Company held by the EBT are included in the balance sheet at cost as a deduction from equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14393": {
"value": "Dividends Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s \ufb01nancial statements in the period
\nin which the dividend is approved by the Company\u2019s shareholders in the case of \ufb01nal dividends, or the date at which they are
\npaid in the case of interim dividends.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14400": {
"value": "Contingencies Contingent liabilities are not recognised in the consolidated \ufb01nancial statements but are disclosed unless the possibility of an
\nout\ufb02ow of resources embodying economic bene\ufb01ts is remote.
\nContingent assets are not recognised in the consolidated \ufb01nancial statements, unless the realisation of income is virtually
\ncertain. They are disclosed in the consolidated \ufb01nancial statements when an in\ufb02ow of economic bene\ufb01t is probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14430": {
"value": "5. Alternative performance measures (APMs)
\nIn the analysis of the Group\u2019s \ufb01nancial performance, certain information disclosed in the \ufb01nancial statements may be prepared
\non a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly
\npermitted GAAP measure. These measures are reported in line with the way in which \ufb01nancial information is analysed by
\nmanagement and designed to increase comparability of the Group\u2019s year-on-year \ufb01nancial position, based on its operational
\nactivity. These measures are not designed to be a substitute for any of the IFRS measures of performance and may not be
\ndirectly comparable with other companies\u2019 alternative performance measures. The key alternative performance measures
\npresented by the Group are:
\n\u2022
Adjusted operating pro\ufb01t which is Operating pro\ufb01t after adding back acquired intangibles amortisation and one-off IPO
\nrelated costs. This measure helps to provide an indication of the Group\u2019s ongoing business performance.
\n\u2022
EBITDA which is Operating pro\ufb01t after adding back depreciation and amortisation. This measure is used internally to
\nassess business performance and in budgeting and forecasting.
\n\u2022
EBITDA margin which is EBITDA as a percentage of revenue. Progression in EBITDA margin is an important indicator of
\nthe Group\u2019s operating e\ufb03ciency.
\n\u2022
Adjusted EBITDA which is EBITDA after one-off IPO related costs. This is one of the key metrics used by management to
\nassess operating performance of the business and is used in assessing covenant compliance for the Group\u2019s loan facility.
\n\u2022
Adjusted EBITDA margin which is Adjusted EBITDA as a percentage of revenue. Progression in EBITDA margin is an
\nimportant indicator of the Group\u2019s operating e\ufb03ciency.
\n\u2022
Adjusted net income which is Pro\ufb01t for the period after adding back post-tax impact of acquired intangibles amortisation
\nand one-off costs related to IPO, including IPO re\ufb01nancing arrangement. It is used to arrive at Adjusted basic EPS and in
\napplying the Group\u2019s capital allocation policy.
\n\u2022
Adjusted basic EPS which is Adjusted net income divided by the weighted average number of ordinary shares in issue. This
\nmeasure helps to provide an indication of the Group\u2019s ongoing business performance.
\n\u2022
Net Debt which is calculated as total debt (bank loans principal and Osta.ee customer credit balances) less cash and cash
\nequivalents. See Revenue subsection of note 4 for more information on Osta.ee credit balances. Net debt is used to arrive
\nat the leverage ratio.
\n\u2022
Leverage which is calculated as Net Debt as a percentage of Adjusted EBITDA over last twelve months (LTM). This measure
\nis used in assessing covenant compliance for the Group\u2019s loan facility which includes a Total Leverage Ratio covenant
\n(see note 20).
\n\u2022
Cash conversion which is EBITDA (or adjusted EBITDA in comparative periods) after deducting acquisition of intangible
\nassets and property, plant and equipment as a percentage of EBITDA (or adjusted EBITDA in comparative periods). This
\nmeasure is used to monitor the Group\u2019s operational e\ufb03ciency.
\nReconciliation of alternative performance measures
\nAdjusted operating pro\ufb01t
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nOperating Pro\ufb01t
29,056
13,616
\nAcquired intangibles amortisation
16,198
16,147
\nIPO related fees
-
7,393
\nIPO related free share awards to employees (note 25)
-
1,378
\nAdjusted Operating Pro\ufb01t
45,254
38,534
\nEBITDA
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nOperating Pro\ufb01t
29,056
13,616
\nDepreciation and amortisation
\n1
\n16,989
16,894
\nEBITDA
46,045
30,510
\nAdjusted EBITDA
\nand Adjusted EBITDA margin
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nEBITDA
46,045
30,510
\nIPO related fees
-
7,393
\nIPO related free share awards to employees (note 25)
-
1,378
\nAdjusted EBITDA
46,045
39,281
\nAdjusted EBITDA margin
76%
77%
\n
\n1
\nIncluding acquired intangibles amortisation of \u20ac16,198 thousand (\u20ac16,147 thousand in 2022).
Adjusted net income
\n2023
\n(\u20ac thousands)
\n2022 Restated
\n1
\n(\u20ac thousands)
\nPro\ufb01t for the year
23,215
1,092
\nAcquired intangibles amortisation
16,198
16,147
\nDeferred tax effect of acquired intangibles
\namortisation
\n(1,434)
(1,434)
\nIPO related fees
-
7,393
\nTax effect of IPO related fees
-
(70)
\nIPO related free share awards to employees (note 25)
-
1,378
\nSenior Facility Agreement related early repayment
\npenalty (note 20)
\n-
1,618
\nSenior Facility Agreement related upfront fee write off
\n(note 20)
\n-
5,075
\nAdjusted net income
37,979
31,198
\nAdjusted basic EPS
2023
2022
\nAdjusted net income (\u20ac thousands)
37,979
31,198
\nWeighted average number of ordinary shares (note 12)
496,082,891
488,467,552
\nAdjusted basic EPS (\u20ac cents)
7.66
6.39
\nNet debt
\n30/04/2023
\n(\u20ac thousands)
\n30/04/2022
\n(\u20ac thousands)
\nBank loan principal amount (note 20)
70,000
84,000
\nCustomer credit balances
2,363
2,289
\nTotal Debt
72,363
86,289
\nCash and cash equivalents
27,070
19,914
\nNet Debt
45,293
66,375
\nLeverage
\n30/04/2023
\n(\u20ac thousands)
\n30/04/2022
\n(\u20ac thousands)
\nNet debt
45,293
66,375
\nAdjusted EBITDA
46,045
39,281
\nTotal Debt
0.98
1.69
\nCash conversion
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nAdjusted EBITDA
46,045
39,281
\nAcquisition of intangible assets and property, plant
\nand equipment
(251)
(433)
\n45,794
38,848
\nCash conversion
99%
99%
1
\nSee note 3 for further details.
",
"dimensions": {
"concept": "bcg:DisclosureOfAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14650": {
"value": "6. Operating segments Operating segments are identi\ufb01ed on the basis of internal reports about components of the Group that are regularly reviewed by
\nthe chief operating decision maker (\u201cCODM\u201d) in order to allocate resources to the segments and to assess their performance.
\nThe CODM has been identi\ufb01ed as the Board of Baltic Classi\ufb01eds Group PLC.
\nThe main focus of the Group is operating leading online classi\ufb01eds platforms for automotive, real estate, jobs and services, and
\ngeneral merchandise in the Baltics. The Group\u2019s business is managed on a consolidated level. The Board views information
\nfor each classi\ufb01ed platform at a revenue level only and therefore the platforms are considered products but not a separate
\nline of business or segment. The Group considers itself a classi\ufb01ed business operating in a well-de\ufb01ned and economically
\nsimilar geographical area, the Baltic countries. And therefore the Board views detailed revenue information but only views costs
\nand pro\ufb01t information at a Group level. As such, management concluded that BCG has one operating segment, which also
\nrepresents one reporting segment.
\nThe revenue break-down is disclosed by primary geographical markets, key revenue streams and revenue by business lines in
\naccordance with IFRS 15 in note 7.
\nOf the total intangible assets and goodwill, 69% (70% in 2022) is located in Lithuania, 30% (29% in 2022) in Estonia and 1% (1%
\nin 2022) in Latvia.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14692": {
"value": "7. Revenue In the following tables, revenue from contracts with customers is disaggregated by primary geographical markets, key revenue
\nstreams and revenue by business lines.
\nPrimary geographic markets
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nLithuania
42,407
35,236
\nEstonia
17,203
14,620
\nLatvia
1,204
1,103
\nTotal
60,814
50,959
\nKey revenue streams
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nAdvertising revenue
3,728
3,731
\nListings revenue
53,750
43,725
\n- Listings revenue: B2C
29,765
24,590
\n- Listings revenue: C2C
23,985
19,135
\nAncillary revenue
\n1
\n3,336
3,503
\nTotal
60,814
50,959
\nRevenue by business lines
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nAutomotive
22,236
18,293
\n- Advertising revenue
1,101
1,122
\n- Listings revenue: B2C
9,908
7,432
\n- Listings revenue: C2C
8,167
6,507
\n- Ancillary revenue
3,060
3,232
\nReal Estate
15,044
12,451
\n- Advertising revenue
1,836
1,903
\n- Listings revenue: B2C
8,653
7,052
\n- Listings revenue: C2C
4,494
3,439
\n- Ancillary revenue
61
57
\nGeneralist
11,744
10,397
\n- Advertising revenue
764
701
\n- Listings revenue: B2C
1,229
1,282
\n- Listings revenue: C2C
9,536
8,200
\n- Ancillary revenue
215
214
\nJobs & Services
11,790
9,818
\n- Advertising revenue
27
7
\n- Listings revenue: B2C
9,975
8,822
\n- Listings revenue: C2C
1,788
988
\n- Ancillary revenue
-
1
\nTotal
60,814
50,959
\nDue to the large number of customers the Group serves, there are no individual customers whose revenue is greater than 10%
\nof the Group\u2019s total revenue in all periods presented in these \ufb01nancial statements.
\n1
\nAncillary revenue includes revenue from \ufb01nancial intermediation, subscription services, and other. Financial intermediation revenue accounts for 91% of the total ancillary
\nrevenue for the year ending 30 April 2023 and 94% of the total ancillary revenue for the year ending 30 April 2022.
\n\n
\nContract liabilities
\nContract liabilities
\n1
\ninclude consideration received in advance of the satisfaction of performance obligations. The movement in
\ncontract liabilities is provided below:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOpening balance
2,982
1,464
\nRecognised in revenue in the period
(5,620)
(4,333)
\nAdvance consideration received
6,352
5,851
\nClosing balance
3,714
2,982",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14828": {
"value": "Contract liabilities Contract liabilities
\n1
\ninclude consideration received in advance of the satisfaction of performance obligations. The movement in
\ncontract liabilities is provided below:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOpening balance
2,982
1,464
\nRecognised in revenue in the period
(5,620)
(4,333)
\nAdvance consideration received
6,352
5,851
\nClosing balance
3,714
2,982",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14853": {
"value": "8. Operating pro\ufb01t 2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOperating pro\ufb01t is after charging the following:
\nLabour costs
\n2
\n(9,605)
(8,886)
\nDepreciation and amortisation
(16,989)
(16,894)
\nAdvertising and marketing services
(971)
(841)
\nIT expenses
(725)
(692)
\nImpairment (loss) / reversal on trade receivables and
\ncontract assets
\n(79)
(59)
\nOther
\n3
\n(3,398)
(9,977)
\n(31,767)
(37,349)
\nServices provided by the Company\u2019s auditors
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nFees payable for audit services:
\nAudit of the Company and consolidated \ufb01nancial
\nstatements
\n4
\n(563)
(244)
\nAudit of the Company\u2019s subsidiaries pursuant to
\nlegislation
\n(197)
(103)
\nTotal audit remuneration
(760)
(347)
\nFees payable for other services:
\n- Audit related assurance services
-
(110)
\n- Transaction related services
\n5
\n-
(532)
\n- Other assurance services
\n5
\n-
(267)
\n- Tax advisory services
-
-
\nTotal non-audit remuneration
-
(909)
\nTotal
(760)
(1,256)
\n1
\nContract liabilities amount in the statement of \ufb01nancial position also include prepayments received from customers.
\n2
\nFor the year ended 30 April 2022 labour costs include \u20ac1,378 thousand IPO related free share awards expenses (note 25).
\n3
\nOther expenses for the year ended 30 April 2022 include \u20ac7,393 thousand fees and costs incurred in relation to the Initial Public Offering (IPO).
\n4
\nIn 2023, fees payable for audit of the Company and consolidated \ufb01nancial statements consist of audit fees for current \ufb01nancial year \u20ac461 thousand and previous \ufb01nancial
\nyear \u20ac102 thousand.
\n5
\nTransaction related and other assurance services provided by the Company\u2019s auditors during the year ended 30 April 2022 relate to the IPO.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14854": {
"value": "8. Operating pro\ufb01t 2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOperating pro\ufb01t is after charging the following:
\nLabour costs
\n2
\n(9,605)
(8,886)
\nDepreciation and amortisation
(16,989)
(16,894)
\nAdvertising and marketing services
(971)
(841)
\nIT expenses
(725)
(692)
\nImpairment (loss) / reversal on trade receivables and
\ncontract assets
\n(79)
(59)
\nOther
\n3
\n(3,398)
(9,977)
\n(31,767)
(37,349)
\nServices provided by the Company\u2019s auditors
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nFees payable for audit services:
\nAudit of the Company and consolidated \ufb01nancial
\nstatements
\n4
\n(563)
(244)
\nAudit of the Company\u2019s subsidiaries pursuant to
\nlegislation
\n(197)
(103)
\nTotal audit remuneration
(760)
(347)
\nFees payable for other services:
\n- Audit related assurance services
-
(110)
\n- Transaction related services
\n5
\n-
(532)
\n- Other assurance services
\n5
\n-
(267)
\n- Tax advisory services
-
-
\nTotal non-audit remuneration
-
(909)
\nTotal
(760)
(1,256)
\n1
\nContract liabilities amount in the statement of \ufb01nancial position also include prepayments received from customers.
\n2
\nFor the year ended 30 April 2022 labour costs include \u20ac1,378 thousand IPO related free share awards expenses (note 25).
\n3
\nOther expenses for the year ended 30 April 2022 include \u20ac7,393 thousand fees and costs incurred in relation to the Initial Public Offering (IPO).
\n4
\nIn 2023, fees payable for audit of the Company and consolidated \ufb01nancial statements consist of audit fees for current \ufb01nancial year \u20ac461 thousand and previous \ufb01nancial
\nyear \u20ac102 thousand.
\n5
\nTransaction related and other assurance services provided by the Company\u2019s auditors during the year ended 30 April 2022 relate to the IPO.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14886": {
"value": "Services provided by the Company\u2019s auditors 2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nFees payable for audit services:
\nAudit of the Company and consolidated \ufb01nancial
\nstatements
\n4
\n(563)
(244)
\nAudit of the Company\u2019s subsidiaries pursuant to
\nlegislation
\n(197)
(103)
\nTotal audit remuneration
(760)
(347)
\nFees payable for other services:
\n- Audit related assurance services
-
(110)
\n- Transaction related services
\n5
\n-
(532)
\n- Other assurance services
\n5
\n-
(267)
\n- Tax advisory services
-
-
\nTotal non-audit remuneration
-
(909)
\nTotal
(760)
(1,256)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14960": {
"value": "9. Employee numbers and costs The average number of persons employed (including Executive Directors but excluding 5 Non-Executive Directors) during the
\nyear was 147 (139 in 2022).
\nThe average number of full-time equivalent persons employed (including Executive Directors but excluding 5 Non-Executive
\nDirectors) during the year, analysed by category, was as follows:
\n2023
(number)
2022
(number)
\nAdministration
125
120
\nKey Management Personnel (note 24)
6
6
\nTotal
131
126
\nThe aggregate payroll costs of these persons were as follows:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nWages and salaries
(7,034)
(6,219)
\nSocial security costs
(726)
(645)
\n(7,760)
(6,864)
\nShare-based payment costs (note 25)
(1,567)
(2,022)
\nTotal
(9,327)
(8,886)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f14961": {
"value": "9. Employee numbers and costs The average number of persons employed (including Executive Directors but excluding 5 Non-Executive Directors) during the
\nyear was 147 (139 in 2022).
\nThe average number of full-time equivalent persons employed (including Executive Directors but excluding 5 Non-Executive
\nDirectors) during the year, analysed by category, was as follows:
\n2023
(number)
2022
(number)
\nAdministration
125
120
\nKey Management Personnel (note 24)
6
6
\nTotal
131
126
\nThe aggregate payroll costs of these persons were as follows:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nWages and salaries
(7,034)
(6,219)
\nSocial security costs
(726)
(645)
\n(7,760)
(6,864)
\nShare-based payment costs (note 25)
(1,567)
(2,022)
\nTotal
(9,327)
(8,886)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15002": {
"value": "10. Net \ufb01nance costs
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOther \ufb01nancial income
7
138
\nTotal \ufb01nance income
7
138
\nInterest expenses
\n1
\n(2,602)
(9,426)
\nCommitment and agency fees
(80)
(132)
\nOther \ufb01nancial expenses
\n2
\n(1)
(1,734)
\nInterest unwind on lease liabilities
(15)
(17)
\nTotal \ufb01nance expenses
(2,698)
(11,309)
\nNet \ufb01nance costs recognised in pro\ufb01t or loss
(2,691)
(11,171)
1
\nInterest expense for the year ended 30 April 2022 contains \u20ac5,075 thousand of upfront fee that was written off upon the repayment of Senior Facility Agreement in July
\n2021.
\n2
\nOther \ufb01nancial expenses for the year ended 30 April 2022 contain \u20ac1,618 thousand of Senior Facility Agreement related early repayment fee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15003": {
"value": "10. Net \ufb01nance costs
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOther \ufb01nancial income
7
138
\nTotal \ufb01nance income
7
138
\nInterest expenses
\n1
\n(2,602)
(9,426)
\nCommitment and agency fees
(80)
(132)
\nOther \ufb01nancial expenses
\n2
\n(1)
(1,734)
\nInterest unwind on lease liabilities
(15)
(17)
\nTotal \ufb01nance expenses
(2,698)
(11,309)
\nNet \ufb01nance costs recognised in pro\ufb01t or loss
(2,691)
(11,171)
1
\nInterest expense for the year ended 30 April 2022 contains \u20ac5,075 thousand of upfront fee that was written off upon the repayment of Senior Facility Agreement in July
\n2021.
\n2
\nOther \ufb01nancial expenses for the year ended 30 April 2022 contain \u20ac1,618 thousand of Senior Facility Agreement related early repayment fee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15004": {
"value": "10. Net \ufb01nance costs
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOther \ufb01nancial income
7
138
\nTotal \ufb01nance income
7
138
\nInterest expenses
\n1
\n(2,602)
(9,426)
\nCommitment and agency fees
(80)
(132)
\nOther \ufb01nancial expenses
\n2
\n(1)
(1,734)
\nInterest unwind on lease liabilities
(15)
(17)
\nTotal \ufb01nance expenses
(2,698)
(11,309)
\nNet \ufb01nance costs recognised in pro\ufb01t or loss
(2,691)
(11,171)
1
\nInterest expense for the year ended 30 April 2022 contains \u20ac5,075 thousand of upfront fee that was written off upon the repayment of Senior Facility Agreement in July
\n2021.
\n2
\nOther \ufb01nancial expenses for the year ended 30 April 2022 contain \u20ac1,618 thousand of Senior Facility Agreement related early repayment fee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15005": {
"value": "10. Net \ufb01nance costs
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nOther \ufb01nancial income
7
138
\nTotal \ufb01nance income
7
138
\nInterest expenses
\n1
\n(2,602)
(9,426)
\nCommitment and agency fees
(80)
(132)
\nOther \ufb01nancial expenses
\n2
\n(1)
(1,734)
\nInterest unwind on lease liabilities
(15)
(17)
\nTotal \ufb01nance expenses
(2,698)
(11,309)
\nNet \ufb01nance costs recognised in pro\ufb01t or loss
(2,691)
(11,171)
1
\nInterest expense for the year ended 30 April 2022 contains \u20ac5,075 thousand of upfront fee that was written off upon the repayment of Senior Facility Agreement in July
\n2021.
\n2
\nOther \ufb01nancial expenses for the year ended 30 April 2022 contain \u20ac1,618 thousand of Senior Facility Agreement related early repayment fee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15038": {
"value": "11. Income taxes (a) Tax recognised in pro\ufb01t or loss
\n2023
\n(\u20ac thousands)
\n2022 Restated
\n3
\n(\u20ac thousands)
\nCurrent tax expense
\nCurrent year
(4,904)
(3,102)
\nDeferred tax expense
\nChange in deferred tax
1,754
1,749
\nTax expense
(3,150)
(1,353)
\nTax losses can be transferred between companies within the same tax group effectively reducing consolidated income tax
\nexpense.
\n
\n1
\nInterest expense for the year ended 30 April 2022 contains \u20ac5,075 thousand of upfront fee that was written off upon the repayment of Senior Facility Agreement in July
\n2021.
\n2
\nOther \ufb01nancial expenses for the year ended 30 April 2022 contain \u20ac1,618 thousand of Senior Facility Agreement related early repayment fee.
\n3
\nSee note 3 for further details.
\n\n\n(b) Factors affecting the tax expense for the year
\nThe table below explains the differences between the expected tax expense and the Group\u2019s total tax expense for each year.
\n2023
\n(\u20ac thousands)
\n2022 Restated
\n1
\n(\u20ac thousands)
\nPro\ufb01t before tax
26,365
2,445
\nTax at the domestic rates applicable to pro\ufb01ts in the coun
-
\ntries concerned
\n2
\n(2,988)
369
\nNon-deductible expenses
(127)
(1,664)
\nTax on distributions by subsidiary
(58)
\nRecognition of previously unrecognised (derecognition of
\npreviously recognised) deductible temporary differences
\n(85)
-
\nPrior year adjustments
50
-
\n(3,150)
(1,353)
\nSummary of taxation rates by country is presented below:
\n2023
2022
\nUnited Kingdom
\n3
\n25%
19%
\nLithuania
15%
15%
\nLatvia
\n4
\n20%
20%
\nEstonia
\n4
\n20%
20%
\nLuxembourg
-
25%
\n(c) Movement in deferred tax balances
\nFor the year ended
\n30 April 2022:
\nNet balance
\nat 30 April 2021
\nRestated
\n1
\n(\u20ac thousands)
\nRecognised
\nin pro\ufb01t or loss
\nRestated
\n1
\n(\u20ac thousands)
\nRecognised
\nin equity
\n(\u20ac thousands)
\nNet balance at
\n30 April 2022
\n(\u20ac thousands)
\nDeferred
\ntax asset
\n(\u20ac thousands)
\nDeferred
\ntax liability
\n(\u20ac thousands)
\nIntangible assets
\namortisation
\n(7,952)
1,691
-
(6,261)
-
(6,261)
\nOther temporary
\ndifferences
\n358
59
-
417
417
-
\nTax assets (liabilities)
\nbefore set-off
\n(7,594)
1,750
-
(5,844)
417
(6,261)
\nSet-off of tax
\n6
\n-
-
-
-
(417)
417
\nNet tax assets
\n(liabilities)
\n(7,594)
1,750
-
(5,844)
-
(5,844)
\nFor the year ended
\n30 April 2023:
\nNet balance
\nat 30 April 2022
\n(\u20ac thousands)
\nRecognised
\nin pro\ufb01t or loss
\n(\u20ac thousands)
\nRecognised
\nin equity
\n5
\n(\u20ac thousands)
\nNet balance at
\n30 April 2023
\n(\u20ac thousands)
\nDeferred
\ntax asset
\n(\u20ac thousands)
\nDeferred
\ntax liability
\n(\u20ac thousands)
\nIntangible assets
\namortisation
\n(6,261)
1,434
-
(4,827)
-
(4,827)
\nCapitalized borrowing
\ncosts
\n-
(64)
-
(64)
-
(64)
\nTax losses
-
153
-
153
153
-
\nOther temporary
\ndifferences
\n417
231
20
668
668
-
\nTax assets (liabilities)
\nbefore set-off
\n(5,844)
1,754
20
(4,070)
821
(4,891)
\nSet-off of tax
\n6
\n-
-
-
-
(668)
668
\nNet tax assets
\n(liabilities)
\n(5,844)
1,754
20
(4,070)
153
(4,223)
\n1
\nSee note 3 for further details.
\n2
\nFor the year ended 2022, the expected tax amount, being the tax at the domestic rates applicable to pro\ufb01ts in the countries concerned, is a tax credit overall due to the
\nlosses incurred by the parent company domiciled in the United Kingdom as a result of IPO related costs, which has a higher corporate income tax rate than the countries
\nin which the pro\ufb01ts were generated.
\n3
\n19% until 31 March 2023.
\n4
\n0% income tax rate applies in Estonia and Latvia if there are no pro\ufb01t distributions.
\n5
\nTaxation on items taken directly to equity of \u20ac20 thousand (nil in 2022) relates to share-based payments.
\n6
\nSet-off is allowed as it is the same jurisdiction (Lithuania).
\n
\n
\n\n
\n
\n
\n(d) Unrecognised deferred tax assets and liabilities
\nDeferred tax assets have not been recognised in respect to the tax losses incurred by UAB Antler Group, because it is not
\nprobable that future taxable pro\ufb01t will be available in UAB Antler Group against which the Group can use the bene\ufb01ts therefrom.
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nGross amount
Tax effect
Gross amount
Tax effect
\nTax losses
(26,229)
3,934
(26,229)
3,934
\n(26,229)
3,934
(26,229)
3,934
\nThe aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities
\nhave not been recognised is \u20ac7,270 thousand (\u20ac6,109 thousand in 2022). No deferred tax liability has been recognised as the
\nCompany is able to control the timing of distributions from these subsidiaries and is not expected to distribute these pro\ufb01ts in
\nthe foreseeable future.
\n(e) Tax losses carried forward
\nTax losses carried forward for which no deferred tax asset has been recognised were incurred by the Company\u2019s indirect
\nsubsidiary UAB Antler Group prior to being eligible for transfer to other Group companies.
\nAccording to Lithuanian legislation, deductible tax losses carried forward can be used to reduce the taxable income earned
\nduring the reporting year by maximum 70% of respective legal entity with no Group relief bene\ufb01t. Tax losses can be carried
\nforward for an inde\ufb01nite period, except for the losses incurred as a result of disposal of securities and/or derivative \ufb01nancial
\ninstruments. Such carrying forward is disrupted if the Group and the Company stops its activities due to which these losses
\nwere incurred except when the Group and the Company does not continue its activities due to reasons which do not depend on
\nthe Company itself. The losses from disposal of securities and/or derivative \ufb01nancial instruments can be carried forward for 5
\nconsecutive years and can only be used to reduce the taxable income earned from transactions of the same nature.
\nTax losses carried forward by expiration:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDo not expire
(26,229)
(26,229)
\nTotal
(26,229)
(26,229)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15140": {
"value": "(c) Movement in deferred tax balances
\nFor the year ended
\n30 April 2022:
\nNet balance
\nat 30 April 2021
\nRestated
\n1
\n(\u20ac thousands)
\nRecognised
\nin pro\ufb01t or loss
\nRestated
\n1
\n(\u20ac thousands)
\nRecognised
\nin equity
\n(\u20ac thousands)
\nNet balance at
\n30 April 2022
\n(\u20ac thousands)
\nDeferred
\ntax asset
\n(\u20ac thousands)
\nDeferred
\ntax liability
\n(\u20ac thousands)
\nIntangible assets
\namortisation
\n(7,952)
1,691
-
(6,261)
-
(6,261)
\nOther temporary
\ndifferences
\n358
59
-
417
417
-
\nTax assets (liabilities)
\nbefore set-off
\n(7,594)
1,750
-
(5,844)
417
(6,261)
\nSet-off of tax
\n6
\n-
-
-
-
(417)
417
\nNet tax assets
\n(liabilities)
\n(7,594)
1,750
-
(5,844)
-
(5,844)
\nFor the year ended
\n30 April 2023:
\nNet balance
\nat 30 April 2022
\n(\u20ac thousands)
\nRecognised
\nin pro\ufb01t or loss
\n(\u20ac thousands)
\nRecognised
\nin equity
\n5
\n(\u20ac thousands)
\nNet balance at
\n30 April 2023
\n(\u20ac thousands)
\nDeferred
\ntax asset
\n(\u20ac thousands)
\nDeferred
\ntax liability
\n(\u20ac thousands)
\nIntangible assets
\namortisation
\n(6,261)
1,434
-
(4,827)
-
(4,827)
\nCapitalized borrowing
\ncosts
\n-
(64)
-
(64)
-
(64)
\nTax losses
-
153
-
153
153
-
\nOther temporary
\ndifferences
\n417
231
20
668
668
-
\nTax assets (liabilities)
\nbefore set-off
\n(5,844)
1,754
20
(4,070)
821
(4,891)
\nSet-off of tax
\n6
\n-
-
-
-
(668)
668
\nNet tax assets
\n(liabilities)
\n(5,844)
1,754
20
(4,070)
153
(4,223)
\n1
\nSee note 3 for further details.
5
\nTaxation on items taken directly to equity of \u20ac20 thousand (nil in 2022) relates to share-based payments.
\n6
\nSet-off is allowed as it is the same jurisdiction (Lithuania).
(d) Unrecognised deferred tax assets and liabilities
\nDeferred tax assets have not been recognised in respect to the tax losses incurred by UAB Antler Group, because it is not
\nprobable that future taxable pro\ufb01t will be available in UAB Antler Group against which the Group can use the bene\ufb01ts therefrom.
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nGross amount
Tax effect
Gross amount
Tax effect
\nTax losses
(26,229)
3,934
(26,229)
3,934
\n(26,229)
3,934
(26,229)
3,934
\nThe aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities
\nhave not been recognised is \u20ac7,270 thousand (\u20ac6,109 thousand in 2022). No deferred tax liability has been recognised as the
\nCompany is able to control the timing of distributions from these subsidiaries and is not expected to distribute these pro\ufb01ts in
\nthe foreseeable future.
\n(e) Tax losses carried forward
\nTax losses carried forward for which no deferred tax asset has been recognised were incurred by the Company\u2019s indirect
\nsubsidiary UAB Antler Group prior to being eligible for transfer to other Group companies.
\nAccording to Lithuanian legislation, deductible tax losses carried forward can be used to reduce the taxable income earned
\nduring the reporting year by maximum 70% of respective legal entity with no Group relief bene\ufb01t. Tax losses can be carried
\nforward for an inde\ufb01nite period, except for the losses incurred as a result of disposal of securities and/or derivative \ufb01nancial
\ninstruments. Such carrying forward is disrupted if the Group and the Company stops its activities due to which these losses
\nwere incurred except when the Group and the Company does not continue its activities due to reasons which do not depend on
\nthe Company itself. The losses from disposal of securities and/or derivative \ufb01nancial instruments can be carried forward for 5
\nconsecutive years and can only be used to reduce the taxable income earned from transactions of the same nature.
\nTax losses carried forward by expiration:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDo not expire
(26,229)
(26,229)
\nTotal
(26,229)
(26,229)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15371": {
"value": "12. Earnings per share 2023
2022 Restated
\n1
\nWeighted average number of shares outstanding
496,082,891
488,467,552
\nDilution effect on the weighted average number of shares
279,681
-
\nDiluted weighted average number of shares outstanding
496,362,572
488,467,552
\nPro\ufb01t / (loss) attributable to owners of the Company (\u20ac thousands)
23,215
1,092
\nBasic earnings per share (\u20ac cents)
4.68
0.22
\nDiluted earnings per share (\u20ac cents)
4.68
0.22
\nBasic earnings per share (EPS) amounts are calculated by dividing net pro\ufb01t for the year attributable to ordinary equity holders
\nof the parent by the weighted average number of ordinary shares outstanding during the year. The weighted average number of
\nshares for the comparative period has been stated as if the Group share for share exchange (see note 17) has occurred at the
\nbeginning of the comparative period.
\nIn calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of
\nall potentially dilutive shares. The Group\u2019s potentially dilutive instruments are in respect of share-based incentives granted
\nto employees. Options under the Performance Share Plan (note 25) are contingently issuable shares and are therefore only
\nincluded within the calculation of diluted EPS if the performance conditions are satis\ufb01ed.
\nThe average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of share-based incentives was
\nbased on quoted market prices during the period which the share-based incentives were outstanding.
\n1
\nSee note 3 for further details.
\n\n
\n
\n
\nThe reconciliation of the weighted average number of shares is provided below:
\n2023
2022
\nNumber of shares
Number of shares
\nIssued ordinary shares at 1 May less ordinary shares held by EBT
498,292,405
435,265,078
\nWeighted effect of issued ordinary shares
-
53,415,350
\nWeighted effect of ordinary shares purchased by EBT
(1,114,685)
(212,877)
\nWeighted effect of own shares purchased for cancellation
(1,094,829)
-
\nWeighted average number of ordinary shares at 30 April
496,082,891
488,467,552",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15449": {
"value": "13. Intangible assets and goodwill Goodwill
\n(\u20ac thousands)
\nTrademarks
\nand domains
\n(\u20ac thousands)
\nRelationship
\nwith clients
\n(\u20ac thousands)
\nOther
\nintangible
\nassets
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nCost
\nBalance at 1 May 2021
328,732
63,220
50,710
1,347
444,009
\nDisposals
-
-
-
(23)
(23)
\nBalance at 30 April 2022
328,732
63,220
50,710
1,324
443,986
\nBalance at 1 May 2022
328,732
63,220
50,710
1,324
443,986
\nAcquisitions
1,229
120
250
-
1,599
\nDisposals
-
-
-
(33)
(33)
\nBalance at 30 April 2023
329,961
63,340
50,960
1,291
445,552
\nAccumulated amortisation and impairment losses
\nBalance at 1 May 2021
-
10,693
16,132
275
27,100
\nAmortisation
-
6,323
9,824
273
16,420
\nDisposals
(23)
(23)
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nAmortisation
-
6,332
9,866
257
16,455
\nDisposals
-
(33)
(33)
\nBalance at 30 April 2023
-
23,348
35,822
749
59,919
\nCarrying amounts
\nBalance at 30 April 2021
328,732
52,527
34,578
1,072
416,909
\nBalance at 30 April 2022
328,732
46,204
24,754
799
400,489
\nBalance at 30 April 2023
329,961
39,992
15,138
542
385,633
\nImpairment testing for cash generating units containing goodwill
\nThe following carrying amounts of goodwill are allocated to each cash-generating unit within the Group:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDiginet LTU UAB
228,515
228,515
\nAllePal OU
82,297
82,027
\nKinnisvaraportaal OU
13,976
13,976
\nCity24 SIA
3,998
3,039
\nVIN Solutions OU
1,175
1,175
\n329,961
328,732
\n\n
\n
\n
\nThe smallest groups of assets that generate cash in\ufb02ows from continuing use are legal entities based in Lithuania, Estonia and
\nLatvia. The recoverable amounts of each cash generating unit as at 30 April 2023 and 2022 were determined based on the value
\nin use calculations that use cash \ufb02ow projections based on the \ufb01ve-year \ufb01nancial forecasts. The \ufb01rst year in the forecasts is the
\no\ufb03cial budget approved by the Board, with the remaining years forecast prepared by management. The post-tax discount rates
\napplied to the post-tax cash\ufb02ows are derived from the post-tax weighted cost of capital. The discount rate takes into account
\nthe risk-free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group. The assumptions
\nused in the calculation of the Group\u2019s weighted average cost of capital are benchmarked to externally available data. Terminal
\nvalue growth rate was set for each CGU with reference to the long-term growth rate for the market and territory in which the
\nCGU operates. Budgeted revenues and expenses were estimated based on past performance and management\u2019s expectation of
\ngrowth from pricing, volume and product development. Due, in part, to rapid technological changes, evolving industry standards
\nand changing needs and preferences of listers and consumers, the Group\u2019s competitive landscape is changing rapidly. It is,
\ntherefore, di\ufb03cult for the Group to accurately assess or predict the Group\u2019s future competitors and the competitive threats the
\nGroup may be facing.
\nThe key assumptions used for the value in use calculations are as follows:
\n2023
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
12%
13%
13%
14%
13%
\nTerminal value growth rate
2.5%
2.5%
2.5%
2.5%
2.5%
\n2022
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
9%
9%
9%
10%
9%
\nTerminal value growth rate
2.0%
2.0%
2.0%
2.0%
2.0%
\nThe value in use forecasts assume growth in revenue in the initial \ufb01ve-year period. Key drivers to future growth rates are
\ndependent on the Group\u2019s ability to maintain and grow income streams. The level of headroom may change if different growth
\nrate assumptions or a different pre-tax rates were used in the cash\ufb02ow projections. Therefore, revenue growth and discount
\nrate are considered to be key assumptions. The discount rate has increased compared to last year re\ufb02ecting an increase in the
\nrisk-free rate of return and market risk premium.
\nHaving completed the impairment review for the year ended 30 April 2023, no impairment has been recognised in relation to any
\nof the CGU\u2019s (for the period ended 30 April 2022: no impairment).
\nSensitivity in changes to key assumptions
\nManagement has considered reasonably possible although not currently expected changes in three key assumptions being
\nrevenue growth, pre-tax discount rate and terminal growth. There are no changes to the key assumptions that are considered
\nby the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to any of the CGU\u2019s, except for
\nVin Solutions O\u00dc CGU.
\nVin Solutions O\u00dc CGU
\nThe estimated Vin Solutions O\u00dc CGU recoverable amount exceeds the CGU\u2019s carrying amount by \u20ac313 thousand. Vin Solutions
\nrevenue is forecasted to grow 65% in the initial \ufb01ve-year period as a result of a project together with Autoplius whereby car
\nhistory reports service will be sold to customers in Lithuania. If the forecasted revenue growth in the initial \ufb01ve-year period
\nused in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 15pp lower than management\u2019s estimate (50% instead
\nof 65%), the group would have had to recognise an impairment against the carrying amount goodwill of \u20ac379 thousand. If the
\nrevenue growth in the initial \ufb01ve-year period was 6pp lower than management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the pre-tax discount rate used in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 3pp higher than management\u2019s
\nestimate (13% instead of 10%), the group would have had to recognise an impairment against the carrying amount goodwill of
\n\u20ac149 thousand. If the pre-tax discount rate was 2pp higher than the management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the forecasted revenue growth in the initial \ufb01ve-year period used in the value-in-use calculation for Vin Solutions O\u00dc CGU had
\nbeen 10pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimate, the group would have had to recognise
\nan impairment against the carrying amount goodwill of \u20ac310 thousand. If the revenue growth in the initial \ufb01ve-year period was
\n3pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimates, VIN Solutions O\u00dc CGU recoverable amount
\nwould equal its carrying amount.
\nThere are no changes to the terminal growth rate that are considered to be reasonably possible, that would give rise to an
\nimpairment of VIN Solutions O\u00dc CGU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15450": {
"value": "13. Intangible assets and goodwill Goodwill
\n(\u20ac thousands)
\nTrademarks
\nand domains
\n(\u20ac thousands)
\nRelationship
\nwith clients
\n(\u20ac thousands)
\nOther
\nintangible
\nassets
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nCost
\nBalance at 1 May 2021
328,732
63,220
50,710
1,347
444,009
\nDisposals
-
-
-
(23)
(23)
\nBalance at 30 April 2022
328,732
63,220
50,710
1,324
443,986
\nBalance at 1 May 2022
328,732
63,220
50,710
1,324
443,986
\nAcquisitions
1,229
120
250
-
1,599
\nDisposals
-
-
-
(33)
(33)
\nBalance at 30 April 2023
329,961
63,340
50,960
1,291
445,552
\nAccumulated amortisation and impairment losses
\nBalance at 1 May 2021
-
10,693
16,132
275
27,100
\nAmortisation
-
6,323
9,824
273
16,420
\nDisposals
(23)
(23)
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nAmortisation
-
6,332
9,866
257
16,455
\nDisposals
-
(33)
(33)
\nBalance at 30 April 2023
-
23,348
35,822
749
59,919
\nCarrying amounts
\nBalance at 30 April 2021
328,732
52,527
34,578
1,072
416,909
\nBalance at 30 April 2022
328,732
46,204
24,754
799
400,489
\nBalance at 30 April 2023
329,961
39,992
15,138
542
385,633
\nImpairment testing for cash generating units containing goodwill
\nThe following carrying amounts of goodwill are allocated to each cash-generating unit within the Group:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDiginet LTU UAB
228,515
228,515
\nAllePal OU
82,297
82,027
\nKinnisvaraportaal OU
13,976
13,976
\nCity24 SIA
3,998
3,039
\nVIN Solutions OU
1,175
1,175
\n329,961
328,732
\n\n
\n
\n
\nThe smallest groups of assets that generate cash in\ufb02ows from continuing use are legal entities based in Lithuania, Estonia and
\nLatvia. The recoverable amounts of each cash generating unit as at 30 April 2023 and 2022 were determined based on the value
\nin use calculations that use cash \ufb02ow projections based on the \ufb01ve-year \ufb01nancial forecasts. The \ufb01rst year in the forecasts is the
\no\ufb03cial budget approved by the Board, with the remaining years forecast prepared by management. The post-tax discount rates
\napplied to the post-tax cash\ufb02ows are derived from the post-tax weighted cost of capital. The discount rate takes into account
\nthe risk-free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group. The assumptions
\nused in the calculation of the Group\u2019s weighted average cost of capital are benchmarked to externally available data. Terminal
\nvalue growth rate was set for each CGU with reference to the long-term growth rate for the market and territory in which the
\nCGU operates. Budgeted revenues and expenses were estimated based on past performance and management\u2019s expectation of
\ngrowth from pricing, volume and product development. Due, in part, to rapid technological changes, evolving industry standards
\nand changing needs and preferences of listers and consumers, the Group\u2019s competitive landscape is changing rapidly. It is,
\ntherefore, di\ufb03cult for the Group to accurately assess or predict the Group\u2019s future competitors and the competitive threats the
\nGroup may be facing.
\nThe key assumptions used for the value in use calculations are as follows:
\n2023
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
12%
13%
13%
14%
13%
\nTerminal value growth rate
2.5%
2.5%
2.5%
2.5%
2.5%
\n2022
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
9%
9%
9%
10%
9%
\nTerminal value growth rate
2.0%
2.0%
2.0%
2.0%
2.0%
\nThe value in use forecasts assume growth in revenue in the initial \ufb01ve-year period. Key drivers to future growth rates are
\ndependent on the Group\u2019s ability to maintain and grow income streams. The level of headroom may change if different growth
\nrate assumptions or a different pre-tax rates were used in the cash\ufb02ow projections. Therefore, revenue growth and discount
\nrate are considered to be key assumptions. The discount rate has increased compared to last year re\ufb02ecting an increase in the
\nrisk-free rate of return and market risk premium.
\nHaving completed the impairment review for the year ended 30 April 2023, no impairment has been recognised in relation to any
\nof the CGU\u2019s (for the period ended 30 April 2022: no impairment).
\nSensitivity in changes to key assumptions
\nManagement has considered reasonably possible although not currently expected changes in three key assumptions being
\nrevenue growth, pre-tax discount rate and terminal growth. There are no changes to the key assumptions that are considered
\nby the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to any of the CGU\u2019s, except for
\nVin Solutions O\u00dc CGU.
\nVin Solutions O\u00dc CGU
\nThe estimated Vin Solutions O\u00dc CGU recoverable amount exceeds the CGU\u2019s carrying amount by \u20ac313 thousand. Vin Solutions
\nrevenue is forecasted to grow 65% in the initial \ufb01ve-year period as a result of a project together with Autoplius whereby car
\nhistory reports service will be sold to customers in Lithuania. If the forecasted revenue growth in the initial \ufb01ve-year period
\nused in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 15pp lower than management\u2019s estimate (50% instead
\nof 65%), the group would have had to recognise an impairment against the carrying amount goodwill of \u20ac379 thousand. If the
\nrevenue growth in the initial \ufb01ve-year period was 6pp lower than management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the pre-tax discount rate used in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 3pp higher than management\u2019s
\nestimate (13% instead of 10%), the group would have had to recognise an impairment against the carrying amount goodwill of
\n\u20ac149 thousand. If the pre-tax discount rate was 2pp higher than the management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the forecasted revenue growth in the initial \ufb01ve-year period used in the value-in-use calculation for Vin Solutions O\u00dc CGU had
\nbeen 10pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimate, the group would have had to recognise
\nan impairment against the carrying amount goodwill of \u20ac310 thousand. If the revenue growth in the initial \ufb01ve-year period was
\n3pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimates, VIN Solutions O\u00dc CGU recoverable amount
\nwould equal its carrying amount.
\nThere are no changes to the terminal growth rate that are considered to be reasonably possible, that would give rise to an
\nimpairment of VIN Solutions O\u00dc CGU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15451": {
"value": "13. Intangible assets and goodwill Goodwill
\n(\u20ac thousands)
\nTrademarks
\nand domains
\n(\u20ac thousands)
\nRelationship
\nwith clients
\n(\u20ac thousands)
\nOther
\nintangible
\nassets
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nCost
\nBalance at 1 May 2021
328,732
63,220
50,710
1,347
444,009
\nDisposals
-
-
-
(23)
(23)
\nBalance at 30 April 2022
328,732
63,220
50,710
1,324
443,986
\nBalance at 1 May 2022
328,732
63,220
50,710
1,324
443,986
\nAcquisitions
1,229
120
250
-
1,599
\nDisposals
-
-
-
(33)
(33)
\nBalance at 30 April 2023
329,961
63,340
50,960
1,291
445,552
\nAccumulated amortisation and impairment losses
\nBalance at 1 May 2021
-
10,693
16,132
275
27,100
\nAmortisation
-
6,323
9,824
273
16,420
\nDisposals
(23)
(23)
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nBalance at 30 April 2022
-
17,016
25,956
525
43,497
\nAmortisation
-
6,332
9,866
257
16,455
\nDisposals
-
(33)
(33)
\nBalance at 30 April 2023
-
23,348
35,822
749
59,919
\nCarrying amounts
\nBalance at 30 April 2021
328,732
52,527
34,578
1,072
416,909
\nBalance at 30 April 2022
328,732
46,204
24,754
799
400,489
\nBalance at 30 April 2023
329,961
39,992
15,138
542
385,633
\nImpairment testing for cash generating units containing goodwill
\nThe following carrying amounts of goodwill are allocated to each cash-generating unit within the Group:
\n2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nDiginet LTU UAB
228,515
228,515
\nAllePal OU
82,297
82,027
\nKinnisvaraportaal OU
13,976
13,976
\nCity24 SIA
3,998
3,039
\nVIN Solutions OU
1,175
1,175
\n329,961
328,732
\n\n
\n
\n
\nThe smallest groups of assets that generate cash in\ufb02ows from continuing use are legal entities based in Lithuania, Estonia and
\nLatvia. The recoverable amounts of each cash generating unit as at 30 April 2023 and 2022 were determined based on the value
\nin use calculations that use cash \ufb02ow projections based on the \ufb01ve-year \ufb01nancial forecasts. The \ufb01rst year in the forecasts is the
\no\ufb03cial budget approved by the Board, with the remaining years forecast prepared by management. The post-tax discount rates
\napplied to the post-tax cash\ufb02ows are derived from the post-tax weighted cost of capital. The discount rate takes into account
\nthe risk-free rate of return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group. The assumptions
\nused in the calculation of the Group\u2019s weighted average cost of capital are benchmarked to externally available data. Terminal
\nvalue growth rate was set for each CGU with reference to the long-term growth rate for the market and territory in which the
\nCGU operates. Budgeted revenues and expenses were estimated based on past performance and management\u2019s expectation of
\ngrowth from pricing, volume and product development. Due, in part, to rapid technological changes, evolving industry standards
\nand changing needs and preferences of listers and consumers, the Group\u2019s competitive landscape is changing rapidly. It is,
\ntherefore, di\ufb03cult for the Group to accurately assess or predict the Group\u2019s future competitors and the competitive threats the
\nGroup may be facing.
\nThe key assumptions used for the value in use calculations are as follows:
\n2023
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
12%
13%
13%
14%
13%
\nTerminal value growth rate
2.5%
2.5%
2.5%
2.5%
2.5%
\n2022
\nIn percent
\nDiginet LTU
\nUAB
\nAllePal O\u00dc
\nKinnisvara-
\nportaal O\u00dc
\nCity24 SIA
\nVIN
\nSolutionsO\u00dc
\nDiscount rate (pre-tax)
9%
9%
9%
10%
9%
\nTerminal value growth rate
2.0%
2.0%
2.0%
2.0%
2.0%
\nThe value in use forecasts assume growth in revenue in the initial \ufb01ve-year period. Key drivers to future growth rates are
\ndependent on the Group\u2019s ability to maintain and grow income streams. The level of headroom may change if different growth
\nrate assumptions or a different pre-tax rates were used in the cash\ufb02ow projections. Therefore, revenue growth and discount
\nrate are considered to be key assumptions. The discount rate has increased compared to last year re\ufb02ecting an increase in the
\nrisk-free rate of return and market risk premium.
\nHaving completed the impairment review for the year ended 30 April 2023, no impairment has been recognised in relation to any
\nof the CGU\u2019s (for the period ended 30 April 2022: no impairment).
\nSensitivity in changes to key assumptions
\nManagement has considered reasonably possible although not currently expected changes in three key assumptions being
\nrevenue growth, pre-tax discount rate and terminal growth. There are no changes to the key assumptions that are considered
\nby the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to any of the CGU\u2019s, except for
\nVin Solutions O\u00dc CGU.
\nVin Solutions O\u00dc CGU
\nThe estimated Vin Solutions O\u00dc CGU recoverable amount exceeds the CGU\u2019s carrying amount by \u20ac313 thousand. Vin Solutions
\nrevenue is forecasted to grow 65% in the initial \ufb01ve-year period as a result of a project together with Autoplius whereby car
\nhistory reports service will be sold to customers in Lithuania. If the forecasted revenue growth in the initial \ufb01ve-year period
\nused in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 15pp lower than management\u2019s estimate (50% instead
\nof 65%), the group would have had to recognise an impairment against the carrying amount goodwill of \u20ac379 thousand. If the
\nrevenue growth in the initial \ufb01ve-year period was 6pp lower than management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the pre-tax discount rate used in the value-in-use calculation for Vin Solutions O\u00dc CGU had been 3pp higher than management\u2019s
\nestimate (13% instead of 10%), the group would have had to recognise an impairment against the carrying amount goodwill of
\n\u20ac149 thousand. If the pre-tax discount rate was 2pp higher than the management\u2019s estimate, VIN Solutions O\u00dc CGU recoverable
\namount would equal its carrying amount.
\nIf the forecasted revenue growth in the initial \ufb01ve-year period used in the value-in-use calculation for Vin Solutions O\u00dc CGU had
\nbeen 10pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimate, the group would have had to recognise
\nan impairment against the carrying amount goodwill of \u20ac310 thousand. If the revenue growth in the initial \ufb01ve-year period was
\n3pp lower and pre-tax discount rate was 1pp higher than management\u2019s estimates, VIN Solutions O\u00dc CGU recoverable amount
\nwould equal its carrying amount.
\nThere are no changes to the terminal growth rate that are considered to be reasonably possible, that would give rise to an
\nimpairment of VIN Solutions O\u00dc CGU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15733": {
"value": "14. Right-of-use assets Buildings
\n(\u20ac thousands)
\nVehicles
\n(\u20ac thousands)
\nOther
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nCost
\nBalance at 30 April 2021
996
255
29
1,280
\nAcquisitions
-
22
15
37
\nDisposals
-
(89)
-
(89)
\nRe-assessment
30
-
-
30
\nBalance as at 30 April 2022
1,026
188
44
1,258
\nAcquisitions
56
-
-
56
\nDisposals
(159)
-
-
(159)
\nRe-assessment
731
1
-
732
\nBalance as at 30 April 2023
1,654
189
44
1,887
\nAccumulated depreciation and impairment losses
\nBalance at 30 April 2021
420
85
14
519
\nDepreciation
256
43
9
308
\nDisposals
-
(26)
-
(26)
\nBalance as at 30 April 2022
676
102
23
801
\nDepreciation
260
37
14
311
\nDisposals
(109)
-
-
(109)
\nBalance as at 30 April 2023
827
139
37
1,003
\nCarrying amounts
\nBalance at 30 April 2021
576
170
15
761
\nBalance at 30 April 2022
350
86
21
457
\nBalance at 30 April 2023
827
50
7
884
\nCertain lease rentals include extension options. In 2023, the Group extended the term of the existing lease of Vilnius o\ufb03ce space
\nwhich resulted in a lease-reassessment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15845": {
"value": "15. Trade and other receivables 2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade receivables
3,322
3,002
\nExpected credit loss on trade receivables
(45)
(71)
\nOther short-term receivables
70
39
\nTotal
3,347
2,970
\nTrade and other receivables are non-interest bearing. The Group has recognized impairment losses in the amount of \u20ac45
\nthousand as at 30 April 2023 (\u20ac71 thousand as at 30 April 2022). Change in impairment losses for trade receivables, netted with
\nrecoveries, for \ufb01nancial year amounted to \u20ac79 thousand as at 30 April 2023 and \u20ac59 thousand as at 30 April 2022. As at 30 April
\n2023 and 30 April 2022, there are no pledges on trade receivables.
\nReconciliation of changes in impairment allowance for trade receivables:
\n(\u20ac thousands)
\nBalance at 30 April 2021
(84)
\nRecoveries
77
\nWrite offs
72
\nChanges in allowance and allowance recognised for new \ufb01nancial assets originated
(136)
\nBalance as at 30 April 2022
(71)
\nRecoveries
70
\nWrite offs
105
\nChanges in allowance and allowance recognised for new \ufb01nancial assets originated
(149)
\nBalance as at 30 April 2023
(45)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15904": {
"value": "16. Cash and cash equivalents The balance of the Group\u2019s cash and cash equivalents as at 30 April 2023 and 30 April 2022 comprises of cash in banks. The
\ncredit rating of banks the Group holds its cash and cash equivalents varies from A1 to Baa3 as per Moody\u2019s ratings.
\nAs at 30 April 2023 and 30 April 2022, there are no restrictions on cash in Group\u2019s bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15911": {
"value": "17. Equity Number
\nof shares
\nShare capital
\namount
\n(\u20ac thousands)
\nShare premium
\namount
\n(\u20ac thousands)
\nBalance as at 1 May 2021
435,265,079
506,509
-
\nGroup restructure:
\n\u2022
Redeemable preference share redeemed
-
(57)
-
\n\u2022
Share issue for IPO
64,734,921
75,322
48,959
\n\u2022
Share issue related transaction costs
-
-
(5,816)
\nNominal value of ordinary shares reduced and share premium
\ncancelled to create distributable reserves
\n-
(575,956)
(43,143)
\nShares issued to satisfy IPO related free share awards (note 25)
392,405
4
-
\nBalance as at 30 April 2022
500,392,405
5,822
-
\nPurchase and cancellation of own shares
(3,429,240)
(39)
-
\nBalance as at 30 April 2023
496 963 165
5,783
-
\nOn 5 July 2021 BCG was inserted into the Group\u2019s holding structure via a share for share exchange with the shareholders of a
\nprevious top holding entity, ANTLER TopCo S.a.r.l:
\n1) BCG issued 38,740,076 ordinary shares at \u00a31 (\u20ac1.16) each in the share for share exchange to acquire ANTLER Management
\nS.A. that was a minority shareholder of ANTLER TopCo S.a.r.l.
\n2) BCG issued 396,525,002 ordinary shares at \u00a31 (\u20ac1.16) each in the share for share exchange to acquire the rest of ANTLER
\nTopCo S.a.r.l.
\n3) 1 redeemable preference share with a value of \u00a349,999 (\u20ac57,487) per share was redeemed.
\nOn 5 July 2021 BCG issued 64,734,921 ordinary shares with a value of \u00a31 (\u20ac1.16) each that were listed at \u00a31.65 (\u20ac1.92) on the
\nLondon Stock Exchange.
\nShare issue related expenses amounting to \u20ac5,816 thousand were set against the share premium that arose during the listing,
\nout of which \u20ac2,942 thousand relate to the underwriting fee that reduced the cash received from the IPO proceeds.
\nOn 23 September 2021 BCG undertook a Court approved capital reduction to create distributable reserves. The entire amount
\nstanding to the credit of BCG share premium account was cancelled and the nominal value of each ordinary share in issue in the
\ncapital of BCG was reduced from \u00a31 (\u20ac1.15) to \u00a30.01 (\u20ac0.01). This created a total of \u20ac619,100 thousand in distributable reserves.
\nOn 19 October 2021 BCG issued 392 405 shares with a value of \u00a30.01 (\u20ac0.01) each to be gifted, on an unrestricted basis, to all
\nemployees other than the Executive Directors and the rest of the Senior Management team.
\nShare capital and share premium in the comparative periods have been stated as if the Group share for share exchange has
\noccurred at the beginning of the comparative periods. For this reason, a capital reorganisation reserve has been created which
\ncomprises a difference between the recalculated share capital amount and the total of share capital and share premium of
\nANTLER TopCo S.a.r.l.
\nIncluded within shares in issue at 30 April 2023 are 3,600,000 (2,100,000 in at 30 April 2022) shares held by the Employee Bene\ufb01t
\nTrust (\u201cEBT\u201d) (note 18).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f15986": {
"value": "18. Own shares held Shares held by EBT
\nAmount
(\u20ac thousands)
Number
\nBalance as at 1 May 2021
-
-
\nPurchase of shares for performance share plan
\n1
\n3,418
2,100,000
\nBalance as at 30 April 2022
3,418
2,100,000
\nPurchase of shares for performance share plan
\n1
\n2,834
1,500,000
\nBalance as at 30 April 2023
6,252
3,600,000
\n1
\nShares were purchased on 29 July 2022 at a price of \u00a31.54 (\u20ac1.84) per share and on 2 August 2022 at a price of \u00a31.62 (\u20ac1.93) per share. Stamp duty reserve tax and
\ncommissions amounting to \u20ac12 thousand were capitalised in the year (\u20ac16 thousand in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16031": {
"value": "19. Dividends 2023
2022
\n\u20ac cents per share
\u20ac thousands
\u20ac cents per share
\u20ac thousands
\n2022 \ufb01nal dividend paid
1.4
6,955
-
-
\n2023 interim dividend paid
0.8
3,963
-
-
\nTotal
2.2
10,918
-
-
\nThe proposed \ufb01nal dividend for the year ended 30 April 2023 of 1.7 \u20ac cents per share is subject to approval by Company
\nshareholders at the Annual General Meeting (\u2018AGM\u2019) and hence has not been included as a liability in the \ufb01nancial statements.
\nThe 2023 \ufb01nal dividend will be paid on 13 October 2023 to shareholders on the register at the close of business on 8 September
\n2023 and the payment will comprise approximately \u20ac8,400 thousand of cash.
\nThe Directors intend to return one third of Adjusted net income (as de\ufb01ned and reconciled in note 5) each year via an interim and
\n\ufb01nal dividend, split one third and two thirds, respectively. Adjusted net income (as reconciled in note 5) for 2023 was \u20ac37,979
\nthousand (\u20ac31,198 in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16063": {
"value": "20. Loans and borrowings Non-current liabilities
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nBank loan
68,716
82,311
\nLease liabilities
515
167
\n69,231
82,478
\nCurrent liabilities
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nBank loan
180
121
\nLease liabilities
282
202
\n462
323
\nBank loan:
\nPeriod end
Maturity
Loan currency
Effective interest rate
Amount
(\u20ac thousands)
\nBank Loan
30 April 2023
2026 July
\u20ac
2.91%
68,896
\nBank Loan
30 April 2022
2026 July
\u20ac
4.04%
\n1
\n82,432
\nIn July 2021 the Group drew down a new loan consisting of Facility B (\u20ac98,000 thousand) and agreed on a new revolving credit
\nfacility of \u20ac10,000 thousand. The previous loan was fully repaid in July 2021. Due to early repayment the Group paid an early
\nrepayment fee that amounted to \u20ac1,618 thousand (included within other \ufb01nancial expenses for the year ended 30 April 2022).
\nThe Group also wrote-off a capitalised upfront fee that amounted to \u20ac5,075 thousand (included within interest expenses for the
\nyear ended 30 April 2022).
\nAs at 30 April 2023 the loan comprised of Facility B (outstanding balance: \u20ac70,000 thousand as \u20ac14,000 thousand was repaid
\nduring the \ufb01nancial year), the undrawn revolving credit facility amounted to \u20ac10,000 thousand. As at 30 April 2022 the loan
\ncomprised of Facility B (outstanding balance: \u20ac84,000 thousand), the undrawn revolving credit facility amounted to \u20ac10,000
\nthousand.
\nCapitalised debt issue costs amounted to \u20ac1,284 thousand and \u20ac1,689 thousand for the year ended 30 April 2023 and 30 April
\n2022 respectively. Interest payable amounted to \u20ac180 thousand and \u20ac121 thousand for the year ended 30 April 2023 and 30
\nApril 2022 respectively.
\nThe loan agreement prescribes a Total Leverage Ratio covenant. Total Leverage Ratio is calculated as Net Debt over last twelve
\nmonths (LTM) of Adjusted EBITDA and shall not exceed 5.50:1. As at 30 April 2023 and 30 April 2022, the Group complied with
\nthe covenant prescribed in the loan agreement.
\nAs per the same agreement, the interest margin for each facility is tied to the Total Leverage Ratio at each interest calculation
\ndate on a semi-annual basis:
\n1
\nEffective interest rate for the year ended 30 April 2022 includes 2 months\u2019 worth of interest on a pre-IPO higher margin loan that was repaid in July 2021. Since IPO the
\ninterest rate margin has reduced to 2.0% due to lower leverage and even further reduced to 1.75% after publishing the \ufb01rst set of annual \ufb01nancial statements, however the
\npositive impact of the reduction was partly offset by the increase in EURIBOR.
\n
\n\n\n
\n
\nTotal Leverage Ratio
Facility B Margin
(% p.a.)
Revolving Facility Margin (% p.a.)
\nGreater than 4.50:1
3.50
3.50
\nEqual to or less than 4.50:1 but greater than 4.00:1
3.00
3.00
\nEqual to or less than 4.00:1 but greater than 3.50:1
2.75
2.75
\nEqual to or less than 3.50:1 but greater than 3.00:1
2.50
2.50
\nEqual to or less than 3.00:1 but greater than 2.75:1
2.25
2.25
\nEqual to or less than 2.75:1 but greater than 2.50:1
2.00
2.00
\nEqual to or less than 2.50:1
1.75
1.75
\nThe following pledges and securities were granted as of 30 April 2023 and 30 April 2022: group companies shares. The carrying
\namount of pledged assets is as follows:
\nPledged assets
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nGroup companies shares
\n1
\n332,227
332,227
\n332,227
332,227
\nReconciliation of movements of liabilities to cash\ufb02ows arising from \ufb01nancing
\nactivities
\nBorrowings
\n(\u20ac thousands)
\nLease liabilities
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nBalance as at 1 May 2021
212,463
663
213,126
\nChanges from \ufb01nancing cash flows
\n\u2022
Proceeds from loans and borrowings
96,650
-
96,650
\n\u2022
Repayment of borrowings
(228,295)
-
(228,295)
\n\u2022
Payment of lease liabilities
-
(305)
(305)
\nTotal changes from \ufb01nancing cash \ufb02ows
(131,645)
(305)
(131,950)
\nOther liability related changes
\n\u2022
New leases
-
67
67
\n\u2022
Lease disposal
-
(56)
(56)
\n\u2022
Capitalised borrowing costs
(676)
-
(676)
\n\u2022
Capitalised borrowing costs write off
5,075
-
5,075
\n\u2022
Interest expenses
4,351
17
4,368
\n\u2022
Interest paid
(7,136)
(17)
(7,153)
\nTotal other liability related changes
1,614
11
1,625
\nBalance as at 30 April 2022
82,432
369
82,801
\nBalance as at 1 May 2022
82,432
369
82,801
\nChanges from \ufb01nancing cash flows
\n\u2022
Repayment of borrowings
(14,000)
-
(14,000)
\n\u2022
Payment of lease liabilities
-
(247)
(247)
\nTotal changes from \ufb01nancing cash \ufb02ows
(14,000)
(247)
(14,247)
\nOther liability related changes
\n\u2022
New leases and lease reassessments
-
721
721
\n\u2022
Lease disposal
-
(46)
(46)
\n\u2022
Interest expenses
2,602
15
2,617
\n\u2022
Interest paid
(2,138)
(15)
(2,153)
\nTotal other liability related changes
464
675
1,139
\nBalance as at 30 April 2023
68,896
797
69,693
\n1
\nAs de\ufb01ned in the loan agreement, the pledged assets include the shares held by Group companies (see the full list of subsidiaries in note 28):
\n\u2022
the shares of UAB Antler Group that are held by BCG HoldCo Limited;
\n\u2022
the shares of Baltics Classi\ufb01eds Group O\u00dc and UAB Diginet LTU that are held by UAB Antler Group;
\n\u2022
the shares of AllePal O\u00dc that are held by Baltics Classi\ufb01eds Group O\u00dc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16194": {
"value": "Reconciliation of movements of liabilities to cash\ufb02ows arising from \ufb01nancing activities
\nBorrowings
\n(\u20ac thousands)
\nLease liabilities
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nBalance as at 1 May 2021
212,463
663
213,126
\nChanges from \ufb01nancing cash flows
\n\u2022
Proceeds from loans and borrowings
96,650
-
96,650
\n\u2022
Repayment of borrowings
(228,295)
-
(228,295)
\n\u2022
Payment of lease liabilities
-
(305)
(305)
\nTotal changes from \ufb01nancing cash \ufb02ows
(131,645)
(305)
(131,950)
\nOther liability related changes
\n\u2022
New leases
-
67
67
\n\u2022
Lease disposal
-
(56)
(56)
\n\u2022
Capitalised borrowing costs
(676)
-
(676)
\n\u2022
Capitalised borrowing costs write off
5,075
-
5,075
\n\u2022
Interest expenses
4,351
17
4,368
\n\u2022
Interest paid
(7,136)
(17)
(7,153)
\nTotal other liability related changes
1,614
11
1,625
\nBalance as at 30 April 2022
82,432
369
82,801
\nBalance as at 1 May 2022
82,432
369
82,801
\nChanges from \ufb01nancing cash flows
\n\u2022
Repayment of borrowings
(14,000)
-
(14,000)
\n\u2022
Payment of lease liabilities
-
(247)
(247)
\nTotal changes from \ufb01nancing cash \ufb02ows
(14,000)
(247)
(14,247)
\nOther liability related changes
\n\u2022
New leases and lease reassessments
-
721
721
\n\u2022
Lease disposal
-
(46)
(46)
\n\u2022
Interest expenses
2,602
15
2,617
\n\u2022
Interest paid
(2,138)
(15)
(2,153)
\nTotal other liability related changes
464
675
1,139
\nBalance as at 30 April 2023
68,896
797
69,693",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16342": {
"value": "21. Trade and other payables 2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade payables
299
235
\nAccrued expenses
391
344
\nOther tax
1,326
1,578
\nCustomer credit balances
2,363
2,289
\nOther payables
130
12
\n4,509
4,458",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16345": {
"value": "2023 (\u20ac thousands)
2022
(\u20ac thousands)
\nTrade payables
299
235
\nAccrued expenses
391
344
\nOther tax
1,326
1,578
\nCustomer credit balances
2,363
2,289
\nOther payables
130
12
\n4,509
4,458",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16370": {
"value": "22. Financial risk management In its activities, the Group is exposed to various \ufb01nancial risks: market risk (including interest rate risk), credit risk and liquidity
\nrisk. The Directors are responsible for creation and control of overall risk management policy in the Group.
\nRisk management policies are established to identify and analyse the risks faced by the Group, and to set appropriate risk
\nlimits and controls. Risk management policies and systems are reviewed on a regular basis to re\ufb02ect changes in the market
\nconditions and the Group\u2018s activities. The Group, through its training and management standards and procedures, aims to
\ndevelop a disciplined and constructive control environment in which all employees understand their roles and obligations. From
\ntime to time, the Group may use derivative \ufb01nancial instruments in order to hedge against certain risks.
\nThe note below presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and
\nprocesses for measuring and managing the risk, and the Group\u2019s management of capital.
\n(a) Credit risk
\nCredit risk is the risk of Group's \ufb01nancial loss if a customer or counterparty fails to comply with contractual obligations. Credit risk
\nis controlled by applying credit limits depending on the risk pro\ufb01le of the customer and monitoring debt collection procedures.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
\nreporting date was as follows:
\nNote
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade receivables
15
3,277
2,931
\nOther short term receivables
15
70
39
\nCash and cash equivalents
16
27,070
19,914
\n30,417
22,884
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. However, management
\nalso considers the factors that may in\ufb02uence the credit risk of its customer base, including the default risk associated with the
\nindustry and country in which customers operate.
\nCredit risk related to loans receivable is managed by monitoring counterparty\u2019s pro\ufb01tability and their cash \ufb02ow projections.
\nCredit risk related to cash and cash equivalent balances is managed by monitoring credit ratings of the Group\u2019s banks.
\nExpected credit loss assessment for trade receivables
\nThe Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss
\n(including but not limited to external ratings, audited consolidated \ufb01nancial statements, management accounts and cash \ufb02ow
\nprojections and available press information about customers) and applying experienced credit judgement.
\nCredit risk grades are de\ufb01ned using qualitative and quantitative factors that are indicative of the risk of default and are aligned
\nto external credit rating de\ufb01nitions from agencies.
\nAn ECL rate is calculated based on delinquency status and actual credit loss experience over the past three years. These
\nrates are multiplied by scalar factors to re\ufb02ect differences between economic conditions during the period over which the
\nhistorical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of
\nthe receivables.
\nThe trade receivables do not have a signi\ufb01cant \ufb01nancing component. The Group\u2019s credit terms on sales to business customers
\nare 7-60 days from receipt of the invoice by the customer. For sales to private customers, the Group collects payments instantly
\nat the time of the transaction and is not exposed to credit risk.
\n\n
\n
\n
\nThe Group applies the simpli\ufb01ed approach for trade receivables.
\nThe Group has elected to use a provision matrix to calculate lifetime ECLs, which is based on:
\n\u2022
Historical default rates over the expected life of the trade receivables
\n\u2022
Adjustment for forward-looking estimates
\nImpairment allowance \u2013 analysis as at 30 April 2023:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.1%)
2,701
(4)
\n1 \u2013 30 days past due
(0.7%)
313
(2)
\n31 \u2013 60 days past due
(3.0%)
72
(2)
\n61 \u2013 90 days past due
(6.0%)
26
(2)
\n> 90 days past due
(16.8%)
210
(35)
\n(1.4%)
3,322
(45)
\nImpairment allowance \u2013 analysis as at 30 April 2022:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.4%)
2,101
(9)
\n1 \u2013 30 days past due
(0.3%)
378
(1)
\n31 \u2013 60 days past due
(1.1%)
147
(2)
\n61 \u2013 90 days past due
(2.0%)
71
(1)
\n> 90 days past due
(19.2%)
305
(58)
\n(2.4%)
3,002
(71)
\nFor the movement in impairment allowance see note 15.
\n(b) Liquidity risk
\nLiquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the obligations associated with its \ufb01nancial liabilities
\nthat are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as
\npossible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both normal and stressed conditions,
\nwithout incurring unacceptable losses or risking damage to the Group\u2019s reputation.
\nThe Group\u2018s policy is to maintain su\ufb03cient amounts of cash and cash equivalents via operations, borrowings and credit facilities
\nto meet its commitments at a given date. This policy excludes the potential impact of extreme circumstances that cannot be
\nreasonably predicted, such as natural disasters.
\nCash \ufb02ow budgeting is performed by the Group\u2019s management and the Group\u2019s liquidity requirements are monitored to ensure
\nit has su\ufb03cient cash to meet operational needs.
\nThe Group has access to a credit facility with the current lender at a total of \u20ac80,000 thousand. All of the commitment matures
\nin July 2026. At 30 April 2023, \u20ac70,000 thousand was drawn under the credit facilities available. The undrawn revolving credit
\nfacility amounted to \u20ac10,000 thousand. The covenant of this credit facility is discussed in note 20.
\nThe table below summarises the remaining contractual maturities of \ufb01nancial liabilities as at 30 April of 2023, including
\nestimated interest payments:
\nFinancial
\nliabilities
\nCarrying
\namount
\n(\u20ac thousands)
\nContractual
\ncash \ufb02ows
\n(\u20ac thousands)
\nUp to 1 year
\n(\u20ac thousands)
\n1-2 years
\n(\u20ac thousands)
\n2-5 years
\n(\u20ac thousands)
\nMore than
\n5 years
\n(\u20ac thousands)
\nBank loan
68,896
(80,828)
(3,340)
(3,345)
(74,143)
-
\nLease liabilities
797
(895)
(286)
(198)
(411)
-
\nTrade payables
299
(299)
(299)
-
-
-
\nOther payables
2,493
(2,493)
(2,493)
-
-
-
\n72,485
(84,515)
(6,418)
(3,543)
(74,554)
-
\n\n
\n\n
\nThe table below summarises the remaining contractual maturities of the Group\u2019s \ufb01nancial liabilities as at 30 April of 2022,
\nincluding estimated interest payments:
\nFinancial
\nliabilities
\nCarrying
\namount
\n(\u20ac thousands)
\nContractual
\ncash \ufb02ows
\n(\u20ac thousands)
\nUp to 1 year
\n(\u20ac thousands)
\n1-2 years
\n(\u20ac thousands)
\n2-5 years
\n(\u20ac thousands)
\nMore than
\n5 years
\n(\u20ac thousands)
\nBank loan
82,432
(91,501)
(1,764)
(1,769)
(87,968)
-
\nLease liabilities
369
(472)
(273)
(134)
(65)
-
\nTrade payables
235
(235)
(235)
-
-
-
\nOther payables
2,301
(2,301)
(2,301)
-
-
-
\n85,337
(94,509)
(4,573)
(1,903)
(88,033)
-
\n(c) Market risk
\nMarket risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will affect the Group's
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control
\nmarket risk exposures within acceptable parameters, while optimizing the return.
\ni) Currency risk
\nEUR is the functional currency of each legal entity comprising the Group, as well as the Group\u2019s reporting currency. The Group is
\nexposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than EUR.
\nThe Group is not using any \ufb01nancial instruments to hedge against the foreign currency exchange risk.
\nAs at 30 April 2023, the Group has no signi\ufb01cant monetary assets and liabilities denominated in other currencies. As at 30 April
\n2022, the Group had no signi\ufb01cant monetary assets and liabilities denominated in other currencies than EUR except for \u20ac1.7m
\ncash held in GBP.
\nii) Interest rate risk
\nThe Group\u2019s income and operating cash \ufb02ows are substantially independent of changes in market interest rates. The Group has
\nno signi\ufb01cant interest-bearing assets.
\nAt the reporting date, the interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was as follows:
\nCarrying amount
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nInstruments with a variable interest rate
\nBank loan
68,716
82,311
\n68,716
82,311
\nCash \ufb02ow sensitivity analysis for variable rate instruments
\nA reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity
\nand pro\ufb01t or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
\n2023
Impact of \ufb01nancial instruments on pro\ufb01t before tax
\nFinancial instruments by class
\nIncrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
Decrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
\nVariable rate instruments
+100 bp
(700)
-100 bp
700
\n2022
Impact of \ufb01nancial instruments on pro\ufb01t before tax
\nFinancial instruments by class
\nIncrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
Decrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
\nVariable rate instruments
+100 bp
(840)
-100 bp
840
\n\n
\n
\n
\nc) Capital management
\nEquity in combination with net debt is considered to be capital for capital management purposes. The Group\u2019s policy is to
\nmaintain the con\ufb01dence of creditors and the market, to fund business development opportunities in the future and comply with
\nexternal capital requirements.
\nd) Fair value of \ufb01nancial instruments
\nThe Group\u2019s principal \ufb01nancial instruments not carried at fair value are trade and other receivables, trade and other payables,
\nnon-current and current borrowings.
\nThe management of the Group is of the opinion that carrying amount of trade and other receivables, trade and other payables is
\na reasonable approximation of fair value due to their short-term nature.
\nBased on the discounted cash \ufb02ow analysis performed, management considers that the borrowings carrying amount is a
\nreasonable approximation of fair value. The discounted cash \ufb02ow analysis was performed using a market rate of interest and
\nprincipal payments discounted to a present value using interest rate as a discount rate.
\nA number of the Group\u2019s accounting policies and disclosures require determination of fair value, for both \ufb01nancial and non-
\n\ufb01nancial assets and liabilities.
\nFair value hierarchy
\nWhen measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
\nare categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\nprices) or indirectly (i.e. derived from prices).
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe Group recognised transfers between the fair value hierarchy from the end of the reporting period in which the change
\noccurred. Below listed are \ufb01nancial assets and \ufb01nancial liabilities:
\n2023
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
3,347
-
-
-
-
\nCash and cash equivalents
27,070
-
-
-
-
\nLoans and borrowings
(68,896)
-
(68,896)
-
(68,896)
\nTrade and other payables
(4,509)
-
-
-
-
\n(42,988)
-
(68,896)
-
(68,896)
\n2022
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
2,970
-
-
-
-
\nCash and cash equivalents
19,914
-
-
-
-
\nLoans and borrowings
(82,432)
-
(82,432)
-
(82,432)
\nTrade and other payables
(4,458)
-
-
-
-
\n(64,006)
-
(82,432)
-
(82,432)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16382": {
"value": "(a) Credit risk Credit risk is the risk of Group's \ufb01nancial loss if a customer or counterparty fails to comply with contractual obligations. Credit risk
\nis controlled by applying credit limits depending on the risk pro\ufb01le of the customer and monitoring debt collection procedures.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
\nreporting date was as follows:
\nNote
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nTrade receivables
15
3,277
2,931
\nOther short term receivables
15
70
39
\nCash and cash equivalents
16
27,070
19,914
\n30,417
22,884
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. However, management
\nalso considers the factors that may in\ufb02uence the credit risk of its customer base, including the default risk associated with the
\nindustry and country in which customers operate.
\nCredit risk related to loans receivable is managed by monitoring counterparty\u2019s pro\ufb01tability and their cash \ufb02ow projections.
\nCredit risk related to cash and cash equivalent balances is managed by monitoring credit ratings of the Group\u2019s banks.
\nExpected credit loss assessment for trade receivables
\nThe Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss
\n(including but not limited to external ratings, audited consolidated \ufb01nancial statements, management accounts and cash \ufb02ow
\nprojections and available press information about customers) and applying experienced credit judgement.
\nCredit risk grades are de\ufb01ned using qualitative and quantitative factors that are indicative of the risk of default and are aligned
\nto external credit rating de\ufb01nitions from agencies.
\nAn ECL rate is calculated based on delinquency status and actual credit loss experience over the past three years. These
\nrates are multiplied by scalar factors to re\ufb02ect differences between economic conditions during the period over which the
\nhistorical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of
\nthe receivables.
\nThe trade receivables do not have a signi\ufb01cant \ufb01nancing component. The Group\u2019s credit terms on sales to business customers
\nare 7-60 days from receipt of the invoice by the customer. For sales to private customers, the Group collects payments instantly
\nat the time of the transaction and is not exposed to credit risk.
\n\n
\n
\n
\nThe Group applies the simpli\ufb01ed approach for trade receivables.
\nThe Group has elected to use a provision matrix to calculate lifetime ECLs, which is based on:
\n\u2022
Historical default rates over the expected life of the trade receivables
\n\u2022
Adjustment for forward-looking estimates
\nImpairment allowance \u2013 analysis as at 30 April 2023:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.1%)
2,701
(4)
\n1 \u2013 30 days past due
(0.7%)
313
(2)
\n31 \u2013 60 days past due
(3.0%)
72
(2)
\n61 \u2013 90 days past due
(6.0%)
26
(2)
\n> 90 days past due
(16.8%)
210
(35)
\n(1.4%)
3,322
(45)
\nImpairment allowance \u2013 analysis as at 30 April 2022:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.4%)
2,101
(9)
\n1 \u2013 30 days past due
(0.3%)
378
(1)
\n31 \u2013 60 days past due
(1.1%)
147
(2)
\n61 \u2013 90 days past due
(2.0%)
71
(1)
\n> 90 days past due
(19.2%)
305
(58)
\n(2.4%)
3,002
(71)
\nFor the movement in impairment allowance see note 15.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16413": {
"value": "Expected credit loss assessment for trade receivables The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss
\n(including but not limited to external ratings, audited consolidated \ufb01nancial statements, management accounts and cash \ufb02ow
\nprojections and available press information about customers) and applying experienced credit judgement.
\nCredit risk grades are de\ufb01ned using qualitative and quantitative factors that are indicative of the risk of default and are aligned
\nto external credit rating de\ufb01nitions from agencies.
\nAn ECL rate is calculated based on delinquency status and actual credit loss experience over the past three years. These
\nrates are multiplied by scalar factors to re\ufb02ect differences between economic conditions during the period over which the
\nhistorical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of
\nthe receivables.
\nThe trade receivables do not have a signi\ufb01cant \ufb01nancing component. The Group\u2019s credit terms on sales to business customers
\nare 7-60 days from receipt of the invoice by the customer. For sales to private customers, the Group collects payments instantly
\nat the time of the transaction and is not exposed to credit risk.
\n\n
\n
\n
\nThe Group applies the simpli\ufb01ed approach for trade receivables.
\nThe Group has elected to use a provision matrix to calculate lifetime ECLs, which is based on:
\n\u2022
Historical default rates over the expected life of the trade receivables
\n\u2022
Adjustment for forward-looking estimates
\nImpairment allowance \u2013 analysis as at 30 April 2023:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.1%)
2,701
(4)
\n1 \u2013 30 days past due
(0.7%)
313
(2)
\n31 \u2013 60 days past due
(3.0%)
72
(2)
\n61 \u2013 90 days past due
(6.0%)
26
(2)
\n> 90 days past due
(16.8%)
210
(35)
\n(1.4%)
3,322
(45)
\nImpairment allowance \u2013 analysis as at 30 April 2022:
\nECL rate
\nTrade receivables
\n(\u20ac thousands)
\nImpairment allowance
\n(\u20ac thousands)
\nNot past due
(0.4%)
2,101
(9)
\n1 \u2013 30 days past due
(0.3%)
378
(1)
\n31 \u2013 60 days past due
(1.1%)
147
(2)
\n61 \u2013 90 days past due
(2.0%)
71
(1)
\n> 90 days past due
(19.2%)
305
(58)
\n(2.4%)
3,002
(71)
\nFor the movement in impairment allowance see note 15.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16520": {
"value": "(b) Liquidity risk Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the obligations associated with its \ufb01nancial liabilities
\nthat are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as
\npossible, that it will always have su\ufb03cient liquidity to meet its liabilities when due, under both normal and stressed conditions,
\nwithout incurring unacceptable losses or risking damage to the Group\u2019s reputation.
\nThe Group\u2018s policy is to maintain su\ufb03cient amounts of cash and cash equivalents via operations, borrowings and credit facilities
\nto meet its commitments at a given date. This policy excludes the potential impact of extreme circumstances that cannot be
\nreasonably predicted, such as natural disasters.
\nCash \ufb02ow budgeting is performed by the Group\u2019s management and the Group\u2019s liquidity requirements are monitored to ensure
\nit has su\ufb03cient cash to meet operational needs.
\nThe Group has access to a credit facility with the current lender at a total of \u20ac80,000 thousand. All of the commitment matures
\nin July 2026. At 30 April 2023, \u20ac70,000 thousand was drawn under the credit facilities available. The undrawn revolving credit
\nfacility amounted to \u20ac10,000 thousand. The covenant of this credit facility is discussed in note 20.
\nThe table below summarises the remaining contractual maturities of \ufb01nancial liabilities as at 30 April of 2023, including
\nestimated interest payments:
\nFinancial
\nliabilities
\nCarrying
\namount
\n(\u20ac thousands)
\nContractual
\ncash \ufb02ows
\n(\u20ac thousands)
\nUp to 1 year
\n(\u20ac thousands)
\n1-2 years
\n(\u20ac thousands)
\n2-5 years
\n(\u20ac thousands)
\nMore than
\n5 years
\n(\u20ac thousands)
\nBank loan
68,896
(80,828)
(3,340)
(3,345)
(74,143)
-
\nLease liabilities
797
(895)
(286)
(198)
(411)
-
\nTrade payables
299
(299)
(299)
-
-
-
\nOther payables
2,493
(2,493)
(2,493)
-
-
-
\n72,485
(84,515)
(6,418)
(3,543)
(74,554)
-
\n\n
\n\n
\nThe table below summarises the remaining contractual maturities of the Group\u2019s \ufb01nancial liabilities as at 30 April of 2022,
\nincluding estimated interest payments:
\nFinancial
\nliabilities
\nCarrying
\namount
\n(\u20ac thousands)
\nContractual
\ncash \ufb02ows
\n(\u20ac thousands)
\nUp to 1 year
\n(\u20ac thousands)
\n1-2 years
\n(\u20ac thousands)
\n2-5 years
\n(\u20ac thousands)
\nMore than
\n5 years
\n(\u20ac thousands)
\nBank loan
82,432
(91,501)
(1,764)
(1,769)
(87,968)
-
\nLease liabilities
369
(472)
(273)
(134)
(65)
-
\nTrade payables
235
(235)
(235)
-
-
-
\nOther payables
2,301
(2,301)
(2,301)
-
-
-
\n85,337
(94,509)
(4,573)
(1,903)
(88,033)
-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16665": {
"value": "(c) Market risk Market risk is the risk that changes in market prices - such as foreign exchange rates and interest rates - will affect the Group's
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control
\nmarket risk exposures within acceptable parameters, while optimizing the return.
\ni) Currency risk
\nEUR is the functional currency of each legal entity comprising the Group, as well as the Group\u2019s reporting currency. The Group is
\nexposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than EUR.
\nThe Group is not using any \ufb01nancial instruments to hedge against the foreign currency exchange risk.
\nAs at 30 April 2023, the Group has no signi\ufb01cant monetary assets and liabilities denominated in other currencies. As at 30 April
\n2022, the Group had no signi\ufb01cant monetary assets and liabilities denominated in other currencies than EUR except for \u20ac1.7m
\ncash held in GBP.
\nii) Interest rate risk
\nThe Group\u2019s income and operating cash \ufb02ows are substantially independent of changes in market interest rates. The Group has
\nno signi\ufb01cant interest-bearing assets.
\nAt the reporting date, the interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was as follows:
\nCarrying amount
2023
(\u20ac thousands)
2022
(\u20ac thousands)
\nInstruments with a variable interest rate
\nBank loan
68,716
82,311
\n68,716
82,311
\nCash \ufb02ow sensitivity analysis for variable rate instruments
\nA reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity
\nand pro\ufb01t or loss by the amounts shown below. The analysis assumes that all other variables remain constant.
\n2023
Impact of \ufb01nancial instruments on pro\ufb01t before tax
\nFinancial instruments by class
\nIncrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
Decrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
\nVariable rate instruments
+100 bp
(700)
-100 bp
700
\n2022
Impact of \ufb01nancial instruments on pro\ufb01t before tax
\nFinancial instruments by class
\nIncrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
Decrease
\nImpact to \ufb01nance costs
\n(\u20ac thousands)
\nVariable rate instruments
+100 bp
(840)
-100 bp
840",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16746": {
"value": "c) Capital management Equity in combination with net debt is considered to be capital for capital management purposes. The Group\u2019s policy is to
\nmaintain the con\ufb01dence of creditors and the market, to fund business development opportunities in the future and comply with
\nexternal capital requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16753": {
"value": "d) Fair value of \ufb01nancial instruments The Group\u2019s principal \ufb01nancial instruments not carried at fair value are trade and other receivables, trade and other payables,
\nnon-current and current borrowings.
\nThe management of the Group is of the opinion that carrying amount of trade and other receivables, trade and other payables is
\na reasonable approximation of fair value due to their short-term nature.
\nBased on the discounted cash \ufb02ow analysis performed, management considers that the borrowings carrying amount is a
\nreasonable approximation of fair value. The discounted cash \ufb02ow analysis was performed using a market rate of interest and
\nprincipal payments discounted to a present value using interest rate as a discount rate.
\nA number of the Group\u2019s accounting policies and disclosures require determination of fair value, for both \ufb01nancial and non-
\n\ufb01nancial assets and liabilities.
\nFair value hierarchy
\nWhen measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
\nare categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\nprices) or indirectly (i.e. derived from prices).
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe Group recognised transfers between the fair value hierarchy from the end of the reporting period in which the change
\noccurred. Below listed are \ufb01nancial assets and \ufb01nancial liabilities:
\n2023
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
3,347
-
-
-
-
\nCash and cash equivalents
27,070
-
-
-
-
\nLoans and borrowings
(68,896)
-
(68,896)
-
(68,896)
\nTrade and other payables
(4,509)
-
-
-
-
\n(42,988)
-
(68,896)
-
(68,896)
\n2022
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
2,970
-
-
-
-
\nCash and cash equivalents
19,914
-
-
-
-
\nLoans and borrowings
(82,432)
-
(82,432)
-
(82,432)
\nTrade and other payables
(4,458)
-
-
-
-
\n(64,006)
-
(82,432)
-
(82,432)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16754": {
"value": "d) Fair value of \ufb01nancial instruments The Group\u2019s principal \ufb01nancial instruments not carried at fair value are trade and other receivables, trade and other payables,
\nnon-current and current borrowings.
\nThe management of the Group is of the opinion that carrying amount of trade and other receivables, trade and other payables is
\na reasonable approximation of fair value due to their short-term nature.
\nBased on the discounted cash \ufb02ow analysis performed, management considers that the borrowings carrying amount is a
\nreasonable approximation of fair value. The discounted cash \ufb02ow analysis was performed using a market rate of interest and
\nprincipal payments discounted to a present value using interest rate as a discount rate.
\nA number of the Group\u2019s accounting policies and disclosures require determination of fair value, for both \ufb01nancial and non-
\n\ufb01nancial assets and liabilities.
\nFair value hierarchy
\nWhen measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
\nare categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\nprices) or indirectly (i.e. derived from prices).
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16755": {
"value": "d) Fair value of \ufb01nancial instruments The Group\u2019s principal \ufb01nancial instruments not carried at fair value are trade and other receivables, trade and other payables,
\nnon-current and current borrowings.
\nThe management of the Group is of the opinion that carrying amount of trade and other receivables, trade and other payables is
\na reasonable approximation of fair value due to their short-term nature.
\nBased on the discounted cash \ufb02ow analysis performed, management considers that the borrowings carrying amount is a
\nreasonable approximation of fair value. The discounted cash \ufb02ow analysis was performed using a market rate of interest and
\nprincipal payments discounted to a present value using interest rate as a discount rate.
\nA number of the Group\u2019s accounting policies and disclosures require determination of fair value, for both \ufb01nancial and non-
\n\ufb01nancial assets and liabilities.
\nFair value hierarchy
\nWhen measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
\nare categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\nprices) or indirectly (i.e. derived from prices).
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe Group recognised transfers between the fair value hierarchy from the end of the reporting period in which the change
\noccurred. Below listed are \ufb01nancial assets and \ufb01nancial liabilities:
\n2023
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
3,347
-
-
-
-
\nCash and cash equivalents
27,070
-
-
-
-
\nLoans and borrowings
(68,896)
-
(68,896)
-
(68,896)
\nTrade and other payables
(4,509)
-
-
-
-
\n(42,988)
-
(68,896)
-
(68,896)
\n2022
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
2,970
-
-
-
-
\nCash and cash equivalents
19,914
-
-
-
-
\nLoans and borrowings
(82,432)
-
(82,432)
-
(82,432)
\nTrade and other payables
(4,458)
-
-
-
-
\n(64,006)
-
(82,432)
-
(82,432)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16769": {
"value": "Fair value hierarchy When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
\nare categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\nprices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe Group recognised transfers between the fair value hierarchy from the end of the reporting period in which the change
\noccurred. Below listed are \ufb01nancial assets and \ufb01nancial liabilities:
\n2023
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
3,347
-
-
-
-
\nCash and cash equivalents
27,070
-
-
-
-
\nLoans and borrowings
(68,896)
-
(68,896)
-
(68,896)
\nTrade and other payables
(4,509)
-
-
-
-
\n(42,988)
-
(68,896)
-
(68,896)
\n2022
\nCarrying amount
\n(\u20ac thousands)
\nLevel 1
\n(\u20ac thousands)
\nLevel 2
\n(\u20ac thousands)
\nLevel 3
\n(\u20ac thousands)
\nTotal
\n(\u20ac thousands)
\nTrade and other receivables
2,970
-
-
-
-
\nCash and cash equivalents
19,914
-
-
-
-
\nLoans and borrowings
(82,432)
-
(82,432)
-
(82,432)
\nTrade and other payables
(4,458)
-
-
-
-
\n(64,006)
-
(82,432)
-
(82,432)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16866": {
"value": "23. Related party transactions During the period ended 30 April 2023 the transactions with related parties outside the consolidated Group consisted of
\nremuneration of key management personnel (note 24), including share option awards under the PSP scheme (note 25);
\nDuring the period ended 30 April 2022 the transactions with related parties outside the consolidated Group included:
\n\u2022
remuneration of key management personnel (note 24), including share option awards under the PSP scheme (note 25);
\n\u2022
before the IPO a part of ANTLER Management S.A. shares were acquired by the three Executive Directors together with
\nother key employees as part of management incentive program that existed since BCG acquisition by funds advised by
\nApax Partners (\u201cApax\u201d) in FY 2020; shares were purchased at a value equal to the price paid by Apax in FY 2020;
\n\u2022
at the IPO three Non-Executive Directors purchased shares of ANTLER TopCo S\u00e0rl outside the Offer at the IPO price;
\n\u2022
share for share exchange transaction during the reorganisation for the IPO (note 17) where three Executive Directors, three
\nNon-Executive Directors and Directors of Group Companies exchanged the shares they held in ANTLER Management S.A.
\nand ANTLER TopCo S\u00e0rl for the like-for-like amount of shares in Baltic Classi\ufb01eds Group PLC.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16902": {
"value": "24. Remuneration of key management personnel and other payments
\nKey management personnel comprises 3 Executive directors (CEO, CFO, COO), 5 Non-Executive Directors and Directors of Group
\ncompanies. Remuneration of key management personnel in the reporting year, including social security and related accruals,
\namounted to \u20ac1,257 thousand for the period ended 30 April 2023 and \u20ac969 thousand for the period ended 30 April 2022. Share-
\nbased payments amounted to \u20ac1,031 thousand for the period ended 30 April 2023 and \u20ac509 thousand for the period ended 30
\nApril 2022.
\nDuring the period ended 30 April 2023 the Executive directors of the Group were granted a set number of share options under
\nthe PSP scheme. See note 25 for further detail.
\nDuring the year ended 30 April 2023 and 30 April 2022, key management personnel of the Group did not receive any loans,
\nguarantees, no other payments or property transfers occurred and no pension or retirement bene\ufb01ts were paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f16916": {
"value": "25. Share-based payments Performance Share Plan
\nThe Group currently operates a Performance Share Plan (PSP) that is subject to a service and a non-market performance
\ncondition. The estimate of the fair value of the PSP is measured using Black-Scholes pricing model.
\nThe total charge in the period relating to the PSP scheme was \u20ac1,567 thousand (\u20ac644 thousand in the period ended 30 April
\n2022).
\nThe PSP plan consists of share options for Executive Directors and certain key employees with a vesting period of 3 years.
\nIf the options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are
\nforfeited if the employee leaves the Group before the options vest, unless under exceptional circumstances.
\nOn 12 July 2022, the Group awarded 1,221,592 share options under the PSP scheme. For these awards, the Group\u2019s performance
\nis measured by reference to the Group's Earnings per Share in FY2025. These awards have a service condition and vest in 3
\nyears. On 12 July 2022 the Group also granted a retention award in a form of 244,318 share options to two new joiners as part
\nof GetaPro acquisition. These awards have a service condition only and vest in 1 year.
\nThe fair value of the 2022 award was determined to be \u20ac1.40 (\u20ac1.46 for GetaPro employees) per option using a Black-Scholes
\npricing model. The resulting share-based payments charge is being spread evenly over the period between the grant date and
\nthe vesting date.
\nThe assumptions used in the measurement of the fair value at grant date of the PSP awards are as follows:
\nGrant
\ndate
Condition
\nShare price at
\ngrant date
(\u20ac)
\nExercise
\nprice
(\u20ac)
\nExpected
\nvolatility
(%)
\nVesting
\nperiod
(years)
\nRisk-free
\nrate
(%)
\nDividend
\nyield
(%)
\nFair value
\nper option
(\u20ac)
\n12 July
\n2022
\nEPS performance
\ncondition, service condition
\n1.49
0.01
69%
3
1.37%
1.96%
1.40
\n12 July
\n2022
\nService condition
1.49
0.01
69%
1
1.37%
1.96%
1.46
\n27 July
\n2021
\nEPS performance
\ncondition, service condition
\n2.62
0.01
53%
3
(0.20)%
0.78%
2.56
\nThe expected volatility was determined using UK listed peers\u2019 historical volatility average as at the date of option valuation own
\ndata was not available due to a relatively recent Admission.
\n\n
\nThe number of options outstanding and exercisable as at 30 April 2023 was as follows:
\n2023
(number)
2022
(number)
\nOutstanding at beginning of period
1,041,475
-
\nOptions granted in the period
1,465,911
1,041,475
\nOptions exercised in the period
-
-
\nOptions forfeited in the period
(23,439)
-
\nOutstanding at period ending
2,483,947
1,041,475
\nIPO Related Free Share Awards
\nIn 2022, as part of IPO and in addition to the PSP scheme, 392,405 of free shares were awarded to all employees of the Group
\nwith the number per employee based on length of service with the business and ranging between \u20ac3,000 and \u20ac15,000 in value.
\nThe total value of the shares awarded amounted to \u20ac968 thousand. Fringe bene\ufb01t tax was paid by the Group, it amounted to
\n\u20ac410 thousand.
\nExecutive Directors and the rest of Senior Management team did not receive free shares under this arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f17096": {
"value": "27. Business combinations On 1 July 2022, the Group's subsidiary City24 SIA acquired a 100% control of GetaPro business. The business combination
\nincluded an acquisition of SIA GetaPro assets consisting of getapro.lv and getapro.ee portals, business processes and
\nemployees. No liabilities were acquired. The acquired assets meet the de\ufb01nition of a business as per IFRS 3 therefore an
\nacquisition accounting exercise was performed.
\nGetapro.lv and getapro.ee are services portals operating in Latvia and Estonia. The acquisition provided the Group with increased
\nshare of Latvian and Estonian classi\ufb01eds markets.
\nFor the ten months ended 30 April 2023, GetaPro portals contributed revenue of \u20ac132 thousand and loss of \u20ac545 thousand
\nto Group\u2019s result. If the acquisition had occurred on 1 May 2022, management estimates that consolidated revenue would
\nhave been higher by \u20ac26 thousand, and consolidated pro\ufb01t for the \ufb01nancial year would have been lower by approximately \u20ac42
\nthousand.
\nConsideration
\u20ac thousands
\nCash
1,600
\nTotal consideration transferred
1,600
\nAcquisition related costs
\u20ac thousands
\nAcquisition-related costs (legal fees, due diligence costs and other) are included
\nin other expenses for the twelve months ended 30 April 2023
\n43
\nRecognised amounts of identi\ufb01able assets acquired:
\n\u20ac thousands
\nProperty, plant and equipment
1
\nIntangible assets
370
\nTotal identi\ufb01able net assets
371
\nRecognised amounts of identi\ufb01able intangible assets acquired and their useful economic lives:
\nUEL
\u20ac thousands
\nInternet domains
10 years
120
\nContracts and relationships
5 years
250
\nTotal identi\ufb01able intangible assets
370
\nThe relief-from-royalty method and multi-period excess earnings method were used for determination of the fair value of the
\nintangible assets. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be
\navoided as a result of the internet domains being owned. Fair value of the internet domains amounts to \u20ac120 thousand. The
\nmulti-period excess earnings method considers the present value of net cash \ufb02ows expected to be generated by the customer
\ncontracts and relationships, by excluding any cash \ufb02ows related to contributory assets. Fair value of the customer contracts
\nand relationships amounts to \u20ac250 thousand.
\nGoodwill arising from the acquisition has been recognised as follows:
\n\u20ac thousands
\nConsideration transferred
1,600
\nFair value of identi\ufb01able net assets
(371)
\nGoodwill
1,229
\nThe goodwill recognised on acquisition relates to the fair value of the going concern element of the acquired entity existing
\nbusiness, including plans to generate cash \ufb02ows from the new clients and new business opportunities, probability of prolonging
\ncustomer contracts even further than considered in the valuation, assembled workforce and other items, which are not possible
\nto recognise as separate intangible assets.
\nNet cash \ufb02ow on acquisition:
\n\u20ac thousands
\nConsideration in cash
1,600
\nLess cash and cash equivalents of the acquiree
-
\nNet cash \ufb02ow on acquisition
1,600",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f17183": {
"value": "28. List of subsidiaries Company name
Registered o\ufb03ce
\nRegistration
\nNumber
\nActivity
\nShare in
\ncapital
\nHeld
\ndirectly?
\nBCG HOLDCO Limited
\nHighdown House,
\nYeoman Way, Worthing,
\nWest Sussex, United
\nKingdom, BN99 3HH
\n13415193
\nAcquiring
\nparticipations
\n100%
Yes
\nANTLER Management SA
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235771
\nLiquidated on 21
\nApril 2022
\n-
-
\nANTLER TopCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235647
\nLiquidated on 21
\nApril 2022
\n-
-
\nANTLER PiKCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235730
\nLiquidated on 31
\nMarch 2022
\n-
-
\nANTLER MidCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB235872
\nLiquidated on 10
\nMarch 2022
\n-
-
\nANTLER HoldCo S\u00e0rl
\n1-3 Boulevard de la Foire,
\nLuxembourg
\nB234342
\nLiquidated on 24
\nFebruary 2022
\n-
-
\nUAB Antler Group
\nV. Nagevi\u010diaus 3, Vilnius,
\nLithuania
\n305147427
\nManagement and
\nconsulting services
\n100%
No
\nUAB Diginet LTU
\nSaltoni\u0161ki\u0173 9B-1, Vilnius,
\nLithuania
\n126222639
Online classi\ufb01eds
100%
No
\nO\u00dc AllePal
\nP\u00e4rnu mnt. 141, Tallinn,
\nEstonia
\n12209337
Online classi\ufb01eds
100%
No
\nO\u00dc Kinnisvaraportaal
\nP\u00e4rnu mnt. 141, Tallinn,
\nEstonia
\n10680295
Online classi\ufb01eds
100%
No
\nO\u00dc VIN Solutions
Turu 2, Tartu, Estonia
14071883
\nInformation
\nservices
\n100%
No
\nO\u00dc Baltic Classi\ufb01eds
\nGroup
\nP\u00e4rnu mnt. 141, Tallinn,
\nEstonia
\n14608656
Online classi\ufb01eds
100%
No
\nSIA City24
\nGustava Zemgala 78 - 1,
\nR\u012bga, Latvia
\n40003692375
Online classi\ufb01eds
100%
No
\nBCG HOLDCO Limited is exempt from the requirement to \ufb01le audited accounts for the year ended 30 April 2023 by virtue of
\nsection 479A of the Companies Act 2006.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f17299": {
"value": "29. Subsequent events A voluntary repayment of debt of \u20ac7,000 thousand was made on 2 June 2023 reducing the outstanding principal amount of bank
borrowings to \u20ac63,000 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f17318": {
"value": "Company Statement of Financial Position As at 30 April 2023
\nNotes
\n2023
\n(\u20ac thousands)
\n2022
\n(\u20ac thousands)
\nFixed assets
\nInvestments
4
509,631
508,064
\nCurrent assets
\nDebtors: amounts falling due within one year
5
98,854
113,181
\nCash at bank or in hand
6
103
1,979
\nCreditors: amounts falling due within one year
\nAmounts due to subsidiary undertakings
7
(6,189)
(4,988)
\nOther creditors
7
(336)
(842)
\nNet current assets
92,432
109,330
\nTotal assets less current liabilities
602,063
617,394
\nCapital and reserves
\nCalled up share capital
10
5,783
5,822
\nRetained earnings
599,863
620,707
\nCapital redemption reserve
39
-
\nOwn shares held
11
(6,252)
(3,418)
\nPro\ufb01t and loss for the period
2,630
(5,717)
\nTotal Capital and reserves
602,063
617,394
\nThe accompanying notes form part of these \ufb01nancial statements.
\nThe \ufb01nancial statements of Baltic Classi\ufb01eds Group PLC, company number 13357598, were approved and authorized for issue
\nby the board and were signed on its behalf on 28 June 2023.
\nJustinas \u0160imkus
\nDirector
\nBaltic Classi\ufb01eds Group PLC
\nRegistered number 13357598
\n\n
\nCompany Statement of Changes in Equity
\nCalled up
\nshare capital
\n(\u20ac thousands)
\nShare premium
\n(\u20ac thousands)
\nOwn
\nshares held
\n(\u20ac thousands)
\nCapital
\nredemption
\nreserve
\n(\u20ac thousands)
\nRetained
\nearnings
\n(\u20ac thousands)
\nTotal
\nequity
\n(\u20ac thousands)
\nBalance
\nat 26 April 2021
\n-
-
-
-
-
-
\nPro\ufb01t / (loss) for the
\nperiod
\n-
-
-
-
(5,717)
(5,717)
\nOther comprehensive
\nincome
\n-
-
-
-
-
-
\nTotal comprehensive
\nincome
\n-
-
-
-
(5,717)
(5,717)
\nTransactions with
\nowners:
\nGroup restructure
\nand IPO
\n581,774
43,143
-
-
-
624,917
\nTransfer arising from
\ncapital reduction
\n(575,956)
(43,143)
-
-
619,099
-
\nShare issue post IPO
4
-
-
-
(4)
-
\nShare-based
\npayments
\n-
-
-
-
1,612
1,612
\nAcquisition of
\ntreasury shares
\n-
-
(3,418)
-
-
(3,418)
\nBalance
\nat 30 April 2022
\n5,822
-
(3,418)
-
614,990
617,394
\nPro\ufb01t / (loss) for the
\nperiod
\n-
-
-
-
2,630
2,630
\nOther comprehensive
\nincome
\n-
-
-
-
-
-
\nTotal comprehensive
\nincome
\n-
-
-
-
2,630
2,630
\nTransactions with
\nowners:
\n-
-
-
-
-
-
\nShare-based
\npayments
\n-
-
-
-
1,567
1,567
\nAcquisition of
\ntreasury shares
\n-
-
(2,834)
-
-
(2,834)
\nPurchase of shares
\nfor cancellation
\n(39)
-
-
39
(5,775)
(5,775)
\nDividends paid
-
-
-
-
(10,918)
(10,918)
\nBalance
\nat 30 April 2023
\n5,783
-
(6,252)
39
602,493
602,063
\nFor the period from 1 May 2022 to 30 April 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
},
"f17594": {
"value": "public company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800I1RPHCFSSQS969",
"period": "2022-05-01T00:00:00/2023-05-01T00:00:00"
}
}
}
}