1
Fotex Holding S.E.
28, avenue Pasteur
L-2310 Luxembourg
R.C.S. Luxembourg B 146.938
Consolidated financial statements as at 31 December 2023
Management report as at 31 December 2023 and
Report of the réviseur d’entreprises agréé
2
Table of Contents
Management Report ................................................................................................................................. 3
Management Responsibility Statement .................................................................................................. 13
Report of the Réviseur D’Entreprises Agréé .......................................................................................... 14
Consolidated Statement of Financial Position ........................................................................................ 19
Consolidated Statement of Profit or Loss ............................................................................................... 20
Consolidated Statement of Comprehensive Income ............................................................................... 21
Consolidated Statement of Changes in Equity........................................................................................ 22
Consolidated Statement of Cash Flows .................................................................................................. 24
1. General ........................................................................................................................................ 25
2. Basis of preparation ..................................................................................................................... 26
3. Material Accounting Policies ...................................................................................................... 29
5. Cash and Cash Equivalents ......................................................................................................... 42
6. Other Financial Assets ................................................................................................................ 42
7. Accounts Receivable and Prepayments ....................................................................................... 43
8. Inventories ................................................................................................................................... 44
9. Property, Plant and Equipment .................................................................................................... 45
10. Investment Properties .................................................................................................................. 47
11. Intangible Assets ......................................................................................................................... 50
12. Goodwill Arising on Acquisition ................................................................................................ 51
13. Accounts Payable, Other Liabilities and Provision ..................................................................... 52
14. Share Capital and Reserves ......................................................................................................... 53
15 Operating Expenses and Gain ..................................................................................................... 54
16. Interest-bearing Loans and Borrowings ...................................................................................... 55
17. Income Tax .................................................................................................................................. 55
18. Revenue ....................................................................................................................................... 58
19. Segment Information ................................................................................................................... 59
20. Financial Risks, Management Objectives and Policies ............................................................... 60
21. Leases .......................................................................................................................................... 63
22. Earnings Per Share ...................................................................................................................... 63
23. Related Party Transactions .......................................................................................................... 64
24. Subsequent Events after the End of the Reporting Period ........................................................... 65
25. Headcount ................................................................................................................................... 65
26. Audit fees .................................................................................................................................... 65
27. Contingent liabilities ................................................................................................................... 65
3
Management Report
Review and development of the Group’s business and financial position
The net turnover for the year ended 31 December, 2023, was EUR 40,258,136 compared with EUR
33,366,480 for the same period in 2022 representing an increase of EUR 6,891,656 (20.7 %). The net turnover
is mainly composed of income from operating a real estate portfolio in Hungary and the Netherlands.
2023 has been a challenging business environment in both Hungary and the Netherlands as the continent
continues to suffer from a number of ongoing headwinds. These are:
• the recovery from the COVID pandemic,
• the ongoing war in the Ukraine,
• the increasing hostilities in the middle east,
• high interest rates,
• currency volatility,
• high inflation
Despite these headwinds the Group has seen improvements in revenue arising from prior years
investment in the Netherlands, an improvement in foreign currency rates in Hungary and the further
development of revenues in the certain retails spaces in Budapest.
The Group has also acquired 2 properties from an existing location in Budapest, renovated a former
flagship store and continues to make investments in energy efficiency where this adds value to tenants and
properties.
The Group has also seen increasing yields on the investment properties portfolio as the investment
climate has turned strongly negative, as well as an increase in vacancy in the Netherlands, which has had a
negative effect on the property valuations performed by both management and independent valuers. None of
these valuations has had any effect on the Group’s operating cash flows which continue to be strong in all
geographies.
During 2023, the Group ended the activity of its subsidiary Arany Juhár Idősotthon Kft. and transferred
the properties at a value of EUR 2,569,100 into Keringatlan Kft. after recognising an impairment loss of EUR
715,505.
These properties have been included in the investment property portfolio and disclosed as such and are
expected to be rented out to a professional operator of senior citizens homes in the near future . In early
December 2023 the Board of directors approved the decision to commence the liquidation of Arany Juhár
Idősotthon Kft. and as a result, it has been removed from the Group as of 31 December 2023.
There were no new major investments nor changes in the Group’s core activities compared with 2022.
The overall income for the year amounts to EUR 40,809,196 which is impacted by the net sales and the
financial revenue which has also improved as the Group has taken advantage of the increasing interest rates
on short term deposits of its free cash flow (31 December 2022: EUR 33,366,711).
The net result for the year is a profit of EUR 8,763,074.
In April 2023, the Group repaid all of its outstanding debt to Berlin Hyp AG and remained debt free for
the rest of the financial year.
No provision is either recognised or required for covering future environment fines or expenditures in
2023.
4
Principle risks and uncertainties
The Group’s business, financial condition or results can be affected by risks and uncertainties.
Management has identified the following risks:
• Change in laws and regulations governing the operations of the Company and its subsidiaries
which may affect their business, investments and results of operations
• Foreign currency risk
• Credit risk
• Liquidity risk
• Country risk
Management monitors these risks and applies the following risk management procedures:
Foreign currency (“FX”) risk
Financial instruments that potentially represent risk for the Group include deposits, debtors and credit
balances denominated in foreign currency, creditors in foreign currency and deposits in foreign currency other
than EUR. The Group’s rental contracts are mostly stipulated in EUR or on EUR basis thus mitigating FX risk
associated with non-EUR based revenues. As of 31 December, 2023 the Group does not have any open forward
transactions.
Credit risk
The Group aims to mitigate lending risk by its careful and continuous debtor portfolio monitoring process
and by requiring bank guarantees and collateral. In addition, the Group regularly follows up information about
the main debtors in the market.
Concentrations of credit risk, with respect to trade accounts receivable, are limited due to the large
number of customers and due to the dispersion across geographical areas.
Receivable balances are monitored on an ongoing basis.
Investments of surplus funds are made only with reliable counterparties and are allocated between more
banks and financial institutions in order to mitigate financial loss through potential counterparty failure.
Liquidity risk
Liquidity risk is monitored as follows:
• Monitoring daily available deposited and free cash by entity.
• Monitoring weekly cash flows by entity.
• As part of the management information system, the Group monitors the operations of each
entity on a monthly basis.
• The Group monitors its long-term cash flows in order to match the maturity patterns of its
assets and liabilities.
Country risk
The Group has operations in Luxembourg, in the Netherlands and in Hungary. By the geographical
diversification of the operations, the Group mitigates the effects of country risk. The Group has not identified
any significant risks that may affect the financial performance of Group members associated with the countries
in which the Group operates. Further as members of the European Union and the legal structure associated
with it, management believes that country risk is not a matter of significant concern.
5
Internal control and risk management systems in relation to the financial reporting process
The Board of Directors has overall responsibility for ensuring that the Group maintains a sound system
of internal controls, including financial, operational and compliance controls. Such a system forms an integral
part of the corporate governance strategy of the Company. Internal control procedures help to ensure the proper
management of risks and provide reasonable assurance that the business objectives of the Company can be
achieved. The internal control procedures are defined and implemented by the Company to ensure:
• the compliance of actions and decisions with applicable laws, regulations, standards, internal rules and
contracts;
• the efficiency and effectiveness of operations and the optimal use of the Company’s resources;
• the correct implementation of the Company’s internal processes, notably those to ensure the safeguarding
of assets;
• the integrity and reliability of financial and operational information, both for internal and external use;
• that management’s instructions and directions are properly applied; and
• that material risks are properly identified, assessed, mitigated and reported.
Like all control systems, internal controls cannot provide an absolute guarantee that risks of
misstatement, losses or human error are fully mitigated or eliminated. The control environment is an essential
element of the Company’s internal control framework, as it sets the tone for the organization. This is the
foundation of the other components of internal control, providing discipline and structure.
Regarding the internal controls in the area of accounting and financial reporting, the following should be
noted:
• In the context of the ongoing organizational realignment implemented since the Group moved
its headquarters to Luxembourg, a greater integration of the financial operations of the parent
company and affiliates under a single management structure was established.
• Controls have been established in the processing of accounting transactions to ensure
appropriate authorizations for transactions, effective segregation of duties, and the complete and
accurate recording of financial information.
• The Company relies on a comprehensive system of financial reporting. Strategic plans, business
plans, budgets and the interim and full-year consolidated accounts of the Group are drawn up
and brought to the Board for approval. The Board also approves all significant investments. The
Board receives monthly financial reports setting out the Company’s financial performance in
comparison to the approved budget and prior year figures.
• A clear segregation of duties and assignment of bank mandates between members of
management, and the accounting departments is implemented.
Research and development
The Company itself has no research and development activity and the research and development activity
carried out through its subsidiaries is not significant.
Share capital
The Company’s approved and issued share capital totals EUR 30,543,933 consisting of shares with a
face value of EUR 0.42 each. At 31 December 2023, the Company’s issued share capital included 70,723,650
ordinary shares and 2,000,000 dividend preferred shares (31 December 2022: 70,723,650 ordinary shares and
2,000,000 dividend preferred shares).
6
The “dividend preferred shares” carry the same rights as ordinary shares in the event of liquidation or
dissolution. They entitle the holder to an annual dividend determined by the General Meeting, but do not carry
voting rights.
Holders of dividend preferred shares are not entitled to any rights or dividends other than those granted
to them by the General Meeting. They are paid once a year. Interim dividends may only be paid if the
conditions required for such a distribution are met.
In April 2023, the Group sold 900,000 dividend preference shares to key members of management at EUR
0.42 per share and paid a dividend of EUR 90,000 which has been included as part of the salary cost of the
Group. All remaining dividend preferred shares are held in treasury.
As at 31 December 2023, the Company held 29,552,089 treasury shares (of which 96,28% - 28,452,089 are
ordinary shares and 3,72% - 1,100,000 are dividend preferred shares) at a historic cost of EUR 45,020,522 (31
December 2022: 30,146,110 shares – of which 93.37% - 28,146,110 are ordinary shares and 6.63% - 2,000,000
are dividend preferred shares – at a historic cost of EUR 44,475,740). During 2023, the Company purchased
305,979 of its ordinary shares (2022: 318,628 shares) at acquisition cost of EUR 929,326 and sold 900,000
dividend preference shares to key members of management at EUR 384,544 (2022: Nil) on an arm’s length
basis.
Significant Events after the end of the reporting period
As of December 7
th
, 2023, the Group invested EUR 3.4 million to acquire a 20% stake in APF
International BV, an entity specialising in real estate services in the Netherlands for which 2 of their directors
also serve as independent directors of Fotex Holding. This agreement is effective as of 1 January 2024, as a
result the EUR 3.4 million has been treated as prepayment for the acquisition of investments under Note 7 of
these consolidated financial statements.
On January 30
th
,2024, Fotex established, with the participation of APF International, a new company
“Avenue Building BV”. Fotex owns 76,19%, whilst APF owns 23,81%. On February 24
th
, 2024, Avenue
Building BV signed a sales and purchase agreement to acquire a property in the Netherlands at a purchase
price of Euro 9,197,483.
Significant direct and indirect Shareholders
Gábor Várszegi, Chairman of the Board of Fotex, directly or indirectly controls a part of the voting shares
of Blackburn International Luxembourg S.á.r.l. (“Blackburn Luxembourg”), a Luxembourg company.
Blackburn Luxembourg has a controlling interest in Fotex Holding S.E. As at 31 December 2023 Blackburn
Luxembourg controlled 50.35% (31 December 2022: 50.35%) of Fotex Holding S.E.’s voting shares.
Corporate governance
The Company adopts and applies the Ten Principles of Corporate Governance of the Luxembourg Stock
Exchange (“Ten Principles”). It reviews the Ten Principles on a yearly basis and from time to time shares the
developments with the Luxembourg Stock Exchange as part of a joint follow-up process in order to reduce the
number of exceptions.
On August 10
th
, 2023, the Company updated its Corporate Governance Charter which is disclosed on its
website. Its website is continuously updated to publish the most recent information available, concerning
especially the financial calendar for information purposes, and the management.
With respect to the directors of the Company, members of the Board of Directors possess a mixture of
relevant experience which supports the business model of the Company. More information on this topic,
specifically on the profile of the directors, can be found in the "Management" section of the Company's website
(www.fotex.lu).
7
A majority of the directors consists of directors who are independent in accordance with the detailed list
of criteria described below in "The Board" chapter. Each director has a sufficient level of independence when
carrying out his or her mandate as member of the Board of Directors of the Company.
They are elected by the general assembly of the shareholders of the Company, each of them has a proven
professional track record and is deemed highly skilled in his/her profession. Considering these circumstances,
following their appointment there are no separate induction trainings carried out on behalf of the directors.
With regards to special committees of the Company, due to the investment holding character, the Company
is of the opinion that the number of special committees shall be limited in order to achieve optimal
efficiency. More specifically, the Company does not have a Nomination Committee. It assesses the necessity
of this recommendation, however, given the financial holding nature of the Company, it has been considered
such a committee is not necessary. As such, there are no formal recruitment procedures for the appointment
of directors, this power is exercised by the Board of Directors along with the general assembly of the
shareholders of the Company, for their election.
In addition, no Remuneration Committee has been set-up by the Company. The recommendation is
reviewed by the Company from time to time, however, it is its view that due to the financial holding nature of
the Company, a Remuneration Committee is not required. The power to determine the remuneration of the
members of the Board of Directors is reserved to the shareholders. Accordingly, the Company does not have
a remuneration policy, all remuneration allocated by the Company, more specifically tantiemes allocated to
directors or members of the Audit Committee, are decided upon by the general assembly of the shareholders,
such remuneration in each case representing fixed amounts which do not depend on the performance of the
directors, or the Company itself.
As per the Articles of the Association, the Corporate Governance Charter of the Company and the
applicable laws, the financial reporting, internal control and risk management are monitored by the Audit
Committee of the Company. The rules set out in the Corporate Governance Charter describe the operational
method of the Audit Committee. In the organisational structure of the Company, no internal audit function
exists.
Ordinary shares issued by the Company are listed on the Luxembourg Stock Exchange. Applicable
insider dealing and market manipulation laws prevent anyone with material non-public information about a
company dealing in its shares from committing market manipulations. A detailed Dealing Code does not exist,
however, directors have a duty to report any transactions in the Company's securities to the Company. Such a
report has not been submitted to the Company.
The Group does not have a formal diversity policy in place as all the positions within the Group are
awarded to the candidate whose skills and qualifications meet the requirements of the given position to the
highest extent.
The Board
The Company is managed by a Board of Directors (the “Board”) composed of a minimum of five and a
maximum of eleven members (the “Directors”, each one a “Director”).
The Directors shall be appointed by the General Meeting of shareholders of the Company for a maximum
period which will end at the Annual General Meeting of the Company to take place during the third year
following their appointments. They shall remain in office until their successors are elected. They may be re-
elected and they may be dismissed at any time by the General Meeting, with or without cause.
In the event that one or several positions on the Board become vacant due to death, resignation or any
other cause, the remaining Directors shall select a replacement in accordance with the applicable legal
provisions, in which case this appointment shall be ratified at the next General Meeting of the shareholders of
the Company.
The Board of Directors has been authorized by the shareholders to manage the day-to-day operations of
the Company, as well as to make administrative decisions at the Company.
8
All rights which have not been conferred to the shareholders by the Articles of Association or by the laws
remain the competence of the Board of Directors. The Board may decide paying interim dividends as
prescribed by law. All long-term pay schemes, plans, or incentive programs relating to the employees of the
Company and its subsidiaries, which the Board would like to implement are required to be brought to the
General Meeting of the shareholders before approval.
The remuneration of members of the Board of Directors shall be fixed by the General Meeting. The
Board shall elect a chairman from among its members.
According to the Articles of Association, persons with no legal or financial link to the Company other
than their mandate as Director are considered “independent persons”.
“Independent persons” does not include persons who:
a) are employed by the Company or its subsidiaries at the time of their appointment as a member of
the Board of Directors;
b) carry out remunerated activities for the benefit of the Company or exercise technical, legal or
financial duties within the Company;
c) are shareholders of the Company and directly or indirectly hold at least 30% of the voting rights,
or are related to such a person;
d) receive financial benefits linked to the Company’s activities or profit;
e) have a legal relationship with a non-independent member of the Company in another company in
which the non-independent member has management and supervisory powers.
The Board is composed as follows:
Name:
Position:
Mr. Gábor VÁRSZEGI
Chairman of the Board
Mr. Dávid VÁRSZEGI
Member of the Board
Mr. Wiggert KARREMAN
Member of the Board
Mr. Martijn J. G. WINDELS
Member of the Board
Mr. Alan J. GRIFFITHS
Member of the Board
Mr. Gábor MOCSKONYI
Member of the Board
The Annual General Meeting of the Company held on 17 April 2023 elected the members of the Board
of Directors with a mandate expiring at the Annual General Meeting of shareholders of the Company called
to approve the Company’s consolidated financial statements as at 31 December 2023.
Each member of the Board of Directors is a high-qualified, honest and acclaimed specialist. The
Company publishes the information about the career of the Board of Directors’ members on its website.
The Board of Directors shall be vested with the most extensive powers to manage the affairs of the
Company and to carry out all measures and administrative acts falling within the scope of the corporate
objectives. Any powers not expressly reserved for the General Meeting by the Articles of Association or by
the laws shall fall within the remit of the Board of Directors.
A subsequent General Meeting representing at least 50% of the ordinary shares may establish the limits
and conditions applicable to the authorized capital, within the conditions laid down by the law.
9
In this case, the Board of Directors is authorized and mandated to:
- carry out a capital increase, in one or several stages, by issuing new shares to be paid up either in
cash, via contributions in kind, the transformation of debt or, subject to the approval of the Annual
General Meeting, via the integration of profits or reserves into the capital;
- set the place and date of the issue or of successive issues, the issue price, and the conditions and
procedures for subscribing and paying up the new shares;
- abolish or restrict the preferential subscription rights of shareholders with regard to new shares to be
issued as part of the authorized share capital.
This authorization is valid for a period of five years from the publication date of the authorization deed
and may be renewed by a General Meeting of shareholders for any shares of the authorized capital which have
not been issued by the Board of Directors in the meantime.
Following each capital increase carried out and duly recorded according to the legal formalities, the first
paragraph of the Articles of Association shall be amended in such a way as to reflect the increase carried out;
this amendment shall be recorded in the notarial deed by the Board of Directors or any other authorized person.
Audit Committee
The audit committee of the Company (the “Audit Committee”) shall be composed of a minimum of three
and a maximum of five people.
The members of the Audit Committee shall be appointed by the General Meeting of shareholders of the
Company from the members of the Board deemed to be “independent persons” for a period not exceeding
their respective mandates.
The Audit Committee shall elect a chairman from among its members. The quorum shall be met at Audit
Committee meetings when the members have been validly called to attend and when a minimum of two-thirds
or three of its members are present. All of the Committee’s decisions shall be taken by a simple majority vote.
In the event of a tied vote, the person presiding over the meeting shall have the casting vote. Members of the
audit committee may be re-elected or dismissed at any time by the General Meeting, with or without cause.
The Audit Committee reviews the annual report of the Company, controls and evaluates the operation of the
financial system and provides its tasks in connection with the Auditor of the Company.
The Audit Committee is composed as follows:
- Mr. Alan J. Griffiths (Chairman of the Audit Committee)
- Mr. Martijn J. G. Windels (Member of the Audit Committee)
- Mr. Wiggert Karreman (Member of the Audit Committee)
The Members of the Audit Committee were appointed at the Annual General Meeting held on 17 April
2023. The mandate of the members of the Audit Committee will expire at the Annual General Meeting of
shareholders of the Company called to approve the Company’s annual accounts as at 31 December 2023.
No specific remuneration is attributed to the members of the Audit Committee.
The Company publishes the resolutions after the General Meeting and ensures the shareholders get to
know their content.
Subject to the provisions of the Article 10 of the Articles of Incorporation of the Company, the General
Meeting of shareholders has the broadest powers to order, carry out or ratify measures relating to the
activities of the Company.
10
Rules Governing Amendments to the Articles of Incorporation
Amendments to the Articles of Incorporation are approved by resolution at an Extraordinary General Meeting
of shareholders under the conditions of the law.
Branches of the Company
The Company has no branches.
Climate change
Management has considered climate-related matters in preparing the consolidated financial statements
which may be material with respect to the most significant judgements and estimates that management has
made.
This assessment has concluded that at present, there is no material impact on the business, its assets and
liabilities that are effected . In reaching this conclusion management has considered:
- The exiting of the crystal production business which commenced in 2019 and the following
regeneration of the area occupied by the factory;
- The refurbishment policy of the Group’s investment properties that has been updated to be carbon
neutral;
- The Group’s key assets are not located in areas experiencing extreme weather conditions requiring
additional expenditure to secure the asset value;
- There are no liabilities, contingent or otherwise in the Group that need to be recorded as a result of
climate change.
- The Group has started to invest in energy efficiency improvements through the installation of solar
panels at certain properties in Budapest generating 50 kilowatt hours of clean energy. This has
continued into 2024 where the Group’s largest property will complete the installation of solar panels
with the capacity to generate 220 kilowatt hours. Further such investments will be made in future
years as the Group focuses on improvements in its overall carbon footprint.
Management continues to monitor the situation and will respond accordingly to events and situations
warranting attention.
War in Ukraine
Management regularly monitors the ongoing situation and any potential impact on its business arising
from the war in Ukraine. As part of this monitoring management considers:
- Compliance with sanctions imposed since the invasion.
- Any financial impact on its tenants and other businesses arising either from sanctions imposed or
business interruption consequences.
- Management tests compliance with these requirements annually.
Based on this, the Board of Directors has concluded that, to the best of its knowledge, it is in
compliance with sanctions imposed and, as yet the Group has not experienced any direct adverse business
effects on the operations of the Group arising from the situation in Ukraine.
11
Other Disclosures
There are no agreements with shareholders which are known to the Company and may result in
restrictions on the transfer of securities or voting rights within the meaning of the 2004/109/EC directive
(transparency directive).
There are no restrictions on the transfer of securities in the Articles of Incorporation of the Company.
There are no securities granting special control right to their holders and there are no restrictions on
voting rights of the ordinary shares.
There are no significant agreements to which the Company is party to and which would take effect, alter
or terminate upon a change of control following a public offering or takeover bid.
There are no agreements between the Company and its Board members or employees providing for
compensation if they resign or are made redundant without valid reason or if their employment ceases because
of a takeover bid.
Own share purchases
The Company operates a share buyback program which is carried out as part of the company deploying
capital into investments it considers to be in the best interest of the company, whilst also offering a floor to
the share price. The program also provides additional liquidity to facilitate, in the best interest of all
shareholders, the smooth trading in the shares.
Future
Prospects
The
comPanY
continues
to
maintain
a stable
and
strong
financial position;
however,
during2023
it
used
up
more
than
half
of its cash
on hand
to settle
all
outstanding
remaining
debt
obligations
ár the
intire
Group.
Ai
suih the
GrouP
is
now
debt free
but
it also
has
significanúy
less
casí available}or
possible
future
investments.
The
GrouP
did
not acquire
any new
major
assets
duting2023
as
we
continue
to
waiifor
better
opportunities
and
face
a.difficult
financing
environment,
As
in
previous
years
the
Group
will
continue
to
develop
iÉ companies
to
oPtimize
their
oPerations
especially
in
energy
related
investments
in
our Hungarian
property
pÖrtfolio.
Two
such
minor investments
have
already
been made
in
this
arena
into
solar
power
generation
at
two Group
owned
ProPerties.
The
GrouP
will
use
these investments
to
assess
the effectiveness
and
profitability
of
future
investments
in
this area
during
the course
of 2024.
However
such
future investments
ma}require
laige
amounts
of cash
exPendifures,
but these
are
expected
to
be manageable
and
would
only
be
car.ried
Óut uy ttre
Group
should
these
investment
related
yields
be attractivg
enough
to
wanant
such
cash
ouiluy.,
The negative
effects
of the
COVID-
19
Virus
have
now
fully
vanished
and
have
practically
had
a little
to
no imPact
on the
Group's
income
and results
for
the
past
year.
Our
expectation
is
that
Öovid
related
issues
will
not
have
anY
effect
on the
company
during
2)24.IJnfortlnately,
next
tó
this
positive
development
other negative
factors
will
continue
to cause problems
for
the
Group in2024
ánd
these
will
continue
to have
an impact
on some
of the
GrouP's
tenants.
First
the
war in the
Ukraine
continues
to
cause
a
variety
of issues
such
as
supply
chain
disruPtions
and
the
end
of the
conflict
is far
from
over.
Furthetmore,
the
recent
outbreak
of fighting
in
the middle
east
bY
Israel,
Hamas
and the
Houthis
targeting
shipping
lanes
have
also
created
instability
aná
uncirtainty
during
2023
for
global
commerce.
How long
this
will
lasi
and
its long-term
effects
remain
urr.i.u..
During
2023,
whilst
the
effects
of inflation
were
considered
lower
than
during
most
of 2022,
inflationary
concerns
continue
to be
a
Problem
and, in
some
markets,
inflation
has
begun
to increase
again notably
in
the
Netherlands.
Futthermore,
increases
in
ECB
interest
rates
during
2023-have
made
finaicing projects
and
obtaining
new
loans
not
just
more
costly
and
difficult
but
also
more
iime
consuming
as complianci
related
issues
hamPer
all comPanies
trying
to obtain
bank
financing.
All
these
effects
togeth".
.uy result
in
certain
tenants
needing
lease
discounts
or
other
financial
support
in the
form
of free
months
during
zózq.
Ttlis
in tum
may
also
result
in the
Group
losing
some
of
its cunent
income
but
will enable
us to
ensure
that
vacancies
continue
to
remain
low.
These
effects
will
of
course
not impact
the
Group
as
a
going
concern
as
it continues
to
be
profitable
and
has a very
§trong
and
positive
cash
flow.
FinallY,
it is
exPected
that
due to
a combination
of all
the
aforementioned
factors,
tourism
will continue
to
significantlY
underPerform
during
2024
and
spending
and
increased
unemployment
will most
likely
also
cause
fuither
economic
Pressure
for
several
countries
as
during
the
Covid
panaemló
years;
this in
tum
may lead
to a
global
slowdown
and
even
a
possible
recession
in
2024
and
will
also
be
probleÁatic
for the
Group
when trying
to find
new
tenants
and
extending
existing
leases,
The
GrouP
will continue
to
monitor
all
these
interrelated
issues
and
will
make
all the
necessary
investments
into
technologY
to minimize
the
effects
upon
our
operations.
Of
course,
the
long-term
effects
Óf
the
current
situation
are still
uncertain
but from
an economic
standpoint,
we
still
expect
mediuáto
long
term
consumer
habit
trends
to eventually
to
normalize
and
the
Group
will
adapt
its
strategy
accordingly.
Bas-ed
on these
facts
we
continue
to maintain
the
expectation
of challenging
times
for
tenant
as
Úeil
as finding
new
tenants
will
continue
to
be issues
for
the
Group
dlring2024,
but manageable
from
an
operational
standpoint.
March
7th 2024,
Luxembourg
"-,"h,F
l2
Fotex
Holding
S.E.Chairman
of
the
Board
Management
Rcsponslblllty
Statemcnt
We
confinn
that
to
the
best
of
our knowledge, the consolidated financial
statemenls as
of 3l Dcccrnber
2023
have
been
preparcd
in accordance with
lntcrnational Financial Repolting Standards
as adopted
by the
European
Uuion
and
give
a true ancl
t'air
view of
the assets,
liabilities,
frnancial
position
and
plofit
ol
loss of Fotex
llolding
S.E.
and
its
subsidiaries
included in
the
comolidation
taken
as
a whole. In addition,
the
management
report
includes a
fair revicw of
thc development
and
pclforrnance
of thc
business and thc
position
of
liotex Holding
S.li.
ald
its subsidiaries
included
in the
consolidulion
taken as a whole,
together with u
desoription
of the
principal
risks and uncertainties
that
thcy
fhce.
Maroh 7'h
2024,
Luxembourg
(lh*innan
ol
tlrc lloarcl of l)ircctors
Cribor
VAI{SZB(il
BDO Audit, Société Anonyme
R.C.S. Luxembourg B 147.570
TVA LU 23425810
BDO Audit, a société anonyme incorporated in Luxembourg, is a member of BDO International Limited, a UK company limited by guarantee, and forms part
of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
To the Shareholders of
Fotex Holding S.E.
28, avenue Pasteur
L-2310 Luxembourg
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Fotex Holding S.E. and its subsidiaries
(the “Group”), which comprise the consolidated statement of financial position as at
31 December 2023, and the consolidated statement of profit or loss, consolidated statement of
comprehensive income, consolidated statement of changes in equity and consolidated statement
of cash flows for the year then ended, and notes to the consolidated financial statements,
including material accounting policy information and other explanatory information.
In our opinion, the accompanying consolidated financial statements give a true and fair view of
the consolidated financial position of the Group as at 31 December 2023, and of its consolidated
financial performance and its consolidated cash flows for the year then ended in accordance
with IFRS Accounting Standards as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July
2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing
(“ISAs”) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”
(“CSSF”). Our responsibilities under the EU regulation N° 537/2014, the Law of 23 July 2016 and
ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of
“réviseur d’entreprises agréé” for the Audit of the Consolidated Financial Statements » section
of our report. We are also independent of the Group in accordance with the International Code
of Ethics for Professional Accountants, including International Independence Standards, issued by
the International Ethics Standards Board for Accountants (IESBA Code) as adopted for
Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of
the consolidated financial statements, and have fulfilled our other ethical responsibilities under
those ethical requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of the audit of the consolidated financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
BDO Audit, Société Anonyme
R.C.S. Luxembourg B 147.570
TVA LU 23425810
BDO Audit, a société anonyme incorporated in Luxembourg, is a member of BDO International Limited, a UK company limited by guarantee, and forms part
of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
Fair Value of Investment Properties
a) Why the matter was considered to be one of most significant in the audit?
We refer to the Material accounting policies 3. “Investment properties”, 4. “Material Accounting
Judgements, Estimates and Assumptions”, and Note 10. “Investment Properties”, in the
consolidated financial statements of Fotex Holding S.E.
As at 31 December 2023, the Group held a portfolio of investment properties with a carrying
amount of EUR 132,219,565 (2022: EUR 129,855,321) and respective fair value of EUR
299,002,371 (2022: EUR 331,498,130). The Group’s investment properties are comprised of Dutch
commercial properties and Hungarian commercial properties.
In accordance with the Group’s accounting policy, subsequent to the initial recognition the
investment properties are carried at cost and depreciated systematically, except for land, over
their useful economic life. The Group determines and presents in Note 10. the fair value of its
investment properties in accordance with the provisions of IAS 40.79 (e).
Determining the fair value of investment properties is complex and incorporates numerous
assumptions and parameters (notably yields, estimated market rents, discount and capitalization
rates) relevant to measurement that involve considerable estimation uncertainties and
judgment.
The significance of the estimates and judgments involved, together with the fact that only a
small percentage difference in individual investment property valuation, when aggregated, could
result in a material misstatement in the note disclosure, warrants specific audit focus in this
area.
b) How the matter was addressed during the audit?
Our audit procedures over the fair value of Investment Properties as disclosed in Note 10. of the
consolidated financial statements included, but were not limited to:
• We assessed that the valuation techniques applied are appropriate in the context of the
applicable financial reporting framework (IFRS Accounting Standards as adopted by the
European Union) and applied consistently.
• Where an external appraiser has been used, we have evaluated the competence,
capabilities and objectivity of the external appraiser and read the terms of engagement
to determine whether there were any matters that might have affected the objectivity
or limited the scope of work of the external appraiser.
• For a sample of investment properties, we reconciled the inputs (such as actual rents
with current tenancy schedules) used in the valuation models with the respective lease
agreements and other relevant documentation.
• We involved our own valuation expert and considered the appropriateness and
consistency of the assumptions used by management or the external appraiser in the
valuation models by benchmarking the key assumptions and parameters used for
measurement, such as yield, estimated market rents, discount and capitalization rate,
and any planned refurbishment costs to comparable market data for a sample of
investment properties.
• Further we assessed the adequacy and completeness of the disclosures of investment
properties in the notes to the consolidated financial statements, pursuant to IAS 40.75
and IAS 40.79 and IFRS 13.
BDO Audit, Société Anonyme
R.C.S. Luxembourg B 147.570
TVA LU 23425810
BDO Audit, a société anonyme incorporated in Luxembourg, is a member of BDO International Limited, a UK company limited by guarantee, and forms part
of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
Other information
The Board of Directors is responsible for the other information. The other information comprises
the information included in the consolidated management report and the Corporate Governance
Statement but does not include the consolidated financial statements and our report of the
“réviseur d’entreprises agréé” thereon.
Our opinion on the consolidated financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to
report this fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors and Those Charged with Governance for the
Consolidated Financial Statements
The Board of Directors is responsible for the preparation and fair presentation of the
consolidated financial statements in accordance with IFRS Accounting Standards as adopted by
the European Union, and for such internal control as the Board of Directors determines is
necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
The Board of Directors is responsible for presenting the consolidated financial statements in
compliance with the requirements set out in the Delegated Regulation 2019/815 on European
Single Electronic Format (“ESEF Regulation”).
In preparing the consolidated financial statements, the Board of Directors is responsible for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting
process.
Responsibilities of the “réviseur d’entreprises agréé” for the Audit of the Consolidated
Financial Statements
The objectives of our audit are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue a report of “réviseur d’entreprises agréé” that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as
adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
BDO Audit, Société Anonyme
R.C.S. Luxembourg B 147.570
TVA LU 23425810
BDO Audit, a société anonyme incorporated in Luxembourg, is a member of BDO International Limited, a UK company limited by guarantee, and forms part
of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
Our responsibility is to assess whether the consolidated financial statements have been prepared
in all material respects with the requirements laid down in the ESEF Regulation.
As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016
and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of Board of Directors’ use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our report of “réviseur
d’entreprises agréé” to the related disclosures in the consolidated financial
statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our report of
“réviseur d’entreprises agréé”. However, future events or conditions may cause the
Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial
statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of
the entities and business activities within the Group to express an opinion on the
consolidated financial statements. We are responsible for the direction, supervision
and performance of the Group audit. We remain solely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.
BDO Audit, Société Anonyme
R.C.S. Luxembourg B 147.570
TVA LU 23425810
BDO Audit, a société anonyme incorporated in Luxembourg, is a member of BDO International Limited, a UK company limited by guarantee, and forms part
of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the consolidated financial statements of
the current period and are therefore the key audit matters. We describe these matters in our
report unless law or regulation precludes public disclosure about the matter.
Report on Other Legal and Regulatory Requirements
We have been appointed as “réviseur d’entreprises agréé” by the General Meeting of the
Shareholders on 17 April 2023 and the duration of our uninterrupted engagement, including
previous renewals and reappointments, is four years.
The consolidated management report is consistent with the consolidated financial statements
and has been prepared in accordance with applicable legal requirements.
The Corporate Governance Statement is included in the consolidated management report. The
information required by Article 68ter paragraph (1) letters c) and d) of the law of 19 December
2002 on the commercial and companies register and on the accounting records and annual
accounts of undertakings, as amended, is consistent with the consolidated financial statements
and has been prepared in accordance with applicable legal requirements.
We confirm that the audit opinion is consistent with the additional report to the audit
committee or equivalent.
We confirm that the prohibited non-audit services referred to in the EU Regulation N° 537/2014
were not provided and that we remained independent of the Group in conducting the audit.
We have checked the compliance of the consolidated financial statements of the Group as at 31
December 2023 with relevant statutory requirements set out in the ESEF Regulation that are
applicable to financial statements.
For the Group it relates to:
• Consolidated financial statements prepared in a valid xHTML format;
• The XBRL markup of the consolidated financial statements using the core taxonomy and
the common rules on markups specified in in the ESEF Regulation.
In our opinion, the consolidated financial statements of Fotex Holding S.E. as at 31 December
2023, have been prepared, in all material respects, in compliance with the requirements laid
down in the ESEF Regulation.
Luxembourg, 11 March 2024
BDO Audit
Cabinet de révision agréé
represented by
Christoph Schmitt
19
Fotex Holding S.E. and Subsidiaries
Consolidated Statement of Financial Position
Figures in EUR
Note
31 December 2023
31 December 2022
EUR
EUR
Assets
Current Assets:
Cash and short-term deposits
5
Current portion of other financial assets
6
Accounts receivable and prepayments
7
Inventories
8
Total current assets
Non-current Assets:
Property, plant and equipment
9
Investment properties
10
Deferred tax assets
17
Intangible assets
11
Non-current portion of other financial assets
6
Goodwill arising on acquisition
12
Total non-current assets
Total assets
Liabilities and Shareholders’ Equity
Current Liabilities:
Interest-bearing loans and borrowings
16
Accounts payable and other liabilities
13
Total current liabilities
Non-current Liabilities:
Other long-term liabilities
13
Deferred tax liability
17
Total non-current liabilities
Shareholders’ Equity:
Issued capital
14
Additional paid-in capital
Retained earnings
Translation difference
(6,899,107 )
(8,592,511 )
(44,475,740 )
Treasury shares, at cost
14
(45,020,522 )
Equity attributable to equity holders of the parent company
Non-controlling interests in consolidated subsidiaries
Total shareholders’ equity
Total liabilities and shareholders’ equity
The accompanying notes on pages 25 to 65 form an integral part of these consolidated financial
statements.
20
Fotex Holding S.E. and Subsidiaries
Consolidated Statement of Profit or Loss
Figures in EUR
Note
2023
2022
EUR
EUR
Revenue
18, 19
Cost of sales
(641,987 )
(598,700 )
Gross Profit
Operating expenses and gain
15
(28,646,809 )
(21,834,645 )
Gain/Loss on disposal of subsidiary
undertakings
(202,861 )
Operating profit
Interest income
Interest expenses
16
(272,088 )
(1,438,591 )
Income before income tax
Income tax expense
17
(2,282,377 )
(1,549,143 )
Net income
Attributable to:
Equity holders of the parent company
Non-controlling interests
Net income
Basic earnings per share
22
Diluted earnings per share
22
.
The accompanying notes on pages 25 to 65 form an integral part of these consolidated financial statements.
21
Fotex Holding S.E. and Subsidiaries
Consolidated Statement of Comprehensive Income
Figures in EUR
Note
2023
2022
EUR
EUR
Net income
Other comprehensive income:
(3,089,782 )
Total comprehensive income/ (loss)
Attributable to:
Equity holders of the parent company
Non-controlling interests
Other comprehensive income is the Exchange gain/(loss) on translation of foreign operations which will
be subsequently reclassified to profit or loss on the disposal of the relevant foreign operations.
The accompanying notes on pages 25 to 65 form an integral part of these consolidated financial statements.
22
Fotex Holding S.E. and Subsidiaries
Consolidated Statement of Changes in Equity
Figures in EUR
for the year ended 31 December 2023
Issued
Capital
Additional
Paid-in
Capital
Retained
Earnings
Translation
Difference
Treasury
Shares
Total
Non-
controlling
interests
Total Equity
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1 January 2023
(8,592,511 )
(44,475,740 )
Net income 2023
Other comprehensive income
Total comprehensive income
Purchase of treasury shares
(note 14)
(929,326 )
(929,326 )
(929,326 )
Sale of preference shares to
management. (note 15)
Purchase from minority
shareholders
(1,626 )
(1,626 )
31 December 2023
(6,899,107 )
(45,020,522 )
The accompanying notes on pages 25 to 65 form an integral part of these consolidated financial statements.
23
Fotex Holding S.E. and Subsidiaries
Consolidated Statement of Changes in Equity
Figures in EUR
for the year ended 31 December 2022
Issued
Capital
Additional
Paid-in
Capital
Retained
Earnings
Translation
Difference
Treasury
Shares
Total
Non-
controlling
interests
Total Equity
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1 January 2022
(5,502,729 )
(43,569,317 )
Net income 2022
Other comprehensive income
(3,089,782 )
(3,089,782 )
(3,089,782 )
Total comprehensive income
(3,089,782 )
Purchase of treasury shares
(note 14)
(906,423 )
(906,423 )
(906,423 )
Purchase from Minority
shareholders
31 December 2022
(8,592,511 )
(44,475,740 )
The accompanying notes on pages 25 to 65 form an integral part of these consolidated financial statements.
24
Fotex Holding S.E. and Subsidiaries
Consolidated Statement of Cash Flows
Figures in EUR
Note
2023
2022
EUR
EUR
Cash flows from operating activities:
Income before income taxes
Depreciation and amortisation
9, 10
Scrapped/written down fixed assets
Scrapped/written down inventories
Scrapped/written down intangibles
Loss/(gain) on disposals of fixed assets and investment properties
9, 10
(52,438 )
Loss/(gain) on disposals of subsidiary undertakings
Interest income
(551,060 )
(231 )
Effect of spread of rental related incentives and allowance
Interest expenses
16
Changes in working capital:
Accounts receivable and prepayments
(3,469,876 )
Inventories
(9,433 )
(205,832 )
Accounts payable and other liabilities
(889,671 )
Cash generated from operations
Income tax paid
(2,673,177 )
(2,704,005 )
Net cash flow from operating activities
Cash flows from investing activities:
Acquisition of investment properties
10
(5,436,630 )
(32,890,505 )
Acquisition of tangible and intangible assets
9
(241,909 )
(2,237,074 )
Cash proceeds from disposal of tangible fixed assets
Prepayment for investment acquisition
7
(3,400,000 )
Other changes of tangible and intangible assets
9
(1,626 )
Interest received
Net cash flow provided by investing activities
(8,374,943 )
(35,125,722 )
Cash flows from financing activities:
Interest paid
(272,088 )
(886,603 )
Repayments of loan received
16
(47,036,021 )
(1,400,000 )
Purchase of treasury shares
14
(929,326 )
(906,423 )
Sale of preference shares to management
14
Change in other long term liabilities
Net cash flow from financing activities
(47,852,891 )
(3,151,283 )
Change in cash and cash equivalents
(41,902,810 )
(25,628,188 )
Cash and cash equivalents at beginning of the year
5
Effect of foreign currency translation
(1,132,403 )
Cash and cash equivalents at end of the year
5
The accompanying notes on pages 25 to 65 form an integral part of these consolidated financial
statements.
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
25
1. General
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
26
2. Basis of preparation
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
27
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
28
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
29
3. Material Accounting Policies
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
30
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
31
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
32
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
33
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
34
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
35
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
36
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
37
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
39
3. Material Accounting Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
40
3. Material Accounting Policies (continued)
4. Material Accounting Judgements, Estimates and Assumptions
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
41
4. Material Accounting Judgements, Estimates and Assumptions (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
42
5. Cash and Cash Equivalents
6. Other Financial Assets
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
43
6. Other Financial Assets (continued)
7. Accounts Receivable and Prepayments
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
44
8. Inventories
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
45
9. Property, Plant and Equipment
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
46
9. Property, Plant and Equipment (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
47
10. Investment Properties
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
48
10. Investment Properties (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
49
10. Investment Properties (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
50
10. Investment Properties (continued)
11. Intangible Assets
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
51
12. Goodwill Arising on Acquisition
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
52
13. Accounts Payable, Other Liabilities and Provision
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
53
13 Accounts Payable, Other Liabilities and Provision (continued)
14. Share Capital and Reserves
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
54
15 Operating Expenses and Gain
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
55
16. Interest-bearing Loans and Borrowings
17. Income Tax
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
56
17. Income Tax (continued)
following:
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
57
17. Income Tax (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
58
18. Revenue
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
59
19. Segment Information
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
60
20. Financial Risks, Management Objectives and Policies
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
61
20. Financial Risks, Management Objectives and Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
62
20. Financial Risks, Management Objectives and Policies (continued)
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
63
21. Leases
22. Earnings Per Share
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
64
23. Related Party Transactions
Fotex Holding S.E. and Subsidiaries
Notes to consolidated financial statements
31 December 2023
Figures in EUR
65
24. Subsequent Events after the End of the Reporting Period
25. Headcount
26. Audit fees
27. Contingent liabilities