Atlantis SE

Annual Report • Nov 8, 2024

SprawozdanieZarzadu_2023-07-01_en.xhtml Atlantis SE Independent Auditors Report 2024 IFRS.pdf KPMG Baltics OÜ Licence No 17 A T L A N T I S SE ANNUAL REPORT FOR THE PERIOD SINCE JULY 1, 2023 TILL JUNE 30, 2024 PREPARED IN COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (EU)  A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 2 z 51 Contents  ................................................................................................................................................. 3  ................................................................................................................. 4  ................................................................................................................................... 5  ........................................................................................................................................... 6  ..................................................................................................................... 11  ..................................................................................................................................... 18  ..................................................................................................................................... 19  ............................................................................................................................ 19  ................................................................................................................................... 20  .................................................................................................................. 20  ........................................................................................................................... 21  ............................................................................................................................................. 22  ........................................................................................... 23  ........................................................... 50  ................................................................... 51 I. CORPORATE PROFILE                       A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 4 z 51 II. LETTER OF THE MANAGEMENT BOARD Dear Sir or Madam, On behalf of the Management Board of Atlantis SE (hereinafter ‘the Company’) I present to you the Annual Report for the financial year from July 1, 2023 to June 30, 2024. During this period the Company continued to provide lending activities, which constitute the main part of the revenues. In the opinion of the Management Board, the Company’s situation is stable and there is no risk of liquidity loss or threat to the going concern. The Company has activities in the new financial year will still focus on financial activities. The main strategic goals of the Company for the next years are to stabilize the position of the Company in the areas where Atlantis SE already provides its financial services, striving to meet the ever-growing requirements of clients and achieving positive financial results that will meet the expectations of our Shareholders . I invite you to get acquainted with this report. I would also like to thank all the shareholders for the trust that they have invested in the Company's shares, and I wish everyone continued cooperation. Yours faithfully, Damian Patrowicz Member of the Management Board A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 5 z 51 III. SELECTED FINANCIAL DATA Selected financial data In thous. EUR 01.07.2023 - 30.06.2024 01.07,2022- 30.06.2023                                          III.I Effective interest income Effective interest income In thous. EUR In thous. EUR 01.07.2023 – 30.06.2024 01.07.2022– 30.06.2023          Interest income   A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 6 z 51 IV. MANAGEMENT REPORT The main fields of activity                              General (macroeconomic) development                 Financial instruments, financial risk management objectives and policies                      A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 7 z 51 Ensuring financial liquidity                      Description of significant external and internal factors                            The main financial ratios concerning the financial year and the preceding financial year, and the methods for calculating the ratios  30.06.2024  30.06.2023  ROA   ROE     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 8 z 51 Share capital of the Company     Information on the Company and shareholders   Qualifying holding pursuant to the provisions of § 9 of the Securities Market Act    As at30.06.2024 No. Shareholder Number of shares % of shares Number of votes % of votes 1 Patro Invest OÜ 5 079 951 50,17 5 079 951 50,17 Total 10 125 000 100 10 125 000 100   At at 30.06.2023 No. Shareholder Number of shares % of shares Number of votes % of votes 1 Patro Invest OÜ 175 069 000 51,87 175 069 000 51,87 Total 337 500 000 100 337 500 000 100    A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 9 z 51 Shares owned by members of the Company’s management and Supervisory Board            Provisions and rules for the election, appointment, resignation and removal of the members of the Management Board and Supervisory Board                                         Provisions and rules for amendment of the articles of association of the Company                                     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 10 z 51 Information about transactions concluded by the Company with related parties                   Information on average employment The Company did not hire employees in current and previous financial year. Information regarding the selected auditor and the contract signed with them                                                    A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 11 z 51 V. CORPORATE GOVERNANCE REPORT                                          Comments of the Company                  Comments of the Company      Comments of the Company:     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 12 z 51             Comments of the Company                  Comments of the Company                               Comments of the Company                               Comments of the Company:                                 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 13 z 51                  Comments of the Company                                                            Management Board:   Supervisory Board:         A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 14 z 51     Members of the Management Board         Members of the Supervisory Board                          Comments of the Company:                Comments of the Company:     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 15 z 51                     Comments of the Company:                                                     Comments of the Company                                     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 16 z 51    As at 30.06.2024 No. Shareholder Number of shares % of shares Number of votes % of votes 1 Patro Invest OÜ 5 079 951 50,17 5 079 951 5 079 951 Total 10 125 000 100 10 125 000 100                 Comments of the Company                   Comments of the Company                                                                                                 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 17 z 51 Comments of the Company                                                                                 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 18 z 51 VI. REMUNERATION REPORT                                                                     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 19 z 51 VII. FINANCIAL STATEMENTS 1. Statement of financial position STATEMENT OF FINANCIAL POSITION Note 30.06.2024 (THOUS. EURO) 30.06.2023 (THOUS. EURO) A s s e t s  2 998 4 032     Current assets 4 503 3 190              A s s e t s t o t a l 7 501 7 222 L i a b i l i t i e s Equity 4 674 7 196                  Short-term liabilities 2 827 26             E q u i t y a n d l i a b i l i t i e s t o t a l 7 501 7 222 Book value of equity   Number of shares      Book value per share (in EUR)    Diluted number of shares      Diluted book value per share (in EUR)     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 20 z 51 2. Statement of profit or loss STATEMENT OF PROFIT OR LOSS Note 01.07.2023 - 30.06.2024 (THOUS. EURO) 01.07.2022 - 30.06.2023 (THOUS. EURO) Net interest income    Gross profit (loss) on sale 342 468        Profit (loss) on operating activity 290 429     Profit (loss) before tax 58 429 Net profit (loss) for the period 58 429 Weighted average number of ordinary shares (in units.) 252 551 712 337 500 000 Earnings (loss) per ordinary share (EUR)   Weighted diluted average number of ordinary shares 252 551 712 337 500 000 Diluted earning (loss) per ordinary share    3. Statement of other comprehensive income STATEMENT OF OTHER COMPREHENSIVE INCOME 01.07.2023 - 30.06.2024 (THOUS. EURO) 01.07.2022 - 30.06.2023 (THOUS. EURO) Profit/loss for the period 58 429 Other comprehensive income, including:       Total comprehensive income for the period 852 425  A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 21 z 51 4. Statement of changes in equity STATEMENT OF CHANGES IN EQUITY Note 01.07.2023 - 30.06.2024 (THOUS. EURO) 01.07.2022 - 30.06.2023 (THOUS. EURO) Opening balance of equity (OB) 7 196 6 771 Opening balance of share capital 5 33 750 33 750  5   a)  5         Closing balance of share capital 5 1 013 33 750 Opening balance of reserve capital 0 0    Closing balance of reserve capital 5 29 363 0 Opening balance of other reserve capitals 292 292    Closing balance of other reserve capitals 292 292 Opening balance of foreign exchange differences -963 -959  794 -4 Closing balance of foreign exchange differences -169 -963 Opening balance of retained earnings -25 883 -26 312       Closing balance of retained earnings/unsettled losses from previous years -25 825 -25 883 Closing balance of equity (CB) 4 674 7 196  A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 22 z 51 5. Cash flow statement CASH FLOW STATEMENT (Indirect method) Note 01.07.2022 30.06.2023 (THOUS. EURO) 01.07.2022 30.06.2023 (THOUS. EURO) Operating activities A.I. Profit (loss) for the period 58 429 A.II. Total adjustments: -434 -278 Difference between interest calculated and received gross 211 -357  12 -4 535 -5 595  12 3 899 5 670  2 0  -3 -4  2 799 15  6 -7  13 -2 813 0 A.IIINet cash flow from operating activities -376 151 B.  217 9 Net cash flow (outflow), total (A.III+/-B) -159 160 Balance change in cash and cash equivalents -159 160 Cash balance at the beginning of the period 160 0 Cash balance at the end of the period 1 160  A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 23 z 51 6. Additional information to the financial statements Nota 1. Accounting principles 1.1. General information                       1.2. Basis of preparation of financial statements                                                A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 24 z 51 1.3. Functional and reporting currency                      1.4. Accounting policies, changes in accounting estimates and errors (IAS 8)                                         A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 25 z 51 1.5. Impact of new and revised standards and interpretations                                               A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 26 z 51                                 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 27 z 51 New standards or interpretations effective for annual reporting periods beginning on or after January 1, 2027.                          1.6. Financial assets (IFRS 9, IAS 32) Classification        Recognition and derecognition                                    Measurement   A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 28 z 51   Debt instruments                                              Impairment of financial assets                               A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 29 z 51 Loans and receivables                                          A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. 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EUR 31 z 51 Information on financial instruments As at 30.06.2024 Classes of financial instruments Amortised cost Total Financial assets total 7 501 7 501                Total financial liabilities 2 827 2 827       As at 30.06.2023 Classes of financial instruments Amortised cost Total Financial assets total 7 222 7 222                Professional judgment                            A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 32 z 51                                  Uncertainty of estimates                                                                                                        A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 33 z 51 1.7. Cash and cash equivalents, cash flows (IAS 7)                                   1.8. Share Capital (IAS 1)                                1.9. Capital from the sale of shares above their nominal value (IAS 1)       1.10. Statutory reserve capital (IAS 1)             1.11. Earnings per share (IAS 33)    A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 34 z 51    1.12. Financial liabilities (IFRS 9, IAS 32)                                 1.13. Provisions and contingent liabilities (IAS 37)                         A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 35 z 51 Contingent liabilities       1.14. Revenue recognition (IFRS 15) Interest income                                                                                          1.15. Operating segments (IFRS 15, IFRS 8)                 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 36 z 51 1.16. Income tax (IAS 12) Corporate income tax in Estonia         1.17. Related parties (IAS 24)                                                        1.18. Events after the reporting period (IAS 10)                   Note 2. Financial risks Granted loans   A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 37 z 51                          Objectives and principles of financial risk management                        . Credit risk                              A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 38 z 51 Maturity dates of assets as of 30.06.2024          7 408      282      1      92     Total 7 501     Maturity dates of assets as of 30.06.2023          6 967      160      160      95     Total 7 222 3 190 4 032 0 0 Liquidity risk                    The maturity dates of liabilities as at 30.06.2024         6      2 814      7     Total 2 827 2 827 0 0  The maturity dates of liabilities as at 30.06.2023         21      5     Total 26 26 0 0    A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 39 z 51                                                   Interest rate risk                 Borrower Interest rate Fixed/variable interest rate    Ü   Ü       Borrower Interest rate Fixed/variable interest rate      A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 40 z 51 Risk related to related parties       Risk of shares price’s fluctuations and limited liquidity        Risk related to the shareholder structure                   Risk related to the economic situation in Poland and Estonia                              Currency risk     A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 41 z 51      Change in exchange rate Exchange rate after the change Interest EUR’000 Impact on gross result EUR’000 Impact on net result EUR’000 Impact on equity EUR’000                         Risk related to the armed conflict in Ukraine     Note 3. Capital management                         Specification 30.06.2024 (thous. EURO) 30.06.2023 (thous. EURO)                A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 42 z 51      Note 4. Financial assets As at 30.06.2024 Borrower 12 months priod (thous. EUR) - princi- pal 12 months pe- riod(thous. EUR) – inter- est 1-5 years (thous. EUR)- princi- pal Interest rate Cur- rency Repay- ment date Collaterals                                                                                                            Total 4 401 282 2 725    A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 43 z 51 As at 30.06.2023 Borrower 12 months period (thous. EUR) 1-5 years (thous. EUR) Interest rate Currency Repayment date Collaterals                                                               Total 2 935 4 032  Note 5. Share, supplementary capital Share capital 30/06/2024 (thous. EUR) 30/06/2023 (thous. EUR) Opening balance of share capital 33 750 33 750             Closing balance of share capital 1 013 33 750 Supplementary capital 30/06/2024 (thous. EUR) 30/06/2023 (thous. EUR) Opening balance of supplementary capital 0 0    Opening balance of supplementary capital 29 363 0 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 44 z 51                        Note 6. Shareholding structure    As at 30.06.2024 No. Shareholder Number of shares % of shares Number of votes % of votes         Total 10 125 000 100 10 125 000 100                          As at 30.06.2023 Shareholder Number of shares % of shares Number of votes % of votes      Total 337 500 000 100 337 500 000 100                              A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 45 z 51   Share capital as of 30.06.2024 Types of shares Number of shares Share capital      TOTAL           Share capital as of 30.06.2023 Types of shares Number of shares Share capital       TOTAL                        Note 7. Book value per share and profit per share Book value per share As at 30.06.2024 (thous. EUR) As at 30.06.2023 (thous. EUR)                            A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 46 z 51 Note 8. Short-term liabilities Short-term liabilities 30.06.2024 (thous. EUR) 30.06.2023 (thous. EUR)          Short-term liabilities, total 2 827 26                     Note 9. Net interest income                        Revenue by geographical regions (location of customer): Geographical area for financial activities 01/07/2023- 30/06/2024 (thous. EUR) 01/07/2022- 30/06/2023 (thous. EUR)       Total 342 468 INFORMATION ON LEADING CUSTOMERS    interest income 01/07/2023- 30/06/2024 (thous.. EUR) 01/07/2022- 30/06/2023 (thous.. EUR) interest income 342 468 - including from related entities: 285 468 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 47 z 51          Reporting segments Reporting segments 01/07/2023-30/06/2024 (thous. EUR) ESTONIA POLAND       Profit/loss 31 27 Note 10. General and administrative costs Costs by type 01.07.2023- 30.06.2024 (thous. EUR) 01.07.2022- 30.06.2023 (thous. EUR)       General and administrative costs, total 52 32 Note 11. Financial costs Financial costs 01.07.2023- 30.06.2024 (thous. EUR) 01.07.2022- 30.06.2023 (thous. EUR)    Financial costs, total 232 0 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 48 z 51 Nota 12. Balances and transactions with related parties   Selected transactions and balances with related entites   Transaction and balances for the period ended on 30.06.2024 (in thous. euro) Revenues due to inter- ests Loans granted Repayments of loans granted principal Receivables due to inter- ests and loans Liabilities due to the redemp- tion of the company's shares                      Total 285 4 535 3 899 7 408 0      Transaction and balances for the period ended on 30.06.2023 (in thous. euro) Revenues due to interests Loans granted Repayments of loans granted principal Receivables due to interests and loans  Patro Invest O 14 694 2 074 0  FON SE 40 0 2 754 0 Damar Patro U 411 4 901 0 6 967 Patro Administracja Sp. z o.o. 3 0 842 0 Total 468 5 595 5 670 6 967 A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 49 z 51 Note 13. Explanatory note to the cash flow statement – item "other adjustments"                             Note 14. Average employment.    Note 15. Contingent assets and liabilities                  Note 16. Events after the balance sheet date                                   A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 50 z 51 VIII. MANAGEMENT BOARD’S CONFIRMATION OF THE ANNUAL REPORT                                         . Signature Member of the Management Board Damian Patrowicz  A FINANCIAL STATEMENT ATLANTIS SE FOR THE PERIOD ENDED ON 30/06//2024 IN THOUS. EUR 51 z 51 IX. MANAGEMENT BOARD’S PROPOSAL FOR PROFIT DISTRIBUTION                                                      Signature   KPMG Baltics OÜ Ahtri 4 Tallinn 10151 Estonia Telephone +372 6 268 700 Fax +372 6 268 777 Internet www.kpmg.ee KPMG Baltics OÜ, an Estonian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Reg no 10096082. Independent Auditors’ Report To the shareholders of Atlantis SE The Auditor’s Report of the Annual Financial Statements Opinion We have audited the financial statements of Atlantis SE (the Company), which comprise the statement of financial position as at 30 June 2024, the statement of profit and loss, other comprehensive income and the statements of cash flows and changes in equity for the year then ended, and notes, comprising material accounting policies and other explanatory information. In our opinion, the financial statements presented on pages from 19 to 49 present fairly, in all material respects, the financial position of the Company as at 30 June 2024, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (Estonia). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants (Estonia) (including Independence Standards) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Value of the loans granted Granted loans consist of loans granted and interest in the amount of 7 408 thousand euros, which is 98,8% of the company's assets. Of the loans granted, 100% are loans to related parties. We refer to the following note in the financial statements: Note 4 "Financial Assets." The key audit matter How the matter was adressed in our audit The value of the loans granted is assessed using the amortized cost method, as described in Note 1 of the financial statements. The valuation of these loans is an area of estimation, as it relies on management's assessments based on their past experience and assumptions. During the audit procedures, we performed, among other things, the following: • Reviewed the terms of loan agreements and verified the consistency of accounting data with the agreements; • Verified the accuracy of balances with confirmation of balances; • Reviewed and analyzed the financial data of the borrowers and ensured that management’s assessments were consistent with our understanding; • Checked the receipt of loan payments after the balance sheet date; • Assessed the adequacy of the disclosed information and its compliance with IFRS requirements. Other Information Management is responsible for the other information. The other information comprises the management report, letter of the management board, corporate governance report, remuneration report, corporate profile and selected financial data but does not include the financial statements and our auditors’ report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the remuneration report, our responsibility also includes considering whether the remuneration report has been prepared in accordance with the requirements of Article 135 3 (3) of the Securities Market Act. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. In our opinion, the remuneration report has been prepared in accordance with the requirements of Article 135 3 (3) of the Securities Market Act. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (Estonia) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Standards on Auditing (Estonia), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Other Requirements of the Auditors' Report We were appointed by shareholders on 8 May 2024 to audit the financial statements of Atlantis SE for the year ended 30 June 2024. Our total uninterrupted period of engagement is 1 year covering the period ended on 30 June 2024. We confirm that we have not provided to the Company the prohibited non-audit services (NASs) referred to in Article 5(1) of EU Regulation (EU) No 537/2014. We also remained independent of the audited entity in conducting the audit. KPMG Baltics OÜ Licence No 17 Eero Kaup Certified Public Accountant, Licence No. 459 Tallinn, 8 November 2024