Telelink Business Services Group AD

Annual / Quarterly Financial Statement • Feb 28, 2024

EXCERPTS

31/12/2023

consolidated non audited

	Data for the respective reporting period
Starting date:	01/01/2023
Ending date:	31/12/2023
Date of preparation:	29/02/2024
	Data about the person
Name of the person:	Telelink Business Services Group AD
Type of person:	Public company
UIC:	205744019
Represented by:	Ivan Krasimirov Zhitiyanov
Way of representation:	EXECUTIVE DIRECTOR
Management address:	Sofia, Vitosha district, 2 "Donka Ushlinova" Str. Garitage Park, Building 1, 4th floor 1766 Sofia
Correspondence address:	Sofia, Vitosha district, 2 "Donka Ushlinova" Str. Garitage Park, Building 1, 4th floor 1766 Sofia
Telephone number:	+359 2 9882413
Fax:
E-mail:	IR-TBS@TELELINK.COM
Website:	https://www.tbs.tech/investors/
Media:	x3news
Person that prepared the report:	Jordanka Klenovska
Position:	Deputy Financial Director

*last update December 2021

BALANCE SHEET

(consolidated) 31/12/2023

Telelink Business Services Group AD 205744019 31/12/2023

ASSETS Code Current period Previous period LIABILITIES Code Current period Previous period 1 2 б 1 2 а а А. NON-CURRENT ASSETS А. SHAREHOLDERS' EQUITY I. Property, plant and equipment I. Share capital 1. Land 1-0011 0 0 Issued and outstanding shares 1-0411 12,500 12,500 2. Buildings 1-0012 2,993 714 Ordinary shares 1-0411-1 12,500 12,500 3. Machinery and equipment 1-0013 759 291 Preferred shares 1-0411-2 0 0 4. Facilities 1-0014 0 0 Treasury ordinary shares 1-0417 0 0 5. Vehicles 1-0015 789 474 Treasury preferred shares 1-0417-1 0 0 6. Office fittings 1-0017-1 506 200 Unpaid capital 1-0416 0 0 7. Assets under construction 1-0018 0 0 Total share capital 1-0410 12,500 12,500 8. Other 1-0017 4,867 5,420 II. Reserves Total property, plant and equipment 1-0010 9,914 7,099 1. Issue premiums 1-0421 II. Investment property 1-0041 448 2. Revaluation reserve 1-0422 454 III. Farm animals 1-0016 0 3. Reserves incl.: 1-0423 -12,819 -12,598 0 IV. Intangible assets general reserves 1-0424 1,352 1,352 1. Rights of ownership 1-0021 0 0 special reserves 1-0425 -599 -583 2. Software 1-0022 108 216 other reserves 1-0426 -13,572 -13,367 3. R&D expenses 1-0023 713 288 Total reserves 1-0420 -12,819 -12,598 4. Other intangible assets 1-0024 1,326 511 III. Retained earnings Total intangible assets 1-0020 2,147 1,015 1. Retained earnings from previous periods 1-0451 17,861 6,929 undistributed profit 1-0452 17,861 6,929 V. Goodwill loss not covered 1-0453 0 0 1. Positive goodwill 1-0051 one-time effect from changes in accounting policy 1-0451-1 0 0 2. Negative goodwill 1-0052 2. Current year profit 1-0454 9,083 10,932 Total goodwill 1-0050 0 0 3. Current year loss 1-0455 0 0 VI. Financial assets Total retained earnings 1-0450 26,944 17,861 1. Share participations in: 1-0031 0 0 subsidiary companies 1-0032 joint ventures 1-0033 TOTAL SHAREHOLDERS' EQUITY 1-0400 26,625 17,763 associated companies 1-0034 other companies 1-0035 2. Long-term investment securities held to maturity 1-0042 0 0 B. MINORITY SHAREHOLDINGS 1-0400-1 treasury bonds 1-0042-1 bonds 1-0042-2 C. LONG-TERM LIABILITIES incl. municipality bonds 1-0042-3 I. Long-term debt other 1-0042-4 1. Due to related parties 1-0511 3. Other financial assets 1-0042-5 2.Due to financial institutions 1-0512 Total long-term financial assets 1-0040 0 0 3. Due under ZUNK 1-0512-1 VII. Long-term trade and other receivables from: 4. Trade loans 1-0514 1. Related parties 1-0044 5. Bonds 1-0515 2. Trade loans 1-0045 6. Other long-term liabilities 1-0517 6 21 3. Financial lease receivables 1-0046-1 Total long-term debt 1-0510 6 21 4. Other long-term receivables 1-0046 45 33 Total long-term trade and other receivables 1-0040-1 45 33 II. Other long-term liabilities 1-0510-1 2,887 447 III. Deferred revenues 1-0520 9,179 7,330 VIII. Deferred expenses 1-0060 12,594 8,133 IV. Liabilities on deferred taxes 1-0516 0 0 IX. Assets on deferred tax payments 1-0060-1 904 816 V. Financing 1-0520-1 821 821 TOTAL NON-CURRENT ASSETS 1-0100 26,058 17,544 TOTAL LONG-TERM LIABILITIES 1-0500 12,893 8,619 B. CURRENT ASSETS I. Inventory D. SHORT-TERM LIABILITIES 1. Materials 1-0071 331 358 I. Trade and other payables
	2. Finished goods	1-0072	0		0 1. Short-term borrowings	1-0612	4,189	2,879

3. Goods for resale	1-0073	6,829		2,581 2. Short-term part of long-term loans	1-0510-2	17	193
4. Work in progress	1-0076	4,862		2,357 3. Short-term payables	1-0630	61,508	32,199
5. Farm animals	1-0074	0		0 related parties payables	1-0611	46	37
6. Other	1-0077	269		269 trade loans	1-0614	0	0
Total inventory	1-0070	12,291		5,565 trade accounts payables	1-0613	47,313	24,042
				advance payments	1-0613-1	5,485	1,682
II. Receivables				salaries payable	1-0615	3,101	2,334
1. Related parties receivables	1-0081	10,798		4,366 social security payable	1-0616	369	289
2. Trade accounts receivables	1-0082	55,917		23,180 tax payable	1-0617	5,194	3,815
3. Advance payments	1-0086-1	307		287 4. Other	1-0618	46	362
4. Trade loans	1-0083	0		1 5. Provisions	1-0619	8,634	2,760
5. Court receivables	1-0084	320		320 Total trade and other payables	1-0610	74,394	38,393
6. Recoverable taxes	1-0085	2,285		2,201 II. Other short-term liabilities	1-0610-1	1,211	750
7. Personnel receivables	1-0086-2	0	0
8. Other receivables	1-0086	102		178 III. Deferred revenues	1-0700	19,731	12,410
Total receivables	1-0080	69,729	30,533
				IV. Financing	1-0700-1	567	455
III.Financial assets
1. Financial assets held for trading	1-0093	0		0 TOTAL SHORT-TERM LIABILITIES	1-0750	95,903	52,008
bonds	1-0093-1
derivatives	1-0093-2
other	1-0093-3
2. Financial assets declared for sale	1-0093-4
3. Other current financial assets	1-0095
Total current financial assets	1-0090	0	0
IV. Cash and cash equivalents
1. Cash	1-0151	2	3
2. Cash in banks	1-0153	13,993	14,379
3. Restricted cash	1-0155	0	298
4. Cash equivalents	1-0157	98	148
Total cash and cash equivalents	1-0150	14,093	14,828
V. Deferred expenses	1-0160	13,250	9,920
TOTAL CURRENT ASSETS	1-0200	109,363	60,846
TOTAL ASSETS	1-0300	135,421		78,390 TOTAL LIABILITIES	1-0800	135,421	78,390

Date: 29 February, 2024

Preparer: Jordanka Klenovska

Representative: Ivan Zhitiyanov

INCOME STATEMENT (consolidated) 31/12/2023

Telelink Business Services Group AD

205744019

31/12/2023

							*(thousand BGN)
EXPENSES	Code		Current period Previous period	REVENUES	Code		Current period Previous period
а		1	2	а	б	1	2
А. Expenditures				А. Revenues
I. Operating expenses				I. Net revenues from the sale of:
1. Materials	2-1120	597		732 1. Finished goods	2-1551	0	0
2. External services	2-1130	83,295		68,891 2. Goods for sale	2-1552	74,404	63,744
3. Depreciation	2-1160	4,047		3,110 3. Services	2-1560	110,849	91,419
4. Salaries	2-1140	23,248		16,667 4. Other	2-1556	126	69
5. Social security	2-1150	2,343	2,376	Total net revenues from sale 2-1610		185,379	155,232
6. Net book value of assets sold (finished goods excluded)	2-1010	54,040	48,765
7. Changes in inventories of finished goods and work in progress	2-1030	-2,637		214 II. Revenues from financing	2-1620	287	157
8. Other expenses	2-1170	9,017		2,034 incl. government grants	2-1621	287	157
incl. impairment of assets	2-1171	0	0
incl. provisions	2-1172	0		0 III. Financial income
Total operating expenses: 2-1100		173,950		142,789 1. Interest revenue	2-1710	37	36
				2. Divident income	2-1721	0	0
II. Financial expenses				3. Gains from operations with financial assets and instruments	2-1730	0	0
1. Interest expenses	2-1210	459		166 4. Gains from foreign exchange operations	2-1740	0	305
2. Losses from operations with financial assets and instruments	2-1220	0		0 5. Other financial income	2-1745	0	0
3. Losses from foreign exchange operations	2-1230	380	0	Total financial income 2-1700		37	341
4. Other financial expenses	2-1240	269	257
Total financial expenses: 2-1200		1,108	423
B. Total operating expenses	2-1300	175,058		143,212 B. Total revenues before extraordinary activities	2-1600	185,703	155,730
C. Profit/(loss) from operations	2-1310	10,645		12,518 C. Operating loss	2-1810	0	0
III. Share in the profit of associated and joint companies	2-1250-1	0		0 IV. Share in the loss of associated and joint companies	2-1810-1
IV. Extraordinary costs	2-1250	102		135 V. Extraordinary revenues	2-1750
D. Total expenses	2-1350	175,160		143,347 D. Total revenues	2-1800	185,703	155,730
E. Profit before tax	2-1400	10,543		12,383 E. Loss before taxes	2-1850	0	0
V. Tax expense	2-1450	1,460	1,451
1.Corporate profit tax	2-1451	1,449	1,602
2. Expenses/(gains) on deferred corporate taxes	2-1452	11	-151
3. Other taxes	2-1453	0	0
F. Profit after taxes	2-0454	9,083		10,932 F. Loss after taxes	2-0455	0	0
incl. from minotiry shareholding	2-0454-1			incl. from minority shareholdings	2-0455-1
G. Net profit	2-0454-2	9,083		10,932 G. Net loss	2-0455-2	0	0
Total	2-1500	185,703	155,730 Total		2-1900	185,703	155,730

Note: Exerpt № 2 - Income statement is prepared on accumulated basis.

Date: 29 February, 2024

Preparer: Jordanka Klenovska

Representative: Ivan Zhitiyanov

CASH FLOW STATEMENT (consolidated) 31/12/2023

Telelink Business Services Group AD 205744019

31/12/2023 *(thousand BGN)

	Code	Current period	Previous period
CASH FLOW
а		1	2
А. Cash flow from operating activities
1. Cash receipts from customers	45351	194,982	202,617
2. Cash paid to suppliers	3-2201-1	-150,069	-154,390
3. Payments/income related to financial assets	3-2202	0	0
4. Cash paid to employees and social security 5. Paid/refunded taxes except corporate tax/	3-2203 3-2206	-22,952	-16,628
6. Corporate tax paid	3-2206-1	-15,360	-13,854
7. Interest received	3-2204	-2,059	-2,009
8. Interest and bank charges paid on short-term loans	3-2204-1	0	0
9. Foreign currency exchange gains/losses net	3-2205	-296	-257
		111	305
10. Other proceeds/payments from operational activity Net cash flow from operational activities (A):	3-2208 3-2200	-382 3,975	-222 15,562
B. Cash flow from investing activity
1. Purchase of fixed assets	3-2301	-4,025	-4,145
2. Sale of fixed assets	3-2301-1	9	4
3. Loans granted	3-2302	0	0
4. Proceeds from loans	3-2302-1	0	0
5. Interest received on granted loans	3-2302-2	0	36
6. Purchase of investments	3-2302-3	0	0
7. Sale of investments	3-2302-4	0	0
8. Dividents received	3-2303	0	0
9. Foreign currency exchange gains/losses net	3-2305	0	0
10. Other proceeds/payments from investing activity	3-2306	435	1,290
Net cash flow from investing activities (B):	3-2300	-3,581	-2,815
C. Cash flow from financing activities
1. Proceeds on securities issued	3-2401	0	0
2. Payments on securities buy-back	3-2401-1	-223	-75
3. Proceeds on loans	3-2403	5,823	14,123
4. Payments of loans	3-2403-1	-4,526	-12,969
5. Payments on leasing contracts	3-2405	-1,617	-1,613
6. Paid interest, charges and commissions on investment loans	3-2404	-20	-71
7 . Dividents paid	3-2404-1	-297	-9,724
8. Other proceeds/payments on financing activities	3-2407	-269	-405
Net cash flow from financing activities (C):	3-2400	-1,129	-10,734
D. Net decrease/increase in cash and cash equivalents (A+B+C):	3-2500	-735	2,013
E. Cash and cash equivalents as of the beginning of the period	3-2600	14,828	12,815
F. Cash and cash equivqlents as of the end of the period	3-2700	14,093	14,828
cash and bank deposits	3-2700-1	14,093	14,828
restricted cash	3-2700-2

Note:

Ithe number in the cell "Cash and cash equivalents at the beginning fo the period" represents the respective value at the beginning of the year .

Date: 29 February, 2024

Preparer: Jordanka Klenovska

Representative: Ivan Zhitiyanov

CHANGES IN SHAREHOLDERS' EQUITY STATEMENT

(consolidated) 31/12/2023

Telelink Business Services Group AD

205744019

31/12/2023												*(thousand BGN)
	Code		Reserves Retained earnings
INDEXES		Share capital	Issue premiums	Revaluation reserve		Reserves including:		profit	loss	Reserve from transfers	Total shareholders' equity	Minority shareholdings
					general	special	other
а	45291	1	2	3	4	5	6	7	8	9	10	11
Code of the row - 6	45351	1-0410	1-0410	1-0422	1-0424	1-0425	1-0426	1-0452	1-0453	4-0426-1	1-0400	1-0400-1
Balance-beginning of reporting period	4-01	12,500	0	0	1,352	-583	-13,367	17,861			17,763	0
Changes in initial balances due to:	4-15	0	0	0	0	0	0	0	0	0	0	0
Effect from changes in accounting policy	4-15-1										0
Fundamental mistakes	4-15-2										0
Corrected balance - beginning of reporting period	4-01-1	12,500	0	0	1,352	-583	-13,367	17,861	0	0	17,763	0
Net profit/loss	4-05							9,083			9,083
1. Distributed profit for:	4-06	0	0	0	0	0	0	0	0	0	0	0
dividends	4-07										0
other	4-07-1										0
2. Loss coverage	4-08										0
3. Revaluation of non-current tangible and intangible assets, incl.:	4-09	0	0	0	0	0	0	0	0	0	0	0
increase	4-10										0
decrease	4-11										0
4. Revaluation of financial assets and instruments, incl.:	4-12	0	0	0	0	0	0	0	0	0	0	0
increase	4-13										0
decrease	4-14										0
5. Deferred tax effect	4-16-1										0
6. Other changes	4-16					-16	-205				-221
Balance - end of reporting period	4-17	12,500	0	0	1,352	-599	-13,572	26,944	0	0	26,625	0
7. Changes from transfers of annual financial reports of companies abroad	4-18										0
8. Changes from revaluation of financial reports in case of hyper inflation	4-19										0
Shareholders' equity - as of end of reporting period	4-20	12,500	0	0	1,352	-599	-13,572	26,944	0	0	26,625	0

Note: The number in the cell "Balance at the beginning of the reporting period" represents the respective value at the end of the previous period.

Date: February 29, 2024

Preparer: Jordanka Klenovska

YORDANKA LYUBCHOVA KLENOVSKA Date: 2024.02.29 17:07:29 +02'00'

Representative: Ivan Zhitiyanov

Digitally signed by IVAN KRASIMIROV ZHITIYANOV Date: 2024.02.29 17:41:14 +02'00'

IVAN

KRASIMIROV ZHITIYANOV