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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/11/24 Noventiq Holding Co. F-4/A 3:13M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: F-4/A Pre-Effective Amendment to Registration Statement HTML 13.23M by a Foreign Issuer - Securities for a Merger 2: EX-23.1 Consent of Expert or Counsel HTML 6K 3: EX-23.2 Consent of Expert or Counsel HTML 5K
tm2330950-7_f4a - block - 148.6927823s |
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Cayman Islands
(State or other jurisdiction of
incorporation or organization) |
| |
7371
(Primary Standard Industrial
Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer
Identification No.) |
|
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| | | | | iii | | | |
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| | | | | F-1 | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | | |
| | | | | E-1 | | | |
| | | | | F-1 | | | |
| | | | | G-1 | | | |
| | | | | H-1 | | |
| | |
Assuming
Full Redemptions(1)(2) |
| |||
Sponsor and independent directors(3)
|
| | | | 4.55% | | |
Current Noventiq shareholders
|
| | | | 95.45% | | |
Total | | | | | 100.0% | | |
| | |
Assuming
Full Redemptions(1)(2) |
| |||
Sponsor and independent directors(3)
|
| | | | 4.55% | | |
Current Noventiq shareholders
|
| | | | 95.45% | | |
Total | | | | | 100.0% | | |
Source of Funds (in millions)
|
| |
Amount
|
| |
Uses (in millions)
|
| |
Amount
|
| ||||||
Current Shareholder Equity Rollover
|
| | | $ | 315 | | | |
Current Shareholder Equity Rollover
|
| | | $ | 315 | | |
Sponsor Promote(1)
|
| | | | 15 | | | |
Sponsor Promote
|
| | | | 15 | | |
Estimated Closing Balance Sheet Cash(2)
|
| | | | 95 | | | |
Pro Forma Cash on Balance Sheet(2)
|
| | | | 70 | | |
| | | | | | | | |
Estimated Transaction Fees and Expenses
|
| | | | 25 | | |
Total Sources
|
| | | $ | 425 | | | |
Total Uses
|
| | | $ | 425 | | |
(in millions)
|
| | | | | ||||||||
Total Revenue
|
| | | $ | 340.7 | | | | | $ | 280.4 | | |
Software & Cloud
|
| | | $ | 96.7 | | | | | $ | 89.4 | | |
IT Services
|
| | | $ | 152.2 | | | | | $ | 118.3 | | |
Hardware
|
| | | $ | 91.9 | | | | | $ | 72.8 | | |
Gross Profit
|
| | | $ | 145.0 | | | | | $ | 123.2 | | |
Adjusted EBITDA (excluding share based compensation)
|
| | | $ | 24.9 | | | | | $ | 16.6 | | |
| | |
Nine months ended December 31,
|
| |||||||||
(in millions of U.S. dollars)
|
| |
2023
|
| |
2022
|
| ||||||
Loss for the period from continuing operations
|
| | | | (30.0) | | | | | | (25.7) | | |
Added back: | | | | | | | | | | | | | |
Income tax expense
|
| | | | 7.2 | | | | | | 0.3 | | |
Depreciation and amortization
|
| | | | 16.3 | | | | | | 11.5 | | |
Foreign exchange loss
|
| | | | 7.7 | | | | | | 7.8 | | |
Net financial income and expenses
|
| | | | 9.3 | | | | | | 11.5 | | |
Property and equipment write-off
|
| | | | 0.0 | | | | | | 0.1 | | |
Employee termination payments
|
| | | | 1.1 | | | | | | 1.2 | | |
Impairment losses
|
| | | | 6.1 | | | | | | 6.3 | | |
Adjustments for share based compensation
|
| | | | 0.0 | | | | | | (0.5) | | |
One-off items (penalties and acquisition related expenses)
|
| | | | 7.2 | | | | | | 4.1 | | |
Adjusted EBITDA (excluding share based compensation)
|
| | | | 24.9 | | | | | | 16.6 | | |
| | | | | | ||||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Cash
|
| | | $ | 21,631 | | | | | $ | 31,547 | | |
Cash and marketable securities held in trust account
|
| | | $ | 4,553,517 | | | | | $ | 15,489,507 | | |
Total assets
|
| | | $ | 4,653,117 | | | | | $ | 15,789,790 | | |
Total liabilities
|
| | | $ | 12,682,079 | | | | | $ | 9,345,710 | | |
Total shareholders deficit
|
| | | $ | (12,582,479) | | | | | $ | (5,782,772) | | |
| | |
For the Year Ended
|
| |||||||||
| | | | | | ||||||||
| | |
(Audited)
|
| |
(Audited)
|
| ||||||
Statement of Operations Data: | | | | | | | | | | | | | |
Loss from operations
|
| | | $ | (3,129,841) | | | | | $ | (1,965,458) | | |
Earnings and realized gain on marketable securities held in Trust Account
|
| | | $ | 411,744 | | | | | $ | 5,761,081 | | |
Net income (loss)
|
| | | $ | (9,489,963) | | | | | $ | 17,687,623 | | |
Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption
|
| | | $ | (0.32) | | | | | $ | (0.36) | | |
Basic and diluted net loss per share, Class B Ordinary shares
|
| | | $ | (0.32) | | | | | $ | (0.36) | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Revenue from contracts with customers
|
| | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
Cost of sales
|
| | | | (125,947) | | | | | | (86,218) | | | | | | (225,623) | | | | | | (130,983) | | |
Gross profit
|
| | | | 93,810 | | | | | | 74,887 | | | | | | 176,142 | | | | | | 116,743 | | |
Selling, general and administrative expenses
|
| | | | (99,027) | | | | | | (79,661) | | | | | | (170,626) | | | | | | (110,358) | | |
Other operating income
|
| | | | 3,581 | | | | | | 2,086 | | | | | | 4,483 | | | | | | 2,235 | | |
Other operating expenses
|
| | | | (7,854) | | | | | | (7,401) | | | | | | (22,319) | | | | | | (9,700) | | |
Operating loss
|
| | | | (9,490) | | | | | | (10,089) | | | | | | (12,320) | | | | | | (1,080) | | |
Share of net income in associates and joint ventures
|
| | | | (103) | | | | | | — | | | | | | (163) | | | | | | — | | |
Foreign exchange loss
|
| | | | (5,844) | | | | | | (6,017) | | | | | | (8,516) | | | | | | 4,032 | | |
Finance income
|
| | | | 3,574 | | | | | | 1,698 | | | | | | 5,187 | | | | | | 2,163 | | |
Finance costs
|
| | | | (8,805) | | | | | | (8,006) | | | | | | (19,759) | | | | | | (11,846) | | |
Change in fair value of financial instruments
|
| | | | (3,693) | | | | | | — | | | | | | 5,237 | | | | | | (1,686) | | |
Loss before tax from continuing operations
|
| | | | (24,361) | | | | | | (22,414) | | | | | | (30,334) | | | | | | (8,417) | | |
Income tax expense
|
| | | | (3,755) | | | | | | (485) | | | | | | (4,108) | | | | | | (511) | | |
Net loss for the year/period from continuing operations
|
| | | | (28,116) | | | | | | (22,899) | | | | | | (34,442) | | | | | | (8,928) | | |
Net profit for the year/period from discontinued operations
|
| | | | — | | | | | | 22,343 | | | | | | 227,066 | | | | | | 1,426 | | |
Net profit /(loss) for the year/period
|
| | | | (28,116) | | | | | | (556) | | | | | | 192,624 | | | | | | (7,502) | | |
Attributable to holders of the Company
|
| | | | (26,735) | | | | | | 556 | | | | | | 193,651 | | | | | | (7,251) | | |
Non-controlling interests
|
| | | | (1,381) | | | | | | (1,112) | | | | | | (1,027) | | | | | | (251) | | |
| | | | |
As at March 31,
|
| |||||||||||||
| | | | |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Non-current assets
|
| | | | 271,031 | | | | | | 289,442 | | | | | | 296,489 | | |
Current assets
|
| | | | 535,841 | | | | | | 594,995 | | | | | | 762,055 | | |
Total assets
|
| | | | 806,872 | | | | | | 884,437 | | | | | | 1,058,544 | | |
Equity | | | | | | | | | | | | | | | | | | | |
Equity and assets attributable to owners
|
| | | | 233,526 | | | | | | 272,043 | | | | | | 421,029 | | |
Non-controlling interests
|
| | | | (717) | | | | | | (77) | | | | | | (2,393) | | |
Total equity
|
| | | | 232,809 | | | | | | 271,966 | | | | | | 418,636 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Non-current liabilities
|
| | | | 80,071 | | | | | | 87,618 | | | | | | 99,224 | | |
Current liabilities
|
| | | | 493,992 | | | | | | 524,853 | | | | | | 540,684 | | |
Total liabilities
|
| | | | 574,063 | | | | | | 612,471 | | | | | | 639,908 | | |
Total equity and liabilities
|
| | | | 806,872 | | | | | | 884,437 | | | | | | 1,058,544 | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Net cash flows used in operating activities
|
| | | | (35,723) | | | | | | (66,927) | | | | | | (2,688) | | | | | | (23,401) | | |
Net cash flows (used in)/generated from investing activities
|
| | | | (18,886) | | | | | | 1,398 | | | | | | (203,721) | | | | | | (22,562) | | |
Net cash flows generated from financing activities
|
| | | | 14,941 | | | | | | 41,470 | | | | | | 10,184 | | | | | | 291,958 | | |
Foreign exchange difference
|
| | | | (7,523) | | | | | | (829) | | | | | | (1,551) | | | | | | (1,539) | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | (47,191) | | | | | | (24,888) | | | | | | (197,776) | | | | | | 244,456 | | |
Cash in banks and on hand at beginning of the year/period
|
| | | | 136,295 | | | | | | 334,071 | | | | | | 334,071 | | | | | | 89,615 | | |
Cash in banks on hand at end of the year/period
|
| | | | 89,104 | | | | | | 309,183 | | | | | | 136,295 | | | | | | 334,071 | | |
| | |
As at / Six months ended
September 30, |
| |
As at / Year ended
March 31, |
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise
indicated) |
| |||||||||||||||||||||
Revenue
|
| | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
Revenue growth
|
| | | | 36.4% | | | | | | — | | | | | | 62.2% | | | | | | — | | |
Revenue growth, CCY(1)
|
| | | | 41.4% | | | | | | — | | | | | | 70.7% | | | | | | — | | |
Gross profit
|
| | | | 93,810 | | | | | | 74,887 | | | | | | 176,142 | | | | | | 116,743 | | |
Gross profit growth
|
| | | | 25.3% | | | | | | — | | | | | | 50.9% | | | | | | — | | |
Gross profit, CCY(1)
|
| | | | 99,308 | | | | | | 79,840 | | | | | | 187,544 | | | | | | 118,125 | | |
Gross profit growth, CCY(1)
|
| | | | 32.6% | | | | | | — | | | | | | 60.6% | | | | | | — | | |
Adjusted EBITDA (excluding share based compensation)(1)
|
| | | | 13,957 | | | | | | 5,014 | | | | | | 30,007 | | | | | | 35,106 | | |
Adjusted EBITDA (excluding share based compensation) growth(1)
|
| | | | 178.4% | | | | | | — | | | | | | (14.5)% | | | | | | — | | |
Adjusted EBITDA (excluding share based compensation) margin(1)
|
| | | | 6.4% | | | | | | 3.1% | | | | | | 7.5% | | | | | | 14.2% | | |
Recurring revenue(1)
|
| | | | 43,079 | | | | | | 34,984 | | | | | | 76,758 | | | | | | 63,726 | | |
Net debt(1)
|
| | | | 3,827 | | | | | | — | | | | | | 68,028 | | | | | | 185,297 | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise
indicated) |
| |||||||||||||||||||||
Revenue
|
| | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
Add/(Less): | | | | | | | | | | | | | | | | | | | | | | | | | |
Indian rupee impact
|
| | | | (1,412) | | | | | | 1,582 | | | | | | 4,642 | | | | | | 157 | | |
Egyptian pound impact
|
| | | | 1,608 | | | | | | 534 | | | | | | 3,518 | | | | | | (1) | | |
Euro impact
|
| | | | (722) | | | | | | 2,217 | | | | | | 3,187 | | | | | | — | | |
Argentine peso impact
|
| | | | 1,804 | | | | | | 641 | | | | | | 2,961 | | | | | | 523 | | |
Turkish lira impact
|
| | | | 988 | | | | | | 1,728 | | | | | | 2,593 | | | | | | 1,037 | | |
Kazakh tenge impact
|
| | | | (220) | | | | | | 807 | | | | | | 1,446 | | | | | | 365 | | |
Belarusian ruble impact
|
| | | | 5,260 | | | | | | 931 | | | | | | 713 | | | | | | 429 | | |
Other
|
| | | | 664 | | | | | | 1,204 | | | | | | 2,098 | | | | | | 1,588 | | |
Revenue, CCY
|
| | | | 227,727 | | | | | | 170,749 | | | | | | 422,923 | | | | | | 251,824 | | |
Revenue growth, CCY
|
| | | | 41.4% | | | | | | — | | | | | | 70.7% | | | | | | — | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise
indicated) |
| |||||||||||||||||||||
Gross profit
|
| | | | 93,810 | | | | | | 74,887 | | | | | | 176,142 | | | | | | 116,743 | | |
Add/(Less): | | | | | | | | | | | | | | | | | | | | | | | | | |
Egyptian pound impact
|
| | | | 1,405 | | | | | | 455 | | | | | | 2,743 | | | | |
|
—
|
| |
Indian rupee impact
|
| | | | (558) | | | | | | 927 | | | | | | 2,304 | | | | | | 95 | | |
Argentine peso impact
|
| | | | 1,511 | | | | | | 432 | | | | | | 1,782 | | | | | | 461 | | |
Euro impact
|
| | | | (339) | | | | | | 861 | | | | | | 1,433 | | | | |
|
—
|
| |
Turkish lira impact
|
| | | | 604 | | | | | | 790 | | | | | | 1,025 | | | | | | 364 | | |
Belarusian ruble impact
|
| | | | 2,340 | | | | | | 442 | | | | | | 312 | | | | | | 241 | | |
Other
|
| | | | 535 | | | | | | 1,046 | | | | | | 1,803 | | | | | | 221 | | |
Gross profit, CCY
|
| | | | 99,308 | | | | | | 79,840 | | | | | | 187,544 | | | | | | 118,125 | | |
Gross profit growth, CCY
|
| | | | 32.6% | | | | | | — | | | | | | 60.6% | | | | | | — | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
(Loss) for the year/period from continuing operations
|
| | | | (28,116) | | | | | | (22,899) | | | | | | (34,442) | | | | | | (8,928) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 3,755 | | | | | | 485 | | | | | | 4,108 | | | | | | 511 | | |
Depreciation and amortization
|
| | | | 10,919 | | | | | | 6,882 | | | | | | 16,857 | | | | | | 10,232 | | |
Foreign exchange (loss)/gain
|
| | | | 5,844 | | | | | | 6,017 | | | | | | 8,516 | | | | | | (4,032) | | |
Net financial income and expenses
|
| | | | 8,924 | | | | | | 6,308 | | | | | | 9,335 | | | | | | 11,369 | | |
Property and equipment write-off
|
| | | | (6) | | | | | | 139 | | | | | | (99) | | | | | | 135 | | |
IPO related bonus
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,874 | | |
Employee termination payments
|
| | | | 240 | | | | | | 100 | | | | | | 1,409 | | | | | | 1,366 | | |
Impairment losses
|
| | | | 6,039 | | | | | | 6,263 | | | | | | 19,757 | | | | | | 8,705 | | |
One-off items (penalties and acquisition-related expenses)
|
| | | | 6,358 | | | | | | 1,719 | | | | | | 5,050 | | | | | | 4,311 | | |
Adjustment for share based compensation
|
| | | | — | | | | | | — | | | | | | (484) | | | | | | 9,563 | | |
Adjusted EBITDA (excluding share based compensation)
|
| | | | 13,957 | | | | | | 5,014 | | | | | | 30,007 | | | | | | 35,106 | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Software subscription
|
| | | | 9,742 | | | | | | 7,706 | | | | | | 20,046 | | | | | | 20,704 | | |
Third-party cloud resale products
|
| | | | 31,112 | | | | | | 24,776 | | | | | | 51,150 | | | | | | 39,253 | | |
Own cloud solutions
|
| | | | 2,225 | | | | | | 2,502 | | | | | | 5,562 | | | | | | 3,769 | | |
Recurring revenue
|
| | | | 43,079 | | | | | | 34,984 | | | | | | 76,758 | | | | | | 63,726 | | |
Software and licenses
|
| | | | 22,799 | | | | | | 19,852 | | | | | | 49,183 | | | | | | 66,288 | | |
Services
|
| | | | 93,472 | | | | | | 67,214 | | | | | | 162,037 | | | | | | 76,275 | | |
Hardware
|
| | | | 60,407 | | | | | | 39,055 | | | | | | 113,787 | | | | | | 41,437 | | |
Non-recurring revenue
|
| | | | 176,678 | | | | | | 126,121 | | | | | | 325,007 | | | | | | 184,000 | | |
Total revenue
|
| | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
| | | | |
As at March 31,
|
| |||||||||||||
| | | | |
2022(1)
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 89,104 | | | | | | 136,295 | | | | | | 334,071 | | |
Less: long-term borrowings
|
| | | | (4,189) | | | | | | (5,298) | | | | | | (49,197) | | |
Less: short-term borrowings
|
| | | | (65,128) | | | | | | (46,524) | | | | | | (89,208) | | |
Less: long-term obligations under finance leases
|
| | | | (10,888) | | | | | | (11,943) | | | | | | (5,874) | | |
Less: short-term obligations under finance leases
|
| | | | (5,072) | | | | | | (4,502) | | | | | | (4,495) | | |
Total net debt
|
| | | | 3,827 | | | | | | 68,028 | | | | | | 185,297 | | |
| | |
Pro Forma Combined
|
| |||||||||
(in thousands of $, except share and per share data)
|
| |
Assuming No
Redemptions |
| |
Assuming Maximum
Redemptions |
| ||||||
Summary Unaudited Pro Forma Condensed Combined Statement of Profit
or Loss – Year Ended March 31, 2023 |
| | | | | | | | | | | | |
Revenue from contracts with customers
|
| | | $ | 401,765 | | | | | $ | 401,765 | | |
Operating loss
|
| | | $ | (66,298) | | | | | $ | (66,048) | | |
Loss before tax from continuing operations
|
| | | $ | (85,774) | | | | | $ | (85,524) | | |
Net loss for the year from continuing operations
|
| | | $ | (89,882) | | | | | $ | (89,632) | | |
Net profit for the year from discontinued operations
|
| | | $ | 227,066 | | | | | $ | 227,066 | | |
Net profit /(loss) for the year
|
| | | $ | 137,184 | | | | | $ | 137,434 | | |
Total comprehensive income/ (loss) for the year, net of tax
|
| | | $ | 66,681 | | | | | $ | 66,931 | | |
Earnings per share – basic and diluted
|
| | | $ | 4.15 | | | | | $ | 4.20 | | |
Weighted average number of shares outstanding – basic and diluted
|
| | | | 33,336,589 | | | | | | 33,000,000 | | |
| | |
Pro Forma Combined
|
| |||||||||
(in thousands of $, except share and per share data)
|
| |
Assuming No
Redemptions |
| |
Assuming Maximum
Redemptions |
| ||||||
Summary Unaudited Pro Forma Condensed Combined Statement of Profit
or Loss — Six Months ended September 30, 2023 |
| | | | | | | | | | | | |
Revenue from contracts with customers
|
| | | $ | 219,757 | | | | | $ | 219,757 | | |
Operating loss
|
| | | $ | (10,730) | | | | | $ | (10,730) | | |
Loss before tax
|
| | | $ | (24,436) | | | | | $ | (24,436) | | |
Net loss for the period
|
| | | $ | (28,191) | | | | | $ | (28,191) | | |
Total comprehensive income/ (loss) for the period, net of tax
|
| | | $ | (40,824) | | | | | $ | (40,824) | | |
Earnings per share – basic and diluted
|
| | | $ | (0.80) | | | | | $ | (0.81) | | |
Weighted average number of shares outstanding – basic and diluted
|
| | | | 33,336,589 | | | | | | 33,000,000 | | |
| | |
Pro Forma Combined
|
| |||||||||
(in thousands of $, except share and per share data)
|
| |
Assuming No
Redemptions |
| |
Assuming Maximum
Redemptions |
| ||||||
Summary Unaudited Pro Forma Condensed Combined Statement of Financial Position Data – As of September 30, 2023
|
| | | | | | | | | | | | |
Total current assets
|
| | | $ | 515,622 | | | | | $ | 511,941 | | |
Total assets
|
| | | $ | 786,653 | | | | | $ | 782,972 | | |
Total shareholders’ equity
|
| | | $ | 208,559 | | | | | $ | 204,878 | | |
Total current liabilities
|
| | | $ | 496,961 | | | | | $ | 496,961 | | |
Total liabilities
|
| | | $ | 578,094 | | | | | $ | 578,094 | | |
Total shareholders’ equity and liabilities
|
| | | $ | 786,653 | | | | | $ | 782,972 | | |
| | |
Share ownership in combined company(1)
(unaudited) |
| |||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemption Scenario) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions Scenario) |
| ||||||||||||||||||
Stockholder
|
| |
Shares
|
| |
%(2)
|
| |
Shares
|
| |
%(2)
|
| ||||||||||||
Current shareholder equity rollover(3)
|
| | | | 31,500,000 | | | | | | 94.49% | | | | | | 31,500,000 | | | | | | 95.45% | | |
CGAC public shareholders(4)
|
| | | | 336,589 | | | | | | 1.01% | | | | | | — | | | | | | 0.00% | | |
CGAC Sponsor(5)(6)
|
| | | | 1,500,000 | | | | | | 4.50% | | | | | | 1,500,000 | | | | | | 4.55% | | |
Total Shares Outstanding
|
| | | | 33,336,589 | | | | | | 100.00% | | | | | | 33,000,000 | | | | | | 100.00% | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Scenario 1
|
| |
Scenario 2
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | |
As of
September 30, 2023 |
| |
As of
September 30, 2023 |
| ||||||||||||||||||||||||||||||||
| | |
Noventiq
(IFRS, Historical) |
| |
Corner
Growth Acquisition Corp. (U.S. GAAP Historical) |
| |
IFRS
Conversion and Presentation Alignment (Note 2) |
| | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) |
| | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Transaction
Accounting Adjustments (Assuming Maximum Redemptions) |
| | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term deposits
|
| | | | 6,709 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 6,709 | | | | | | — | | | | | | | | | 6,709 | | |
Long-term loans issued
|
| | | | 12,253 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 12,253 | | | | | | — | | | | | | | | | 12,253 | | |
Long-term loans issued related party
|
| | | | 5,727 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,727 | | | | | | | | | | | | | | | 5,727 | | |
Property and equipment, net of depreciation
|
| | | | 7,396 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 7,396 | | | | | | — | | | | | | | | | 7,396 | | |
Intangible assets, net of amortisation
|
| | | | 60,388 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 60,388 | | | | | | — | | | | | | | | | 60,388 | | |
Goodwill
|
| | | | 150,024 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 150,024 | | | | | | — | | | | | | | | | 150,024 | | |
Right-of-use assets
|
| | | | 14,910 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 14,910 | | | | | | — | | | | | | | | | 14,910 | | |
Investments in joint ventures
|
| | | | 505 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 505 | | | | | | — | | | | | | | | | 505 | | |
Other non-current assets
|
| | | | 1,679 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 1,679 | | | | | | — | | | | | | | | | 1,679 | | |
Deferred tax assets
|
| | | | 11,440 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 11,440 | | | | | | — | | | | | | | | | 11,440 | | |
Cash and marketable securities held in trust
account |
| | | | — | | | | | | 4,554 | | | | | | — | | | | | | | | | (4,554) | | | |
C
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Total non-current assets
|
| | | | 271,031 | | | | | | 4,554 | | | | | | — | | | | | | | | | (4,554) | | | | | | | | | 271,031 | | | | | | — | | | | | | | | | 271,031 | | |
Current assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Software licenses and other inventory
|
| | | | 42,581 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 42,581 | | | | | | — | | | | | | | | | 42,581 | | |
Income tax receivable
|
| | | | 7,351 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 7,351 | | | | | | — | | | | | | | | | 7,351 | | |
Trade receivables, net of allowance
|
| | | | 313,349 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 313,349 | | | | | | — | | | | | | | | | 313,349 | | |
Advances issued and other current assets
|
| | | | 32,236 | | | | | | — | | | | | | — | | | | | | | | | (6,962) | | | |
E
|
| | | | 25,274 | | | | | | — | | | | | | | | | 25,274 | | |
Advances issued and other current assets related
party |
| | | | 10 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 10 | | | | | | | | | | | | | | | 10 | | |
Tender guarantees and deposits
|
| | | | 5,677 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 5,677 | | | | | | — | | | | | | | | | 5,677 | | |
Other receivables
|
| | | | 201 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 201 | | | | | | — | | | | | | | | | 201 | | |
Other taxes receivable
|
| | | | 28,754 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 28,754 | | | | | | — | | | | | | | | | 28,754 | | |
Loans issued
|
| | | | 10,362 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 10,362 | | | | | | — | | | | | | | | | 10,362 | | |
Loans issued related party
|
| | | | 565 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 565 | | | | | | | | | | | | | | | 565 | | |
Prepaid expenses
|
| | | | — | | | | | | 78 | | | | | | — | | | | | | | | | — | | | | | | | | | 78 | | | | | | — | | | | | | | | | 78 | | |
Other current financial assets
|
| | | | 5,651 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 5,651 | | | | | | — | | | | | | | | | 5,651 | | |
Cash and cash equivalents
|
| | | | 89,104 | | | | | | 22 | | | | | | — | | | | | | | | | 3,681 | | | |
C
|
| | | | 75,769 | | | | | | (3,681) | | | |
F
|
| | | | 72,088 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (17,038) | | | |
E
|
| | | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | | 535,841 | | | | | | 100 | | | | | | — | | | | | | | | | (20,319) | | | | | | | | | 515,622 | | | | | | (3,681) | | | | | | | | | 511,941 | | |
Total assets
|
| | | | 806,872 | | | | | | 4,654 | | | | | | — | | | | | | | | | (24,873) | | | | | | | | | 786,653 | | | | | | (3,681) | | | | | | | | | 782,972 | | |
SHAREHOLDERS’ EQUITY AND LIABILITIES | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class A ordinary shares subject to redemption
|
| | | | — | | | | | | 4,554 | | | | | | (4,554) | | | |
A
|
| | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Shareholders’ equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 56 | | | | | | — | | | | | | — | | | | | | | | | (56) | | | |
D
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Accumulated deficit
|
| | | | (81,059) | | | | | | (12,583) | | | | | | — | | | | | | | | | 12,583 | | | |
G
|
| | | | (132,120) | | | | | | 250 | | | |
H
|
| | | | (131,870) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (30,352) | | | |
H
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (3,971) | | | |
E
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (16,974) | | | |
I
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 236 | | | |
K
|
| | | | | | | | | | | | | | | | | | | | | |
Share premium
|
| | | | 418,817 | | | | | | — | | | | | | — | | | | | | | | | 3,681 | | | |
F
|
| | | | 438,876 | | | | | | (250) | | | |
H
|
| | | | 434,945 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (11,614) | | | |
E
|
| | | | | | | | | | (3,681) | | | |
F
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (12,583) | | | |
G
|
| | | | | | | | | | — | | | |
D
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 30,352 | | | |
H
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (6,804) | | | |
J
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 53 | | | |
D
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 16,974 | | | |
I
|
| | | | | | | | | | | | | | | | | | | | | |
Other reserves
|
| | | | (20,031) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (20,031) | | | | | | — | | | | | | | | | (20,031) | | |
Treasury shares
|
| | | | (6,804) | | | | | | — | | | | | | — | | | | | | | | | 6,804 | | | |
J
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Class A ordinary shares
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | | | | (1) | | | |
F
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Class B ordinary shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | |
F
|
| | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Scenario 1
|
| |
Scenario 2
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | |
As of
September 30, 2023 |
| |
As of
September 30, 2023 |
| ||||||||||||||||||||||||||||||||
| | |
Noventiq
(IFRS, Historical) |
| |
Corner
Growth Acquisition Corp. (U.S. GAAP Historical) |
| |
IFRS
Conversion and Presentation Alignment (Note 2) |
| | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) |
| | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Transaction
Accounting Adjustments (Assuming Maximum Redemptions) |
| | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
PubCo Ordinary shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | 1 | | | |
F
|
| | | | 4 | | | | | | — | | | |
F
|
| | | | 4 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 3 | | | |
D
|
| | | | | | | | | | — | | | |
D
|
| | | | | | |
Other components of equity
|
| | | | (6,679) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (6,679) | | | | | | — | | | | | | | | | (6,679) | | |
Translation reserve
|
| | | | (70,774) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (70,774) | | | | | | — | | | | | | | | | (70,774) | | |
Equity and assets attributable to owners
|
| | | | 233,526 | | | | | | (12,582) | | | | | | — | | | | | | | | | (11,668) | | | | | | | | | 209,276 | | | | | | (3,681) | | | | | | | | | 205,595 | | |
Non-controlling interests
|
| | | | (717) | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | | | (717) | | | | | | — | | | | | | | | | (717) | | |
Total equity
|
| | | | 232,809 | | | | | | (12,582) | | | | | | — | | | | | | | | | (11,668) | | | | | | | | | 208,559 | | | | | | (3,681) | | | | | | | | | 204,878 | | |
Non-current liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | 4,189 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 4,189 | | | | | | — | | | | | | | | | 4,189 | | |
Long-term lease liabilities
|
| | | | 10,888 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 10,888 | | | | | | — | | | | | | | | | 10,888 | | |
Long-term contingent consideration for
acquisitions |
| | | | 45,941 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 45,941 | | | | | | — | | | | | | | | | 45,941 | | |
Long-term deferred payment for acquisitions
|
| | | | 1,255 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 1,255 | | | | | | — | | | | | | | | | 1,255 | | |
Other long-term liabilities
|
| | | | 5,608 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 5,608 | | | | | | — | | | | | | | | | 5,608 | | |
Long-term tax payable
|
| | | | 759 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 759 | | | | | | — | | | | | | | | | 759 | | |
Deferred tax liabilities
|
| | | | 11,431 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 11,431 | | | | | | — | | | | | | | | | 11,431 | | |
Warrant liabilities
|
| | | | — | | | | | | 1,298 | | | | | | — | | | | | | | | | (236) | | | |
K
|
| | | | 1,062 | | | | | | — | | | | | | | | | 1,062 | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 7,000 | | | | | | — | | | | | | | | | (7,000) | | | |
E
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Class A ordinary shares subject to redemption
|
| | | | — | | | | | | — | | | | | | 4,554 | | | |
A
|
| | | | (873) | | | |
C
|
| | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (3,681) | | | |
F
|
| | | | | | | | | | | | | | | | | | | | | |
Total non-current liabilities
|
| | | | 80,071 | | | | | | 8,298 | | | | | | 4,554 | | | | | | | | | (11,790) | | | | | | | | | 81,133 | | | | | | — | | | | | | | | | 81,133 | | |
Current liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 359,308 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 359,308 | | | | | | — | | | | | | | | | 359,308 | | |
Due to related party
|
| | | | — | | | | | | 1,911 | | | | | | — | | | | | | | | | (643) | | | |
E
|
| | | | 1,268 | | | | | | — | | | | | | | | | 1,268 | | |
Accrued expenses
|
| | | | — | | | | | | 2,473 | | | | | | — | | | | | | | | | (772) | | | |
E
|
| | | | 1,701 | | | | | | — | | | | | | | | | 1,701 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 2,991 | | | |
E
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (2,991) | | | |
E
|
| | | | | | | | | | | | | | | | | | | | | |
Contract liabilities
|
| | | | 13,260 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 13,260 | | | | | | — | | | | | | | | | 13,260 | | |
Contract liabilities related party
|
| | | | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 39 | | | | | | | | | | | | | | | 39 | | |
Short-term borrowings
|
| | | | 65,128 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 65,128 | | | | | | — | | | | | | | | | 65,128 | | |
Short-term borrowings related party
|
| | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | |
Short-term lease liabilities
|
| | | | 5,072 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 5,072 | | | | | | — | | | | | | | | | 5,072 | | |
Other taxes payable
|
| | | | 21,675 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 21,675 | | | | | | — | | | | | | | | | 21,675 | | |
Short-term deferred payment for acquisitions
|
| | | | 3,434 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 3,434 | | | | | | — | | | | | | | | | 3,434 | | |
Short-term contingent consideration for
acquisitions |
| | | | 22,143 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 22,143 | | | | | | — | | | | | | | | | 22,143 | | |
Income tax payable
|
| | | | 3,933 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 3,933 | | | | | | — | | | | | | | | | 3,933 | | |
Total current liabilities
|
| | | | 493,992 | | | | | | 4,384 | | | | | | — | | | | | | | | | (1,415) | | | | | | | | | 496,961 | | | | | | — | | | | | | | | | 496,961 | | |
Total liabilities
|
| | | | 574,063 | | | | | | 12,682 | | | | | | 4,554 | | | | | | | | | (13,205) | | | | | | | | | 578,094 | | | | | | — | | | | | | | | | 578,094 | | |
Total shareholders’ equity and liabilities
|
| | | | 806,872 | | | | | | 4,654 | | | | | | — | | | | | | | | | (24,873) | | | | | | | | | 786,653 | | | | | | (3,681) | | | | | | | | | 782,972 | | |
|
| | | | | |
Scenario 1
|
| |
Scenario 2
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
(Amounts shown in thousands of US dollars)
|
| |
Noventiq
(IFRS, Historical) |
| |
Corner
Growth Acquisition Corp. (U.S. GAAP Historical) |
| |
IFRS
Conversion and Presentation Alignment (Note 2) |
| | | | | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) |
| | | | | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Transaction
Accounting Adjustments (Assuming Maximum Redemptions) |
| |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
Revenue from contracts with customers
|
| | | | 219,757 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 219,757 | | | | | | — | | | | | | 219,757 | | |
Cost of sales
|
| | | | (125,947) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (125,947) | | | | | | — | | | | | | (125,947) | | |
Gross profit
|
| | | | 93,810 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 93,810 | | | | | | — | | | | | | 93,810 | | |
Selling, general and administrative expenses
|
| | | | (99,027) | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | (99,027) | | | | | | — | | | | | | (99,027) | | |
Operating and formation costs
|
| | | | — | | | | | | (1,240) | | | | | | 1,240 | | | | |
|
B
|
| | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Other operating income
|
| | | | 3,581 | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | 3,581 | | | | | | — | | | | | | 3,581 | | |
Other operating expenses
|
| | | | (7,854) | | | | | | — | | | | | | (1,240) | | | | |
|
B
|
| | | | | — | | | | | | | | | | | | (9,094) | | | | | | — | | | | | | (9,094) | | |
Operating loss
|
| | | | (9,490) | | | | | | (1,240) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (10,730) | | | | | | — | | | | | | (10,730) | | |
Share of net income in associates and joint ventures
|
| | | | (103) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (103) | | | | | | — | | | | | | (103) | | |
Foreign exchange loss
|
| | | | (5,844) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (5,844) | | | | |
|
—
|
| | | | | (5,844) | | |
Finance income
|
| | | | 3,574 | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | 3,574 | | | | |
|
—
|
| | | | | 3,574 | | |
Finance costs
|
| | | | (8,805) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (8,805) | | | | |
|
—
|
| | | | | (8,805) | | |
Change in fair value of financial instruments
|
| | | | (3,693) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (3,693) | | | | |
|
—
|
| | | | | (3,693) | | |
Earnings and realized gain on marketable securities held in
Trust Account |
| | | | — | | | | | | 117 | | | | |
|
—
|
| | | | | | | | | | | (117) | | | | |
|
AA
|
| | | | | — | | | | |
|
—
|
| | | | | — | | |
Transaction costs
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | — | | | | |
|
—
|
| | | | | — | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | 1,423 | | | | | | — | | | | | | | | | | | | (258) | | | | |
|
EE
|
| | | | | 1,165 | | | | |
|
—
|
| | | | | 1,165 | | |
Loss before tax
|
| | | | (24,361) | | | | | | 300 | | | | | | — | | | | | | | | | | | | (375) | | | | | | | | | | | | (24,436) | | | | | | — | | | | | | (24,436) | | |
Income tax expense
|
| | | | (3,755) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (3,755) | | | | | | — | | | | | | (3,755) | | |
Net profit/ (loss) for the year
|
| | | | (28,116) | | | | | | 300 | | | | | | — | | | | | | | | | | | | (375) | | | | | | | | | | | | (28,191) | | | | | | — | | | | | | (28,191) | | |
Attributable to holders of the Company
|
| | | | (26,735) | | | | | | 300 | | | | | | — | | | | | | | | | | | | (375) | | | | | | | | | | | | (26,810) | | | | | | — | | | | | | (26,810) | | |
Non-controlling interests
|
| | | | (1,381) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (1,381) | | | | | | — | | | | | | (1,381) | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Translation difference
|
| | | | (12,633) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (12,633) | | | | | | — | | | | | | (12,633) | | |
Total other comprehensive income / (loss), net of tax
|
| | | | (12,633) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (12,633) | | | | | | — | | | | | | (12,633) | | |
Total comprehensive income / (loss) for the year, net of tax
|
| | | | (40,749) | | | | | | 300 | | | | | | — | | | | | | | | | | | | (375) | | | | | | | | | | | | (40,824) | | | | | | — | | | | | | (40,824) | | |
Attributable to holders of the Company
|
| | | | (38,541) | | | | | | 300 | | | | | | — | | | | | | | | | | | | (375) | | | | | | | | | | | | (38,616) | | | | | | — | | | | | | (38,616) | | |
Non-controlling interest
|
| | | | (2,208) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (2,208) | | | | | | — | | | | | | (2,208) | | |
Basic earnings/(loss) per share, US dollars
|
| | | $ | (0.12) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings/(loss) per share, US dollars
|
| | | $ | (0.12) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share
|
| | | $ | (0.12) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | | | | | | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary share and Class B ordinary share
|
| | | | | | | | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma weighted average shares outstanding basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 33,336,589 | | | | | | | | | | | | 33,000,000 | | |
Pro forma basic and diluted net (loss) income per share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.80) | | | | | | | | | | | $ | (0.81) | | |
| | | | | |
Scenario 1
|
| |
Scenario 2
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
(Amounts shown in thousands of US dollars)
|
| |
Noventiq
(IFRS, Historical) |
| |
Corner
Growth Acquisition Corp. (U.S. GAAP Historical) |
| |
IFRS
Conversion and Presentation Alignment (Note 2) |
| | | | | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) |
| | | | | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Transaction
Accounting Adjustments (Assuming Maximum Redemptions) |
| | | | | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
Continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from contracts with customers
|
| | | | 401,765 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 401,765 | | | | | | — | | | | | | | | | | | | 401,765 | | |
Cost of sales
|
| | | | (225,623) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (225,623) | | | | | | — | | | | | | | | | | | | (225,623) | | |
Gross profit
|
| | | | 176,142 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 176,142 | | | | | | — | | | | | | | | | | | | 176,142 | | |
Selling, general and administrative expenses
|
| | | | (170,626) | | | | | | — | | | | | | — | | | | | | | | | | | | (3,971) | | | | |
|
BB
|
| | | | | (221,923) | | | | | | 250 | | | | |
|
CC
|
| | | | | (221,673) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (16,974) | | | | |
|
DD
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (30,352) | | | | |
|
CC
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Operating and formation costs
|
| | | | — | | | | | | (2,917) | | | | | | 2,917 | | | | |
|
B
|
| | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other operating income
|
| | | | 4,483 | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | 4,483 | | | | | | — | | | | | | | | | | | | 4,483 | | |
Other operating expenses
|
| | | | (22,319) | | | | | | — | | | | | | (2,917) | | | | |
|
B
|
| | | | | 236 | | | | |
|
EE
|
| | | | | (25,000) | | | | | | — | | | | | | | | | | | | (25,000) | | |
Operating loss
|
| | | | (12,320) | | | | | | (2,917) | | | | | | — | | | | | | | | | | | | (51,061) | | | | | | | | | | | | (66,298) | | | | | | 250 | | | | | | | | | | | | (66,048) | | |
Share of net income in associates and joint
ventures |
| | | | (163) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (163) | | | | | | — | | | | | | | | | | | | (163) | | |
Foreign exchange loss
|
| | | | (8,516) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (8,516) | | | | |
|
—
|
| | | | | | | | | | | (8,516) | | |
Finance income
|
| | | | 5,187 | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | 5,187 | | | | |
|
—
|
| | | | | | | | | | | 5,187 | | |
Finance costs
|
| | | | (19,759) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (19,759) | | | | |
|
—
|
| | | | | | | | | | | (19,759) | | |
Change in fair value of financial instruments
|
| | | | 5,237 | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | 5,237 | | | | |
|
—
|
| | | | | | | | | | | 5,237 | | |
Earnings and realized gain on marketable securities held in Trust Account
|
| | | | — | | | | | | 5,429 | | | | |
|
—
|
| | | | | | | | | | | (5,429) | | | | |
|
AA
|
| | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | |
Transaction costs
|
| | | | — | | | | | | (102) | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (102) | | | | |
|
—
|
| | | | | | | | | | | (102) | | |
Change in fair value of warrant liabilities
|
| | | | — | | | | | | (1,662) | | | | |
|
—
|
| | | | | | | | | | | 302 | | | | |
|
EE
|
| | | | | (1,360) | | | | |
|
—
|
| | | | | | | | | | | (1,360) | | |
Loss before tax from continuing operations
|
| | | | (30,334) | | | | | | 748 | | | | | | — | | | | | | | | | | | | (56,188) | | | | | | | | | | | | (85,774) | | | | | | 250 | | | | | | | | | | | | (85,524) | | |
Income tax expense
|
| | | | (4,108) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (4,108) | | | | | | — | | | | | | | | | | | | (4,108) | | |
Net loss for the year from continuing operations
|
| | | | (34,442) | | | | | | 748 | | | | | | — | | | | | | | | | | | | (56,188) | | | | | | | | | | | | (89,882) | | | | | | 250 | | | | | | | | | | | | (89,632) | | |
Net profit for the year from discontinued operations
|
| | | | 227,066 | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | 227,066 | | | | | | | | | | | | | | | | | | 227,066 | | |
Net profit/ (loss) for the year
|
| | | | 192,624 | | | | | | 748 | | | | | | — | | | | | | | | | | | | (56,188) | | | | | | | | | | | | 137,184 | | | | | | 250 | | | | | | | | | | | | 137,434 | | |
Attributable to holders of the Company
|
| | | | 193,651 | | | | | | 748 | | | | | | — | | | | | | | | | | | | (56,188) | | | | | | | | | | | | 138,211 | | | | | | 250 | | | | | | | | | | | | 138,461 | | |
Non-controlling interests
|
| | | | (1,027) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (1,027) | | | | | | — | | | | | | | | | | | | (1,027) | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income that may be reclassified
to profit or loss in subsequent periods (net of tax): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Translation difference
|
| | | | (50,598) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (50,598) | | | | | | — | | | | | | | | | | | | (50,598) | | |
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods (net of tax): |
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Fair value reserve of equity instrument designated at FVOCI
|
| | | | (19,905) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (19,905) | | | | | | — | | | | | | | | | | | | (19,905) | | |
Total other comprehensive income / (loss), net of tax
|
| | | | (70,503) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (70,503) | | | | | | — | | | | | | | | | | | | (70,503) | | |
Total comprehensive income / (loss) for the year, net of tax
|
| | | | 122,121 | | | | | | 748 | | | | | | — | | | | | | | | | | | | (56,188) | | | | | | | | | | | | 66,681 | | | | | | 250 | | | | | | | | | | | | 66,931 | | |
Attributable to holders of the Company
|
| | | | 122,347 | | | | | | 748 | | | | |
|
—
|
| | | | | | | | | | | (56,188) | | | | | | | | | | | | 66,907 | | | | | | 250 | | | | | | | | | | | | 67,157 | | |
Non-controlling interest
|
| | | | (226) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | | | | | | | (226) | | | | | | — | | | | | | | | | | | | (226) | | |
Basic earnings/(loss) per share, US dollars
|
| | | $ | 0.86 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings/(loss) per share, US dollars
|
| | | $ | 0.85 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per share from continuing operations
|
| | | $ | (0.15) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share from discontinued operations
|
| | | $ | 1.01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share from discontinued operations
|
| | | $ | 1.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | | | | | | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary share and Class B ordinary share
|
| | | | | | | | | $ | 0.03 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma weighted average shares outstanding basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 33,336,589 | | | | | | | | | | | | | | | | | | 33,000,000 | | |
Pro forma basic and diluted net (loss) income per
share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4.15 | | | | | | | | | | | | | | | | | $ | 4.20 | | |
| | | | | | | | |
Assuming No
Redemptions Scenario |
| |
Assuming Maximum
Redemptions Scenario |
| ||||||||||||||||||
| | |
Per Share
Value |
| |
Shares
Outstanding |
| |
Fair Value
|
| |
Shares
Outstanding |
| |
Fair Value
|
| |||||||||||||||
Class A ordinary shares(1)(2)
|
| | | $ | 11.68 | | | | | | 1,836,589 | | | | | $ | 21,451 | | | | | | 1,500,000 | | | | | $ | 17,520 | | |
Total Fair Value
|
| | | | | | | | | | 1,836,589 | | | | | $ | 21,451 | | | | | | 1,500,000 | | | | | $ | 17,520 | | |
Book value(3)
|
| | | | | | | | | | | | | | | | (8,901) | | | | | | | | | | | | (12,582) | | |
Excess of fair value over book
value |
| | | | | | | | | | | | | | | $ | 30,352 | | | | | | | | | | | $ | 30,102 | | |
|
First Level ($14.00 Hurdle)
|
| |
666,667 shares at $8.88 per share
|
| | | | 5,920 | | |
|
Second Level ($16.00 Hurdle)
|
| |
666,667 shares at $8.47 per share
|
| | | | 5,647 | | |
|
Third Level ($18.00 Hurdle)
|
| |
666,666 shares at $8.11 per share
|
| | | | 5,407 | | |
| | | | | | | | | 16,974 | | |
| | |
EV / EBITDA
|
| |
EBITDA ($mm)
|
| |
Sales Growth
|
| |
EBITDA Margin
|
| ||||||||||||||||||||||||||||||||||||
Company
|
| |
FY2024
|
| |
FY2025
|
| |
FY2024
|
| |
FY2025
|
| |
FY2024
|
| |
FY2025
|
| |
FY2024
|
| |
FY2025
|
| ||||||||||||||||||||||||
US Comparables | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arrow Electronics (ARW)
|
| | | | 6.8x | | | | | | 6.8x | | | | | $ | 1,563 | | | | | $ | 1,561 | | | | | | 148% | | | | | | 36% | | | | | | 7% | | | | | | 5% | | |
TD Synnex (SNX)
|
| | | | 8.2x | | | | | | 7.9x | | | | | $ | 1,687 | | | | | $ | 1,764 | | | | | | (8)% | | | | | | 5% | | | | | | 3% | | | | | | 3% | | |
Insight Enterprises (NSIT)
|
| | | | 12.0x | | | | | | 10.9x | | | | | $ | 544 | | | | | $ | 602 | | | | | | (7)% | | | | | | 7% | | | | | | 6% | | | | | | 6% | | |
Mean
|
| | | | 9.0x | | | | | | 8.5x | | | | | $ | 1,265 | | | | | $ | 1,309 | | | | | | 44% | | | | | | 16% | | | | | | 5% | | | | | | 5% | | |
Median
|
| | | | 8.2x | | | | | | 7.9x | | | | | $ | 1,563 | | | | | $ | 1,561 | | | | | | (7)% | | | | | | 7% | | | | | | 6% | | | | | | 5% | | |
EU/UK Comparables | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Softwareone Holdings
(SWON) |
| | | | 9.6x | | | | | | 10.2x | | | | | $ | 285 | | | | | $ | 269 | | | | | | 6% | | | | | | 12% | | | | | | 23% | | | | | | 19% | | |
Softcat (SCT)
|
| | | | 16.7x | | | | | | 15.3x | | | | | $ | 198 | | | | | $ | 216 | | | | | | 7% | | | | | | 9% | | | | | | 14% | | | | | | 14% | | |
Crayon Group Holdings (CRAYN)
|
| | | | 8.0x | | | | | | 6.6x | | | | | $ | 99 | | | | | $ | 121 | | | | | | 19% | | | | | | 16% | | | | | | 15% | | | | | | 16% | | |
Mean
|
| | | | 11.4x | | | | | | 10.7x | | | | | $ | 192 | | | | | $ | 201 | | | | | | 10% | | | | | | 12% | | | | | | 18% | | | | | | 17% | | |
Median
|
| | | | 10.5x | | | | | | 10.8x | | | | | $ | 196 | | | | | $ | 214 | | | | | | 7% | | | | | | 11% | | | | | | 16% | | | | | | 16% | | |
Total Mean
|
| | | | 10.2x | | | | | | 9.6x | | | | | $ | 729 | | | | | $ | 755 | | | | | | 28% | | | | | | 14% | | | | | | 11% | | | | | | 11% | | |
Total Median
|
| | | | 8.9x | | | | | | 9.0x | | | | | $ | 415 | | | | | $ | 435 | | | | | | 7% | | | | | | 10% | | | | | | 11% | | | | | | 10% | | |
| | |
Assuming
Full Redemptions(1)(2) |
| |||
Sponsor and independent directors(3)
|
| | | | 4.55% | | |
Current Noventiq shareholders
|
| | | | 95.45% | | |
Total | | | | | 100.0% | | |
Source of Funds (in millions)
|
| |
Amount
|
| |
Uses (in millions)
|
| |
Amount
|
| ||||||
Current Shareholder Equity Rollover
|
| | | $ | 315 | | | |
Current Shareholder Equity Rollover
|
| | | $ | 315 | | |
Sponsor Promote(1)
|
| | | | 15 | | | |
Sponsor Promote
|
| | | | 15 | | |
Estimated Closing Balance Sheet Cash(2)
|
| | | | 95 | | | |
Pro Forma Cash on Balance Sheet(2)
|
| | | | 70 | | |
| | | | | | | | |
Estimated Transaction Fees and Expenses
|
| | | | 25 | | |
Total Sources
|
| | | $ | 425 | | | |
Total Uses
|
| | | $ | 425 | | |
|
CGAC
|
| |
Parent
|
|
|
Authorized Share Capital
|
| |||
| CGAC’s authorized share capital is $33,100 divided into 300,000,000 Class A Ordinary Shares, par value $0.0001 per share, 30,000,000 Class B Ordinary Shares, par value $0.0001 per share, and 1,000,000 preference shares, par value $0.0001 per share. | | | Parent’s authorized share capital will be $20,000 divided into 200,000,000 Parent ordinary shares, par value $0.0001 per share. | |
|
Rights of Preference Shares
|
| |||
| The CGAC Board is authorized to provide, out of unissued shares, for series of preference shares and to establish the number of shares to constitute such series and any voting, dividend, redemption, conversion, preference, participating, special and other rights of such series. | | | The board of directors of Parent may allot, issue, grant options over or otherwise dispose of Parent ordinary shares (including fractions of a share) with or without preferred, deferred or other rights or restrictions. | |
|
Number and Qualifications of Directors
|
| |||
| The CGAC Board must consist of not less than one person; provided that the number of directors may be increased or reduced by ordinary resolution. | | | The board of directors of Parent must consist of not less than one person; provided that the number of directors may be increased or reduced by ordinary resolution. | |
|
Election/Removal of Directors
|
| |||
| Prior to the closing of a business combination, CGAC may appoint or remove any director by ordinary resolution of the holders of CGAC Class B ordinary shares. | | | The directors of Parent may appoint any person to be a director, either to fill a vacancy or as an additional director provided that the appointment does not cause the number of directors to exceed any number fixed by or in accordance with the proposed memorandum and articles of association as the maximum number of directors. Parent may by ordinary resolution appoint any person to be a director or may by ordinary resolution remove any director. | |
|
Voting
|
| |||
|
Cumulative Voting
|
| |||
| Holders of CGAC ordinary shares do not have cumulative voting rights. | | | Holders of Parent ordinary shares will not have cumulative voting rights. | |
|
CGAC
|
| |
Parent
|
|
|
Vacancies on the Board of Director
|
| |||
|
The office of a director shall be vacated if:
•
the director gives notice in writing to CGAC that he resigns the office of director; or
•
the director absents himself (for the avoidance of doubt, without being represented by proxy) from three consecutive meetings of the board of directors without special leave of absence from the directors, and the directors pass a resolution that he has by reason of such absence vacated office; or
•
the director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or
•
the director is found to be or becomes of unsound mind; or
•
all of the other directors (being not less than two in number) determine that such director should be removed.
|
| |
The office of any director shall be vacated if:
•
the director gives notice in writing to Parent that he resigns the office of director; or
•
the director absents himself (for the avoidance of doubt, without being represented by proxy) from three consecutive meetings of the board of directors without special leave of absence from the directors, and the directors pass a resolution that he has by reason of such absence vacated office; or
•
the director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or
•
the director is found to be or becomes of unsound mind; or
•
all of the other directors (being not less than two in number) determine that such director should be removed.
|
|
|
Amendment to Articles of Association
|
| |||
| Pursuant to the Companies Act, the current memorandum and articles of association may only be amended by a special resolution of CGAC shareholders. | | | Pursuant to the Companies Act, the Parent memorandum and articles of association may only be amended by a special resolution of Parent shareholders. | |
|
Quorum
|
| |||
|
Shareholders. No business shall be transacted at any general meeting unless a quorum of CAGC shareholders is present. The holders of a majority of the CGAC ordinary shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum for all purposes
Board of Directors. The quorum for the transaction of the business of the CGAC Board may be fixed by the CGAC directors, and unless so fixed shall be a majority of the CGAC directors then in office.
|
| |
Shareholders. No business shall be transacted at any general meeting unless a quorum of Parent shareholders is present. The holders of a majority of the Parent ordinary shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum for all purposes
Board of Directors. The quorum necessary for the transaction of the business of the directors may be fixed by the directors and unless so fixed will be a majority of the directors then in office.
|
|
|
Shareholder Meetings
|
| |||
| The directors, the chief executive officer or the chairman may call general meetings, and, for the avoidance of doubt, CGAC shareholders shall not have the ability to call general meetings. | | | The directors may call general meetings, and, for the avoidance of doubt, Parent shareholders shall not have the ability to call general meetings. | |
|
Notice of Shareholder Meetings
|
| |||
| At least five clear days’ notice shall be given of any general meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the | | | At least five clear days’ notice shall be given of any general meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the | |
|
CGAC
|
| |
Parent
|
|
|
general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by CGAC, provided that a general meeting of CGAC shall be deemed to have been duly convened if it is so agreed:
(a)
in the case of an annual general meeting, by all of the Members (or their proxies) entitled to attend and vote thereat; and
(b)
in the case of an extraordinary general meeting, by a majority in number of CGAC shareholders (or their proxies) having a right to attend and vote at the meeting, together holding not less than ninety-five per cent in par value of the shares giving that right.
|
| |
general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by Parent, provided that a general meeting of Parent shall be deemed to have been duly convened if it is so agreed:
(a)
in the case of an annual general meeting, by all of the Members (or their proxies) entitled to attend and vote thereat; and
(b)
in the case of an extraordinary general meeting, by a majority in number of Parent shareholders (or their proxies) having a right to attend and vote at the meeting, together holding not less than ninety-five per cent in par value of the shares giving that right.
|
|
|
Indemnification, liability insurance of Directors and Officers
|
| |||
|
Every CGAC director and officer (which for the avoidance of doubt, shall not include auditors of CGAC), together with every former director and former officer shall be indemnified out of CGAC’s assets against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, willful neglect or willful default.
CGAC shall advance to each indemnified person reasonable attorneys’ fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the indemnified person shall execute an undertaking to repay the advanced amount to CGAC if it shall be determined by final judgment or other final adjudication that such indemnified person was not entitled to indemnification pursuant to the CGAC charter. If it shall be determined by a final judgment or other final adjudication that such indemnified person was not entitled to indemnification with respect to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to CGAC (without interest) by the indemnified person.
CGAC directors, on behalf of CGAC, may purchase and maintain insurance for the benefit of any CGAC director or officer against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence,
|
| |
Every Parent director and officer (which for the avoidance of doubt, shall not include auditors of Parent), together with every former director and former officer shall be indemnified out of Parent’s assets against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, willful neglect or willful default.
Parent shall advance to each indemnified person reasonable attorneys’ fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the indemnified person shall execute an undertaking to repay the advanced amount to Parent if it shall be determined by final judgment or other final adjudication that such indemnified person was not entitled to indemnification pursuant to the Parent charter. If it shall be determined by a final judgment or other final adjudication that such indemnified person was not entitled to indemnification with respect to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to Parent (without interest) by the indemnified person.
The directors, on behalf of Parent, may purchase and maintain insurance for the benefit of any director or officer of Parent against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence,
|
|
|
CGAC
|
| |
Parent
|
|
| default, breach of duty or breach of trust of which such person may be guilty in relation to CGAC. | | | default, breach of fiduciary or other duty or breach of trust of which such person may be guilty in relation to Parent. | |
|
Dividends
|
| |||
| Subject to the Companies Act and the current memorandum and articles of association and except as otherwise provided by the rights attached to any CGAC ordinary shares, the CGAC directors may resolve to pay dividends and other distributions on CGAC ordinary shares in issue and authorize payment of the dividends or other distributions out of the funds of CGAC lawfully available therefor. A dividend shall be deemed to be an interim dividend unless the terms of the resolution pursuant to which the CGAC directors resolve to pay such dividend specifically state that such dividend shall be a final dividend. No dividend or other distribution shall be paid except out of the realized or unrealized profits of CGAC, out of the share premium account or as otherwise permitted by law. | | | Subject to the Companies Act and the Parent charter and except as otherwise provided by the rights attached to any Parent ordinary shares, the directors of Parent may resolve to pay dividends and other distributions on Parent ordinary shares in issue and authorize payment of the dividends or other distributions out of the funds of CGAC lawfully available therefor. A dividend shall be deemed to be an interim dividend unless the terms of the resolution pursuant to which the Parent directors resolve to pay such dividend specifically state that such dividend shall be a final dividend. No dividend or other distribution shall be paid except out of the realized or unrealized profits of Parent, out of the share premium account or as otherwise permitted by law. | |
|
Winding Up
|
| |||
| The current memorandum and articles of association provide that if CGAC does not consummate a business combination (as defined in the CGAC charter) by June 30, 2024, CGAC will cease all operations except for the purposes of winding up and will redeem the shares issued in the CGAC Initial Public Offering and liquidate the trust account. | | |
Subject to the rights attaching to any shares, in a winding up:
(a)
if the assets available for distribution amongst the shareholders are insufficient to repay the whole of Parent’s issued share capital, such assets will be distributed so that, as nearly as may be, the losses be borne by the shareholders in proportion to the par value of the shares held by them; or
(b)
if the assets available for distribution amongst the shareholders are more than sufficient to repay the whole of Parent’s issued share capital at the commencement of the winding up, the surplus will be distributed amongst the shareholders in proportion to the par value of the shares held by them at the commencement of the winding up subject to a deduction from those shares in respect of which there are monies due, of all monies payable to Parent for unpaid calls or otherwise.
If Parent is wound up, the liquidator may, subject to the rights attaching to any shares and with the approval of a special resolution and any other approval required by the Companies Act, divide amongst the shareholders in kind the assets of Parent and may for that purpose value any assets and determine how the division will be carried out as between the shareholders or different classes of shareholders. The liquidator may, with the like approval, vest the whole or any part of such assets
|
|
|
CGAC
|
| |
Parent
|
|
| | | | in trustees upon such trusts for the benefit of the shareholders as the liquidator, with the like approval, shall think fit, but so that no shareholder shall be compelled to accept any asset upon which there is a liability. | |
|
Supermajority Voting Provisions
|
| |||
| All or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not CGAC is being wound up, be varied without the consent of the holders of the issued CGAC ordinary shares of that class where such variation is considered by the directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued CGAC ordinary shares of that class or with the approval of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the CGAC ordinary shares of that class. | | | All or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not Parent is being wound up, be varied without the consent of the holders of the issued Parent ordinary shares of that class where such variation is considered by the directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued Parent ordinary shares of that class or with the approval of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Parent ordinary shares of that class. | |
|
Anti-takeover Provisions
|
| |||
|
The provision of the current memorandum and articles of association that authorizes the CGAC Board to issue and set the voting and other rights of preference shares from time to time and the terms and rights of the CGAC ordinary shares.
In addition, prior to the initial business combination, only holders of CGAC Class B ordinary shares have the right to vote on the appointment of directors, including in connection with the completion of CGAC’s initial business combination and holders of a majority of CGAC’s Class B ordinary shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association relating to the rights of holders of CGAC Class B ordinary shares to appoint or remove directors prior to CGAC’s initial business combination may only be amended by a special resolution which shall include the affirmative vote of a majority of CGAC Class B ordinary shares.
|
| | The provision of the proposed memorandum and articles of association that authorizes the board of directors of Parent to issue and set the voting and other rights of preference shares from time to time. | |
Name
|
| |
Age
|
| |
Position
|
|
John Cadeddu | | |
57
|
| | Co-Chairman and Director | |
Marvin Tien | | |
48
|
| | Co-Chairman, Chief Executive Officer, Chief Financial Officer and Director | |
Alexandre Balkanski | | |
62
|
| | Director | |
John Mulkey | | |
50
|
| | Director | |
Jason Park | | |
46
|
| | Director | |
Jane Mathieu | | |
48
|
| | President | |
David Kutcher | | |
40
|
| | Chief Investment Officer | |
Kevin Tanaka | | |
33
|
| | Director of Corporate Development | |
| | |
Six months ended September 30,
|
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Revenue | | | | | | | | | | | | | | | | ||||||||||
Software & Cloud
|
| | | | 63,652 | | | | | | 52,335 | | | | | | 120,379 | | | | | | 126,245 | | |
Services
|
| | | | 95,697 | | | | | | 69,715 | | | | | | 167,599 | | | | | | 80,044 | | |
Hardware
|
| | | | 60,408 | | | | | | 39,055 | | | | | | 113,787 | | | | | | 41,437 | | |
Total | | | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
Gross profit | | | | | | | | | | | | | | | | | | | | | | | | | |
Software & Cloud
|
| | | | 42,223 | | | | | | 34,570 | | | | | | 84,663 | | | | | | 70,408 | | |
Services
|
| | | | 41,821 | | | | | | 31,954 | | | | | | 72,175 | | | | | | 39,304 | | |
Hardware
|
| | | | 9,766 | | | | | | 8,363 | | | | | | 19,304 | | | | | | 7,031 | | |
Total | | | | | 93,810 | | | | | | 74,887 | | | | | | 176,142 | | | | | | 116,743 | | |
| | | | |
As at
March 31, |
| |||||||||||||
| | | | |
2022
|
| |||||||||||||
The Group | | | | | | | | | | | | | | | | | | | |
Sales
|
| | | | 826 | | | | | | 819 | | | | | | 575 | | |
Services
|
| | | | 4,553 | | | | | | 4,401 | | | | | | 2,495 | | |
Back office and admin
|
| | | | 954 | | | | | | 926 | | | | | | 616 | | |
Marketing
|
| | | | 116 | | | | | | 116 | | | | | | 81 | | |
Total | | | | | 6,449 | | | | | | 6,262 | | | | | | 3,767 | | |
Name
|
| |
Age
|
| |
Position
|
|
Hervé Tessler | | |
60
|
| | Chief Executive Officer | |
Sergey Chernovolenko | | |
58
|
| | President & Chief Operating Officer | |
Gareth Tipton | | |
52
|
| |
Chief Compliance Officer & VP Legal, Governance & Compliance
|
|
Jerome “Jerry” Letter | | |
49
|
| | Chief Financial Officer and Head of Corporate Development | |
Marina Shvoeva | | |
43
|
| | Chief Human Resources Officer | |
Roy Harding | | |
66
|
| | VP, M&A Integration | |
Andrew Morrison | | |
56
|
| | SVP of Corporate Operations | |
Steven Salter | | |
50
|
| | VP, Corporate Affairs | |
Atul Ahuja | | |
49
|
| | Chief Technology Officer | |
Location
|
| |
Owned/leased
|
| |
Key functions
|
| |
Approximate area
(square meter) |
|
London, United Kingdom
|
| | Leased | | | Headquarters | | |
114
|
|
Noida, India
|
| | Leased | | |
Delivery center
|
| |
1,858
|
|
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise indicated)
|
| |||||||||||||||||||||
Revenue
|
| | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
Revenue growth
|
| | | | 36.4% | | | | | | — | | | | | | 62.2% | | | | | | — | | |
Revenue growth, CCY
|
| | | | 41.4% | | | | | | — | | | | | | 70.7% | | | | | | — | | |
Gross profit
|
| | | | 93,810 | | | | | | 74,887 | | | | | | 176,142 | | | | | | 116,743 | | |
Gross profit growth
|
| | | | 25.3% | | | | | | — | | | | | | 50.9% | | | | | | — | | |
Gross profit, CCY
|
| | | | 99,308 | | | | | | 79,840 | | | | | | 187,544 | | | | | | 118,125 | | |
Gross profit growth, CCY
|
| | | | 32.6% | | | | | | — | | | | | | 60.6% | | | | | | — | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise indicated)
|
| |||||||||||||||||||||
Profit/(loss) for the year/period from continuing operations
|
| | | | (28,116) | | | | | | (22,889) | | | | | | (34,442) | | | | | | (8,928) | | |
Adjusted EBITDA (excluding share based compensation)
|
| | | | 13,957 | | | | | | 5,014 | | | | | | 30,007 | | | | | | 35,106 | | |
Adjusted EBITDA (excluding share based compensation) growth
|
| | | | 178.4% | | | | | | — | | | | | | (14.5)% | | | | | | — | | |
Adjusted EBITDA (excluding share based compensation) margin
|
| | | | 6.4% | | | | | | 3.1% | | | | | | 7.5%% | | | | | | 14.2% | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Recurring revenue
|
| | | | 43,079 | | | | | | 34,984 | | | | | | 76,758 | | | | | | 63,726 | | |
| | |
As at September 30,
|
| |
As at March 31,
|
| ||||||||||||
| | | | |
2023
|
| |
2022
|
| ||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||
Net debt
|
| | | | 3,827 | | | | | | 68,028 | | | | | | 185,297 | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Revenue from contracts with customers
|
| | | | 219,757 | | | | | | 161,105 | | | | | | 401,765 | | | | | | 247,726 | | |
Cost of sales
|
| | | | (125,947) | | | | | | (86,218) | | | | | | (225,623) | | | | | | (130,983) | | |
Gross profit
|
| | | | 93,810 | | | | | | 74,887 | | | | | | 176,142 | | | | | | 116,743 | | |
Selling, general and administrative expenses
|
| | | | (99,027) | | | | | | (79,661) | | | | | | (170,626) | | | | | | (110,358) | | |
Other operating income
|
| | | | 3,581 | | | | | | 2,086 | | | | | | 4,483 | | | | | | 2,235 | | |
Other operating expenses
|
| | | | (7,854) | | | | | | (7,401) | | | | | | (22,319) | | | | | | (9,700) | | |
Operating profit
|
| | | | (9,490) | | | | | | (10,089) | | | | | | (12,320) | | | | | | (1,080) | | |
Share of net income in associates and joint ventures
|
| | | | (103) | | | | | | — | | | | | | (163) | | | | | | — | | |
Foreign exchange (loss) / gain
|
| | | | (5,844) | | | | | | (6,017) | | | | | | (8,516) | | | | | | 4,032 | | |
Finance income
|
| | | | 3,574 | | | | | | 1,698 | | | | | | 5,187 | | | | | | 2,163 | | |
Finance cost
|
| | | | (8,805) | | | | | | (8,006) | | | | | | (19,759) | | | | | | (11,846) | | |
Change in fair value of financial instruments
|
| | | | (3,693) | | | | | | — | | | | | | 5,237 | | | | | | (1,686) | | |
Profit before profit tax from continuing operations
|
| | | | (24,361) | | | | | | (22,414) | | | | | | (30,334) | | | | | | (8,417) | | |
Income tax expense
|
| | | | (3,755) | | | | | | (485) | | | | | | (4,108) | | | | | | (511) | | |
Net profit /(loss) for the year/period from continuing operations
|
| | | | (28,116) | | | | | | (22,899) | | | | | | (34,442) | | | | | | (8,928) | | |
Net profit /(loss) for the year/period from discontinued operations
|
| | | | — | | | | | | 22,343 | | | | | | 227,066 | | | | | | 1,426 | | |
Net profit /(loss) for the year/period
|
| | | | (28,116) | | | | | | (556) | | | | | | 192,624 | | | | | | (7,502) | | |
Attributable to holders of the parent
|
| | | | (26,735) | | | | | | 556 | | | | | | 193,651 | | | | | | (7,251) | | |
Non-controlling interests
|
| | | | (1,381) | | | | | | (1,112) | | | | | | (1,027) | | | | | | (251) | | |
| | |
Six months ended
September 30, |
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Software & Cloud
|
| | | | 63,653 | | | | | | 52,335 | | | | | | 11,318 | | | | | | 21.6% | | |
Services
|
| | | | 95,697 | | | | | | 69,715 | | | | | | 25,982 | | | | | | 37.3% | | |
Hardware
|
| | | | 60,407 | | | | | | 39,055 | | | | | | 21,352 | | | | | | 54.7% | | |
Total | | | | | 219,757 | | | | | | 161,105 | | | | | | 58,652 | | | | | | 36.4% | | |
| | |
Six months ended
September 30, |
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise indicated)
|
| |||||||||||||||||||||
APAC
|
| | | | 66,381 | | | | | | 33,834 | | | | | | 32,547 | | | | | | 96.2% | | |
EMEA
|
| | | | 80,432 | | | | | | 55,620 | | | | | | 24,812 | | | | | | 44.6% | | |
LATAM
|
| | | | 12,500 | | | | | | 15,188 | | | | | | (2,688) | | | | | | (17.7)% | | |
RoE
|
| | | | 59,708 | | | | | | 58,455 | | | | | | 1,253 | | | | | | 2.1% | | |
HQ and intercompany elimination
|
| | | | 736 | | | | | | (1,992) | | | | | | 2,728 | | | | | | (136.9)% | | |
Total | | | | | 219,757 | | | | | | 161,105 | | | | | | 58,652 | | | | | | 36.4% | | |
| | |
Six months ended
September 30, |
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars, unless otherwise indicated)
|
| |||||||||||||||||||||
Software & Cloud
|
| | | | 21,429 | | | | | | 17,764 | | | | | | 3,665 | | | | | | 20.6% | | |
Services
|
| | | | 53,877 | | | | | | 37,763 | | | | | | 16,114 | | | | | | 42.7% | | |
Hardware
|
| | | | 50,641 | | | | | | 30,691 | | | | | | 19,950 | | | | | | 65.0% | | |
| | | | | 125,947 | | | | | | 86,218 | | | | | | 39,729 | | | | | | 46.1% | | |
| | |
Six months ended
September 30, |
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Result on disposal of Active group companies
|
| | | | 1,648 | | | | | | — | | | | | | 1,648 | | | | | | 100.0% | | |
Reversal of accounts payable
|
| | | | 424 | | | | | | 652 | | | | | | (228) | | | | | | (35.0)% | | |
Penalties received
|
| | | | 5 | | | | | | 317 | | | | | | (312) | | | | | | (98.4)% | | |
Dividend income
|
| | | | 71 | | | | | | 1 | | | | | | 70 | | | | | | 7,000.0% | | |
Other income
|
| | | | 1,433 | | | | | | 1,116 | | | | | | 317 | | | | | | 28.4% | | |
| | | | | 3,581 | | | | | | 2,086 | | | | | | 1,495 | | | | | | 71.7% | | |
| | |
Six months ended
September 30, |
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Impairment losses
|
| | | | 6,039 | | | | | | 6,263 | | | | | | (224) | | | | | | (3.6)% | | |
Penalties paid
|
| | | | 1,009 | | | | | | 844 | | | | | | 165 | | | | | | 19.5% | | |
Result on disposal of assets
|
| | | | 302 | | | | | | 142 | | | | | | 160 | | | | | | 112.7% | | |
Other expenses
|
| | | | 504 | | | | | | 152 | | | | | | 352 | | | | | | 231.6% | | |
Total | | | | | 7,854 | | | | | | 7,401 | | | | | | 453 | | | | | | 6.1% | | |
| | |
Six months ended
September 30, |
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Interest on borrowings
|
| | | | 2,311 | | | | | | 2,181 | | | | | | 130 | | | | | | 6.0% | | |
Interest expense on right-of-use assets
|
| | | | 621 | | | | | | 1,205 | | | | | | (584) | | | | | | (48.5)% | | |
Factoring fees
|
| | | | 226 | | | | | | 160 | | | | | | 66 | | | | | | 41.0% | | |
Other finance expenses
|
| | | | 1,010 | | | | | | 743 | | | | | | 267 | | | | | | 35.9% | | |
Interest expense
|
| | | | 4,168 | | | | | | 4,289 | | | | | | (121) | | | | | | (2.8)% | | |
Amortization of financial instruments, net
|
| | | | 4,637 | | | | | | 3,717 | | | | | | 920 | | | | | | 24.7% | | |
Finance costs
|
| | | | 8,805 | | | | | | 8,006 | | | | | | 798 | | | | | | 10.0% | | |
| | |
Year ended March 31,
|
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Software & Cloud
|
| | | | 120,379 | | | | | | 126,245 | | | | | | (5,866) | | | | | | (4.6)% | | |
Services
|
| | | | 167,599 | | | | | | 80,044 | | | | | | 87,555 | | | | | | 109.4% | | |
Hardware
|
| | | | 113,787 | | | | | | 41,437 | | | | | | 72,350 | | | | | | 174.6% | | |
| | | | | 401,765 | | | | | | 247,726 | | | | | | 154,039 | | | | | | 62.2% | | |
| | |
Year ended March 31,
|
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
APAC
|
| | | | 104,609 | | | | | | 55,878 | | | | | | 48,731 | | | | | | 87.2% | | |
EMEA
|
| | | | 138,097 | | | | | | 99,470 | | | | | | 38,627 | | | | | | 38.8% | | |
LATAM
|
| | | | 31,484 | | | | | | 24,856 | | | | | | 6,628 | | | | | | 26.7% | | |
RoE
|
| | | | 130,309 | | | | | | 69,836 | | | | | | 60,473 | | | | | | 86.6% | | |
HQ and intercompany elimination
|
| | | | (2,734) | | | | | | (2,314) | | | | | | (420) | | | | | | 18.2% | | |
Total | | | | | 401,765 | | | | | | 247,726 | | | | | | 154,039 | | | | | | 62.2% | | |
| | |
Year ended March 31,
|
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Software & Cloud
|
| | | | 35,716 | | | | | | 55,837 | | | | | | (20,121) | | | | | | (36.0)% | | |
Services
|
| | | | 95,424 | | | | | | 40,740 | | | | | | 54,684 | | | | | | 134.2% | | |
Hardware
|
| | | | 94,483 | | | | | | 34,406 | | | | | | 60,077 | | | | | | 174.6% | | |
| | | | | 225,623 | | | | | | 130,983 | | | | | | 94,640 | | | | | | 72.3% | | |
| | |
Year ended March 31,
|
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Result on disposal of liabilities
|
| | | | 1,771 | | | | | | 771 | | | | | | 1,000 | | | | | | 129.7% | | |
Penalties received
|
| | | | 460 | | | | | | 36 | | | | | | 424 | | | | | | 1,177.8% | | |
Dividend income
|
| | | | 1 | | | | | | — | | | | | | 1 | | | | | | — | | |
Other income
|
| | | | 2,251 | | | | | | 1,428 | | | | | | 823 | | | | | | 57.6% | | |
| | | | | 4,483 | | | | | | 2,235 | | | | | | 2,248 | | | | | | 100.6% | | |
| | |
Year ended March 31,
|
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Impairment losses
|
| | | | 19,757 | | | | | | 8,705 | | | | | | 11,052 | | | | | | 127.0% | | |
Penalties paid
|
| | | | 1,782 | | | | | | 548 | | | | | | 1,234 | | | | | | 225.2% | | |
Result on disposal of assets
|
| | | | 84 | | | | | | 122 | | | | | | (38) | | | | | | (31.1)% | | |
Other expenses
|
| | | | 696 | | | | | | 325 | | | | | | 371 | | | | | | 114.2% | | |
| | | | | 22,319 | | | | | | 9,700 | | | | | | 12,619 | | | | | | 130.1% | | |
| | |
Year ended March 31,
|
| |
2023 vs 2022
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in thousands of U.S. dollars,
unless otherwise indicated) |
| |||||||||||||||||||||
Interest on borrowings
|
| | | | 4,400 | | | | | | 6,242 | | | | | | (1,842) | | | | | | (29.5)% | | |
Interest expense on right-of-use assets
|
| | | | 1,884 | | | | | | 1,144 | | | | | | 740 | | | | | | 64.7% | | |
Factoring fees
|
| | | | 366 | | | | | | 845 | | | | | | (479) | | | | | | (56.7)% | | |
Other finance expenses
|
| | | | 3,886 | | | | | | 191 | | | | | | 3,695 | | | | | | 1,934.6% | | |
Interest expense
|
| | | | 10,536 | | | | | | 8,422 | | | | | | 2,114 | | | | | | 25.1% | | |
Amortization of financial instruments, net
|
| | | | 9,223 | | | | | | 3,424 | | | | | | 5,799 | | | | | | 169.4% | | |
Finance costs
|
| | | | 19,759 | | | | | | 11,846 | | | | | | 7,913 | | | | | | 66.8% | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Net cash flows: | | | | | | | | | | | | | | | | ||||||||||
Net cash flows used in operating activities
|
| | | | (35,723) | | | | | | (66,927) | | | | | | (2,688) | | | | | | (23,401) | | |
Net cash flows (used in)/generated from investing activities
|
| | | | (18,886) | | | | | | 1,398 | | | | | | (203,721) | | | | | | (22,562) | | |
Net cash flows generated from financing activities
|
| | | | 14,941 | | | | | | 41,470 | | | | | | 10,184 | | | | | | 291,958 | | |
Foreign exchange difference
|
| | | | (7,523) | | | | | | (829) | | | | | | (1,551) | | | | | | (1,539) | | |
Net change in cash and cash equivalents
|
| | | | (47,191) | | | | | | (24,888) | | | | | | (197,776) | | | | | | 244,456 | | |
| | |
On demand
|
| |
Less than
6 months |
| |
6 – 12 months
|
| |
1 – 2 years
|
| |
More than
2 years |
| |
Total
|
| ||||||||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade accounts receivable
|
| | | | — | | | | | | 313,349 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
313,349
|
| |
Loans issued
|
| | | | — | | | | | | 1,761 | | | | | | 9,166 | | | | | | 7,924 | | | | | | 10,056 | | | | |
|
28,907
|
| |
Cash and cash equivalents
|
| | | | 89,104 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
89,104
|
| |
| | | | | 89,104 | | | | | | 315,110 | | | | | | 9,166 | | | | | | 7,924 | | | | | | 10,056 | | | | | | 431,360 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade accounts payable
|
| | | | — | | | | | | (311,112) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(311,112)
|
| |
Loans and borrowings
|
| | | | (22,705) | | | | | | (30,166) | | | | | | (15,846) | | | | | | (721) | | | | | | (3,532) | | | | |
|
(72,970)
|
| |
Contingent consideration for acquisitions
|
| | | | — | | | | | | (13,797) | | | | | | (9,611) | | | | | | (35,913) | | | | | | (24,247) | | | | |
|
(83,568)
|
| |
Deferred consideration
|
| | | | — | | | | | | (3,152) | | | | | | (364) | | | | | | (1,649) | | | | | | (1,304) | | | | |
|
(6,469)
|
| |
Lease liabilities
|
| | | | — | | | | | | (3,215) | | | | | | (2,880) | | | | | | (4,378) | | | | | | (8,122) | | | | |
|
(18,595)
|
| |
| | | | | (22,705) | | | | | | (361,442) | | | | | | (28,701) | | | | | | (42,661) | | | | | | (37,205) | | | | | | (492,714) | | |
Net position
|
| | | | 66,399 | | | | | | (46,332) | | | | | | (19,535) | | | | | | (34,737) | | | | | | (27,149) | | | | | | (61,354) | | |
| | |
Six months ended
September 30, |
| |
Year ended March 31,
|
| ||||||||||||||||||
| | | | |
2022
|
| |
2023
|
| |
2022
|
| |||||||||||||
| | |
(in thousands of U.S. dollars)
|
| |||||||||||||||||||||
Purchase of property, plant, and equipment
|
| | | | 1,633 | | | | | | 461 | | | | | | 4,113 | | | | | | 7,943 | | |
Purchases of intangible assets, including amounts of costs capitalized
|
| | | | 4,621 | | | | | | 10,508 | | | | | | 12,042 | | | | | | 15,158 | | |
Total | | | | | 6,254 | | | | | | 10,969 | | | | | | 16,155 | | | | | | 23,101 | | |
| Persons depositing or withdrawing shares or ADS holders must pay: | | | For: | |
| $5.00 (or less) per 100 Parent ADSs (or portion of 100 Parent ADSs) | | |
Issuance of Parent ADSs, including issuances resulting from a distribution of shares or rights or other property
Cancellation of Parent ADSs for the purpose of withdrawal, including if the deposit agreement terminates
|
|
| $.05 (or less) per Parent ADS | | | Any cash distribution to ADS holders | |
| A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of Parent ADSs | | | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
| $.05 (or less) per Parent ADS per calendar year | | | Depositary services | |
| Registration or transfer fees | | | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
| Expenses of the depositary | | |
Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)
Converting foreign currency to U.S. dollars
|
|
| Taxes and other governmental charges the depositary or the custodian has to pay on any Parent ADSs or shares underlying Parent ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
| Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
Name of Beneficial Owners(1)
|
| |
CGAC Before the Business Combination
|
| |
Parent after the
Business Combination Assuming No Redemption |
| ||||||||||||||||||||||||||||||
|
CGAC Class A
Ordinary Shares |
| |
CGAC Class B
Ordinary Shares(2) |
| ||||||||||||||||||||||||||||||||
|
Number of
Shares |
| |
Percent
of Class |
| |
Number of
Shares |
| |
Percent
of Class |
| |
Number of
Shares |
| |
Percent
|
| ||||||||||||||||||||
CGAC Sponsor, LLC (the Sponsor)(3)
|
| | | | 9,825,000 | | | | | | 94.3% | | | | | | 1 | | | | | | * | | | | | | 2,825,001 | | | | | | 7.15% | | |
John Cadeddu(3)
|
| | | | 9,825,000 | | | | | | 94.3% | | | | | | 1 | | | | | | * | | | | | | 2,825,001 | | | | | | 7.15% | | |
Marvin Tien(3)
|
| | | | 9,825,000 | | | | | | 94.3% | | | | | | 1 | | | | | | * | | | | | | 2,825,001 | | | | | | 7.15% | | |
Jane Mathieu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jerry Letter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Kutcher
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kevin Tanaka
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alexandre Balkanski
|
| | | | — | | | | | | — | | | | | | 58,333 | | | | | | 33.3% | | | | | | 58,333 | | | | | | * | | |
John Mulkey
|
| | | | — | | | | | | — | | | | | | 58,333 | | | | | | 33.3% | | | | | | 58,333 | | | | | | * | | |
Jason Park
|
| | | | — | | | | | | — | | | | | | 58,333 | | | | | | 33.3% | | | | | | 58,333 | | | | | | * | | |
All officers and directors of CGAC as a group (pre-Business Combination) (9 individuals)
|
| | | | 9,825,000 | | | | | | 94.3% | | | | | | 175,000 | | | | | | 100.0% | | | | | | 3,000,000 | | | | | | 7.59% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
[•]
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
All officers, directors and director nominees
of Parent as a group (post-Business Combination) ([•] individuals) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [•] | | | | | | [•]% | | |
| | | | | | | | ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||
Niltasoft Computers Trading LLC
|
| | | | — | | | | | $ | 3,000 | | | | | | — | | |
LLC Soft Logistic
|
| | | | — | | | | | $ | 2,394 | | | | | | — | | |
JSC Softline
|
| | | | — | | | | | $ | 575 | | | | | | — | | |
Softline Limited
|
| | | | — | | | | | $ | 533 | | | | | | — | | |
LLC Softline Integration
|
| | | | — | | | | | $ | 234 | | | | | | — | | |
LLC Softline Projects
|
| | | | — | | | | | $ | 142 | | | | | | — | | |
LLC Aflex
|
| | | | — | | | | | | — | | | | | $ | 200 | | |
| | | | | | | | ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||
JSC Softline
|
| | | | — | | | | | $ | 1,777 | | | | | | — | | |
LLP Soft Distribution
|
| | | | — | | | | | $ | 406 | | | | | | — | | |
LLC Axoft International
|
| | | $ | 293 | | | | | $ | 281 | | | | | | — | | |
SIA Squalio
|
| | | $ | 236 | | | | | $ | 251 | | | | | | — | | |
LLC Axoft Distribution
|
| | | | — | | | | | $ | 133 | | | | | | — | | |
LLC Softline Projects
|
| | | | — | | | | | $ | 121 | | | | | | — | | |
LLC Axoft
|
| | | | — | | | | | $ | 121 | | | | | | — | | |
LLC SkySoft Victory
|
| | | | — | | | | | $ | 10 | | | | | $ | 1,112 | | |
LLC Smartline
|
| | | | — | | | | | | — | | | | | $ | 602 | | |
| | | | | | ||||||||
| | |
(in thousands)
|
| |||||||||
LLC Axoft International
|
| | | | — | | | | | | 1,294 | | |
JSC Softline
|
| | | | — | | | | | | 225 | | |
LLC Soft Logistic
|
| | | | — | | | | | | 176 | | |
LLC Axoft Distribution
|
| | | | — | | | | | | 147 | | |
LLC Softline International
|
| | | | — | | | | | | 131 | | |
| | | | | | | | ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||
LLC Soft Logistic
|
| | | | — | | | | | $ | 5,139 | | | | | | — | | |
LLC National Center for Support and Development
|
| | | | — | | | | | $ | 2,175 | | | | | | — | | |
LLC Axoft
|
| | | | — | | | | | $ | 189 | | | | | | — | | |
Softline Managment ApS
|
| | | | — | | | | | | — | | | | | $ | 1,390 | | |
| | | | | | ||||||||
| | |
(in thousands)
|
| |||||||||
LLC DPA
|
| | | $ | 616 | | | | | | — | | |
JSC Softline
|
| | | | — | | | | | $ | 10,093 | | |
LLC Softline International
|
| | | | — | | | | | $ | 237 | | |
LLC Softline Integration
|
| | | | — | | | | | $ | 177 | | |
SIA Squalio
|
| | | $ | 31 | | | | | $ | 145 | | |
| | | | | | | | ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||
JSC Softline
|
| | | $ | 564 | | | | | $ | 7,677 | | | | | | — | | |
LLC Smartline
|
| | | $ | 3 | | | | | $ | 2,276 | | | | | | — | | |
LLC Skysoft Victory
|
| | | | — | | | | | $ | 1,818 | | | | | $ | 3,127 | | |
LLP Soft Distribution
|
| | | | — | | | | | $ | 1,040 | | | | | | — | | |
LLC Softline Projects
|
| | | | — | | | | | $ | 756 | | | | | | — | | |
LLC Softline Internet Trade
|
| | | | — | | | | | $ | 542 | | | | | | — | | |
LLC Axoft
|
| | | | — | | | | | $ | 445 | | | | | | — | | |
LLC Development Bureau
|
| | | | — | | | | | $ | 235 | | | | |||||
LLC Aflex
|
| | | | — | | | | | $ | 142 | | | | | $ | 15 | | |
LLC Axoft Distribution
|
| | | | — | | | | | $ | 128 | | | | | | — | | |
| | | | | | ||||||||
| | |
(in thousands)
|
| |||||||||
JSC Softline
|
| | | $ | 450 | | | | | | — | | |
LLC Axoft
|
| | | | — | | | | | $ | 327 | | |
| Condensed Consolidated Financial Statements (Restated). | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | |
| Condensed Consolidated Financial Statements (Restated). | | | |||||
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | | |
| | | | | F-32 | | |
| | | | | F-55 | | | |
| | | | | F-56 | | | |
| | | | | F-57 | | | |
| | | | | F-58 | | | |
| | | | | F-59 | | | |
| | | | | F-60 | | |
| | | | | | ||||||||
| | |
(unaudited - restated)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 27,132 | | | | | $ | 31,547 | | |
Prepaid expenses
|
| | | | 116,220 | | | | | | 268,736 | | |
Total current assets
|
| | | | 143,352 | | | | | | 300,283 | | |
Cash and marketable securities held in Trust Account
|
| | | | 4,436,155 | | | | | | 15,489,507 | | |
Total Assets
|
| | | $ | 4,579,507 | | | | | $ | 15,789,790 | | |
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Due to related party
|
| | | $ | 1,460,376 | | | | | $ | 522,500 | | |
Due to shareholders
|
| | | | — | | | | | | 3,262,655 | | |
Accrued expenses
|
| | | | 1,727,830 | | | | | | 932,555 | | |
Total current liabilities
|
| | | | 3,188,206 | | | | | | 4,717,710 | | |
Warrant liabilities
|
| | | | 2,721,333 | | | | | | 628,000 | | |
Deferred underwriting fee payable
|
| | | | 7,000,000 | | | | | | 4,000,000 | | |
Total Liabilities
|
| | | | 12,909,539 | | | | | | 9,345,710 | | |
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 419,938 shares at
redemption value as of June 30, 2023 and 1,191,437 shares at redemption value as of December 31, 2022 |
| | | | 4,436,155 | | | | | | 12,226,852 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference Shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary Shares, $0.0001 par value, 300,000,000 shares
authorized; 9,825,000 and 0 issued and outstanding (excluding 419,938 and 1,191,437 shares subject to possible redemption as of June 30, 2023 and December 31, 2022, respectively) |
| | | | 982 | | | | | | — | | |
Class B ordinary Shares, $0.0001 par value, 30,000,000 shares authorized;
175,000 and 10,000,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
| | | | 18 | | | | | | 1,000 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (12,767,187) | | | | | | (5,783,772) | | |
Total Shareholders’ Deficit
|
| | | $ | (12,766,187) | | | | | $ | (5,782,772) | | |
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 4,579,507 | | | | | $ | 15,789,790 | | |
| | | | | | | | | | ||||||||||||||||
| | |
Restated
|
| |
Restated
|
| | | ||||||||||||||||
Operating and formation costs
|
| | | $ | 1,238,047 | | | | | $ | 1,890,082 | | | | | $ | 352,417 | | | | | $ | 939,368 | | |
Loss from operations
|
| | | | (1,238,047) | | | | | | (1,890,082) | | | | | | (352,417) | | | | | | (939,368) | | |
Other income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings and realized gain on marketable securities
held in Trust Account |
| | | | 139,599 | | | | | | 294,382 | | | | | | 593,071 | | | | | | 626,823 | | |
Change in fair value of warrant liabilities
|
| | | | (209,333) | | | | | | (2,093,333) | | | | | | 5,011,440 | | | | | | 13,460,773 | | |
Transaction costs
|
| | | | (102,000) | | | | | | (102,000) | | | | | | — | | | | | | — | | |
Net income (loss)
|
| | | $ | (1,409,781) | | | | | $ | (3,791,033) | | | | | $ | 5,252,094 | | | | | $ | 13,148,228 | | |
Basic and diluted weighted average shares outstanding
of Class A redeemable ordinary shares |
| | | | 1,106,657 | | | | | | 1,148,813 | | | | | | 40,000,000 | | | | | | 40,000,000 | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | $ | (0.13) | | | | | $ | (0.34) | | | | | $ | 0.11 | | | | | $ | 0.26 | | |
Basic and diluted weighted average shares outstanding
of Class A nonredeemable ordinary shares and Class B ordinary shares |
| | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary share and Class B ordinary share
|
| | | $ | (0.13) | | | | | $ | (0.34) | | | | | $ | 0.11 | | | | | $ | 0.26 | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2023
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (5,783,772) | | | | | $ | (5,782,772) | | |
Remeasurement of Class A ordinary shares subject
to possible redemption |
| | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | (154,783) | | | | | | (154,783) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,381,252) | | | | | | (2,381,252) | | |
Balance, March 31, 2023
|
| | | | — | | | | | | — | | | | | | 10,000,000 | | | | | | 1,000 | | | | | | — | | | | | | (8,319,807) | | | | | | (8,318,807) | | |
Conversion of Class B ordinary shares to Class A ordinary shares
|
| | | | 9,825,000 | | | | | | 982 | | | | | | (9,825,000) | | | | | | (982) | | | | | | — | | | | | | — | | | | | | — | | |
Accrual of deferred underwriting fee payable (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (3,000,000) | | | | | | (3,000,000) | | |
Transaction cost allocation for change in deferred underwriting fee (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102,000 | | | | | | 102,000 | | |
Remeasurement of Class A ordinary shares subject
to possible redemption |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (139,599) | | | | | | (139,599) | | |
Net loss (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,409,781) | | | | | | (1,409,781) | | |
Balance, June 30, 2023 (restated)
|
| | | | 9,825,000 | | | | | $ | 982 | | | | | | 175,000 | | | | | $ | 18 | | | | | $ | — | | | | | | (12,767,187) | | | | | | (12,766,187) | | |
Balance – January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (27,567,744) | | | | | $ | (27,566,744) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,896,134 | | | | | | 7,896,134 | | |
Balance, March 31, 2022
|
| | | | — | | | | | | — | | | | | | 10,000,000 | | | | | | 1,000 | | | | | | — | | | | | | (19,671,610) | | | | | | (19,670,610) | | |
Remeasurement of Class A ordinary shares subject
to possible redemption |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (769,393) | | | | | | (769,393) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,252,094 | | | | | | 5,252,094 | | |
Balance, June 30, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (15,188,909) | | | | | $ | (15,187,909) | | |
| | | | | | ||||||||
| | |
(restated)
|
| | ||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,791,033) | | | | | $ | 13,148,228 | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
Earnings and realized gain on marketable securities held in Trust Account
|
| | | | (294,382) | | | | | | (626,823) | | |
Change in fair value of warrant liabilities
|
| | | | 2,093,333 | | | | | | (13,460,773) | | |
Realized gain on extinguishment of overallotment liability
|
| | | | — | | | | | | — | | |
Transaction costs attributable to warrant liabilities
|
| | | | 102,000 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | 152,516 | | | | | | 185,959 | | |
Due to related party
|
| | | | 937,876 | | | | | | 115,000 | | |
Accrued expenses
|
| | | | 795,275 | | | | | | 231,663 | | |
Net cash used in operating activities
|
| | | | (4,415) | | | | | | (406,746) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Proceeds received from Trust Account
|
| | | | 11,347,734 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 11,347,734 | | | | | | — | | |
Cash Flows from Financing Activities
|
| | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (11,347,734) | | | | | | — | | |
Payment of offering costs
|
| | | | — | | | | | | (70,000) | | |
Net cash used in financing activities
|
| | | | (11,347,734) | | | | | | (70,000) | | |
Net change in cash
|
| | | | (4,415) | | | | | | (476,746) | | |
Cash at beginning of the period
|
| | | | 31,547 | | | | | | 646,558 | | |
Cash at end of the period
|
| | | $ | 27,132 | | | | | $ | 169,812 | | |
Non-cash financing activities: | | | | | | | | | | | | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | $ | 294,382 | | | | | $ | 769,393 | | |
Accrual of deferred underwriting fee payable
|
| | | $ | 3,000,000 | | | | | $ | — | | |
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares
|
| | | $ | 982 | | | | | $ | — | | |
Unaudited Condensed Consolidated Balance Sheet as of June 30, 2023
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Deferred underwriting fee payable
|
| | | $ | 4,000,000 | | | | | $ | 3,000,000 | | | | | $ | 7,000,000 | | |
Total Liabilities
|
| | | | 9,909,539 | | | | | | 3,000,000 | | | | | | 12,909,539 | | |
Accumulated deficit
|
| | | | (9,767,187) | | | | | | (3,000,000) | | | | | | (12,767,187) | | |
Total Shareholders’ Deficit
|
| | | | (9,766,187) | | | | | $ | (3,000,000) | | | | | $ | (12,766,187) | | |
Unaudited Condensed Consolidated Statement of Operations for the Three Months
Ended June 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Transaction costs
|
| | | $ | — | | | | | $ | (102,000) | | | | | $ | (102,000) | | |
Net income (loss)
|
| | | | (1,307,781) | | | | | | (102,000) | | | | | | (1,409,781) | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | | (0.12) | | | | | $ | (0.01) | | | | | $ | (0.13) | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares
|
| | | | (0.12) | | | | | $ | (0.01) | | | | | $ | (0.13) | | |
Unaudited Condensed Consolidated Statement of Operations for the Six Months
Ended June 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Transaction costs
|
| | | $ | — | | | | | $ | (102,000) | | | | | $ | (102,000) | | |
Net income (loss)
|
| | | | (3,689,033) | | | | | | (102,000) | | | | | | (3,791,033) | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | | (0.33) | | | | | $ | (0.01) | | | | | $ | (0.34) | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares
|
| | | | (0.33) | | | | | $ | (0.01) | | | | | $ | (0.34) | | |
Unaudited Condensed Consolidated Statement of Changes in Shareholders’
Deficit for the Three and Six Months Ended June 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Remeasurement of deferred underwriting fee payable
|
| | | $ | — | | | | | $ | (3,000,000) | | | | | $ | (3,000,000) | | |
Transaction costs attributable to warrant liabilities
|
| | | | — | | | | | $ | 102,000 | | | | | $ | 102,000 | | |
Net loss
|
| | | | (1,307,781) | | | | | | (102,000) | | | | | $ | (1,409,781) | | |
Accumulated deficit
|
| | | | (9,767,187) | | | | | | (3,000,000) | | | | | | (12,767,187) | | |
Total shareholders’ deficit
|
| | | | (9,766,187) | | | | | $ | (3,000,000) | | | | | $ | (12,766,187) | | |
Unaudited Condensed Consolidated Statement of Cash Flows for the Six Months
Ended June 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,689,033) | | | | | $ | (102,000) | | | | | $ | (3,791,033) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Transaction costs attributable to warrant liabilities
|
| | | | — | | | | | $ | 102,000 | | | | | $ | 102,000 | | |
Non-cash financing activities | | | | | |||||||||||||||
Non-cash Accrual of deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 3,000,000 | | | | | $ | 3,000,000 | | |
| | |
Shares
|
| |
Amounts
|
| ||||||
Class A ordinary shares subject to possible redemption –
December 31, 2021 |
| | | | 40,000,000 | | | | | $ | 400,000,000 | | |
Less: | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (38,808,563) | | | | | | (390,414,144) | | |
Due to shareholders
|
| | | | — | | | | | | (3,262,655) | | |
Plus: | | | | | | | | | | | | | |
Remeasurement of carrying value to redemption value
|
| | | | — | | | | | | 5,903,651 | | |
Class A ordinary shares subject to possible redemption –
December 31, 2022 |
| | | | 1,191,437 | | | | | $ | 12,226,852 | | |
Less: | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (771,499) | | | | | | (11,347,734) | | |
Plus: | | | | | | | | | | | | | |
Due to shareholders paid in 2023
|
| | | | — | | | | | | 3,262,655 | | |
Remeasurement of carrying value to redemption value
|
| | | | — | | | | | | 294,382 | | |
Class A ordinary shares subject to possible redemption –
June 30, 2023 |
| | | | 419,938 | | | | | $ | 4,436,155 | | |
| | | | |
For the
Six Months Ended June 30 ,2023 |
| | | | | |||||||||||||||||||||||||||||||||||||||
| | |
Class A
Redeemable |
| |
Class A
Nonredeemable and Class B |
| |
Class A
Redeemable |
| |
Class A
Nonredeemable and Class B |
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss) (Restated)
|
| | | $ | (140,469) | | | | | $ | (1,269,312) | | | | | $ | (390,641) | | | | | $ | (3,400,392) | | | | | $ | 4,201,675 | | | | | $ | 1,050,419 | | | | | $ | 10,518,582 | | | | | $ | 2,629,646 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted
average ordinary shares outstanding |
| | | | 1,106,657 | | | | | | 10,000,000 | | | | | | 1,148,813 | | | | | | 10,000,000 | | | | | | 40,000,000 | | | | | | 10,000,000 | | | | | | 40,000,000 | | | | | | 10,000,000 | | |
Basic and diluted net income (loss) per ordinary share (Restated)
|
| | | $ | (0.13) | | | | | $ | (0.13) | | | | | $ | (0.34) | | | | | $ | (0.34) | | | | | $ | 0.11 | | | | | $ | 0.11 | | | | | $ | 0.26 | | | | | $ | 0.26 | | |
Description
|
| |
Level
|
| | | | | |||||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 4,436,155 | | | | | $ | — | | |
Description
|
| |
Level
|
| | | |
Level
|
| | | ||||||||||||||
Liabilities: | | | | | | | | | | | — | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 1,733,333 | | | | | | 1 | | | | | $ | 400,000 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 988,000 | | | | | | 3 | | | | | $ | 228,000 | | |
Total Warrant Liabilities
|
| | | | | | | | | $ | 2,721,333 | | | | | | | | | | | $ | 628,000 | | |
| | | | | | ||
Input | | | | | | | |
Risk-free interest rate
|
| |
4.13%
|
| |
3.99%
|
|
Expected term (years)
|
| |
5.0
|
| |
5.0
|
|
Expected volatility
|
| |
1.0%
|
| |
0.8%
|
|
Exercise price
|
| |
$11.50
|
| |
$11.50
|
|
Fair value of the ordinary share price
|
| |
$10.70
|
| |
$9.89
|
|
Redemption threshold price
|
| |
$18.00
|
| |
$18.00
|
|
Redemption threshold days
|
| |
20 days within any
30-day period |
| |
20 days within any
30-day period |
|
Redemption price
|
| |
$0.01
|
| |
$0.01
|
|
Probability of successful acquisition
|
| |
90.0%
|
| |
50.0%
|
|
| | |
Private
Placement |
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of December 31, 2022
|
| | | $ | 228,000 | | | | | $ | 400,000 | | | | | $ | 628,000 | | |
Change in valuation inputs or other assumptions
|
| | | | 684,000 | | | | | | 1,200,000 | | | | | | 1,884,000 | | |
Fair value as of March 31, 2023
|
| | | | 912,000 | | | | | | 1,600,000 | | | | | | 2,512,000 | | |
Change in valuation inputs or other assumptions
|
| | | | 76,000 | | | | | | 133,333 | | | | | | 209,333 | | |
Fair value as of June 30, 2023
|
| | | $ | 988,000 | | | | | $ | 1,733,333 | | | | | $ | 2,721,333 | | |
Fair value as of December 31, 2021
|
| | | $ | 5,320,000 | | | | | $ | 9,200,000 | | | | | $ | 14,520,000 | | |
Change in valuation inputs or other assumptions
|
| | | | (3,116,000) | | | | | | (5,333,333) | | | | | | (8,449,333) | | |
Fair value as of March 31, 2022
|
| | | | 2,204,000 | | | | | | 3,866,667 | | | | | | 6,070,667 | | |
Change in valuation inputs or other assumptions
|
| | | | (1,819,440) | | | | | | (3,192,000) | | | | | | (5,011,440) | | |
Fair value as of June 30, 2022
|
| | | $ | 384,560 | | | | | $ | 674,667 | | | | | $ | 1,059,227 | | |
| | | | | | ||||||||
| | |
(unaudited –
restated) |
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 21,761 | | | | | $ | 31,547 | | |
Prepaid expenses
|
| | | | 189,995 | | | | | | 268,736 | | |
Total current assets
|
| | | | 211,756 | | | | | | 300,283 | | |
Cash and marketable securities held in Trust Account
|
| | | | 4,493,902 | | | | | | 15,489,507 | | |
Total Assets
|
| | | $ | 4,705,658 | | | | | $ | 15,789,790 | | |
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Due to related party
|
| | | $ | 1,622,712 | | | | | $ | 522,500 | | |
Due to shareholders
|
| | | | — | | | | | | 3,262,655 | | |
Accrued expenses
|
| | | | 2,056,763 | | | | | | 932,555 | | |
Total current liabilities
|
| | | | 3,679,475 | | | | | | 4,717,710 | | |
Warrant liabilities
|
| | | | 1,674,666 | | | | | | 628,000 | | |
Deferred underwriting fee payable
|
| | | | 7,000,000 | | | | | | 4,000,000 | | |
Total Liabilities
|
| | | | 12,354,141 | | | | | | 9,345,710 | | |
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 419,938 shares at redemption value as of September 30, 2023 and 1,191,437 shares at redemption value as of December 31, 2022
|
| | | | 4,493,902 | | | | | | 12,226,852 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference Shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary Shares, $0.0001 par value, 300,000,000 shares authorized; 9,825,000 and 0 issued and outstanding (excluding 419,938 and 1,191,437 shares subject to possible redemption as of September 30, 2023 and December 31, 2022, respectively)
|
| | | | 982 | | | | | | — | | |
Class B ordinary Shares, $0.0001 par value, 30,000,000 shares authorized;
175,000 and 10,000,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
| | | | 18 | | | | | | 1,000 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (12,143,385) | | | | | | (5,783,772) | | |
Total Shareholders’ Deficit
|
| | | | (12,142,385) | | | | | | (5,782,772) | | |
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 4,705,658 | | | | | $ | 15,789,790 | | |
| | | | | | | | | | ||||||||||||||||
Operating and formation costs
|
| | | $ | 422,865 | | | | | $ | 2,312,947 | | | | | $ | 352,198 | | | | | $ | 1,291,566 | | |
Loss from operations
|
| | | | (422,865) | | | | | | (2,312,947) | | | | | | (352,198) | | | | | | (1,291,566) | | |
Other income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings and realized gain on marketable securities held in Trust Account
|
| | | | 57,747 | | | | | | 352,129 | | | | | | 1,931,891 | | | | | | 2,558,714 | | |
Change in fair value of warrant liabilities
|
| | | | 1,046,667 | | | | | | (1,046,666) | | | | | | 640,560 | | | | | | 14,101,333 | | |
Transaction costs
|
| | | | — | | | | | | (102,000) | | | | | | — | | | | | | — | | |
Net income (loss)
|
| | | $ | 681,549 | | | | | $ | (3,109,484) | | | | | $ | 2,220,253 | | | | | $ | 15,368,481 | | |
Basic and diluted weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 419,938 | | | | | | 903,185 | | | | | | 40,000,000 | | | | | | 40,000,000 | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | $ | 0.07 | | | | | $ | (0.29) | | | | | $ | 0.04 | | | | | $ | 0.31 | | |
Basic and diluted weighted average shares
outstanding of Class A nonredeemable ordinary shares and Class B ordinary shares |
| | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary share and Class B ordinary share
|
| | | $ | 0.07 | | | | | $ | (0.29) | | | | | $ | 0.04 | | | | | $ | 0.31 | | |
| | |
Class A
|
| |
Class B
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Ordinary Shares
|
| |
Ordinary Shares
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance, January 1, 2023
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (5,783,772) | | | | | $ | (5,782,772) | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (154,783) | | | | | $ | (154,783) | | |
Net loss
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (2,381,252) | | | | | $ | (2,381,252) | | |
Balance, March 31, 2023
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (8,319,807) | | | | | $ | (8,318,807) | | |
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares
|
| | | | 9,825,000 | | | | | $ | 982 | | | | | | (9,825,000) | | | | | $ | (982) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Accrual of deferred underwriting fee payable (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,000,000) | | | | | | (3,000,000) | | |
Transaction cost allocation for change in deferred underwriting fee (restated)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102,000 | | | | | | 102,000 | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (139,599) | | | | | $ | (139,599) | | |
Net loss (restated)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1,409,781) | | | | | $ | (1,409,781) | | |
Balance, June 30, 2023 (restated)
|
| | | | 9,825,000 | | | | | $ | 982 | | | | | | 175,000 | | | | | $ | 18 | | | | | $ | — | | | | | $ | (12,767,187) | | | | | $ | (12,766,187) | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (57,747) | | | | | $ | (57,747) | | |
Net income
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 681,549 | | | | | $ | 681,549 | | |
Balance, September 30, 2023
|
| | | | 9,825,000 | | | | | $ | 982 | | | | | | 175,000 | | | | | $ | 18 | | | | | $ | — | | | | | $ | (12,143,385) | | | | | $ | (12,142,385) | | |
Balance, January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (27,567,744) | | | | | $ | (27,566,744) | | |
Net income
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,896,134 | | | | | $ | 7,896,134 | | |
Balance, March 31, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (19,671,610) | | | | | $ | (19,670,610) | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (769,393) | | | | | $ | (769,393) | | |
Net income
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,252,094 | | | | | $ | 5,252,094 | | |
Balance, June 30, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (15,188,909) | | | | | $ | (15,187,909) | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1,931,891) | | | | | $ | (1,931,891) | | |
Net income
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,220,253 | | | | | $ | 2,220,253 | | |
Balance, September 30, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (14,900,547) | | | | | $ | (14,899,547) | | |
| | | | | | ||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,109,484) | | | | | $ | 15,368,481 | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
Earnings and realized gain on marketable securities held in Trust Account
|
| | | | (352,129) | | | | | | (2,558,714) | | |
Change in fair value of warrant liabilities
|
| | | | 1,046,666 | | | | | | (14,101,333) | | |
Transaction costs attributable to warrant liabilities
|
| | | | 102,000 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Due to related party
|
| | | $ | 1,100,212 | | | | | | 275,000 | | |
Prepaid expenses
|
| | | | 78,741 | | | | | | 280,480 | | |
Accrued expenses
|
| | | $ | 1,124,208 | | | | | | 245,535 | | |
Net cash used in operating activities
|
| | | | (9,786) | | | | | | (490,551) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Proceeds received from Trust Account
|
| | | | 11,347,734 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 11,347,734 | | | | | | — | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (11,347,734) | | | | | | — | | |
Payment of offering costs
|
| | | | — | | | | | | (70,000) | | |
Net cash used in financing activities
|
| | | | (11,347,734) | | | | | | (70,000) | | |
Net change in cash
|
| | | | (9,786) | | | | | | (560,551) | | |
Cash at beginning of the period
|
| | | | 31,547 | | | | | | 646,558 | | |
Cash at end of the period
|
| | | $ | 21,761 | | | | | $ | 86,007 | | |
Non-cash financing activities: | | | | | | | | | | | | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | $ | 352,129 | | | | | $ | 2,701,284 | | |
Accrual of deferred underwriting fee payable
|
| | | $ | 3,000,000 | | | | | $ | — | | |
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares
|
| | | $ | 982 | | | | | $ | — | | |
Unaudited Condensed Consolidated Balance Sheet as of September 30, 2023
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Deferred underwriting fee payable
|
| | | $ | 4,000,000 | | | | | $ | 3,000,000 | | | | | $ | 7,000,000 | | |
Total Liabilities
|
| | | | 9,354,141 | | | | | | 3,000,000 | | | | | | 12,354,141 | | |
Accumulated deficit
|
| | | | (9,143,385) | | | | | | (3,000,000) | | | | | | (12,143,385) | | |
Total Shareholders’ Deficit
|
| | | | (9,142,385) | | | | | | (3,000,000) | | | | | | (12,142,385) | | |
Unaudited Condensed Consolidated Statement of Operations for the Nine Months
Ended September 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Transaction costs
|
| | | $ | — | | | | | $ | (102,000) | | | | | $ | (102,000) | | |
Net income (loss)
|
| | | | (3,007,484) | | | | | | (102,000) | | | | | | (3,109,484) | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | | (0.28) | | | | | | (0.01) | | | | | | (0.29) | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares
|
| | | | (0.28) | | | | | | (0.01) | | | | | | (0.29) | | |
Unaudited Condensed Consolidated Statement of Changes in Shareholders’
Deficit for the Nine Months Ended September 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Remeasurement of deferred underwriting fee payable
|
| | | $ | — | | | | | $ | (3,000,000) | | | | | $ | (3,000,000) | | |
Transaction cost allocation for change in deferred
underwrting fee payable |
| | | | — | | | | | | 102,000 | | | | | | 102,000 | | |
Net loss
|
| | | | (1,307,781) | | | | | | (102,000) | | | | | $ | (1,409,781) | | |
Accumulated deficit
|
| | | | (9,143,385) | | | | | | (3,000,000) | | | | | | (12,143,385) | | |
Total shareholders’ deficit
|
| | | | (9,142,385) | | | | | | (3,000,000) | | | | | | (12,142,385) | | |
Unaudited Condensed Consolidated Statement of Cash Flows for the Nine Months
Ended September 30, 2023 |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,007,484) | | | | | $ | (102,000) | | | | | $ | (3,109,484) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Transaction costs attributable to warrant liabilities
|
| | | | — | | | | | | 102,000 | | | | | | 102,000 | | |
Non-cash financing activities | | | | | |||||||||||||||
Accrual of deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 3,000,000 | | | | | $ | 3,000,000 | | |
| | |
Shares
|
| |
Amounts
|
| ||||||
Class A ordinary shares subject to possible redemption – December 31, 2021
|
| | | | 40,000,000 | | | | | $ | 400,000,000 | | |
Less: | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (38,808,563) | | | | | | (390,414,144) | | |
Due to shareholders
|
| | | | — | | | | | | (3,262,655) | | |
Plus: | | | | | | | | | | | | | |
Remeasurement of carrying value to redemption value
|
| | | | — | | | | | | 5,903,651 | | |
Class A ordinary shares subject to possible redemption – December 31, 2022
|
| | | | 1,191,437 | | | | | | 12,226,852 | | |
Less: | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (771,499) | | | | | | (11,347,734) | | |
Plus: | | | | | | | | | | | | | |
Due to shareholders paid in 2023
|
| | | | — | | | | | | 3,262,655 | | |
Remeasurement of carrying value to redemption value
|
| | | | — | | | | | | 352,129 | | |
Class A ordinary shares subject to possible redemption – September 30, 2023
|
| | | | 419,938 | | | | | $ | 4,493,902 | | |
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
| | |
Class A
Redeemable |
| |
Class A and
Nonredeemable and Class B |
| |
Class A
Redeemable |
| |
Class A
Nonredeemable and Class B |
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income
(loss) (Restated) |
| | | $ | 27,467 | | | | | $ | 654,082 | | | | | $ | (257,580) | | | | | $ | (2,851,904) | | | | | $ | 1,776,202 | | | | | $ | 444,051 | | | | | $ | 12,294,785 | | | | | $ | 3,073,696 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 419,938 | | | | | | 10,000,000 | | | | | | 903,185 | | | | | | 10,000,000 | | | | | | 40,000,000 | | | | | | 10,000,000 | | | | | | 40,000,000 | | | | | | 10,000,000 | | |
Basic and diluted net income (loss) per ordinary share (Restated)
|
| | | $ | 0.07 | | | | | $ | 0.07 | | | | | $ | (0.29) | | | | | $ | (0.29) | | | | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.31 | | | | | $ | 0.31 | | |
Description
|
| |
Level
|
| | | | | |||||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 4,493,902 | | | | | $ | — | | |
Description
|
| |
Level
|
| | | |
Level
|
| | | ||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability – Public Warrants
|
| | | | 1 | | | | | $ | 1,066,666 | | | | | | 1 | | | | | $ | 400,000 | | |
Warrant liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 608,000 | | | | | | 3 | | | | | $ | 228,000 | | |
Total warrant liabilities
|
| | | | | | | | | $ | 1,674,666 | | | | | | | | | | | $ | 628,000 | | |
| | | | | | ||
Input | | | | ||||
Risk-free interest rate
|
| |
4.50%
|
| |
3.99%
|
|
Expected term (years)
|
| |
5.48
|
| |
5.0
|
|
Expected volatility
|
| |
5.4%
|
| |
0.8%
|
|
Exercise price
|
| |
$11.50
|
| |
$11.50
|
|
Fair value of the ordinary share price
|
| |
$10.96
|
| |
$9.89
|
|
Redemption threshold price
|
| |
$18.00
|
| |
$18.00
|
|
Redemption threshold days
|
| |
20 days within any
30-day period |
| |
20 days within any
30-day period |
|
Redemption price
|
| |
$0.01
|
| |
$0.01
|
|
| | |
Private Placement
|
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of December 31, 2022
|
| | | $ | 228,000 | | | | | $ | 400,000 | | | | | $ | 628,000 | | |
Change in valuation inputs or other assumptions
|
| | | | 760,000 | | | | | | 1,333,333 | | | | | | 2,093,333 | | |
Fair value as of June 30, 2023
|
| | | | 988,000 | | | | | | 1,733,333 | | | | | | 2,721,333 | | |
Change in valuation inputs or other assumptions
|
| | | | (380,000) | | | | | | (666,667) | | | | | | (1,046,667) | | |
Fair value as of September 30, 2023
|
| | | $ | 608,000 | | | | | $ | 1,066,666 | | | | | $ | 1,674,666 | | |
Fair value as of December 31, 2021
|
| | | $ | 5,320,000 | | | | | $ | 9,200,000 | | | | | $ | 14,520,000 | | |
Change in valuation inputs or other assumptions
|
| | | | (4,935,440) | | | | | | (8,525,333) | | | | | | (13,460,773) | | |
Fair value as of June 30, 2022
|
| | | | 384,560 | | | | | | 674,667 | | | | | | 1,059,227 | | |
Change in valuation inputs or other assumptions
|
| | | | (232,560) | | | | | | (408,000) | | | | | | (640,560) | | |
Fair value as of September 30, 2022
|
| | | $ | 152,000 | | | | | $ | 266,667 | | | | | $ | 418,667 | | |
| | |
Page
|
| |||
| | | | F-55 | | | |
| | | | F-56 | | | |
| | | | F-57 | | | |
| | | | F-58 | | | |
| | | | F-59 | | | |
| | | | F-60 | | |
| | | | | | ||||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 21,631 | | | | | $ | 31,547 | | |
Prepaid expenses
|
| | | | 77,969 | | | | | | 268,736 | | |
Total current assets
|
| | | | 99,600 | | | | | | 300,283 | | |
Cash and marketable securities held in Trust Account
|
| | | | 4,553,517 | | | | | | 15,489,507 | | |
Total Assets
|
| | | $ | 4,653,117 | | | | | $ | 15,789,790 | | |
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Due to related party
|
| | | $ | 1,910,848 | | | | | $ | 522,500 | | |
Due to shareholders
|
| | | | — | | | | | | 3,262,655 | | |
Accrued expenses
|
| | | | 2,473,365 | | | | | | 932,555 | | |
Total current liabilities
|
| | | | 4,384,213 | | | | | | 4,717,710 | | |
Warrant liabilities
|
| | | | 1,297,866 | | | | | | 628,000 | | |
Deferred underwriting fee payable
|
| | | | 7,000,000 | | | | | | 4,000,000 | | |
Total Liabilities
|
| | | | 12,682,079 | | | | | | 9,345,710 | | |
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 419,938
shares at redemption value as of December 31, 2023 and 1,191,437 shares at redemption value as of December 31, 2022 |
| | | | 4,553,517 | | | | | | 12,226,852 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference Shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary Shares, $0.0001 par value, 300,000,000 shares authorized; 9,825,000 and 0 issued and outstanding (excluding 419,938 and 1,191,437 shares subject to possible redemption as of December 31, 2023 and December 31, 2022, respectively)
|
| | | | 982 | | | | | | — | | |
Class B ordinary Shares, $0.0001 par value, 30,000,000 shares authorized;
175,000 and 10,000,000 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively |
| | | | 18 | | | | | | 1,000 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (12,583,479) | | | | | | (5,783,772) | | |
Total Shareholders’ Deficit
|
| | | $ | (12,582,479) | | | | | $ | (5,782,772) | | |
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 4,653,117 | | | | | $ | 15,789,790 | | |
| | | | | | ||||||||
Operating and formation costs
|
| | | $ | 3,129,841 | | | | | $ | 1,965,458 | | |
Loss from operations
|
| | | | (3,129,841) | | | | | | (1,965,458) | | |
Other income (loss) | | | | | | | | | | | | | |
Earnings and realized gain on marketable securities held in Trust
Account |
| | | | 411,744 | | | | | | 5,761,081 | | |
Transaction costs
|
| | | | (102,000) | | | | | | — | | |
Change in fair value of warrant liabilities
|
| | | | (669,866) | | | | | | 13,892,000 | | |
Net income (loss)
|
| | | $ | (3,489,963) | | | | | $ | 17,687,623 | | |
Basic and diluted weighted average shares outstanding of Class A redeemable
ordinary shares |
| | | | 781,380 | | | | | | 38,830,427 | | |
Basic and diluted net income (loss) per Class A redeemable ordinary share
|
| | | $ | (0.32) | | | | | $ | 0.36 | | |
Basic and diluted weighted average shares outstanding of Class A nonredeemable ordinary shares and Class B ordinary shares
|
| | | | 10,000,000 | | | | | | 10,000,000 | | |
Basic and diluted net income (loss) per Class A nonredeemable ordinary shares and Class B ordinary shares
|
| | | $ | (0.32) | | | | | $ | 0.36 | | |
| | |
Class A
|
| |
Class B
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Ordinary Shares
|
| |
Ordinary Shares
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance, January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (27,567,744) | | | | | $ | (27,566,744) | | |
Remeasurement of Class A ordinary shares subject
to possible redemption |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,903,651) | | | | | | (5,903,651) | | |
Forfeiture of deferred underwriting fee payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,687,623 | | | | | | 17,687,623 | | |
Balance, December 31, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,000,000 | | | | | $ | 1,000 | | | | | $ | — | | | | | $ | (5,783,772) | | | | | $ | (5,782,772) | | |
Remeasurement of Class A ordinary shares subject
to possible redemption |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (411,744) | | | | | | (411,744) | | |
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares
|
| | | | 9,825,000 | | | | | | 982 | | | | | | (9,825,000) | | | | | | (982) | | | | | | — | | | | | | — | | | | | | — | | |
Accrual of deferred underwriting fee payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,000,000) | | | | | | (3,000,000) | | |
Transaction cost allocation for change in deferred underwriting fee
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102,000 | | | | | | 102,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,489,963) | | | | | | (3,489,963) | | |
Balance, December 31, 2023
|
| | | | 9,825,000 | | | | | $ | 982 | | | | | | 175,000 | | | | | $ | 18 | | | | | $ | — | | | | | $ | (12,583,479) | | | | | $ | (12,582,479) | | |
| | | | | | ||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (3,489,963) | | | | | $ | 17,687,623 | | |
Adjustments to reconcile net income (loss) to net cash used in operating
activities: |
| | | | | | | | | | | | |
Earnings and realized gain on marketable securities held in Trust Account
|
| | | | (411,744) | | | | | | (5,761,081) | | |
Change in fair value of warrant liabilities
|
| | | | 669,866 | | | | | | (13,892,000) | | |
Transaction costs attributable to warrant liabilities
|
| | | | 102,000 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accrued expenses
|
| | | | 1,540,810 | | | | | | 811,525 | | |
Due to related party
|
| | | | 1,388,348 | | | | | | 522,500 | | |
Prepaid expenses
|
| | | | 190,767 | | | | | | 90,735 | | |
Net cash used in operating activities
|
| | | | (9,916) | | | | | | (540,698) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Proceeds received from Trust Account
|
| | | | 11,347,734 | | | | | | 390,414,144 | | |
Net cash provided by investing activities
|
| | | | 11,347,734 | | | | | | 390,414,144 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (11,347,734) | | | | | | (390,414,144) | | |
Payment of offering costs
|
| | | | — | | | | | | (74,313) | | |
Net cash used in financing activities
|
| | | | (11,347,734) | | | | | | (390,488,457) | | |
Net change in cash
|
| | | | (9,916) | | | | | | (615,011) | | |
Cash at beginning of the year
|
| | | | 31,547 | | | | | | 646,558 | | |
Cash at end of the year
|
| | | $ | 21,631 | | | | | $ | 31,547 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Forfeiture of deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 10,000,000 | | |
Remeasurement of Class A ordinary shares subject to possible redemption
|
| | | $ | 411,744 | | | | | $ | 5,903,651 | | |
Accrual of deferred underwriting fee payable
|
| | | $ | 3,000,000 | | | | | $ | — | | |
Due to shareholders
|
| | | $ | | | | | $ | 3,262,655 | | | |
Conversion of Class B ordinary shares to Class A nonredeemable ordinary shares
|
| | | $ | 982 | | | | | $ | — | | |
| | |
Shares
|
| |
Amounts
|
| ||||||
Class A ordinary shares subject to possible redemption – December 31, 2021
|
| | | | 40,000,000 | | | | | $ | 400,000,000 | | |
Less: | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (38,808,563) | | | | | | (390,414,144) | | |
Due to shareholders
|
| | | | — | | | | | | (3,262,655) | | |
Plus: | | | | | | | | | | | | | |
Remeasurement of carrying value to redemption value
|
| | | | — | | | | | | 5,903,651 | | |
Class A ordinary shares subject to possible redemption –
December 31, 2022 |
| | | | 1,191,437 | | | | | | 12,226,852 | | |
Less: | | | | | | | | | | | | | |
Payments to Class A ordinary shareholders for redemption of shares
|
| | | | (771,499) | | | | | | (11,347,734) | | |
Plus: | | | | | | | | | | | | | |
Due to shareholders paid in 2023
|
| | | | — | | | | | | 3,262,655 | | |
Remeasurement of carrying value to redemption value
|
| | | | — | | | | | | 411,744 | | |
Class A ordinary shares subject to possible redemption –
December 31, 2023 |
| | | | 419,938 | | | | | $ | 4,553,517 | | |
| | |
For the year ended
December 31, 2023 |
| |
For the year ended
December 31, 2022 |
| ||||||||||||||||||
| | |
Class A
Redeemable |
| |
Class A
Nonredeemable and Class B |
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income (loss) per ordinary share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss)
|
| | | $ | (252,935) | | | | | $ | (3,237,028) | | | | | $ | 14,065,369 | | | | | $ | 3,622,254 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 781,380 | | | | | | 10,000,000 | | | | | | 38,830,427 | | | | | | 10,000,000 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | (0.32) | | | | | $ | (0.32) | | | | | $ | 0.36 | | | | | $ | 0.36 | | |
Description
|
| |
Level
|
| | | | | |||||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 4,553,517 | | | | | $ | 15,489,507 | | |
Description
|
| |
Level
|
| | | |
Level
|
| | | ||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 826,666 | | | | | | 1 | | | | | $ | 400,000 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 2 | | | | | $ | 471,200 | | | | | | 3 | | | | | $ | 228,000 | | |
Total Warrant Liabilities
|
| | | | | | | | | $ | 1,297,866 | | | | | | | | | | | $ | 628,000 | | |
| | | | |
Input | | | | |
Risk-free interest rate
|
| |
3.99%
|
|
Expected term (years)
|
| |
5.0
|
|
Expected volatility
|
| |
0.8%
|
|
Exercise price
|
| |
$11.50
|
|
Fair value of the ordinary share price
|
| |
$9.89
|
|
Redemption threshold price
|
| |
$18.00
|
|
Redemption threshold days
|
| |
20 days within
any 30-day period |
|
Redemption price
|
| |
$0.01
|
|
Probability of successful acquisition
|
| |
50.0%
|
|
| | |
Private Placement
|
| |
Public
|
| |
Warrant Liabilities
|
| |||||||||
Fair value as of December 31, 2021
|
| | | $ | 5,320,000 | | | | | $ | 9,200,000 | | | | | $ | 14,520,000 | | |
Change in valuation inputs or other assumptions
|
| | | | (5,092,000) | | | | | | (8,800,000) | | | | | | (13,892,000) | | |
Fair value as of December 31, 2022
|
| | | $ | 228,000 | | | | | $ | 400,000 | | | | | $ | 628,000 | | |
Change in valuation inputs or other assumptions
|
| | | | 243,200 | | | | | | 426,666 | | | | | | 669,866 | | |
Fair value as of December 31, 2023
|
| | | $ | 471,200 | | | | | $ | 826,666 | | | | | $ | 1,297,866 | | |
| Interim condensed consolidated financial statements | | | | | | | |
| | | | | F-84 | | | |
| | | | | F-85 | | | |
| | | | | F-87 | | | |
| | | | | F-88 | | | |
| | | | | F-89 | | |
| | |
Notes
|
| |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
| | | | | |
Unaudited
|
| |
Unaudited
|
| ||||||
Revenue from contracts with customers
|
| |
10
|
| | | | 219,757 | | | | | | 161,105 | | |
Cost of sales
|
| |
11
|
| | | | (125,947) | | | | | | (86,218) | | |
Gross profit
|
| | | | | | | 93,810 | | | | | | 74,887 | | |
Selling, general and administrative expenses
|
| |
12
|
| | | | (99,027) | | | | | | (79,661) | | |
Other operating income
|
| |
13
|
| | | | 3,581 | | | | | | 2,086 | | |
Other operating expenses
|
| |
14
|
| | | | (7,854) | | | | | | (7,401) | | |
Operating loss
|
| | | | | | | (9,490) | | | | | | (10,089) | | |
Share of net loss in associates and joint ventures
|
| | | | | | | (103) | | | | | | — | | |
Foreign exchange loss
|
| | | | | | | (5,844) | | | | | | (6,017) | | |
Finance income
|
| | | | | | | 3,574 | | | | | | 1,698 | | |
Finance costs
|
| |
15
|
| | | | (8,805) | | | | | | (8,006) | | |
Change in fair value of financial instruments
|
| |
16
|
| | | | (3,693) | | | | | | — | | |
Loss before tax from continuing operations
|
| | | | | | | (24,361) | | | | | | (22,414) | | |
Income tax expense
|
| |
17
|
| | | | (3,755) | | | | | | (485) | | |
Net loss for the period from continuing operations
|
| | | | | | | (28,116) | | | | | | (22,899) | | |
Net profit for the period from discontinued operations
|
| | | | | | | — | | | | | | 22,343 | | |
Net loss for the period
|
| | | | | | | (28,116) | | | | | | (556) | | |
Attributable to holders of the Company
|
| | | | | | | (26,735) | | | | | | 556 | | |
Non-controlling interests
|
| | | | | | | (1,381) | | | | | | (1,112) | | |
Other comprehensive income / (loss) | | | | | | | | | | | | |||||
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent periods (net of tax):
|
| | | | | | | | | | | | | | | |
Translation difference
|
| | | | | | | (12,633) | | | | | | (45,857) | | |
Other comprehensive income / (loss) not to be reclassified to profit or loss in subsequent periods (net of tax):
|
| | | | | | | | | | | | | | | |
Fair value reserve of equity instrument designated at FVOCI
|
| | | | | | | — | | | | | | (19,905) | | |
Total other comprehensive loss for the period, net of tax
|
| | | | | | | (12,633) | | | | | | (65,762) | | |
Total comprehensive loss for the period, net of tax
|
| | | | | | | (40,749) | | | | | | (66,318) | | |
Attributable to holders of the Company
|
| | | | | | | (38,541) | | | | | | (64,584) | | |
Non-controlling interest
|
| | | | | | | (2,208) | | | | | | (1,734) | | |
Earnings / (loss) per share | | | | | | | | | | | | | | | | |
Basic earnings/(loss) per share, US dollars
|
| | | | | | | (0.12) | | | | | | 0.00 | | |
Diluted earnings/(loss) per share, US dollars
|
| | | | | | | (0.12) | | | | | | 0.00 | | |
Loss per share for continuing operations | | | | | | | | | | | | | | | | |
Basic loss per share from continuing operations, US dollars
|
| | | | | | | (0.12) | | | | | | (0.10) | | |
Diluted loss per share from continuing operations, US dollars
|
| | | | | | | (0.12) | | | | | | (0.10) | | |
Earnings per share for discontinued operations | | | | | | | | | | | | | | | | |
Basic earnings per share from discontinued operations, US dollars
|
| | | | | | | — | | | | | | 0.10 | | |
Diluted earnings per share from discontinued operations, US dollars
|
| | | | | | | — | | | | | | 0.10 | | |
| | |
Notes
|
| |
30 September 2023
|
| |
31 March 2023
|
| ||||||
| | | | | |
Unaudited
|
| |
Audited
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | |
Long-term deposits
|
| | | | | | | 6,709 | | | | | | 6,500 | | |
Long-term loans issued
|
| | | | | | | 12,253 | | | | | | 13,305 | | |
Long-term loans issued related party
|
| |
20
|
| | | | 5,727 | | | | | | 2,957 | | |
Property and equipment, net of depreciation
|
| | | | | | | 7,396 | | | | | | 9,159 | | |
Intangible assets, net of amortisation
|
| |
4
|
| | | | 60,388 | | | | | | 65,279 | | |
Goodwill
|
| |
4
|
| | | | 150,024 | | | | | | 164,862 | | |
Right-of-use assets
|
| | | | | | | 14,910 | | | | | | 15,716 | | |
Investments in joint ventures
|
| | | | | | | 505 | | | | | | 612 | | |
Other non-current assets
|
| | | | | | | 1,679 | | | | | | 758 | | |
Deferred tax assets
|
| | | | | | | 11,440 | | | | | | 12,401 | | |
| | | | | | | | 271,031 | | | | | | 291,549 | | |
Current assets | | | | | | | | | | | | | | | | |
Software licenses and other inventory
|
| | | | | | | 42,581 | | | | | | 29,923 | | |
Income tax receivable
|
| | | | | | | 7,351 | | | | | | 6,766 | | |
Trade receivables, net of allowance
|
| |
5
|
| | | | 313,349 | | | | | | 343,065 | | |
Advances issued and other current assets
|
| | | | | | | 32,236 | | | | | | 20,972 | | |
Advances issued and other current assets related party
|
| |
20
|
| | | | 10 | | | | | | 6,966 | | |
Tender guarantees and deposits
|
| | | | | | | 5,677 | | | | | | 10,196 | | |
Other receivables
|
| | | | | | | 201 | | | | | | 198 | | |
Other taxes receivable
|
| | | | | | | 28,754 | | | | | | 22,974 | | |
Loans issued
|
| | | | | | | 10,362 | | | | | | 828 | | |
Loans issued related party
|
| |
20
|
| | | | 565 | | | | | | 7,906 | | |
Other current financial assets
|
| | | | | | | 5,651 | | | | | | 8,906 | | |
Cash and cash equivalents
|
| |
6
|
| | | | 89,104 | | | | | | 136,295 | | |
| | | | | | | | 535,841 | | | | | | 594,995 | | |
Total assets
|
| | | | | | | 806,872 | | | | | | 886,544 | | |
Equity | | | | | | | | | | | | | | | | |
Share capital
|
| |
7
|
| | | | 56 | | | | | | 56 | | |
Accumulated deficit
|
| | | | | | | (81,059) | | | | | | (54,388) | | |
Share premium
|
| | | | | | | 418,817 | | | | | | 418,817 | | |
Other reserves
|
| | | | | | | (20,031) | | | | | | (19,895) | | |
Treasury shares
|
| | | | | | | (6,804) | | | | | | (6,900) | | |
Other components of equity
|
| | | | | | | (6,679) | | | | | | (6,679) | | |
Translation reserve
|
| | | | | | | (70,774) | | | | | | (58,968) | | |
Equity and assets attributable to owners
|
| | | | | | | 233,526 | | | | | | 272,043 | | |
Non-controlling interests
|
| | | | | | | (717) | | | | | | (77) | | |
Total equity
|
| | | | | | | 232,809 | | | | | | 271,966 | | |
| | |
Notes
|
| |
30 September 2023
|
| |
31 March 2023
|
| ||||||
| | | | | |
Unaudited
|
| |
Audited
|
| ||||||
Non-current liabilities | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | | | | 4,189 | | | | | | 5,298 | | |
Long-term lease liabilities
|
| | | | | | | 10,888 | | | | | | 11,943 | | |
Long-term contingent consideration for acquisitions
|
| |
18,19
|
| | | | 45,941 | | | | | | 51,480 | | |
Long-term deferred payment for acquisitions
|
| | | | | | | 1,255 | | | | | | 1,837 | | |
Other long-term liabilities
|
| | | | | | | 5,608 | | | | | | 6,369 | | |
Long-term tax payable
|
| | | | | | | 759 | | | | | | 794 | | |
Deferred tax liabilities
|
| | | | | | | 11,431 | | | | | | 12,004 | | |
| | | | | | | | 80,071 | | | | | | 89,725 | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
9
|
| | | | 359,308 | | | | | | 402,344 | | |
Contract liabilities
|
| | | | | | | 13,260 | | | | | | 17,834 | | |
Contract liabilities related party
|
| |
20
|
| | | | 39 | | | | | | 1,977 | | |
Short-term borrowings
|
| | | | | | | 65,128 | | | | | | 39,021 | | |
Short-term borrowings related party
|
| |
20
|
| | | | — | | | | | | 7,503 | | |
Short-term lease liabilities
|
| | | | | | | 5,072 | | | | | | 4,502 | | |
Other taxes payable
|
| | | | | | | 21,675 | | | | | | 23,718 | | |
Short-term deferred payment for acquisitions
|
| | | | | | | 3,434 | | | | | | 7,020 | | |
Short-term contingent consideration for acquisitions
|
| |
18,19
|
| | | | 22,143 | | | | | | 17,377 | | |
Income tax payable
|
| | | | | | | 3,933 | | | | | | 3,557 | | |
| | | | | | | | 493,992 | | | | | | 524,853 | | |
Total liabilities
|
| | | | | | | 574,063 | | | | | | 614,578 | | |
Total equity and liabilities
|
| | | | | | | 806,872 | | | | | | 886,544 | | |
|
|
Director
ROYSTON CHARLES HARDING |
| |
Director
HERVE TESSLER |
|
| | |
Notes
|
| |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
| | | | | |
Unaudited
|
| |
Unaudited
|
| ||||||
Operating activities | | | | | | | | | | | | | | | | |
Loss before tax from continuing operations
|
| | | | | | | (24,361) | | | | | | (22,414) | | |
Profit before tax from discontinued operations
|
| | | | | | | — | | | | | | 25,830 | | |
Profit (loss) before profit tax
|
| | | | | | | (24,361) | | | | | | 3,416 | | |
Adjustments to reconcile profit (loss) before tax to net cash flows: | | | | | | | | | | | | | | | | |
Depreciation and amortisation
|
| | | | | | | 10,919 | | | | | | 16,983 | | |
Loss/(gain) on non-current assets disposal
|
| | | | | | | (6) | | | | | | 107 | | |
Foreign exchange loss / (gain)
|
| | | | | | | 5,844 | | | | | | (427) | | |
Inventory write-offs to net realizable value
|
| | | | | | | 259 | | | | | | 2,277 | | |
Expected credit losses / (gains)
|
| | | | | | | 2,953 | | | | | | (2,925) | | |
Finance costs
|
| | | | | | | 8,805 | | | | | | 15,139 | | |
Finance income
|
| | | | | | | (3,574) | | | | | | (3,779) | | |
Loss in associates and joint ventures
|
| | | | | | | 103 | | | | | | — | | |
Change in fair value of financial instruments
|
| | | | | | | 3,693 | | | | | | (14,028) | | |
Impairment of goodwill and intangible assets
|
| |
4
|
| | | | 6,039 | | | | | | 6,263 | | |
Other non-cash transactions
|
| | | | | | | (1,339) | | | | | | — | | |
Operating profit before working capital changes
|
| | | | | | | 9,335 | | | | | | 23,026 | | |
Working capital adjustments: | | | | | | | | | | | | | | | | |
Increase in software licenses and other inventory
|
| | | | | | | (12,917) | | | | | | (7,592) | | |
Decrease/(increase) in advances issued, trade and other receivables
|
| | | | | | | 11,878 | | | | | | (128,528) | | |
(Decrease)/increase in contract liabilities, trade and other payables
|
| | | | | | | (41,968) | | | | | | 46,535 | | |
Cash used in operations
|
| | | | | | | (33,672) | | | | | | (66,559) | | |
Income tax paid
|
| | | | | | | (2,051) | | | | | | (368) | | |
Net cash used in operating activities
|
| | | | | | | (35,723) | | | | | | (66,927) | | |
Investing activities | | | | | | | | | | | | | | | | |
Acquisition of subsidiaries, net of cash acquired
|
| | | | | | | (7,915) | | | | | | (12,392) | | |
Net cash out from the disposal group
|
| | | | | | | (461) | | | | | | — | | |
Purchase of property, plant and equipment
|
| | | | | | | (1,633) | | | | | | (461) | | |
Purchases of intangible assets, including amounts of costs capitalised
|
| | | | | | | (4,621) | | | | | | (10,508) | | |
Sale of Crayon shares
|
| | | | | | | — | | | | | | 42,267 | | |
Purchase of securities
|
| | | | | | | (1,973) | | | | | | (17,554) | | |
Loans issued
|
| | | | | | | (9,350) | | | | | | (9,376) | | |
Loans issued to related parties
|
| | | | | | | (493) | | | | | | (14,864) | | |
Interest received (loans and deposits)
|
| | | | | | | 1,635 | | | | | | 2,287 | | |
Interests received from related parties
|
| | | | | | | 125 | | | | | | 23 | | |
Loans collected
|
| | | | | | | 4,476 | | | | | | 184 | | |
Loans collected from related parties
|
| | | | | | | 1,324 | | | | | | 21,792 | | |
Net cash (used in)/generated from investing activities
|
| | | | | | | (18,886) | | | | | | 1,398 | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Repayment of borrowings
|
| | | | | | | (38,499) | | | | | | (64,622) | | |
Proceeds from borrowings
|
| | | | | | | 49,766 | | | | | | 120,689 | | |
Receipts from borrowings to related parties
|
| | | | | | | 27 | | | | | | — | | |
Overdrafts and revolving credit lines cash turnover, net
|
| | | | | | | 8,832 | | | | | | 5,377 | | |
Payment of principal portion of lease liabilities
|
| | | | | | | (3,102) | | | | | | (5,811) | | |
Interest paid
|
| | | | | | | (1,393) | | | | | | (9,222) | | |
Interest paid (borrowings and financial leasing for internal use) to related parties
|
| | | | | | | — | | | | | | (26) | | |
Treasury shares
|
| | | | | | | — | | | | | | (4,915) | | |
Dividends paid
|
| | | | | | | (690) | | | | | | — | | |
Net cash generated from financing activities
|
| | | | | | | 14,941 | | | | | | 41,470 | | |
Foreign exchange difference
|
| | | | | | | (7,523) | | | | | | (829) | | |
Net decrease in cash and cash equivalents
|
| | | | | | | (47,191) | | | | | | (24,888) | | |
Cash in banks and on hand at beginning of the period
|
| | | | | | | 136,295 | | | | | | 334,071 | | |
Cash in banks and on hand at end of the period
|
| |
6
|
| | | | 89,104 | | | | | | 309,183 | | |
| | |
Share
capital |
| |
Retained
Earnings (accumulated deficit) |
| |
Share
premium |
| |
Other
reserves |
| |
Treasury
shares |
| |
Revaluation
of equity instruments designated at FVOCI |
| |
Share
in OCI of a joint venture |
| |
Translation
reserve |
| |
Equity
attributable to shareholders of Noventiq |
| |
Non-
controlling interests |
| |
Total
equity |
| |||||||||||||||||||||||||||||||||
Balance as at 1 April 2022 (restated (Note 2))
|
| | | | 43 | | | | | | 17,753 | | | | | | 414,201 | | | | | | (17,190) | | | | | | (5,791) | | | | | | 13,226 | | | | | | 41,829 | | | | | | (43,042) | | | | | | 421,029 | | | | | | (2,393) | | | | | | 418,636 | | |
Profit/(loss) for the period
|
| | | | — | | | | | | 556 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
556
|
| | | | | (1,112) | | | | |
|
(556)
|
| |
Exchange loss on translation of foreign operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45,235) | | | | |
|
(45,235)
|
| | | | | (622) | | | | |
|
(45,857)
|
| |
Fair value reserve of equity instrument designated at FVOCI
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,905) | | | | | | — | | | | | | — | | | | |
|
(19,905)
|
| | | | | — | | | | |
|
(19,905)
|
| |
Total comprehensive income
|
| | | | — | | | | | | 556 | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,905) | | | | | | — | | | | | | (45,235) | | | | | | (64,584) | | | | | | (1,734) | | | | | | (66,318) | | |
IPO-related costs
|
| | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
12
|
| | | | | — | | | | |
|
12
|
| |
Reclassification of OCI to retained earnings
|
| | | | — | | | | | | 41,829 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41,829) | | | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| |
Purchase of treasury shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,914) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(4,914)
|
| | | | | — | | | | |
|
(4,914)
|
| |
Acquisition of non-controlling interest
|
| | | | — | | | | | | 2,703 | | | | | | — | | | | | | (1,815) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,344) | | | | |
|
(2,456)
|
| | | | | 641 | | | | |
|
(1,815)
|
| |
Acquisition of subsidiary
|
| | | | — | | | | | | (20) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(20)
|
| | | | | 3,411 | | | | |
|
3,391
|
| |
Other equity reserves transfer
|
| | | | — | | | | | | (14,427) | | | | | | — | | | | | | 14,926 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
499
|
| | | | | — | | | | |
|
499
|
| |
Balance as at 30 September 2022
(unaudited) |
| | | | 43 | | | | | | 48,394 | | | | | | 414,213 | | | | | | (4,079) | | | | | | (10,705) | | | | | | (6,679) | | | | | | — | | | | | | (91,621) | | | | | | 349,566 | | | | | | (75) | | | | | | 349,491 | | |
Balance as at 1 April 2023
|
| | | | 56 | | | | | | (54,388) | | | | | | 418,817 | | | | | | (19,895) | | | | | | (6,900) | | | | | | (6,679) | | | | | | — | | | | | | (58,968) | | | | | | 272,043 | | | | | | (77) | | | | | | 271,966 | | |
Loss for the period
|
| | | | — | | | | | | (26,735) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(26,735)
|
| | | | | (1,381) | | | | |
|
(28,116)
|
| |
Exchange loss on translation of foreign operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,806) | | | | |
|
(11,806)
|
| | | | | (827) | | | | |
|
(12,633)
|
| |
Total comprehensive income
|
| | | | — | | | | | | (26,735) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,806) | | | | | | (38,541) | | | | | | (2,208) | | | | | | (40,749) | | |
Profit distribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | (690) | | | | |
|
(690)
|
| |
Subsidiary disposal (Note 3(c))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | 2,258 | | | | |
|
2,258
|
| |
Exercise of options (Note 8)
|
| | | | — | | | | | | 40 | | | | | | — | | | | | | (136) | | | | | | 96 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| |
Other
|
| | | | — | | | | | | 24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
24
|
| | | | | — | | | | |
|
24
|
| |
Balance as at 30 September 2023
(unaudited) |
| | | | 56 | | | | | | (81,059) | | | | | | 418,817 | | | | | | (20,031) | | | | | | (6,804) | | | | | | (6,679) | | | | | | — | | | | | | (70,774) | | | | | | 233,526 | | | | | | (717) | | | | | | 232,809 | | |
| | |
16 May 2023
|
| |||
Assets | | | | | | | |
Property and equipment
|
| | | | 7 | | |
Intangible assets (Note 4)
|
| | | | 521 | | |
Right-of-use assets
|
| | | | 41 | | |
Deferred tax assets
|
| | | | 31 | | |
Income tax receivable
|
| | | | 14 | | |
Trade receivables
|
| | | | 233 | | |
Advances issued and other current assets
|
| | | | 2 | | |
Other receivables
|
| | | | 3 | | |
Other taxes receivable
|
| | | | 30 | | |
Cash and short-term deposits
|
| | | | 23 | | |
| | | | | 905 | | |
Liabilities | | | | | | | |
Long-term lease liabilities
|
| | | | 9 | | |
Deferred tax liabilities
|
| | | | 115 | | |
Short-term lease liabilities
|
| | | | 32 | | |
Trade and other payables
|
| | | | 454 | | |
Other taxes payable
|
| | | | 83 | | |
| | | | | 693 | | |
Total identifiable net liabilities at fair value
|
| | | | 212 | | |
Goodwill arising on acquisition
|
| | | | 495 | | |
Short-term deferred consideration for acquisition
|
| | | | 367 | | |
Long-term contingent consideration for acquisition
|
| | | | 340 | | |
Total consideration for acquisition
|
| | | | 707 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 23 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 23 | | |
| | |
Six months ended
30 September 2022 |
| |||
Revenue from contracts with customers
|
| | | | 183,937 | | |
Expenses
|
| | | | (173,519) | | |
Operating profit
|
| | | | 10,418 | | |
Finance costs, net
|
| | | | 15,412 | | |
Profit before profit tax from discontinued operations
|
| | | | 25,830 | | |
Income tax expenses
|
| | | | (3,487) | | |
Net profit for the year from discontinued operations
|
| | | | 22,343 | | |
Attributable to holders of the parent
|
| | | | 22,422 | | |
Non-controlling interest
|
| | | | (79) | | |
| | |
Six months ended
30 September 2022 |
| |||
Operating
|
| | | | 6,025 | | |
Investing
|
| | | | (17,050) | | |
Financing
|
| | | | 36,313 | | |
Net cash inflow
|
| | | | 25,288 | | |
| | |
31 August 2023
|
| |||
Assets | | | | | | | |
Goodwill (Note 4)
|
| | | | 1,899 | | |
Intangible assets (Note 4)
|
| | | | 509 | | |
Property and equipment
|
| | | | 1,676 | | |
Lease assets rights
|
| | | | 59 | | |
Deferred tax assets
|
| | | | 3 | | |
Cash and short-term deposits
|
| | | | 461 | | |
Loans issued
|
| | | | 172 | | |
Trade and other receivables
|
| | | | 976 | | |
Taxes receivable
|
| | | | 36 | | |
| | | | | 5,791 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (2,076) | | |
Advances received
|
| | | | (846) | | |
Taxes payable
|
| | | | (194) | | |
Payables to staff
|
| | | | (373) | | |
Borrowings
|
| | | | (993) | | |
Obligations under finance leases
|
| | | | (76) | | |
| | | | | (4,558) | | |
Total identifiable net assets at carrying value
|
| | | | 1,233 | | |
| | |
31 August 2023
|
| |||
Derecognized total identifiable net assets at carrying value
|
| | | | (1,233) | | |
Derecognized intercompany receivables of the Group companies with disposed Active companies
|
| | | | (1,460) | | |
Derecognized liability to SLR companies
|
| | | | 6,599 | | |
Derecognized non-controlling interest
|
| | | | (2,258) | | |
Gain on disposal of subsidiary
|
| | | | 1,648 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
Receivables from third-party customers
|
| | | | 320,747 | | | | | | 345,659 | | |
Receivables from related parties (Note 20)
|
| | | | 548 | | | | | | 3,632 | | |
| | | | | 321,295 | | | | | | 349,291 | | |
Less: allowance for expected credit losses
|
| | | | (7,946) | | | | | | (6,226) | | |
| | | | | 313,349 | | | | | | 343,065 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
Short-term deposits
|
| | | | 14,034 | | | | | | 43,589 | | |
Cash in banks
|
| | | | 70,817 | | | | | | 91,034 | | |
Cash on hand
|
| | | | 262 | | | | | | 245 | | |
Cash equivalents
|
| | | | 20 | | | | | | 52 | | |
Restricted cash (net of provision)
|
| | | | 3,971 | | | | | | 1,375 | | |
| | | | | 89,104 | | | | | | 136,295 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
Ordinary shares
|
| | | | 238,848,215 | | | | | | 238,848,215 | | |
Total number of issued shares
|
| | | | 238,848,215 | | | | | | 238,848,215 | | |
Shares issued but not fully paid
|
| | | | 101,816,897 | | | | | | 101,816,897 | | |
Shares issued and fully paid
|
| | | | 137,031,318 | | | | | | 137,031,318 | | |
Total number of issued shares
|
| | | | 238,848,215 | | | | | | 238,848,215 | | |
Nominal value per share, US dollars
|
| | | | 0.00023647 | | | | | | 0.00023647 | | |
Total issued share capital, US dollars
|
| | | | 56,480 | | | | | | 56,480 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
Trade payables
|
| | | | 310,442 | | | | | | 347,764 | | |
Payables to employees
|
| | | | 20,163 | | | | | | 20,443 | | |
Provision for unused vacation
|
| | | | 4,968 | | | | | | 5,286 | | |
Provisions/accrued expenses
|
| | | | 5,714 | | | | | | 4,972 | | |
Payables for non-current assets
|
| | | | 113 | | | | | | 295 | | |
Payables to related parties (Note 20)
|
| | | | 680 | | | | | | 10,772 | | |
Other payables
|
| | | | 17,228 | | | | | | 12,812 | | |
| | | | | 359,308 | | | | | | 402,344 | | |
30 September 2023
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and Intercompany
elimination |
| |
Total
|
| ||||||||||||||||||
Sales of services
|
| | | | 33,788 | | | | | | 33,360 | | | | | | 3,645 | | | | | | 24,646 | | | | | | 258 | | | | |
|
95,697
|
| |
Sales of software and cloud
|
| | | | 12,624 | | | | | | 25,521 | | | | | | 7,250 | | | | | | 17,585 | | | | | | 672 | | | | |
|
63,652
|
| |
Sales of hardware
|
| | | | 13,296 | | | | | | 21,551 | | | | | | 1,605 | | | | | | 24,150 | | | | | | (194) | | | | |
|
60,408
|
| |
Total | | | | | 59,708 | | | | | | 80,432 | | | | | | 12,500 | | | | | | 66,381 | | | | | | 736 | | | | | | 219,757 | | |
30 September 2022
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and Intercompany
elimination |
| |
Total
|
| ||||||||||||||||||
Sales of services
|
| | | | 31,977 | | | | | | 24,046 | | | | | | 3,659 | | | | | | 12,005 | | | | | | (1,972) | | | | |
|
69,715
|
| |
Sales of software and cloud
|
| | | | 9,252 | | | | | | 20,220 | | | | | | 8,188 | | | | | | 14,537 | | | | | | 138 | | | | |
|
52,335
|
| |
Sales of hardware
|
| | | | 17,226 | | | | | | 11,354 | | | | | | 3,341 | | | | | | 7,292 | | | | | | (158) | | | | |
|
39,055
|
| |
Total | | | | | 58,455 | | | | | | 55,620 | | | | | | 15,188 | | | | | | 33,834 | | | | | | (1,992) | | | | | | 161,105 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
Cost of services
|
| | | | 53,877 | | | | | | 37,763 | | |
Cost of hardware
|
| | | | 50,641 | | | | | | 30,691 | | |
Cost of software and cloud
|
| | | | 21,429 | | | | | | 17,764 | | |
| | | | | 125,947 | | | | | | 86,218 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
Compensation to employees
|
| | | | 56,162 | | | | | | 45,054 | | |
Depreciation and amortisation
|
| | | | 10,919 | | | | | | 6,882 | | |
Payroll taxes
|
| | | | 6,037 | | | | | | 5,706 | | |
Legal services
|
| | | | 4,392 | | | | | | 3,727 | | |
Expected credit losses
|
| | | | 2,953 | | | | | | 4,336 | | |
Professional services
|
| | | | 2,846 | | | | | | 2,097 | | |
Business trips
|
| | | | 2,100 | | | | | | 1,536 | | |
Restricted cash provision (Note 6)
|
| | | | 1,974 | | | | | | — | | |
Licenses, certificates
|
| | | | 1,589 | | | | | | 847 | | |
Non-income taxes
|
| | | | 1,208 | | | | | | 1,526 | | |
Bank, payments and other related commissions
|
| | | | 1,115 | | | | | | 1,275 | | |
Advertising and marketing expenses
|
| | | | 1,097 | | | | | | 657 | | |
Training and entertainment expenses
|
| | | | 1,063 | | | | | | 799 | | |
Office maintenance costs
|
| | | | 794 | | | | | | 589 | | |
Maintenance
|
| | | | 758 | | | | | | 635 | | |
Materials
|
| | | | 634 | | | | | | 636 | | |
Communication expenses
|
| | | | 623 | | | | | | 421 | | |
Short-term lease
|
| | | | 599 | | | | | | 618 | | |
Transportation expenses
|
| | | | 588 | | | | | | 411 | | |
Repairs
|
| | | | 379 | | | | | | 465 | | |
Audit, other assurance and non-audit services and other expenses
|
| | | | 1,197 | | | | | | 1,444 | | |
| | | | | 99,027 | | | | | | 79,661 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
Result on disposal of Active group companies (Note 3(c))
|
| | | | 1,648 | | | | | | — | | |
Reversal of accounts payable
|
| | | | 424 | | | | | | 652 | | |
Penalties received
|
| | | | 5 | | | | | | 317 | | |
Dividend income
|
| | | | 71 | | | | | | 1 | | |
Other income
|
| | | | 1,433 | | | | | | 1,116 | | |
| | | | | 3,581 | | | | | | 2,086 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
Impairment losses
|
| | | | 6,039 | | | | | | 6,263 | | |
Penalties paid
|
| | | | 1,009 | | | | | | 844 | | |
Result on disposal of assets
|
| | | | 302 | | | | | | 142 | | |
Other expenses
|
| | | | 504 | | | | | | 152 | | |
| | | | | 7,854 | | | | | | 7,401 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
Interest on borrowings
|
| | | | 2,311 | | | | | | 2,181 | | |
Interest expense on right-of-use assets
|
| | | | 621 | | | | | | 1,205 | | |
Factoring fees
|
| | | | 226 | | | | | | 160 | | |
Other finance expenses
|
| | | | 1,010 | | | | | | 743 | | |
Interest expense
|
| | | | 4,168 | | | | | | 4,289 | | |
Amortisation of financial instruments, net
|
| | | | 4,637 | | | | | | 3,717 | | |
Finance costs
|
| | | | 8,805 | | | | | | 8,006 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
Current income tax
|
| | | | 3,430 | | | | | | 2,055 | | |
Deferred tax
|
| | | | | | | | | | | | |
Relating to origination and reversal of temporary differences
|
| | | | 325 | | | | | | (1,570) | | |
Income tax expense reported in the statement of profit or loss and other comprehensive income (loss)
|
| | | | 3,755 | | | | | | 485 | | |
| | |
Category*
|
| |
30 September 2023
|
| |
31 March 2023
|
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Long-term loan issued
|
| |
FAAC
|
| | | | 12,253 | | | | | | 13,305 | | |
Long-term loan issued related party
|
| |
FAAC
|
| | | | 5,727 | | | | | | 2,957 | | |
Long-term deposit
|
| |
FAAC
|
| | | | 6,709 | | | | | | 6,500 | | |
Other non-current assets
|
| |
FAAC
|
| | | | 1,679 | | | | | | 758 | | |
Other current financial assets
|
| |
FVPL
|
| | | | 5,651 | | | | | | 8,906 | | |
Trade and other receivables
|
| |
FAAC
|
| | | | 313,349 | | | | | | 343,065 | | |
Short-term loans issued
|
| |
FAAC
|
| | | | 10,362 | | | | | | 828 | | |
Short-term loans issued related party
|
| |
FAAC
|
| | | | 565 | | | | | | 7,906 | | |
Cash and cash equivalents
|
| |
FAAC
|
| | | | 89,104 | | | | | | 136,295 | | |
Total financial assets
|
| | | | | | | 445,399 | | | | | | 520,520 | | |
Current
|
| | | | | | | 419,030 | | | | | | 497,000 | | |
Non-current
|
| | | | | | | 26,369 | | | | | | 23,520 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Long-term borrowings – third parties
|
| |
FLAC
|
| | | | 4,189 | | | | | | 5,298 | | |
Long-term contingent consideration for acquisitions
|
| |
FVPL
|
| | | | 45,941 | | | | | | 51,480 | | |
Long-term deferred payments for acquisitions
|
| |
FLAC
|
| | | | 1,255 | | | | | | 1,837 | | |
Long-term lease liabilities
|
| |
FLAC
|
| | | | 10,888 | | | | | | 11,943 | | |
Other long-term liabilities
|
| |
FLAC
|
| | | | 5,608 | | | | | | 6,369 | | |
Short-term interest bearing borrowings and loans
|
| |
FLAC
|
| | | | 65,128 | | | | | | 39,021 | | |
Short-term interest bearing borrowings and loans related party
|
| |
FLAC
|
| | | | — | | | | | | 7,503 | | |
Short-term contingent consideration for acquisitions
|
| |
FVPL
|
| | | | 22,143 | | | | | | 17,377 | | |
Short-term deferred payments for acquisitions
|
| |
FLAC
|
| | | | 3,434 | | | | | | 7,020 | | |
Short-term lease liabilities
|
| |
FLAC
|
| | | | 5,072 | | | | | | 4,502 | | |
Trade and other accounts payable
|
| |
FLAC
|
| | | | 359,308 | | | | | | 351,158 | | |
Total financial liabilities
|
| | | | | | | 522,966 | | | | | | 503,508 | | |
Current
|
| | | | | | | 455,085 | | | | | | 426,581 | | |
Non-current
|
| | | | | | | 67,881 | | | | | | 76,927 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Assets measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other non-current assets
|
| |
30 September 2023
|
| | | | 1,679 | | | | | | — | | | | | | — | | | | | | 1,679 | | |
Other current financial assets (quoted debt instruments)
|
| |
30 September 2023
|
| | | | 5,651 | | | | | | — | | | | | | 5,651 | | | | | | — | | |
Assets for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term loan issued
|
| |
30 September 2023
|
| | | | 12,253 | | | | | | — | | | | | | — | | | | | | 12,253 | | |
Long-term loan issued related party
|
| |
30 September 2023
|
| | | | 5,727 | | | | | | — | | | | | | — | | | | | | 5,727 | | |
Long-term deposit
|
| |
30 September 2023
|
| | | | 6,709 | | | | | | — | | | | | | — | | | | | | 6,709 | | |
Total financial assets
|
| | | | | | | 32,019 | | | | | | — | | | | | | 5,651 | | | | | | 26,368 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Liabilities measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other long-term liabilities
|
| |
30 September 2023
|
| | | | 5,608 | | | | | | — | | | | | | — | | | | | | 5,608 | | |
Long-term and short-term contingent consideration for acquisitions
|
| |
30 September 2023
|
| | | | 68,084 | | | | | | — | | | | | | — | | | | | | 68,084 | | |
Liabilities for which fair values are disclosed
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings – third parties
|
| |
30 September 2023
|
| | | | 4,189 | | | | | | — | | | | | | — | | | | | | 4,189 | | |
Long-term deferred payments for acquisitions
|
| |
30 September 2023
|
| | | | 1,255 | | | | | | — | | | | | | — | | | | | | 1,255 | | |
Long-term lease liabilities
|
| |
30 September 2023
|
| | | | 10,888 | | | | | | — | | | | | | — | | | | | | 10,888 | | |
Total financial liabilities
|
| | | | | | | 90,024 | | | | | | — | | | | | | — | | | | | | 90,024 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Assets measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other non-current assets
|
| |
31 March 2023
|
| | | | 758 | | | | | | — | | | | | | — | | | | | | 758 | | |
Other current financial assets (listed equity investments)
|
| |
31 March 2023
|
| | | | 5,615 | | | | | | 5,615 | | | | | | — | | | | | | — | | |
Other current financial assets (quoted debt instruments)
|
| |
31 March 2023
|
| | | | 3,291 | | | | | | — | | | | | | 3,291 | | | | | | — | | |
Assets for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term loan issued
|
| |
31 March 2023
|
| | | | 13,305 | | | | | | — | | | | | | — | | | | | | 13,305 | | |
Long-term loan issued related party
|
| |
31 March 2023
|
| | | | 2,957 | | | | | | | | | | | | | | | | | | 2,957 | | |
Long-term deposit
|
| |
31 March 2023
|
| | | | 6,500 | | | | | | — | | | | | | — | | | | | | 6,500 | | |
Total financial assets
|
| | | | | | | 32,426 | | | | | | 5,615 | | | | | | 3,291 | | | | | | 23,520 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Liabilities measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other long-term creditors
|
| |
31 March 2023
|
| | | | 6,369 | | | | | | — | | | | | | — | | | | | | 6,369 | | |
Long-term and short-term contingent consideration for acquisitions
|
| |
31 March 2023
|
| | | | 68,857 | | | | | | — | | | | | | — | | | | | | 68,857 | | |
Liabilities for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings – third parties
|
| |
31 March 2023
|
| | | | 5,298 | | | | | | — | | | | | | — | | | | | | 5,298 | | |
Long-term deferred payments for acquisitions
|
| |
31 March 2023
|
| | | | 1,837 | | | | | | — | | | | | | — | | | | | | 1,837 | | |
Long-term lease liabilities
|
| |
31 March 2023
|
| | | | 11,943 | | | | | | — | | | | | | — | | | | | | 11,943 | | |
Total financial liabilities
|
| | | | | | | 94,304 | | | | | | — | | | | | | — | | | | | | 94,304 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
SIA Squalio
|
| | | | 3,620 | | | | | | 550 | | |
Softline Limited
|
| | | | — | | | | | | 4,548 | | |
Softline (D.S.) LTD
|
| | | | — | | | | | | 1,701 | | |
LLC DPA
|
| | | | — | | | | | | 892 | | |
LLC Skysoft Victory
|
| | | | — | | | | | | 330 | | |
LLP Soft Distribution
|
| | | | — | | | | | | 161 | | |
Other
|
| | | | 131 | | | | | | 214 | | |
| | | | | 3,751 | | | | | | 8,396 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
SGI Group Limited
|
| | | | 2,541 | | | | | | 2,467 | | |
| | | | | 2,541 | | | | | | 2,467 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
Niltasoft Computers Trading LLC
|
| | | | — | | | | | | 3,000 | | |
LLC Soft Logistic
|
| | | | — | | | | | | 2,394 | | |
JSC Softline
|
| | | | — | | | | | | 575 | | |
Softline Limited
|
| | | | — | | | | | | 533 | | |
LLC Softline Integration
|
| | | | — | | | | | | 234 | | |
LLC Softline Projects
|
| | | | — | | | | | | 142 | | |
Other
|
| | | | 10 | | | | | | 88 | | |
| | | | | 10 | | | | | | 6,966 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
SIA Squalio
|
| | | | 293 | | | | | | 251 | | |
LLC Axoft Distribution
|
| | | | 236 | | | | | | 133 | | |
JSC Softline
|
| | | | — | | | | | | 1,777 | | |
LLP Soft Distribution
|
| | | | — | | | | | | 406 | | |
LLC Axoft International
|
| | | | — | | | | | | 281 | | |
LLC Softline Projects
|
| | | | — | | | | | | 121 | | |
LLC Axoft
|
| | | | — | | | | | | 121 | | |
LLC SkySoft Victory
|
| | | | — | | | | | | 10 | | |
Other
|
| | | | 19 | | | | | | 532 | | |
| | | | | 548 | | | | | | 3,632 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
LLC Axoft International
|
| | | | — | | | | | | 1,294 | | |
JSC Softline
|
| | | | — | | | | | | 225 | | |
LLC Soft Logistic
|
| | | | — | | | | | | 176 | | |
LLC Axoft Distribution
|
| | | | — | | | | | | 147 | | |
LLC Softline International
|
| | | | — | | | | | | 131 | | |
Other
|
| | | | 39 | | | | | | 4 | | |
| | | | | 39 | | | | | | 1,977 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
LLC Soft Logistic
|
| | | | — | | | | | | 5,139 | | |
LLC National Center for Support and Development
|
| | | | — | | | | | | 2,175 | | |
LLC Axoft
|
| | | | — | | | | | | 189 | | |
Other
|
| | | | 26 | | | | | | — | | |
| | | | | 26 | | | | | | 7,503 | | |
| | |
30 September 2023
|
| |
31 March 2023
|
| ||||||
LLC DPA
|
| | | | 616 | | | | | | — | | |
SIA Squalio
|
| | | | 31 | | | | | | 145 | | |
JSC Softline
|
| | | | — | | | | | | 10,093 | | |
LLC Softline International
|
| | | | — | | | | | | 237 | | |
LLC Softline Integration
|
| | | | — | | | | | | 177 | | |
Other
|
| | | | 33 | | | | | | 120 | | |
| | | | | 680 | | | | | | 10,772 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
JSC Softline
|
| | | | 564 | | | | | | — | | |
LLC Smartline
|
| | | | 3 | | | | | | 1,576 | | |
LLC Skysoft Victory
|
| | | | — | | | | | | 1,753 | | |
LLP Soft Distribution
|
| | | | — | | | | | | 142 | | |
Other
|
| | | | 112 | | | | | | 1,603 | | |
| | | | | 679 | | | | | | 5,074 | | |
| | |
Six months ended
30 September 2023 |
| |
Six months ended
30 September 2022 |
| ||||||
JSC Softline
|
| | | | 450 | | | | | | — | | |
Other
|
| | | | 38 | | | | | | — | | |
| | | | | 488 | | | | | | — | | |
| | |
Shareholders
|
| |
Key
management |
| |
Entities with
significant influence over the Group |
| |
Total related
party transactions |
| ||||||||||||
Payroll and related expense
|
| | | | 77 | | | | | | 2,200 | | | | | | — | | | | |
|
2,277
|
| |
Finance income
|
| | | | 85 | | | | | | — | | | | | | 125 | | | | |
|
210
|
| |
Finance expenses
|
| | | | — | | | | | | — | | | | | | (27) | | | | |
|
(27)
|
| |
| | |
Shareholders
|
| |
Key
management |
| |
Entities with
significant influence over the Group |
| |
Total related
party transactions |
| ||||||||||||
Payroll and related expense
|
| | | | 74 | | | | | | 4,334 | | | | | | — | | | | |
|
4,408
|
| |
Finance income
|
| | | | — | | | | | | — | | | | | | 307 | | | | |
|
307
|
| |
Finance expenses
|
| | | | — | | | | | | — | | | | | | (3) | | | | |
|
(3)
|
| |
30 September 2023
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and
Intercompany elimination |
| |
Total
|
| ||||||||||||||||||
Revenue
|
| | | | 59,708 | | | | | | 80,432 | | | | | | 12,500 | | | | | | 66,381 | | | | | | 736 | | | | |
|
219,757
|
| |
Cost of sales
|
| | | | (33,763) | | | | | | (56,057) | | | | | | (2,979) | | | | | | (33,450) | | | | | | 302 | | | | |
|
(125,947)
|
| |
Gross profit
|
| | | | 25,945 | | | | | | 24,375 | | | | | | 9,521 | | | | | | 32,931 | | | | | | 1,038 | | | | | | 93,810 | | |
Selling, general and administrative expenses
|
| | | | (18,152) | | | | | | (32,426) | | | | | | (11,252) | | | | | | (20,906) | | | | | | (16,291) | | | | |
|
(99,027)
|
| |
Other operating (expenses)/income
|
| | | | (569) | | | | | | (1,850) | | | | | | (4,674) | | | | | | 335 | | | | | | 2,485 | | | | |
|
(4,273)
|
| |
Operating profit/(loss)
|
| | | | 7,224 | | | | | | (9,901) | | | | | | (6,405) | | | | | | 12,360 | | | | | | (12,768) | | | | | | (9,490) | | |
Share of net income in associates and joint ventures
|
| | | | — | | | | | | (103) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(103)
|
| |
Foreign exchange gain/ (loss)
|
| | | | (63) | | | | | | 1,043 | | | | | | (5,473) | | | | | | (1,229) | | | | | | (122) | | | | |
|
(5,844)
|
| |
Finance income
|
| | | | 293 | | | | | | 3,587 | | | | | | 54 | | | | | | 471 | | | | | | (831) | | | | |
|
3,574
|
| |
Finance costs
|
| | | | (1,951) | | | | | | (1,811) | | | | | | (953) | | | | | | (5,293) | | | | | | 1,203 | | | | |
|
(8,805)
|
| |
Change in fair value of financial instruments
|
| | | | 80 | | | | | | (122) | | | | | | 1,442 | | | | | | (438) | | | | | | (4,655) | | | | |
|
(3,693)
|
| |
Profit/(loss) before tax
|
| | | | 5,583 | | | | | | (7,307) | | | | | | (11,335) | | | | | | 5,871 | | | | | | (17,173) | | | | | | (24,361) | | |
Income tax expense
|
| | | | (60) | | | | | | 10 | | | | | | (2,696) | | | | | | (1,007) | | | | | | (2) | | | | |
|
(3,755)
|
| |
Profit/(loss) for the year
|
| | | | 5,523 | | | | | | (7,297) | | | | | | (14,031) | | | | | | 4,864 | | | | | | (17,175) | | | | | | (28,116) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 60 | | | | | | (10) | | | | | | 2,696 | | | | | | 1,007 | | | | | | 2 | | | | |
|
3,755
|
| |
30 September 2023
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and
Intercompany elimination |
| |
Total
|
| ||||||||||||||||||
Depreciation and amortisation
|
| | | | 2,454 | | | | | | 4,685 | | | | | | 208 | | | | | | 2,536 | | | | | | 1,036 | | | | |
|
10,919
|
| |
Foreign exchange (gain)/loss
|
| | | | 63 | | | | | | (1,043) | | | | | | 5,473 | | | | | | 1,229 | | | | | | 122 | | | | |
|
5,844
|
| |
Net financial income and expenses
|
| | | | 1,578 | | | | | | (1,654) | | | | | | (543) | | | | | | 5,260 | | | | | | 4,283 | | | | |
|
8,924
|
| |
Property and equipment write-off
|
| | | | 71 | | | | | | (45) | | | | | | (5) | | | | | | (23) | | | | | | (4) | | | | |
|
(6)
|
| |
Employee termination payments
|
| | | | — | | | | | | 1 | | | | | | 239 | | | | | | — | | | | | | — | | | | |
|
240
|
| |
Impairment losses
|
| | | | — | | | | | | 1,997 | | | | | | 4,042 | | | | | | — | | | | | | — | | | | |
|
6,039
|
| |
One-off items (penalties and acquisition-related expenses)
|
| | | | 706 | | | | | | 931 | | | | | | 620 | | | | | | (199) | | | | | | 4,300 | | | | |
|
6,358
|
| |
Adjusted EBITDA
|
| | | | 10,455 | | | | | | (2,435) | | | | | | (1,301) | | | | | | 14,674 | | | | | | (7,436) | | | | | | 13,957 | | |
|
30 September 2022
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and
Intercompany elimination |
| |
Total
|
| ||||||||||||||||||
Revenue
|
| | | | 58,455 | | | | | | 55,620 | | | | | | 15,188 | | | | | | 33,834 | | | | | | (1,992) | | | | |
|
161,105
|
| |
Cost of sales
|
| | | | (35,157) | | | | | | (34,580) | | | | | | (5,527) | | | | | | (13,817) | | | | | | 2,863 | | | | |
|
(86,218)
|
| |
Gross profit
|
| | | | 23,298 | | | | | | 21,040 | | | | | | 9,661 | | | | | | 20,017 | | | | | | 871 | | | | | | 74,887 | | |
Selling, general and administrative expenses
|
| | | | (15,290) | | | | | | (20,337) | | | | | | (10,443) | | | | | | (14,800) | | | | | | (18,791) | | | | |
|
(79,661)
|
| |
Other operating (expenses)/ income
|
| | | | (47) | | | | | | (5,344) | | | | | | (864) | | | | | | 154 | | | | | | 786 | | | | |
|
(5,315)
|
| |
Operating profit
|
| | | | 7,961 | | | | | | (4,641) | | | | | | (1,646) | | | | | | 5,371 | | | | | | (17,134) | | | | | | (10,089) | | |
Share of net income in associates and joint
ventures |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Foreign exchange gain
|
| | | | 848 | | | | | | (1,855) | | | | | | (2,903) | | | | | | (271) | | | | | | (1,836) | | | | |
|
(6,017)
|
| |
Finance income
|
| | | | 412 | | | | | | 181 | | | | | | 176 | | | | | | 244 | | | | | | 685 | | | | |
|
1,698
|
| |
Finance costs
|
| | | | (1,772) | | | | | | (2,372) | | | | | | (408) | | | | | | (1,679) | | | | | | (1,775) | | | | |
|
(8,006)
|
| |
Change in fair value of financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Profit/(loss) before tax
|
| | | | 7,449 | | | | | | (8,687) | | | | | | (4,781) | | | | | | 3,665 | | | | | | (20,060) | | | | | | (22,414) | | |
Income tax expense
|
| | | | (636) | | | | | | 197 | | | | | | (90) | | | | | | 44 | | | | | | — | | | | |
|
(485)
|
| |
Profit/(loss) for the year
|
| | | | 6,813 | | | | | | (8,490) | | | | | | (4,871) | | | | | | 3,709 | | | | | | (20,060) | | | | | | (22,899) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 636 | | | | | | (197) | | | | | | 90 | | | | | | (44) | | | | | | — | | | | |
|
485
|
| |
Depreciation and amortisation
|
| | | | 2,795 | | | | | | 2,720 | | | | | | 278 | | | | | | 808 | | | | | | 281 | | | | |
|
6,882
|
| |
Foreign exchange gain
|
| | | | (848) | | | | | | 1,855 | | | | | | 2,903 | | | | | | 271 | | | | | | 1,836 | | | | |
|
6,017
|
| |
Net financial income and expenses
|
| | | | 1,360 | | | | | | 2,191 | | | | | | 232 | | | | | | 1,435 | | | | | | 1,090 | | | | |
|
6,308
|
| |
Property and equipment write-off
|
| | | | 187 | | | | | | (3) | | | | | | (47) | | | | | | 2 | | | | | | — | | | | |
|
139
|
| |
Employee termination payments
|
| | | | 16 | | | | | | — | | | | | | 84 | | | | | | — | | | | | | — | | | | |
|
100
|
| |
Impairment losses
|
| | | | — | | | | | | 5,952 | | | | | | 311 | | | | | | — | | | | | | — | | | | |
|
6,263
|
| |
30 September 2022
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and
Intercompany elimination |
| |
Total
|
| ||||||||||||||||||
One-off items (penalties and acquisition-related expenses)
|
| | | | (109) | | | | | | (321) | | | | | | 582 | | | | | | (73) | | | | | | 1,640 | | | | |
|
1,719
|
| |
Adjusted EBITDA
|
| | | | 10,850 | | | | | | 3,707 | | | | | | (438) | | | | | | 6,108 | | | | | | (15,213) | | | | | | 5,014 | | |
|
| | |
India
|
| |
Belarus
|
| |
Serbia
|
| |
Cyprus
(ex-domicile) |
| |
Germany
|
| |
Other
countries |
| |
Total
|
| |||||||||||||||||||||
Revenue (external) for the six months ended 30 September 2023
|
| | | | 56,741 | | | | | | 33,968 | | | | | | 21,973 | | | | | | 19,438 | | | | | | 12,744 | | | | | | 74,893 | | | | |
|
219,757
|
| |
Revenue (external) for the six months ended 30 September 2022
|
| | | | 25,515 | | | | | | 33,221 | | | | | | 10,907 | | | | | | 10,738 | | | | | | 11,760 | | | | | | 68,964 | | | | |
|
161,105
|
| |
| | |
India
|
| |
Belarus
|
| |
Serbia
|
| |
Cyprus
(ex-domicile) |
| |
Germany
|
| |
Other
countries |
| |
Total
|
| |||||||||||||||||||||
Non-current assets as at 30 September 2023
|
| | | | 115,666 | | | | | | 34,981 | | | | | | 17,618 | | | | | | 12,472 | | | | | | 5,808 | | | | | | 46,678 | | | | |
|
233,223
|
| |
Non-current assets as at 31 March 2023
|
| | | | 118,311 | | | | | | 45,424 | | | | | | 16,269 | | | | | | 13,299 | | | | | | 8,972 | | | | | | 53,353 | | | | |
|
255,628
|
| |
| | | | | F-117 | | | |
| Consolidated financial statements | | | | | | | |
| | | | | F-119 | | | |
| | | | | F-121 | | | |
| | | | | F-123 | | | |
| | | | | F-125 | | | |
| | | | | F-126 | | |
| | |
Notes
|
| |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 Restated (Note 2) |
| ||||||
Revenue from contracts with customers
|
| |
23
|
| | | | 401,765 | | | | | | 247,726 | | |
Cost of sales
|
| |
24
|
| | | | (225,623) | | | | | | (130,983) | | |
Gross profit
|
| | | | | | | 176,142 | | | | | | 116,743 | | |
Selling, general and administrative expenses
|
| |
25
|
| | | | (170,626) | | | | | | (110,358) | | |
Other operating income
|
| |
26
|
| | | | 4,483 | | | | | | 2,235 | | |
Other operating expenses
|
| |
27
|
| | | | (22,319) | | | | | | (9,700) | | |
Operating loss
|
| | | | | | | (12,320) | | | | | | (1,080) | | |
Share of net income in associates and joint ventures
|
| | | | | | | (163) | | | | | | — | | |
Foreign exchange loss
|
| | | | | | | (8,516) | | | | | | 4,032 | | |
Finance income
|
| | | | | | | 5,187 | | | | | | 2,163 | | |
Finance costs
|
| |
28
|
| | | | (19,759) | | | | | | (11,846) | | |
Change in fair value of financial instruments
|
| | | | | | | 5,237 | | | | | | (1,686) | | |
Loss before tax from continuing operations
|
| | | | | | | (30,334) | | | | | | (8,417) | | |
Income tax expense
|
| |
29
|
| | | | (4,108) | | | | | | (511) | | |
Net loss for the year from continuing operations
|
| | | | | | | (34,442) | | | | | | (8,928) | | |
Net profit for the year from discontinued operations
|
| | | | | | | 227,066 | | | | | | 1,426 | | |
Net profit /(loss) for the year
|
| | | | | | | 192,624 | | | | | | (7,502) | | |
Attributable to holders of the Company
|
| | | | | | | 193,651 | | | | | | (7,251) | | |
Non-controlling interests
|
| | | | | | | (1,027) | | | | | | (251) | | |
Other comprehensive income | | | | | ||||||||||||
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax):
|
| | | | | | | | | | | | | | | |
Translation difference
|
| | | | | | | (50,598) | | | | | | (9,015) | | |
Other comprehensive income not to be reclassified to profit or loss in subsequent
periods (net of tax): |
| | | | | | | | | | | | | | | |
Fair value reserve of equity instrument designated at FVOCI
|
| |
8
|
| | | | (19,905) | | | | | | 8,768 | | |
Share in OCI of a joint venture
|
| |
8
|
| | | | — | | | | | | 2,778 | | |
Total other comprehensive income / (loss), net of tax
|
| | | | | | | (70,503) | | | | | | 2,531 | | |
Total comprehensive income / (loss) for the year, net of tax
|
| | | | | | | 122,121 | | | | | | (4,971) | | |
Attributable to holders of the Company
|
| | | | | | | 122,347 | | | | | | (4,280) | | |
Non-controlling interest
|
| | | | | | | (226) | | | | | | (691) | | |
Earnings (loss) per share
|
| |
38
|
| | | | | | | | | | | | |
Basic earnings/(loss) per share, US dollars
|
| | | | | | | 0.86 | | | | | | (0.04) | | |
Diluted earnings/(loss) per share, US dollars
|
| | | | | | | 0.85 | | | | | | (0.04) | | |
Earnings (loss) per share for continuing operations
|
| |
38
|
| | | | | | | | | | | | |
Basic earnings/(loss) per share from continuing operations, US dollars
|
| | | | | | | (0.15) | | | | | | (0.05) | | |
Diluted earnings/(loss) per share from continuing operations, US dollars
|
| | | | | | | (0.15) | | | | | | (0.05) | | |
Earnings per share for discontinued operations
|
| |
38
|
| | | | | | | | | | | | |
Basic earnings/(loss) per share from discontinued operations, US dollars
|
| | | | | | | 1.01 | | | | | | 0.01 | | |
Diluted earnings/(loss) per share from discontinued operations, US dollars
|
| | | | | | | 1.00 | | | | | | 0.01 | | |
| | |
Notes
|
| |
31 March 2023
|
| |
31 March 2022
Restated (Note 2) |
| ||||||
Assets | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | |
Long-term deposits
|
| | | | | | | 6,500 | | | | | | 5,171 | | |
Long-term loans issued
|
| |
13
|
| | | | 13,305 | | | | | | 3,151 | | |
Long-term loans issued related party
|
| |
13, 34
|
| | | | 2,957 | | | | | | 52 | | |
Property and equipment, net of depreciation
|
| |
7
|
| | | | 9,159 | | | | | | 13,501 | | |
Intangible assets, net of amortisation
|
| |
9
|
| | | | 65,279 | | | | | | 69,207 | | |
Goodwill
|
| |
9
|
| | | | 164,862 | | | | | | 118,104 | | |
Right-of-use assets
|
| |
21
|
| | | | 15,716 | | | | | | 11,952 | | |
Investments in joint ventures
|
| |
8
|
| | | | 612 | | | | | | 91 | | |
Equity investment at FVOCI
|
| |
8
|
| | | | — | | | | | | 62,173 | | |
Other non-current assets
|
| | | | | | | 758 | | | | | | 2,930 | | |
Deferred tax assets
|
| |
29
|
| | | | 10,294 | | | | | | 10,157 | | |
| | | | | | | | 289,442 | | | | | | 296,489 | | |
Current assets | | | | | | | | | | | | | | | | |
Software licenses and other inventory
|
| |
10
|
| | | | 29,923 | | | | | | 52,869 | | |
Income tax receivable
|
| | | | | | | 6,766 | | | | | | 8,714 | | |
Trade receivables, net of allowance
|
| |
11
|
| | | | 343,065 | | | | | | 274,308 | | |
Advances issued and other current assets
|
| |
15
|
| | | | 20,972 | | | | | | 38,045 | | |
Advances issued and other current assets related party
|
| |
15, 34
|
| | | | 6,966 | | | | | | 1,127 | | |
Tender guarantees and deposits
|
| | | | | | | 10,196 | | | | | | 3,829 | | |
Other receivables
|
| | | | | | | 198 | | | | | | 131 | | |
Other taxes receivable
|
| |
12
|
| | | | 22,974 | | | | | | 30,547 | | |
Loans issued
|
| |
13
|
| | | | 828 | | | | | | 1,663 | | |
Loans issued related party
|
| |
13, 34
|
| | | | 7,906 | | | | | | 16,751 | | |
Other current financial assets
|
| |
8
|
| | | | 8,906 | | | | | | — | | |
Cash and cash equivalents
|
| |
14
|
| | | | 136,295 | | | | | | 334,071 | | |
| | | | | | | | 594,995 | | | | | | 762,055 | | |
Total assets
|
| | | | | | | 884,437 | | | | | | 1,058,544 | | |
Equity | | | | | | | | | | | | | | | | |
Share capital
|
| |
16
|
| | | | 56 | | | | | | 43 | | |
Retained earnings (accumulated deficit)
|
| | | | | | | (54,388) | | | | | | 17,753 | | |
Share premium
|
| |
16
|
| | | | 418,817 | | | | | | 414,201 | | |
Other reserves
|
| |
16
|
| | | | (19,895) | | | | | | (17,190) | | |
Treasury shares
|
| |
16
|
| | | | (6,900) | | | | | | (5,791) | | |
Other components of equity
|
| | | | | | | (6,679) | | | | | | 55,055 | | |
| | |
Notes
|
| |
31 March 2023
|
| |
31 March 2022
Restated (Note 2) |
| ||||||
Translation reserve
|
| | | | | | | (58,968) | | | | | | (43,042) | | |
Equity and assets attributable to owners
|
| | | | | | | 272,043 | | | | | | 421,029 | | |
Non-controlling interests
|
| |
6
|
| | | | (77) | | | | | | (2,393) | | |
Total equity
|
| | | | | | | 271,966 | | | | | | 418,636 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| |
18
|
| | | | 5,298 | | | | | | 49,197 | | |
Long-term lease liabilities
|
| |
21
|
| | | | 11,943 | | | | | | 5,874 | | |
Long-term contingent consideration for acquisitions
|
| |
32
|
| | | | 51,480 | | | | | | 22,448 | | |
Long-term deferred payment for acquisitions
|
| |
5
|
| | | | 1,837 | | | | | | 7,373 | | |
Other long-term liabilities
|
| |
20
|
| | | | 6,369 | | | | | | 8,056 | | |
Long-term tax payable
|
| |
22
|
| | | | 794 | | | | | | 939 | | |
Deferred tax liabilities
|
| |
29
|
| | | | 9,897 | | | | | | 5,337 | | |
| | | | | | | | 87,618 | | | | | | 99,224 | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
19
|
| | | | 402,344 | | | | | | 310,464 | | |
Contract liabilities
|
| |
23
|
| | | | 17,834 | | | | | | 57,102 | | |
Contract liabilities related party
|
| |
34
|
| | | | 1,977 | | | | | | 2 | | |
Short-term borrowings
|
| |
18
|
| | | | 39,021 | | | | | | 87,622 | | |
Short-term borrowings related party
|
| |
18, 34
|
| | | | 7,503 | | | | | | 1,586 | | |
Short-term lease liabilities
|
| |
21
|
| | | | 4,502 | | | | | | 4,495 | | |
Other taxes payable
|
| | | | | | | 23,718 | | | | | | 24,793 | | |
Short-term deferred payment for acquisitions
|
| |
5
|
| | | | 7,020 | | | | | | 26,994 | | |
Short-term contingent consideration for acquisitions
|
| |
32
|
| | | | 17,377 | | | | | | 24,614 | | |
Income tax payable
|
| | | | | | | 3,557 | | | | | | 3,012 | | |
| | | | | | | | 524,853 | | | | | | 540,684 | | |
Total liabilities
|
| | | | | | | 612,471 | | | | | | 639,908 | | |
Total equity and liabilities
|
| | | | | | | 884,437 | | | | | | 1,058,544 | | |
|
|
Director
|
| |
Director
|
|
| ROYSTON CHARLES HARDING | | | HERVE TESSLER | |
| | |
Notes
|
| |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 Restated (Note 2) |
| ||||||
Operating activities | | | | | | | | | | | | | | | | |
Loss before tax from continuing operations
|
| | | | | | | (30,334) | | | | | | (8,417) | | |
Profit before tax from discontinued operations
|
| | | | | | | 243,347 | | | | | | 4,759 | | |
Profit (loss) before profit tax
|
| | | | | | | 213,013 | | | | | | (3,658) | | |
Adjustments to reconcile profit before tax to net cash flows: | | | | | | | | | | | | | | | | |
Gain on distribution of discontinued operations
|
| |
5 (c)
|
| | | | (154,495) | | | | | | — | | |
Depreciation and amortisation
|
| |
7, 9, 21
|
| | | | 23,803 | | | | | | 22,251 | | |
Loss/(gain) on non-current assets disposal
|
| | | | | | | (126) | | | | | | 75 | | |
Foreign exchange loss / (gain)
|
| | | | | | | (2,393) | | | | | | 503 | | |
Inventory write-offs to net realizable value
|
| |
10
|
| | | | 3,988 | | | | | | (7) | | |
Expected credit losses / (gains)
|
| | | | | | | (3,581) | | | | | | 3,754 | | |
Finance costs
|
| | | | | | | 28,096 | | | | | | 22,666 | | |
Finance income
|
| | | | | | | (7,348) | | | | | | (2,304) | | |
Share-based payments
|
| |
17
|
| | | | (484) | | | | | | 9,563 | | |
Profit in associates and joint ventures
|
| |
5 (b)
|
| | | | 163 | | | | | | — | | |
Change in fair value of financial instruments
|
| | | | | | | (77,005) | | | | | | 1,816 | | |
Impairment of goodwill
|
| |
9
|
| | | | 19,757 | | | | | | 8,704 | | |
Other non-cash transactions
|
| | | | | | | (1,867) | | | | | | — | | |
Operating profit before working capital changes
|
| | | | | | | 41,521 | | | | | | 63,363 | | |
Working capital adjustments: | | | | | | | | | | | | | | | | |
Increase in software licenses and other inventory
|
| | | | | | | (2,069) | | | | | | (27,353) | | |
Increase in advances issued, trade and other receivables
|
| | | | | | | (253,625) | | | | | | (100,306) | | |
Increase in contract liabilities, trade and other payables
|
| | | | | | | 213,389 | | | | | | 43,418 | | |
Cash used in operations
|
| | | | | | | (784) | | | | | | (20,878) | | |
Income tax paid
|
| | | | | | | (1,904) | | | | | | (2,523) | | |
Net cash used in operating activities
|
| | | | | | | (2,688) | | | | | | (23,401) | | |
Investing activities | | | | | | | | | | | | | | | | |
Acquisition of subsidiaries, net of cash acquired
|
| |
5 (a)
|
| | | | (100,235) | | | | | | (51,845) | | |
Net cash out from the disposal group
|
| |
5 (c)
|
| | | | (41,951) | | | | | | (3,985) | | |
Purchase of property, plant and equipment
|
| |
7
|
| | | | (4,113) | | | | | | (7,943) | | |
Purchases of intangible assets, including amounts of costs capitalised
|
| |
9
|
| | | | (12,042) | | | | | | (15,158) | | |
Sale of Crayon shares
|
| | | | | | | 42,267 | | | | | | 68,891 | | |
Purchase of securities
|
| | | | | | | (82,247) | | | | | | — | | |
Loans issued
|
| | | | | | | (14,860) | | | | | | (4,535) | | |
Loans issued to related parties
|
| | | | | | | (27,096) | | | | | | (15,597) | | |
| | |
Notes
|
| |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 Restated (Note 2) |
| ||||||
Interest received (loans and deposits)
|
| | | | | | | 3,708 | | | | | | 2,373 | | |
Interests received from related parties
|
| | | | | | | 2,259 | | | | | | 325 | | |
Loans collected
|
| | | | | | | 666 | | | | | | 1,400 | | |
Loans collected from related parties
|
| | | | | | | 29,923 | | | | | | 3,512 | | |
Net cash used in investing activities
|
| | | | | | | (203,721) | | | | | | (22,562) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Repayment of borrowings
|
| | | | | | | (134,720) | | | | | | (606,176) | | |
Repayments of borrowings from related parties
|
| | | | | | | (7,454) | | | | | | (62,595) | | |
Proceeds from borrowings
|
| | | | | | | 172,666 | | | | | | 557,882 | | |
Receipts from borrowings to related parties
|
| | | | | | | 190 | | | | | | 61,332 | | |
Proceeds from Initial Public Offering
|
| | | | | | | — | | | | | | 400,000 | | |
IPO related costs
|
| | | | | | | — | | | | | | (31,413) | | |
Overdrafts and revolving credit lines cash turnover, net
|
| | | | | | | 5,091 | | | | | | 6,092 | | |
Payment of principal portion of lease liabilities
|
| |
21
|
| | | | (8,863) | | | | | | (6,767) | | |
Interest paid
|
| | | | | | | (10,735) | | | | | | (16,693) | | |
Interest paid (borrowings and financial leasing for internal use) to related parties
|
| | | | | | | (1,026) | | | | | | (1) | | |
Redemption of shares
|
| |
16
|
| | | | — | | | | | | (2,707) | | |
Distributions to shareholders
|
| | | | | | | — | | | | | | (58) | | |
Treasury shares
|
| |
16
|
| | | | (4,915) | | | | | | (6,371) | | |
Dividends paid
|
| |
16
|
| | | | (50) | | | | | | (567) | | |
Net cash generated from financing activities
|
| | | | | | | 10,184 | | | | | | 291,958 | | |
Foreign exchange difference
|
| | | | | | | (1,551) | | | | | | (1,539) | | |
Net increase / (decrease) in cash and cash equivalents
|
| | | | | | | (197,776) | | | | | | 244,456 | | |
Cash in banks and on hand at beginning of the year
|
| | | | | | | 334,071 | | | | | | 89,615 | | |
Cash in banks and on hand at end of the year
|
| |
14
|
| | | | 136,295 | | | | | | 334,071 | | |
|
| | |
Share
capital |
| |
Retained
Earnings (accumulated deficit) |
| |
Share
premium |
| |
Other
reserves |
| |
Treasury
shares |
| |
Revaluation
of equity instrument designated at FVOCI |
| |
Share in OCI
of a joint venture |
| |
Translation
reserve |
| |
Equity
attributable to shareholders of Noventiq |
| |
Non-controlling
interests |
| |
Total
equity |
| |||||||||||||||||||||||||||||||||
Balance as at 1 April 2021 (restated (Note 2))
|
| | | | 1 | | | | | | (1,157) | | | | | | 45,627 | | | | | | (23,190) | | | | | | — | | | | | | 4,458 | | | | | | 102,336 | | | | | | (32,575) | | | | | | 95,500 | | | | | | (2,433) | | | | | | 93,067 | | |
Loss for the year (restated (Note 2))
|
| | | | — | | | | | | (7,251) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(7,251)
|
| | | | | (251) | | | | |
|
(7,502)
|
| |
Exchange loss on translation of foreign operations (restated
(Note 2)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,575) | | | | |
|
(8,575)
|
| | | | | (440) | | | | |
|
(9,015)
|
| |
Fair value reserve of equity instrument designated at FVOCI
(Note 8) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,768 | | | | | | — | | | | | | — | | | | |
|
8,768
|
| | | | | — | | | | |
|
8,768
|
| |
Share in OCI of a joint venture (Note 8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,778 | | | | | | — | | | | |
|
2,778
|
| | | | | — | | | | |
|
2,778
|
| |
Total comprehensive income
|
| | | | — | | | | | | (7,251) | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,768 | | | | | | 2,778 | | | | | | (8,575) | | | | | | (4,280) | | | | | | (691) | | | | | | (4,971) | | |
Increase of share capital (Note 16)
|
| | | | 29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
29
|
| | | | | — | | | | |
|
29
|
| |
IPO proceeds (Note 16)
|
| | | | 13 | | | | | | — | | | | | | 399,987 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
400,000
|
| | | | | — | | | | |
|
400,000
|
| |
IPO-related costs (Note 16, Note 34)
|
| | | | — | | | | | | | | | | | | (31,413) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(31,413)
|
| | | | | — | | | | |
|
(31,413)
|
| |
Dividends (Note 16)
|
| | | | — | | | | | | (567) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(567)
|
| | | | | — | | | | |
|
(567)
|
| |
Profit distribution
|
| | | | — | | | | | | (58) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(58)
|
| | | | | — | | | | |
|
(58)
|
| |
Subsidiary disposal under common control (Note 5 (c), Note 16)
|
| | | | — | | | | | | (37,684) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(37,684)
|
| | | | | (78) | | | | |
|
(37,762)
|
| |
Reclassification of OCI to retained earnings (Note 8)
|
| | | | — | | | | | | 63,285 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (63,285) | | | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| |
Purchase of treasury shares (Note 16)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,371) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(6,371)
|
| | | | | — | | | | |
|
(6,371)
|
| |
Acquisition of non-controlling interest (Note 16) (restated (Note 2))
|
| | | | — | | | | | | 1,097 | | | | | | — | | | | | | (2,476) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,892) | | | | |
|
(3,271)
|
| | | | | 564 | | | | |
|
(2,707)
|
| |
Acquisition of subsidiary (Note 5 (b), Note 32) (restated
(Note 2)) |
| | | | — | | | | | | — | | | | | | — | | | | | | (443) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(443)
|
| | | | | 255 | | | | |
|
(188)
|
| |
Share-based payments (Note 17) (restated (Note 2))
|
| | | | — | | | | | | — | | | | | | — | | | | | | 8,983 | | | | | | 580 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
9,563
|
| | | | | — | | | | |
|
9,563
|
| |
Other
|
| | | | — | | | | | | 88 | | | | | | — | | | | | | (64) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
24
|
| | | | | (10) | | | | |
|
14
|
| |
Balance as at 31 March 2022 (restated (Note 2))
|
| | | | 43 | | | | | | 17,753 | | | | | | 414,201 | | | | | | (17,190) | | | | | | (5,791) | | | | | | 13,226 | | | | | | 41,829 | | | | | | (43,042) | | | | | | 421,029 | | | | | | (2,393) | | | | | | 418,636 | | |
| | |
Share
capital |
| |
Retained
Earnings (accumulated deficit) |
| |
Share
premium |
| |
Other
reserves |
| |
Treasury
shares |
| |
Revaluation
of equity instrument designated at FVOCI |
| |
Share in OCI
of a joint venture |
| |
Translation
reserve |
| |
Equity
attributable to shareholders of Noventiq |
| |
Non-controlling
interests |
| |
Total
equity |
| |||||||||||||||||||||||||||||||||
Profit/(loss) for the year
|
| | | | — | | | | | | 193,651 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
193,651
|
| | | | | (1,027) | | | | |
|
192,624
|
| |
Exchange loss on translation of foreign operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (51,399) | | | | |
|
(51,399)
|
| | | | | 801 | | | | |
|
(50,598)
|
| |
Fair value reserve of equity instrument designated at FVOCI
(Note 8) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,905) | | | | | | — | | | | | | — | | | | |
|
(19,905)
|
| | | |
|
—
|
| | | |
|
(19,905)
|
| |
Total comprehensive income
|
| | | | — | | | | | | 193,651 | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,905) | | | | | | — | | | | | | (51,399) | | | | | | 122,347 | | | | | | (226) | | | | | | 122,121 | | |
Bonus issuance (Note 16)
|
| | | | 11 | | | | | | (4,334) | | | | | | 4,604 | | | | | | — | | | | | | (281) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| |
Shares issued to Trusts (Note 16)
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| |
IPO-related costs (Note 16)
|
| | | | — | | | | | | — | | | | | | 12 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
12
|
| | | | | — | | | | |
|
12
|
| |
Profit distribution
|
| | | | — | | | | | | (50) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(50)
|
| | | | | — | | | | |
|
(50)
|
| |
Reclassification of OCI to retained earnings (Note 8)
|
| | | | — | | | | | | 41,829 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41,829) | | | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| |
Purchase of treasury shares (Note 16)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,914) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(4,914)
|
| | | | | — | | | | |
|
(4,914)
|
| |
Acquisition of non-controlling interest (Note 16)
|
| | | | — | | | | | | 3,968 | | | | | | — | | | | | | (4,061) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,390) | | | | |
|
(3,483)
|
| | | | | (578) | | | | |
|
(4,061)
|
| |
Acquisition of subsidiary (Note 5 (a))
|
| | | | — | | | | | | (20) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(20)
|
| | | | | 3,501 | | | | |
|
3,481
|
| |
Share-based payments (Note 17)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (484) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(484)
|
| | | | | — | | | | |
|
(484)
|
| |
Other equity reserves transfer – Disposal group (Note 5 (c), Note 16)
|
| | | | — | | | | | | 1,801 | | | | | | — | | | | | | 1,840 | | | | | | 4,088 | | | | | | — | | | | | | — | | | | | | 38,863 | | | | |
|
46,592
|
| | | | | (381) | | | | |
|
46,211
|
| |
Non-cash distribution (Note 5 (c))
|
| | | | — | | | | | | (308,986) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | |
|
(308,986)
|
| | | | | — | | | | |
|
(308,986)
|
| |
Balance as at 31 March 2023
|
| | | | 56 | | | | | | (54,388) | | | | | | 418,817 | | | | | | (19,895) | | | | | | (6,900) | | | | | | (6,679) | | | | | | — | | | | | | (58,968) | | | | | | 272,043 | | | | | | (77) | | | | | | 271,966 | | |
|
Legal entities****
|
| |
Business activity
|
| |
Country of
incorporation |
| |
Effective economic interest
|
| |||||||||
|
As at
31 March 2023* |
| |
As at
31 March 2022* |
| ||||||||||||||
LAGEMBOR HOLDINGS
LIMITED |
| | Holding Company | | |
Cyprus
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE OVERSEAS
LIMITED |
| | Holding Company | | |
Cyprus
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE GROUP LTD
|
| | Holding Company | | |
UK
|
| | | | 100% | | | | | | 100% | | |
LTD «SOFTCLUB»**
|
| | Software development | | |
Belarus
|
| | | | 100% | | | | | | 100% | | |
LLC «MBicycle»**
|
| | Software development | | |
Belarus
|
| | | | 100% | | | | | | 0% | | |
COOO «Belitsoft international»**
|
| | Software development | | |
Belarus
|
| | | | 100% | | | | | | 100% | | |
LLP «SoftLine Services»***
|
| | Software sales | | |
Kazakhstan
|
| | | | 100% | | | | | | 100% | | |
LLP «SoftLine Trade»
|
| | Software sales | | |
Kazakhstan
|
| | | | 100% | | | | | | 100% | | |
LLC «Novacom Group»***
|
| | Sofware development | | |
Belarus
|
| | | | 100% | | | | | | 100% | | |
LLC «Soft Line International»
|
| | Software sales | | |
Uzbekistan
|
| | | | 100% | | | | | | 100% | | |
Legal entities****
|
| |
Business activity
|
| |
Country of
incorporation |
| |
Effective economic
interest |
| |||||||||
|
As at
31 March 2023* |
| |
As at
31 March 2022* |
| ||||||||||||||
Softline trade LLC
|
| | Software sales | | |
Azerbaijan
|
| | | | 100% | | | | | | 100% | | |
LLC «SoftLine Tajikistan»
|
| | Software sales | | |
Tajikistan
|
| | | | 100% | | | | | | 100% | | |
LLC «SoftLine International»
|
| | Software sales | | |
Kyrgyzstan
|
| | | | 100% | | | | | | 100% | | |
Noventiq GEORGIA LTD.
|
| | Software sales | | |
Georgia
|
| | | | 90% | | | | | | 90% | | |
LLC «SoftLine International»
|
| | Software sales | | |
Armenia
|
| | | | 100% | | | | | | 100% | | |
Softline International SRL
|
| | Software sales | | |
Moldova
|
| | | | 100% | | | | | | 100% | | |
LLC «SoftLine Bel»
|
| | Software sales | | |
Belarus
|
| | | | 100% | | | | | | 70% | | |
TOO alabs.team**
|
| | Software development | | |
Kazakhstan
|
| | | | 80% | | | | | | 0% | | |
LLC Aktivnie tehnologii*
|
| | Cloud services | | |
Belarus
|
| | | | 51% | | | | | | 51% | | |
ACTIVECLOUD HOLDING
LIMITED* |
| | Cloud services | | |
Cyprus
|
| | | | 51% | | | | | | 51% | | |
LLC ActiveTechnologies*
|
| | Cloud services | | |
Belarus
|
| | | | 51% | | | | | | 51% | | |
ACTIVEPLATFORM HOLDING
LIMITED* |
| | Cloud services | | |
Cyprus
|
| | | | 51% | | | | | | 51% | | |
SOFT DEVELOPMENT PL
Sp. z o.o.*** |
| | Software sales | | |
Poland
|
| | | | 100% | | | | | | 100% | | |
NILTASOFT LTD
|
| | Software sales | | |
Cyprus
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE AG
|
| | IT consulting | | |
Germany
|
| | | | 63% | | | | | | 63% | | |
Softline International SRL.
|
| | Software sales | | |
Romania
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE SERVICES doo
|
| | Software sales | | |
Serbia
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE SERVICES Kft
|
| | Software sales | | |
Hungary
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE d.o.o.
|
| | Software sales | | |
Croatia
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE d.o.o.
|
| | Software sales | | |
Slovenia
|
| | | | 100% | | | | | | 100% | | |
Softline Software Services Trading
LLC |
| |
Sales of software and IT
maintenance |
| |
Turkey
|
| | | | 100% | | | | | | 100% | | |
AXOFT BILIŞIM LIMITED
ŞIRKETI |
| | Software sales | | |
Turkey
|
| | | | 100% | | | | | | 100% | | |
Softline Egypt for Software
|
| | Software sales | | |
Egypt
|
| | | | 100% | | | | | | 100% | | |
Digitech for Information Systems
Technologies S.A.E.** |
| | Software sales | | |
Egypt
|
| | | | 100% | | | | | | 100% | | |
SIA “SQUALIO GROUP”**
|
| |
Cloud and security
solutions |
| |
Latvia
|
| | | | 100% | | | | | | 100% | | |
New Frontier Holding GmbH**
|
| |
System integrator, digital
services provider |
| |
Austria
|
| | | | 100% | | | | | | 0% | | |
Makronet Bilgi Teknolojileri Sanayi
Ve Ticaret Anonim Sirketi** |
| | Cloud serviced | | |
Turkey
|
| | | | 100% | | | | | | 0% | | |
SEVEN SEAS TECHNOLOGY
L.L.C.** |
| |
System integrator, cloud
services |
| |
UAE
|
| | | | 100% | | | | | | 0% | | |
Legal entities****
|
| |
Business activity
|
| |
Country of
incorporation |
| |
Effective economic
interest |
| |||||||||
|
As at
31 March 2023* |
| |
As at
31 March 2022* |
| ||||||||||||||
Softline Internetional De Venezuela,
CA |
| | Software sales | | |
Venezuela
|
| | | | 100% | | | | | | 100% | | |
Softline International De Colombia
Sas |
| | Software sales | | |
Colombia
|
| | | | 100% | | | | | | 100% | | |
Softline International Peru S.A.C.
|
| | Software sales | | |
Peru
|
| | | | 100% | | | | | | 100% | | |
Softline International, S.A.
|
| | Software sales | | |
Argentina
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL
CHILE SpA |
| | Software sales | | |
Chile
|
| | | | 100% | | | | | | 100% | | |
Softline International USA, Inc.
|
| | Software sales | | |
USA
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL,
SOCIEDAD ANÓNIMA |
| | Software sales | | |
Costa Rica
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE SERVICES,
SOFTWARE, CLOUD, S.A. de C.V. |
| | Software sales | | |
Mexico
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL
BRASIL COMERCIO E LICENCIAMENTO DE SOFTWARE EIRELI |
| | Software sales | | |
Brazil
|
| | | | 100% | | | | | | 100% | | |
DISTRIBUIDORA
SOFTLINEGROUP DEL ECUADOR S.A. |
| | Software sales | | |
Ecuador
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL
NICARAGUA SOCIEDAD ANONIMA |
| | Software sales | | |
Nicaragua
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL
PARAGUAY SOCIEDAD ANONIMA |
| | Software sales | | |
Paraguay
|
| | | | 100% | | | | | | 100% | | |
Softline International Uruguay
|
| | Software sales | | |
Uruguay
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL EL
SALVADOR |
| | Software sales | | |
Salvador
|
| | | | 100% | | | | | | 100% | | |
Legal entities
|
| |
Business activity
|
| |
Country of
incorporation |
| |
Effective economic
interest |
| |||||||||
|
As at
31 March 2023 |
| |
As at
31 March 2022 |
| ||||||||||||||
SOFTLINE INTERNATIONAL
HONDURAS SOCIEDAD ANONIMA |
| | Software sales | | |
Honduras
|
| | | | 100% | | | | | | 100% | | |
SL INTERNATIONAL GUATEMALA
SOCIEDAD ANONIMA |
| | Software sales | | |
Guatemala
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE SERVICES INDIA
PRIVATE LIMITED |
| | Software sales | | |
India
|
| | | | 99.90% | | | | | | 99.90% | | |
UMBRELLA INFOCARE PRIVATE
LIMITED** |
| | Cloud services | | |
India
|
| | | | 100% | | | | | | 100% | | |
EMBEE SOFTWARE PRIVATE
LIMITED |
| | Software sales | | |
India
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE INTERNATIONAL
MYANMAR COMPANY LIMITED |
| | Software sales | | |
Myanmar
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE SERVICES
INTERNATIONAL (THAILAND) CO LTD |
| | Software sales | | |
Thailand
|
| | | | 48% | | | | | | 48% | | |
SL International Co., LTD (Vietnam)
|
| | Software sales | | |
Vietnam
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE SOLUTIONS
INTERNATIONAL SDN.BHD. |
| | Software sales | | |
Malaysia
|
| | | | 100% | | | | | | 100% | | |
SOFTLINE (CAMBODIA) CO., LTD
|
| | Software sales | | |
Cambodia
|
| | | | 100% | | | | | | 100% | | |
Softline Services International
Philippines Inc. |
| | Software sales | | |
Philippines
|
| | | | 100% | | | | | | 100% | | |
Value Point Systems Private Limited**
|
| |
Digital infrastructure and
cybersecurity services |
| |
India
|
| | | | 100% | | | | | | 0% | | |
G7 CR Technologies India Pvt Ltd**
|
| | Cloud services | | |
India
|
| | | | 100% | | | | | | 0% | | |
| | |
Year ended
31 March 2022, as reported |
| |
(i)
|
| |
(ii)
|
| |
(iii)
|
| |
(iv)
|
| |
(v)
|
| |
(vi)
|
| |
Year ended
31 March 2022, restated |
| ||||||||||||||||||||||||
Revenue from contracts with customers
|
| | | | 1,966,271 | | | | | | — | | | | | | (1,273,851) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 692,420 | | |
Cost of sales
|
| | | | (1,660,024) | | | | | | (29,895) | | | | | | 1,273,851 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (416,068) | | |
Gross profit
|
| | | | 306,247 | | | | | | (29,895) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 276,352 | | |
Selling, general and administrative expenses
|
| | | | (272,192) | | | | | | 29,895 | | | | | | — | | | | | | (9,492) | | | | | | — | | | | | | — | | | | | | — | | | | | | (251,789) | | |
Other operating income
|
| | | | 4,425 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 257 | | | | | | 4,682 | | |
Other operating expenses
|
| | | | (1,260) | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,705) | | | | | | — | | | | | | (257) | | | | | | (10,222) | | |
Operating profit
|
| | | | 37,220 | | | | | | — | | | | | | — | | | | | | (9,492) | | | | | | (8,705) | | | | | | — | | | | | | — | | | | | | 19,023 | | |
Finance costs
|
| | | | (22,696) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (414) | | | | | | 444 | | | | | | (22,666) | | |
Change in fair value of financial
instruments |
| | | | (1,372) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (444) | | | | | | (1,816) | | |
Profit / (loss) before profit tax
|
| | | | 14,953 | | | | | | — | | | | | | — | | | | | | (9,492) | | | | | | (8,705) | | | | | | (414) | | | | | | — | | | | | | (3,658) | | |
Net profit /(loss) for the year
|
| | | | 11,109 | | | | | | — | | | | | | — | | | | | | (9,492) | | | | | | (8,705) | | | | | | (414) | | | | | | — | | | | | | (7,502) | | |
Attributable to holders of the Company
|
| | | | 11,361 | | | | | | — | | | | | | — | | | | | | (9,492) | | | | | | (8,705) | | | | | | (414) | | | | | | (1) | | | | | | (7,251) | | |
Non-controlling interest
|
| | | | (252) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | (251) | | |
Other comprehensive income / (loss):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Translation difference
|
| | | | (8,928) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (87) | | | | | | — | | | | | | (9,015) | | |
Total comprehensive income / (loss) for the year, net of tax
|
| | | | 13,727 | | | | | | — | | | | | | — | | | | | | (9,492) | | | | | | (8,705) | | | | | | (501) | | | | | | — | | | | | | (4,971) | | |
Attributable to holders of the Company
|
| | | | 14,420 | | | | | | — | | | | | | — | | | | | | (9,492) | | | | | | (8,705) | | | | | | (503) | | | | | | — | | | | | | (4,280) | | |
Non-controlling interest
|
| | | | (693) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | (691) | | |
| | |
As at
31 March 2022, as previously reported |
| |
(iii)
|
| |
(iv)
|
| |
(v)
|
| |
(vi)
|
| |
(vii)
|
| |
(viii)
|
| |
(ix)
|
| |
(x)
|
| |
As at
31 March 2022, restated |
| ||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term deposits
|
| | | | 487 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,684 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,171 | | |
Property and equipment, net of depreciation
|
| | | | 13,497 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,501 | | |
Goodwill
|
| | | | 124,648 | | | | | | — | | | | | | (8,855) | | | | | | 2,311 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 118,104 | | |
| | | | | 298,345 | | | | | | — | | | | | | (8,855) | | | | | | 2,315 | | | | | | — | | | | | | 4,684 | | | | | | — | | | | | | — | | | | | | — | | | | | | 296,489 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Software licenses and other
inventory |
| | | | 54,027 | | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,165) | | | | | | — | | | | | | 52,869 | | |
Trade receivables, net of allowance
|
| | | | 276,429 | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | (4,226) | | | | | | 2,051 | | | | | | — | | | | | | — | | | | | | 274,308 | | |
Advances issued and other current assets
|
| | | | 38,625 | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | 391 | | | | | | 159 | | | | | | — | | | | | | 39,172 | | |
Tender guarantees and deposits
|
| | | | 4,274 | | | | | | — | | | | | | — | | | | | | 13 | | | | | | — | | | | | | (458) | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,829 | | |
Other receivables
|
| | | | 131 | | | | | | — | | | | | | — | | | | | | (100) | | | | | | — | | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | | | | | 131 | | |
Other taxes receivable
|
| | | | 30,647 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (100) | | | | | | — | | | | | | — | | | | | | 30,547 | | |
Cash and cash
equivalents |
| | | | 334,049 | | | | | | — | | | | | | — | | | | | | 22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 334,071 | | |
| | | | | 765,310 | | | | | | — | | | | | | — | | | | | | (7) | | | | | | — | | | | | | (4,684) | | | | | | 2,442 | | | | | | (1,006) | | | | | | — | | | | | | 762,055 | | |
Total assets
|
| | | | 1,063,655 | | | | | | — | | | | | | (8,855) | | | | | | 2,308 | | | | | | — | | | | | | — | | | | | | 2,442 | | | | | | (1,006) | | | | | | — | | | | | | 1,058,544 | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retained earnings
|
| | | | 46,641 | | | | | | (12,572) | | | | | | (8,705) | | | | | | — | | | | | | (7,229) | | | | | | — | | | | | | (382) | | | | | | — | | | | | | — | | | | | | 17,753 | | |
Other reserves
|
| | | | (29,151) | | | | | | 12,572 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (31) | | | | | | — | | | | | | (580) | | | | | | (17,190) | | |
Treasury shares
|
| | | | (6,371) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 580 | | | | | | (5,791) | | |
Translation reserve
|
| | | | (45,103) | | | | | | — | | | | | | (150) | | | | | | (351) | | | | | | 2,149 | | | | | | — | | | | | | 413 | | | | | | — | | | | | | — | | | | | | (43,042) | | |
Equity and assets attributable to
owners |
| | | | 435,315 | | | | | | — | | | | | | (8,855) | | | | | | (351) | | | | | | (5,080) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 421,029 | | |
Non-controlling interests
|
| | | | (7,728) | | | | | | — | | | | | | — | | | | | | 255 | | | | | | 5,080 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,393) | | |
Total equity
|
| | | | 427,587 | | | | | | — | | | | | | (8,855) | | | | | | (96) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 418,636 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 305,993 | | | | | | — | | | | | | — | | | | | | (489) | | | | | | — | | | | | | — | | | | | | 5,966 | | | | | | (1,006) | | | | | | — | | | | | | 310,464 | | |
Contract liabilities
|
| | | | 60,692 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,588) | | | | | | — | | | | | | — | | | | | | 57,104 | | |
Other taxes payable
|
| | | | 24,729 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 64 | | | | | | — | | | | | | — | | | | | | 24,793 | | |
Short-term deferred payment for
acquisitions |
| | | | 18,924 | | | | | | — | | | | | | — | | | | | | 8,070 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,994 | | |
Short-term contingent consideratrion for acquisitions
|
| | | | 29,791 | | | | | | — | | | | | | — | | | | | | (5,177) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,614 | | |
| | | | | 536,844 | | | | | | — | | | | | | — | | | | | | 2,404 | | | | | | — | | | | | | — | | | | | | 2,442 | | | | | | (1,006) | | | | | | — | | | | | | 540,684 | | |
Total liabilities
|
| | | | 636,068 | | | | | | — | | | | | | — | | | | | | 2,404 | | | | | | — | | | | | | — | | | | | | 2,442 | | | | | | (1,006) | | | | | | — | | | | | | 639,908 | | |
Total equity and
liabilities |
| | | | 1,063,655 | | | | | | — | | | | | | (8,855) | | | | | | 2,308 | | | | | | — | | | | | | — | | | | | | 2,442 | | | | | | (1,006) | | | | | | — | | | | | | 1,058,544 | | |
Currency
|
| |
Code
|
| |
31 March 2023
|
| |
31 March 2022
|
| |||||||||
Indian rupee
|
| | | | INR | | | | | | 82.1203 | | | | | | 75.8385 | | |
EURO
|
| | | | EUR | | | | | | 0.9168 | | | | | | 0.9008 | | |
Argentine peso
|
| | | | ARS | | | | | | 215.5 | | | | | | 116 | | |
Kazakhstan tenge
|
| | | | KZT | | | | | | 448.05 | | | | | | 458.20 | | |
Belarusian rubles
|
| | | | BYN | | | | | | 2.8571 | | | | | | 2.9732 | | |
Brazilian reals
|
| | | | BRL | | | | | | 5.0804 | | | | | | 5.2359 | | |
Type of equipment
|
| |
Useful life, years
|
| |||
Buildings
|
| | | | 30 | | |
Furniture for storage
|
| | | | 10 | | |
Climatic equipment
|
| | | | 5 | | |
Network hardware
|
| | | | 6 | | |
Transportation
|
| | | | 6 | | |
Computer and computer equipment
|
| | | | 4 | | |
Furniture for daily use and office equipment
|
| | | | 3 | | |
Other
|
| | | | 5 | | |
Type of asset
|
| |
Useful life, years
|
|
Goodwill
|
| |
Indefinite
|
|
Customer base
|
| |
5 – 10 years
|
|
Brand
|
| |
5 – 10 years
|
|
Software and licenses
|
| |
The period of validity for a license or 5 years
|
|
| | |
1 July 2022
|
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 1,138 | | |
Property and equipment (Note 7)
|
| | | | 221 | | |
Right-of-use assets (Note 21)
|
| | | | 800 | | |
Long-term deposits
|
| | | | 272 | | |
Software licenses and other inventory
|
| | | | 2,545 | | |
Trade and other receivables
|
| | | | 15,951 | | |
Cash and cash equivalents
|
| | | | 1,217 | | |
Advances issued and other current assets
|
| | | | 556 | | |
| | | | | 22,700 | | |
Liabilities | | | | | | | |
Long-term lease liabilities (Note 21)
|
| | | | (292) | | |
Other long-term creditors
|
| | | | (1,032) | | |
Short-term lease liabilities (Note 21)
|
| | | | (508) | | |
Trade and other payables
|
| | | | (14,772) | | |
Advances from customers
|
| | | | (721) | | |
Other taxes payable
|
| | | | (571) | | |
| | | | | (17,896) | | |
Total identifiable net assets at fair value
|
| | | | 4,804 | | |
Goodwill arising on acquisition
|
| | | | 513 | | |
Short-term deferred consideration for acquisition
|
| | | | 3,770 | | |
Long-term deferred consideration for acquisition
|
| | | | 1,477 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 70 | | |
Total consideration for acquisition
|
| | | | 5,317 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 1,217 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 1,217 | | |
| | |
4 July 2022
|
| |||
Assets | | | | | | | |
Long-term loans issued
|
| | | | 31 | | |
Intangible assets (Note 9)
|
| | | | 10,396 | | |
Property and equipment (Note 7)
|
| | | | 1,271 | | |
Right-of-use assets (Note 21)
|
| | | | 2,595 | | |
Other non-current assets
|
| | | | 251 | | |
Deferred tax assets
|
| | | | 621 | | |
Software licenses and other inventory
|
| | | | 2,579 | | |
Trade receivables
|
| | | | 9,005 | | |
Advances issued and other current assets
|
| | | | 2,908 | | |
Other receivables
|
| | | | 682 | | |
Other taxes receivable
|
| | | | 648 | | |
Loans issued
|
| | | | 21 | | |
Cash and short-term deposits
|
| | | | 5,042 | | |
| | | | | 36,050 | | |
Liabilities | | | | | | | |
Long-term borrowings
|
| | | | (274) | | |
Long-term lease liabilities (Note 21)
|
| | | | (1,843) | | |
Deferred tax liabilities
|
| | | | (2,498) | | |
Trade and other payables
|
| | | | (10,281) | | |
Contract liabilities
|
| | | | (2,207) | | |
Short-term borrowings
|
| | | | (4,908) | | |
Short-term lease liabilities (Note 21)
|
| | | | (752) | | |
Other taxes payable
|
| | | | (1,486) | | |
Income tax payable
|
| | | | (246) | | |
| | | | | (24,495) | | |
Total identifiable net assets at fair value
|
| | | | 11,555 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 8,639 | | |
Non-controlling interest (Note 6)
|
| | | | 3,375 | | |
Settlement of loan receivable
|
| | | | 11,175 | | |
Short-term deferred consideration for acquisition
|
| | | | 3,137 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 2,507 | | |
Total consideration for acquisition
|
| | | | 16,819 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 5,042 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 5,042 | | |
| | |
17 August
2022 |
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 1,183 | | |
Property and equipment (Note 7)
|
| | | | 25 | | |
Deferred tax assets
|
| | | | 30 | | |
Software licenses and other inventory
|
| | | | 305 | | |
Income tax receivable
|
| | | | 10 | | |
Trade receivables
|
| | | | 92 | | |
Advances issued and other current assets
|
| | | | 34 | | |
Other receivables
|
| | | | 229 | | |
Other taxes receivable
|
| | | | 101 | | |
Cash and short-term deposits
|
| | | | 736 | | |
| | | | | 2,745 | | |
Liabilities | | | | | | | |
Deferred tax liabilities
|
| | | | (211) | | |
Trade and other payables
|
| | | | (1,264) | | |
Contract liabilities
|
| | | | (19) | | |
Short-term borrowings
|
| | | | (10) | | |
Other taxes payable
|
| | | | (201) | | |
| | | | | (1,705) | | |
Total identifiable net assets at fair value
|
| | | | 1,040 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 4,828 | | |
Short-term deferred consideration for acquisition
|
| | | | 3,569 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 675 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 1,624 | | |
Total consideration for acquisition
|
| | | | 5,868 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 736 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 736 | | |
| | |
16 September
2022 |
| |||
Assets | | | | | | | |
Property and equipment (Note 7)
|
| | | | 35 | | |
Intangible assets (Note 9)
|
| | | | 40 | | |
Right-of-use assets (Note 21)
|
| | | | 87 | | |
Income tax receivable
|
| | | | 1 | | |
Trade receivables
|
| | | | 278 | | |
Advances issued and other current assets
|
| | | | 13 | | |
Other taxes receivable
|
| | | | 11 | | |
Cash and short-term deposits
|
| | | | 146 | | |
| | | | | 611 | | |
Liabilities | | | | | | | |
Long-term lease liabilities (Note 21)
|
| | | | (32) | | |
Trade and other payables
|
| | | | (247) | | |
Contract liabilities
|
| | | | (74) | | |
Short-term borrowings
|
| | | | (10) | | |
Short-term lease liabilities (Note 21)
|
| | | | (55) | | |
Other taxes payable
|
| | | | (6) | | |
| | | | | (424) | | |
Total identifiable net assets at fair value
|
| | | | 187 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 1,753 | | |
Short-term deferred consideration for acquisition
|
| | | | 650 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 533 | | |
Long-term deferred consideration for acquisition
|
| | | | 42 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 715 | | |
Total consideration for acquisition
|
| | | | 1,940 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 146 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 146 | | |
| | |
7 October
2022 |
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 13,447 | | |
Property and equipment (Note 7)
|
| | | | 682 | | |
Right-of-use assets (Note 21)
|
| | | | 345 | | |
Deferred tax assets
|
| | | | 215 | | |
Software licenses and other inventory
|
| | | | 1,854 | | |
Trade and other receivables
|
| | | | 17,056 | | |
Taxes receivable
|
| | | | 441 | | |
Cash and cash equivalents
|
| | | | 4,900 | | |
Advances issued and other current assets
|
| | | | 430 | | |
| | | | | 39,370 | | |
Liabilities | | | | | | | |
Long-term borrowings
|
| | | | (737) | | |
Long-term lease liabilities (Note 21)
|
| | | | (199) | | |
Short-term borrowings
|
| | | | (3,566) | | |
Short-term lease liabilities (Note 21)
|
| | | | (146) | | |
Other long-term creditors
|
| | | | (276) | | |
Trade and other payables
|
| | | | (8,523) | | |
Income tax payable
|
| | | | (109) | | |
Deferred tax liabilities
|
| | | | (3,377) | | |
Other taxes payable
|
| | | | (361) | | |
| | | | | (17,294) | | |
Total identifiable net assets at fair value
|
| | | | 22,076 | | |
Goodwill arising on acquisition
|
| | | | 26,456 | | |
Short-term deferred consideration for acquisition
|
| | | | 24,930 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 1,364 | | |
Long-term deferred consideration for acquisition
|
| | | | 2,001 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 20,237 | | |
Total consideration for acquisition
|
| | | | 48,532 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 4,900 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 4,900 | | |
| | |
26 October
2022 |
| |||
Assets | | | | | | | |
Property and equipment (Note 7)
|
| | | | 22 | | |
Intangible assets (Note 9)
|
| | | | 812 | | |
Right-of-use assets (Note 21)
|
| | | | 194 | | |
Trade receivables
|
| | | | 368 | | |
Advances issued and other current assets
|
| | | | 18 | | |
Cash and short-term deposits
|
| | | | 41 | | |
| | | | | 1,455 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (477) | | |
Contract liabilities
|
| | | | (47) | | |
Short-term borrowings
|
| | | | (184) | | |
Short-term lease liabilities (Note 21)
|
| | | | (194) | | |
Other taxes payable
|
| | | | (100) | | |
| | | | | (1,002) | | |
Total identifiable net assets at fair value
|
| | | | 453 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 1,538 | | |
Non-controlling interest
|
| | | | 91 | | |
Short-term deferred consideration for acquisition
|
| | | | 1,900 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 41 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 41 | | |
| | |
1 January
2023 |
| |||
Total identifiable net assets at fair value
|
| | | | — | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 2,590 | | |
Short-term deferred consideration for acquisition
|
| | | | 1,296 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 1,294 | | |
Total consideration for acquisition
|
| | | | 2,590 | | |
| | |
13 December
2022 |
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 2,306 | | |
Property and equipment (Note 7)
|
| | | | 673 | | |
Right-of-use assets (Note 21)
|
| | | | 1,435 | | |
Deferred tax assets
|
| | | | 323 | | |
Trade and other receivables
|
| | | | 16,695 | | |
Taxes receivable
|
| | | | 1,155 | | |
Cash and cash equivalents
|
| | | | 1,579 | | |
Advances issued and other current assets
|
| | | | 218 | | |
| | | | | 24,384 | | |
Liabilities | | | | | | | |
Long-term borrowings
|
| | | | (4,368) | | |
Long-term lease liabilities (Note 21)
|
| | | | (1,313) | | |
Short-term borrowings
|
| | | | (1,892) | | |
Short-term lease liabilities(Note 21)
|
| | | | (122) | | |
Trade and other payables
|
| | | | (12,687) | | |
Income tax payable
|
| | | | (107) | | |
Deferred tax liabilities
|
| | | | (438) | | |
Other taxes payable
|
| | | | (2,079) | | |
| | | | | (23,006) | | |
Total identifiable net assets at fair value
|
| | | | 1,378 | | |
Goodwill arising on acquisition
|
| | | | 37,516 | | |
Short-term deferred consideration for acquisition
|
| | | | 15,940 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 13,115 | | |
Long-term deferred consideration for acquisition
|
| | | | 672 | | |
Long-term contingent consideration for acquisitions (Note 32)
|
| | | | 9,167 | | |
Total consideration for acquisition
|
| | | | 38,894 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 1,579 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 1,579 | | |
| | |
16 July
2021 |
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 7,013 | | |
Property and equipment (Note 7)
|
| | | | 163 | | |
Software licenses and other inventory
|
| | | | 102 | | |
Trade and other receivables
|
| | | | 3,052 | | |
Cash and cash equivalents
|
| | | | 689 | | |
Advances issued and other current assets
|
| | | | 8 | | |
| | | | | 11,027 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (1,835) | | |
Income tax payable
|
| | | | (2) | | |
| | | | | (1,837) | | |
Total identifiable net assets at fair value
|
| | | | 9,190 | | |
Goodwill arising on acquisition
|
| | | | 6,694 | | |
Short-term deferred consideration for acquisition
|
| | | | 4,859 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 3,258 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 7,767 | | |
Total consideration for acquisition
|
| | | | 15,884 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 689 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 689 | | |
| | |
Provisional
fair values 15 September 2021 |
| |
Adjustment
|
| |
Final
fair values 15 September 2021 |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Intangible assets (Note 9)
|
| | | | 5,453 | | | | | | — | | | | | | 5,453 | | |
Property and equipment (Note 7)
|
| | | | 337 | | | | | | — | | | | | | 337 | | |
Right-of-use assets (Note 21)
|
| | | | 60 | | | | | | — | | | | | | 60 | | |
Equity investment at FVOCI
|
| | | | 233 | | | | | | — | | | | | | 233 | | |
Long-term loans issued
|
| | | | 669 | | | | | | — | | | | | | 669 | | |
Deferred tax assets
|
| | | | 47 | | | | | | — | | | | | | 47 | | |
Other non-current assets
|
| | | | 112 | | | | | | — | | | | | | 112 | | |
Advances issued and other current assets
|
| | | | 61 | | | | | | — | | | | | | 61 | | |
Income tax receivable
|
| | | | 184 | | | | | | — | | | | | | 184 | | |
Software licenses and other inventory
|
| | | | 228 | | | | | | — | | | | | | 228 | | |
Trade receivables
|
| | | | 7,122 | | | | | | — | | | | | | 7,122 | | |
Other receivables
|
| | | | 374 | | | | | | — | | | | | | 374 | | |
Loans issued
|
| | | | 568 | | | | | | — | | | | | | 568 | | |
Cash and cash equivalents
|
| | | | 1,512 | | | | | | — | | | | | | 1,512 | | |
| | | | | 16,960 | | | | | | — | | | | | | 16,960 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Long-term borrowings
|
| | | | (596) | | | | | | — | | | | | | (596) | | |
Long-term lease liabilities (Note 21)
|
| | | | (34) | | | | | | — | | | | | | (34) | | |
Deferred tax liabilities
|
| | | | (863) | | | | | | — | | | | | | (863) | | |
Long-term tax payable
|
| | | | (47) | | | | | | — | | | | | | (47) | | |
Short-term borrowings
|
| | | | (3,492) | | | | | | — | | | | | | (3,492) | | |
Short-term lease liabilities (Note 21)
|
| | | | (26) | | | | | | — | | | | | | (26) | | |
Contract liabilities
|
| | | | (58) | | | | | | — | | | | | | (58) | | |
Trade and other payables
|
| | | | (8,834) | | | | | | — | | | | | | (8,834) | | |
Other tax payables
|
| | | | (837) | | | | | | — | | | | | | (837) | | |
| | | | | (14,787) | | | | | | — | | | | | | (14,787) | | |
Total identifiable net assets at fair value
|
| | | | 2,173 | | | | | | — | | | | | | 2,173 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 8,747 | | | | | | 196 | | | | | | 8,943 | | |
Short-term deferred consideration for acquisition
|
| | | | 10,920 | | | | | | 196 | | | | | | 11,116 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 1,512 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 1,512 | | |
| | |
Provisional
fair values 6 August 2021 |
| |
Adjustment
|
| |
Final
fair values 6 August 2021 |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Intangible assets (Note 9)
|
| | | | 7,746 | | | | | | — | | | | | | 7,746 | | |
Property and equipment (Note 7)
|
| | | | 35 | | | | | | — | | | | | | 35 | | |
Trade and other receivables
|
| | | | 8,143 | | | | | | — | | | | | | 8,143 | | |
Cash and cash equivalents
|
| | | | 3,385 | | | | | | — | | | | | | 3,385 | | |
Advances issued and other current assets
|
| | | | 224 | | | | | | — | | | | | | 224 | | |
| | | | | 19,533 | | | | | | — | | | | | | 19,533 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | (10,290) | | | | | | — | | | | | | (10,290) | | |
Deferred Tax liabilities
|
| | | | (1,640) | | | | | | — | | | | | | (1,640) | | |
Income tax payable
|
| | | | (321) | | | | | | — | | | | | | (321) | | |
| | | | | (12,251) | | | | | | — | | | | | | (12,251) | | |
Total identifiable net assets at fair value
|
| | | | 7,282 | | | | | | — | | | | | | 7,282 | | |
Goodwill arising on acquisition
|
| | | | 7,635 | | | | | | 3,898 | | | | | | 11,533 | | |
Short-term deferred consideration for acquisition
|
| | | | 6,581 | | | | | | — | | | | | | 6,581 | | |
Long-term contingent consideration for acquisition
|
| | | | 8,207 | | | | | | 3,898 | | | | | | 12,105 | | |
Short-term contingent consideration for acquisition
|
| | | | 129 | | | | | | — | | | | | | 129 | | |
Total consideration for acquisition
|
| | | | 14,917 | | | | | | 3,898 | | | | | | 18,815 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 3,385 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 3,385 | | |
| | |
Provisional
fair values 25 January 2022 |
| |
Adjustment
|
| |
Final
fair values 25 January 2022 |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Intangible assets (Note 9)
|
| | | | 3,019 | | | | | | — | | | | | | 3,019 | | |
Property and equipment (Note 7)
|
| | | | 465 | | | | | | — | | | | | | 465 | | |
Software licenses and other inventory
|
| | | | — | | | | | | 8 | | | | | | 8 | | |
Advances issued and other current assets
|
| | | | 82 | | | | | | — | | | | | | 82 | | |
Income tax receivable
|
| | | | 60 | | | | | | — | | | | | | 60 | | |
Trade receivables, net
|
| | | | 1,614 | | | | | | — | | | | | | 1,614 | | |
Other receivables
|
| | | | 424 | | | | | | (216) | | | | | | 208 | | |
Other taxes receivable
|
| | | | — | | | | | | 108 | | | | | | 108 | | |
Cash and cash equivalents
|
| | | | 20,806 | | | | | | — | | | | | | 20,806 | | |
| | | | | 26,470 | | | | | | (100) | | | | | | 26,370 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Contract liabilities
|
| | | | (1,010) | | | | | | — | | | | | | (1,010) | | |
Income tax payable
|
| | | | (42) | | | | | | — | | | | | | (42) | | |
Trade and other payables
|
| | | | (11,737) | | | | | | 651 | | | | | | (11,086) | | |
Other tax payables
|
| | | | (484) | | | | | | — | | | | | | (484) | | |
| | | | | (13,273) | | | | | | 651 | | | | | | (12,622) | | |
Total identifiable net assets at fair value
|
| | | | 13,197 | | | | | | 551 | | | | | | 13,748 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 38,347 | | | | | | (1,313) | | | | | | 37,034 | | |
Non-controlling interest
|
| | | | — | | | | | | 290 | | | | | | 290 | | |
Short-term deferred consideration for acquisition
|
| | | | 31,310 | | | | | | 7,759 | | | | | | 39,069 | | |
Short-term contingent consideration for acquisition
(Note 32) |
| | | | 8,811 | | | | | | (8,811) | | | | | | — | | |
Long-term contingent consideration for acquisition
(Note 32) |
| | | | 11,423 | | | | | | — | | | | | | 11,423 | | |
Total consideration for acquisition
|
| | | | 51,544 | | | | | | (1,052) | | | | | | 50,492 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 20,806 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 20,806 | | |
| | |
Provisional
fair values 4 February 2022 |
| |
Adjustment
|
| |
Final
fair values 4 February 2022 |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Intangible assets (Note 9)
|
| | | | 1,571 | | | | | | — | | | | | | 1,571 | | |
Property and equipment (Note 7)
|
| | | | 41 | | | | | | — | | | | | | 41 | | |
Long-term deposits
|
| | | | 39 | | | | | | — | | | | | | 39 | | |
Deferred tax assets
|
| | | | 58 | | | | | | — | | | | | | 58 | | |
Trade and other receivables
|
| | | | 2,552 | | | | | | — | | | | | | 2,552 | | |
Cash and cash equivalents
|
| | | | 143 | | | | | | — | | | | | | 143 | | |
Advances issued and other current assets
|
| | | | 58 | | | | | | — | | | | | | 58 | | |
| | | | | 4,462 | | | | | | — | | | | | | 4,462 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | (2,445) | | | | | | — | | | | | | (2,445) | | |
Deferred tax liabilities
|
| | | | (413) | | | | | | — | | | | | | (413) | | |
Long-term borrowings
|
| | | | (22) | | | | | | — | | | | | | (22) | | |
| | | | | (2,880) | | | | | | — | | | | | | (2,880) | | |
Total identifiable net assets at fair value
|
| | |
|
1,582
|
| | | | | — | | | | |
|
1,582
|
| |
Goodwill arising on acquisition
|
| | | | 12,403 | | | | | | (94) | | | | | | 12,309 | | |
Short-term deferred consideration for acquisition
|
| | | | 7,770 | | | | | | — | | | | | | 7,770 | | |
Long-term contingent consideration for acquisition
(Note 32) |
| | | | 4,291 | | | | | | — | | | | | | 4,291 | | |
Short-term contingent consideration for acquisition
(Note 32) |
| | | | 1,924 | | | | | | (94) | | | | | | 1,830 | | |
Total consideration for acquisition
|
| | | | 13,985 | | | | | | (94) | | | | | | 13,891 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 143 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 143 | | |
| | |
1 July 2022
|
| |||
Assets | | | | | | | |
Property and equipment (Note 7)
|
| | | | 102 | | |
Intangible assets (Note 9)
|
| | | | 436 | | |
Right-of-use assets (Note 21)
|
| | | | 197 | | |
Software licenses and other inventory
|
| | | | 39 | | |
Trade receivables
|
| | | | 52 | | |
Advances issued and other current assets
|
| | | | 107 | | |
Cash and short-term deposits
|
| | | | 34 | | |
| | | | | 967 | | |
Liabilities | | | | | | | |
Long-term borrowings
|
| | | | (75) | | |
Long-term lease liabilities (Note 21)
|
| | | | (129) | | |
Trade and other payables
|
| | | | (321) | | |
Contract liabilities
|
| | | | (174) | | |
Short-term lease liabilities (Note 21)
|
| | | | (68) | | |
Other taxes payable
|
| | | | (84) | | |
Income tax payable
|
| | | | (64) | | |
| | | | | (915) | | |
Total identifiable net assets at fair value
|
| | | | 52 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 4,281 | | |
Non-controlling interest
|
| | | | 13 | | |
Short-term deferred consideration for acquisition
|
| | | | 2,708 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 832 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 780 | | |
Total consideration for acquisition
|
| | | | 4,320 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 34 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 34 | | |
| | |
23 April 2021
|
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 4,091 | | |
Software licenses and other inventory
|
| | | | 3 | | |
Trade and other receivables
|
| | | | 4,028 | | |
Cash and cash equivalents
|
| | | | 8 | | |
Advances issued and other current assets
|
| | | | 44 | | |
| | | | | 8,174 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (50) | | |
Deferred tax liabilities
|
| | | | (123) | | |
Short-term borrowings
|
| | | | (723) | | |
| | | | | (896) | | |
Total identifiable net assets at fair value
|
| | | | 7,278 | | |
Goodwill arising on acquisition
|
| | | | 6,242 | | |
Short-term deferred consideration for acquisition
|
| | | | 7,396 | | |
Long-term contingent consideration for acquisition (Note 32)
|
| | | | 2,243 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 3,881 | | |
Total consideration for acquisition
|
| | | | 13,520 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 8 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 8 | | |
| | |
Provisional
fair values 24 January 2022 |
| |
Adjustment
|
| |
Final
fair values 24 January 2022 |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Property and equipment (Note 7)
|
| | | | 41 | | | | | | 4 | | | | | | 45 | | |
Right-of-use assets (Note 21)
|
| | | | 236 | | | | | | — | | | | | | 236 | | |
Advances issued and other current assets
|
| | | | 44 | | | | | | 39 | | | | | | 83 | | |
Trade receivables
|
| | | | 1,514 | | | | | | 57 | | | | | | 1,571 | | |
Other receivables
|
| | | | 28 | | | | | | (25) | | | | | | 3 | | |
Loans issued
|
| | | | 33 | | | | | | — | | | | | | 33 | | |
Cash and cash equivalents
|
| | | | 975 | | | | | | 24 | | | | | | 999 | | |
| | | | | 2,871 | | | | | | 99 | | | | | | 2,970 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Long-term lease liabilities (Note 21)
|
| | | | (191) | | | | | | — | | | | | | (191) | | |
Short-term borrowings
|
| | | | (231) | | | | | | — | | | | | | (231) | | |
Short-term lease liabilities (Note 21)
|
| | | | (45) | | | | | | — | | | | | | (45) | | |
Contract liabilities
|
| | | | (7) | | | | | | — | | | | | | (7) | | |
Income tax payable
|
| | | | (173) | | | | | | — | | | | | | (173) | | |
Trade and other payables
|
| | | | (303) | | | | | | (57) | | | | | | (360) | | |
Other tax payables
|
| | | | (392) | | | | | | (68) | | | | | | (460) | | |
| | | | | (1,342) | | | | | | (125) | | | | | | (1,467) | | |
Total identifiable net assets at fair value
|
| | | | 1,529 | | | | | | (26) | | | | | | 1,503 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 2,373 | | | | | | 26 | | | | | | 2,399 | | |
Short-term deferred consideration for acquisition
|
| | | | 2,690 | | | | | | — | | | | | | 2,690 | | |
Short-term contingent consideration for acquisition (Note 32)
|
| | | | 1,212 | | | | | | — | | | | | | 1,212 | | |
Total consideration for acquisition
|
| | | | 3,902 | | | | | | — | | | | | | 3,902 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 999 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 999 | | |
| | |
25 January 2022
|
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 172 | | |
Property and equipment (Note 7)
|
| | | | 1 | | |
Advances issued and other current assets
|
| | | | 7 | | |
Software licenses and other inventory
|
| | | | 128 | | |
Trade receivables
|
| | | | 364 | | |
Other receivables
|
| | | | 92 | | |
Cash and cash equivalents
|
| | | | 161 | | |
| | | | | 925 | | |
Liabilities | | | | | | | |
Deferred tax liabilities
|
| | | | (34) | | |
Contract liabilities
|
| | | | (2) | | |
Income tax payable
|
| | | | (19) | | |
Trade and other payables
|
| | | | (548) | | |
Other tax payables
|
| | | | (73) | | |
| | | | | (676) | | |
Total identifiable net assets at fair value
|
| | | | 249 | | |
Goodwill arising on acquisition (Note 9)
|
| | | | 1,125 | | |
Short-term deferred consideration for acquisition
|
| | | | 867 | | |
Long-term deferred consideration for acquisition
|
| | | | 507 | | |
Total consideration for acquisition
|
| | | | 1,374 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 161 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 161 | | |
| | |
10 January 2022
|
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 484 | | |
Property and equipment (Note 7)
|
| | | | 30 | | |
Software licenses and other inventory
|
| | | | 6 | | |
Deferred tax assets
|
| | | | 17 | | |
Cash and cash equivalents
|
| | | | 817 | | |
Trade receivables
|
| | | | 176 | | |
Other receivables
|
| | | | 12 | | |
Advances issued and other current assets
|
| | | | 47 | | |
| | | | | 1,589 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (384) | | |
Contract liabilities
|
| | | | (536) | | |
| | | | | (920) | | |
Total identifiable net assets at fair value
|
| | | | 669 | | |
Goodwill arising on acquisition
|
| | |
|
3,398
|
| |
Purchase consideration transferred
|
| | | | 2,894 | | |
Long-term contingent consideration for acquisitions (Note 32)
|
| | | | 1,173 | | |
Total consideration for aquisition
|
| | | | 4,067 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 817 | | |
Cash paid
|
| | | | (2,894) | | |
Net cash flow on acquisition
|
| | | | (2,077) | | |
| | |
Year ended
31 March 2023 |
| |||
Fair value of the discontinued operations distributed (including USD1 consideration received)
|
| | | | 308,986 | | |
Carrying amount of the net assets and liabilities distributed/de-recognised
|
| | | | (116,009) | | |
Carrying amount of non-controlling interest de-recognised
|
| | | | 381 | | |
Effect of cumulative translation difference reclassified from other comprehensive income
|
| | | | (38,863) | | |
Gain on distribution
|
| | | | 154,495 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Revenue from contracts with customers
|
| | | | 197,895 | | | | | | 444,694 | | |
Expenses
|
| | | | (186,131) | | | | | | (424,591) | | |
Operating profit
|
| | | | 11,764 | | | | | | 20,103 | | |
Finance costs, net
|
| | | | 77,088 | | | | | | (15,344) | | |
Gain on distribution of discontinued operations
|
| | | | 154,495 | | | | | | — | | |
Profit / (loss) before profit tax from discontinued operations
|
| | | | 243,347 | | | | | | 4,759 | | |
Income tax expenses
|
| | | | (16,281) | | | | | | (3,333) | | |
Net profit / (loss) for the year from discontinued operations
|
| | | | 227,066 | | | | | | 1,426 | | |
Attributable to holders of the parent
|
| | | | 227,066 | | | | | | 1,309 | | |
Non-controlling interest
|
| | | | — | | | | | | 117 | | |
| | |
19 October 2022
|
| |||
Non-current assets | | | | | | | |
Long-term loans issued (Note 13)
|
| | | | 563 | | |
Property and equipment (Note 7)
|
| | | | 10,764 | | |
Intangible assets (Note 9)
|
| | | | 40,025 | | |
Goodwill (Note 9)
|
| | | | 22,129 | | |
Right-of-use assets (Note 21)
|
| | | | 15,920 | | |
Equity investments at FVTPL (Note 8 and 16)
|
| | | | 144,395 | | |
Other non-current assets
|
| | | | 2,572 | | |
Deferred tax assets (Note 29)
|
| | | | 1,340 | | |
| | | | | 237,708 | | |
Current assets | | | | | | | |
Software licenses and other inventory
|
| | | | 45,405 | | |
Income tax receivable
|
| | | | 165 | | |
Trade receivables
|
| | | | 135,182 | | |
Advances issued and other current assets
|
| | | | 52,203 | | |
Other receivables
|
| | | | 43,353 | | |
Loans issued (Note 13)
|
| | | | 24,412 | | |
Cash and cash equivalents (Note 14)
|
| | | | 41,951 | | |
| | | | | 342,671 | | |
Total assets
|
| | | | 580,379 | | |
Non-current liabilities | | | | | | | |
Long-term borrowings (Note 18)
|
| | | | 56,549 | | |
Long-term lease liabilities (Note 21)
|
| | | | 6,793 | | |
Long-term contingent consideration for acquisition
|
| | | | 4,393 | | |
Long-term deferred payment for acquisition
|
| | | | 224 | | |
Other long-term creditors
|
| | | | 1,555 | | |
Deferred tax liabilities (Note 29)
|
| | | | 14,936 | | |
| | | | | 84,450 | | |
Current liabilities | | | | | | | |
Trade and other payables
|
| | | | 163,248 | | |
Contract liabilities
|
| | | | 64,015 | | |
Short-term borrowings (Note 18)
|
| | | | 139,675 | | |
Short-term lease liabilities (Note 21)
|
| | | | 6,132 | | |
Short-term deferred payment for acquisition
|
| | | | 779 | | |
Short-term contingent consideration for acquisition
|
| | | | 4,779 | | |
Income tax payable
|
| | | | 1,292 | | |
| | | | | 379,920 | | |
Total liabilities
|
| | | | 464,370 | | |
Net assets directly associated with discontinued operations
|
| | | | 116,009 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Operating
|
| | | | 15,080 | | | | | | (2,950) | | |
Investing
|
| | | | (70,192) | | | | | | (51,158) | | |
Financing
|
| | | | 36,313 | | | | | | (71,619) | | |
Net cash (outflow) / inflow
|
| | | | (18,799) | | | | | | (125,727) | | |
| | |
30 June 2021
|
| |||
Assets | | | | | | | |
Intangible assets (Note 9)
|
| | | | 1 | | |
Property and equipment (Note 7)
|
| | | | 69 | | |
Advances issued and other current assets
|
| | | | 20 | | |
Software licenses and other inventory
|
| | | | 205 | | |
Cash and short-term deposits
|
| | | | 1,077 | | |
Loans issued
|
| | | | 922 | | |
Trade and other receivables
|
| | | | 7,400 | | |
| | | | | 9,694 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (1,049) | | |
| | | | | (1,049) | | |
Total identifiable net assets at carrying value
|
| | | | 8,645 | | |
Recognition of loans issued to the Group as at disposal date (Note 34)
|
| | | | 2,328 | | |
Non-controlling interest
|
| | | | 78 | | |
Effect of derecognition of subsidiary
|
| | | | 11,051 | | |
| | |
19 April 2021
|
| |||
Assets | | | | | | | |
Property and equipment (Note 7)
|
| | | | 6 | | |
Advances issued and other current assets
|
| | | | 39 | | |
Software licenses and other inventory
|
| | | | 108 | | |
Cash and short-term deposits
|
| | | | 157 | | |
Loans issued
|
| | | | 319 | | |
Trade and other receivables
|
| | | | 841 | | |
| | | | | 1,470 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (188) | | |
Long-term borrowings
|
| | | | (244) | | |
| | | | | (432) | | |
Total identifiable net assets at carrying value
|
| | | | 1,038 | | |
Effect of derecognition of subsidiary
|
| | | | 1,038 | | |
| | |
31 January 2022
|
| |||
Assets | | | | | | | |
Property and equipment (Note 7)
|
| | | | 8 | | |
Software licenses and other inventory
|
| | | | 106 | | |
Cash and short-term deposits
|
| | | | 2,574 | | |
Trade and other receivables
|
| | | | 2,496 | | |
| | | | | 5,184 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (1,372) | | |
Contract liabilities
|
| | | | (942) | | |
| | | | | (2,314) | | |
Total identifiable net assets at carrying value
|
| | | | 2,870 | | |
Effect of derecognition of subsidiary
|
| | | | 2,870 | | |
| | |
25 June 2021
|
| |||
Assets | | | | | | | |
Software licenses and other inventory
|
| | | | 4,084 | | |
Cash and short-term deposits
|
| | | | 167 | | |
Trade receivables
|
| | | | 681 | | |
| | | | | 4,932 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (365) | | |
| | | | | (365) | | |
Total identifiable net assets at carrying value
|
| | | | 4,567 | | |
Recognition of loans issued to the Group as at disposal date (Note 34)
|
| | | | 1,435 | | |
Effect of derecognition of subsidiary
|
| | | | 6,002 | | |
| | |
30 September 2022
|
| |||
Assets | | | | | | | |
Software licenses and other inventory
|
| | | | 2,750 | | |
Cash and short-term deposits
|
| | | | 10 | | |
Trade and other receivables
|
| | | | 11,719 | | |
Advances issued and other current assets
|
| | | | 254 | | |
| | | | | 14,733 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | (27) | | |
| | | | | (27) | | |
Total identifiable net assets at carrying value
|
| | | | 14,706 | | |
Recognition of loans issued to the Group as at disposal date (Note 34)
|
| | | | 2,095 | | |
Effect of derecognition of subsidiary
|
| | | | 16,801 | | |
Name
|
| |
Country of
incorporation and operation |
| |
As at
31 March 2023 |
| |
As at
31 March 2022 |
| ||||||
Softline AG
|
| | Germany | | | | | 37% | | | | | | 37% | | |
ACTIVECLOUD HOLDING LIMITED
|
| | Cyprus | | | | | 49% | | | | | | 49% | | |
SAGA d.o.o
|
| | Serbia | | | | | 23% | | | | | | — | | |
| | |
As at
31 March 2023 |
| |
As at 31 March
2022 (restated*) |
| ||||||
Accumulated balances of non-controlling interest: | | | | | | | | | | | | | |
Softline AG
|
| | | | (473) | | | | | | 1,389 | | |
Active technologies LLC
|
| | | | (448) | | | | | | (651) | | |
ACTIVECLOUD HOLDING LIMITED
|
| | | | (2,163) | | | | | | (2,726) | | |
SAGA d.o.o
|
| | | | 2,727 | | | | | | — | | |
Softclub
|
| | | | 524 | | | | | | 255 | | |
SLR companies
|
| | | | — | | | | | | (107) | | |
Other subsidiaries
|
| | | | (244) | | | | | | (553) | | |
| | | | | (77) | | | | | | (2,393) | | |
|
Softline AG
|
| | | | (1,863) | | | | | | (282) | | |
|
Active technologies LLC
|
| | | | 203 | | | | | | (795) | | |
|
ACTIVECLOUD HOLDING LIMITED
|
| | | | 563 | | | | | | (63) | | |
|
SAGA d.o.o
|
| | | | 572 | | | | | | — | | |
|
Softclub
|
| | | | 234 | | | | | | — | | |
|
SLR companies
|
| | | | 467 | | | | | | — | | |
|
Other subsidiaries
|
| | | | (402) | | | | | | 449 | | |
| | | | | | (226) | | | | | | (691) | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Revenue from contracts with customers
|
| | | | 33,443 | | | | | | 39,728 | | |
Cost of sales
|
| | | | (24,290) | | | | | | (17,962) | | |
Selling, administrative and other operating expenses
|
| | | | (12,678) | | | | | | (22,194) | | |
Finance costs
|
| | | | (423) | | | | | | (230) | | |
Impairment losses
|
| | | | (6,973) | | | | | | — | | |
Loss before tax
|
| | | | (10,921) | | | | | | (658) | | |
Income tax
|
| | | | 97 | | | | | | 78 | | |
Loss for the year
|
| | | | (10,824) | | | | | | (580) | | |
Translation difference
|
| | | | (1,236) | | | | | | (191) | | |
Total comprehensive loss
|
| | | | (12,060) | | | | | | (771) | | |
Attributable to non-controlling interests
|
| | | | (1,863) | | | | | | (282) | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Revenue from contracts with customers
|
| | | | 3,536 | | | | | | 2,556 | | |
Cost of sales
|
| | | | (1,030) | | | | | | (1,390) | | |
Administrative and other operating income and expenses
|
| | | | (2,446) | | | | | | (1,677) | | |
Finance costs
|
| | | | (1) | | | | | | (2) | | |
Profit/(loss) before tax
|
| | | | 59 | | | | | | (513) | | |
Income tax
|
| | | | 23 | | | | | | (165) | | |
Profit/(loss) for the year
|
| | | | 82 | | | | | | (678) | | |
Translation difference
|
| | | | 1,067 | | | | | | 550 | | |
Total comprehensive income/(loss)
|
| | | | 1,149 | | | | | | (128) | | |
Attributable to non-controlling interests
|
| | | | 563 | | | | | | (63) | | |
| | |
4 July 2022 to
31 March 2023 |
| |||
Revenue from contracts with customers
|
| | | | 40,056 | | |
Cost of sales
|
| | | | (28,460) | | |
Administrative and other operating income and expenses
|
| | | | (10,074) | | |
Finance costs
|
| | | | 352 | | |
Profit before tax
|
| | | | 1,874 | | |
Income tax
|
| | | | (288) | | |
Profit for the year
|
| | | | 1,586 | | |
Translation difference
|
| | | | 1,192 | | |
Total comprehensive income
|
| | | | 2,778 | | |
Attributable to non-controlling interests
|
| | | | 572 | | |
| | |
As at
31 March 2023 |
| |
As at
31 March 2022 |
| ||||||
Cash and cash equivalents
|
| | | | 125 | | | | | | 893 | | |
Trade and other receivables
|
| | | | 9,140 | | | | | | 6,961 | | |
Inventory and other current assets
|
| | | | 564 | | | | | | 1,163 | | |
Non-current assets
|
| | | | 6,998 | | | | | | 2,672 | | |
Trade and other payables (current)
|
| | | | (11,550) | | | | | | (7,726) | | |
Interest-bearing loans and borrowing and deferred tax
|
| | | | (6,568) | | | | | | (169) | | |
Total equity
|
| | | | (1,291) | | | | | | 3,794 | | |
Attributable to: | | | | | | | | | | | | | |
Equity holders of parent
|
| | | | (818) | | | | | | 2,405 | | |
Non-controlling interest
|
| | | | (473) | | | | | | 1,389 | | |
| | |
As at
31 March 2023 |
| |
As at
31 March 2022 |
| ||||||
Cash and cash equivalents
|
| | | | 141 | | | | | | 166 | | |
Trade and other receivables
|
| | | | 2,040 | | | | | | 571 | | |
Inventory and other current assets
|
| | | | 26 | | | | | | 99 | | |
Non-current assets
|
| | | | 638 | | | | | | 425 | | |
Trade and other payables (current)
|
| | | | (2,483) | | | | | | (2,518) | | |
Interest-bearing loans and borrowing
|
| | | | (4,776) | | | | | | (4,306) | | |
Total equity
|
| | | | (4,414) | | | | | | (5,563) | | |
Attributable to: | | | | | | | | | | | | | |
Equity holders of parent
|
| | | | (2,251) | | | | | | (2,837) | | |
Non-controlling interest
|
| | | | (2,163) | | | | | | (2,726) | | |
| | |
As at
31 March 2023 |
| |||
Cash and cash equivalents
|
| | | | 7,916 | | |
Trade and other receivables
|
| | | | 9,672 | | |
Inventory and other current assets
|
| | | | 8,284 | | |
Non-current assets
|
| | | | 13,269 | | |
Trade and other payables (current)
|
| | | | (15,306) | | |
Interest-bearing loans and borrowing and deferred tax
|
| | | | (9,699) | | |
Total equity
|
| | | | 14,136 | | |
Attributable to: | | | | | | | |
Equity holders of parent
|
| | | | 11,409 | | |
Non-controlling interest
|
| | | | 2,727 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Operating
|
| | | | 2,490 | | | | | | (1,717) | | |
Investing
|
| | | | (81) | | | | | | (284) | | |
Financing
|
| | | | (2,409) | | | | | | (44) | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Operating
|
| | | | 234 | | | | | | (269) | | |
Investing
|
| | | | (368) | | | | | | (42) | | |
Financing
|
| | | | 109 | | | | | | (142) | | |
| | |
4 July 2022 to
31 March 2023 |
| |||
Operating
|
| | | | 2,731 | | |
Investing
|
| | | | — | | |
Financing
|
| | | | 143 | | |
| | |
Computer and
office equipment |
| |
Buildings
|
| |
Total
|
| |||||||||
Cost | | | | | | | | | | | | | | | | | | | |
31 March 2021
|
| | | | 15,436 | | | | | | 1,799 | | | | | | 17,235 | | |
Additions
|
| | | | 7,943 | | | | | | — | | | | |
|
7,943
|
| |
Acquisition of a subsidiaries (Note 5(b))
|
| | | | 1,117 | | | | | | — | | | | |
|
1,117
|
| |
Disposals
|
| | | | (1,717) | | | | | | — | | | | |
|
(1,717)
|
| |
Translation difference
|
| | | | 119 | | | | | | — | | | | |
|
119
|
| |
31 March 2022
|
| | | | 22,898 | | | | | | 1,799 | | | | | | 24,697 | | |
Additions
|
| | | | 4,113 | | | | | | — | | | | |
|
4,113
|
| |
Acquisition of a subsidiaries (Note 5(a))
|
| | | | 2,490 | | | | | | 541 | | | | |
|
3,031
|
| |
Reclassification
|
| | | | 480 | | | | | | (480) | | | | |
|
—
|
| |
Disposals
|
| | | | (1,735) | | | | | | — | | | | |
|
(1,735)
|
| |
Discontinued operations (Note 5 (c))
|
| | | | (17,291) | | | | | | — | | | | |
|
(17,291)
|
| |
Translation difference
|
| | | | 3,362 | | | | | | (92) | | | | |
|
3,270
|
| |
31 March 2023
|
| | | | 14,317 | | | | | | 1,768 | | | | | | 16,085 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | |
31 March 2021
|
| | | | (9,390) | | | | | | — | | | | | | (9,390) | | |
Depreciation charge
|
| | | | (2,820) | | | | | | (104) | | | | |
|
(2,924)
|
| |
Reclassification
|
| | | | — | | | | | | (16) | | | | |
|
(16)
|
| |
Disposals
|
| | | | 1,119 | | | | | | — | | | | |
|
1,119
|
| |
Translation difference
|
| | | | 14 | | | | | | 1 | | | | |
|
15
|
| |
31 March 2022
|
| | | | (11,077) | | | | | | (119) | | | | | | (11,196) | | |
Depreciation charge
|
| | | | (2,759) | | | | | | (70) | | | | |
|
(2,829)
|
| |
Disposals
|
| | | | 1,159 | | | | | | — | | | | |
|
1,159
|
| |
Discontinued operations (Note 5 (c))
|
| | | | 6,527 | | | | | | — | | | | |
|
6,527
|
| |
Translation difference
|
| | | | (580) | | | | | | (7) | | | | |
|
(587)
|
| |
31 March 2023
|
| | | | (6,730) | | | | | | (196) | | | | | | (6,926) | | |
Net book value | | | | | | | | | | | | | | | | | | | |
At 31 March 2022
|
| | | | 11,821 | | | | | | 1,680 | | | | | | 13,501 | | |
At 31 March 2023
|
| | | | 7,587 | | | | | | 1,572 | | | | | | 9,159 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Investments in associates and joint ventures: | | | | | | | | | | | | | |
RCSRD
|
| | | | 517 | | | | | | — | | |
Other joint ventures
|
| | | | 95 | | | | | | 91 | | |
| | | | | 612 | | | | | | 91 | | |
Equity investment at FVOCI: | | | | | | | | | | | | | |
Crayon
|
| | | | — | | | | | | 62,173 | | |
| | | | | — | | | | | | 62,173 | | |
Other current financial assets at FVPL: | | | | | | | | | | | | | |
Argentine national bonds
|
| | | | 3,291 | | | | | | — | | |
Shares of CIB of Egypt
|
| | | | 5,615 | | | | | | — | | |
| | | | | 8,906 | | | | | | — | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Opening balance
|
| | | | — | | | | |
|
119,954
|
| |
Share in OCI of a joint venture
|
| | | | — | | | | | | 2,778 | | |
Share in distribution of funds
|
| | | | — | | | | | | (35,693) | | |
Reclassification to FVOCI investment
|
| | | | — | | | | | | (87,039) | | |
Closing balance
|
| | | | — | | | | | | — | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Opening balance
|
| | | | 62,173 | | | | | | — | | |
Reclassification from joint venture investment
|
| | | | — | | | | | | 87,039 | | |
Revaluation of investment
|
| | | | (17,606) | | | | | | 8,373 | | |
Sale of investment
|
| | | | (44,567) | | | | | | (33,239) | | |
Closing balance
|
| | |
|
—
|
| | | | | 62,173 | | |
| | |
Year ended
31 March 2023 |
| |||
Opening balance
|
| | | | — | | |
Initial investment
|
| | | | 686 | | |
Group’s share of profit for the year
|
| | | | (163) | | |
Translation difference
|
| | | | (6) | | |
Closing balance
|
| | | | 517 | | |
| | |
Year ended
31 March 2023 |
| |||
Opening balance
|
| | | | — | | |
Purchase of investment
|
| | | | 7,637 | | |
Revaluation of investment
|
| | | | 1,215 | | |
Sale of investment
|
| | | | (3,521) | | |
Translation difference
|
| | | | (2,040) | | |
Closing balance
|
| | | | 3,291 | | |
| | |
Year ended
31 March 2023 |
| |||
Opening balance
|
| | | | — | | |
Purchase of investment
|
| | | | 7,719 | | |
Revaluation of investment
|
| | | | (1,905) | | |
Sale of investment
|
| | | | (318) | | |
Translation difference
|
| | | | 119 | | |
Closing balance
|
| | | | 5,615 | | |
| | |
Corporate bonds
|
| |
Bonds of Russian
Ministry of Finance |
| ||||||
Opening balance as at 1 April 2023
|
| | | | — | | | | | | — | | |
Purchase
|
| | | | 3,191 | | | | | | 67,539 | | |
Translation difference
|
| | | | (45) | | | | | | (2,531) | | |
Revaluation to fair value
|
| | | | (8) | | | | | | 72,161 | | |
Discontinued operations (Note 5 (c))
|
| | | | (3,138) | | | | | | (137,169) | | |
Closing balance as at 31 March 2023
|
| | | | — | | | | | | — | | |
| | |
Brand and
customer relationship |
| |
Software
|
| |
Goodwill
(restated*) |
| |||||||||
Cost | | | | | | | | | | | | | | | | | | | |
31 March 2021
|
| | | | 16,059 | | | | | | 46,826 | | | | | | 46,497 | | |
Additions – acquired
|
| | | | — | | | | | | 6,131 | | | | | | — | | |
Additions – internally developed
|
| | | | — | | | | | | 9,027 | | | | | | — | | |
Acquisition of subsidiaries (Note 5 b)) (restated*)
|
| | | | 22,305 | | | | | | 7,244 | | | | | | 89,677 | | |
Disposals
|
| | | | (326) | | | | | | (1,522) | | | | | | — | | |
Translation difference
|
| | | | (10,523) | | | | | | 1,802 | | | | | | (9,365) | | |
31 March 2022
|
| | | | 27,515 | | | | | | 69,508 | | | | | | 126,809 | | |
Additions – acquired
|
| | | | — | | | | | | 7,564 | | | | | | — | | |
Additions – internally developed
|
| | | | — | | | | | | 4,478 | | | | | | — | | |
Acquisition of subsidiaries (Note 5(a))
|
| | | | 28,580 | | | | | | 1,178 | | | | | | 88,114 | | |
Disposals
|
| | | | (72) | | | | | | (1,869) | | | | | | — | | |
Discontinued operations (Note 5 (c))
|
| | | | (7,447) | | | | | | (58,782) | | | | | | (22,129) | | |
Translation difference and hyperinflation adjustment
|
| | | | 6,170 | | | | | | 9,756 | | | | | | (1,733) | | |
31 March 2023
|
| | | | 54,746 | | | | | | 31,833 | | | | | | 191,061 | | |
Accumulated amortisation | | | | | | | | | | | | | | | | | | | |
31 March 2021
|
| | |
|
(1,170)
|
| | | |
|
(17,344)
|
| | | | | — | | |
Amortisation charge
|
| | | | (3,303) | | | | | | (10,330) | | | | | | — | | |
Impairment
|
| | | | — | | | | | | — | | | | | | (8,705) | | |
Disposals
|
| | | | 180 | | | | | | 1,520 | | | | | | — | | |
Translation difference
|
| | | | 247 | | | | | | 2,384 | | | | | | — | | |
31 March 2022
|
| | | | (4,046) | | | | | | (23,770) | | | | | | (8,705) | | |
Amortisation charge
|
| | | | (6,878) | | | | | | (7,945) | | | | | | — | | |
Impairment
|
| | | | (2,263) | | | | | | — | | | | | | (17,494) | | |
Disposals
|
| | | | — | | | | | | 1,865 | | | | | | — | | |
Discontinued operations (Note 5 (c))
|
| | | | 2,524 | | | | | | 23,680 | | | | | | — | | |
Translation difference and hyperinflation adjustment
|
| | | | 253 | | | | | | (4,720) | | | | | | — | | |
31 March 2023
|
| | | | (10,410) | | | | | | (10,890) | | | | | | (26,199) | | |
Net book value | | | | | | | | | | | | | | | | | | | |
At 31 March 2022
|
| | | | 23,469 | | | | | | 45,738 | | | | | | 118,104 | | |
At 31 March 2023
|
| | | | 44,336 | | | | | | 20,943 | | | | | | 164,862 | | |
| | |
Goodwill
as at 31 March 2021 |
| |
Acquisition
of subsidiary (Note 5(b)) |
| |
Impairment
|
| |
Translation
difference |
| |
Goodwill
as at 31 March 2022 |
| |
Acquisition
of subsidiary (Note 5(a)) |
| |
Impairment
|
| |
Discontinued
operations (Note 5(c)) |
| |
Translation
difference and hyperinflation adjustment |
| |
Goodwill
as at 31 March 2023 |
| ||||||||||||||||||||||||||||||
Active Group
|
| | | | 9,693 | | | | | | — | | | | | | (2,042) | | | | | | (1,304) | | | | | | 6,347 | | | | | | — | | | | | | — | | | | | | — | | | | | | 262 | | | | | | 6,609 | | |
Softline Brazil
|
| | | | 6,554 | | | | | | — | | | | | | — | | | | | | 1,180 | | | | | | 7,734 | | | | | | — | | | | | | (311) | | | | | | — | | | | | | (513) | | | | | | 6,910 | | |
Development Bureau
|
| | | | 1,283 | | | | | | — | | | | | | — | | | | | | (128) | | | | | | 1,155 | | | | | | — | | | | | | — | | | | | | (1,576) | | | | | | 421 | | | | | | — | | |
Info security
|
| | | | 290 | | | | | | — | | | | | | — | | | | | | (29) | | | | | | 261 | | | | | | — | | | | | | — | | | | | | (355) | | | | | | 94 | | | | | | — | | |
HTC
|
| | | | 394 | | | | | | — | | | | | | — | | | | | | (39) | | | | | | 355 | | | | | | — | | | | | | — | | | | | | (484) | | | | | | 129 | | | | | | — | | |
EMBEE
|
| | | | 18,638 | | | | | | — | | | | | | — | | | | | | (628) | | | | | | 18,010 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,377) | | | | | | 16,633 | | |
Softline AG
|
| | | | 9,645 | | | | | | — | | | | | | — | | | | | | (513) | | | | | | 9,132 | | | | | | — | | | | | | (6,973) | | | | | | — | | | | | | (159) | | | | | | 2,000 | | |
NCPR
|
| | | | — | | | | | | 6,242 | | | | | | — | | | | | | (720) | | | | | | 5,522 | | | | | | — | | | | | | — | | | | | | (7,524) | | | | | | 2,002 | | | | | | — | | |
Belitsoft
|
| | | | — | | | | | | 6,694 | | | | | | — | | | | | | (965) | | | | | | 5,729 | | | | | | — | | | | | | (5,960) | | | | | | — | | | | | | 231 | | | | | | — | | |
Digitech
|
| | | | — | | | | | | 11,533 | | | | | | — | | | | | | (1,624) | | | | | | 9,909 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,054) | | | | | | 5,855 | | |
Squalio
|
| | | | — | | | | | | 8,943 | | | | | | — | | | | | | (547) | | | | | | 8,396 | | | | | | 2,590 | | | | | | — | | | | | | (1) | | | | | | (387) | | | | | | 10,598 | | |
Academy IT
|
| | | | — | | | | | | 3,398 | | | | | | — | | | | | | (396) | | | | | | 3,002 | | | | | | — | | | | | | — | | | | | | (4,102) | | | | | | 1,100 | | | | | | — | | |
TC Engineer
|
| | | | — | | | | | | 1,125 | | | | | | — | | | | | | (84) | | | | | | 1,041 | | | | | | — | | | | | | — | | | | | | (1,419) | | | | | | 378 | | | | | | — | | |
Umbrella
|
| | | | — | | | | | | 12,309 | | | | | | — | | | | | | (186) | | | | | | 12,123 | | | | | | — | | | | | | — | | | | | | — | | | | | | (927) | | | | | | 11,196 | | |
MMTR
|
| | | | — | | | | | | 2,399 | | | | | | — | | | | | | (180) | | | | | | 2,219 | | | | | | — | | | | | | — | | | | | | (3,025) | | | | | | 806 | | | | | | — | | |
Softclub
|
| | | | — | | | | | | 37,034 | | | | | | (6,663) | | | | | | (3,202) | | | | | | 27,169 | | | | | | — | | | | | | (4,250) | | | | | | — | | | | | | (207) | | | | | | 22,712 | | |
VPP
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,281 | | | | | | — | | | | | | (3,643) | | | | | | (638) | | | | | | — | | |
Seven Seas
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 513 | | | | | | — | | | | | | — | | | | | | — | | | | | | 513 | | |
MBicycle
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,753 | | | | | | — | | | | | | — | | | | | | (195) | | | | | | 1,558 | | |
Makronet
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,828 | | | | | | — | | | | | | — | | | | | | 526 | | | | | | 5,354 | | |
NFH
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,639 | | | | | | — | | | | | | — | | | | | | 372 | | | | | | 9,011 | | |
VPS
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,456 | | | | | | — | | | | | | — | | | | | | 58 | | | | | | 26,514 | | |
G7CR
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,516 | | | | | | — | | | | | | — | | | | | | 260 | | | | | | 37,776 | | |
aLabs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,538 | | | | | | | | | | | | | | | | | | 85 | | | | | | 1,623 | | |
Total | | | | | 46,497 | | | | | | 89,677 | | | | | | (8,705) | | | | | | (9,365) | | | | | | 118,104 | | | | | | 88,114 | | | | | | (17,494) | | | | | | (22,129) | | | | | | (1,733) | | | | | | 164,862 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Software for resale (at lower cost or net realizable value)
|
| | | | 21,882 | | | | | | 29,113 | | |
Hardware for resale (at lower cost or net realizable value)
|
| | | | 5,310 | | | | | | 23,744 | | |
Materials (at lower cost or net realizable value)
|
| | | | 2,731 | | | | | | 12 | | |
Total inventories
|
| | |
|
29,923
|
| | | |
|
52,869
|
| |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Receivables from third-party customers
|
| | | | 345,659 | | | | | | 283,663 | | |
Receivables from related parties (Note 34)
|
| | | | 3,632 | | | | | | 2,321 | | |
| | | | | 349,291 | | | | | | 285,984 | | |
Less: allowance for expected credit losses
|
| | | | (6,226) | | | | | | (11,676) | | |
| | | | | 343,065 | | | | | | 274,308 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
As at 1 April
|
| | | | (11,676) | | | | | | (10,274) | | |
Expected credit losses for the year (Note 25)
|
| | | | (3,167) | | | | | | (304) | | |
Write-offs
|
| | | | 820 | | | | | | 1,522 | | |
Discontinued operations
|
| | | | 6,748 | | | | | | (3,450) | | |
Derecognised on disposal of SLR
|
| | | | 4,049 | | | | | | — | | |
Translation difference
|
| | | | (3,000) | | | | | | 830 | | |
As at 31 March
|
| | | | (6,226) | | | | | | (11,676) | | |
| | | | | | | | |
Days past due
|
| |||||||||||||||||||||||||||||||||
| | |
Total
|
| |
Current
|
| |
<30 days
|
| |
30 – 60
days |
| |
61 – 90
days |
| |
91 – 180
days |
| |
>181 days
|
| |||||||||||||||||||||
As at 31 March 2023
|
| | |
|
343,065
|
| | | | | 226,946 | | | | | | 46,852 | | | | | | 23,005 | | | | | | 14,724 | | | | | | 14,843 | | | | | | 16,695 | | |
As at 31 March 2022
|
| | |
|
274,308
|
| | | | | 207,178 | | | | | | 34,067 | | | | | | 16,836 | | | | | | 5,951 | | | | | | 5,253 | | | | | | 5,023 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Long-term loans issued to related parties (Note 34)
|
| | | | 2,957 | | | | | | 52 | | |
Other long-term loans
|
| | | | 13,305 | | | | | | 3,151 | | |
Total long-term
|
| | | | 16,262 | | | | | | 3,203 | | |
Short-term loans issued to related parties (Note 34)
|
| | | | 7,545 | | | | | | 16,684 | | |
Other short-term loans
|
| | | | 75 | | | | | | 1,112 | | |
Interest receivable from third party
|
| | | | 753 | | | | | | 551 | | |
Interest receivable from related party
|
| | | | 361 | | | | | | 67 | | |
Total short-term
|
| | | | 8,734 | | | | | | 18,414 | | |
| | | | | 24,996 | | | | | | 21,617 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Short-term deposits
|
| | | | 43,589 | | | | | | 14,726 | | |
Cash in banks, including
|
| | | | 91,034 | | | | | | 314,249 | | |
In Russian rubles
|
| | | | 256 | | | | | | 47,510 | | |
In USD
|
| | | | 10,329 | | | | | | 144,972 | | |
In other currencies
|
| | | | 80,449 | | | | | | 121,767 | | |
Cash on hand
|
| | | | 245 | | | | | | 239 | | |
Cash equivalents
|
| | | | 52 | | | | | | 112 | | |
Restricted cash
|
| | | | 1,375 | | | | | | 4,745 | | |
| | | | | 136,295 | | | | | | 334,071 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Advances issued to suppliers and subcontractors
|
| | | | 16,338 | | | | | | 35,268 | | |
Advances issued and other current assets to related parties
(Note 34) |
| | | | 6,966 | | | | | | 1,127 | | |
Deferred expenses
|
| | | | 4,634 | | | | | | 2,777 | | |
| | | | | 27,938 | | | | | | 39,172 | | |
| | |
31 March 2023
|
| |
31 March 2022
(restated*) |
| ||||||
Ordinary shares
|
| | | | 238,848,215 | | | | | | 231,775,745 | | |
Total number of issued shares
|
| | | | 238,848,215 | | | | | | 231,775,745 | | |
Shares issued but not fully paid
|
| | | | 101,816,897 | | | | | | 101,816,897 | | |
Shares issued and fully paid
|
| | | | 137,031,318 | | | | | | 129,958,848 | | |
Total number of issued shares
|
| | | | 238,848,215 | | | | | | 231,775,745 | | |
Nominal value per share, US dollars
|
| | | | 0.00023647 | | | | | | 0.00018741 | | |
Total issued share capital, US dollars
|
| | | | 56,480 | | | | | | 43,438 | | |
| | |
Other reserves
|
| |||
1 April 2021
|
| | | | (23,190) | | |
Acquisition of non-controlling interest in Lagembor
|
| | | | (2,476) | | |
Share-based payments (Note 17)
|
| | | | 9,563 | | |
LTI options realised
|
| | | | (580) | | |
Other
|
| | | | (507) | | |
31 March 2022
|
| | | | (17,190) | | |
Acquisition of non-controlling interest in SAGA Group and SoftLineBel
|
| | | | (4,061) | | |
Share-based payments (Note 17)
|
| | | | (484) | | |
Other
|
| | | | 1,840 | | |
31 March 2023
|
| | | | (19,895) | | |
Valuation date
|
| |
27 September
2021 |
| |
21 September
2021 |
| |
21 September
2021 |
| |||||||||
Share price
|
| | | | 2.11 | | | | | | 2.11 | | | | | | 2.11 | | |
Exercise price of an option
|
| | | | 0.00 | | | | | | 1.12 | | | | | | 1.12 | | |
Number of periods to Exercise in years
|
| | | | 0.93 | | | | | | 1.43 | | | | | | 2.10 | | |
Compounded risk-free Interest rate
|
| | |
|
0.08%
|
| | | |
|
0.13%
|
| | | |
|
0.20%
|
| |
Standard deviation (annualised)
|
| | |
|
30.01%
|
| | | |
|
30.39%
|
| | | |
|
30.56%
|
| |
| | |
Granted
|
| |
Exercised
|
| |
Forfeited
|
| |
Outstanding
|
| |
Exercisable
|
| |||||||||||||||
For the year ended 31 March 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of the options
|
| | | | 15,575,112 | | | | | | (143,880) | | | | | | (28,530) | | | | | | 16,299,622 | | | | | | 14,976,464 | | |
Weighted average exercise price of the options
|
| | | | 0.59 | | | | | | 1.12 | | | | | | 1.12 | | | | | | 0.61 | | | | | | 0.57 | | |
For the year ended 31 March 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of the options
|
| | | | 5,611,851 | | | | | | (51,616) | | | | | | (7,133,381) | | | | | | 14,726,476 | | | | | | 14,726,476 | | |
Weighted average exercise price of the options
|
| | | | 0.47 | | | | | | 1.12 | | | | | | 0.8 | | | | | | 0.47 | | | | | | 0.47 | | |
Grant date
|
| |
30.06.2017
|
| |
21.09.2018
|
| |
27.09.2018
|
| |
06.11.2018
|
| |
10.07.2019
|
| |
31.12.2019
|
| |
01.01.2020
|
| |
21.09.2021
|
| |
27.09.2021
|
| |||||||||||||||||||||||||||
Weighted average contractual life (in years)
|
| | | | 5.17 | | | | | | 3.94 | | | | | | 3.93 | | | | | | 3.82 | | | | | | 3.48 | | | | | | 3.25 | | | | | | 3.25 | | | | | | 1.77 | | | | | | 0.93 | | |
| | |
Effective
interest rate |
| |
Maturities
of debt |
| |
31 March
2023 |
| |
31 March
2022 |
| ||||||
In RUR | | | | | | | | | | | | | | | | | | | |
Bonds
|
| |
9.19 – 12.29%
|
| |
December 2023
|
| | | | — | | | | | | 74,424 | | |
Sberbank
|
| |
6.74%
|
| |
February 2023
|
| | | | — | | | | | | 23,785 | | |
Corporate lenders
|
| |
14.6%
|
| |
on demand –
|
| | | | 1,689 | | | | | | 77 | | |
Corporate lenders (related parties)
|
| |
7%
|
| |
October 2023 –
January 2024 |
| | | | 5,192 | | | | | | 196 | | |
In EUR | | | | | | | | | | | | | | | | | | | |
International Investment bank
|
| |
EURIBOR+3,25%
|
| |
on demand
|
| | | | 13,575 | | | | | | 12,478 | | |
SIA Citadele leasing & Factoring
|
| |
5.00%
|
| |
June 2023
|
| | | | 34 | | | | | | 1,166 | | |
OTP Bank
|
| |
EURIBOR+1.45%
|
| |
April 2022
|
| | | | — | | | | | | 705 | | |
JSC Development Finance
Institution Altum |
| |
2.90%
|
| |
September 2023
|
| | | | 204 | | | | | | 680 | | |
Raiffeisen Bank
|
| |
EURIBOR+ 1.00 –
2.5% |
| |
May 2023
|
| | | | 641 | | | | | | 206 | | |
Mirabank
|
| |
2.7%
|
| |
July 2023
|
| | | | 143 | | | | | | — | | |
Addiko Bank
|
| |
3.4%
|
| |
October 2024
|
| | | | 261 | | | | | | — | | |
Commerzbank
|
| |
3.75%
|
| |
On demand
|
| | | | 426 | | | | | | — | | |
Corporate lenders
|
| |
4%
|
| |
On demand
|
| | | | 286 | | | | | | — | | |
Corporate lenders (related parties)
|
| |
7%
|
| |
December 2023
|
| | | | 2,175 | | | | | | | | |
In USD | | | | | | | | | | | | | | | | | | | |
BANCO CITIBANK S.A.
|
| |
4.46%
|
| |
June 2023
|
| | | | — | | | | | | 8,018 | | |
BBVA
|
| |
5.75 – 6.15%
|
| |
May 2023 –
August 2026 |
| | | | 540 | | | | | | 391 | | |
BAC SAN JOSE
|
| |
4.50%
|
| |
June 2022
|
| | | | — | | | | | | 280 | | |
Bac Credomatic
|
| |
8%
|
| |
January 2024
|
| | | | 124 | | | | | | — | | |
Banks and financial institutions
|
| |
1.00 – 9.00%
|
| |
On demand
|
| | | | 77 | | | | | | 79 | | |
Corporate lenders (related parties)
|
| |
9-11%
|
| |
June 2023
|
| | | | 136 | | | | | | 1,390 | | |
In INR | | | | | | | | | | | | | | | | | | | |
Hewlett Packard Financial Services
(India) Pvt Ltd |
| |
9.75 – 11.74%
|
| |
August 2023 –
February 2026 |
| | | | 4,243 | | | | | | 3,781 | | |
Tata Capital Finance Serivce Ltd.
|
| |
10.00 – 11.00%
|
| |
May 2023 – June 2028
|
| | | | 3,998 | | | | | | 3,093 | | |
DBS Bank
|
| |
0.00%
|
| |
July 2023
|
| | | | 2,012 | | | | | | 2,095 | | |
ICICI BANK
|
| |
I-CLR6M+1.00%
|
| |
July 2022
|
| | | | — | | | | | | 1,762 | | |
AXIS BANK
|
| |
3M MCLR+1.20% –
11.75% |
| |
On demand –
November 2024 |
| | | | 9,794 | | | | | | 1,844 | | |
HDFC Bank
|
| |
8.60%
|
| |
May 2023 –
September 2023 |
| | | | 3,008 | | | | | | 1,679 | | |
| | |
Effective
interest rate |
| |
Maturities
of debt |
| |
31 March
2023 |
| |
31 March
2022 |
| ||||||
Kotak Bank
|
| |
9.1%
|
| |
September 2023
|
| | | | 974 | | | | | | — | | |
Cisco Capital
|
| |
11%
|
| |
August 2024
|
| | | | 242 | | | | | | — | | |
Standard Chartered bank
|
| |
9.95 – 12%
|
| |
August 2024
|
| | | | 1,929 | | | | | | — | | |
Corporate lenders
|
| |
8.00%
|
| |
On demand –
February 2024 |
| | | | 8 | | | | | | 71 | | |
In COP | | | | | | | | | | | | | | | | | | | |
Banks and financial institutions
|
| |
IBR + 6.25% – 7.05%
|
| |
February 2024
|
| | | | 69 | | | | | | 38 | | |
In other currencies | | | | | | | | | | | | | | | | | | | |
Banks and financial institutions
|
| |
0 – 14%
|
| |
May 2023
|
| | | | 42 | | | | | | 167 | | |
| | |
31 March
2023 |
| |
31 March
2022 |
| ||||||
Long-term borrowings
|
| | | | 5,298 | | | | | | 49,197 | | |
Short-term borrowings and current portion of long-term debt
|
| | | | 39,021 | | | | | | 87,622 | | |
Short-term borrowings and current portion of long-term debt (related
parties) |
| | |
|
7,503
|
| | | |
|
1,586
|
| |
Total | | | | | 51,822 | | | | | | 138,405 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Trade payables
|
| | | | 347,764 | | | | | | 265,576 | | |
Payables to employees
|
| | | | 20,443 | | | | | | 17,825 | | |
Provision for unused vacation
|
| | | | 5,286 | | | | | | 8,753 | | |
Provisions/accrued expenses
|
| | | | 4,972 | | | | | | 1,700 | | |
Payables for non-current assets
|
| | | | 295 | | | | | | 1,489 | | |
Payables to related parties (Note 34)
|
| | | | 10,772 | | | | | | 663 | | |
Other payables
|
| | | | 12,812 | | | | | | 14,458 | | |
| | | | | 402,344 | | | | | | 310,464 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Deferred income
|
| | | | 3,813 | | | | | | 5,289 | | |
Long-term sublease liabilities
|
| | | | — | | | | | | 2,035 | | |
Other
|
| | | | 2,556 | | | | | | 732 | | |
| | | | | 6,369 | | | | | | 8,056 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
As at 1 April
|
| | | | 10,369 | | | | | | 14,782 | | |
Additions
|
| | | | 19,248 | | | | | | 6,371 | | |
Acquisition of subsidiaries (Note 5(a), 5(b))
|
| | | | 5,653 | | | | | | 296 | | |
Reclassification
|
| | | | — | | | | | | (2,035) | | |
Accretion of interest
|
| | | | 1,884 | | | | | | 1,144 | | |
Disposal
|
| | | | (944) | | | | | | (2,380) | | |
Payments
|
| | | | (8,863) | | | | | | (6,767) | | |
Discontinued operations (Note 5(c))
|
| | | | (12,925) | | | | | | — | | |
Exchange difference
|
| | | | 2,131 | | | | | | 207 | | |
Translation difference
|
| | | | (108) | | | | | | (1,249) | | |
As at 31 March
|
| | | | 16,445 | | | | | | 10,369 | | |
Current
|
| | | | 4,502 | | | | | | 4,495 | | |
Non-current
|
| | | | 11,943 | | | | | | 5,874 | | |
| | |
Equipment and
vehicles |
| |
Office
premises |
| |
Total
|
| |||||||||
Cost | | | | | | | | | | | | | | | | | | | |
1 April 2021
|
| | | | 11,890 | | | | | | 15,292 | | | | | | 27,182 | | |
Additions
|
| | | | 1,476 | | | | | | 3,999 | | | | |
|
5,475
|
| |
Acquisition of subsidiaries (Note 5(b))
|
| | | | | | | | | | 296 | | | | |
|
296
|
| |
Disposals
|
| | | | (593) | | | | | | (2,983) | | | | |
|
(3,576)
|
| |
Translation difference
|
| | | | (981) | | | | | | (1,286) | | | | |
|
(2,267)
|
| |
31 March 2022
|
| | | | 11,792 | | | | | | 15,318 | | | | | | 27,110 | | |
Additions
|
| | | | 1,841 | | | | | | 17,407 | | | | |
|
19,248
|
| |
Acquisition of subsidiaries (Note 5(a))
|
| | | | 380 | | | | | | 5,273 | | | | |
|
5,653
|
| |
Disposals
|
| | | | (5,322) | | | | | | (1,989) | | | | |
|
(7,311)
|
| |
Discontinued operations (Note 5(c))
|
| | | | (8,914) | | | | | | (19,314) | | | | |
|
(28,228)
|
| |
Translation difference
|
| | | | 2,497 | | | | | | 3,371 | | | | |
|
5,868
|
| |
31 March 2023
|
| | | | 2,274 | | | | | | 20,066 | | | | | | 22,340 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | |
1 April 2021
|
| | | | (7,568) | | | | | | (5,863) | | | | | | (13,431) | | |
Depreciation charge
|
| | | | (1,364) | | | | | | (4,330) | | | | |
|
(5,694)
|
| |
Disposals
|
| | | | 582 | | | | | | 1,914 | | | | |
|
2,496
|
| |
Translation difference
|
| | | | 750 | | | | | | 721 | | | | |
|
1,471
|
| |
31 March 2022
|
| | | | (7,600) | | | | | | (7,558) | | | | | | (15,158) | | |
Depreciation charge
|
| | | | (948) | | | | | | (5,203) | | | | |
|
(6,151)
|
| |
Disposals
|
| | | | 5,391 | | | | | | 1,107 | | | | |
|
6,498
|
| |
Discontinued operations (Note 5(c))
|
| | | | 4,336 | | | | | | 7,972 | | | | |
|
12,308
|
| |
Translation difference
|
| | | | (2,339) | | | | | | (1,782) | | | | |
|
(4,121)
|
| |
31 March 2023
|
| | | | (1,160) | | | | | | (5,464) | | | | | | (6,624) | | |
Net book value | | | | | | | | | | | | | | | | | | | |
At 01 April 2021
|
| | | | 4,322 | | | | | | 9,429 | | | | | | 13,751 | | |
At 31 March 2022
|
| | | | 4,192 | | | | | | 7,760 | | | | | | 11,952 | | |
At 31 March 2023
|
| | | | 1,114 | | | | | | 14,602 | | | | | | 15,716 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Depreciation expense of right-of-use assets
|
| | | | 4,209 | | | | | | 1,525 | | |
Interest expense on right-of-use assets
|
| | | | 1,141 | | | | | | 163 | | |
Expenses relating to exempt short-term leases
|
| | | | 1,490 | | | | | | 2,245 | | |
Total amount recognised in profit or loss
|
| | | | 6,840 | | | | | | 3,933 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Principal amount of debt
|
| | | | 5,682 | | | | | | 5,682 | | |
Penalties and fines discount
|
| | | | (917) | | | | | | (917) | | |
Discount on the long-term portion of the debt
|
| | | | (901) | | | | | | (1,028) | | |
Translation difference
|
| | | | (3,012) | | | | | | (2,323) | | |
Carrying amount of debt
|
| | | | 852 | | | | | | 1,414 | | |
Long-term tax payable
|
| | | | 794 | | | | | | 939 | | |
Other payables
|
| | | | 58 | | | | | | 475 | | |
31 March 2023
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and ICO
elimination |
| |
Total
|
| ||||||||||||||||||
Sales of services
|
| | | | 68,351 | | | | | | 57,348 | | | | | | 8,346 | | | | | | 36,963 | | | | | | (3,409) | | | | |
|
167,599
|
| |
Sales of software and cloud
|
| | | | 20,032 | | | | | | 48,609 | | | | | | 16,520 | | | | | | 33,859 | | | | | | 1,359 | | | | |
|
120,379
|
| |
Sales of hardware
|
| | | | 41,926 | | | | | | 32,140 | | | | | | 6,618 | | | | | | 33,787 | | | | | | (684) | | | | |
|
113,787
|
| |
Total | | | | | 130,309 | | | | | | 138,097 | | | | | | 31,484 | | | | | | 104,609 | | | | | | (2,734) | | | | | | 401,765 | | |
31 March 2022 (restated)
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and ICO
elimination |
| |
Total
|
| ||||||||||||||||||
Sales of services
|
| | | | 27,537 | | | | | | 27,137 | | | | | | 7,700 | | | | | | 19,085 | | | | | | (1,415) | | | | |
|
80,044
|
| |
Sales of software and cloud
|
| | | | 22,422 | | | | | | 67,509 | | | | | | 13,136 | | | | | | 23,022 | | | | | | 156 | | | | |
|
126,245
|
| |
Sales of hardware
|
| | | | 19,877 | | | | | | 4,824 | | | | | | 4,020 | | | | | | 13,771 | | | | | | (1,055) | | | | |
|
41,437
|
| |
Total | | | | | 69,836 | | | | | | 99,470 | | | | | | 24,856 | | | | | | 55,878 | | | | | | (2,314) | | | | | | 247,726 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 (restated) |
| ||||||
Cost of services
|
| | | | 95,424 | | | | | | 40,740 | | |
Cost of hardware
|
| | | | 94,483 | | | | | | 34,406 | | |
Cost of software and cloud
|
| | | | 35,716 | | | | | | 55,837 | | |
| | | | | 225,623 | | | | | | 130,983 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 (restated) |
| ||||||
Compensation to employees
|
| | | | 97,681 | | | | | | 60,170 | | |
Depreciation and amortisation
|
| | | | 16,857 | | | | | | 10,232 | | |
Payroll taxes
|
| | | | 10,254 | | | | | | 11,401 | | |
Legal services
|
| | | | 8,575 | | | | | | 7,418 | | |
Professional services
|
| | | | 4,749 | | | | | | 2,071 | | |
Non-income taxes
|
| | | | 4,529 | | | | | | 2,053 | | |
Business trips
|
| | | | 3,117 | | | | | | 930 | | |
Expected credit losses
|
| | | | 3,167 | | | | | | 304 | | |
Licenses, certificates
|
| | | | 2,733 | | | | | | 1,634 | | |
Bank, payments and other related commissions
|
| | | | 2,586 | | | | | | 2,830 | | |
Advertising and marketing expenses
|
| | | | 2,251 | | | | | | 1,197 | | |
Training and entertainment expenses
|
| | | | 2,151 | | | | | | 974 | | |
Short-term lease
|
| | | | 1,528 | | | | | | 2,230 | | |
Maintenance
|
| | | | 1,385 | | | | | | 702 | | |
Materials
|
| | | | 1,354 | | | | | | 903 | | |
Office maintenance costs
|
| | | | 1,352 | | | | | | 1,556 | | |
Transportation expenses
|
| | | | 1,012 | | | | | | 415 | | |
Communication expenses
|
| | | | 972 | | | | | | 517 | | |
Repairs
|
| | | | 960 | | | | | | 578 | | |
Audit, other assurance and non-audit services
|
| | | | 945 | | | | | | 450 | | |
IPO gifts and celebration
|
| | | | — | | | | | | 1,044 | | |
Other expenses
|
| | | | 2,468 | | | | | | 749 | | |
| | | | | 170,626 | | | | | | 110,358 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 (restated) |
| ||||||
Reversal of accounts payable
|
| | | | (1,771) | | | | | | (771) | | |
Penalties received
|
| | | | (460) | | | | | | (36) | | |
Dividend income
|
| | | | (1) | | | | | | — | | |
Other income
|
| | | | (2,251) | | | | | | (1,428) | | |
| | | | | (4,483) | | | | | | (2,235) | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 (restated) |
| ||||||
Impairment losses (Note 9)
|
| | | | 19,757 | | | | | | 8,705 | | |
Penalties paid
|
| | | | 1,782 | | | | | | 548 | | |
Result on disposal of assets
|
| | | | 84 | | | | | | 122 | | |
Other expenses
|
| | | | 696 | | | | | | 325 | | |
| | | | | 22,319 | | | | | | 9,700 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 (restated) |
| ||||||
Interest on borrowings
|
| | | | 4,400 | | | | | | 6,242 | | |
Interest expense on right-of-use assets
|
| | | | 1,884 | | | | | | 1,144 | | |
Factoring fees
|
| | | | 366 | | | | | | 845 | | |
Other finance expenses
|
| | | | 3,886 | | | | | | 191 | | |
Interest expense
|
| | | | 10,536 | | | | | | 8,422 | | |
Amortisation of financial instruments, net
|
| | | | 9,223 | | | | | | 3,424 | | |
Finance costs
|
| | | | 19,759 | | | | | | 11,846 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Current income tax
|
| | | | 5,518 | | | | | | 3,721 | | |
Deferred tax | | | | | | | | | | | | | |
Relating to origination and reversal of temporary differences
|
| | | | (1,410) | | | | | | (3,210) | | |
Income tax expense reported in the statement of profit or loss and other comprehensive income (loss)
|
| | | | 4,108 | | | | | | 511 | | |
| | |
Consolidated statement
of financial position |
| |
Consolidated statement
of profit or loss and other comprehensive income (loss) |
| ||||||||||||||||||
| | |
As at 31
March 2023 |
| |
As at 31
March 2022 |
| |
Year ended 31
March 2023 |
| |
Year ended
31 March 2022 |
| ||||||||||||
Deferred tax assets/(liabilities) arising from | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax loss carry forward
|
| | | | 6,408 | | | | | | 8,709 | | | | | | (676) | | | | | | 3,259 | | |
Accrual for unused vacation
|
| | | | 862 | | | | | | 1,394 | | | | | | 333 | | | | | | 191 | | |
Intangible assets
|
| | | | (9,060) | | | | | | (5,777) | | | | | | 1,622 | | | | | | 166 | | |
Allowance for expected credit losses
|
| | | | 1,809 | | | | | | 2,099 | | | | | | (854) | | | | | | 248 | | |
Stock valuation allowance
|
| | | | 482 | | | | | | 44 | | | | | | 741 | | | | | | (18) | | |
Property and equipment
|
| | | | (600) | | | | | | (1,428) | | | | | | (280) | | | | | | (874) | | |
Accruals
|
| | | | 624 | | | | | | 243 | | | | | | (109) | | | | | | 41 | | |
Leases
|
| | | | 119 | | | | | | 104 | | | | | | 360 | | | | | | (137) | | |
Loans payable valuation
|
| | | | (223) | | | | | | (459) | | | | | | (312) | | | | | | (108) | | |
Loans receivable valuation
|
| | | | — | | | | | | (93) | | | | | | — | | | | | | — | | |
Revaluation of financial assets
|
| | | | — | | | | | | — | | | | | | (14,431) | | | | | | — | | |
Other assets/(liabilities)
|
| | | | (24) | | | | | | (16) | | | | | | (46) | | | | | | — | | |
Deferred tax (expenses)/benefit
|
| | | | | | | | | | | | | | | | (13,652) | | | | | | 2,768 | | |
Net deferred tax assets
|
| | | | 397 | | | | | | 4,820 | | | | | | | | | | | | | | |
| | |
As at 31
March 2023 |
| |
As at 31
March 2022 |
| ||||||
Deferred tax assets
|
| | | | 10,294 | | | | | | 10,157 | | |
Deferred tax liabilities
|
| | | | (9,897) | | | | | | (5,337) | | |
Deferred tax assets, net
|
| | | | 397 | | | | | | 4,820 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Accounting (loss) before tax from continuing operations
|
| | | | (30,334) | | | | | | (8,417) | | |
Profit before tax from discontinued operations
|
| | | | 243,347 | | | | | | 4,759 | | |
Accounting profit/ (loss) before income tax
|
| | | | 213,013 | | | | | | (3,658) | | |
Theoretical income tax expense/(benefit) at Noventiq’s prevailing tax rate 25% (year ended 31 March 2022 – 20%)
|
| | | | 53,253 | | | | | | (732) | | |
Reconciling items | | | | | | | | | | | | | |
Unrecognised deferred tax assets
|
| | | | 1,544 | | | | | | 2,982 | | |
Effect of different tax rates in other jurisdictions
|
| | | | 2,693 | | | | | | 916 | | |
Recognition of previously unrecognised deferred tax assets arising from tax loss carryforwards
|
| | | | (59) | | | | | | (2,564) | | |
Other non-taxable income
|
| | | | (37,996) | | | | | | 3,397 | | |
Income tax paid for the previous years
|
| | | | 954 | | | | | | — | | |
Other
|
| | | | — | | | | | | (155) | | |
Total income tax expense
|
| | | | 20,389 | | | | | | 3,844 | | |
Income tax expense reported in the statement of profit or loss
|
| | | | 4,108 | | | | | | 511 | | |
Income tax attributable to discontinued operations
|
| | | | 16,281 | | | | | | 3,333 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of
valuation |
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Assets measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other non-current assets (options)
|
| |
31 March 2023
|
| | | | 758 | | | | | | — | | | | | | — | | | | | | 758 | | |
Other current financial assets (listed equity investments)
|
| |
31 March 2023
|
| | | | 5,615 | | | | | | 5,615 | | | | | | — | | | | | | — | | |
Other current financial assets (quoted debt instruments)
|
| |
31 March 2023
|
| | | | 3,291 | | | | | | — | | | | | | 3,291 | | | | | | — | | |
Assets for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term loan issued
|
| |
31 March 2023
|
| | | | 13,305 | | | | | | — | | | | | | — | | | | | | 13,305 | | |
Long-term loan issued related party
|
| |
31 March 2023
|
| | | | 2,957 | | | | | | | | | | | | | | | | | | 2,957 | | |
Long-term deposit
|
| |
31 March 2023
|
| | | | 6,500 | | | | | | — | | | | | | — | | | | | | 6,500 | | |
Total financial assets
|
| | | | | | | 32,426 | | | | | | 5,615 | | | | | | 3,291 | | | | | | 23,520 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Liabilities measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other long-term creditors (options)
|
| |
31 March 2023
|
| | | | 6,369 | | | | | | — | | | | | | — | | | | | | 6,369 | | |
Long-term contingent consideration for acquisitions
|
| |
31 March 2023
|
| | | | 51,480 | | | | | | — | | | | | | — | | | | | | 51,480 | | |
Liabilities for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings − third parties
|
| |
31 March 2023
|
| | | | 5,298 | | | | | | — | | | | | | — | | | | | | 5,298 | | |
Long-term deferred payments for
acquisitions |
| |
31 March 2023
|
| | | | 1,837 | | | | | | — | | | | | | — | | | | | | 1,837 | | |
Long-term lease liabilities
|
| |
31 March 2023
|
| | | | 11,943 | | | | | | — | | | | | | — | | | | | | 11,943 | | |
Total financial liabilities
|
| | | | | | | 76,927 | | | | | | — | | | | | | — | | | | | | 76,927 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Assets measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other non-current assets (options)
|
| |
31 March 2022
|
| | | | 812 | | | | | | — | | | | | | — | | | | | | 812 | | |
Equity investment at FVOCI
|
| |
31 March 2022
|
| | | | 62,173 | | | | | | 62,173 | | | | | | — | | | | | | — | | |
Assets for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term loan issued
|
| |
31 March 2022
|
| | | | 3,151 | | | | | | — | | | | | | — | | | | | | 3,151 | | |
Long-term loan issued related party
|
| | | | | | | 52 | | | | | | | | | | | | — | | | | | | 52 | | |
Long-term deposit
|
| |
31 March 2022
|
| | | | 5,171 | | | | | | — | | | | | | — | | | | | | 5,171 | | |
Other non-current assets (long-term receivables under finance lease)
|
| |
31 March 2022
|
| | | | 2,118 | | | | | | — | | | | | | — | | | | | | 2,118 | | |
Total financial assets
|
| | | | | | | 73,477 | | | | | | 62,173 | | | | | | — | | | | | | 11,304 | | |
| | | | | |
Fair value measurement using
|
| |||||||||||||||||||||
| | |
Date of valuation
|
| |
Total
|
| |
Quoted
prices in active markets (Level 1) |
| |
Significant
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| ||||||||||||
Liabilities measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other long-term creditors (options)
|
| |
31 March 2022
|
| | | | 8,056 | | | | | | — | | | | | | — | | | | | | 8,056 | | |
Long-term contingent consideration for acquisitions
|
| |
31 March 2022
|
| | | | 22,448 | | | | | | — | | | | | | — | | | | | | 22,448 | | |
Liabilities for which fair values are disclosed | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term borrowings − third parties
|
| |
31 March 2022
|
| | | | 49,197 | | | | | | — | | | | | | — | | | | | | 49,197 | | |
Long-term deferred payments for acquisitions
|
| |
31 March 2022
|
| | | | 7,373 | | | | | | — | | | | | | — | | | | | | 7,373 | | |
Long-term lease liabilities
|
| |
31 March 2022
|
| | | | 5,874 | | | | | | — | | | | | | — | | | | | | 5,874 | | |
Total financial liabilities
|
| | | | | | | 92,948 | | | | | | — | | | | | | — | | | | | | 92,948 | | |
| | |
Change in
exchange rates |
| |
Effect on
profit before tax |
| ||||||
Year ended 31 March 2023
|
| | | | | | | | | | | | |
USD/ARS
|
| | | | 46% | | | | | | (5,143) | | |
| | | | | -85% | | | | | | 9,533 | | |
USD/COP
|
| | | | 9% | | | | | | (1,458) | | |
| | | | | -10% | | | | | | 1,608 | | |
Year ended 31 March 2022 | | | | | | | | | | | | | |
USD/ARS
|
| | | | 46% | | | | | | (1,899) | | |
| | | | | -85% | | | | | | 3,520 | | |
USD/COP
|
| | | | 27% | | | | | | (2,320) | | |
| | | | | -37% | | | | | | 3,168 | | |
USD/RUB
|
| | | | 39% | | | | | | 3,874 | | |
| | | | | -63% | | | | | | (6,329) | | |
| | | | | | | | |
Days past due
|
| |||||||||||||||||||||||||||||||||
31 March 2023
|
| |
Total
|
| |
Current
|
| |
<30 days
|
| |
30 – 60
days |
| |
61 – 90
days |
| |
91 – 180
days |
| |
>181 days
|
| |||||||||||||||||||||
Expected credit loss rate
|
| | | | | | | | | | 0.13% | | | | | | 0.33% | | | | | | 0.55% | | | | | | 1.31% | | | | | | 4.55% | | | | | | 22.13% | | |
Estimated total gross carrying amount at default
|
| | |
|
349,291
|
| | | | | 227,242 | | | | | | 47,008 | | | | | | 23,132 | | | | | | 14,919 | | | | | | 15,550 | | | | | | 21,440 | | |
Expected credit loss
|
| | |
|
(6,226)
|
| | | | | (296) | | | | | | (156) | | | | | | (127) | | | | | | (195) | | | | | | (707) | | | | | | (4,745) | | |
| | | | | | | | |
Days past due
|
| |||||||||||||||||||||||||||||||||
31 March 2022
|
| |
Total
|
| |
Current
|
| |
<30 days
|
| |
30 – 60
days |
| |
61 – 90
days |
| |
91 – 180
days |
| |
>181 days
|
| |||||||||||||||||||||
Expected credit loss rate
|
| | | | | | | | | | 0.84% | | | | | | 2.14% | | | | | | 10.77% | | | | | | 9.06% | | | | | | 17.66% | | | | | | 51.96% | | |
Estimated total gross carrying amount at default
|
| | |
|
285,984
|
| | | | | 208,923 | | | | | | 34,813 | | | | | | 18,869 | | | | | | 6,544 | | | | | | 6,380 | | | | | | 10,455 | | |
Expected credit loss
|
| | |
|
(11,676)
|
| | | | | (1,745) | | | | | | (746) | | | | | | (2,033) | | | | | | (593) | | | | | | (1,127) | | | | | | (5,432) | | |
As at 31 March 2023
|
| |
On
demand |
| |
Less than
6 months |
| |
6 – 12
months |
| |
1 – 2
years |
| |
More than
2 years |
| |
Total
|
| ||||||||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade accounts payable
|
| | | | — | | | | | | 347,764 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
347,764
|
| |
Loans and borrowings
|
| | | | 24,130 | | | | | | 12,291 | | | | | | 13,411 | | | | | | 3,027 | | | | | | 2,354 | | | | |
|
55,213
|
| |
Contingent consideration for acquisitions
|
| | | | — | | | | | | 15,106 | | | | | | 2,286 | | | | | | 32,548 | | | | | | 39,930 | | | | |
|
89,870
|
| |
Deferred consideration
|
| | | | — | | | | | | 2,601 | | | | | | 4,340 | | | | | | 856 | | | | | | 3,409 | | | | |
|
11,206
|
| |
Lease liabilities
|
| | | | — | | | | | | 2,797 | | | | | | 2,763 | | | | | | 4,781 | | | | | | 9,069 | | | | |
|
19,410
|
| |
| | | | | 24,130 | | | | | | 380,559 | | | | | | 22,800 | | | | | | 41,212 | | | | | | 54,762 | | | | | | 523,463 | | |
As at 31 March 2022
|
| |
On
demand |
| |
Less than
6 months |
| |
6 – 12
months |
| |
1 – 2
years |
| |
More than
2 years |
| |
Total
|
| ||||||||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade accounts payable
|
| | | | — | | | | | | 265,264 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
265,264
|
| |
Loans and borrowings
|
| | | | — | | | | | | 12,853 | | | | | | 50,018 | | | | | | 62,735 | | | | | | 12,869 | | | | |
|
138,475
|
| |
Contingent consideration for acquisitions
|
| | | | — | | | | | | 12,301 | | | | | | 13,095 | | | | | | 2,691 | | | | | | 35,330 | | | | |
|
63,417
|
| |
Deferred consideration
|
| | | | — | | | | | | 5,697 | | | | | | 12,632 | | | | | | 10,817 | | | | | | 9,420 | | | | |
|
38,566
|
| |
Lease liabilities
|
| | | | — | | | | | | 3,062 | | | | | | 2,517 | | | | | | 5,241 | | | | | | 1,384 | | | | |
|
12,204
|
| |
| | | | | — | | | | | | 299,177 | | | | | | 78,262 | | | | | | 81,484 | | | | | | 59,003 | | | | | | 517,926 | | |
| | |
Category*
|
| |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Long-term loan issued
|
| | FAAC | | | | | 13,305 | | | | | | 3,151 | | |
Long-term loan issued related party
|
| | FAAC | | | | | 2,957 | | | | | | 52 | | |
Long-term deposit
|
| | FAAC | | | | | 6,500 | | | | | | 5,171 | | |
Long-term receivables under finance lease
|
| | FAAC | | | | | — | | | | | | 2,118 | | |
Equity investment at FVOCI
|
| | FVOCI | | | | | — | | | | | | 62,173 | | |
Other current financial assets
|
| | FVPL | | | | | 8,906 | | | | | | — | | |
Trade and other receivables
|
| | FAAC | | | | | 343,065 | | | | | | 274,308 | | |
Short-term loans issued
|
| | FAAC | | | | | 828 | | | | | | 1,663 | | |
Short-term loans issued related party
|
| | FAAC | | | | | 7,906 | | | | | | 16,751 | | |
Cash and cash equivalents
|
| | FAAC | | | | | 136,295 | | | | | | 334,071 | | |
Total financial assets
|
| | | | | | | 519,762 | | | | | | 699,458 | | |
Current
|
| | | | | | | 497,000 | | | | | | 626,793 | | |
Non-current
|
| | | | | | | 22,762 | | | | | | 72,665 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Long-term borrowings − third parties
|
| | FLAC | | | | | 5,298 | | | | | | 49,197 | | |
Long-term contingent consideration for acquisitions
|
| | FVPL | | | | | 51,480 | | | | | | 22,448 | | |
Long-term deferred payments for acquisitions
|
| | FLAC | | | | | 1,837 | | | | | | 7,373 | | |
Long-term lease liabilities
|
| | FLAC | | | | | 11,943 | | | | | | 5,874 | | |
Short-term interest bearing borrowings and loans
|
| | FLAC | | | | | 39,021 | | | | | | 87,622 | | |
Short-term interest bearing borrowings and loans related party
|
| | FLAC | | | | | 7,503 | | | | | | 1,586 | | |
Short-term contingent consideration for acquisitions
|
| | FVPL | | | | | 17,377 | | | | | | 24,614 | | |
Short-term deferred payments for acquisitions
|
| | FLAC | | | | | 7,020 | | | | | | 26,994 | | |
Short-term lease liabilities
|
| | FLAC | | | | | 4,502 | | | | | | 4,495 | | |
Trade and other accounts payable
|
| | FLAC | | | | | 351,158 | | | | | | 264,327 | | |
Total financial liabilities
|
| | | | | | | 497,139 | | | | | | 494,530 | | |
Current
|
| | | | | | | 426,581 | | | | | | 409,638 | | |
Non-current
|
| | | | | | | 70,558 | | | | | | 84,892 | | |
| | |
As at
1 April 2022 |
| |
Cash flows
|
| |
Foreign
exchange movement |
| |
New
leases |
| |
Business
combinations |
| |
Discontinued
operations |
| |
Other
|
| |
As at
31 March 2023 |
| ||||||||||||||||||||||||
Current interest-bearing borrowings
and loans |
| | | | 89,208 | | | | | | 35,983 | | | | | | 7,423 | | | | | | — | | | | | | 8,849 | | | | | | (126,430) | | | | | | 31,491 | | | | | | 46,524 | | |
Current lease liabilities (Note 21)
|
| | | | 4,495 | | | | | | (8,863) | | | | | | 2,131 | | | | | | 6,544 | | | | | | 5,456 | | | | | | (6,132) | | | | | | 871 | | | | | | 4,502 | | |
Non-current interest-bearing borrowings and loans
|
| | | | 49,197 | | | | | | (200) | | | | | | (10,900) | | | | | | — | | | | | | 5,249 | | | | | | (52,480) | | | | | | 14,432 | | | | | | 5,298 | | |
Non-current lease liabilities (Note 21)
|
| | | | 5,874 | | | | | | — | | | | | | — | | | | | | 12,704 | | | | | | 197 | | | | | | (6,793) | | | | | | (39) | | | | | | 11,943 | | |
Total liabilities from financing activities
|
| | | | 148,774 | | | | | | 26,920 | | | | | | (1,346) | | | | | | 19,248 | | | | | | 19,751 | | | | | | (191,835) | | | | | | 46,755 | | | | | | 68,267 | | |
| | |
As at
1 April 2021 |
| |
Cash flows
|
| |
Foreign
exchange movement |
| |
New
leases |
| |
Business
combinations |
| |
Other
|
| |
As at
31 March 2022 |
| |||||||||||||||||||||
Current interest-bearing loans and borrowings
|
| | | | 100,297 | | | | | | (668,771) | | | | | | 788 | | | | | | — | | | | | | 4,446 | | | | | | 652,448 | | | | | | 89,208 | | |
Current lease liabilities (Note 21)
|
| | | | 4,905 | | | | | | (8,237) | | | | | | (204) | | | | | | 2,333 | | | | | | — | | | | | | 5,698 | | | | | | 4,495 | | |
Non-current interest-bearing loans and borrowings
|
| | | | 84,420 | | | | | | 619,163 | | | | | | — | | | | | | — | | | | | | — | | | | | | (654,386) | | | | | | 49,197 | | |
Non-current lease liabilities (Note 21)
|
| | | | 9,877 | | | | | | — | | | | | | — | | | | | | 4,334 | | | | | | — | | | | | | (8,337) | | | | | | 5,874 | | |
Total liabilities from financing activities
|
| | | | 199,499 | | | | | | (57,845) | | | | | | 584 | | | | | | 6,667 | | | | | | 4,446 | | | | | | (4,577) | | | | | | 148,774 | | |
| | |
Disposal
group |
| |
EMBEE
|
| |
SL Brazil
|
| |
Belitsoft
|
| |
Digitech
|
| |
Umbrella
|
| |
Softclub
|
| |
Seven
Seas |
| |
MBicycle
|
| |
Makronet
|
| |
NFH
|
| |
Squalio
Workforce |
| |
G7CR
|
| |
VPS
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
As at 1 April 2021
|
| | | | 825 | | | | | | 844 | | | | | | 460 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,129 | | |
Acquisition of subsidiaries (Note 5(b)) (restated*)
|
| | | | 8,469 | | | | | | — | | | | | | — | | | | | | 11,025 | | | | | | 12,234 | | | | | | 6,121 | | | | | | 11,423 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
49,272
|
| |
Redemption (Note 5(b))
|
| | | | (4,058) | | | | | | (617) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(4,675)
|
| |
Amortisation of discount (restated*)
|
| | | | 555 | | | | | | — | | | | | | — | | | | | | 455 | | | | | | 1,285 | | | | | | 100 | | | | | | 314 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
2,709
|
| |
Remeasurement of fair value
|
| | | | 443 | | | | | | 1,376 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
1,819
|
| |
Write-off
|
| | | | — | | | | | | — | | | | | | (464) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(464)
|
| |
Translation difference
|
| | | | (396) | | | | | | (24) | | | | | | 4 | | | | | | — | | | | | | (1,836) | | | | | | (90) | | | | | | (1386) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(3,728)
|
| |
As at 31 March 2022
|
| | | | 5,838 | | | | | | 1,579 | | | | | | — | | | | | | 11,480 | | | | | | 11,683 | | | | | | 6,131 | | | | | | 10,351 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,062 | | |
Acquisition of subsidiaries (Note 5(a))
|
| | | | 1,612 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70 | | | | | | 1,248 | | | | | | 2,299 | | | | | | 2,507 | | | | | | 1,294 | | | | | | 22,282 | | | | | | 21,601 | | | | |
|
52,913
|
| |
Redemption (Note 5)
|
| | | | (1,460) | | | | | | (1,502) | | | | | | — | | | | | | (7,777) | | | | | | (9,609) | | | | | | (1,759) | | | | | | — | | | | | | — | | | | | | — | | | | | | (674) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(22,781)
|
| |
Amortisation of discount
|
| | | | 884 | | | | | | — | | | | | | — | | | | | | 755 | | | | | | 1,383 | | | | | | 691 | | | | | | 2,395 | | | | | | — | | | | | | 65 | | | | | | 120 | | | | | | 295 | | | | | | — | | | | | | 426 | | | | | | 1,421 | | | | |
|
8,435
|
| |
Remeasurement of fair value
|
| | | | 386 | | | | | | — | | | | | | — | | | | | | (2,150) | | | | | | (177) | | | | | | (2,047) | | | | | | (2,316) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(6,304)
|
| |
Discontinued operations (Note 5 (c))
|
| | | | (9,172) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(9,172)
|
| |
Translation difference
|
| | | | 1,912 | | | | | | (77) | | | | | | — | | | | | | — | | | | | | (3,280) | | | | | | (356) | | | | | | 229 | | | | | | — | | | | | | — | | | | | | (111) | | | | | | 114 | | | | | | 69 | | | | | | 156 | | | | | | 48 | | | | |
|
(1,296)
|
| |
As at 31 March 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,308 | | | | | | — | | | | | | 2,660 | | | | | | 10,659 | | | | | | 70 | | | | | | 1,313 | | | | | | 1,634 | | | | | | 2,916 | | | | | | 1,363 | | | | | | 22,864 | | | | | | 23,070 | | | | | | 68,857 | | |
Long-term contingent consideration for
acquisitions |
| | | | — | | | | | | — | | | | | | — | | | | | | 2,308 | | | | | | — | | | | | | 2,660 | | | | | | 10,659 | | | | | | — | | | | | | 780 | | | | | | 934 | | | | | | 2,916 | | | | | | — | | | | | | 9,657 | | | | | | 21,566 | | | | |
|
51,480
|
| |
Short-term contingent consideration for acquisitions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70 | | | | | | 533 | | | | | | 700 | | | | | | — | | | | | | 1,363 | | | | | | 13,207 | | | | | | 1,504 | | | | |
|
17,377
|
| |
As at 31 March 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,308 | | | | | | — | | | | | | 2,660 | | | | | | 10,659 | | | | | | 70 | | | | | | 1,313 | | | | | | 1,634 | | | | | | 2,916 | | | | | | 1,363 | | | | | | 22,864 | | | | | | 23,070 | | | | | | 68,857 | | |
Lender
|
| |
Obligor
|
| |
Amount of
Guarantee |
| |
Currency
|
| |
Expiry date
|
| |||
Gazprombank
|
| |
JSC Softline
|
| | | | 2,500,000 | | | |
RUB
|
| |
23 July 2028
|
|
PJSC Sberbank
|
| |
JSC Softline
|
| | | | 2,500,000 | | | |
RUB
|
| |
10 February 2024
|
|
| | | | | | | | 500,000 | | | |
RUB
|
| |
10 February 2024
|
|
| | | | | | | | 5,000,000 | | | |
RUB
|
| |
10 February 2024 –
30 March 2026 |
|
LLC DLL Leasing
|
| |
JSC Softline
|
| | | | 5,816 | | | |
RUB
|
| |
Until full execution of obligations
under the Agreement |
|
| | | | | | | | 8,846 | | | |
RUB
|
| |
Until full execution of obligations
under the Agreement |
|
JSC Alfa-Bank
|
| |
JSC Softline,
LLC Softline Projects |
| | | | 2,800,000 | | | |
RUB
|
| |
31 December 2023
|
|
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Within 1 year
|
| | | | 5,656 | | | | | | 4,482 | | |
2 – 5 years
|
| | | | 10,191 | | | | | | 5,197 | | |
After 5 years
|
| | | | 3,480 | | | | | | 55 | | |
| | | | | 19,327 | | | | | | 9,734 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Softline Limited
|
| | | | 4,548 | | | | | | — | | |
Softline (D.S.) LTD
|
| | | | 1,701 | | | | | | — | | |
LLC DPA
|
| | | | 892 | | | | | | — | | |
SIA Squalio
|
| | | | 550 | | | | | | — | | |
LLC Skysoft Victory
|
| | | | 330 | | | | | | — | | |
LLP Soft Distribution
|
| | | | 161 | | | | | | — | | |
LLC Da-Management
|
| | | | — | | | | | | 16,738 | | |
Other
|
| | | | 214 | | | | | | 65 | | |
| | | | | 8,396 | | | | | | 16,803 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
SGI Group Limited
|
| | | | 2,467 | | | | | | — | | |
| | | | | 2,467 | | | | | | — | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
Niltasoft Computers Trading LLC
|
| | | | 3,000 | | | | | | — | | |
LLC Soft Logistic
|
| | | | 2,394 | | | | | | — | | |
JSC Softline
|
| | | | 575 | | | | | | — | | |
Softline Limited
|
| | | | 533 | | | | | | — | | |
LLC Softline Integration
|
| | | | 234 | | | | | | — | | |
LLC Softline Projects
|
| | | | 142 | | | | | | — | | |
LLC Aflex
|
| | | | — | | | | | | 200 | | |
LLC Softline Outsourcing
|
| | | | — | | | | | | 120 | | |
LLC Robovoice
|
| | | | — | | | | | | 120 | | |
Other
|
| | | | 88 | | | | | | 687 | | |
| | | | | 6,966 | | | | | | 1,127 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
JSC Softline
|
| | | | 1,777 | | | | | | — | | |
LLP Soft Distribution
|
| | | | 406 | | | | | | — | | |
LLC Axoft International
|
| | | | 281 | | | | | | — | | |
SIA Squalio
|
| | | | 251 | | | | | | — | | |
LLC Axoft Distribution
|
| | | | 133 | | | | | | — | | |
LLC Softline Projects
|
| | | | 121 | | | | | | — | | |
LLC Axoft
|
| | | | 121 | | | | | | — | | |
LLC SkySoft Victory
|
| | | | 10 | | | | | | 1,112 | | |
LLC Smartline
|
| | | | — | | | | | | 602 | | |
Other
|
| | | | 532 | | | | | | 607 | | |
| | | | | 3,632 | | | | | | 2,321 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
LLC Axoft International
|
| | | | 1,294 | | | | | | — | | |
JSC Softline
|
| | | | 225 | | | | | | — | | |
LLC Soft Logistic
|
| | | | 176 | | | | | | — | | |
LLC Axoft Distribution
|
| | | | 147 | | | | | | — | | |
LLC Softline International
|
| | | | 131 | | | | | | — | | |
Other
|
| | | | 4 | | | | | | 2 | | |
| | | | | 1,977 | | | | | | 2 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
LLC Soft Logistic
|
| | | | 5,139 | | | | | | — | | |
LLC National Center for Support and Development
|
| | | | 2,175 | | | | | | — | | |
LLC Axoft
|
| | | | 189 | | | | | | — | | |
Softline Management ApS
|
| | | | — | | | | | | 1,390 | | |
Other
|
| | | | — | | | | | | 196 | | |
| | | | | 7,503 | | | | | | 1,586 | | |
| | |
31 March 2023
|
| |
31 March 2022
|
| ||||||
JSC Softline
|
| | | | 10,093 | | | | | | — | | |
LLC Softline International
|
| | | | 237 | | | | | | — | | |
LLC Softline Integration
|
| | | | 177 | | | | | | — | | |
SIA Squalio
|
| | | | 145 | | | | | | — | | |
Other
|
| | | | 120 | | | | | | 663 | | |
| | | | | 10,772 | | | | | | 663 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
JSC Softline
|
| | | | 7,677 | | | | | | — | | |
LLC Smartline
|
| | | | 2,276 | | | | | | — | | |
LLC Skysoft Victory
|
| | | | 1,818 | | | | | | 3,127 | | |
LLP Soft Distribution
|
| | | | 1,040 | | | | | | — | | |
LLC Softline Projects
|
| | | | 756 | | | | | | — | | |
LLC Softline Internet Trade
|
| | | | 542 | | | | | | — | | |
LLC Axoft
|
| | | | 445 | | | | | | — | | |
LLC Development Bureau
|
| | | | 235 | | | | | | — | | |
LLC Aflex
|
| | | | 142 | | | | | | 15 | | |
LLC Axoft Distribution
|
| | | | 128 | | | | | | — | | |
Other
|
| | | | 431 | | | | | | 87 | | |
| | | | | 15,490 | | | | | | 3,229 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 |
| ||||||
LLC Axoft
|
| | | | 327 | | | | | | — | | |
Other
|
| | | | 177 | | | | | | — | | |
| | | | | 504 | | | | | | — | | |
| | |
Shareholders
|
| |
Key
management |
| |
Entities with
significant influence over the Group |
| |
Total
related party transactions |
| ||||||||||||
Payroll and related expense
|
| | | | (148) | | | | | | (5,507) | | | | | | — | | | | |
|
(5,655)
|
| |
Finance income
|
| | | | 26 | | | | | | — | | | | | | 241 | | | | |
|
267
|
| |
Finance expenses
|
| | | | — | | | | | | — | | | | | | (222) | | | | |
|
(222)
|
| |
| | |
Shareholders
|
| |
Key
management |
| |
Entities with
significant influence over the Group |
| |
Total
related party transactions |
| ||||||||||||
Payroll and related expense
|
| | | | (90) | | | | | | (3,396) | | | | | | — | | | | |
|
(3,486)
|
| |
Other distribution
|
| | | | (54) | | | | | | — | | | | | | — | | | | |
|
(54)
|
| |
IPO-related costs
|
| | | | (1,002) | | | | | | — | | | | | | | | | | |
|
(1,002)
|
| |
Finance income
|
| | | | — | | | | | | — | | | | | | 198 | | | | |
|
198
|
| |
Finance expenses
|
| | | | — | | | | | | — | | | | | | (51) | | | | |
|
(51)
|
| |
| | |
31 March 2023
|
| |
31 March 2022
(restated) |
| ||||||
Interest bearing borrowings and loans (Note 18)
|
| | | | 51,822 | | | | | | 138,405 | | |
Trade and other payables (Note 19)
|
| | | | 402,344 | | | | | | 310,464 | | |
Deferred payments for acquisition (Note 5)
|
| | | | 8,857 | | | | | | 34,367 | | |
Contingent consideration for acquisitions (Note 32)
|
| | | | 68,857 | | | | | | 47,062 | | |
Less: cash and cash equivalents (Note 14)
|
| | | | (136,295) | | | | | | (334,071) | | |
Net debt
|
| | | | 395,585 | | | | | | 196,227 | | |
Equity attributable to equity holders of the parent
|
| | | | 272,043 | | | | | | 421,029 | | |
Capital and net debt
|
| | | | 667,628 | | | | | | 617,256 | | |
Gearing ratio
|
| | | | 59% | | | | | | 32% | | |
| | |
16 May 2023
|
| |||
Assets | | | | | | | |
Property and equipment
|
| | | | 7 | | |
Trade receivables
|
| | | | 237 | | |
Income tax receivable
|
| | | | 14 | | |
Advances issued and other current assets
|
| | | | 36 | | |
Cash and short-term deposits
|
| | | | 23 | | |
| | | | | 317 | | |
Liabilities | | | | | | | |
Trade and other payables
|
| | | | 315 | | |
Contract liabilities
|
| | | | 29 | | |
Other taxes payable
|
| | | | 82 | | |
| | | | | 426 | | |
Total identifiable net liabilities at fair value
|
| | | | (109) | | |
Goodwill arising on acquisition
|
| | | | 478 | | |
Short-term deferred consideration for acquisition
|
| | | | 367 | | |
Long-term contingent consideration for acquisition
|
| | | | 2 | | |
Total consideration for acquisition
|
| | | | 369 | | |
| | |
Cash flow
on acquisition |
| |||
Net cash acquired with the subsidiary
|
| | | | 23 | | |
Cash paid
|
| | | | — | | |
Net cash flow on acquisition
|
| | | | 23 | | |
31 March 2023
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and ICO
elimination |
| |
Total
|
| ||||||||||||||||||
Revenue
|
| | | | 130,309 | | | | | | 138,097 | | | | | | 31,484 | | | | | | 104,609 | | | | | | (2,734) | | | | |
|
401,765
|
| |
Cost of sales
|
| | | | (82,934) | | | | | | (83,624) | | | | | | (10,202) | | | | | | (52,528) | | | | | | 3,665 | | | | |
|
(225,623)
|
| |
Gross profit
|
| | | | 47,375 | | | | | | 54,473 | | | | | | 21,282 | | | | | | 52,081 | | | | | | 931 | | | | | | 176,142 | | |
Selling, general and administrative expenses
|
| | | | (31,514) | | | | | | (51,202) | | | | | | (20,557) | | | | | | (34,849) | | | | | | (32,504) | | | | |
|
(170,626)
|
| |
Other operating (expenses)/income
|
| | | | (12,473) | | | | | | (5,955) | | | | | | (1,410) | | | | | | 468 | | | | | | 1,534 | | | | |
|
(17,836)
|
| |
Operating profit/(loss)
|
| | | | 3,388 | | | | | | (2,684) | | | | | | (685) | | | | | | 17,700 | | | | | | (30,039) | | | | | | (12,320) | | |
Share of net income in associates and joint ventures
|
| | | | — | | | | | | (163) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(163)
|
| |
Foreign exchange gain/ (loss)
|
| | | | (44) | | | | | | (1,729) | | | | | | (5,320) | | | | | | (1,002) | | | | | | (421) | | | | |
|
(8,516)
|
| |
Finance income
|
| | | | 609 | | | | | | 1,836 | | | | | | 215 | | | | | | 1,209 | | | | | | 1,318 | | | | |
|
5,187
|
| |
Finance costs
|
| | | | (7,656) | | | | | | (5,781) | | | | | | (1,579) | | | | | | (6,281) | | | | | | 1,538 | | | | |
|
(19,759)
|
| |
Change in fair value of financial instruments
|
| | | | 4,466 | | | | | | 178 | | | | | | 1,215 | | | | | | 1,282 | | | | | | (1,904) | | | | |
|
5,237
|
| |
Profit/(loss) before tax
|
| | | | 763 | | | | | | (8,343) | | | | | | (6,154) | | | | | | 12,908 | | | | | | (29,508) | | | | | | (30,334) | | |
Income tax expense
|
| | | | (366) | | | | | | (972) | | | | | | (1,214) | | | | | | (1,549) | | | | | | (7) | | | | |
|
(4,108)
|
| |
Net profit/(loss) for the year
|
| | | | 397 | | | | | | (9,315) | | | | | | (7,368) | | | | | | 11,359 | | | | | | (29,515) | | | | | | (34,442) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax, fines and penalties for the previous years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Adjusted profit/(loss) for the year
|
| | | | 397 | | | | | | (9,315) | | | | | | (7,368) | | | | | | 11,359 | | | | | | (29,515) | | | | | | (34,442) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 366 | | | | | | 972 | | | | | | 1,214 | | | | | | 1,549 | | | | | | 7 | | | | |
|
4,108
|
| |
Depreciation and amortisation
|
| | | | 5,405 | | | | | | 6,539 | | | | | | 231 | | | | | | 3,216 | | | | | | 1,466 | | | | |
|
16,857
|
| |
Foreign exchange (gain)/loss
|
| | | | 44 | | | | | | 1,729 | | | | | | 5,320 | | | | | | 1,002 | | | | | | 421 | | | | |
|
8,516
|
| |
Net financial income and expenses
|
| | | | 2,581 | | | | | | 3,767 | | | | | | 149 | | | | | | 3,790 | | | | | | (952) | | | | |
|
9,335
|
| |
Property and equipment write-off
|
| | | | (6) | | | | | | (51) | | | | | | (44) | | | | | | 2 | | | | | | — | | | | |
|
(99)
|
| |
IPO related bonus
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Employee termination payments
|
| | | | 23 | | | | | | 1,009 | | | | | | 315 | | | | | | 56 | | | | | | 6 | | | | |
|
1,409
|
| |
Impairment losses
|
| | | | 12,473 | | | | | | 6,973 | | | | | | 311 | | | | | | — | | | | | | — | | | | |
|
19,757
|
| |
One-off items (penalties and acquisition-
related expenses) |
| | | | 1 | | | | | | 4 | | | | | | 1,456 | | | | | | 111 | | | | | | 3,478 | | | | |
|
5,050
|
| |
Adjusted EBITDA
|
| | | | 21,284 | | | | | | 11,627 | | | | | | 1,584 | | | | | | 21,085 | | | | | | (25,089) | | | | | | 30,491 | | |
31 March 2022 (restated)
|
| |
RoE
|
| |
EMEA
|
| |
LATAM
|
| |
APAC
|
| |
HQ and ICO
elimination |
| |
Total
|
| ||||||||||||||||||
Revenue
|
| | | | 69,836 | | | | | | 99,470 | | | | | | 24,856 | | | | | | 55,878 | | | | | | (2,314) | | | | |
|
247,726
|
| |
Cost of sales
|
| | | | (39,253) | | | | | | (67,891) | | | | | | (6,395) | | | | | | (20,517) | | | | | | 3,073 | | | | |
|
(130,983)
|
| |
Gross profit
|
| | | | 30,583 | | | | | | 31,579 | | | | | | 18,461 | | | | | | 35,361 | | | | | | 759 | | | | | | 116,743 | | |
Selling, general and administrative expenses
|
| | | | (19,962) | | | | | | (23,148) | | | | | | (16,791) | | | | | | (18,556) | | | | | | (31,901) | | | | |
|
(110,358)
|
| |
Other operating (expenses)/ income
|
| | | | (8,684) | | | | | | 135 | | | | | | 268 | | | | | | 105 | | | | | | 711 | | | | |
|
(7,465)
|
| |
Operating profit
|
| | | | 1,937 | | | | | | 8,566 | | | | | | 1,938 | | | | | | 16,910 | | | | | | (30,431) | | | | | | (1,080) | | |
Share of net income in associates and joint ventures
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Foreign exchange gain
|
| | | | 778 | | | | | | 41 | | | | | | 1,277 | | | | | | 506 | | | | | | 1,430 | | | | |
|
4,032
|
| |
Finance income
|
| | | | 443 | | | | | | 971 | | | | | | 217 | | | | | | 520 | | | | | | 12 | | | | |
|
2,163
|
| |
Finance costs
|
| | | | (1,050) | | | | | | (3,864) | | | | | | (1,473) | | | | | | (2,367) | | | | | | (3,092) | | | | |
|
(11,846)
|
| |
Change in fair value of financial instruments
|
| | | | (314) | | | | | | — | | | | | | — | | | | | | (1,372) | | | | | | — | | | | |
|
(1,686)
|
| |
Profit/(loss) before tax
|
| | | | 1,794 | | | | | | 5,714 | | | | | | 1,959 | | | | | | 14,197 | | | | | | (32,081) | | | | | | (8,417) | | |
Income tax expense
|
| | | | (668) | | | | | | (546) | | | | | | 1,895 | | | | | | (1,177) | | | | | | (15) | | | | |
|
(511)
|
| |
Profit/(loss) for the year
|
| | | | 1,126 | | | | | | 5,168 | | | | | | 3,854 | | | | | | 13,020 | | | | | | (32,096) | | | | | | (8,928) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax, fines and penalties for the previous years
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Adjusted profit/(loss) for the year
|
| | | | 1,126 | | | | | | 5,168 | | | | | | 3,854 | | | | | | 13,020 | | | | | | (32,096) | | | | | | (8,928) | | |
Added back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 668 | | | | | | 546 | | | | | | (1,895) | | | | | | 1,177 | | | | | | 15 | | | | |
|
511
|
| |
Depreciation and amortisation
|
| | | | 3,336 | | | | | | 4,892 | | | | | | 450 | | | | | | 1,319 | | | | | | 235 | | | | |
|
10,232
|
| |
Foreign exchange gain
|
| | | | (778) | | | | | | (41) | | | | | | (1,277) | | | | | | (506) | | | | | | (1,430) | | | | |
|
(4,032)
|
| |
Net financial income and expenses
|
| | | | 921 | | | | | | 2,893 | | | | | | 1,256 | | | | | | 3,219 | | | | | | 3,080 | | | | |
|
11,369
|
| |
Property and equipment write-off
|
| | | | 154 | | | | | | — | | | | | | (10) | | | | | | (9) | | | | | | — | | | | |
|
135
|
| |
IPO related bonus
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,874 | | | | |
|
1,874
|
| |
Employee termination payments
|
| | | | 21 | | | | | | — | | | | | | 313 | | | | | | — | | | | | | 1,032 | | | | |
|
1,366
|
| |
Impairment losses
|
| | | | 8,705 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
8,705
|
| |
One-off items (penalties and acquisition-related expenses)
|
| | | | 4 | | | | | | (281) | | | | | | (105) | | | | | | 12 | | | | | | 4,681 | | | | |
|
4,311
|
| |
Adjusted EBITDA
|
| | | | 14,157 | | | | | | 13,177 | | | | | | 2,586 | | | | | | 18,232 | | | | | | (22,609) | | | | | | 25,543 | | |
| | |
India
|
| |
Belarus
|
| |
Serbia
|
| |
Cyprus
(ex-domicile) |
| |
Germany
|
| |
Other
countries |
| |
Total
|
| |||||||||||||||||||||
Revenue (external) for the year ended 31 March 2023
|
| | | | 88,855 | | | | | | 69,017 | | | | | | 40,807 | | | | | | 25,526 | | | | | | 24,162 | | | | | | 153,398 | | | | |
|
401,765
|
| |
Revenue (external) for the year ended 31 March 2022
|
| | | | 41,999 | | | | | | 39,494 | | | | | | 86 | | | | | | 52,387 | | | | | | 31,769 | | | | | | 81,991 | | | | |
|
247,726
|
| |
| | |
India
|
| |
Belarus
|
| |
Serbia
|
| |
Cyprus
(ex-domicile) |
| |
Germany
|
| |
Other
countries |
| |
Discontinued
operations |
| |
Total
|
| ||||||||||||||||||||||||
Non-current assets as at 31 March 2023
|
| | | | 118,311 | | | | | | 45,424 | | | | | | 16,269 | | | | | | 13,299 | | | | | | 8,972 | | | | | | 53,353 | | | | | | — | | | | |
|
255,628
|
| |
Non-current assets as at 31 March 2022
|
| | | | 39,946 | | | | | | 55,541 | | | | | | 1 | | | | | | 14,151 | | | | | | 11,848 | | | | | | 39,921 | | | | | | 51,447 | | | | |
|
212,855
|
| |
| | |
Discontinuing
operations – VPP |
| |
Seven Seas
|
| |
NFH
|
| |
Makronet
|
| |
MBicycle
|
| |
VPS
|
| |
aLabs
|
| |
G7CR
|
| ||||||||||||||||||||||||
Revenue
|
| | | | 330 | | | | | | 6,667 | | | | | | 9,936 | | | | | | 572 | | | | | | 1,502 | | | | | | 19,798 | | | | | | 1,479 | | | | | | 6,785 | | |
Gross profit
|
| | | | 218 | | | | | | 1,568 | | | | | | 4,484 | | | | | | 572 | | | | | | 1,423 | | | | | | 4,817 | | | | | | 1,190 | | | | | | 3,230 | | |
Net profit/(loss)
|
| | | | (238) | | | | | | 42 | | | | | | 227 | | | | | | 273 | | | | | | 271 | | | | | | 892 | | | | | | 550 | | | | | | (423) | | |
| | |
Group + Potential pre-
acquisition effect of acquisitions (continuing operations) |
| |
Potential pre-acquisition
effect of acquisitions (continuing operations) |
| ||||||
Revenue
|
| | |
|
448,504
|
| | | | | 46,739 | | |
Gross profit
|
| | |
|
193,426
|
| | | | | 17,284 | | |
Net profit/(loss)
|
| | |
|
(32,610)
|
| | | | | 1,832 | | |
| | |
Discontinuing
operations – VPP |
| |
Seven Seas
|
| |
NFH
|
| |
Makronet
|
| |
MBicycle
|
| |
VPS
|
| |
aLabs
|
| |
G7CR
|
| ||||||||||||||||||||||||
Revenue
|
| | | | 988 | | | | | | 20,548 | | | | | | 40,056 | | | | | | 1,032 | | | | | | 1,818 | | | | | | 25,928 | | | | | | 1,593 | | | | | | 4,354 | | |
Gross profit
|
| | | | 651 | | | | | | 8,226 | | | | | | 11,596 | | | | | | 971 | | | | | | 383 | | | | | | 8,135 | | | | | | 1,065 | | | | | | 3,855 | | |
Net profit/(loss)
|
| | | | (133) | | | | | | (400) | | | | | | 1,586 | | | | | | 1,311 | | | | | | (327) | | | | | | 1,757 | | | | | | 231 | | | | | | 1,611 | | |
| | |
Softclub
|
| |
Belitsoft
|
| |
Umbrella
|
| |
Digitech
|
| |
Squalio
|
| |||||||||||||||
Revenue
|
| | | | 31,414 | | | | | | 5,636 | | | | | | 2,397 | | | | | | 1,310 | | | | | | 2,103 | | |
Gross profit
|
| | | | 30,900 | | | | | | 4,878 | | | | | | 2,257 | | | | | | 1,170 | | | | | | 1,876 | | |
Net profit/(loss)
|
| | | | 9,206 | | | | | | 508 | | | | | | (206) | | | | | | 495 | | | | | | (308) | | |
| | |
TC Engineer
|
| |
Academy IT
|
| |
MMTR
|
| |
NCPR
|
| |
Squalio
(Belarus) |
| |||||||||||||||
Revenue
|
| | | | 1,412 | | | | | | 3,208 | | | | | | 8,637 | | | | | | — | | | | | | 621 | | |
Gross profit
|
| | | | 1,412 | | | | | | 3,139 | | | | | | 8,637 | | | | | | — | | | | | | 307 | | |
Net profit/(loss)
|
| | | | 225 | | | | | | (2,169) | | | | | | 812 | | | | | | 31 | | | | | | 10 | | |
| | |
Group + Potential pre-
acquisition effect of acquisitions (continuing operations) |
| |
Potential pre-acquisition
effect of acquisitions (continuing operations) |
| ||||||
Revenue
|
| | |
|
290,586
|
| | | | | 42,860 | | |
Gross profit
|
| | |
|
157,824
|
| | | | | 41,081 | | |
Net profit/(loss)
|
| | |
|
767
|
| | | | | 9,695 | | |
| | |
Softclub
|
| |
Belitsoft
|
| |
Umbrella
|
| |
Digitech
|
| |
Squalio
|
| |||||||||||||||
Revenue
|
| | | | 4,430 | | | | | | 14,586 | | | | | | 1,432 | | | | | | 3,550 | | | | | | 2,633 | | |
Gross profit
|
| | | | 2,116 | | | | | | 3,556 | | | | | | 1,409 | | | | | | 2,805 | | | | | | 2,476 | | |
Net profit/(loss)
|
| | | | 2,742 | | | | | | 1,308 | | | | | | 637 | | | | | | 139 | | | | | | 358 | | |
| | |
TC Engineer
|
| |
Academy IT
|
| |
MMTR
|
| |
NCPR
|
| |
Squalio
(Belarus) |
| |||||||||||||||
Revenue
|
| | | | 132 | | | | | | 610 | | | | | | 1,475 | | | | | | 2,154 | | | | | | 942 | | |
Gross profit
|
| | | | 124 | | | | | | 610 | | | | | | 1,468 | | | | | | 2,154 | | | | | | 400 | | |
Net profit/(loss)
|
| | | | (110) | | | | | | (207) | | | | | | (61) | | | | | | 590 | | | | | | 57 | | |
| | |
Year ended
31 March 2023 |
| |
Year ended
31 March 2022 (restated*) |
| ||||||
Profit attributable to ordinary equity holders of the Company | | | | | | | | | | | | | |
Continuing operations
|
| | | | (32,921) | | | | | | (8,560) | | |
Discontinued operations
|
| | | | 226,572 | | | | | | 1,309 | | |
Total profit attributable to ordinary equity holders of the Company
|
| | | | 193,651 | | | | | | (7,251) | | |
Weighted average number of ordinary shares for basic EPS
|
| | | | 225,254,347 | | | | | | 188,013,664 | | |
Basic EPS, US dollars
|
| | | | 0.86 | | | | | | (0.04) | | |
Basic earnings/(loss) for continuing operations per share
|
| | | | (0.15) | | | | | | (0.05) | | |
Basic earnings/(loss) for discontinued operations per share
|
| | | | 1.01 | | | | | | 0.01 | | |
Weighted average number of ordinary shares (basic)
|
| | | | 225,254,347 | | | | | | 188,013,664 | | |
Effects of dilution from share options
|
| | | | 1,589,885 | | | | | | 1,591,303 | | |
Weighted average number of ordinary shares adjusted for the effect of dilution
|
| | | | 226,844,232 | | | | | | 189,604,967 | | |
Diluted EPS, US dollars
|
| | | | 0.85 | | | | | | (0.04) | | |
Diluted earnings/(loss) for continuing operations per share
|
| | | | (0.15) | | | | | | (0.05) | | |
Diluted earnings/(loss) for discontinued operations per share
|
| | | | 1.00 | | | | | | 0.01 | | |
| | | | | A-3 | | | |
| | | | | A-3 | | | |
| | | | | A-17 | | | |
| | | | | A-20 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-21 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-28 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-33 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-36 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-43 | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-44 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
| | | | | A-47 | | | |
| | | | | A-47 | | | |
| | | | | A-47 | | | |
| | | | | A-47 | | | |
| | | | | A-48 | | | |
| | | | | A-48 | | | |
| | | | | A-48 | | | |
| | | | | A-48 | | | |
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-57 | | | |
| | | | | A-58 | | | |
| | | | | A-58 | | |
| | | | | A-59 | | | |
| | | | | A-59 | | | |
| | | | | A-59 | | | |
| | | | | A-59 | | | |
| | | | | A-59 | | | |
| | | | | A-59 | | | |
| | | | | A-60 | | | |
| | | | | A-61 | | | |
| | | | | A-61 | | | |
| | | | | A-61 | | | |
| | | | | A-61 | | | |
| | | | | A-61 | | | |
| | | | | A-61 | | | |
| | | | | A-62 | | | |
| | | | | A-65 | | | |
| | | | | A-66 | | | |
| | | | | A-66 | | | |
| | | | | A-66 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-68 | | | |
| | | | | A-68 | | | |
| | | | | A-68 | | | |
| | | | | A-69 | | | |
| | | | | A-69 | | | |
| | | | | A-70 | | | |
| | | | | A-70 | | | |
| | | | | A-70 | | | |
| | | | | A-71 | | | |
| | | | | A-71 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-73 | | | |
| | | | | A-73 | | | |
| | | | | A-73 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-75 | | | |
| | | | | A-75 | | |
| | | | | A-75 | | | |
| | | | | A-75 | | | |
| | | | | A-76 | | | |
| | | | | A-76 | | | |
| | | | | A-76 | | | |
| | | | | A-76 | | |
| “A&O” | | | Section 11.18(b) | |
| “Acceptable Confidentiality Agreement” | | | Section 6.3(f)(ii) | |
| “Acquisition Closing” | | | Section 2.2(a) | |
| “Acquisition Merger” | | | Recitals | |
| “Acquisition Merger Effective Time” | | | Section 2.2(a) | |
| “Acquisition Merger Filing Documents” | | | Section 2.2(a) | |
| “Agreement” | | | Opening Paragraph | |
| “Alignment Escrow Shares” | | | Section 2.5(c) | |
| “Alignment Shares” | | | Section 2.5(a) | |
| “Amended and Restated Sponsor Support Agreement” | | | Recitals | |
| “Amended and Restated Voting and Support Agreement” | | | Recitals | |
| “Anticorruption Laws” | | | Section 3.6(d) | |
| “Anti-Money Laundering Laws” | | | Section 3.23 | |
| “Articles of the SPAC Surviving Entity” | | | Section 2.2(c) | |
| “Articles of the Surviving Company” | | | Section 2.2(viii)(h) | |
| “Cayman Act” | | | Recitals | |
| “CG Group” | | | Section 11.18(a) | |
| “CGAC” | | | Opening Paragraph | |
| “CGAC Board” | | | Recitals | |
| “CGAC Board Recommendation” | | | Section 8.2(b)(ii) | |
| “CGAC Cure Period” | | | Section 10.1(g) | |
| “CGAC Disclosure Letter” | | | Article IV | |
| “CGAC Financial Statements” | | | Section 4.7(a) | |
| “CGAC Non-Recourse Party” | | | Section 11.16 | |
| “CGAC SEC Filings” | | | Section 4.12 | |
| “CGAC Shareholders’ Meeting Form 8-K” | | | Section 8.2(d)(iii) | |
| “CGAC Shareholders’ Meeting” | | | Section 8.2(b)(i) | |
| “Change of Control Price” | | | Section 2.2(j)(v) | |
| “Closings” | | | Section 2.2(a) | |
| “Closing Date” | | | Section 2.2(a) | |
| “Closing Form 6-K” | | | Section 8.2(d)(iii) | |
| “Closing Press Release” | | | Section 8.2(d)(iii) | |
| “Closing Sponsor Alignment Shares” | | | Section 2.5(a) | |
| “Company” | | | Opening Paragraph | |
| “Company Board” | | | Recitals | |
| “Company Cure Period” | | | Section 10.1(f) | |
| “Confidential Intellectual Property” | | | Section 3.14(f) | |
| “Company Disclosure Letter” | | | Article III | |
| “Company IT Systems” | | | Section 3.14(i) | |
| “Company Lease” | | | Section 3.13(b) | |
| “Company Letter of Transmittal” | | | Section 2.4(a) | |
| “Company Material Lease” | | | Section 3.13(b) | |
| “Company Non-Recourse Party” | | | Section 11.16 | |
| “Company Recommendation” | | | Section 3.25 | |
| “Company Registered Intellectual Property” | | | Section 3.14(a) | |
| “Company Shareholder Certificates” | | | Section 2.4(c) | |
| “Company Shareholders’ Meeting” | | | Section 8.2(c)(i) | |
| “D&O Indemnified Parties” | | | Section 6.4(a) | |
| “Dissenting CGAC Shares” | | | Section 2.2(e)(vii) | |
| “Dissenting Company Shares” | | | Section 2.2(j)(iii) | |
| “Escrow Account” | | | Section 2.5(d) | |
| “Escrow Agent” | | | Section 2.5(d) | |
| “Escrow Agreement” | | | Section 2.5(d) | |
| “Escrowed Shares” | | | Section 2.5(d) | |
| “Excess Expense Amount” | | | Section 8.8(b) | |
| “Exchange Agent” | | | Section 2.4(a) | |
| “First Level Earn-Out Target” | | | Section 2.2(j)(v)(A) | |
| “Gross Proceeds Balance” | | | Section 2.5(c) | |
| “Group Company Software” | | | Section 3.14(h) | |
| “Initial Closing” | | | Section 2.2(a) | |
| “Initial Merger” | | | Recitals | |
| “Initial Merger Effective Time” | | | Section 2.2(a) | |
| “Initial Merger Filing Documents” | | | Section 2.2(a) | |
| “Intended Tax Treatment” | | | Recitals | |
| “Interim Balance Sheet Date” | | | Section 3.9 | |
| “Interim Period” | | | Section 6.1(a) | |
| “IPO” | | | Section 11.1 | |
| “Lost Certificate Affidavit” | | | Section 2.4(f) | |
| “LTIP” | | | Section 8.7 | |
| “Material Permits” | | | Section 3.6(g) | |
| “Mergers” | | | Recitals | |
| “Merger Filing Documents” | | | Section 2.2(a) | |
| “Merger Sub” | | | Opening Paragraph | |
| “Merger Sub 2 Share” | | | Section 5.2(a) | |
| “Negotiation Period” | | | Section 6.3(d)(B) | |
| “Notice” | | | Section 6.3(d)(A) | |
| “Organizational Chart” | | | Section 3.3 | |
| “Original BCA Date” | | | Article III | |
| “Outside Date” | | | Section 10.1(i) | |
| “Permitted Person” | | | Section 3.14(h) | |
| “Permitted Refinancing Indebtedness” | | | Section 6.1(b)(ii) | |
| “Privacy and Cybersecurity Requirements” | | | Section 3.15(a) | |
| “Proxy Effective Date” | | | Section 8.2(c)(i) | |
| “Proxy/Registration Statement” | | | Section 8.2(a) | |
| “PubCo Board” | | | Section 2.3(b) | |
| “Regulatory Approvals” | | | Section 8.1(a) | |
| “Reitler” | | | Section 11.18(a) | |
| “Rollover Option” | | | Section 2.3(a) | |
| “Second Level Earn-Out Target” | | | Section 2.2(j)(v)(B) | |
| “Shareholder Certificates” | | | Section 2.4(c) | |
|
“Shareholder Litigation”
|
| | Section 8.9(a) | |
|
“SPAC Surviving Entity”
|
| | Section 2.2(a) | |
| “Sponsor” | | | Recitals | |
| “Sponsor Earn-Out Shares” | | | Section 2.5(d) | |
| “Superior Proposal” | | | Section 6.3(f)(i) | |
| “Surviving Company” | | | Section 2.2(a) | |
| “Terminating CGAC Breach” | | | Section 10.1(g) | |
| “Terminating Company Breach” | | | Section 10.1(f) | |
| “Third Level Earn-Out Target” | | | Section 2.2(j)(v)(C) | |
| “Transaction Proposals” | | | Section 8.2(a)(i) | |
| “Transmittal Documents” | | | Section 2.4(c) | |
| “Trust Account” | | | Section 11.1 | |
| “Trust Agreement” | | | Section 4.13 | |
| “Trustee” | | | Section 4.13 | |
CLAUSE
|
| |
PAGE
|
| |||
| | | | D-3 | | | |
| | | | D-3 | | | |
| | | | D-4 | | | |
| | | | D-4 | | | |
| | | | D-4 | | | |
| | | | D-5 | | |
|
SIGNED for and on behalf of Corner Growth Acquisition Corp.:
|
| | ) | | | | | |||
| | | | ) | | |
|
| |||
| | | | ) | | | Duly Authorised Signatory | | |||
| | | | ) | | | | ||||
| | | | ) | | | Name: | | |
|
|
| | | | ) | | | | | | ||
| | | | ) | | | Title: | | |
|
|
|
SIGNED for and on behalf of Noventiq Merger 1 Limited:
|
| | ) | | | | | |||
| | | | ) | | |
|
| |||
| | | | ) | | | Duly Authorised Signatory | | |||
| | | | ) | | | | ||||
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| “ADS” | | | means an American Depositary Share representing a Share. | |
| “Articles” | | | means these articles of association of the Company. | |
| “Auditor” | | | means the person for the time being performing the duties of auditor of the Company (if any). | |
| “Clearing House” | | | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. | |
| “Company” | | | means the above named company. | |
| “Company’s Website” | | | means the website of the Company and/or its web-address or domain name (if any). | |
| “Designated Stock Exchange” | | | means any United States national securities exchange or automated quotation system on which the Company’s Shares, ADSs or securities are listed for trading, including Nasdaq. | |
| “Directors” | | | means the directors for the time being of the Company. | |
| “Dividend” | | | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. | |
| “Electronic Communication” | | | means a communication sent by electronic means, including electronic posting to the Company’s Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. | |
| “Electronic Record” | | | has the same meaning as in the Electronic Transactions Act. | |
| “Electronic Transactions Act” | | | means the Electronic Transactions Act (As Revised) of the Cayman Islands. | |
| “Member” | | | has the same meaning as in the Statute. | |
| “Memorandum” | | | means the memorandum of association of the Company. | |
| “Nasdaq” | | | means The Nasdaq Stock Market LLC. | |
| “Ordinary Resolution” | | | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the | |
| | | | majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. | |
| “Register of Members” | | | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. | |
| “Registered Office” | | | means the registered office for the time being of the Company. | |
| “Seal” | | | means the common seal of the Company and includes every duplicate seal. | |
| “Securities and Exchange Commission” | | | means the United States Securities and Exchange Commission. | |
| “Share” | | | means a share in the Company and includes a fraction of a share in the Company. | |
| “Special Resolution” | | | has the same meaning as in the Statute, and includes a unanimous written resolution. | |
| “Statute” | | | means the Companies Act (As Revised) of the Cayman Islands. | |
| “Treasury Share” | | | means a Share held in the name of the Company as a treasury share in accordance with the Statute. | |
| | | | Noventiq Holding Company | | |||
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| | | | [•], as Rights Agent | | |||
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Exhibit No.
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Description
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| 2.1# | | | Amended & Restated Business Combination Agreement, dated December 29, 2023, by and among Corner Growth Acquisition Corp., Noventiq Holdings Company, Noventiq Holdings Plc, Noventiq Merger 1 Limited and Corner Growth SPAC Merger Sub, Inc. (included as Annex A to the proxy statement/prospectus) | |
| 2.2# | | | Form of Contingent Share Rights Agreement (included as Annex G to the proxy statement/prospectus) | |
| 3.1# | | | | |
| 3.2# | | | | |
| 4.1* | | | Specimen Ordinary Share Certificate | |
| 4.2 | | | Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to Corner Growth Acquisition Corp.’s Registration Statement on Form S-1, filed with the SEC on November 30, 2020) | |
Name
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Position
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Date
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/s/ Hervé Tessler
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| | Director (Principal Executive, Financial and Accounting Officer) | | | April 10, 2024 | |
This ‘F-4/A’ Filing | Date | Other Filings | ||
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3/31/25 | ||||
2/25/25 | ||||
6/30/24 | ||||
6/17/24 | ||||
5/4/24 | ||||
Filed as of: | 4/11/24 | |||
Filed on: | 4/10/24 | |||
4/4/24 | ||||
4/1/24 | ||||
3/31/24 | ||||
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1/2/24 | F-4 | |||
1/1/24 | ||||
12/31/23 | ||||
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1/1/22 | ||||
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5/14/20 | ||||
1/1/20 | ||||
12/20/19 | ||||
3/31/19 | ||||
12/31/17 | ||||
4/5/12 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/02/24 Noventiq Holding Co. F-4 5:11M Toppan Merrill/FA 12/21/20 Corner Growth Acquisition Corp. 8-K:1,3,5,912/16/20 9:1.3M EdgarAgents LLC/FA 11/30/20 Corner Growth Acquisition Corp. S-1 17:4.3M EdgarAgents LLC/FA |