KKCG Financing a.s.
Annual Report 2024
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Content of the Annual Report
CHARACTERISTICS OF THE COMPANY ........................................................................................................................ 3
RISK FACTORS ................................................................................................................................................................. 5
CORPORATE GOVERNANCE STATEMENT ................................................................................................................... 6
OTHER REGULATORY DISCLOSURES ........................................................................................................................ 10
ANNEX NO. 1 - REPORT ON RELATIONS
ANNEX NO. 2 – AUDITOR'S REPORT
ANNEX NO. 3 – FINANCIAL STATEMENTS
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CHARACTERISTICS OF THE COMPANY
GENERAL INFORMATION ABOUT KKCG FINANCING A.S. (THE “COMPANY”)
Company name: KKCG Financing a.s.
Registered office: Evropská 866/71, Praha 6 – Vokovice, 160 00, Czech Republic
Registered number: 215 31 455
VAT registration number: N/A
Register: Commercial Register administered by the Municipal Court in Prague, File number B
28853
Date of Establishment: 30 April 2024
Legal form: joint-stock company
Web: https://kkcg.com/en/investors/debt-investors-of-kkcg-financing-as-cz
Investor’s Hub: https://www.investors.kkcg.com
DESCRIPTION OF COMPANY’S LINE OF BUSINESS
The Company is a special purpose financing company (SPV) of the parent Group (as defined below), whose sole
shareholder is KKCG Group AG (formerly KKCG AG), a company established and existing under the laws of Switzerland,
having its registered office at Kapellgasse 21, 6004 Lucerne, Switzerland, registration number CHE-326.367.231 (“KKCG
Group AG”, together with all of its direct and indirect subsidiaries as “the Group”).
The purpose of the Company has been to issue the Bonds (as defined below) and provide financing to KKCG Group AG
in the form of an intragroup loan. The description and parameters of intragroup loan are provided in Notes 6 and 8.1 to the
Financial Statements. The proceeds were partly used to refinance existing debt within the parent Group. The rest of the
proceeds will be used for future acquisitions within the Group. The proceeds will not be used to finance gaming operations
of the Group.
The Company is an issuer of secured bonds KKCG FINAN 7,75/29 traded on the Regulated Market of the Prague Stock
Exchange a.s. under ISIN CZ0003563009 (the “Bonds”). The prospectus of the Bonds, the Final Terms and other
information relating to the Company and the Bonds can be found on Company’s website (see above).
GENERAL INFORMATION ABOUT THE PARENT COMPANY AND THE GROUP
The Company’s ability to repay the Bonds in the future depends on the solvency of the Group, which is inherently linked
to Group’s financial and operating performance. This part of the financial report therefore contains basic information about
the Group.
The Company is a part of the Group, the parent company of which is KKCG Group AG.
KKCG Group AG is wholly owned by KKCG Holding AG, a company organized and existing under the laws of Switzerland
and having its registered office in Switzerland. The sole shareholder of KKCG Holding AG is Valea Holding AG, a company
organized and existing under the laws of Liechtenstein and having its registered office in Liechtenstein. The sole
shareholder of Valea Holding AG is Valea Foundation, existing under the laws of Liechtenstein. Valea Foundation per se
is not controlled by any other person, nor does any other person hold shares in it. The designated sole beneficiary of Valea
Foundation is Mr. Karel Komárek.
The following persons are registered in Czech register of beneficial owners in relation to the Company:
1) Mr. Karel Komárek, born in March 1969, the nature of the beneficial owner's position: indirect beneficial owner;
beneficial owner pursuant to Section 4 of Act No. 37/2021 Coll. Details of the facts establishing beneficial
ownership: decisive influence in relation to the corporation(s) with direct shareholding, size of shareholding: 100%;
and
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2) Mr. Igor Rusek, born in July 1959, the nature of the beneficial owner's position: indirect beneficial owner; beneficial
owner pursuant to Section 4 of Act No. 37/2021 Coll., details of the facts constituting beneficial ownership:
decisive influence over corporation(s) with direct shareholding, size of shareholding: 100%.
PRINCIPAL ACTIVITY OF THE GROUP
The principal activities of the Group are very diversified. KKCG Group AG owns and operates a broad portfolio
of international companies, including Allwyn, MND Group, Avenga, Aricoma, Qinshift, KKCG Real Estate, among others.
Allwyn is a leading multi-national lotter operator with dominant market positions in Austria, Czech Republic, Greece,
Cyprus, Italy, the United Kingdom, and the United States.
MND Group is engaged in exploration, oil and natural gas production, drilling, renewable energy, storage and distribution,
operating in the Czech Republic, Austria, Ukraine, and Germany.
Avenga specializes in bringing personalization to the realm of digitalization. Through digital strategy services, Avenga
crafts custom-tailored transformation strategies that generate tangible commercial value.
Aricoma provides IT infrastructure, cloud services, cybersecurity, and public sector digitalization. Aricoma evolved into
a leading player in enterprise IT services.
KKCG Real Estate focuses on the area of Prague where it builds for the future, while creating exceptional architecture with
a strong emphasis on the surrounding environment, innovation, and sustainability. Projects include both residential and
commercial buildings.
ACCESS TO INFORMATION ABOUT THE GROUP
Additional information about the Group can be found on its webpage www.kkcg.com.
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RISK FACTORS
This part of this financial report contains a description of the principal risks and uncertainties the Company is facing.
Risks associated with a special purpose company
The Company was established for the purpose of issuing the Bonds, providing proceeds from the issue of the Bonds
as intragroup financing and subsequent administration of the loan. The Company does not carry out any other business
activity and therefore cannot generate on its own resources from other business activities to repay debts from the Bonds.
Although the liabilities arising under the Bonds are secured by a security interest in shares in Allwyn AG, the Company’s
credit dependence on KKCG Group AG and its subsidiaries may still negatively affect the Company’s ability to meet its
debts from the Bonds. For all risks associated with the Company and the Bonds, please Risk Factors, which form part
of the Bond Prospectus on pp. 10-11 and 27-30, available at
https://cdn.kkcg.com/Base_Prospectus_2024_KKCG_Financing_a_s_CZK_10_000_000_000_Bond_Programme_8fe2a
36eb0.pdf
Risk of secondary dependency
The Company is exposed to the risk of default on the intragroup loan, which was provided to KKCG Group AG on 17 July
2024, by means of which the proceeds from the issuance of the Bonds was provided to the parent company.
The Company's credit dependence on KKCG Group AG and its subsidiaries may negatively affect its ability to meet its
debts from the Bonds.
Although the Group is also active in other sectors (in particular through KKCG Technologies s.r.o. and its subsidiaries
in the information technology sector, MND Group AG and its subsidiaries in the energy sector and KKCG Real Estate a.s.
and its subsidiaries in the real estate sector), it is primarily exposed to risks affecting the lottery and gaming business of the
Allwyn group (see the information about the pledge below). Consequently, the Company’s ability to repay its debts from
the issuance of the Bonds may be adversely affected by all the risk factors relating to the Allwyn Group described in the
Risk Factors, which form part of the Bond Prospectus, available on pp. 15-27 under the link above.
Risks connected to the pledge
While the obligations of the Company under the Bonds are secured by a pledge of certain shares which KKCG Group AG
holds in Allwyn AG, parent company of Allwyn group, there are risks connected to this pledge. The primary risk is that the
proceeds of the enforcement of this pledge would not be sufficient to repay all the secured obligations, because the value
of the shares may decrease over time, and any adverse developments in the financial performance of the Allwyn group
may also affect the value of the shares. For all risks associated with the security, common representative and security
agent, please refer the Risk Factors, which form part of the Bond Prospectus, available on pp. 11-15 under the link above.
Credit risk, liquidity risk, currency risk, interest rate risk, operational risk
Please see the description of these risks in the chapter 12 (Risk Management) on p. 17 et seq. of the Financial Statements
below.
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CORPORATE GOVERNANCE STATEMENT
This part of the Annual Financial Report (the “Annual Report”) is dedicated to the information required by Section 118(4)
of the Czech Act No. 256/2004 Coll., on Capital Market Undertakings, as amended (the "Capital Market Undertakings
Act"). The Company is not an issuer under Section 118(1)(a) of the Capital Market Undertakings Act and therefore does
not disclose the figures and information under Section 118(5) of the Capital Market Undertakings Act.
Information on codes of corporate governance - Section 118(4)(a), (b) and (c) of the Capital Market Undertakings
Act
In the Czech Republic, apart from the general rules set out in the law, no binding corporate governance codes or processes
have been adopted. As the Company was incorporated in 2024, id did not engage in any entrepreneurial activities in that
year and has no employees, it was not considered necessary to adopt its own corporate governance codes or processes
beyond the requirements set out in the applicable law.
The Company has adopted the following internal regulations in 2024 - KKCG Compliance System, Dealing Code
and Dealing Procedures Manual.
Description of the main parameters of the internal control and risk management systems in relation to the financial
reporting process - Section 118(4)(d) of the Capital Market Undertakings Act
The internal control system includes control mechanisms created within the Company. It ensures, evaluates and minimises
operational, financial, legal and other risks of the Company. Work procedures are stipulated, and powers and
responsibilities are allocated within the control system. Results of the internal control are objectively and regularly
evaluated. In case of any findings, appropriate measures for rectification of the identified defects are determined.
Financial control of the financial reporting process is provided for by responsible individuals as a part of internal
management in the preparation of operations before their approval and in their course until their settlement.
The bookkeeping system is governed by the relevant provisions of the following laws, decrees and internal regulations:
• Act No. 563/1991 Coll. on Accounting, as amended (the “Accounting Act”);
• IFRS Accounting Standards as adopted by the European Union;
• Decree No. 500/2002 Coll. implementing some provisions of Act No. 563/1991 Coll. for accounting entities which
are entrepreneurs using the double-entry accounting system, as amended;
• Czech Accounting Standards for accounting entities keeping their books in accordance with Decree No. 500/2002
Coll., as amended;
• Act No. 586/1991 Coll., on Income Taxes, as amended;
• Act No. 235/2004 Coll., on Value Added Tax, as amended;
• Act No. 593/1992 Coll., on Reserves for Determining the Income Tax Base, as amended;
• internal bookkeeping policies and procedures.
The Company uses the double-entry accounting system for the accounting entity in accordance with binding IFRS
Accounting Standards issued by the International Accounting Standards Board (IASB) and adopted by the European Union
and keeps also another accounting system for tax purposes under the Czech Accounting Standards (CAS). Any changes
in charts of account may be made solely by the responsible department. Both accounting systems are processed by SW
Business. Balances of all accounts are checked at the cut-off date.
The Company also employs controlling tools that focus on the evaluation of key financial and non-financial performance
indicators with the aim of achieving the Company's objectives.
Financial accounting is controlled once a year by external auditors (a preliminary and final audit). Balances of all accounts
are duly evidenced in the process of documentary inventory and physical stock-taking. The finance division and the
controlling department check as of the cut-off date of each month the balances of accounts which contain records of tax
payments, balances of cash and bank accounts, as well as accounts where there were any significant movements.
The finance division check the balances of all accounts twice a year at the cut-off dates.
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The auditor of the Company for 2024 is PricewaterhouseCoopers Audit, s.r.o., having its registered office at Hvězdova
1734/2c, 140 00 Prague 4, Czech Republic.
Description of the rights attached to the relevant type of share or similar security representing an interest in the
issuer - Section 118(4)(e) Capital Market Undertakings Act
The Company issued registered shares in certificated form with identical rights and duties. The rights and obligations
attached to the shares are described in the Company's Articles of Association and relevant law, in particular the Act No.
90/2012 Coll, Business Corporations Act, as amended (the "Business Corporations Act"). The rights attached to the
Company's shares include, inter alia, the right to participate in the General Meeting and vote on matters within the scope
of the General Meeting, the right to a share in the profits and other own resources approved by the General Meeting for
distribution to shareholders, the right to request and receive explanations concerning the Company's affairs if such
explanations are necessary for the consideration of matters on the agenda of the General Meeting or for the exercise
of shareholder rights at the General Meeting, and the right to a share in the liquidation balance. The obligation attached
to shares is primarily payment for the subscribed shares within imposed deadlines.
The company issued two shares, each with a nominal value of CZK 1,000,000 per share. Each share carries 1 vote,
the total number of votes in the Company is 2. No restrictions on voting rights have been introduced in relation to any of
the shares. The Company has not adopted any specific dividend policy. The payment of dividends is governed
by the relevant provisions of the Business Corporations Act.
Description of the composition and decision-making procedures of the issuer's governing body and its
committees - Section 118(4)(f) of the Capital Market Undertakings Act
The Company's governing bodies consist of a management body (the Board of Directors) and a controlling body
(the Supervisory Board).
Board of Directors
The Company's statutory body is the Board of Directors, which currently consists of two members elected and revoked by
the Company's General Meeting. The term of office of the members of the Board of Directors is five years. The Board
of Directors elects and revoked its Chairperson, whose vote is decisive in the event of a tie.
The Board of Directors is responsible for the business management and proper accounting of the Company. It also submits
ordinary, extraordinary or interim financial statements to the General Meeting for approval and submits proposals for
the distribution of profits or the settlement of losses to the General Meeting in accordance with the Articles of Association.
In addition to the above duties, the Board of Directors is entrusted with all other powers, except those reserved to other
bodies of the Company by the Articles of Association, by law or by decision of a public authority.
The Board of Directors shall be governed by the policies and guidelines approved by the General Meeting, insofar as they
are in accordance with the law and the Articles of Association. However, no one is authorised to give instructions to the
Board of Directors concerning the conduct of business. This is without prejudice to the right of a member of the Board
of Directors to request the Company's General Meeting to give instructions concerning the conduct of business.
The Board of Directors shall meet as often as necessary to ensure the smooth running of the Company. The Board
of Directors may also adopt resolutions outside the meeting, in writing or by technical means (per rollam). A per rollam
resolution of the Board of Directors shall be adopted if a majority of all the members of the Board of Directors vote in favour
of it. The quorum of the Board of Directors shall be a majority of all its members. A resolution of the Board of Directors
shall be adopted if a majority of the members present vote in favour of the proposal. In the event of an equality of votes,
the Chairman of the Board of Directors shall have a casting vote.
The Board of Directors had three members from the time of the Company's incorporation (30 April 2024) until 4 June 2024,
which were:
- Mr Pavel Šaroch (Chairman of the Board)
- Mrs Katarína Kohlmayer
- Mr Petr Luňák
Since 4 June 2024, the Board of Directors has the following two members:
- Mrs Iva Horčicová (Chairman of the Board)
- Mr Petr Luňák
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Supervisory Board
Members of the Supervisory Board are elected and dismissed by the General Meeting for a term of five years.
The Supervisory Board supervises the performance of the Board of Directors' duties and the Company's activities.
The Supervisory Board reviews the ordinary, extraordinary, consolidated and, where applicable, interim financial
statements and the proposal for the distribution of profits or other own resources or for the settlement of losses and submits
its opinions to the General Meeting. The Supervisory Board shall be entitled to inspect all documents and records relating
to the Company's business and to check that the accounting records are kept properly and in accordance with the facts
and that the Company's business or other activities are conducted in accordance with other laws and regulations and the
Company's Articles of Association.
The Supervisory Board of the Company is also responsible for the establishment of the Audit Committee.
Mr. Tomáš Borčin has been the sole member of the Supervisory Board since the Company was established (30 April
2024).
Audit Committee
The Supervisory Board, or its sole member respectively, established the Audit Committee as its advisory body on the date
on which the Company became a public interest entity (i.e. on 17 June 2024). The Audit Committee was established by
a resolution of the sole member of the Supervisory Board, which also adopted the Audit Committee Charter.
The Audit Committee performs duties pursuant to Section 44a of Act No. 93/2009, on Auditors, as amended, in particular
monitoring the effectiveness of internal control and risk management systems; monitoring the process of preparing financial
statements and submitting recommendations to the management or control body to ensure the integrity of accounting and
financial reporting systems; recommending the auditor to the control body; monitoring the process of statutory audit;
informing the control body of the results of the statutory audit; approving the provision of other non-audit services, etc.
At its first meeting, the Audit Committee adopted its Rules of Procedure, in accordance with the Articles of Association,
which set out the principles governing the Audit Committee's proceedings.
The members of the Audit Committee were appointed by the sole shareholder with effect from 17 June 2024, the date of
establishment of the Audit Committee. The members of the Audit Committee are:
- Mr Roland Ruprecht (Chairman of the Audit Committee from 25 September 2024)
- Mr Jan Hrazdira
- Mr Martin Kořistka
Description of the decision-making procedures and the basic scope of powers of the issuer's General Meeting -
Section 118(4)(g) of the Capital Market Undertakings Act
The General Meeting is the supreme body of the Company. Resolutions of the General Meeting may be adopted at the
General Meeting or outside the General Meeting (by per rollam voting).
The General Meeting is convened by the Board of Directors at least once per financial year. The General Meeting decides
by a majority of the votes of the shareholders present, unless the applicable law requires a different majority.
The competence of the General Meeting includes:
a) decision on amendments to the articles of association, unless the change is a result of an increase in the share
capital authorised by the Board of Directors or a change resulting from other legal circumstances,
b) decision on changes in the amount of the share capital and authorising the Board of Directors to increase
the share capital,
c) decision on offsetting a monetary claim towards the Company against the claim for repayment of the issue price,
d) decision on issue of convertible or preferred bonds,
e) election and dismissal of members of the Board of Directors,
f) election and dismissal of members of the Supervisory Board,
g) approval of the ordinary, extraordinary or consolidated financial statements and, in case the preparation of such
financial statements is prescribed by the relevant legislation, the interim financial statements,
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h) decision on the distribution of profits or other own resources or on the settlement of loss,
i) decision on filing of an application for admission of the Company's equity securities to trading on the European
regulated market or to delist such from trading on the European regulated market,
j) decision to wind-up the Company with liquidation,
k) appointment and dismissal of the liquidator,
l) approval of the final report on the progress of the liquidation and the proposal for the use of the liquidation balance,
m) Approving the transfer, usufructuary lease or pledge of the enterprise or any part thereof which would entail
a fundamental change in the current structure of the enterprise or a fundamental change in the line of business
or registered activities of the Company,
n) decision to take over the effects of acts done on behalf of the Company before its formation,
o) approval of the silent partnership agreement and other agreements establishing the right to share in
the Company's profits or other own resources,
p) giving strategic instructions to the Board of Directors not interfering with the business management of the
Company, except for the case when a member of the Board of Directors requests such instructions concerning
business management
q) approval of the principles governing the Supervisory Board,
r) approving legal actions of the Company which the General Meeting is legally entitled to prohibit,
s) appointment and removal of members of the Audit Committee,
t) other decisions which the law or these Articles of Association entrusted to the General Meeting.
If the Company has a single shareholder, the powers of the General Meeting shall be exercised by that shareholder.
The Company's sole shareholder is KKCG Group AG (formerly KKCG AG).
Description of the diversity policy applied to the issuer's management body - Section 118(4)(h), (i), and (j) of the
Capital Market Undertakings Act
As at the balance sheet date the Company does not exceed at least two thresholds pursuant to Section 1b(3) of the
Accounting Act, therefore does not meet the conditions pursuant to Section 118(4)(h) of the Capital Market Undertakings
for the purposes of the description of the diversity policy. In addition, the Company has no employees. In the course of its
business, the Company complies with all relevant legislation in this area, including the Czech Act No. 198/2009, the Anti-
Discrimination Act, as amended.
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OTHER REGULATORY DISCLOSURES
Summary of regulatory information required by sections 21(2) et seq. of the Accounting Act:
The Accounting Act requires certain information to be disclosed in the annual financial report of entities that are required
to have their financial statements audited. The Company hereby presents a summary containing either the required
information or references to the sections of other parts of the Annual Report where the relevant information is provided.
• Subsequent events occurred after 31 December 2024 that are material to the purpose of the Annual Report are
described in Note 14 to the Financial Statements.
• The prospects for the future expected business development of the Company are elaborated below in the section
Forward-looking Statements below.
• The Company does not conduct any research or development activities.
• The Company has not acquired any equity shares or equity interests in any other form during the period from 30
April 2024 to 31 December 2024. Therefore, the Annual Report does not contain a report on business activities
within the meaning of Section 307 the Business Corporations Act.
• The Company complies with all legal regulations in the field of environmental protection and adheres to applicable
legislation. As to labour law relations, the Company did not have any employees in 2024.
• As at the date of this Annual Report, the Company does not have a branch or other parts of its business
establishment abroad.
• The Report on Relations pursuant to Section 82 of the Business Corporations Act forms part of this Annual Report
on page 11 et seq.
• The Company has no further information to disclose according to special legal regulations in addition to those
specified in Corporate Governance Statement (above).
Forward-looking Statements
The Company plans to maintain its primary role of bond management in 2025. The Company plans to fulfil all of its
obligations under the Bonds. The fulfilment of its obligations depends, among others, on KKCG Group AG‘s ability
to manage its cashflows and timely pay instalments of its intragroup loan. KKCG Group AG does not show any signs of not
being able to fulfil its commitments towards the Company.
Statement by the Board of Directors
We hereby declare that, to the best of our knowledge, the Financial Statements attached to this Annual Report, which have
been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and financial performance of the Company. We further declare that, to the best of our
knowledge, the Annual Report under the law regulating the accounting contains a fair statement of the development
and performance of the Company and of the position of the Company, together with a description of the principal risks
and uncertainties it faces.
Date:
Signature of the statutory body:
28 April 2025
Iva Horčicová
Petr Luňák
Chairman of Board of Directors
Member of Board of Directors
ANNEX NO. 1 - REPORT ON RELATIONS
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REPORT OF THE BOARD OF DIRECTORS OF KKCG FINANCING A.S. ON RELATIONS BETWEEN THE
CONTROLLING PERSON AND THE CONTROLLED PERSON AND BETWEEN THE CONTROLLED PERSON AND
PERSONS CONTROLLED BY THE SAME CONTROLLING PERSON
KKCG Financing a.s., with its registered office at Evropská 866/71, Vokovice, 160 00, Prague 6, ID No.: 21531455,
registered in the Commercial Register maintained by the Municipal Court in Prague under file No. B 28853
(the "Company"), was a controlled person within the meaning of Section 74 et seq. of Act No. 90/2012 Coll. in the
accounting period from its establishment on 30 April 2024 to 31 December 2024 (the "Accounting Period"),
on Commercial Companies and Cooperatives, as amended (the "Business Corporation Act" or the "BCA").
The Board of Directors of the Company, as a controlled person, in accordance with the provisions of Section 82 of the
Business Corporations Act, has prepared this Report of Relationships between the Controlling Person and the Controlled
Person and between the Controlled Person and Persons Controlled by the Same Controlling Person (the "Relationship
Report" and "Related Parties") for the past Financial Year. The Relationship Report has been prepared in a breakdown
based on the provisions of Section 82(2) and (4) of the BCA.
THE STRUCTURE OF RELATIONSHIPS BETWEEN THE COMPANY AND OTHER RELATED PARTIES
Throughout the Accounting Period, the Company was part of the KKCG Group, consisting of companies all of which
are controlled, directly or indirectly, by KKCG Group AG, with its registered office at Kapellgasse 21, 6004 Lucerne,
Swiss Confederation, reg. no. CHE-326.367.231 ("KKCG Group AG").
The company is directly controlled by KKCG Group AG.
A list of all KKCG Group companies that are controlled, directly or indirectly, by KKCG Group AG, including
the Company, is attached as Appendix 1 to this Relationship Report. Information on KKCG Group companies is given
as at 31 December 2024.
THE ROLE OF THE COMPANY
The role of the Company, as a controlled company, is to be the issuer of the Bonds (as defined below).
METHOD AND MEANS OF CONTROL
Control is exercised over the Company through 100% of the voting rights at the Company's General Meeting.
OVERVIEW OF IMPORTANT MEETINGS
During the Accounting Period, the Company took the following actions at the instigation of or in the interest of KKCG
Group AG or parties controlled by it in respect of assets exceeding 10% of the Company's equity as determined by
the latest financial statements preceding the issuance of this report:
- Issue of secured bonds KKCG FINAN 7.75/29, ISIN: CZ0003563009, under the bond programme, traded
on the Prague Stock Exchange, with a total nominal value of CZK 6,000,000,000, maturing in 2029 (the
"Bonds");
- Term Facility Agreement between the Company and its shareholder, KKCG Group AG (formerly KKCG AG),
pursuant to which the net proceeds from the issue of the Bonds were provided to KKCG Group AG.
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A SUMMARY OF MUTUAL CONTRACTS IN FORCE DURING THE ACCOUNTING PERIOD
During the Accounting Period, the following agreements were concluded between the Company and KKCG Group
AG, or between the Company and other parties controlled by KKCG Group AG:
5.1 Agreements concluded between the Company and KKCG Group AG (formerly KKCG AG):
Agreement on the Provision of a Contribution into other Capital Funds effective from 11 July 2024;
Term Facility Agreement effective from 12 July 2024;
Subscription Agreement with the other parties to the Subscription Agreement: Česká spořitelna, a.s.,
J&T BANKA, a.s., Komerční banka, a.s., PPF banka a.s., effective from 12 July 2024.
5.2 Agreement between the Company and KKCG Services a.s. (formerly KKCG a.s.):
Agreement for Processing payroll records effective from 15 July 2024;
Agreement for Processing of accounting records, financial statements and tax returns effective from
01 May 2024;
Amendment No. 1 to the Agreement for the Processing of accounting records, financial statements and
tax returns effective from 01 May 2024, concluded on 30 December 2024 and effective from 01 January
2025.
There were no pre-existing agreements in force between the Company and the aforementioned Related Parties
during the Accounting Period.
ASSESSMENT OF THE HARM SUFFERED AND COMPENSATION FOR IT
The Company did not suffer any loss as a result of the contracts entered into during the Accounting Period between
the Company and other KKCG Group entities or other actions taken by the Company in the Accounting Period
on behalf of or at the instigation of such entities.
EVALUATION OF THE ADVANTAGES, DISADVANTAGES AND RISKS ARISING FROM THE RELATIONSHIP
BETWEEN THE RELATED PARTIES
Membership in the KKCG Group with KKCG Group AG as the controlling party enables the Company to benefit from
the advantages consisting in particular in the sharing of know-how and information (to the extent permitted by law
and contractual arrangements with third parties), the possibility to benefit from the good reputation associated with
the KKCG brand and the possibility to access intra-group and bank financing for the Company (e.g. in the form of the
possibility to provide collateral for the Company's financial obligations by other parties from the Group).
The Company has not identified any disadvantages or risks to it arising from the relationships between the Related
Parties.
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Annex 1: List of Related Parties
In Prague on 31 March 2025
On behalf of KKCG Financing a.s.
____________________
____________________
Iva Horčicová
Petr Luňák
Chairman of the Board of Directors
Member of the Board of Directors
Annex No. 1 - List of related parties
List of parties controlled by the company KKCG Group AG, with its registered seat at Kapellgasse
21, 6004 Lucerne,
The Swiss Confederation, registration number CHE-326.367.231, as of 31 December 2024
SPOLEČNOST / COMPANY
Seat, Identification No. / Registration No.
"CCB" Congress Center Baden
Betriebsgesellschaft m.b.H.
Kaiser Franz Ring 1, 2500 Baden, Austria, registr. No. FN 67046y
"Geologichne byreau "Lviv” LLC
L’vivska Oblast, L’viv, 79011, ul. Kubiyovicha 18, Office 6, Ukraine,
reg. No. 31978102
"Horyzonty" LLC
L’vivska Oblast, L’viv, 79005, ulice Chubaia Hrytska 6C, Office 7,
Ukraine, reg. No. 36828617
"Precarpathian energy company" LLC
Ivano-Frankovska Oblast, Bohorodchany, 77701, ul. Shevchenka,
Ukraine, reg. No. 36042045
"Tynivske" LLC
Chubaya Gritska str., building 6c, room 7, Lviv, 79005, Ukraine, reg.
No. 45716077
Allwyn AG
Mühlenplatz 9, 6004 Lucerne, Switzerland, reg. No. CHE-
366.705.452
Allwyn Asia Holding a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 05266289
Allwyn Austria Holding 1 GmbH (dříve /
formerly SAZKA Austrian Gaming Holding
a.s.)
c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna,
Austria, reg No. FN 636509 v (formerly Evropská 866/71, Vokovice,
post code 160 00, Prague 6, Czech Republic, identification No.
04047788)
Allwyn Austria Holding 2 GmbH
c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna,
Austria, reg No. FN 38898d
Allwyn Austria Holding 3 GmbH
c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna,
Austria, reg. No. FN 117154k
Allwyn Czech Republic Holding a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 24852104
Allwyn Entertainment Financing (UK) Plc
4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg.
No. 13841508
Allwyn Entertainment Financing (US) LLC
(dříve/ formerly Allwyn Services US LLC)
125 High Street, Suite 1704, Boston, MA 02110, USA
Allwyn Entertainment Ltd.
Tolpits Lane, Watford, WD18 9RN, United Kingdom, reg. No.
13157556
Allwyn Financing Czech Republic 2 a.s. v
likvidaci / in liquidation
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 09771522
Allwyn Greece & Cyprus Holding 2 Ltd
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic
of Cyprus, registr. No. HE 287956
Allwyn Greece & Cyprus Holding Ltd
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic
of Cyprus, registr. No. HE320752
Allwyn Illinois LLC
222 W. Merchandise Mart Plaza Suite 2300, Chicago, IL60654, USA,
registration No. 05886996
Allwyn Information Technology Systems
Single Member S.A.
Leoforos Kifisias 18 & Gkyzi, 15125 Maroussi, Athens, Greece,
registration No. 137792901000
Allwyn International AG (dříve / formerly
Allwyn International a.s.)
c/o Allwyn AG, Mühlenplatz 9, 6004 Lucerne, Switzerland, reg.
No. CHE-149.109.354 (formerly Evropská 866/71, Vokovice, 160 00
Praha 6, identifiction No. 24287814)
Allwyn Investments Cyprus Ltd
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic
of Cyprus, registr. No. HE432870
Allwyn Italy Holding AG (dříve / formerly
Italian Gaming Holding a.s.)
c/o Allwyn AG, Mühlenplatz 9, 6004 Lucerne, Switzerland, reg.
No. CHE-157.693.004 (formerly Evropská 866/71, Vokovice, post
code 160 00, Prague 6, Czech Republic, identification No.
04828526)
Allwyn Lottery Solutions Limited
Magdalen House, Tolpits Lane, Watford, Hertfordshire, WD189RN,
United Kingdom, reg. No. 07553980
Allwyn North America Inc.
222 W. Merchandise Mart Plaza Suite 2300, Chicago, IL60654, USA,
registr. No. 70663287
Allwyn Services Czech Republic a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08993165
Allwyn Services UK Ltd
4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg.
No. 08869774
Allwyn Slovensko a.s. (dříve / formerly
Allwyn Slovakia a.s.)
Žižkova 9, Bratislava - mestská časť Staré Město, post code 811 02,
Slovak Republic, identifiction No. 56627424
Allwyn Technology Services Limited
Tolpits Lane, Watford, Hertfordshire, WD189RN, United Kingdom,
reg. No. 02822300
Allwyn UK Holding B Ltd
4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg.
No. 13849924
Allwyn UK Holding C Ltd
4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg.
No. 14530228
Allwyn UK Holding Ltd
4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg.
No. 13154201
Allwyn US Holding Inc.
251 Little Falls Drive, New Castle, Delaware 19808, USA,
registration No. 7177345
ALOE spol. s r.o.
Kytlická 818/21a, Prosek, post code 190 00, Prague 9, Czech
Republic, identification No. 65416571
Aricoma a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 04615671
Aricoma Capital a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 11834587
Aricoma Digital s.r.o.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 47117087
Aricoma Enterprise Applications s.r.o. (dříve
/ formerly Internet Projekt, s.r.o.)
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 08526541
Aricoma Enterprise Cybersecurity a.s.
Voctářova 2500/20a, Libeň, post code 180 00, Prague 8, Czech
Republic, identification No. 04772148
Aricoma Enterprise Cybersecurity s.r.o.
Krasovského 3986/14, post code 851 01, Bratislava, Slovak
Republic, identification No. 31384072
Aricoma Group Finance a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 17848369
Aricoma Group Holding a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 17848601
Aricoma Shared Services s.r.o. (dříve /
formerly Aricoma Brand s.r.o.)
Hornopolní 3322/34, Moravská Ostrava, post code 702 00 Ostrava,
Czech Republic, identification No. 17867096
Aricoma Systems a.s. (dříve / formerly
AUTOCONT a.s.)
Hornopolní 3322/34, Moravská Ostrava, 702 00 Ostrava, Czech
Republic, identification No. 04308697
Aricoma Systems s.r.o. (dříve / formerly
AUTOCONT s.r.o.)
Krasovského 14, Bratislava - mestská časť Petržalka, post code 851
01, Slovak Republic, identification No. 36396222
Aricoma Systems SRL
Cantersteen 47, Bruxelles, Brussels-Capitale, 1000, Belgium, reg.
No. 0767.591.979
Avenga AG
Herrengasse 34, 6430 Schwyz, Switzerland, reg. no. CHE-
137.888.208
Avenga Germany GmbH
Bahnhofsvorplatz 1, 50667 Cologne, Germany, reg. No. HRB 79623
Avenga Holding S. á r. l.
63-65, rue de Merl, L-2146 Luxembourg, Reg. no. B237726
Avenga Holding s.r.o. (dříve / formerly
Avengiro s.r.o.)
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10, The
Czech Republic, identification No. 19930372
Avenga International GmbH
Bahnhofsvorplatz 1. 50667 Cologne, Germany, reg. No. HRB 97336
Avenga International Holding GmbH
Bahnhofsvorplatz 1. 50667 Cologne, Germany, reg. No. HRB
107505
Avenga IT Professionals Sp. z o.o.
ul. Gwiaździsta 66, 53-413 Wrocław, Poland, reg. No. 210937
AVENGA LIMITED (dříve / formerly Next Peak
Limited)
4th Floor 3 Dering Street, London, United Kingdom, W1S 1AA,
registr. No. 15250344
Avenga Malaysia Sdn. Bhd.
suite 15.2, level 15, The Gardens North Tower Lingkaran Syed Putra,
Mid Valley City, 59200 Kuala Lumpur, reg. no. 1202542-M
Avenga Platinum Holding I GmbH
Bahnhofsvorplatz 1. 50667 Cologne, Germany, reg. No. HRB
113232
Avenga Platinum Holding II GmbH
Bahnhofsvorplatz 1. 50667 Cologne, Germany, reg. No. HRB
113177
Avenga Poland sp. z o.o.
ul. Zielińskiego 22, 30-320 Kraków, Poland, reg. no. 518453
Avenga Portugal, Lda.
Rua Castilho, 5, 1o esqo, Sala 13, Distrito: Lisboa Concelho: Lisboa
Freguesia: Santo António, Portugal, reg. No. 517050803
Avenga s. r. o.
Krasovského 3986/14, Bratislava - municipal district Petržalka, post
code 851 01, Slovakia, identification No.56350341
Avenga Services sp.z.o.o.
ul. Przyokopowa 26, 01-208 Warszawa, Poland, reg. no. 984152
Avenga US Holding Corp.
Telos Legal Corp., 1012 College Road, Suite 201, in the City of
Dover, County of Kent, zip code 19904, reg. No. 6993384
Avenga US LLC
c/o CORPORATION TRUST CENTER 1209 ORANGE STREET,
WILMINGTON, New Castle 19801, USA, reg. no. 7078267
Azúr a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 22172939
Blue Rosemarine Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08797200
Cachi Valle Aventuras S.A. (v likvidaci / in
liquidation)
Av. Francisco de Uriondo 330, 4400 Salta, Argentina, registr. No.
IGTJ de Salta Folio 71/2 asiento 2465 L 10
CAI Hungary Kft.
Lackner Kristóf u. 33/A, 9400 Sopron, Hungary, registr. No. 08-09-
027729
Camelot UK Lotteries Limited
Tolpits Lane, Watford, Hertfordshire, WD189RN, United Kingdom,
reg. No. 02822203
Casino Odense K/S
Claus Bergs Gade 7, 5000 Odense C, Denmark, registr. No.
14920293
Casino Sopron Kft.
Lackner Kristóf u. 33/A, 9400 Sopron, Hungary, registr. No. 08-09-
009273
Casino St. Moritz AG
Via Veglia 3, 7500 St. Moritz, Switzerland, registr. No. CHE-
107.653.178
Casinoland IT-Systeme GmbH
Lister Meile 2, 30161 Hannover, Germany, registr. No. HRB 61326
Casinos Austria (Liechtenstein) AG
Vorarlberger Strasse 210, 9486 Schaanwald, Liechtenstein, registr.
No. FL-0002.543.564-5
Casinos Austria (Swiss) AG
c/o LIREX AG, Davidstrasse 1, 9000 St. Gallen, Switzerland, registr.
No. CHE-100.189.949
Casinos Austria AG
Liegenschaftsverwaltungs und Leasing
GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 114288x
Casinos Austria Aktiengesellschaft
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 99639d
Casinos Austria International (Mazedonien)
Holding GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 400167g
Casinos Austria International Belgium S.A.
Rue Grétry 16-20, 1000 Bruxelles, Belgium, registr. No.
0502.785.246
Casinos Austria International GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 131441x
Casinos Austria International Holding GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 37681p
Casinos Austria International Ltd.
35-41 Wharf Street, 4870 Cairns, QLD, Australia, registr. No. ACN:
065998807, ABN: 31065998807
Casinos Austria Management GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 38657z
Casinos Event Immobilien GmbH
Lister Meile 2, 30161 Hannover, Germany, registr. No. HRB 201793
CAST Casinos Austria
Sicherheitstechnologie GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 94404f
CIPHER SOLUTIONS, a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 10675680
Clarystone s.r.o.
Na Větrově 889/13, Lhotka, post code 142 00 Prague 4, Czech
Republic, identification No. 27745422
Clearcode Services Sp. z o.o.
Św. Antoniego 2/4, 50-073 Wrocław, Poland, reg. No. 871153
CLS Beteiligungs GmbH
Goldschmiedgasse 3, 1010 Vienna, Austria, reg. No. FN84419x
Collington II Limited
Custom House Plaza Block 6, International Financial Services
Centre, Dublin 1, Republic of Ireland, reg. No. 506335
Complejo Monumento Güemes S.A. (v
likvidaci / in liquidation)
Av. Francisco de Uriondo 330, 4400 Salta, Argentina, registr.No.
FOLIO 187/88 ASIENTO 2288 LIBRO 9
Consulting 4U s.r.o.
Wellnerova 134/7, Nová Ulice, post code 779 00, Olomouc, Czech
Republic, identification No. 25851471
Coopera Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08682802
Core Value Global Holding LLC
c/o CORPORATION TRUST CENTER 1209 ORANGE STREET,
WILMINGTON, New Castle 19801, USA , reg. no. 7078263
CoreEmpl Company Inc.
831 Notch Tatnall St Suite 200, Wilmington, DE 19801, USA, reg. no.
6990013
Cuisino Ges. m.b.H.
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 54015i
Deutsche Sportwetten GmbH
Karmarschstr. 37-39, D-30159 Hannover, Germany, registr. No.
HRB 219939
Entretenimientos y Jegos de Azar
(EN.J.A.S.A.) S.A. (v likvidaci / in liquidation)
Del Milagro 142, 4400 Salta, Argentina, registr. No. IGTJ de Salta
Folio 65/6 asiento 2462 L 10
Finance-Gate Software GmbH
Köpenicker Str. 154, 10997 Berlin, Germany, reg. no. HRB 194193
FM&S Czech a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 04283112
Fortuna 1 ApS
c/o Casino Odense K/S, Claus Bergs Gade 7, 5000 Odense C,
Denmark, registr. No. 14909087
FVE Mušov I s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 19174098
FVE Mušov II s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 17873517
FVE Orlová I s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 06763731
FVE Orlová II s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 19254504
FVE Tichá s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 28605233
G2P Borkovany s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 17873592
GIST, s.r.o.
Collinova 421, Vìkoše, post code 500 03 Hradec Králové, Czech
Republic, identification No. 60916851
G-JET s.r.o.
Vinohradská 1511/230, , Czech Republic, identification No.
27079171
Glücks- und Unterhaltungsspiel
Betriebsgesellschaft m.b.H.
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 241637z
Harriague y Asociados SRL
Humberto Primo Ave 650, Capitalinas Tower 5000, Córdoba,
Argentina, reg. č. 30-68095660-6
HELLENIC LOTTERIES S.A. (HELLENIC
LOTTERIES – SOCIÉTÉ ANONYME FOR THE
PRODUCTION, OPERATION, CIRCULATION,
PROMOTION AND MANAGEMENT OF
LOTTERIES)
112 Athinon Avenue, GR 104 42, Athens, Greece, registration
No.125891401000
HORSE RACES SINGLE MEMBER S.A.
112 Athinon Avenue, GR 104 42, Athens, Greece, registration No.
132846101000
IGNIS HOLDING a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 07435304
Incluit LLC
1065 SW 8th PMB 622. Miami. Fl 33156. United states, reg. No.
L12000129508
Inmobiliara Ovale S.A.
Ignacio Carrera Pinto 109, 2720426 San Antonio, Chile, registr. No.
14996/10019
INSTANT WIN GAMING North America Inc.
2723 S. State St. Suite 150, Ann Arbour MI, 48104, USA, registr. No.
802249423
INSTANT WIN GAMING (Gibraltar) Limited
Madison Building, Midtown, Queensway, Gibraltar, reg. No. 121696
INSTANT WIN GAMING LIMITED
1st Floor 2 Old Street Yard, London, EC1Y 8AF, United Kingdom,
registration No. 07852508
IPM – Industrial Portfolio Management a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 04572033
IT Service sp. z o.o.
ul. Przyokopowa 26, 01-208 Warszawa, Poland, reg. no. 395960
ITK Inwestycje sp. z o.o.
ul. Przyokopowa 26, 01-208 Warszawa, Poland, reg. no. 654511
JiBa Hold s.r.o.
Evropská 866/63, post code 160 00, Prague 6 - Vokovice, Czech
Republic, identification No. 08590664
JNR Alfa, s.r.o.
Evropská 866/71, post code 160 00, Prague 6 - Vokovice, Czech
Republic, identification No. 17875072
JNR Beta s.r.o. ( dříve / formerly SC Czech
ACI, s.r.o.)
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 10969551
JNR Sigma, s.r.o
Evropská 866/71, post code 160 00, Prague 6 - Vokovice, Czech
Republic, identification No. 17875064
JTU Czech, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 02612020
KBOC Director s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 19666144
KBOC Investering B.V.
1101CT Amsterdam, Herikerbergweg 292, Kingdom of the
Netherlands, reg. No. 52308944
KCT Data, s.r.o.
Valčíkova 1369/17, Libeň, post code 182 00 Prague 8, Czech
Republic, identification No. 25730878
KKCG a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 27107744
KKCG Advisory a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 22369074
KKCG Development a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08295484
KKCG Financing 2 a.s.
Dúbravská cesta 14, mestká časť Karlova Ves, post code 841 04,
Bratislava, Slovak Republic, identification No. 55970494
KKCG Financing a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 21531455
KKCG Industry B.V.
1101CT Amsterdam, Herikerbergweg 292, Kingdom of the
Netherlands, reg. No. 27271144
KKCG Methanol Holdings LLC
108 Lakeland Ave., Dover, Delaware, 19901, United States of
America, EI No. 36-4831670
KKCG Real Estate Group a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 24291633
KKCG Structured Finance AG
Kapellgasse 21, 6004 Lucerne, Switzerland, reg. No. CHE-
292.174.442
KKCG TechLabs s.r.o.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 14042479
KKCG Technologies Finance s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 14038641
KKCG Technologies s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 07171234
KKCG UK Advisory Ltd
4th Floor 3 Dering Street, W1S 1AA London, United Kingdom, reg.
No. 16075110
KKCG US Advisory LLC
125 High Street, Boston, MA-02110, United States of America, reg.
No. 84-2817214
Krč Alfa a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 24237761
Krč Beta a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No.09810196
Krč Development, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 10969624
KrP stav. s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 07491697
Kynero Consulting a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 24193461
Leisure & Enterteinment S.A. (v likvidaci / in
liquidation)
Del Milagro 142, 4400 Salta, Argentina, registr. No. IGTJ de Salta
Folio 253/4 asiento 3484 L 13
Liberty One Methanol LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States
of America, EI. No.32-0521898
Liberty One O&M LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States
of America, EI. No. 30-0975326
Liberty Two Methanol LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States
of America, EI. No. 30-0988055
LLC Avenga Ukraine
1A, Kamyanets'ka Str., Lviv, 79034, Ukraine, reg. No. 44614060
LLC ITK Services Ukraine
118 B, V.Antonovycha str., Lviv, 79057, Ukraine, reg. no. 42685538
LLC ITK Ukraine
118 B, V.Antonovycha str., Lviv, 79057, Ukraine, reg. no. 42686264
LTB Beteiligungs GmbH
c/o DORDA Rechtsanwälte GmbH, Universitätsring 10, 1010 Vienna,
Austria, reg. No. FN 84439a
MARTKOPI OIL COMPANY LIMITED
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic
of Cyprus, registr. No. HE111838
MEDICEM Group a.s.
Kamenné Žehrovice, Karlovarská třída 20, post code 273 01, Czech
Republic, identification No. 07118422
Medicem Inc.
125 High Street, Boston, MA-02110, United States of America, EI.
No. 38-4126132
MEDICEM Technology s.r.o
Kamenné Žehrovice, Karlovarská třída 20, post code 273 01, Czech
Republic, identification No. 48036374
Metanol d.o.o.
Lendava, Mlinska ulica 5, 9220 Lendava – Lendva, Slovenia, reg.
No. 6564534000
Mindsquared a.s.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 09771492
MND a.s.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 28483006
MND Austria a.s.
Úprkova 807/6, post code 695 01 Hodonín,Czech Republic,
identification No. 19407904
MND BESS GmbH
Maschweg 1, 29227 Celle, Germany, reg.No. HRB 212002
MND BESS a.s.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 21140839
MND Drilling & Services a.s.
Velkomoravská 900/405, post code 696 18, Lužice, Czech Republic,
identification No. 25547631
MND Drilling Germany GmbH
29227 Celle, Maschweg 1, Germany, reg. No. HRB212091
MND Energie a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 29137624
MND Energy Storage a.s.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 27732894
MND Energy Storage Germany GmbH
64665 Alsbach-Hähnlein, Birkenweg 2, Germany, reg.
No. HRB96046
MND Gas Storage a.s. (dříve / formerly
Moravia Gas Storage a.s.)
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 28506065
MND GasInvestUA s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 19237375
MND Germany GmbH
29227 Celle, Maschweg 1, Germany, reg. No. HRB207844
MND Group AG
Kapellgasse 21, 6004 Lucerne, Switzerland, reg. No. CHE-
448.401.517
MND Prodej a.s.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 09002359
MND UK NORTH SEA LTD
4th Floor 3 Dering Street, London, United Kingdom, W1S 1AA, registr
No. 15921060
MND Ukraine a.s.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 08957517
MND Wind s.r.o.
Úprkova 807/6, post code 695 01 Hodonín, Czech Republic,
identification No. 17873568
Musala Services EOOD
36 Dragan Tsankov blvd, Office 505, 1057 Sofia, Bulgaria, reg. No.
205329279
Musala Soft DOOEL
3, Filip II Makedonski, Str., fl.4, office 4003, Skopje 1000, Republic
of North Macedonia, reg. No. 7008040
Musala Soft EAD
36 Dragan Tsankov blvd, Office 505, 1057 Sofia, Bulgaria, reg. No.
202569949
Musala Soft Kosovo LLC
Str.Mujo Ulqinaku No 5-, Ap.10 Qyteza Pejton, 1000 Pristina,
Kosovo, reg. No. 810171728
Musala Soft LLC
16 Khartoum St, Floor 4, Heliopolis Cairo, Egypt, reg. No. 180934
NANO Advanced Electrolysis s.r.o.
Jakubské náměstí 580/4, Brno-město, 602 00 Brno, Czech Republic,
identification No. 19283768
NANO Advanced s.r.o.
Jakubské náměstí 580/4, Brno-město, 602 00 Brno, Czech Republic,
identification No. 26949211
NEOFACTO Luxembourg S.A.
12, avenue du Rock'n'Roll, L-4361 Esch-sur-Alzette, Luxembourg,
reg. no. B131144
NetOp CLD Ltd.
Hebron Road 24, Jerusalem, Israel, reg. No. 51-593482-6
Neurosoft Cyprus Ltd
11 Erechtheiou Street, Egomi, P.C. 2413, Nicosia, Cyprus, registr.
No. ΗΕ 245439
Neurosoft Romania Software and Services
Srl
Loc. Voluntari, Oras Voluntari, Sos. Bucuresti Nord, Nr 10, Cladirea
de Birouri O21, Bucharest, Romania, registr. No. J23/1752/2009
NEUROSOFT S.A. (NEUROSOFT SOCIÉTÉ
ANONYME SOFTWARE PRODUCTION)
466 Irakliou Avenue & Kiprou Street, 141 22 Iraklio Attikis, Athens,
Greece, registration No.084923002000
Nikolajka Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08797072
NOVECON a.s.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08270783
ÖLG Holding GmbH
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 268558p
OPAP CYPRUS LTD
128-130 Lemesos Avenue, Strovolos, 2015, Nicosia, Republic of
Cyprus, registration No. HE140568
OPAP ECO SINGLE MEMBER S.A.
112 Athinon Avenue, GR 104 42, Athens, Greece, registration No.
175665901000
OPAP INTERNATIONAL LTD
128-130 Lemesos Avenue, Strovolos, 2015, Nicosia, Republic of
Cyprus, registration No. HE145913
OPAP INVESTMENT LTD
128-130 Lemesos Avenue (Floor 1), Strovolos, 2015, Nicosia,
Republic of Cyprus, registration No. HE297411
OPAP S.A. (Organization of Football
Prognostics S.A.)
112 Athinon Avenue, GR 104 42, Athens, Greece, registration No.
003823201000
OPAP SPORTS LTD
128-130 Lemesos Avenue (Floor 1), Strovolos, 2015, Nicosia,
Republic of Cyprus, registration No. HE133603
Oriv Holding a.s.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 11735376
Österreichische Klassenlotterie
Vertriebsgesellschaft m.b.H.
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 468412t
Österreichische Lotterien Gesellschaft
m.b.H.
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 54472g
Österreichische Sportwetten Gesellschaft
m.b.H.
Rennweg 44, 1038 Vienna, Austria, registr. No. FN 196645i
Perfectial Holding Limited
68, Oakkhill 3, Old College street, Sliema, Malta, reg. no. C 76419
Perfectial LLC
3422 Old Capitol Trail, Suite 700, Wilmington, Delaware 19808-
6192, USA, reg. no. 5575406
Perfectial Solutions Limited
68, Oakkhill 3, Old College street, Sliema, Malta, reg. no. C 76465
Pernerova Development s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08682844
Qinshift Espaňa S.L. (dříve / formerly
Aricoma Espaňa S.L.)
Calle Barcas 2 2 - EDIFICIO EPOCA. 46002, Valencia, Spain, reg.
No.B72432248
QINSHIFT a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 17865522
Qinshift AB (dříve / formerly Seavus AB)
Lilla Nygatan 7 3tr, 211 38 Malmö, Sweden, reg. No. 556588-5935
Qinshift Academy DOO (dříve / formerly
Seavus Educational and Development
Center DOO)
Vojvode Misica 9, 18 000 Nis, Republic of Serbia, reg. No. 29508429
Qinshift Academy DOOEL
11 Oktomvri 33A, 1000 Skopje, Republic of North Macedonia, reg.
No. 6643140
QINSHIFT CAPITAL a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 17802733
Qinshift Czechia s.r.o. (dříve / formerly
Cleverlance Enterprise Solutions s.r.o. )
Voctářova 2500/20a, Libeň, post code 180 00, Prague 8, Czech
Republic, identification No. 27408787
Qinshift d.o.o. Banja Luka
Svetozara Markovica No.5, 78 000 Banja Luka, Bosnia and
Herzegovina, reg. No. 57-01-0252-17
Qinshift DOO
Vojvode Misica 9, 18 000 Nis, Republic of Serbia, reg. No. 20177861
Qinshift DOOEL
11 Oktomvri 33A, 1000 Skopje, Republic of North Macedonia, reg.
No. 5323983
Qinshift Germany GmbH (dříve / formerly
Cleverlance Deutschland GmbH)
Eduard-Schopf-Allee 1, 28217 Bremen, Germany, registration No.
32267
Qinshift H2B s.r.o. (dříve / formerly
Cleverlance H2B s.r.o.)
Tuřanka 1519/115a, Brno, Slatina, post code 627 00, Czech
Republic, identification No. 28223756
Qinshift LLC (dříve / formerly Seavus FLLC)
FLLC SEAVUS, 25A Internatsionalnaya st., office 420, Minsk, 220
030, Republic of Belarus, reg. No. 190835458
Qinshift S.R.L.
Calea Ieșilor 8/1, et.5, of.8 , Chisinau, MD 2068, Republic of
Moldova, reg. No. 1020600026584
Qinshift Slovakia s.r.o. (dříve / formerly
Cleverlance Slovakia s.r.o.)
Mlynské Nivy 18890/5, post code 821 09, Bratislava, Slovak
Republic, identification No. 35942487
Qinshift Software Technologies J.S.C. (dříve
/ formerly SEAVUS SOFTWARE
TECHNOLOGIES J.S.C.)
Fulya Mah. Büyükdere Cad. Pekintaş Group Blok No: 32 İç Kapı No:
4 Şişli / İstanbul, Turkey, reg. No. 352133
Qinshift Sweden AB (dříve/formerly Aricoma
Group International AB )
Lilla Nygatan 7 3tr, 211 38 Malmö, Sweden, reg. No. 559235-9748
Qinshift Switzerland GmbH (dříve / formerly
Seavus GmbH)
Itziker Dorf Strasse 57, 8627 Grüningen, Switzerland, reg. No. CHE–
020.4.049.285-2
Qinshift USA Inc.
2352 Main Street, Suite 200, Concord, MA 01742, United states of
America, reg. No. 000873055
Rabcat Computer Graphics GmbH
Rennweg 46-50/1/6 (1.OG), 1030 Vienna, Austria, registr. No. FN
276027y
Relax Rezidence Cihlářka, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 05662079
Rezervoarji d.o.o
Lendava, Mlinska ulica 5, 9220 Lendava – Lendva, Slovenia, reg.
No. 6564470000
Sabris Consulting s.r.o.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 04701780
Sabris Consulting SK s.r.o.
Krasovského 3986/14, Bratislava - municipal district Petržalka, post
code 851 01, Slovakia, identification No. 44118821
SALEZA, a.s. (v konkurzu, v úpadku,
zahájeno insolvenční řízení / in bankruptcy,
insolvency proceedings initiated)
K Žižkovu 851, post code 19093, Prague 9, Czech Republic,
identification No. 47116307
SAZKA a.s.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 26493993
SAZKA DELTA AIF VARIABLE CAPITAL
INVESTMENT COMPANY LTD
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic
of Cyprus, registr. No. HE314350
SAZKA DELTA MANAGEMENT LTD (v
likvidaci / in liquidation)
Arch. Makariou III, 195, Neocleous House, 3030 Limassol, Republic
of Cyprus, registr. No. HE314151
SAZKA FTS a.s.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 01993143
SAZKA Services s.r.o.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 05111901
SC Czech ACJ, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 10969560
SC Czech ADC, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 11973609
SC Czech ADE, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 11974265
SC Czech ADK, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 11975300
SDL ALFA, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 11977051
SC Czech ADZ, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 11977230
SC Czech AER, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 117084458
SC Czech AGM, s.r.o.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 17875111
SDL Beta, s.r.o. (dříve /formerly SC Czech
AES, s.r.o.)
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 17084539
SG Storage 2 s.r.o.
Úprkova 807/6, post code 695 01, Hodonín, Czech Republic,
identification No. 05781779
Spielbanken Niedersachsen GmbH
Karmarschstraße 37-39, 30159 Hannover, Germany, registr. No.
HRB 50373
SPORTLEASE a.s.
Evropská 866/69, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 62361546
Springtide Ventures s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 01726587
Stoiximan Limited (Office/Branch in Cyprus)
Themistokli Dervi 41, HAWAII TOWER, 1066, Nicosia, Republic of
Cyprus, registr. No. ΑΕ 3438
Stoiximan Ltd
Office 1/1007, Level G, Quantum House 75, Abate Rigord Street,
Ta'Xbiex XBX 1120, registr. No. C95597
Stoiximan Ltd Greek Branch
Neratziotissis 111, GR 151 24 Amarousio, Attica, Greece, registr.
No. 155539301001
STR Czech s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 07728344
STZ Gama s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 11746777
SUPERMARINE, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 08062773
Sweetspot CZ s.r.o.
Evropská 866/63, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 09858636
SYSCOM SOFTWARE spol. s r.o.
Kytlická 818/21a, Prosek, post code 190 00, Prague 9, Czech
Republic, identification No. 61498084
TaxLabs s.r.o.
28. října 810/246, Mariánské Hory, post code 709 00 Ostrava, Czech
Republic, identification No. 19632401
Theta Real s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 27631842
TORA DIRECT SINGLE MEMBER S.A. (TORA
DIRECT SINGLE-MEMBER SOCIETE
ANONYME FOR THE PROVISION OF
SERVICES)
112Athinon Avenue, GR 104 42 Athens, Greece, registr. No.
005641201000
TORA WALLET SINGLE MEMBER S.A.
(TORA WALLET SINGLE-MEMBER SOCIETE
ANONYME FOR ELECTRONIC MONEY
SERVICES)
112 Athinon Avenue, GR 104 42 Athens, Greece, registr. No.
139861001000
US Methanol LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States,
EI. No. 81-1952040
US Methanol Midco LLC
400 Capitol Street, Suite 200, Charleston WV 25301, United States
of America, EI. No. 81-1952040
VESTINLOG, s.r.o.
Evropská 866/71, Vokovice, post code 160 00, Prague 6, Czech
Republic, identification No. 05629276
Viage Production S.A.
Rue Grétry 16-20, 1000 Bruxelles, Belgium, registr. No.
0474.725.225
Vinohradská 230 a.s.
Vinohradská 1511/230, Strašnice, post code 100 00, Prague 10,
Czech Republic, identification No. 26203944
ANNEX NO. 2 – AUDITOR'S REPORT
PricewaterhouseCoopers Audit, s.r.o., Hvězdova 1734/2c, 140 00 Prague 4, Czech Republic
T: +420 251 151 111, www.pwc.com/cz
PricewaterhouseCoopers Audit, s.r.o., registered seat Hvězdova 1734/2c, 140 00 Prague 4, Czech Republic, Identification Number: 40765521, registered with
the Commercial Register kept by the Municipal Court in Prague, Section C, Insert 3637, and in the Register of Audit Companies with the Chamber of Auditors
of the Czech Republic under Licence No. 021.
Independent Auditor’s Report
To the shareholder of KKCG Financing a.s.
Report on the audit of the financial statements
Our opinion
In our opinion, the financial statements give a true and fair view of the financial position of KKCG
Financing a.s., with its registered office at Evropská 866/71, Vokovice, Praha 6 (the “Company”)
as at 31 December 2024, and of the Company’s financial performance and cash flows for the period
from 30 April 2024 to 31 December 2024 in accordance with IFRS Accounting Standards as adopted
by the European Union.
What we have audited
The Company’s financial statements comprise:
• the statement of profit or loss and other comprehensive income for the period from 30 April 2024
to 31 December 2024;
• the statement of financial position as at 31 December 2024;
• the statement of changes in equity for the period from 30 April 2024 to 31 December 2024;
• the statement of cash flows for the period from 30 April 2024 to 31 December 2024; and
• the notes to the financial statements, comprising material accounting policy information
and other explanatory information.
Basis for opinion
We conducted our audit in accordance with the Act on Auditors, Regulation (EU) No. 537/2014
of the European Parliament and of the Council (the “EU Regulation”) and Standards on Auditing
of the Chamber of Auditors of the Czech Republic (together the “Audit regulations”). These standards
consist of International Standards on Auditing as supplemented and modified by related application
guidance. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Company in accordance with the International Code of Ethics
for Professional Accountants (including International Independence Standards) issued
by the International Ethics Standards Board for Accountants (IESBA Code) as adopted
by the Chamber of Auditors of the Czech Republic, with the Act on Auditors
and with the EU Regulation. We have fulfilled our other ethical responsibilities
in accordance with the IESBA Code, the Act on Auditors and the EU Regulation.
2
Our audit approach
Overview
The overall materiality level is set at 1% of total assets,
which represents EUR 2.42 million.
Expected credit loss allowance (ECL) for issued loans.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements, for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls including,
among other matters, consideration of whether there was evidence of bias that represented a risk
of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance as to whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually
or in aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the financial statements as a whole as set out in the table below.
These, together with qualitative considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements,
if any, both individually and in aggregate, on the financial statements as a whole.
Overall materiality
EUR 2.42 million.
How we determined it
Materiality was determined at 1 % of total assets.
Rationale
for the materiality
benchmark applied
The Company was established primarily to raise additional financing to
be allocated within the KKCG Group. Consequently, total assets have
been determined to be the most appropriate basis for calculating overall
materiality. A materiality level of 1% of this basis aligns with commonly
applied benchmarks for this type of public interest entity.
3
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Expected credit loss allowance (ECL) for
issued loans
The Company has provided a loan to
KKCG Group AG (the “Group”). The
Company's ability to meet its obligations,
particularly from issued bonds, depends
on the ability of the debtor to repay
the provided loan.
This credit risk and related potential losses
are recognised through expected credit loss
allowances that reduce the carrying amount
of the loans. The expected credit loss
depends on assessing the probability of
default and the expected loss given default.
IFRS 9 requires the calculation and
disclosure of expected credit losses based
on modelling multiple probability weighted
scenarios (refer to the accounting policies
in Note 3.1.1 and to the Note 6 to the
financial statements). As stated in Note 6,
the carrying amount of the loan amounted
to EUR 240.8 million as of 31 December
2024, net of expected credit loss allowance
assessed by management at EUR 0.0
million.
When assessing expected credit loss allowance, we
obtained understanding of the Company's processes
in this area. We inspected loan documentation to
understand its terms and conditions, including
interest rate and maturity date. In addition, we
performed the following procedures:
• We confirmed the loan balance with the PwC
Group audit team.
• We inspected the Debt Acknowledgement
provided by the Group to the Company.
• We used the work of the PwC Group audit
team who inspected the Group Liquidity
Assessment prepared by the Management of
the Group in April 2025 in order to prove the
ability of the Group to settle its liabilities
towards the Company in the upcoming 18
months.
• We examined Company's approach
to determining the probability of default. We
considered the appropriateness
of the valuation conducted by the Company
based on valuation models, utilizing the work
of our experts in valuation models.
• We considered internally assigned credit
rating of the debtor and other information
obtained in the course of the audit and
assessed whether the management’s
estimate of expected credit loss of EUR 0.0
million, while not being in full compliance with
IFRS 9, Financial Instruments, does not lead
to a material misstatement of the financial
statements taken as a whole.
4
How we tailored our audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide
an opinion on the financial statements as a whole, taking into account the structure of the Company,
the accounting processes and controls, and the industry in which the Company operates.
Other information
The board of directors is responsible for the other information. As defined in Section 2(b) of the Act
on Auditors, the other information comprises the annual report but does not include the financial
statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information. In connection
with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge about the Company obtained in the audit or otherwise appears
to be materially misstated. In addition, we assessed whether the other information has been prepared,
in all material respects, in accordance with applicable legal requirements, i.e. whether the other
information complies with the legal requirements both in terms of formal requisites and the procedure
for preparing the other information in the context of materiality.
Based on the procedures performed in the course of our audit, to the extent we are able to assess it,
in our opinion:
• the other information describing the facts that are also presented in the financial statements is,
in all material respects, consistent with the financial statements; and
• the other information has been prepared in accordance with the applicable legal requirements.
In addition, in the light of the knowledge and understanding of the Company and its environment
obtained in the course of the audit, we are required to report if we have identified material
misstatements in the other information. We have nothing to report in this regard.
Responsibilities of the board of directors, supervisory board and audit committee
of the Company for the financial statements
The board of directors is responsible for the preparation of the financial statements that give a true
and fair view in accordance with IFRS Accounting Standards as adopted by the European
Union and for such internal control as the board of directors determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the board of directors is responsible for assessing
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the board of directors either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The supervisory board of the Company is responsible for overseeing the financial reporting process.
The audit committee of the Company is responsible for monitoring the financial statements’
preparation process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with the Audit regulations will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
5
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Audit regulations, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the board of directors.
• Conclude on the appropriateness of the board of directors' use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with the board of directors, supervisory board and audit committee regarding,
among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement showing that we have complied with relevant
ethical requirements regarding independence, and we communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where
applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the supervisory board and audit committee, we determine
those matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
6
Report on other legal and regulatory requirements
Information required by the EU Regulation
In compliance with Article 10(2) of the EU Regulation, we provide the following information,
which is required in addition to the requirements of International Standards on Auditing:
Consistency of the audit opinion with the additional report to the audit committee
We confirm that the audit opinion expressed herein is consistent with the additional report to the audit
committee of the Company, which we issued today in accordance with Article 11 of the EU Regulation.
Appointment of auditor and period of engagement
We were appointed as the auditors of the Company for year 2024 by the general meeting
of shareholders of the Company on 6 December 2024. Our uninterrupted engagement as auditors
of the Company has lasted for 1 year.
Provided non-audit services
We declare that no services prohibited under Article 5 (1) of the EU Regulation, as amended by the
Czech law following Article 5 (3) of the EU Regulation, have been provided.
In addition to the statutory audit, no other services have been provided by us to the Company.
Information on the compliance of the format of the financial statements
with the requirements of the European Single Electronic Format (“ESEF”) Regulation
The European single electronic reporting format has been applied by the board of directors
of the Company to the Company’s financial statements to comply with the requirements of Article 3
of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive
2004/109/EC of the European Parliament and of the Council with regard to regulatory technical
standards on the specification of a single electronic reporting format (the “ESEF Regulation”).
These requirements specify the Company’s obligation to prepare its financial statements in a XHTML
format. We confirm that the European single electronic reporting format of the financial statements for
the period from 30 April 2024 to 31 December 2024 complies with the ESEF Regulation in this regard.
The engagement partner on the audit resulting in this independent auditor’s report
is Marek Richter.
28 April 2025
PricewaterhouseCoopers Audit, s.r.o.
represented by Partner
Marek Richter
Statutory Auditor, Licence No. 1800
ANNEX NO. 3 – FINANCIAL STATEMENTS
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
1
KKCG Financing a.s.
Financial Statements
For period from 30 April 2024 to 31 December 2024
in accordance with IFRS Accounting Standards
as adopted by the European Union
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
2
Contents
Statement of profit or loss and other comprehensive income for the period from 30 April 2024 to 31 December
2024 .......................................................................................................................................... 4
Statement of financial position as of 31 December 2024 ........................................................................ 5
Statement of changes in equity for the period from 30 April 2024 to 31 December 2024 ................................ 6
Statement of cash flows for the period from 30 April 2024 to 31 December 2024 ......................................... 7
1. General information ................................................................................................................ 8
1.1. Description .................................................................................................................... 8
1.2. Principal activities: .......................................................................................................... 8
1.3. Governing bodies of the Company ...................................................................................... 8
1.4. The sole shareholder of the Company as at 31 December 2024 ................................................. 8
2. Basis for Preparation of the Financial Statements ......................................................................... 8
2.1. Statement of compliance .................................................................................................. 8
2.2. Basis for measurement .................................................................................................... 8
2.3. Functional currency and presentation currency ..................................................................... 8
2.4. Use of estimates and judgements ....................................................................................... 8
2.5. Significant judgement, assumptions and estimation uncertainties ............................................. 9
2.6. Reporting by segments .................................................................................................... 9
2.7. New and revised IFRS Accounting Standards adopted by the EU in issue but not yet effective......... 9
2.8. New and revised IFRS Accounting Standards issued by the IASB but not yet adopted by the EU .... 10
3. Material Accounting Policy Information ......................................................................................11
3.1. Impairment .................................................................................................................. 11
3.1.1. Financial assets (including trade receivables and other receivables) ........................................ 11
3.1.2. Financial income ........................................................................................................... 12
3.1.3. Financial expenses ........................................................................................................ 12
3.2. Income taxation ............................................................................................................ 12
3.3. Determination of Fair Value ............................................................................................. 12
4. Cash and cash equivalents ......................................................................................................13
5. Trade receivables and other assets ...........................................................................................13
6. Loans provided .....................................................................................................................13
6.1. Information on fair value ................................................................................................. 14
7. Equity .................................................................................................................................14
7.1. Other capital funds ........................................................................................................ 15
7.2. Capital Management ...................................................................................................... 15
8. Issued bonds .......................................................................................................................15
8.1. Issued bonds at amortised cost........................................................................................ 15
8.2. Information on fair value ................................................................................................. 16
9. Taxation ..............................................................................................................................16
9.1. Income tax ................................................................................................................... 16
9.2. Effective tax rate ........................................................................................................... 16
10. Operating income and expenses ..............................................................................................17
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
3
11. Interest revenue and expenses .................................................................................................17
12. Risk Management ..................................................................................................................17
12.1. Credit risk ................................................................................................................... 17
12.2. Credit risk by type of counterparty .................................................................................... 18
12.3. Credit risk by territory .................................................................................................... 18
12.4. Expected credit losses ................................................................................................... 19
12.5. Liquidity risk ................................................................................................................ 19
12.6. Currency risk ............................................................................................................... 20
12.7. Interest rate risk ............................................................................................................ 20
13. Related Parties .....................................................................................................................21
14. Significant subsequent events .................................................................................................22
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
4
Statement of profit or loss and other comprehensive income for the
period from 30 April 2024 to 31 December 2024
Note
For the period
from 30 April
2024 to 31 Dec
2024
Interest revenue
11
9 020
Interest expense
11
-8 845
Services
10
-66
Other finance cost
-5
Profit before tax
104
Income tax
9
-23
Profit for the period
81
Total comprehensive income for the period
81
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
5
Statement of financial position as of 31 December 2024
Note
31 Dec 2024
30 April 2024
Non-current assets
Loans provided
6
236 903
236 903
Current assets
Trade receivables and other assets
5
20
Loans provided
6
3 884
Cash and cash equivalents
4
138
80
4 042
80
Total assets
240 945
80
Current liabilities
Trade and other payables
6
Current income tax liabilities
9
23
Issued bonds
8
3 847
3 876
Non-current liabilities
Issued bonds
8
234 522
234 522
Total liabilities
238 398
Equity
Share capital
7
80
80
Other capital funds
7
2 386
Retained earnings
81
Total equity
2 547
80
Total Equity and liabilities
240 945
80
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
6
Statement of changes in equity for the period from 30 April 2024 to
31 December 2024
Share capital
Other capital
funds
Retained earnings
Total equity
Opening balance at
30 April 2024
80
-
-
80
Profit for the period
-
-
81
81
Total comprehensive
income for the period
-
-
81
81
Transactions with owners in
their capacity as owners:
Contributions from parent
-
2 386
-
2 386
Balance at 31 Dec 2024
80
2 386
81
2 547
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
7
Statement of cash flows for the period from 30 April 2024 to
31 December 2024
For the period from
30 April 2024 to
31 Dec 2024
OPERATING ACTIVITIES
Profit for the period
81
Adjustments for:
Net interest income
- 175
Income tax expense
23
Operating cash flows before movements in working
capital
- 71
Decrease/(increase) in trade and other receivables
- 20
Increase/(decrease) in trade and other payables
6
Income tax paid on ordinary activities
-
Cash flows generated from/(used in) operating
activities
-85
INVESTING ACTIVITIES
Interest revenue received
4 776
Loan provided to parent company
- 240 619
Received transaction fees
4 075
Cash flows generated from/(used in) investing
activities
-231 768
FINANCING ACTIVITIES
Cash contribution to other capital funds
2 386
Proceeds from the issued bonds
238 237
Interest paid
- 4 637
Paid transaction fees
- 4 075
Cash flow generated from/(used in) financing activities
231 911
Net increase/(decrease) in cash equivalents
58
Cash and cash equivalents at the beginning of the
period
80
Cash and cash equivalents at the end of the period
138
The notes to the financial statements form an integral part of the financial statements.
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
8
1. General information
1.1. Description
KKCG Financing a.s. (the “Company”) was established on 30 April 2024. The Company is registered in the
Commercial Register maintained by the Municipal Court in Prague under Section B, insert 28853. The registered
office of the Company is at Evropská 866/71, Vokovice, zip code 160 00 Prague 6, Czech Republic. Identification
number is 215 34 455.
1.2. Principal activities:
The Company was established for the purpose of issuance of securities – bonds and for management of own assets.
1.3. Governing bodies of the Company
Statutory representatives (Board of Directors) of the Company as at 31 December 2024
• Petr Luňák
• Iva Horčicová
Supervisory Board of the Company as at 31 December 2024:
• Tomáš Borčin
1.4. The sole shareholder of the Company as at 31 December 2024
KKCG Group AG 100 %
Headquarters:
Kapellgasse 21
6004 Lucerne
The Swiss Confederation
The Company is part of the consolidation group of KKCG Group AG (the “Group”). The ultimate shareholder of the
Company is VALEA FOUNDATION, registered in Liechtenstein. The designated beneficiary of VALEA FOUNDATION
is Mr. Karel Komárek.
These financial statements are presented in thousands of EUR.
2. Basis for Preparation of the Financial Statements
2.1. Statement of compliance
The financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by
the European Union (“EU”).
The financial statements are unconsolidated.
The Company prepared these financial statements according IFRS for the first-time. As no other financial statements
have been ever prepared, there is no reconciliation from other GAAP. No exceptions or exemptions are relevant
as the IFRS are applied from the date when the Company was established.
2.2. Basis for measurement
The financial statements have been prepared on a going-concern basis using the historical cost method.
2.3. Functional currency and presentation currency
The functional and presentation currency of the Company is euro (“EUR”). All financial information presented in EUR
is rounded to the nearest thousand, unless stated otherwise.
2.4. Use of estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting
estimates that affect the reported items of assets, liabilities, income and expenses. It also requires management
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
9
to exercise judgement in the process of applying the Company’s accounting policies. The resulting accounting
estimates will, by definition, seldom equal the related actual result.
2.5. Significant judgement, assumptions and estimation uncertainties
Information about assumption and estimate uncertainties that have a significant risk resulting in a material adjustment
in the following years is included in the following notes:
• Note 6 – Loans provided;
Measurement of fair value
A number of the Company‘s accounting policies and disclosures require the measurement of fair values, for both
financial and non-financial assets and liabilities.
The Company has an established control framework with respect to the measurement of fair values. This includes
a KKCG’s valuation team that has overall responsibility for overseeing all significant fair value measurements.
The valuation team regularly reviews significant unobservable input data and valuation adjustments. If third party
information, such as broker quotes or pricing services, is used to measure fair values, then the evaluation team
assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the
requirements of IFRS, including the level in the fair value hierarchy in which such valuation should be classified.
When measuring the fair value of an asset or a liability, the Company uses market data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the input data used in the valuation techniques
as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: input data that does not include quoted level 1 prices that can be determined for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: input data for a given asset or liability that cannot be identified in the market (unobservable in put data).
If the input data used to measure the fair value of an asset or a liability might be categorised in different level of the
fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value
hierarchy as the lowest level input that is significant to the entire measurement.
Presentation of cash-flow statement
The Company assessed the transactions connected with obtaining the bond financing and providing a loan to the
KKCG group. The Company considered that presenting obtaining the bond financing in financing category
and providing a loan to the KKCG group in investing category of cash-flow statement appropriately reflects the
substance of the transactions.
2.6. Reporting by segments
All revenues were generated in the territory of Switzerland from one counterparty and the whole Company represents
one operating segment. Most of the revenues are of financial nature from one counterparty and are described in detail
in Note 10 – Operating income and expenses, and in Note 11 – Interest income and expenses.
2.7. New and revised IFRS Accounting Standards adopted by the EU in issue but not yet effective
At the date of authorisation of these financial statements, the Company has not applied the following revised IFRS
Accounting Standard that has been issued and adopted by the EU but is not yet effective in the EU:
Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates
Lack of Exchangeability
Effective from 1.1.2025
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
10
The directors do not expect that the adoption of the amendments to the existing standards listed above will have
a material impact on the financial statements of the Company in future periods.
2.8. New and revised IFRS Accounting Standards issued by the IASB but not yet adopted by the EU
The following new and revised IFRS Accounting standards have not been endorsed for use in the EU yet and could
not therefore be adopted by the Company:
(The effective dates stated below are for IFRS as issued by IASB. EU is expected to approve the amendments with
the same effective dates.)
IFRS 18
Presentation and
Disclosures in Financial
Statements
Effective from 1.1.2027
IFRS 19
Subsidiaries without Public
Accountability: Disclosures
Effective from 1.1.2027
Amendments to IFRS 9 Financial
Instruments and IFRS 7 Financial
Instruments: Disclosures
Amendments to the
Classification and
Measurement of Financial
Instruments
Effective from 1.1.2026
Amendments to IFRS 9 Financial
Instruments and IFRS 7 Financial
Instruments: Disclosures
Contracts Referencing
Nature-dependent
Electricity
Effective from 1.1.2026
Amendments to IFRS 10 Consolidated
Financial Statements and IAS 28
Investments in Associates and Joint
Ventures
Sale or Contribution of
Assets between an
Investor and its Associate
or Joint Venture
Effective date has been
removed temporarily by the
IASB.
Annual Improvements to IFRS Accounting
Standards (Volume 11)
Amendments to IFRS 1,
IFRS 7, IFRS 9, IFRS 10
and IAS 7
Effective from 1.1.2026
The directors are currently evaluating the impact of the adoption of the new standards and amendments to the existing
standards listed above on the financial statements of the Company in future periods.
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
11
Annual Improvements to IFRS Accounting Standards - Volume 11
These amendments issued by the IASB in July 2024 include clarifications, simplifications, corrections and changes
in the following areas:
• hedge accounting by a first-time adopter (IFRS 1)
• gain or loss on derecognition (IFRS 7)
• disclosure of deferred difference between fair value and transaction price (IFRS 7)
• introduction and credit risk disclosures (IFRS 7)
• lessee derecognition of lease liabilities (IFRS 9)
• transaction price (IFRS 9)
• determination of a ‘de facto agent’ (IFRS 10)
• cost method (IAS 7).
The directors of the company anticipate that the application of these amendments will not have an impact on the
company's financial statements in future periods.
3. Material Accounting Policy Information
3.1. Impairment
3.1.1. Financial assets (including trade receivables and other receivables)
The Company measures allowances using expected credit loss (“ECL”) model for financial assets
at amortised cost, debt instruments at FVOCI and contract assets. Allowances are measured on either of
the following base:
• twelve-month ECLs: ECLs that result from possible default events within the 12 months after the
reporting date;
• lifetime ECLs: ECLs that result from all possible default events over the expected life of a financial
instrument.
The Company measures an allowance at an amount equal to lifetime ECLs except for those financial assets
for which credit risk has not increased significantly since initial recognition. For trade receivables and contract
assets, the Company will quantify allowances in the amount of expected credit losses for the duration in the
simplified regime.
The ECL model is based on the principle of expected credit losses. For the purposes of designing the ECL
model, the portfolio of financial assets is split into segments. Financial assets within each segment are
allocated to three stages (Stage I – III) or to a group of financial assets that are impaired at the date of the
first recognition of purchased or originated credit-impaired financial assets ("POCI"). At the date of the initial
recognition, the financial asset is included in Stage I or POCI. Subsequent to initial recognition, the financial
asset is allocated to Stage II if there was a significant increase in credit risk since initial recognition or to
Stage III if the asset has been credit impaired.
The Company assumes that the credit risk on a financial asset has increased significantly if:
(a) a financial asset or its significant portion is overdue for more than 30 days (if a financial asset or its
significant portion is overdue for more than 30 days and less than 90 days, and the delay does not
indicate an increase in counterparty credit risk, the individual approach shall be used and the financial
asset shall be classified in Stage I); or
(b) the Company negotiates with the debtor about debt’s restructuring (at the request of the debtor or the
Company) or;
(c) the probability of default (PD) of the debtor increases by 20%; or
(d) other material events occur which require individual assessment (e.g. development of an external rating
of the main credit risks).
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
12
At each balance sheet date, the Company assesses whether financial assets carried at amortised cost and
investments to equity instrument are credit impaired. A financial asset is credit impaired when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
The Company considers financial asset to be credit-impaired if:
(a) a financial asset or its significant part is overdue for more than 90 days; or
(b) legal action has been taken in relation to the debtor, the outcome or the actual process of which may
have an impact on the debtor’s ability to repay the debt; or
(c) insolvency proceedings or similar proceedings under the foreign legislation have been initiated
in respect of the debtor, which may lead to a declaration of bankruptcy and the application for the
opening of this proceeding has not been refused or rejected or the proceedings have not been
discontinued within 30 days of initiation ((b) and (c) are considered as "Default Event"); or
(d) the probability of default of the debtor increases by 100% compared to the previous rating; or
(e) other material events occur which require individual assessment (e.g. development of external ratings
of the main credit risks).
For the purposes of ECL calculation, the Company uses components needed for the calculation, namely
probability of default ("PD"), loss given default ("LGD") and exposure at default ("EAD"). In case of short-
term loans, the so-called "maturity adjustment" is also included in the calculation. Forward-looking
information means any macroeconomic factor projected for future, which has a significant impact on
the development of credit losses. ECLs are present values of probability-weighted estimate of credit losses.
The Group considers mainly expected growth of gross domestic product, reference interest rates, stock
exchange indices or unemployment rates.
Recognition of allowances
Allowances for financial assets measured at amortised cost are deducted from the gross carrying amount
of the assets and the annual change is recognised in the income statement.
3.1.2. Financial income
Financial income comprises interest income on funds invested. Interest income is recognised in profit or loss
as it accrues, using the effective interest method.
3.1.3. Financial expenses
Financial expenses comprise interest expense on borrowings and foreign currency losses.
3.2. Income taxation
Income tax comprises current and deferred tax. Income tax is recognised in the Statement of comprehensive income.
Income tax payable is an estimate of tax (tax liability or tax receivable) calculated from taxable income or loss for
the reporting period, using tax rates enacted at the balance sheet date, and any adjustment to tax payable in respect
of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits
will be available against which the unused deductible temporary differences can be utilised. A deferred tax liability is
always recognised.
3.3. Determination of Fair Value
The Company’s accounting policies and disclosures require the determination of fair value for financial assets
and liabilities. Fair values of financial assets and liabilities at amortised cost have been determined by using quoted
price from stock exchange. Where applicable, further information about the assumptions made in determining fair
values is disclosed in the notes specific to that asset or liability.
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
13
4. Cash and cash equivalents
As of 31 Dec 2024
As of 30 April 2024
Cash at bank
138
80
Total
138
80
The Company assessed the need to recognise a credit loss allowance for receivables from banks (which are included
in Cash and cash equivalents) and concluded that the resulting allowance would be negligible. The Company
monitors the credit risk associated with banks and only deposits cash with reputable financial institutions that fulfil
Basel III criteria.
5. Trade receivables and other assets
As of 31 December 2024, the Company records trade receivables and other assets amounting to EUR 20 thousand
(as of 30 April 2024: EUR 0). Credit risks and impairment losses in relation to trade and other receivables are
discussed in Note 12 -Risk management policies and disclosures.
6. Loans provided
As of 31 Dec 2024
As of 30 April 2024
Loans to entities other than credit institutions
236 903
-
of which: loans owed by the parent company
236 903
-
Accrued interest
3 884
Total
240 787
-
Long-term
236 903
-
Short-term
3 884
-
Total
240 787
-
Long-term loans include a loan principal which is based on the maturity of the Bond principal (as of 31 December
2024 a principal with maturity as of 12 July 2029) and accrued interest, refer to Note 8 – Issued bonds.
Current loans as of 31 December 2024 include interest of EUR 3 884 thousand payable quarterly. The effective
interest rate as of 31 December 2024 was 8.34% p.a.
The loan provided to the parent company KKCG Group AG is classified as held-to-collect, measured at amortized
costs and categorised Stage 1 (being financial assets that have insignificant credit risk with no significant increase in
credit risk since recognition). Since the recognition of this loan, there has been no significant increase in credit risk.
Therefore, the Company evaluates that the expected credit losses from loans provided to related parties are not
material and consequently does not record any ECL provisions as of 31 December 2024.
The following table shows detailed information on the loan provided to the parent company KKCG Group AG:
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
14
As of 31 Dec
2024
Principal
Accrued
interest
Unamortized
fee
Maturity
Interest rate
p.a.
Effective
interest rate
Loan to
KKCG Group
AG
240 619
3 884
3 716
12 July 2029
7,9%
8,34%
Total
240 619
3 884
3 716
-
-
-
6.1. Information on fair value
The following table shows the fair value of the interest-bearing instruments reported at amortised cost:
As of 31 Dec 2024
As of 30 April 2024
Carrying
amount
Fair Value
Carrying
amount
Fair Value
Loan to KKCG Group AG
240 787
243 627
-
-
Total
240 787
243 627
-
-
All interest-bearing financial instruments carried at amortised cost are included in Level 2 of the fair value hierarchy
(for more details on valuation methods refer to Note 2.5 – Assumption and estimation uncertainties). The fair value
of unquoted fixed interest rate instruments was estimated based on estimated future cash flows expected to be
received discounted at current interest rates.
7. Equity
The authorised, issued and fully paid share capital as of 31 December 2024 consisted of 2 ordinary shares with
a nominal value of EUR 39 769 per share (CZK 1 000 000).
Ordinary shares represent a 100% share in the share capital of the Company. There are no special rights
and obligations associated with ordinary shares. The rights and obligations associated with registered ordinary shares
are defined in the Act No. 90/2012 Coll., on Business Corporations, as amended, and in the Articles of Association
of the Company in Parts V. and VI.. The shareholders of the Company are not limited in their rights attached to the
shares or in the payment of dividends. The shareholders have the right to receive dividends, right to participate at the
General Meeting of the Company while they have 1 vote per share with a nominal value of EUR 39 769
(CZK 1 000 000) and other rights according to Czech corporate law and Articles of Association of the Company.
Number of shares
Ownership
Voting rights
KKCG Group AG
2
100%
100%
Total
2
100%
100%
Reconciliation of the number of issued shares at the beginning and end of the period.
Number of issued
shares
Shares issued as of 30 April 2024
2
Newly issued shares
-
Shares issued as of 31 Dec 2024
2
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
15
7.1. Other capital funds
On 15 July 2024, the sole shareholder invested EUR 2 386 thousand (CZK 60 000 thousand) in other capital funds.
7.2. Capital Management
The Company’s objectives when managing capital is to safeguard its ability to continue as a going concern and to
maintain a positive shareholders equity.
8. Issued bonds
As of 31 Dec 2024
As of 30 April 2024
Issued bonds at amortised cost
234 522
-
Accrued interest
3 847
-
Total
238 369
-
Long-term
234 522
-
Short-term
3 847
-
Total
238 369
-
8.1. Issued bonds at amortised cost
The following table shows detailed information on issued bonds:
ISIN
Principal
Accrued
interest
Unamortised fee
Maturity
Interest rate
(%)
Effective
interest
rate (%)
Issued
bond
CZ00035630
09
238 237
3 847
3 715
17.7.2029
7,75%
8.2%
Total
-
238 237
3 847
3 715
-
-
-
Bonds 2029 (ISIN CZ0003563009)
The Company was formed with a purpose of issuing debt securities. As of the financial statements date, the Company
issued bonds in the aggregate amount of CZK 6 000 000 thousand with a fixed interest income of 7,75% p.a. payable
in 2029 (the “Bonds”), while the interest is payable quarterly. The Bonds were accepted for trading on the regulated
market of the Prague Stock Exchange in the Czech Republic. The trading with the bonds was started on the issue
date, i.e. on 17 July 2024. The ISIN code of the bonds is ISIN CZ0003563009.
The base prospectus of the bond programme (the “Prospectus”) and the final terms of the Bonds (the “Final Terms”)
are available at https://kkcg.com/en/investors/debt-investors-of-kkcg-financing-as-cz
The liabilities of the Company arising from the Bonds are secured in favour of the bondholders by KKCG Group AG
in the form of pledge over 15% of shares held by KKCG Group AG in Allwyn AG. In addition, the whole loan provided
by the Company to KKCG Group AG is also pledged to the bondholders.
The Bonds carry primarily the right for the payment of the nominal value as of the Bond’s final maturity date and
the right for the payment of the yield from the Bonds. In addition, the Bonds carry the right of the bondholders to
request an early redemption of the Bonds in cases specified in the Prospectus and the Final Terms. Furthermore,
the Bonds carry the right to attend and vote at the meetings of the bondholders. All the rights attached to the Bonds
are described in detail in the Bond Prospectus and the Final Terms.
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
16
The Bonds contain two covenants – Leverage Ratio and Loan to Value Ratio, as defined in the Bond Prospectus.
The Leverage Ratio means that the ratio of the Consolidated Net Indebtedness (as defined in the Bond Prospectus)
to Consolidated EBITDA (as defined in the Bond Prospectus) of Allwyn AG and its direct and indirect subsidiaries will
be below 4.5. The Loan to Value Ratio means that the Indebtedness of the Company (as defined in the Bond
Prospectus) as a percentage of the aggregate Value of the Pledged Allwyn Shares (as defined in the Bond
Prospectus) is below or equal to 50%.
The Company's management has calculated the covenants as of 31 December 2024 using the available internal
financial information of the Allwyn Group and the Company has concluded that the covenants as of 31 December
2024 have been met. These covenants will be finalized and published on the issuer's website within the period
specified in the prospectus, i.e. by 31 May 2025.
8.2. Information on fair value
The following table shows the fair value of interest-bearing instruments reported at amortised cost:
As of 31 Dec 2024
As of 30 April 2024
ISIN
Carrying
amount
Fair Value
Carrying
amount
Fair Value
Issued bonds at
amortised value
ISIN
CZ0003563009
238 369
240 983
-
-
Total
238 369
240 983
-
-
All interest-bearing financial instruments carried at amortised cost are included in Level 1 of the fair value hierarchy
(for more details on valuation methods refer to Note 2.5 – Significant judgement, assumptions and estimation
uncertainties).
9. Taxation
9.1. Income tax
The Company recognised a provision for income tax of EUR 23 000.
9.2. Effective tax rate
2024
Tax at the domestic tax rate (21%)
21%
Tax non-deductible expenses
0,9%
Effective tax rate (tax base divided by profit
before tax)
21,90%
Effective tax rate is 21,9%.
Act No. 416/2023 Coll. on Top-up taxes for large multinational groups and large domestic groups was adopted on the
basis of the EU Council Directive 2022/2523 on ensuring a global minimum level of taxation for multinational
enterprise groups and large-scale domestic groups. The aim of the Top-up taxes is to eliminate competition between
states over different corporate tax rates by introducing a single minimum tax rate to ensure equal conditions
for entities around the world and allow states to better protect their tax income. Top-up taxes will be collected if the
calculated effective tax rate in the given jurisdiction is lower than 15%. Companies in the group whose consolidated
annual revenues reported in the consolidated financial statements of the highest parent entity amount
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
17
to the equivalent of at least EUR 750 mil. in at least 2 of the 4 reporting periods immediately preceding the given tax
period are liable for Top-up taxes.
The Company is part of the Group, which is subject to legislation on top-up taxes outlined above. For fiscal year 2024,
the effective tax rate of the Group’s Czech operations exceeds the 15% threshold and hence the Company has no
additional tax liability for the year 2024 in relation to the Top-up taxes.
10. Operating income and expenses
Other operating expenses for services predominantly include the expenses relating to the formation of the Company,
bookkeeping and administration.
As of 31 December 2024, the fee to the statutory auditor amounts to EUR 35 thousand and includes a fee for the
audit of the financial statements.
Other non-audit services were not provided by the auditor in the reporting period.
11. Interest revenue and expenses
Interest revenue relates to the provided loans and interest expense relates to the issued Bonds. The expenses relating
to the issue of the Bonds such as fees to banks, costs of the review of the Prospectus/Final Terms by an auditor, legal
services and similar expenses were recharged to KKCG Group AG.
Other financial gain/losses contain bank fees, FX gain/losses etc.
12. Risk Management
This section describes the financial risks to which the Company is exposed and the way in which it manages such
risks. The most important types of financial risks for the Company are credit risk, interest rate risk and liquidity risk.
12.1. Credit risk
Credit risk is the risk of financial loss imminent when a counterparty in a transaction in a financial instrument fails
to meet its contractual obligations. This risk arises for the Company primarily from loans as the Company provided
a loan to the parent company KKCG Group AG located in Switzerland. The Company manages the risk by analysing
the creditworthiness of the parent company and only providing the loan financing to it. The Company continuously
monitors credit risk. The carrying amount of the loan and other financial assets represents the maximum exposure to
credit risk. The Company has not recognised the expected credit losses due to insignificance. The loan is provided
to the Company’s sole shareholder and reflect the credit risk of this entity (as opposed to third parties). Loan provided
is to entity located in jurisdictions with low sovereign credit risk. This loan is provided as part of the Group’s cashflow
planning and treasury functions.
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
18
12.2. Credit risk by type of counterparty
As of 31 Dec 2024
Enterprises (non-
financial institution)
Bank
Total
Cash and cash equivalents
138
138
Trade receivables and other assets
20
-
20
Financial instruments and other financial
assets
240 787
-
240 787
Total
240 807
138
240 945
As of 30 April 2024
Enterprises (non-
financial institution)
Bank
Total
Cash and cash equivalents
-
80
80
Trade receivables and other assets
-
-
-
Financial instruments and other financial
assets
-
-
-
Total
-
80
80
12.3. Credit risk by territory
As of 31 Dec 2024
Switzerland
Other
Total
Cash and cash equivalents
-
138
138
Trade receivables and other assets
-
20
20
Financial instruments and other financial
assets
240 787
-
240 787
Total
240 787
158
240 945
As of 30 April 2024
Switzerland
Other
Total
Cash and cash equivalents
-
80
80
Trade receivables and other assets
-
-
-
Financial instruments and other financial
assets
-
-
-
Total
-
80
80
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
19
12.4. Expected credit losses
For measuring credit risk and grading financial instruments (specifically loans provided) by the amount of credit risk,
the Company applies an approach based on risk grades estimated by external international rating agencies (Standard
& Poor’s ‒ “S&P”, Fitch, Moody’s). Internal and external credit ratings are mapped on an internally defined master
scale with a specified range of probabilities of default.
The rating models are regularly reviewed. Despite the method used, the Group regularly validates the accuracy
of ratings estimates and appraises the predictive power of the models.
The loan provided to KKCG Group AG has been categorised in Stage 1 and assigned an internal credit rating A,
which corresponded to PD 0.45 %. LGD parameter considered in the calculation was 32 %. Calculated ECL has not
been posted as it was assessed immaterial by the Company’s management. There is a significant concentration
of credit risk as the balance is due from one counterparty.
The cash is placed with reputable financial institution, which represents a concentration risk, but assessed expected
credit losses were not considered significant.
12.5. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulties in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset.
By default, the Company ensures that it has sufficient cash on demand and assets within short-term maturity to meet
expected operational expenses for a period of 90 days, including servicing financial obligations; this excludes
the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.
The table below provides an analysis of financial liabilities by relevant maturity groupings based on the remaining
period from the reporting date to the contractual maturity date. For cases where there is a possibility of earlier
repayment, the Company chooses the most prudent method of assessment. For this reason, liabilities are expected
to be repaid as soon as possible and for assets they are expected to be repaid as soon as possible.
The following table shows the Company’s financial assets and liabilities by maturity:
As of 31 December
2024
Carrying
amount
Contractual
cash flow
Less
than 3
months
3 months to 1 year
1-5 years
Assets
Financial
instruments and
other financial
assets
240 787
330 912
4 752
14 257
311 903
Liabilities
Financial
instruments and
other financial
liabilities
238 369
325 939
4 616
13 848
307 475
Trade payables and
other payables
6
6
6
-
-
Diff
4 967
130
409
4 428
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
20
The Company reports no financial liabilities as of 30 April 2024.
12.6. Currency risk
The Company is exposed only to insignificant risk of changes in exchange rates as substantially all transactions are
carried out in the Czech crown.
12.7. Interest rate risk
The Company is exposed to no risk of interest rate fluctuations in its operations because interest-bearing assets
and interest-bearing liabilities have almost the same maturity date and are due almost in the same amount, while
reflecting the form of interest rates as both issued bonds and provided loan is bearing fixed interest rate. The table
below provides information on the extent of the Company’s interest rate risk according to the contractual maturity of
financial instruments.
Financial information concerning interest-bearing and non-interest-bearing assets and liabilities categorised by the
earlier of contractual interest repricing or maturity dates:
As of 31 Dec 2024
Less than 1
year
1 year to 5 years
Total
Assets
Cash and cash
equivalents
138
-
138
Trade receivables and
other assets
20
-
20
Financial instruments
and other financial
assets
3 884
236 903
240 787
Total
4 042
236 903
240 945
Liabilities
Trade payables and other
payables
6
-
6
Financial instruments and
other financial payables
3 847
234 522
238 369
Total
3 853
234 522
238 375
Net interest rate risk
189
2 381
2 570
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
21
13. Related Parties
Relationships with related parties include relationships with shareholders and other entities, as set out in the following
table.
Summary of outstanding balances with the related parties as of 31 December 2024
Receivables and other
financial assets
(as of 31 Dec 2024)
Payables and other
financial liabilities
(as of 31 Dec 2024)
To the parent company
From provided loan (note 6)
240 787
-
To key management personnel
From issued bonds
-
4
Companies controlled by end
shareholder
From other cost
-
4
Total
240 787
8
For the period from 30 April 2024 to
31 Dec 2024
Income
Expense
To the parent company
From the interest
9 020
-
To key management personnel
From the interest
-
8
Companies controlled by end
shareholder
From provided services
-
12
Total
9 020
20
All transactions were under arm’s length basis. For transactions with shareholder, refer to Note 7.
Transactions with key management members
Members of the Board of Directors and the Supervisory Board of the Company received no monetary or non-monetary
benefits from the Company for the period from 30 April 2024 to 31 December 2024. The Company has not been
charged any related costs for their services from other group companies.
KKCG Financing a.s.
Financial statements for the period from 30 April 2024 to 31 December 2024 (in thousands of EUR)
22
14. Significant subsequent events
There were not any significant events after the balance sheet date that would have material impact on the statutory
financial statements as at 31 December 2024.
Date:
Signature of the statutory body:
28 April 2025
Iva Horčicová
Petr Luňák
Chairman of Board of Directors
Member of Board of Directors