Global Dominion Access SaBME: DOM

Mid Term Financial Statements 2024

Aug 1, 2024 at 11:57 AM UTC · Issued by Global Dominion Access Sa

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GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

Abbreviated consolidated interim financial statements relating to the six-month period ended 30 June 2024

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

INDEX OF ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENTS


ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT AT 30 JUNE, 2024	1
ABBREVIATED CONSOLIDATED INTERIM PROFIT & LOSS ACCOUNT FOR THE SIX-MONTH PERIOD
ENDED 30 JUNE, 2024	3
ABBREVIATED CONSOLIDATED INTERIM COMPREHENSIVE INCOME STATEMENT FOR THE SIX-
MONTH PERIOD ENDED 30 JUNE, 2024	4
ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN NET WORTH FOR THE SIX-
MONTH PERIOD ENDED 30 JUNE, 2024	5
ABBREVIATED CONSOLIDATED INTERIM CASH FLOW STATEMENT FOR THE SIX-MONTH PERIOD
ENDED 30 JUNE, 2024	7
EXPLANATORY NOTES FOR THE ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT
FOR THE SIX-MONTHPERIOD ENDED 30 JUNE, 2024	8
1.	GENERAL INFORMATION	8
1.1.	ACTIVITY	8
1.2.	GROUP STRUCTURE	9
1.3. CHANGES IN THE SCOPE OF CONSOLIDATION	10
1.4.	COMPARISON OF INFORMATION	11
1.5. PREPARATION OF THE INTERIM FINANCIAL STATEMENTS	11
2.	ABBREVIATED OF THE MAIN ACCOUNTING POLICIES	11
2.1.	BASIS OF REPORTING	12
2.2.	CONSOLIDATION PRINCIPLES	12
2.3.	SEGMENT FINANCIAL REPORTING	13
2.4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	13
2.5. SIGNIFICANT JUDGEMENTS WHEN APPLYING ACCOUNTING POLICIES	15
2.6. NEW IFRS STANDARDS AND IFRIC INTERPRETATIONS	16
3.	FINANCIAL RISK MANAGEMENT	16
3.1.	WORKING CAPITAL AND LIQUIDITY MANAGEMENT	17
3.2.	CREDIT RISK	19
3.3.	CLIMATE CHANGE RISK	19
3.4.	OTHER CIRCUMSTANTIAL RISKS	21
3.5.	FAIR VALUE ESTIMATION	22
4.	SEGMENT FINANCIAL REPORTING	23
5.	PROPERTY, PLANT AND EQUIPMENT	28
6.	GOODWILL AND INTANGIBLE ASSETS	30
7.	FINANCIAL ASSETS AND DERIVATIVES	32
8.	INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD	33
9.	CASH AND OTHER CASH EQUIVALENTS	34
10.	SHARE CAPITAL AND SHARE PREMIUM	35
11.	BORROWINGS	38
12.	OTHER LIABILITIES	42
13.	OBLIGATIONS TO PERSONNEL	43
14.	PROVISIONS	45
15.	TAX SITUATION	46
16.	EARNINGS PER SHARE	49
17.	CASH GENERATED FROM OPERATIONS	50
18.	COMMITMENTS, GUARANTEES AND OTHER INFORMATION	50
19.	BUSINESS COMBINATIONS	51
20.	RELATED PARTY TRANSACTIONS	53
21.	DISCONTINUED ACTIVITIES	55
22.	SUBSEQUENT EVENTS	58
ANNEX I - Subsidiary Companies within the Scope of Consolidation	59
ANNEX II - Temporary Business Associations (UTEs) included in the Scope of Consolidation	64

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT AT 30 JUNE, 2024

(In EUR thousand)

ASSETS		Note	30.06.2024	31.12.2023

NON CURRENT ASSETS
Property, Plant and Equipment	5	181,120	175,976
Goodwill	6	363,038	362,623
Other intangible assets	6	50,588	52,461
Non-current financial assets	7	10,089	9,500
Investments accounted for using the equity method	8	111,314	101,689
Deferred tax assets			65,058	62,662
Other non-current assets			19,413	10,555

			800,620	775,466
CURRENT ASSETS

Inventories			128,294	128,011
Trade and other receivables			197,239	214,645
Assets per contract			276,461	237,329
Other current assets			13,772	11,766
Current tax assets			32,353	32,218
Other current financial assets	7	104,030	66,562
Cash and cash equivalents	9	164,091	224,731

			916,240	915,262
Disposable group assets classified as held for sale

	21	151,199	152,975

TOTAL ASSETS			1,868,059	1,843,703

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT AT 30 JUNE, 2024

(In EUR thousand)

EQUITY AND LIABILITIES		Note	30.06.2024	31.12.2023

EQUITY
Equity attributable to parent company's shareholders
Share capital	10	18,893	18,893
Own shares	10	(4,285)	(5,818)
Share premium	10	79,640	79,640
Retained earnings			247,152	249,611
Cumulative exchange differences			(46,080)	(39,943)
Equity attributable to parent company's shareholders				295,320		302,383
Non-controlling shares				17,030		13,619
			312,350	316,002
NON-CURRENT LIABILITIES

Deferred income			73	75
Non-current provisions	13/14	25,066	25,185
Long-term borrowed capital	11	237,244	187,263
Deferred tax liabilities			28,709	26,354
Other non-current liabilities	12		31,354		25,834
			322,446	264,711
CURRENT LIABILITIES
Current provisions	14	8,621	10,015
Short-term borrowed capital	11	229,023	176,067
Trade and other payables			692,559	678,896
Contract liabilities			67,052	92,853
Current tax liabilities			28,604	37.411
Current derivative financial instruments	11	-	2,929
Other current liabilities	12	80,853	140,585

			1,106,712	1,138,756
Disposable group liabilities classified as held for sale	21
	126,551		124,234
TOTAL EQUITY AND LIABILITIES			1,868,059	1,843,703

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM PROFIT & LOSS ACCOUNT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2024

(In EUR thousands)

			6 month period ending 30
				June
	Note	2024	2023
CONTINUING OPERATIONS
OPERATING INCOME			573,857		576,529
Net turnover			571,440	570,868
Other operating income			2,417	5,661
OPERATING EXPENSES			(533,249)		(536,431)
Consumption of raw materials and secondary materials			(258,687)	(252,859)
Employee benefit expenses			(181,234)	(178,270)
Amortisations	5/6		(30,728)	(31,061)
Other operating expenses			(60,654)	(72,954)
Profit/(loss) on sale/impairment of assets			(969)	(768)
Other income and expenses			(977)	(519)
OPERATING PROFIT			40,608		40,098
Finance income			7,217	8,753
Finance costs			(27,871)	(24,261)
Net exchange differences			218	(1,166)
Variation in the fair value of assets and liabilities attributed to profit
and loss			-	248
Share in net income (loss) of associates	8		(100)	476
PROFIT BEFORE TAX			20,072		24,148
Income tax	15		1,425	(422)
PROFIT ON CONTINUING OPERATIONS AFTER TAXES			21,497		23,726
PROFIT (LOSS) ON DISCONTINUED ACTIVITIES AFTER TAX	21		(4,190)		(410)
PROFIT FOR THE FINANCIAL YEAR			17,307		23,316
PROFIT/(LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS			1,030		(26)
PROFIT ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS			16,277	23,342
Basic and diluted earnings from continuing and discontinued activities
attributable to parent company shareholders (stated in euros per share)
- Basic and diluted earnings from continuing operations	16		0.1376	0.1567
- Basic and diluted earnings from discontinuing operations	16		(0.028)	(0.003)

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM COMPREHENSIVE INCOME STATEMENT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2024

(In EUR thousand)

6 month period ending 30

June

Note 2024 2023

PROFIT FOR THE FINANCIAL YEAR	17,307	23,316

OTHER COMPREHENSIVE PROFIT/(LOSS)

Entries that may not be subsequently classified to profit/(loss):

-	Actuarial gains	13/14	66	252
-	Tax rate		(20)		(76)
			46	176

Items that can be classified after the results (net of tax):

Cash flow hedges for consolidated companies via global

	integration		(672)	186
- Cash flow hedges for companies included using the equity
	method	8	74	518
-	Translation differences		(5,995)		10,930
			(6,593)	11,634

Total other comprehensive profit/(loss)		(6,547)	11,810
TOTAL COMPREHENSIVE PROFIT/(LOSS) OF THE PERIOD NET OF
TAXES		10,760	35,126
Attributable to:

-	Parent company shareholders		9,588	35,338
-	Non-controlling shares		1,172	(212)
TOTAL COMPREHENSIVE PROFIT/(LOSS) ATTRIBUTABLE TO
OWNERS OF THE PARENT COMPANY		9,588	35,338
Attributable to:
-	Continuing operations		13,778	35,748
-	Discontinued activities		(4,190)	(410)

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN NET WORTH FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2024

(In EUR thousand)

				Treasury		Share				Cumulative		Non-
		Share capital		shares (Note		Premium		Retained		exchange		controlling		Total Net
		(Note 10)	10)		(Note 10)		earnings		differences		shares		Worth

Balance at 31 December 2023	18,893		(5,818)		79,640		249,611		(39,943)		13,619		316,002
Profit (Loss) of the financial year	-	-	-	16,277	-	1,030	17,307
Other comprehensive income for the year	-	-	-	(552)	(6,137)	142	(6,547)
Total comprehensive profit/loss at 30 June
2024		-		-		-		15,725		(6,137)		1,172		10,760
Dividends	-	-	-	(14,659)	-	(448)	(15,107)
Treasury share transactions (Note 10)	-	1,533	-	(864)	-	-	669
Change in scope and other movements	-	-	-	(2,661)	-	2,687	26

Balance at 30 June 2024	18,893	(4,285)	79,640	247,152	(46,080)	17,030	312,350

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

		Share		Treasury		Share				Cumulative		Non-
		capital		shares		Premium		Retained		exchange		controlling		Total Net
		(Note 10)		(Note 10)		(Note 10)		earnings		differences		interests		Worth

Balance at 31 December 2022	19,083		(3,044)		194,640		113,072		(31,365)		14,746		307,132
Profit (Loss) of the financial year	-	-	-	23,342	-	(26)	23,316
Other comprehensive income for the year	-	-	-	880	11,116	(186)	11,810
Total comprehensive profit/loss at 30 June
2023		-		-		-		24,222		11,116		(212)		35,126
Transfers	-	-	(115,000)	115,000	-	-	-
Dividends (Note 10)	-	-	-	(14,749)	-	(1,100)	(15,849)
Treasury share transactions	-	(8,397)	-	-	-	-	(8,397)
Change in scope and other movements	-	-	-	(1,351)	-	784	(567)

Balance at 30 June 2023 (*)		19,083		(11,441)		79,640		236,194		(20,249)		14,218		317,445

(*) Figures modified from those included in the abbreviated consolidated interim financial statements at 30 June 2023. See restatement summary (Note 1.4).

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

ABBREVIATED CONSOLIDATED INTERIM CASH FLOW STATEMENT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2024

(In EUR thousand)

			Financial year ended
			30 June
	Note	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from continuing and discontinued activities	17		37,690		94,832
Interest paid			(26,059)		(23,544)
Interest received			1,302		8,753
Taxes paid			(1,982)		(4,914)
			10,951		75,127
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition/ Sale of subsidiaries, net of cash acquired			(9,519)		256
Acquisition of property, plant and equipment and intangible assets	5/6		(18,271)		(26,648)
Income from sale of tangible fixed assets and intangible assets	17		(888)		958
Acquisition of financial assets	7 and 8	(57,942)		(89,842)
Withdrawals of financial assets	7		4,392		36,256

			(82,228)		(79,020)
CASH FLOWS FROM FINANCING ACTIVITIES

Acquisition/Removals of treasury shares	10		(12,219)		(8,397)
Income from borrowed capital	11		215,056		58,224
Amortization of loans	11		(112,300)		(13,300)
Payments of other debts	12		(66,920)		-
Payments for financial leases	5		(12,665)		(12,583)
Dividends paid			(448)		(1,100)

			10,504		22,844


EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS			133		1,954
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND BANK
OVERDRAFTS			(60,640)		20,905

Cash, cash equivalents and bank overdrafts at the beginning of the year	9		224,731		182,383
Cash classified as Asset held for sale	21		-		38
Cash, cash equivalents and bank overdrafts at the end of the financial
year	9		164,091		203,250

GLOBAL DOMINION ACCESS, S.A. AND SUBSIDIARIES

EXPLANATORY NOTES FOR THE ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2024

(In EUR thousand)

1. GENERAL INFORMATION

1.1. ACTIVITY

Global Dominion Access, S.A., hereinafter the Company or Parent Company, was incorporated on 1 June, 1999 and its registered domicile for mercantile and tax purposes and its corporate seat have been located in Bilbao (Spain), since 18 May, 2022 at plaza Pío Baroja, número 3, 1º planta, post code 48001.

In accordance with Article 2 of its articles of association, Global Dominion Access, S.A. engages in the preparation of studies regarding the creation, structure and viability of companies and markets both in Spain and abroad, developing, promoting, directing and managing business activities grouped by production sectors by organizing human and material resources for the group of companies, acquiring those that are already in operation and creating new companies, merging, taking over, spinning off or liquidating them in order to directly carry out the activities as is most appropriate in each case for the most efficient management of the business. Its corporate purpose also includes, amongst other things, assessment, design, analysis, review, consultancy, assessment, supervision, technical assistance, development, updating, manufacturing, supply, installation, assembly, purchase, sale, rental, storage, distribution, deployment, importing, exporting, operations, repairs, maintenance, guarantees, training, education, educational support and the general marketing of products, solutions, equipment, systems and services that are either required or appropriate for their proper use or performance, of any material or immaterial nature, and other lawful activities involving the activities specified below and, in general, related to telecommunications and IT services, specifically those related to the implementation of complex projects that involve joint execution of a number of the aforementioned activities, through a turnkey model or not.

The Group defines itself as a global Services and Projects company with the aim of providing comprehensive solutions to maximise business process efficiency and sustainability by means of sector knowledge and applying technology with a different approach.

In May 2023, the Group's management presented the new 2023-2026 Strategic Plan, taking into account market uncertainties and emerging trends in the current macroeconomic environment. The Group's management believed that the way the Group's activity is explained needed to be reworded to make it simpler and more efficient. Sustainability was a key aspect of the Strategy Plan whereby the solutions provided help customers progress towards a more efficient and sustainable world.

The 2023-2026 Strategic Plan introduces a new understanding of the Group based on simplification, recurrence and sustainability, and borrows from reflecting on three types of transition (energy, industrial and digital), as the core drivers for future Group growth.