Hybrid Software Group PLC Annual Report 2022 Hybrid Software Group Strategic report Governance Financial statements Other information Hybrid Software Group PLC Annual Report 2022 74 75 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY In thousands of euros Note Share capital Share premium Merger reserve Treasury shares Retained earnings Foreign currency translation reserve Total equity Balance at 31 December 2020 4,734 1,979 - (309) 33,891 (12,737) 27,558 Total comprehensive income for the year Net profit for the year - - - - 4,914 - 4,914 Foreign currency translation differences - - - - - 2,108 2,108 Total comprehensive income for the year - - - - 4,914 2,108 7,022 Transactions with owners Share-based payment transactions 25,30 - - - 107 (92) - 15 Acquisition – newly issued shares 25,34 8,430 - 67,015 - (89) - 75,356 Total transactions with owners 8,430 - 67,015 107 (181) - 75,371 Balance at 31 December 2021 13,164 1,979 67,015 (202) 38,624 (10,629) 109,951 Total comprehensive income for the year Net profit for the year - - - - 1,300 - 1,300 Foreign currency translation differences - - - - - (282) (282) Total comprehensive income for the year - - - - 1,300 (282) 1,018 Transactions with owners Share-based payment transactions 25 - - - 41 (41) - - Acquisition – newly issued shares 34 - - - - (36) - (36) Total transactions with owners - - - 41 (77) - (36) Balance at 31 December 2022 13,164 1,979 67,015 (161) 39,847 (10,911) 110,933 The notes on pages 76 to 112 are an integral part of these consolidated financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December In thousands of euros Note 2022 2021 Cash flows from operating activities: Net profit for the year 1,300 4,914 Adjustments to reconcile net profit to net cash: - Depreciation of property, plant, equipment and right-of-use assets 15,26 1,559 1,394 - Amortisation of other intangible assets 16 7,111 5,789 - Share-based remuneration expenses 30 - 15 - Gain on disposal of IPv4 addresses 9 (3,297) - - Net finance expense, net of loan forgiveness 14 381 463 - Net foreign currency exchange losses/(gains) 58 609 - Tax charge/(benefit) 19 535 (349) - Change in fair value of contingent consideration 9,27 (4) (3) - Other items 104 (439) Total adjustments to net profit 6,447 7,479 Change in operating assets and liabilities: - Financial assets 18 (20) (910) - Inventories 21 (1,605) (1,117) - Trade and other receivables 20,22 (295) (6,116) - Other current assets 23 (128) (78) - Prepayments 73 (629) - Trade and other payables 988 1,167 - Accrued liabilities (2,143) 3,293 - Contract liabilities 28 287 2,023 Total change in operating assets and liabilities (2,843) (2,367) Cash generated from operating activities 4,904 10,026 Interest received 14 43 3 Interest paid 14 (424) (466) Taxes paid (504) (107) Net cash flow from operating activities 4,019 9,456 Cash flows from investing activities: Capital expenditures on property, plant & equipment 15 (805) (1,254) Capital expenditures on other intangible assets 16 (75) (77) Capitalisation of development expenses 16 (3,981) (3,396) Proceeds on disposal of discontinued operation, net of cash disposed of 500 2,000 Proceeds on disposal of IPv4 addresses 9 3,297 - Acquisition, net of cash acquired 34 (3,430) (780) Net cash flow used in investing activities (4,494) (3,507) Cash flows from financing activities: Repayment against loans and borrowings 27 (307) (2,700) Deferred consideration paid 27 (310) - Contingent consideration paid 27 (715) (492) Principal payments on lease liabilities 26 (935) (849) Net cash flow used in financing activities (2,267) (4,041) Net (decrease)/increase in cash (2,742) 1,908 Cash and cash equivalents at 1 January 9,234 6,855 Effect of exchange rate fluctuations on cash at 1 January (175) 471 Cash and cash equivalents at 31 December 6,317 9,234 The notes on pages 76 to 112 are an integral part of these consolidated financial statements.
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