PLANET HOLDING LTD

Company number

10191422

Status

Active

Incorporation

2016-05-20

Last accounts made up

2023-12-31

Account category

GROUP

Primary SIC

62012

Hubs

UK AI & Enterprise SaaS

Accounting basis

IFRS

Reporting scope

Consolidated (group)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“As of December 31, 2023, the Group reported a consolidated net loss of $44.07 million, net liabilities of $32 million, and negative operating cash flows of $5.9 million, stemming from previous years' losses mainly connected to the investments and operating expenses of the Group's real estate projects. Given the overall financial position of the Group and the material uncertainty related to being able to estimate the timing and quantum of cash inflows as part of the Company's capital raising activities and the timing of dividend receipts from underlying subsidiaries of the Company has generated the necessity to assess the ability of the Group to continue as a going concern. In assessing the appropriateness of the going concern assumption, the Directors have considered: i. the cash requirements of the business to pursue its intended objectives and strategy; ii. potential variations in cash requirements of the Group taking into account severe yet plausible downside scenarios that appropriately reflect the current uncertainties of the Group meeting its future cashflow forecasts and budgets; iii. Proposed/committed additional capital injections by existing and new investors; and iv. dividend receipts from underlying subsidiaries of the Company. The Directors note that, as stated in note 29, subsequent to the year end, the shareholders of the Company have approved a capital raise amounting to $16.3 million (€15.0 million) and for which binding subscription letters have been signed and issued. This initial capital increase is part of a larger capital raising activity amounting to approximately $52.5 million (€50.0 million) and will be funded through cash and convertible debt. Furthermore, the Directors expect positive future cashflows from real estate projects amounting to $8.5 million in the twelve months after the approval of the financial statements. The uncertainty regarding the ability to estimate the timing and quantum of future cash inflows generated by the capital raising activities and the timing of dividend receipts represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. In spite of this, the Directors have considered cash inflows, and budget projections and the flexibility in managing those flows of dividends and investments, as already demonstrated in prior years. As such, the Directors reasonably expect the Group to continue to meet its liabilities as they fall due and sustain operational existence for at least twelve months from the date of the signing of these financial statements, leading to the adoption of the going concern basis for preparing the consolidated financial statements.”

Subsidiaries

• Planet Holding Brazil Participações Ltda · 100% held · Brazil · Holding Company
• Planet Service Brasil Ltda · 100% held · Brazil · Service
• SG Desenv. Urban. Brazil Ltda · 100% held · Brazil · Commercial Services
• Planet HBX Ed.3 Brazil Urbanismo Ltda · 51% held · Brazil · Real Estate
• KP-Planet Real Estate Pvt Ltd · 51% held · India · Real Estate
• Snowflower Private Ltd · 80% held · India · Real Estate
• Planet Holding USA Inc. · 100% held · USA · Holding Company
• Palladium Little Elm Phase II Ltd · 40% held · USA · Real Estate

Significant events

• “In 2025 the shareholders of the Company have approved a capital raise amounting to $16.3 million (€15.0 million) and for which binding subscription letters have been signed and issued. This initial capital increase is part of a larger capital raising activity amounting to approximately $52.5 million (€50.0 million) and will be funded through cash and convertible debt.”
• “Planet Next S.r.l. has been sold in 2024”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers