Cirion Technologies Holding I Limited
Registered number: 06056257
Financial Statements for the year ended 31 December 2024
Contents
Strategic Report…………………………………………………………………………........................,,.........3
Directors' Report……………………………………………………………………………………….,.……..6
Statement of Directors' Responsibilities in respect of the Strategic Report, Directors' Report and financial statements …………………………………………………………………………………………....8
Independent auditor´s report to the members of Cirion Technologies Holding I Limited ...……………..9
Statement of Profit and Loss and Other Comprehensive Income….………………………………………12
Statement of Financial Position.………………………………………………………………………….…..13
Statement of Changes in Equity……………………………………………………..……………………….14
Statement of Cash Flow………………………………………………………………………………………15
Notes.…………………………………………………………………………………………………………..16
2
Strategic report
The purpose of this Strategic Report is to communicate a fair review of the business and principal risk and uncertainties facing the company.
Review of the business
During the year the Company was a member of the Cirion Group (“The Group”). Cirion Group is a facility-based provider of a broad range of integrated communications services. The Group network is an international, facilities based communications network. The Group have designed their network to provide communications services that employ and take advantage of rapidly improving underlying optical, Internet Protocol (“IP”), computing and storage technologies. Cirion Technologies Holding I Ltd, a United Kingdom (“UK”) holding company (“CTL”), was registered at Companies House in England and Wales on 17 January 2007. Its registered office is 1f 15 Golden Square, London, England, W1F 9JG
The principal activity of the Company is to act as a special purpose financing and holding company.
The Group is currently focused on a number of operational and financial objectives, including (1) growing revenue by increasing sales generated by their Core Network Services; (2) focusing on our enterprise customers, as this customer group has the largest potential for significant growth; (3) continually improving the customer experience to increase customer retention and reduce customer churn; (4) launching new products and services to meet customer needs, in particular for enterprise customers; (5) reducing network costs and operating expenses; (6) achieving sustainable generation of positive cash flows from operations; (7) continuing to show improvement in Adjusted EBITDA as a percentage of revenue; (8) localizing certain decision making and interaction with our mid-market enterprise customers, including leveraging our existing assets; (9) concentrating its capital expenditures on those technologies and assets that enable the Group to develop its Core Network Services; (10) managing the Wholesale Voice Services for margin contribution; and (11) refinancing future debt maturities.
At the year end, the ultimate parent company and controlling party was Stonepeak Patagonia Holdings LLC (“Patagonia”), a company incorporated under the laws of the State of Delaware in the United States of America. The results of the Company are consolidated into Stonepeak Patagonia Holdings LLC. whose accounts can be obtained from Investor Relations, Stonepeak, Inc. 550 West 34th Street, 48th Floor, New York, NY, 10001, United States of America.
Cirion group is a leading digital infrastructure and technology provider, offering a comprehensive suite of fiber network, connectivity, collocation, cloud infrastructure, and communication and collaboration solutions with the purpose of furthering Latin America´s progress through technology. Cirion serves over 6,400 Latin America-based and multinational customers, including enterprises, government agencies, cloud service providers, wireline and wireless carriers, ISPs, and other leading businesses. Cirion owns and operates a facilities-based network and data center portfolio, with extensive coverage spanning across the Latin America region.
3
Financial performance
The principal activity of the Company is to act as a special purpose financing and holding company.
The net loss for the year was $1.4 million (2023: $1.4 million) and operating loss is $0.050 million (2023: ($0.060) million). The loss for the year after taxation is $1.4 million (2023: $1.4 million).
As at 31 December 2024, the company had net assets of $335 million (2023: $271 million).
The capital structure of the Company consists of debt, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital and reserves and reduced by the accumulated deficit.
The primary objective of the Company's capital management is to ensure that it maintains a healthy credit rating in order to support its business and enable it to continue as a going concern.
Going concern
Cirion Technologies group (“Cirion group”), the new ultimate parent company of Cirion Technologies Holding I Limited, has confirmed that it intends to provide such financial support as is necessary to enable the Company to meet its liabilities in full as they fall due for a period of at least twelve months from the date of approval of these financial statements.
The Directors of the Company have no reason to believe that the new parent company will not be in a position to provide the support referred above and, accordingly, they have prepared the financial statements on the going concern basis
Principal risks facing the business
The directors consider that the principal risks and uncertainties faced by the Company are as follows:
Risks relating to our business operations

- *

We are exposed to currency exchange risks where we issue invoices, or incur costs, for services in currencies other than $. Our net result may suffer due to currency translations and re-measurement. During the period presented, there were no significant gain or losses derived from transactions made in other currencies.
Risks related to Inflationary

- *

The risk that unanticipated inflation will reduce the value of an asset or income stream. The Board is monitoring inflationary data carefully to ensure any risks arising on existing income streams from increased inflation are addressed by appropriate responses in a timely manner.
Risks related to Credit risk

- *

The Company's credit risk is predominantly attributable to its trade debtors and cash and cash equivalents. Provisions for bad debts are made based on historical evidence and any new events which might indicate a reduction in the recoverability of cash flows. The Group's debtors are made up of related party receivables and hence the risk of default is reduced.
Risks related to liquidity and financial resources

- *

Continued uncertainty in the global financial markets and economy may negatively affect our financial results. Declines in customer spending, failure of key suppliers to provide us with the services/materials for ours network could negatively impact our operating results and financial condition.
4
Section 172 statement
During the year, the Company acted as a holding company within the Cirion Group and therefore, did not have direct relationships with employees, suppliers and customers. The Company holds investments in other Group Companies and therefore, has a business relationship with such entities. During the accounting year under review the Company has considered its activities and decisions however, as a holding company there has been limited business activity during the year. The Company approved the financial accounts for the year ended 31 December 2024 which gave our stakeholders a view of the current financial position of the Company. The accounts were independently audited by Grant Thornton which ensured that the accounts had been audited by an independent party. No other business activity that would impact our stakeholders took place within the Company during 2024.
The directors have acted in a way that they consider in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2024. The following paragraphs summarise how the directors fulfil their duties:
•
The directors aim to act responsibly and fairly in their engagement with regulators and bankers and are in direct contact on a regular basis. The directors respond quickly and fully to queries from regulators and bankers as required.
•
The directors always intend to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance.
By order of the Board,
Valeria Isabel Plastino
Director
February 13, 2026
5
Directors' report
The directors present their report and financial statements of Cirion Technologies Holding I Ltd (“the Company”), for the year ended 31 December 2024.
Directors
The directors of the Company throughout, and since the end of the year (except as noted) are as follows.
Name:
Facundo Castro Castellanos (resigned June 30, 2025)
Rohan Pramod Bhargava (resigned September 27, 2024)
Cyrus Stokes Gentry (appointed August 1, 2022)
John Forbes Parker Jr (appointed August 1, 2022)
Andrew Nesbitt Thomas (appointed August 1, 2022)
Valeria Isabel Plastino (appointed August 15, 2024)
Santiago Londoño Ramirez (appointed July 29, 2025)
Provisions for directors' indemnity
During the year, the Group had an indemnity provision in force in respect of the Directors of the Company against liability in respect of any proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006 (section 234). Such qualifying third party indemnity provisions remain in force at the date of signing this Directors report.
Dividends
The directors do not recommend the payment of a dividend for the year (2023: nil).
Political donations
The Company made no political donations or incurred any political expenditure during the year (2023:).
Financial risk management objectives
The Company's principal financial risk and uncertainties relate to financial instruments. The Company's financial risk management objective and policies, in respect of financial instruments, are discussed in note 13 to these financial statements.
Streamlined Energy and Carbon Reporting (SECR)
The Company has consumed no more than 40,000 kWh of energy within the United Kingdom during the reporting period to which the Directors' Report relates. Accordingly, pursuant to the applicable statutory requirements, this Report is exempt from the obligation to disclose Streamlined Energy and Carbon Reporting (SECR) information in respect of itself.
Future developments
The communications industry has been and remains highly competitive. The industry is subject to rapid and significant changes in technology. We believe that advances in optical and IP technologies have, and will continue to, facilitate decreases in unit costs for communications service providers that are able to most effectively take advantage of these technology advances. These service providers will be able to offer lower prices, which, we believe, will stimulate substantial increases in the demand for communications services. We believe that, over time, rapidly improving technologies and high demand elasticity are the two primary factors that are continuing to drive this market dynamic.
6
In view of these market and technology opportunities, we seek to serve business customers by using a customer first focus and providing a broad range of communications services over the Group's advanced and extensive fiber optic network. The processes and systems of the Group were designed to provide efficient and scalable services over a modern fiber optic network that deploys IP technologies. With the network's extensive geographic reach and deep reach into major metropolitan areas of Latin America, we are positioned to provide end-to-end services for customers entirely on the Group's own facilities. We plan to continually expand this fiber optic network to new locations where the demands of customers and potential customers justify the costs of expansion.
Subsequent events
In 2025 Cirion Technologies Nederland BV made a capital contribution pending share allotment of $40.1 million to the company. Shares will be allotted in 2026, at which point the balance will be transferred to Share premium.
Stakeholder engagement
The Directors have continued to engage with the shareholder and group entities through direct contact on regular basis. The directors continue to work cooperatively with all stakeholders to ensure good business relationships exist throughout the business, Further comments on how the directors have had a regard for the interests of the various stakeholders whilst making key decisions are contained in the Strategic report.
Disclosure of information to the auditor
The Directors who held office at the date of approval of this Directors' Report confirm that, so far as they are aware, there is no relevant audit information of which the Company's auditor is unaware, and the Directors have taken all steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
By order of the Board,
Valeria Isabel Plastino
Director
February 13, 2026
Registered office: 1f 15 Golden Square, London, England, W1F 9JG
7
Statement of directors' responsibilities in respect of the Strategic Report, The Directors' Report and the financial statements
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance UK-adopted International Accounting Standards (UK-adopted IAS) in conformity with the requirements of the Companies Act 2006 and applicable law.
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- *

select suitable accounting policies and then apply them consistently;

- *

make judgements and estimates that are reasonable, relevant and reliable;

- *

state whether they have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006;

- *

assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

- *

use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
8
Independent Auditor's Report to the Members of Cirion Technologies Holding I Limited
Opinion
We have audited the financial statements of Cirion Technologies Holdings I Limited (“Company”), which comprise the Statement of Profit and Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flow for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and UK-adopted international accounting standards (UK-adopted IAS).
In our opinion, Cirion Technologies Holding I Limited's financial statements:

- *

give a true and fair view in accordance with UK-adopted IAS of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance and cash flows for the year then ended; and

- *

have been properly prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the ‘Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Other information comprises information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' Report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
9
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- *

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- *

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- *

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- *

the financial statements are not in agreement with the accounting records and returns; or

- *

certain disclosures of directors' remuneration specified by law are not made; or

- *

we have not received all the information and explanations we require for our audit.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with UK-adopted IAS, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management 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 management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Company and industry, we identified that the principal risks of laws and regulations related to data protection, Health and Safety regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct
10
impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:

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enquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

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inspection of the Company's regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;

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gaining an understanding of the entity's current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;

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discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

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identifying and testing journal entries to address the risk of inappropriate journals and management override of controls

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designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing

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challenging assumptions and judgements made by management in their significant accounting estimates, including carrying value of impairment of investments.

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review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the company's members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Tracey Sullivan (Senior Statutory Auditor)
For and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13-18 City Quay
Dublin 2
Date:
13/02/2026
2026-02-13
2026-02-13
2026-02-13
11
Cirion Technologies Holding I Limited
Statement of Profit and Loss and Other Comprehensive Income
For the year ended 31 December 2024
Year ended 31 December 2024
Year ended 31 December 2023
Note
($000)
($000)
(54)
(60)
General and administrative expenses
3
(54)
(60)
Operating Loss
1.298
1.291
Finance revenue
6
(2.634)
(2.620)
Finance charges
7
(1.390)
(1.389)
Profit/Loss before tax
-
0
Tax credit on loss on ordinary activities
8
(1.390)
(1.389)
Loss for the year
-
0
-
0
Other comprehensive income
Other comprehensive income for the year
-
-
(1.390)
(1.389)
Comprehensive loss for the year
The results for the year are derived entirely from continuing operations.
The accompanying Notes on pages 16 to 28 form an integral part of these financial statements
12
Cirion Technologies Holding I Limited
Statement of Financial Position
As at 31 December 2024
At
At
31 December 2024 ($000)
31 December 2023 ($000)
Note
Assets
Non current assets
Investment in Subsidiaries
10
349.765
284.709
Trade and other receivables
11
-
0
-
0
349.765
284.709
Current assets
Trade and other receivables
11
39.335
39.330
Cash and cash equivalents
2
10
39.337
39.340
Total assets
389.102
324.049
Current liabilities
Trade and other payables
12
54.596
52.853
54.596
52.853
Total liabilities
54.596
52.853
Net assets
334.506
271.196
Capital and reserves
Equity share capital
16
598
598
Share Premium
16
582.499
525.299
Capital contribution – pending allotment
16
7.500
-
Accumulated deficit
(256.091)
(254.701)
Total equity
334.506
271.196
The accompanying Notes on pages 16 to 28 form an integral part of these financial statements.
These financial statements were approved by the Board of Directors on 13 of February 2026 and are signed on its behalf by
Valeria Isabel Plastino
Director
Registered number: 06056257
13
Cirion Technologies Holding I Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Share Premium
Other
reserve
Accumulated earning/deficit
Share
($000)
($000)
Capital
Deficit
Total
Note
($000)
($000)
($000)
490.099
-
At 31 December 2022
598
(253.312)
237.385
-
-
(1.389)
(1.389)
Loss for the year
-
Total Comprehensive loss
-
-
(1.389)
(1.389)
for the year
-
35.200
-
-
35.200
Share premium capital
-
-
0
At 31 December 2023
598
525.299
(254.701)
271.196
-
-
(1.390)
(1.390)
Loss for the year
-
Total Comprehensive Income/loss for the year
-
-
(1.390)
(1.390)
-
57.200
-
-
57.200
Share premium capital
-
-
7.500
-
7.500
Capital contribution – pending allotment
-
7.500
At 31 December 2024
598
582.499
(256.091)
334.506
The accompanying Notes on pages 16 to 28 form an integral part of these financial statements
14
Cirion Technologies Holding I Limited
Statement of Cash Flow
For the year ended 31 December 2024
Year ended 31 December 2024
Year ended 31 December 2023
($000)
($000)
Operating activities
(1.390)
(1.389)
Net loss for the year
Adjustments for:
1.336
1.329
Finance costs, net
402
69
Change in operating working capital and other
348
9
Cash used in operating activities
348
9
Net cash flows used in operating activities
Investing activities
(65.056)
(35.200)
Investment in subsidiaries
(65.056)
(35.200)
Net cash flows used for financing activities
Financing activities
64.700
35.200
Funding received from group companies
64.700
35.200
Net cash flows used for financing activities
(8)
9
Net Increase/(decrease) in cash and cash equivalents
10
1
Cash and cash equivalents, beginning of period
2
10
Cash and cash equivalents at the end of the period
The accompanying Notes on pages 16 to 28 form an integral part of these financial statements.
15
Cirion Technologies Holding I Limited
Notes to the Financial Statements
1.
Description of business
Cirion Technologies Holding I Ltd, a United Kingdom (“UK”) holding company (“CTL”), was registered at Companies House in England and Wales on 17 January 2007. Its registered office is at 1f 15 Golden Square, London, England, W1F 9JG
The principal activity of the Company is to act as a special purpose financing and holding company.
The Company operates as one reportable business segment.
2.
Accounting policies
Basis of preparation
The financial statements of the Company, made up to 31 December each year, are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Accounting Standards as issued by the International Accounting Standards Board and endorsed by the UK Endorsement Board. These financial statements have been prepared on the historical cost basis, except for those financial instruments which are recorded at fair value.
In accordance with section 401 of the Companies Act 2006 and paragraph 4 of the International Financial Reporting Standards 10 (IFRS 10) the Company is exempt from the requirement to prepare and deliver group accounts. Financial information is presented about the Company as an individual undertaking and not about its Group. Details of the ultimate parent undertaking which prepares consolidated financial statements are disclosed in note 17.
Going concern
Cirion Technologies group (“Cirion group”), the new ultimate parent company of Cirion Technologies Holding I Limited, has confirmed that it, intends to provide such financial support as is necessary to enable the Company to meet its liabilities in full as they fall due for a period of at least twelve months from the date of approval of these financial statements.
The Directors of the Company have no reason to believe that the parent company will not be in a position to provide the support referred above, or that any new parent would not continue provide such support and, accordingly, they have prepared the financial statements on the going concern basis
Use of estimates
The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as at the date of the financial statements and the reported revenue and expenses during the year. Such estimates include valuation of accounts receivable and valuation of investments. The estimates are based on historical factors, current circumstances and experience and judgment of the Company's management. The Company evaluates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the evaluation. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. Change in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Estimation uncertainty
Expected Credit Losses: The Company measures expected credit losses of a financial instrument in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and information about past events, current conditions and forecasts of future economic conditions. When measuring ECL the Company uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. The carrying amounts of trade and other receivables are disclosed in Note 11.
16
Cirion Technologies Holding I Limited
Notes to the Financial Statements
2. Accounting policies (continued)
Impairment of assets
Determining whether the carrying value of financial assets has been impaired, may require an estimate of the value in use of the investment in subsidiaries. The directors are satisfied that the carrying value of the Company's investments in subsidiaries is at least equal to their recoverable amount following recognition of impairments and provisions of $Nil (2023: $Nil).
Finance Revenue
Interest income is accrued using the effective interest rate method. The method applies this rate to the principal outstanding to determine interest income each period, except for short term receivables when the recognition of interest would be immaterial.
Foreign currencies
These financial statements are presented in the currency of the primary economic environment in which the Company operates (its functional currency) which is US dollars (“USD” or “$”). All amounts are rounded to the nearest $000 unless otherwise indicated
Transactions in currencies other than the functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date with exchange differences arising recognised in the comprehensive statement of income.
Investments
Investments by the Company in subsidiary undertakings are recorded at cost. A subsidiary undertaking is an entity controlled by the Company. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if and only if the Company has:
a. Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
b. Exposure, or rights, to variable returns from its involvement with the investee, and
c. The ability to use its power over the investee to affect its returns.
Impairment of investments
The carrying amounts of the Company's investments in subsidiaries are reviewed at each reporting date to determine if there are any indications of impairment.
If any indications of impairment exists, then a value-in-use calculation is computed which involves discounting estimated future cash flows to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss arises if the carrying amount of an asset exceeds its estimated recoverable amount and any loss is recognised immediately in the Statement of Comprehensive loss.
Any impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. A reversal of an impairment loss is recognised immediately in the Statement of Comprehensive loss and is only reversed to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised.
17
Cirion Technologies Holding I Limited
Notes to the Financial Statements
2. Accounting policies (continued)
Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expires, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:

- *

amortised cost

- *

fair value through profit or loss (FVTPL)

- *

fair value through other comprehensive income (FVOCI).
In the periods presented the Group does not have any financial assets categorised as FVTPL and FVOCI.
The classification is determined by both:

- *

the entity's business model for managing the financial asset

- *

the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses.
Subsequent measurement of financial assets
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):

- *

they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows

- *

the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group's cash, trade and most other receivables fall into this category of financial instruments.
18
Cirion Technologies Holding I Limited
Notes to the Financial Statements
2. Accounting policies (continued)
Impairment of financial assets
IFRS 9's impairment requirements use more forward-looking information to recognise expected credit losses – the ‘expected credit loss (ECL) model'.
Instruments within the scope of the new requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:

- *

financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1') and

- *

financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2').

- *

‘Stage 3' would cover financial assets that have objective evidence of impairment at the reporting date.

- *

‘12-month expected credit losses' are recognised for the first category while ‘lifetime expected credit losses' are recognised for the second category.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.
Trade and other receivables
The Group and the Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential default at any point during the life of the financial instrument. In calculating, the Group and the Company uses its historical experience, external indicators and forward-looking information to calculate the expected losses using a provision matrix.
The Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
The Group and the Company assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been grouped based on the days past due.
Classification and measurement of financial liabilities
The Group's financial liabilities include trade and other payables, contingent consideration on acquisitions, borrowings, redemption liability reserve and other financial liabilities.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss.
19
Cirion Technologies Holding I Limited
Notes to the Financial Statements
2. Accounting policies (continued)
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within finance costs or finance income.
Some accounting pronouncements which have become effective from 1 January 2024 and have therefore been adopted do not have a significant impact on the Company's financial results or position.
- Lease liability in Sale and Leaseback (Amendments to IFRS 16 Leases).
- Classification of liabilities as Current or Non-Current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements).
- Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures
- Supplier Finance Arrangements
Loans and borrowings
After initial recognition at fair value, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method.
Taxation
Income taxes for the year comprise current and deferred tax, using rates enacted or substantively enacted at the balance sheet date. Current tax is the expected tax payable on the taxable income for the year and any adjustments to tax payable in respect of previous years. Deferred tax is recognized based on the balance sheet liability method, calculated on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax is measured at the rates that are expected to apply in the periods in which temporary differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are not discounted.
The carrying amount of any deferred tax asset and/or liability is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is charged or credited in the statements of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current assets against current tax liabilities and when they relate to taxes levied by the same tax authority and the Company intends to settle its current tax assets and liabilities on a net basis.
20
Cirion Technologies Holding I Limited
Notes to the Financial Statements
2. Accounting policies (continued)
Borrowing costs
Borrowing costs are expensed as incurred.
3. Operating loss
Year ended
Year ended
31 December
31 December 2023
2024
($000)
($000)
(11)
(11)
Audit of the financial statements
Other fees
- local statutory audits and quarterly review of subsidiaries (i)
(29)
(29)
(i) Comprises total audit fees of LATAM, do not reflected in the Statement of Profit and Loss and Other Comprehensive Income.
4. Remuneration of Directors
The Directors did not receive emoluments for services to the Company (2023: nil).
5. Employee information
The average number of employees during the period was nil (2023: nil).
6. Finance revenue
Year ended
Year ended
31 December 2024
31 December 2023
($000)
($000)
1.291
1.298
Interest receivable from other Group Companies (1)
1.298
1.291
Total finance revenue
(1) Calculated using effective interest rate method
21
Cirion Technologies Holding I Limited
Notes to the Financial Statements
7. Finance charges
Year ended
Year ended
31 December 2024
31 December 2023
($000)
($000)
(2.634)
(2.620)
Interest payable to other Group Companies (1)
(2.634)
(2.620)
Total finance charges
(1) calculated using effective interest rate method
8. Taxation
Total tax credit for the year was $0 (2023: $0).
Reconciliation of tax credit
The tax charge/(credit) for the year is higher than the standard rate of corporation tax in the UK of 25% (2023: 19%)
The differences are explained below.
Year ended 31 December, 2024
Year ended 31 December, 2023
($000)
($000)
Profit/(loss) on ordinary activities before taxation
(1.390)
(1.389)
Tax charge/(credit) on profit/(loss) at 25% (2023: 19%)
(347)
(264)
Factors affecting tax charge for the year:
-
Expenses not deductible for tax purposes
146
111
-
(Utillization)/Increase of tax losses (brought)/carried forward
201
153
Total tax credit for the year
-
-
During the years ended 31 December 2024 and 2023, there was no deferred tax charge or income. No deferred tax movements have been recognised in equity at each year end. The Company has unused tax losses of $175.9m (2023: $174.9m) available for relief against future taxable income at 31 December 2024. These tax losses are available for an indefinite period of time. A deferred tax asset of $43.8m (2023 $43.9m) has not been recognised in respect of the tax losses due to the Company considering that it is not more likely than not that sufficient taxable profits will be available in the foreseeable future against which to offset the deferred tax asset.
At the UK Autumn Budget 2025, the Government reaffirmed its commitment to maintain the main UK corporation tax rate at 25% for the duration of the current Parliament. Accordingly, no changes to enacted tax rates were announced that would impact the measurement of current or deferred tax balances. The Company continues to apply the enacted 25% rate in accordance with IAS 12. Additionally, the Autumn Budget introduced forthcoming amendments to UK transfer pricing legislation, including the implementation of the International Controlled Transaction Schedule (ICTS) from 2027 and the extension of transfer pricing rules to financial transactions and foreign exchange exposures effective from 2026. These changes do not impact the Company's current or deferred tax balances; however, management will continue to monitor future guidance and assess any implications for tax reporting and compliance.
22
Cirion Technologies Holding I Limited
Notes to the Financial Statements
9. Dividends
The Directors do not recommend the payment of a dividend (2023: nil).
10. Investments
Subsidiary undertaking ($000)
Cost
At 31 December 2022
249.509
Additions
35.200
At 31 December 2023
284.709
Additions
65.056
At 31 December 2024
349.765
Details of all investments in subsidiary undertakings, including the name, country of incorporation, proportion of ownership interest and nature of business is given below:
Held by the subsidiaries
Name of
Class of shares held
Registered office address
Ownership
company
2024
2023
Cirion Fiber Networks LLC
1209 Orange Street, Wilmington, DE, 19801.
Ordinary shares
100,00%
100,00%
Cirion Technologies Argentina SA
Alférez Pareja 256, Buenos Aires
Ordinary shares
1,47%
1,47%
Av. Kennedy 5735 oficina 802 Edificio Marriott torre poniente, Los Condes, Santiago de Chile
Cirion Technologies Chile SA
Ordinary shares
99,99%
99,99%
Cirion Technologies Peru SA
Avenida Manuel Olguin 395, Urb. Los Granados, Santiago de Surco, Lima, Peru.
Ordinary shares
99,91%
99,91%
Cirion Technologies Colombia SAS
Avenida 13, 122-35, Autopista Norte, Bogota
Ordinary shares
96,04%
96,04%
Calle 7, Zona 1, Manzana B-2 Sector Sur, Edificio Impsat, La Urbina, Caracas, Venezuela.
Cirion Technologies, SA
Ordinary shares
100,00%
100,00%
Cirion Technologies Ecuador SA
Calle Juan Diaz Nro. 37-111, Urbanización Iñaquito, Alto Quito, Ecuador
Ordinary shares
100,00%
100,00%
Cirion Technologies Participaçoes e Comercial Ltda.
666 Eid Mansur Av., Parque São George, City of Cotia, São Paulo.
Ordinary shares
99,99%
99,99%
Cirion Technologies do Brasil Ltda.
666 Eid Mansur Av., Parque Sao George, City of Cotia, São Paulo.
Ordinary shares
33,87%
18,50%
Cirion Technologies Mexico, S. de R.L.
Lago Zúrich Nro. 96, Col. Ampliación Granada, Miguel Hidalgo, México DF.
Ordinary shares
99,99%
99,99%
Cirion DC Colombia ZF SAS
Avenida 13, 122-35, Autopista Norte, Bogota
Ordinary shares
50,00%
0,00%
Cirion DC Colombia SAS
Avenida 13, 122-35, Autopista Norte, Bogota
Ordinary shares
96,04%
0,00%
Cirion DC Ecuador C.L
Calle Juan Diaz Nro. 37-111, Urbanización Iñaquito, Alto Quito, Ecuador
Ordinary shares
99,99%
0,00%
Cirion DC Peru SRL
Avenida Manuel Olguin 395, Urb. Los Granados, Santiago de Surco, Lima, Peru.
Ordinary shares
99,93%
0,00%
Cirion DC Chile SPA
Av. Kennedy 5735 oficina 802 Edificio Marriott torre poniente, Los Condes, Santiago de Chile
Ordinary shares
99,99%
0,00%
Held by the company
Name of
Class of shares held
Registered office address
company
Cirion Technologies Holdings II Ltd.
7th Floor, 10 Fleet Place, London, EC4M 7RB.
Ordinary shares
100,00%
100,00%
Cirion Technologies Colombia SAS
Avenida 13, 122-35, Autopista Norte, Bogota
Ordinary shares
3,93%
3,94%
Cirion Technologies Ecuador SA. (1)
Calle Juan Diaz Nro. 37-111, Urbanización Iñaquito, Alto Quito, Ecuador
Ordinary shares
0,00%
0,00%
Cirion Technologies Participaçoes e Comercial Ltda.
666 Eid Mansur Av., Parque São George, City of Cotia, São Paulo.
Ordinary shares
0,01%
0,01%
Av. Kennedy 5735 oficina 802 Edificio Marriott torre poniente, Los Condes, Santiago de Chile
Cirion Technologies Chile SA
Ordinary shares
0,01%
0,01%
Cirion Technologies Peru SA. (2)
Avenida Manuel Olguin 395, Urb. Los Granados, Santiago de Surco, Lima, Peru.
Ordinary shares
0,00%
0,00%
Cirion DC Colombia ZF SAS
Avenida 13, 122-35, Autopista Norte, Bogota
Ordinary shares
50,00%
0,00%
Cirion DC Colombia SAS
Avenida 13, 122-35, Autopista Norte, Bogota
Ordinary shares
3,93%
0,00%
Cirion DC Ecuador C.L (1)
Calle Juan Diaz Nro. 37-111, Urbanización Iñaquito, Alto Quito, Ecuador
Ordinary shares
0,00%
0,00%
Cirion DC Peru SRL (3)
Avenida Manuel Olguin 395, Urb. Los Granados, Santiago de Surco, Lima, Peru.
Ordinary shares
0,00%
0,00%
Av. Kennedy 5735 oficina 802 Edificio Marriott torre poniente, Los Condes, Santiago de Chile
Cirion DC Chile SPA
Ordinary shares
0,01%
0,00%
(1) The percentage held by the company is 0,00005%. The percentage held by its subsidiary is 99,9999%
(2) The percentage held by the company is 0,00003%
23
Cirion Technologies Holding I Limited
Notes to the Financial Statements
11. Financial and other assets
Trade and other receivables
At
At
31 December 2024
31 December 2023
($000)
($000)
Amounts due within one year
39.308
39.305
Amounts owed by Group Companies and Associates (2)
27
25
Others (1)
39.335
39.330
Amounts due after more than one year
Amounts owed by Group Companies and Associates (2)
-
-
(1) this amount is not interest bearing.
(2) see note 15 for further information
12. Financial and other liabilities
Trade and other payables
At
At
31 December 2024 ($000)
31 December 2023
($000)
Amounts due within one year
48
48
Trade payable (1)
54.548
52.805
Amounts owed to Group Companies and Associates (2)
54.596
52.853
Trade and other payables due within one year
(1) this amount is not interest bearing.
(2) see note 15 for further information
13. Derivatives and other financial instruments
Credit risk related to financial instruments and cash deposits
During the year, credit risk from balances with banks and financial institutions was managed primarily by Cirion. The Company's maximum exposure to credit risk for the components of the statement of financial position at 31 December 2024 and 2023 is the carrying amounts of such balances as illustrated below in the fair value comparison table
24
Cirion Technologies Holding I Limited
Notes to the Financial Statements
13. Derivatives and other financial instruments (continued)
Treasury policy and risk management
During the year, the Company's treasury management was conducted primarily by Cirion. Cirion was responsible for raising finance for operations, together with associated liquidity management, and the management of foreign exchange and interest rate risk. Treasury operations were conducted within a framework of policies and guidelines authorised and reviewed by the Cirion Audit Committee, which receives regular updates of treasury activity. Financial instruments were entered into for risk management purposes only. It was the Cirion Group's policy that all hedging is to cover known risks and that no trading in financial instruments is undertaken.
Interest rate management
At 31 December 2024, the Company's most significant borrowings are at fixed rates of interest.
The following table show the Company's contractually agreed (undiscounted) payments in respect of its financial liabilities as at 31 December 2024 and 2023.
At 31 December 2024
Greater than 5 years
Within
1-3 years
Weighted
1 year
3-5 years
Total
average interest rate
($000)
($000)
($000)
($000)
($000)
Cirion Technologies Holdings II Ltd (1)
55.093
-
-
-
55.093
2,430%
55.093
-
-
-
55.093
At 31 December 2023
Greater than 5 years
Within
1-3 years
Weighted
1 year
3-5 years
Total
average interest rate
($000)
($000)
($000)
($000)
($000)
Cirion Technologies Holdings II Ltd (1)
53.576
-
-
-
53.576
2,430%
53.576
-
-
-
53.576
Foreign exchange management
Substantially all of the Company's assets and liabilities, including obligations to other Group companies and third party financing, are denominated in US dollar. At 31 December 2024 and 2023, all borrowings were denominated in US dollar.
At 31 December 2024, the Company had no significant trade payables and receivables denominated in currencies other than US dollar.
Currency risks
The Company's currency exposures give rise to the net currency gains and losses recognised in the income statement. Such exposures comprise the net monetary assets and liabilities of the Company that are not denominated in the functional currency of the entity involved. During the periods presented, there were no significant gain or losses derived from transactions made in other currencies.
Capital management
The capital structure of the Company consists of intercompany debt, which includes borrowings disclosed in note 12, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital and reserves and decreased by the accumulated deficit.
Liquidity management
As of 31 December 2024, the Company has $0.002 million of cash and cash equivalents. When the Company requires cash funds are transferred through loans to the Company from its direct or indirect subsidiaries, which is used to repay or prepay its liabilities.
25
Cirion Technologies Holding I Limited
Notes to the Financial Statements
13. Derivatives and other financial instruments (continued)
Fair values
Set out below is a comparison by category of carrying amounts and fair values of all the Company's financial instruments, that are carried in the financial statements:
At 31 December 2024
At 31 December 2023
Carrying
Carrying
amount
Fair value
amount
Fair value
($000)
($000)
($000)
($000)
Financial assets
Trade and other receivables due in less than one year (1)
39.335
39.335
39.330
39.330
Trade and other receivables due in greater than one year (1)
-
-
-
-
Cash and Cash equivalents
2
2
10
10
Financial liabilities
Trade and other payables due in less than one year (2)
54.596
54.596
52.853
52.853
Trade and other payables due in greater than one year (2)
-
-
-
-
(1) Classified as loan and receivables
(2) Classified as financial liability and amortised costs
Trade and other receivables due in less than one year approximate their carrying value due to their interest bearing or short term nature, with interest rates attributable to these amounts not being materially different from similar market rates of interest at either 31 December 2024 or 2023.
Given the short term duration of cash and cash equivalents the fair value approximates the carrying value.
The fair value of trade payables and amounts owed to Group Companies approximates their carrying value due to their interest bearing or short term nature, with interest rates attributable to these amounts not being materially different from similar market rates of interest at either 31 December 2024 or 2023.
Net present value has been used to determine the fair value of the other debt obligations related to Cirion Group Loan (see note 15) using prevailing rates of interest.
14. Purchase commitments
The company has no outstanding purchase commitments as at 31 December 2024 (2023: nil).
15. Related party transactions
During 2024, the company decided to increase its investments in Cirion Technologies Holding II Limited of $64.7 million by capital contribution.
The debtor and creditor balances with Cirion Group Companies are as follows:
26
Cirion Technologies Holding I Limited
Notes to the Financial Statements
15. Related party transactions (Continued)
Debtor balances due from:
At
At
31 December 2024
31 December 2023
Relationship
($000)
($000)
Debtor balances due from:
Amounts due within one year
9.089
Cirion Technologies Holdings II Ltd.
Subsidiary
9.089
125
Cirion Technologies Mexico, S. de R.L.
Subsidiary
125
30.091
Cirion Technologies Solutions, LLC
Indirect Parent
30.091
3
Cirion Technologies Nederland B.V.
Fellow Subsidiary
-
39.308
Related parties receivables due within one year
39.305
Creditor balances due to:
At
At
31 December 2024
31 December 2023
Relationship
($000)
($000)
Creditor balances due to:
Amounts due within one year
29.486
28.379
Cirion Technologies Holdings II Ltd. (1)
Subsidiary
25.002
24.416
Cirion Technologies, Ltd
Indirect Parent
60
10
Cirion Technologies Solutions LLC
Indirect Parent
54.548
52.805
(1) The amount includes (i) $9 million of principal which is repayable on demand and bears an interest of 2,43% per annum
The interest receivable and interest payable with Cirion Group Companies are as follows:
At
At
31 December 2024
31 December 2023
Relationship
($000)
($000)
Interest Income
1.298
1.291
Cirion Technologies Holdings II Ltd.
Subsidiary
1.298
1.291
Related parties interest income
Interest expense
2.049
2.038
Cirion Technologies Holdings II Ltd.
Subsidiary
585
582
Cirion Technologies, Ltd
Indirect Parent
2.634
2.620
Related parties interest expense
27
Cirion Technologies Holding I Limited
Notes to the Financial Statements
16. Equity Share Capital
The Company has one class of ordinary shares which carry no right to fixed income.
At
At
31 December 2024
31 December 2023
(Number)
($000)
(Number)
($000)
Authorised:
9.840
Ordinary shares of £ 1 each
5.000.000
5.000.000
9.840
Called up,allotted and fully paid:
Ordinary shares of £ 1 each
303.874
598
303.874
598
17. Ultimate parent and controlling party
At the year end, the ultimate parent company and controlling party was Stonepeak Patagonia Holdings LLC (“Patagonia”), a company incorporated under the laws of the State of Delaware in the United States of America. The results of the Company are consolidated into Stonepeak Patagonia Holdings LLC. whose accounts can be obtained from Investor Relations, Stonepeak, Inc. 550 West 34th Street, 48th Floor, New York, NY, 10001, United States of America.
At the year end the Company's immediate parent was Cirion Technologies Nederlands B.V. (formerly Level 3 Communications (IMPSAT) Nederland BV), a company incorporated in the Netherlands and its registered office is at Stekkenbergweg 4, Amsterdam SE, 1105 AJ, the Netherlands.
18. Events after the balance sheet date
In 2025 Cirion Technologies Nederland BV made a capital contribution pending share allotment of $40.1 million to the company. Shares will be allotted in 2026, at which point the balance will be transferred to Share premium.
28
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