Company: SLMT
Filing Date: 2025-05-28
Form Type: 20-F/A
Source: 0001213900-25-048029
Chunk: 34

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 34
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 have a functional currency different from the presentation
currency are translated into the presentation currency as follows:

| ● | assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet and at historical rates for equity. |

F-11

| ● | income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and |

| ● | all resulting exchange differences are recognized in other comprehensive income. |

On consolidation, exchange differences arising
from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges
of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of
the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on
sale.

Goodwill and fair value adjustments arising on
the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

Going Concern Assumption

In early 2022, Russia initiated a war on Ukraine.
This has led to volatility in both the commodity and equity markets and, in part, contributed to a steep rise in the global rate of inflation.
Central banks have responded by increasing interest rates. The Company’s board of directors is monitoring the impact of these events
and working with their advisers to ensure the continued smooth running of the business.

In preparing the consolidated financial statements,
the management of the Company have given careful consideration to the future liquidity of the Company. During the year ended December
31, 2024, the Company incurred a net loss of EUR and had net cash used in operations of EUR. While the Company had shareholders’
equity of EUR as of December 31, 2024, the Company also had deficit working capital of EUR.

As discussed in Note 4, on December 9, 2024, the
Company announced that it had agreed to acquire a majority ownership interest in Juve Stabia through a payment of cash and the issuance
of Class B Ordinary Shares. In December 2024, the Company completed two closings of a private placement offering under which we sold
Series A Preferred Shares (“Series A Preferred Shares”) at an offering price of US$ per share