Consolidated Financial Standing Statement
in thousand PLN
As at | |||
Specification | 31.03.2024 | 31.12.2023 | 31.03.2023 |
unaudited | restated | ||
Tangible fixed assets | 386 296 | 386 784 | 372 618 |
Investment properties | 3 813 | 3 813 | 3 681 |
Goodwill | 9 770 | 9 770 | 297 |
Non-tangible assets other than goodwill | 18 287 | 11 940 | 13 472 |
Long-term receivables | 4 294 | 3 486 | 2 980 |
Contract assets | 1 518 | 1 749 | 1 876 |
Financial assets | 6 | 6 | 6 |
Deferred income tax assets | 44 488 | 41 889 | 40 797 |
Long-term prepayments | 1 809 | 1 964 | 2 854 |
Total fixed assets | 470 281 | 461 401 | 438 581 |
Inventory | 248 923 | 248 398 | 244 948 |
Trade receivables | 208 371 | 176 820 | 226 673 |
Other short-term receivables | 15 098 | 14 537 | 13 586 |
Income tax receivables | 410 | 458 | 637 |
Contract assets | 256 | 256 | 235 |
Prepayments | 8 599 | 2 901 | 7 008 |
Financial assets | 15 000 | 1 475 | 23 273 |
Cash | 214 024 | 122 985 | 106 582 |
Assets classified as held for sale | 737 | 563 | 2 682 |
Total current assets | 711 418 | 568 393 | 625 624 |
TOTAL ASSETS | 1 181 699 | 1 029 794 | 1 064 205 |
Share capital | 5 376 | 5 376 | 5 376 |
Own Shares | -43 539 | -11 230 | -11 230 |
Valuation of warrants (incentive scheme) | 1 396 | 1 118 | 6 575 |
Reserve capital for the incentive program | 49 230 | 49 230 | 15 000 |
Statutory reserve capital | 1 792 | 1 792 | 1 792 |
Retained profits | 569 346 | 556 063 | 559 495 |
Exchange rate differences | -14 268 | -13 565 | -13 380 |
Total equity of the Parent Company | 569 333 | 588 784 | 563 628 |
Non-controlling interests | 4 221 | 4 349 | 507 |
Overall equity of the Parent Company and non-controlling interests | 573 554 | 593 133 | 564 135 |
Credits and debt securities | 228 292 | 110 887 | 178 024 |
Long-term provisions for employee benefits | 20 390 | 19 220 | 18 486 |
Deferred income | 6 872 | 7 101 | 5 808 |
Provision for deferred tax | 470 | 512 | 203 |
Long-term liabilities | 218 | 204 | 0 |
Financial liabilities due to leasing | 19 942 | 20 971 | 23 404 |
Total long-term liabilities | 276 184 | 158 895 | 225 925 |
Credits and debt securities | 69 127 | 45 400 | 23 657 |
Trade liabilities | 127 319 | 112 827 | 137 387 |
Other financial liabilities | 0 | 23 | 166 |
Financial liabilities due to leasing | 4 685 | 4 904 | 4 163 |
Other short-term liabilities | 32 210 | 28 342 | 26 866 |
Income tax liabilities | 332 | 333 | 358 |
Contractual liabilities | 14 196 | 16 788 | 10 451 |
Deferred income | 933 | 882 | 1 276 |
Short-term provisions for employee benefits | 55 895 | 47 781 | 43 855 |
Other short-term provisions | 26 527 | 19 923 | 25 569 |
Liabilities classified as held for sale | 737 | 563 | 397 |
Total short-term liabilities | 331 961 | 277 766 | 274 145 |
TOTAL LIABILITIES | 1 181 699 | 1 029 794 | 1 064 205 |
1
Consolidated Profit and Loss Account
in thousand PLN
01/01/2024 | 01/01/2023 | ||
Specification | 31/03/2024 | 31/03/2023 | |
unaudited | restated | ||
Sales revenues | 343 784 | 386 | 126 |
Prime costs of the sale | 280 604 | 325 | 205 |
Gross profit (loss) on sales | 63 180 | 60 921 | |
Selling costs | 10 524 | 10 493 | |
General and administrative costs | 38 269 | 34 947 | |
Other operating revenues | 1 164 | 3 | 717 |
Other operating expenses | 367 | 201 | |
Profit/loss on operating activity | 15 184 | 18 997 | |
Loss (gain) due to impairment (reversal of losses) on trade and other receivables in accordance with IFRS 9
Financial revenues
Financial expenses
Gross profit/loss (before taxation)
Income tax
-112 | -516 | |
220 | 3 051 | |
1 781 | 3 680 | |
13 511 | 17 852 | |
32 | 1 624 |
Net result on continuing operations | 13 479 | 16 228 |
Net result on discontinued operations | 119 | -62 |
Net result | 13 598 | 16 166 |
attributable to: | ||
shareholders of the parent company | 13 726 | 16 128 |
on continuing operations | 13 607 | 16 197 |
on discontinued operations | 119 | -69 |
non-controlling shareholders | -128 | 38 |
on continuing operations | -128 | 31 |
on discontinued operations | 0 | 7 |
Weighted average number of shares | 25 144 938 | 26 075 465 |
Earnings per share on continuing operations | 0,54 | 0,62 |
Earnings per share | 0,55 | 0,62 |
Diluted weighted average shares | 25 951 395 | 27 509 164 |
Diluted earnings per share on continuing operations | 0,52 | 0,59 |
Diluted earnings per share | 0,53 | 0,59 |
2
Consolidated Cash Flow Statement
in thousand PLN
Specification | For the period from 01/01 to 31/03 | |||
2024 | unaudited | 2023 | restated | |
Net profit | 13 598 | 16 166 | ||
Total adjustments for: | 12 900 | 35 370 | ||
Depreciation | 15 460 | 15 752 | ||
Net foreign exchange rate profit and loss | -2 271 | -1 123 | ||
Net interest and dividends | 5 186 | 5 833 | ||
Income tax on profit before tax | 2 573 | 1 824 | ||
Profit (loss) on investment activities | 115 | 175 | ||
Change in provisions | 15 847 | 12 903 | ||
Change in inventory | -526 | 24 672 | ||
Change in receivables | -32 413 | -39 973 | ||
Change in liabilities | 19 749 | 19 669 | ||
Change in prepayments and deferred income | -8 245 | -4 302 | ||
Other adjustments | 68 | 1 737 | ||
Income tax paid | -2 524 | -1 859 | ||
Cash from discontinued operations | -119 | 62 | ||
Net cash flows from operating activity | 26 498 | 51 536 | ||
Inflows from sale of fixed assets and intangible and legal assets | 0 | 11 | ||
Purchase of fixed assets and intangible and legal assets | -26 126 | -12 350 | ||
Other investment cash flows | -14 635 | -24 281 | ||
Expenses for financial assets | 950 | 0 | ||
Net cash from investing activities | -39 811 | -36 620 | ||
Change in the balance of credits | 143 013 | 3 233 | ||
Paid interest | -2 858 | -2 308 | ||
Acquisition of own shares | -32 308 | 0 | ||
Financial expenditure on lease | -1 175 | -839 | ||
Dividends paid to owners | 0 | 0 | ||
Other revenues/expenses | -280 | 0 | ||
Net cash flows from financing activity | 106 392 | 86 | ||
Change in cash and cash equivalents | 93 079 | 15 002 | ||
Net exchange differences in cash and cash equivalents | -312 | -3 | ||
Opening balance of cash | 121 257 | 91 583 | ||
Net change in cash | 92 767 | 14 999 | ||
Closing balance of cash | 214 024 | 106 582 | ||
including of limited disposability | 339 | 212 |
3
Financial Standing Statement of SANOK RC SA
in thousand PLN
As at | |||
31.03.2024 | 31.12.2023 | 31.03.2023 | |
(unaudited) | (unaudited) | ||
Tangible fixed assets | 306 044 | 305 894 | 298 630 |
Intangible assets | 17 671 | 11 254 | 12 568 |
Other long-term accounts receivable | 3 558 | 2 821 | 2 980 |
Contract assets | 1 517 | 1 749 | 1 876 |
Shares | 91 913 | 91 913 | 79 160 |
Financial assets | 45 953 | 47 934 | 44 418 |
Deferred income tax assets | 36 787 | 34 833 | 32 697 |
Long-term active prepayments and accrued income | 462 | 429 | 563 |
Total fixed assets | 503 905 | 496 827 | 472 891 |
Stocks | 142 686 | 150 092 | 147 563 |
Trade accounts receivable | 193 475 | 163 531 | 203 643 |
Other short-term accounts receivable | 7 286 | 11 440 | 6 631 |
Contract assets | 255 | 255 | 235 |
Active prepayments and accrued income | 5 483 | 2 170 | 4 340 |
Financial assets | 20 918 | 5 583 | 39 063 |
Cash and cash equivalents | 197 126 | 106 544 | 94 525 |
Total current assets | 567 229 | 439 615 | 495 999 |
TOTAL ASSETS | 1 071 134 | 936 442 | 968 890 |
Share capital | 5 376 | 5 376 | 5 376 |
Own Shares | -43 539 | -11 230 | -11 230 |
Reserve funds | 1 792 | 1 792 | 1 792 |
Capital from the valuation of warrants | 1 396 | 1 118 | 6 575 |
Reserve capital for the share buyback program | 49 230 | 49 230 | 15 000 |
Retained profit | 575 932 | 563 153 | 570 977 |
Total shareholders' equity | 590 187 | 609 440 | 588 490 |
Credits | 216 070 | 98 318 | 173 767 |
Financial liabilities | 14 514 | 13 837 | 12 099 |
Provisions | 13 529 | 14 724 | 17 542 |
Income from future periods | 29 | 29 | 31 |
Total long-term liabilities | 244 141 | 126 908 | 203 438 |
Credits and debt securities | 58 217 | 35 393 | 0 |
Trade liabilities | 77 189 | 74 980 | 95 026 |
Financial liabilities | 2 581 | 2 505 | 2 766 |
Other short-term liabilities | 21 240 | 21 619 | 14 602 |
Income tax liabilities | 244 | 295 | 1 |
Liabilities related to the contract | 7 073 | 6 517 | 4 964 |
Income from future periods | 457 | 478 | 1 073 |
Provisions | 69 805 | 58 308 | 58 530 |
Total short-term liabilities | 236 806 | 200 094 | 176 962 |
TOTAL LIABILITIES | 1 071 134 | 936 442 | 968 890 |
4
Profit and Loss Account of SANOK RC SA
in thousand PLN
01.01.2024 | 01.01.2023 | |
31.03.2024 | 31.03.2023 | |
(unaudited) | (unaudited) | |
Sales revenue | 254 595 | 284 754 |
Cost of sales | 214 318 | 247 100 |
Gross profit on sales | 40 277 | 37 654 |
Selling cost | 3 568 | 3 930 |
General and administrative expenses | 23 091 | 22 584 |
Core business result | 13 618 | 11 140 |
Other operating income | 930 | 3 311 |
Other operating expenses | 135 | 109 |
Operating result | 14 413 | 14 342 |
Losses on write-downs (+) / gains on reversals of write-downs under IFRS 9 (-) | 511 | -194 |
Interest income | 2 053 | 2 284 |
Financial income | 587 | 1 478 |
Financial expenses | 2 755 | 3 083 |
Pre-tax profit | 13 787 | 15 215 |
Income tax | 517 | 911 |
current | 2 355 | 1 440 |
deferred | -1 763 | -1 171 |
deferred (activities in Polish Investment Zone) | -75 | 642 |
Net profit | 13 270 | 14 304 |
Weighted-average number of shares | 25 144 938 | 26 075 465 |
Earnings per share | 0,53 | 0,55 |
Weighted-average diluted number of shares | 25 951 395 | 27 509 164 |
Diluted earnings per share | 0,51 | 0,52 |
5
Cash Flow Statement of SANOK RC SA
in thousand PLN
For the period from 01.01 to 31.03 | |||
2024 | 2023 | ||
(unaudited) | (unaudited) | ||
Net profit | 13 270 | 14 304 | |
Total adjustments: | 5 334 | 33 333 | |
− | Depreciation | 12 706 | 13 264 |
− | Net foreign exchange (gains) losses | -1 547 | -327 |
− | Net interest and dividends | 1 236 | 4 497 |
− | Income tax on profit before taxation | 2 355 | 1 440 |
− | (Gains) losses from investing activities | 172 | 189 |
− | Change in provisions | 12 173 | 8 772 |
− | Change in stocks | 7 406 | 23 980 |
− | Change in accounts receivable | -28 796 | -27 112 |
− | Change in liabilities | 7 569 | 12 397 |
− | Change in active prepayments and accrued income | -5 320 | -2 879 |
− | Other adjustments | -215 | 822 |
− | Income tax paid | -2 405 | -1 711 |
Net cash from operating activities | 18 604 | 47 637 | |
Income from financial assets | 2 500 | 0 | |
Income from repayment of loans | 142 | 4 550 | |
Income from repayment of interest on loans | 278 | 109 | |
Other investing cash inflow | 1 475 | 0 | |
Acquisition of tangible and intangible fixed assets | -18 092 | -8 510 | |
Acquisition of the CO2 emission rights | -6 316 | -3 157 | |
Expenses/receipts. deposits over 3 months | -15 000 | -22 250 | |
Net cash from investing activities | -35 013 | -29 258 | |
Repayment of credits | 142 457 | -787 | |
Acquisition of own shares | -32 308 | 0 | |
Interest paid | -2 266 | -1 767 | |
Financial expenses (leasing) | -597 | -297 | |
Net cash from financing activities | 107 286 | -2 851 | |
Change in cash | 90 877 | 15 528 | |
Change in cash resulting from foreign exchange differences | -295 | 0 | |
Cash at beginning of period | 106 544 | 78 997 | |
Change in net cash | 90 582 | 15 528 | |
Cash at end of period | 197 126 | 94 525 | |
including restricted cash | 339 | 209 |
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