Interim Condensed Consolidated Financial Standing Statement
in thousand PLN
As at | |||
Specification | 30/09/2023 | 31/12/2022 | 30/09/2022 |
(unaudited) | (unaudited) | ||
Tangible fixed assets | 377 470 | 380 085 | 386 150 |
Investment properties | 3 914 | 3 681 | 3 489 |
Goodwill | 8 172 | 297 | 297 |
Non-tangible assets other than goodwill | 4 617 | 10 610 | 10 354 |
Long-term receivables | 3 945 | 3 046 | 3 407 |
Contract assets | 1 935 | 1 928 | 1 998 |
Financial assets | 6 | 6 | 892 |
Deferred income tax assets | 41 408 | 40 924 | 41 037 |
Long-term prepayments | 2 287 | 3 084 | 3 442 |
Total fixed assets | 443 754 | 443 661 | 451 066 |
Inventory | 248 703 | 270 960 | 268 474 |
Trade receivables | 211 441 | 190 091 | 215 802 |
Other short-term receivables | 14 536 | 14 773 | 26 076 |
Income tax receivables | 36 | 418 | 190 |
Contract assets | 256 | 235 | 235 |
Prepayments | 6 637 | 2 637 | 5 460 |
Financial assets | 1 274 | 1 876 | 1 201 |
Cash | 133 759 | 91 896 | 60 332 |
Total current assets | 616 642 | 572 886 | 577 770 |
TOTAL ASSETS | 1 060 396 | 1 016 547 | 1 028 836 |
Share capital | 5 376 | 5 376 | 5 376 |
Own Shares | -11 230 | -11 230 | -11 177 |
Valuation of warrants (incentive scheme) | 840 | 6 297 | 6 291 |
Reserve capital for the share buyback program | 11 230 | 15 000 | 15 000 |
Statutory reserve capital | 1 792 | 1 792 | 1 792 |
Retained profits | 583 208 | 542 867 | 529 081 |
Exchange rate differences | -13 600 | -13 179 | -12 741 |
Total equity of the Parent Company | 577 616 | 546 923 | 533 622 |
Non-controlling interests | 4 595 | 482 | 530 |
Overall equity of the Parent Company and non-controlling interests | 582 211 | 547 405 | 534 152 |
Credits and debt securities | 148 807 | 179 925 | 141 250 |
Long-term provisions for employee benefits | 18 311 | 18 249 | 17 568 |
Deferred income | 7 594 | 5 970 | 6 436 |
Provision for deferred tax | 258 | 216 | 223 |
Long-term liabilities | 178 | 0 | 0 |
Financial liabilities due to leasing | 24 205 | 24 059 | 25 447 |
Total long-term liabilities | 199 353 | 228 419 | 190 924 |
Credits and debt securities | 41 329 | 19 168 | 64 129 |
Trade liabilities | 120 958 | 129 344 | 147 385 |
Other financial liabilities | 23 | 561 | 3 096 |
Financial liabilities due to leasing | 4 272 | 4 587 | 4 540 |
Other short-term liabilities | 23 069 | 20 651 | 21 961 |
Income tax liabilities | 703 | 124 | 416 |
Contractual liabilities | 10 939 | 8 283 | 8 661 |
Deferred income | 1 166 | 1 194 | 659 |
Short-term provisions for employee benefits | 51 555 | 36 466 | 36 989 |
Other short-term provisions | 24 818 | 20 345 | 15 924 |
Total short-term liabilities | 278 832 | 240 723 | 303 760 |
TOTAL LIABILITIES | 1 060 396 | 1 016 547 | 1 028 836 |
1 |
Interim Condensed Consolidated Profit and Loss Account
in thousand PLN
01/07/2023 | 01/01/2023 | 01/07/2022 | 01/01/2022 | |
Specification | 30/09/2023 | 30/09/2023 | 30/09/2022 | 30/09/2022 |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |
Sales revenues | 359 422 | 1 118 633 | 347 234 | 1 038 417 |
Prime costs of the sale | 289 822 | 907 539 | 287 619 | 853 132 |
Gross profit (loss) on sales | 69 600 | 211 094 | 59 615 | 185 285 |
Selling costs | 10 466 | 31 604 | 11 368 | 32 199 |
General and administrative costs | 39 484 | 112 928 | 35 689 | 96 629 |
Other operating revenues | 2 937 | 10 403 | 794 | 2 220 |
Other operating expenses | 1 393 | 3 822 | 424 | 1 793 |
Result on deconsolidation | -175 | -175 | -13 830 | -13 830 |
Profit/loss on operating activity | 21 019 | 72 968 | -902 | 43 054 |
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
-787 | -1 459 | 57 | 85 | |||
701 | 8 710 | 2 175 | 3 521 | |||
4 083 | 10 408 | 2 680 | 6 296 | |||
16 850 | 69 811 | -1 350 | 40 364 | |||
692 | 7 155 | -2 461 | -2 335 |
Net result | 16 158 | 62 656 | 1 111 | 42 699 |
attributable to: | ||||
shareholders of the parent company | 15 824 | 62 123 | 977 | 42 381 |
non-controlling shareholders | 334 | 533 | 134 | 318 |
Weighted average number of shares | 26 075 465 | 26 881 922 | ||
Earnings per share | 2,38 | 1,58 | ||
Diluted weighted average shares | 26 881 922 | 27 509 164 | ||
Diluted earnings per share | 2,31 | 1,54 |
2
Interim Condensed Consolidated Cash Flow Statement
in thousand PLN
For the period from 01/01 to 30/09
Specification
(unaudited) | |||||||
2023 | 2022 | ||||||
Net profit | 62 656 | 42 699 | |||||
Total adjustments for: | 78 716 | 7 910 | |||||
Depreciation | 48 006 | 46 250 | |||||
Net foreign exchange rate profit and loss | -3 039 | 15 589 | |||||
Net interest and dividends | 6 574 | 2 862 | |||||
Income tax on profit before tax | 7 990 | 5 089 | |||||
Profit (loss) on investment activities | -720 | -13 341 | |||||
Change in provisions | 18 481 | 6 366 | |||||
Change in inventory | 25 560 | -29 296 | |||||
Change in receivables | -17 729 | -77 101 | |||||
Change in liabilities | -9 756 | 33 822 | |||||
Change in prepayments and deferred income | -3 027 | -7 172 | |||||
Other adjustments | 13 556 | 26 687 | |||||
Income tax paid | -7 180 | -1 845 | |||||
Net cash flows from operating activity | 141 372 | 50 609 | |||||
Inflows from sale of fixed assets and intangible and legal assets | 1 399 | 174 | |||||
Purchase of fixed assets and intangible and legal assets | -36 735 | -67 125 | |||||
Other investment cash flows | -1 783 | 8 583 | |||||
Expenses for financial assets | -11 584 | 0 | |||||
Środki pieniężne netto z działalności inwestycyjnej | -48 703 | -58 368 | |||||
Loans repayment | -8 980 | 3 117 | |||||
Paid interest | -7 128 | -2 862 | |||||
Acquisition of own shares | 0 | -11 177 | |||||
Financial expenditure on lease | -3 092 | -2 205 | |||||
Dividends paid to owners | -31 291 | 0 | |||||
Other revenues/expenses | -337 | -322 | |||||
Net cash flows from financing activity | -50 828 | -13 449 | |||||
Change in cash and cash equivalents | 41 841 | -21 208 | |||||
Net exchange differences in cash and cash equivalents | 22 | 3 | |||||
Opening balance of cash | 91 896 | 81 537 | |||||
Net change in cash | 41 863 | -21 205 | |||||
Closing balance of cash | 133 759 | 60 332 | |||||
including of limited disposability | 349 | 697 |
3
Interim Condensed Financial Standing Statement of SANOK RC SA
in thousand PLN
As at | |||
30.09.2023 | 31.12.2022 | 30.09.2022 | |
(unaudited) | (unaudited) | ||
Tangible fixed assets | 293 336 | 304 280 | 311 096 |
Intangible assets | 3 843 | 9 634 | 9 309 |
Other long-term accounts receivable | 3 226 | 3 046 | 3 408 |
Contract assets | 1 935 | 1 928 | 1 998 |
Shares | 91 695 | 79 160 | 79 160 |
Financial assets | 45 107 | 44 503 | 65 474 |
Deferred income tax assets | 33 575 | 32 296 | 33 763 |
Long-term active prepayments and accrued income | 438 | 570 | 599 |
Total fixed assets | 473 155 | 475 417 | 504 807 |
Stocks | 145 862 | 171 543 | 164 064 |
Trade accounts receivable | 193 680 | 175 385 | 191 695 |
Other short-term accounts receivable | 10 360 | 11 102 | 12 923 |
Contract assets | 256 | 235 | 235 |
Active prepayments and accrued income | 3 212 | 1 831 | 2 813 |
Financial assets | 10 748 | 21 767 | 1 954 |
Cash and cash equivalents | 114 278 | 78 997 | 49 909 |
Total current assets | 478 396 | 460 860 | 423 593 |
TOTAL ASSETS | 951 551 | 936 277 | 928 400 |
Share capital | 5 376 | 5 376 | 5 376 |
Own Shares | -11 230 | -11 230 | -11 177 |
Reserve funds | 1 792 | 1 792 | 1 792 |
Capital from the valuation of warrants | 840 | 6 297 | 6 291 |
Reserve capital for the share buyback program | 11 230 | 15 000 | 15 000 |
Retained profit | 589 790 | 556 129 | 540 297 |
Total shareholders' equity | 597 798 | 573 364 | 557 579 |
Credits | 133 157 | 175 198 | 135 740 |
Financial liabilities | 12 691 | 12 751 | 12 478 |
Provisions | 16 357 | 18 236 | 20 768 |
Income from future periods | 29 | 33 | 33 |
Total long-term liabilities | 162 234 | 206 218 | 169 019 |
Credits and debt securities | 25 708 | 0 | 45 306 |
Trade liabilities | 82 138 | 88 270 | 95 222 |
Financial liabilities | 2 737 | 3 192 | 6 507 |
Other short-term liabilities | 12 702 | 11 816 | 9 279 |
Income tax liabilities | 396 | 1 | 0 |
Liabilities related to the contract | 4 701 | 3 263 | 3 120 |
Income from future periods | 542 | 1 048 | 1 067 |
Provisions | 62 595 | 49 105 | 41 301 |
Total short-term liabilities | 191 519 | 156 695 | 201 802 |
TOTAL LIABILITIES | 951 551 | 936 277 | 928 400 |
4
Interim Condensed Profit and Loss Account of SANOK RC SA
in thousand PLN
01.07.2023 | 01.01.2023 | 01.07.2022 | 01.01.2022 | |
30.09.2023 | 30.09.2023 | 30.09.2022 | 30.09.2022 | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |
Sales revenue | 250 922 | 803 745 | 238 682 | 720 761 |
Cost of sales | 208 985 | 676 196 | 204 312 | 610 270 |
Gross profit on sales | 41 937 | 127 549 | 34 370 | 110 491 |
Selling cost | 3 989 | 11 300 | 3 790 | 11 120 |
General and administrative expenses | 22 779 | 67 451 | 20 146 | 54 341 |
Core business result | 15 169 | 48 798 | 10 435 | 45 030 |
Other operating income | 1 066 | 7 444 | 294 | 1 279 |
Other operating expenses | 125 | 963 | 322 | 1 449 |
Operating result | 16 110 | 55 279 | 10 407 | 44 860 |
Losses on write-downs (+) / gains on reversals of write-downs under IFRS 9 (-) | 687 | 1 032 | -700 | -3 976 |
Interest income | 2 554 | 7 182 | 1 740 | 4 295 |
Financial income | -895 | 6 980 | 28 549 | 31 260 |
Financial expenses | 3 268 | 8 129 | 30 728 | 65 277 |
Pre-tax profit | 13 814 | 60 280 | 10 667 | 19 114 |
Income tax | -47 | 4 831 | -2 568 | -3 131 |
current | 2 156 | 6 054 | 1 051 | 3 122 |
deferred | -2 469 | -2 006 | -1 869 | -1 602 |
deferred (activities in Polish Investment Zone) | 266 | 783 | -1 750 | -4 651 |
Net profit | 13 861 | 55 449 | 13 235 | 22 245 |
Weighted-average number of shares | 26 075 465 | 26 881 922 | ||
Earnings per share | 2,13 | 0,83 | ||
Weighted-average diluted number of shares | 26 881 922 | 27509164 | ||
Diluted earnings per share | 2,06 | 0,81 |
5
Interim Condensed Cash Flow Statement of SANOK RC SA
in thousand PLN
For the period from 01.01 to 30.09 | |||
2023 | 2022 | ||
Net profit | 55 449 | 22 245 | |
Total adjustments: | 63 392 | 25 313 | |
− | Depreciation | 40 044 | 38 173 |
− | Net foreign exchange (gains) losses | -2 106 | 10 191 |
− | Net interest and dividends | -1 226 | -4 194 |
− | Income tax on profit before taxation | 6 054 | 3 122 |
− | (Gains) losses from investing activities | -702 | 31 265 |
− | Change in provisions | 13 429 | 5 120 |
− | Change in stocks | 25 681 | -16 475 |
− | Change in accounts receivable | -15 049 | -61 383 |
− | Change in liabilities | -4 561 | 16 740 |
− | Change in active prepayments and accrued income | -3 037 | -6 857 |
− | Other adjustments | 10 131 | 11 331 |
− | Income tax paid | -5 266 | -1 719 |
Net cash from operating activities | 118 841 | 47 558 | |
Income from sales of tangible and intangible fixed assets | 1 288 | 65 | |
Income from financial assets | 259 | 0 | |
Income from repayment of loans | 9 712 | 2 162 | |
Income from repayment of interest on loans | 1 481 | 240 | |
Acquisition of tangible and intangible fixed assets | -27 255 | -40 164 | |
Acquisition of the CO2 emission rights | -5 073 | -17 302 | |
Outflows for financial assets | -12 534 | 0 | |
Other | 0 | -2 298 | |
Net cash from investing activities | -32 122 | -57 297 | |
Repayment of credits | -13 553 | 5 357 | |
Acquisition of own shares | 0 | -11 177 | |
Interest paid | -5 176 | -1 680 | |
Dividend paid | -31 291 | 0 | |
Financial expenses (leasing) | -1 410 | -1 584 | |
Net cash from financing activities | -51 430 | -9 084 | |
Change in cash | 35 289 | -18 823 | |
Change in cash resulting from foreign exchange differences | -8 | 2 | |
Cash at beginning of period | 78 997 | 68 730 | |
Change in net cash | 35 281 | -18 821 | |
Cash at end of period | 114 278 | 49 909 | |
including restricted cash | 349 | 697 |
6