Ze Pak SaGPW: ZEP

Management Board’s Report from ZE PAK SA and ZE PAK SA Capital Group’s Operations in 2024 (download)

Jul 11, 2025 at 8:46 AM UTC · Issued by Ze Pak SA

ZE PAKSA CAPITAL GROUP MANAGEMENT BOARD'S REPORT ON ZE PAK SA's AND ZE PAK SA CAPITAL GROUP'S ACTIVITIES IN 2024 30 APRIL 2025

TABLE OF CONTENTS:

SELECTED CONSOLIDATED FINANCIAL DATA 4
DESCRIPTION OF THE COMPANY AND OF THE CAPITAL GROUP 6
1. Basic information on the Company and Capital Group 6
2. Basic principles and changes related to the ZE PAK SA Capital Group and Company management
  rules 10
3. Described structure of main capital deposits or main capital investments made within the Capital Group 11
4. Characteristics of the main products, goods and services, and the main outlet markets and supply
  sources 11
DESCRIPTION OF ACTIVITIES 14
1. Significant events in the accounting year, as well as events after the balance sheet date affecting
  current and future activities 14
2. Important agreements concluded in the financial year 15
3. Execution of the investment programme 18
4. Risk management 18
5. Described use of emission proceeds 19
MAIN BUSINESS RISK FACTORS 19
DESCRIPTION OF THE FINANCIAL AND ASSET STANDING 25
1. Principles of preparing a financial statement 25
2. Characteristics of basic economic and financial quantities 26
3. Significant off-balance sheet items 39
4. Projected financial standing 39
5. Specification of factors affecting current and future financial results 40
6. Unusual factors and events affecting achieved financial results 43
FINANCIAL ASSET MANAGEMENT 43
1. Assessment of financial asset management 43
2. Assessment of investment plan implementation 43
SIGNIFICANT DEVELOPMENT FACTORS AND PROSPECTS 44
SHAREHOLDING STRUCTURE SPECIFICATION 45
1. Shareholding structure 45
2. Acquisition of own shares 45
3. Stocks and shares of entities of the ZE PAK SA Capital Group held by management and supervisory persons 45
4. Employee shares programme control system 46
DECLARATION OF COMPLIANCE WITH CORPORATE GOVERNANCE RULES 46
1. Set of applied corporate governance rules 46
2. Set of waived DPSN 2021 principles 46
3. Changes in the status of applying the DPSN 2021 principles implemented in the financial year 48
4. Incidental violation of DPSN 2021 principles 49
5. Description of the main features of internal inspection and risk management systems applied in relation
  to the preparation of financial and consolidated financial statements 49
6. Shareholders holding significant blocks of shares 51
7. Holders of stocks providing special control rights 51
8. Restrictions on exercising the voting right 51
9. Restrictions on the transfer of the ownership right of stocks 51
10. Rules of the appointment and dismissal of management and supervisory personnel 52
11. Personal composition, its changes and a description of the activity of management and supervisory bodies 54
12. Operation procedure of the General Meeting, its key powers and a description of shareholders' rights
  and how to exercise them 56
13. Description of rules regarding amendments to the Company's Articles of Association 57
14. Information on the remuneration system and the remuneration amount for management and
  supervisory personnel 57
DECLARATION REGARDING THE DIVERSITY POLICY 59
CAPITAL GROUP SUSTAINABILITY REPORTING FOR 2024 60
1. General information 60
2. Environmental information 91
3. Information on social issues 158
4. Information on corporate governance 183
OTHER INFORMATION 188
1. Significant legal proceedings 188
2. Major accomplishments in the field of research and development 189
3. Information on selecting an auditing company to examine the annual consolidated financial statement
  and the sustainability statement 189
4. Information on auditing the financial statement and the sustainability statement 189
5. Financial projections 190

‌1. SELECTED CONSOLIDATED FINANCIAL DATA

Selected	PLN thousand 12 months of 2024	PLN thousand 12 months of 2023	EUR thousand 12 months of 2024	EUR thousand 12 months of 2023
consolidated financial data	period from 1/1/2024 until 31/12/2024	period from 1/1/2023 until 31/12/2023	period from 1/1/2024 until 31/12/2024	period from 1/1/2023 until 31/12/2023
Sales revenues	2 185 257	3 105 807	507 703	685 851
Profit/loss on operating activities	264 613	689 469	61 478	152 254
Gross profit/loss	241 496	682 361	56 107	150 685
Net profit/loss for the financial year	262 915	722 659	61 083	159 584
Net profit for the parent company's shareholders	262 928	745 110	61 086	164 542
Comprehensive income	261 782	719 465	60 820	158 878
Net cash from operating activities	480 048	(439 034)	111 530	(96 951)
Net cash from investment activities	(478 409)	(488 697)	(111 149)	(107 918)
Net cash from financial activities	(29 689)	(1 009)	(6 898)	(223)
Net change in cash and cash equivalents	(28 050)	(928 740)	(6 517)	(205 092)
Net profit per share (in PLN/EUR per auction)	5,17	14,66	1,20	3,24
Weighted average number of shares	50 823 547	50 823 547	50 823 547	50 823 547
	as at	as at	as at	as at
	31/12/2024	31/12/2023	31/12/2024	31/12/2023
Total assets	3 849 821	3 589 708	900 964	825 600
Fixed assets	2 281 276	1 592 159	533 882	366 182
Current assets	1 568 545	1 997 549	367 083	459 418
Total equity	2 175 475	1 911 513	509 121	439 630
Basic capital	101 647	101 647	23 788	23 378
Equity allocated to parent company shareholders	2 173 282	1 911 513	508 608	439 630
Total liabilities	1 674 346	1 678 195	391 843	385 969
Long-term liabilities	619 761	579 396	145 041	133 256
Short-term liabilities	1 054 585	1 098 799	246 802	252 714
Book value per share (in PLN/EUR per share)	42,80	37,61	10,02	8,65
Weighted average number of shares	50 823 547	50 823 547	50 823 547	50 823 547

Selected	PLN thousand 12 months of 2024	PLN thousand 12 months of 2023	EUR thousand 12 months of 2024	EUR thousand 12 months of 2023
financial data of ZE PAK SA	period from 1/1/2024 until 31/12/2024	period from 1/1/2023 until 31/12/2023 (transformed data)	period from 1/1/2024 until 31/12/2024	period from 1/1/2023 until 31/12/2023 (transformed data)
Net revenues from the sale of products, goods and materials	2 119 031	3 213 066	492 317	709 537
Profit/loss on operating activities	28 371	651 451	6 591	143 859
Gross profit/loss	64 862	664 472	15 069	146 734
Net profit/loss	65 192	584 412	15 146	129 055
Net cash from operating activities	367 187	(817 956)	85 309	(180 628)
Net cash from investment activities	(347 115)	(184 475)	(80 646)	(40 737)
Net cash from financial activities	(263)	(268)	(61)	(59)
Total net cash flows	19 809	(1 002 699)	4 602	(221 425)
Net profit per share (in PLN/EUR per share)	1,28	11,50	0,30	2,54
Weighted average number of shares	50 823 547	50 823 547	50 823 547	50 823 547
	as at	as at	as at	as at
	31/12/2024	31/12/2023	31/12/2024	31/12/2023
Total assets	3 033 269	2 842 621	709 869	653 777
Fixed assets	2 422 186	1 883 371	566 858	433 158
Current assets	611 083	959 250	143 010	220 619
Equity	2 058 025	1 992 833	481 635	458 333
Basic capital	101 647	101 647	23 788	23 378
Liabilities and provisions for liabilities	975 244	849 788	228 234	195 443
Long-term liabilities	128 304	129	30 027	30
Short-term liabilities	115 653	142 809	27 066	32 845
Book value per share (in PLN/EUR per share)	40,49	39,21	9,48	9,02
Weighted average number of shares	50 823 547	50 823 547	50 823 547	50 823 547

Selected consolidated financial data has been converted using the following exchange rates:

data concerning the comprehensive income statement (income statement) and the cash flow report (cash flow statement) according to an exchange rate, which is the arithmetic mean of the average NBP exchange rates on each last working day of the month within the financial period, from 1 January 2024 to 31 December 2024, i.e., 4.3042 EUR/PLN, and from 1 January 2023 to 31 December 2023, i.e., 4.5284 EUR/PLN.
data on individual items of the financial standing statement (balance sheet) according to the average EUR/PLN exchange rate set by the National Bank of Poland (NBP) as at 31 December 2024, i.e., 4.2730 EUR/PLN, and as at 29 December 2023, i.e., 4.3480 EUR/PLN.