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Standalone financial Statement for 2023 (download)

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ZE PAK SA

FINANCIAL STATEMENT

FOR THE 12-MONTH PERIOD CONCLUDED ON 31 DECEMBER 2023

This is a translation of the document issued originally in Polish language.

The Polish original should be referred to in matters of interpretation.

29 APRIL 2024

27 APRIL 2023

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

TABLE OF CONTENTS

BALANCE SHEET

4

PROFIT AND LOSS STATEMENT (CALCULATION VARIANT)

8

CASH FLOW STATEMENT (INDIRECT METHOD)

9

CASH FLOW STATEMENT (INDIRECT METHOD) (CONT.)

10

STATEMENT OF EQUITY (FUND) CHANGES

11

STATEMENT OF EQUITY CHANGES (CONT.)

12

INTRODUCTION TO THE FINANCIAL STATEMENT

13

1.

GENERAL INFORMATION ABOUT THE COMPANY

13

2.

COMPOSITION OF THE MANAGEMENT BOARD

13

3. DESCRIPTION AND CLARIFICATION OF DIFFERENCES IN THE DISCLOSED DATA AND SIGNIFICANT DIFFERENCES REGARDING THE ADOPTED ACCOUNTING PRINCIPLES (POLICY) BETWEEN THE STATEMENT AND COMPARABLE

DATA, AS WELL AS THE STATEMENT AND THE COMPARABLE DATA DEVELOPED ACC.TO THE IAS

13

4.

GOING CONCERN ASSUMPTION

15

5.

MERGER OF COMMERCIAL COMPANIES

16

6.

ADOPTED ACCOUNTING PRINCIPLES (POLICY)

17

ADDITIONAL INFORMATION AND EXPLANATIONS TO THE FINANCIAL STATEMENT

26

1. INFORMATION ON SIGNIFICANT EVENTS RELATED TO PREVIOUS YEARS, INCLUDED IN THE FINANCIAL YEAR

FINANCIAL STATEMENT

26

2. INFORMATION ON SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AND NOT RECOGNIZED IN THE

FINANCIAL STATEMENT

26

3.

CHANGES IN THE ACCOUNTING PRINCIPLES (POLICY) IN THE FINANCIAL YEAR

26

4.

ERROR ADJUSTMENT AND COMPARATIVE DATA RESTATEMENT

26

5. COMPARABILITY OF FINANCIAL DATA FOR THE PRECEDING PERIOD WITH THE STATEMENT FOR THE CURRENT

PERIOD

26

6.

INTANGIBLE AND LEGAL ASSETS

34

7.

TANGIBLE FIXED ASSETS

36

Tangible fixed asset impairment test

38

8.

INVESTMENTS

39

8.1.

Long-term investments

39

8.2.

Short-term investments

40

9.

SHORT-TERMRECEIVABLES

41

10.

PREPAYMENTS

41

11.

CAPITALS

41

12.

DIVISION OF PROFIT / LOSS COVERAGE

42

12.1 Previous year loss coverage

42

12.2 Current year profit distribution

42

13.

PROVISIONS

43

14.

RECEIVABLE IMPAIRMENT WRITE-DOWNS

45

15.

SHORT-TERMLIABILITIES

45

16.

LIABILITIES SECURED WITH THE ENTITY'S ASSETS

45

17.

CONTINGENT LIABILITIES

46

18.

OTHER CONTRACTS NOT INCLUDED IN THE BALANCE SHEET

47

19.

SALES BY TYPE AND TERRITORY

47

20.

IMPAIRMENT WRITE-DOWNSAGAINST TANGIBLE ASSETS

47

21. INTEREST AND EXCHANGE RATE DIFFERENCES THAT INCREASED THE GOOD ACQUISITION PRICE OR GOODS

PRODUCTION COST DURING THE FINANCIAL YEAR

47

22.

INVENTORIES

48

23. INFORMATION ON REVENUES, COSTS AND RESULTS OF DISCONTINUED ACTIVITIES IN THE FINANCIAL YEAR OR

PLANNED TO BE DISCONTINUED IN THE FOLLOWING YEAR

48

24.

INCOME TAX

48

25.

COSTS BY TYPE

51

26.

OTHER OPERATING REVENUES

51

27.

OTHER OPERATING COSTS

51

28.

FINANCIAL REVENUE

52

2

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

29.

FINANCIAL COSTS

52

30.

CAPITAL WORK IN PROGRESS PRODUCTION COST

52

31.

REVENUES AND COSTS OF EXTRAORDINARY VALUE OR INCIDENTAL

52

32.

STRUCTURE OF CASH ACCEPTED TO THE CASH FLOW STATEMENT

53

33. REASONS BEHIND DIFFERENCES BETWEEN CHANGES IN CERTAIN BALANCE SHEET ITEMS AND CHANGES OF THE

SAME ITEMS DISCLOSED IN THE CASH FLOW STATEMENT

53

34.

INFORMATION ON AVERAGE EMPLOYMENT DIVIDED INTO OCCUPATIONAL GROUPS

54

35.

INFORMATION ON AUDIT COMPANY REMUNERATION, PAID OR DUE FOR THE FINANCIAL YEAR

54

36. INFORMATION ON REMUNERATION, TOGETHER WITH REMUNERATION ON PROFIT AND PENSIONS PAID OR DUE

TO PERSONS MAKING UP MANAGEMENT AND SUPERVISORY BODIES

55

37. INFORMATION ON LOANS AND BENEFITS SIMILAR IN NATURE GRANTED TO PERSONS MAKING UP

MANAGEMENT AND SUPERVISORY BODIES

55

38.

INFORMATION ON JOINT VENTURES NOT SUBJECT TO CONSOLIDATION

55

39.

INFORMATION ON THE CAPITAL GROUP AND TRANSACTIONS WITH AFFILIATED ENTITIES

55

39.1.

Capital Group

55

39.2.

Transactions with affiliated entities

57

40. LIST OF COMPANIES WITH COMPANY'S EQUITY INTEREST OR 20% OF THE TOTAL NUMBER OF VOTES IN THE

COMPANY'S GOVERNING BODY

57

41.

INFORMATION ON FULFILLING THE OBLIGATIONS OF ART. 44 OF THE ENERGY LAW ACT

58

42.

GOALS AND RULES OF FINANCIAL RISK MANAGEMENT

62

Interest rate risk

62

Credit risk

62

Currency risk

63

43.

WAR IN UKRAINE

63

44.

EVENTS AFTER THE BALANCE SHEET DATE

64

3

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

BALANCE SHEET

Assets

A. Fixed assets

  1. Intangible and legal assets
    1. Costs of completed development work
    2. Goodwill
    3. Other intangible and legal assets
    4. Advance payment on intangible and legal assets
  1. Tangible fixed assets
    1. Capital work
      1. lands (including the perpetual usufruct of land)
      2. buildings, premises, as well as civil and water engineering facilities
      3. technical equipment and machinery
      4. means of transport
      5. other fixed assets
    3. Capital work in progress
    4. Advance payments for capital work in progress
  1. Long-termreceivables
    1. From affiliates
    2. From other entities, where the entity has equity interests
    3. From other entities

IV. Long-term investments

  1. Properties
  2. Intangible and legal assets
  3. Long-termfinancial assets
    1. in affiliated entities
      • shares or stocks
      • other securities
      • loans granted
      • other long-term financial assets
    3. in other entities where the unit has equity interest
      • shares or stocks
      • other securities
      • loans granted
      • other long-term financial assets
    5. in other entities
      • shares or stocks
      • other securities
      • loans granted
      • other long-term financial assets

4. Other long-term investments

  1. Long-termprepayments
    1. Deferred income tax assets
    2. Other prepayments and accruals

B. Current assets

  1. Inventories
    1. Materials
    2. Semi-finishedproducts and products in progress
    3. Finished products

Note

as at 31 December

as at 31 December

2023

2022 (restated data)

1 883 371

778 403

6

583 441

2 420

-

-

-

-

583 441

2 420

-

-

7

23 189

39 281

5 973

5 952

1 645

1 647

1 155

1 119

2 184

2 391

55

64

934

731

7 460

15 661

9 756

17 668

-

-

-

-

-

-

-

-

8.1

1 270 397

729 581

-

-

-

-

1 270 397

729 581

712 865

729 429

543 701

685 342

-

-

169 164

41 557

-

2 530

557 380

-

543 502

-

-

-

11 348

-

2 530

-

152

152

152

152

-

-

-

-

-

-

-

-

10

6 344

7 121

3 961

3 660

2 383

3 461

959 250

2 006 636

22

17 008

14 220

17 007

11 841

-

-

-

-

4

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

  1. Goods
  2. Advance payments for supplies

II. Short-term receivables

  1. Receivables from affiliates
    1. trade-related,with a payment period of:
      • up to 12 months
      • above 12 months
    3. other
  3. Receivables from other entities where the entity has equity interests
    1. trade-related,with a payment period of:
      • up to 12 months
      • above 12 months
    3. other
  5. Receivables from other parties
    1. trade-related,with a payment period of:
      • up to 12 months
      • above 12 months
    3. on account of taxes, subsidies, customs duties, social and health insurance, and other benefits
    4. other
    5. pursued in court
  1. Short-terminvestments
    1. Short-termfinancial assets
      1. in affiliated entities
        • shares or stocks
        • other securities
        • loans granted
        • other short-term financial assets
      3. in other entities
        • shares or stocks
        • other securities
        • loans granted
        • other short-term financial assets
      5. cash and cash equivalents
        • cash in hand and at bank
        • other cash
        • other monetary assets
    3. Other short-term investments

IV. Short-term prepayments

C. Basic capital (fund) contributions due

D. Equity shares (stocks)

Total assets

Konin, 29 April 2024

-

2 378

1

1

9

715 483

487 932

39.2

71 677

23 126

71 677

20 499

71 677

20 499

-

-

-

2 627

85 053

-

85 053

-

85 053

-

-

-

-

-

558 753

464 806

29 958

46 514

29 958

46 514

-

-

150 349

7 410

378 446

410 882

-

-

8.2

223 360

1 500 601

223 360

1 500 601

1 070

281 499

-

-

-

-

1 070

281 499

-

-

-

-

-

-

-

-

-

-

-

-

32

222 290

1 219 102

222 290

1 219 102

-

-

-

-

-

-

10

3 399

3 883

-

-

-

-

2 842 621

2 785 039

5

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

Liabilities

  1. Equity
    I. Basic capital (fund)
  1. Supplementary capital (fund), including:
  • sales value (issue value) surplus over the nominal share value (stocks)

III. Revaluation capital (fund), including:

  • on account of fair value revaluation

IV. Other reserve capitals (funds), including:

  • created in accordance with the company's articles of association
  • for equity shares (stocks)

V. Profit (loss) from previous years

VI. Net profit (loss)

VII. Write-offs from net profit during the financial year (negative value)

  1. Liabilities and provisions for liabilities
    I. Provisions for liabilities
    1. Deferred income tax provisions
    2. Provision for retirement and similar benefits
      • long-term
      • short-term
    4. Other provisions
      • long-term
      • short-term
  1. Long-termliabilities
    1. To related entities
    2. To other entities in which the entity has equity interests
    3. To other entities
      1. loans and borrowings
      2. on account of debt securities issue
      3. other financial liabilities
      4. bills of exchange
      5. other
  1. Short-termliabilities
    1. Liabilities to related entities
      1. trade-related,with a maturity date of:
        • up to 12 months
        • above 12 months
      3. other
    3. Liabilities against other entities, in which the entity has equity interests
      1. trade-related,with a maturity date of:
        • up to 12 months
        • above 12 months
      3. other
    5. Liabilities to other entities
      1. loans and borrowings
      2. on account of debt securities issue
      3. other financial liabilities
      4. trade-related,with a maturity date of:
        • up to 12 months
        • above 12 months

Note

as at 31 December

as at 31 December

2023

2022 (restated data)

1 992 833

1 408 414

11

101 647

101 647

1 769 188

1 766 996

380 030

380 030

6 274

8 466

-

-

3 472

3 472

-

-

-

-

(472 160)

(1 015 744)

584 412

543 577

-

-

849 788

1 376 625

13

705 190

1 268 605

24

-

-

27 455

20 095

9 241

7 769

18 214

12 326

677 735

1 248 510

69 441

93 099

608 294

1 155 411

129

129

-

-

-

-

129

129

-

-

-

-

-

-

-

-

129

129

15

142 809

106 685

39.2

7 960

18 141

7 912

15 066

7 912

15 066

-

-

48

3 075

381

-

381

-

381

-

-

-

-

-

130 898

84 602

-

-

-

-

-

-

97 707

42 624

97 707

42 624

-

-

6

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

e)

received advance payments for supplies

-

7

f)

bills of exchange

-

-

g) on account of taxes, customs duties, social and health

24 776

27 770

insurance, and other public-law titles

  1. remuneration-related
  2. other

4. Special funds

IV. Prepayments and accruals

  1. Negative goodwill
  2. Other prepayments and accruals
    • long-term
    • short-term

Total liabilities

Konin, 29 April 2024

  1. 206
  1. 209
  1. 570
  1. 660
    -
  1. 660
    178

1 482

2 842 621

  1. 666
  1. 535
  1. 942
  1. 206
    -
  1. 206
    225
    981

2 785 039

7

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

PROFIT AND LOSS STATEMENT (calculation variant)

  1. Net revenues from the sale of products, goods and materials, including:
    discontinued activities
  • from affiliates
  1. Net revenues from the sales of products
  1. Net revenues from goods and material sales

B. Costs of products, goods and materials sold, including: discontinued activities

  • to affiliates
  1. Manufacturing costs of sold products
    1. Manufacturing costs of goods and materials sold
  2. Gross profit (loss) from sales (A−B)
  3. Selling costs
  4. Overheads
  5. Profit (loss) from sales (C−D−E)
  6. Other operating revenues
    1. Profit on the disposal of non-financial fixed assets

II. Grants

  1. Revaluation of non-financial assets IV. Other operating revenues

H. Other operating costs

  1. Loss on disposal of non-financial fixed assets
    1. Revaluation of non-financial assets
    1. Other operating costs
  2. Profit(loss) on operating activity (F+G−H)
  3. Financial revenues
    1. Dividends and profit distribution, including:
      1. from affiliates, including:
        • in which the entity has equity interests
      3. from other entities, including:
        • in which the entity has equity interests

II. Interest, including:

  • from affiliates

III. Profit on the disposal of financial assets, including:

  • in affiliates

IV. Revaluation of financial assets

  1. Other

H. Financial costs

  1. Interest, including:
  • to affiliates

II. Loss on disposal of financial assets, including:

  • in affiliates

  1. III. Revaluation of financial assets IV. Other

  2. Gross profit (loss) (I+J−K)
  3. Income tax
  1. Other mandatory decrease of profit (increase of loss) O. Net profit (loss) (L−M−N)

Konin, 29 April 2024

Note

Year concluded on

Year concluded on

31 December 2023

31 December 2022

(restated data)

19

3 215 623

2 789 734

-

138 313

39.2

176 491

102 254

2 061 468

2 081 713

1 154 155

708 021

2 551 053

2 493 348

-

138 000

153 608

100 366

25

1 901 531

1 989 172

649 522

504 176

664 570

296 386

25

1 154

1 692

25

64 819

55 831

598 597

238 863

26

75 722

391 514

35 566

363 202

46

46

-

160

40 110

28 106

27

20 087

11 502

-

-

-

6 711

20 087

4 791

654 232

618 875

28

60 347

30 179

5 949

3 222

5 931

3 000

-

-

18

222

-

-

52 663

17 889

3 422

5 193

362

-

362

-

37

-

1 336

9 068

29

50 107

16 801

819

3 366

-

-

-

-

-

-

-

1 395

49 288

12 040

664 472

632 253

24

80 060

88 676

-

-

584 412

543 577

8

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

CASH FLOW STATEMENT (indirect method)

A. Cash flows from operating activities

  1. Net profit (loss)
  1. Total adjustments
    1. Depreciation and amortization
    2. Profits (losses) on foreign exchange differences
    3. Interest and shares in profits (dividends)
    4. Profit (loss) on investment activities
    5. Change in provisions
    6. Change in inventories
    7. Change in receivables
    8. Change in short-term liabilities, excluding loans and borrowings
    9. Change in prepayments and accruals
    10. Other adjustments
  1. Net cash flows from operating activities (I±II)

B. Cash flows from investment activities

  1. Proceeds
    1. Disposal of intangible and legal assets, as well as tangible fixed assets
    2. Disposal of property, as well as intangible and legal assets
    3. From financial assets, including:
      1. in affiliates
      2. in other entities
        • disposal of financial assets
        • dividends and shares in profits
        • repayment of granted long-term loans
        • interest
        • other proceeds related to financial assets
    5. Other investment proceeds
  1. Expenses
    1. Acquisition of intangible and legal assets, as well as tangible assets
    2. Investments in real estate, as well as intangible and legal assets
    3. Financial assets, including:
      1. in affiliated entities
      2. in other entities
        • acquisition of financial assets
        • long-termloans granted
    5. Other investment expenses
  1. Net cash flows from investment activities (I-II)C. Cash flows from financial activities
  1. Proceeds
    1. Net proceeds from the issue of shares (stock emission) and other capital instruments, as well as capital contributions
    2. Loans and borrowings
    3. Issuance of debt securities
    4. Other financial proceeds
  1. Expenses
    1. Acquisition of own shares
    2. Dividends and other payments to owners
    3. Expenses related to profit distribution, other than payments to owners
    4. Repayment of loans and borrowings
    5. Buy-outof debt securities
    6. On account of other financial liabilities

Note

Year concluded on

Year concluded on

31 December 2023

31 December 2022

(restated data)

584 412

543 577

(1 399 587)

93 084

25

1 952

13 380

(5 887)

3 217

(27 618)

(5 067)

33

(37 955)

(403 643)

33

590 099

1 153 650

(2 787)

43 005

33

(263 731)

847 233

33

43 398

(233 335)

1 344

(7 904)

33

(1 698 402)

(1 317 452)

(815 175)

636 661

572 445

540 068

66 837

499 266

-

-

33

505 608

40 802

505 590

40 580

18

222

-

-

18

222

-

-

-

-

-

-

-

-

759 701

396 474

33

21 954

71 083

-

-

737 747

325 391

33

737 747

325 391

-

-

-

-

-

-

-

-

(187 256)

143 594

-

38 466

-

-

-

38 466

-

-

-

-

268

8 347

-

-

-

-

-

-

-

4 571

-

-

-

-

9

ZE PAK SA

Financial statement for the year concluded on 31 December 2023

(in PLN thousand)

CASH FLOW STATEMENT (indirect method) (cont.)

    1. Financial lease liability payments
    2. Interest
    3. Other financial expenses

    III. Net cash flows on financial activities (I-II)

  2. Total net cash flows (A.III±B.III±C.III)
  3. Cash flow change in the balance sheet, including:
    • cash flow change related to foreign exchange differences
  2. Cash at beginning of period
  3. Cash at end of period (F±D), including
    • restricted cash

Konin, 29 April 2024

-

475

268

3 301

-

-

(268)

30 119

(1 002 699)

810 374

(996 812)

807 157

5 887

3 217

32

1 222 280

411 906

32

219 581

1 222 280

6 792

7 171

10