Sanok Rubber Spólka Akcyjna : Annual Report for 2023

BALANCE SHEET OF SANOK RC SA

(Financial report as of the end of period) - in thousand PLN

	As at	31.12.2022
	31.12.2023
Tangible fixed assets	305 894	304 280
Intangible assets	11 254	9 634
Other long-term accounts receivable	2 821	3 046
Contract assets	1 749	1 928
Shares	91 913	79 160
Financial assets	47 934	44 503
Deferred income tax assets	34 833	32 296
Long-term active prepayments and accrued income	429	570
Total fixed assets	496 827	475 417
Stocks	150 092	171 543
Trade accounts receivable	163 531	175 385
Other short-term accounts receivable	11 440	11 102
Contract assets	255	235
Active prepayments and accrued income	2 170	1 831
Financial assets	5 583	21 767
Cash and cash equivalents	106 544	78 997
Total current assets	439 615	460 860
TOTAL ASSETS	936 442	936 277
Share capital	5 376	5 376
Own Shares	-11 230	-11 230
Reserve funds	1 792	1 792
Capital from the valuation of warrants	1 118	6 297
Reserve capital for the share buyback program	49 230	15 000
Retained profit	563 154	556 129
Total shareholders' equity	609 440	573 364
Credits	98 318	175 198
Financial liabilities	13 837	12 751
Provisions	14 724	18 236
Income from future periods	29	33
Total long-term liabilities	126 908	206 218
Credits and debt securities	35 393	0
Trade liabilities	76 173	88 270
Financial liabilities	2 504	3 192
Other short-term liabilities	20 426	11 816
Income tax liabilities	295	1
Liabilities related to the contract	6 517	3 263
Income from future periods	477	1 048
Provisions	58 309	49 105
Total short-term liabilities	200 094	156 695
TOTAL LIABILITIES	936 442	936 277

1

PROFIT AND LOSS ACCOUNT OF SANOK RC SA

	in thousand PLN
	01.01.2023	01.01.2022
	31.12.2023	31.12.2022
Sales revenue	1 042 172	968 768
Cost of sales	874 691	818 025
Gross profit on sales	167 481	150 743
Selling cost	14 734	15 173
General and administrative expenses	92 490	76 181
Core business result	60 257	59 389
Other operating income	8 418	3 119
Other operating expenses	1 620	3 249
Operating result	67 055	59 259
Losses on write-downs (+) / gains on reversals of write-downs under IFRS 9 (-)	563	-3 545
Interest income	9 949	6 494
Financial income	8 799	5 366
Financial expenses	12 137	35 976
Pre-tax profit	73 103	38 688
Income tax	5 375	151
current	7 641	4 829
deferred	-1 733	-1 106
deferred (activities in Polish Investment Zone)	-533	-3 572
Net profit	67 728	38 537
Weighted-average number of shares	26 075 465	26 607 948
Earnings per share	2,60	1,45
Weighted-average diluted number of shares	26 881 922	27 239 609
Diluted earnings per share	2,52	1,41

Revenue from sales of products	1 026 505	931 555
Revenue from sales of goods and materials	6 552	4 132
Other revenues	9 115	33 081
Total sales revenue including	1 042 172	968 768
of witch
revenue generated locally	335 439	311 167
revenues from foreign contractors	706 733	657 601

2

CASH FLOW STATEMENT OF SANOK RC SA

			in thousand PLN
		For the period from 01.01 to 31.12
				2022
		2023
Net profit			67 728		38 537
Total adjustments:		88 656		41 339
−	Depreciation	53 725		51 265
−	Net foreign exchange (gains) losses	-9 052		125
−	Net interest and dividends	-412		-4 228
−	Income tax on profit before taxation	7 641		4 829
−	(Gains) losses from investing activities	1 321		31 457
−	Change in provisions	10 289		13 197
−	Change in stocks	21 450		-23 954
−	Change in accounts receivable	14 032		-45 265
−	Change in liabilities	-8 165		11 221
−	Change in active prepayments and accrued income	-3 309		-4 399
−	Other adjustments	8 089		10 878
−	Income tax paid	-6 953		-3 786
Net cash from operating activities		156 384		79 876
Income from sales of tangible and intangible fixed assets	1 354		69
Income from financial assets	839		2 806
Income from repayment of loans	9 854		2 304
Income from repayment of interest on loans	1 801		377
Acquisition of tangible and intangible fixed assets	-47 926		-47 793
Acquisition of the CO2 emission rights	-11 633		-17 302
Outflows for financial assets	-12 534		0
Expenses/receipts. deposits over 3 months	-1 475		0
Net cash from investing activities		-59 720		-59 539
Proceeds from credits taken	0		97 898
Repayment of credits	-28 791		-91 656
Acquisition of own shares	0		-11 230
Interest paid	-7 059		-2 680
Dividend paid	-31 291		0
Financial expenses (leasing)	-1 977		-2 392
Net cash from financing activities		-69 118		-10 060
Change in cash		27 546		10 277
Change in cash resulting from foreign exchange differences	1		-10
Cash at beginning of period	78 997		68 730
Change in net cash	27 547		10 267
Cash at end of period	106 544		78 997
including restricted cash	810		232

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