Sanok Rubber Spólka Akcyjna : Consolidated Annual Report for 2023

CONSOLIDATED BALANCE SHEET

(Financial report as of the end of period) - in thousand PLN
	As at
Specification	31/12/2023	31/12/2022
		restated
Tangible fixed assets	386 784	380 069
Investment properties	3 813	3 681
Goodwill	9 770	297
Non-tangible assets other than goodwill	11 940	10 610
Long-term receivables	3 486	3 046
Contract assets	1 749	1 928
Financial assets	6	6
Deferred income tax assets	41 889	40 717
Long-term prepayments	1 964	3 084
Total fixed assets	461 401	443 438
Inventory	248 398	269 621
Trade receivables	176 820	189 527
Other short-term receivables	14 537	14 440
Income tax receivables	458	368
Contract assets	256	235
Prepayments	2 901	2 637
Financial assets	1 475	1 439
Cash	122 985	91 582
Assets classified as held for sale	563	3 260
Total current assets	568 393	573 109

TOTAL ASSETS	1 029 794	1 016 547
Share capital	5 376	5 376
Own Shares	-11 230	-11 230
Valuation of warrants (incentive scheme)	1 118	6 297
Reserve capital for the incentive program	49 230	15 000
Statutory reserve capital	1 792	1 792
Retained profits	556 063	542 867
Exchange rate differences	-13 565	-13 179
Total equity of the Parent Company	588 784	546 923
Non-controlling interests	4 349	482
Overall equity of the Parent Company and non-controlling interests	593 133	547 405
Credits and debt securities	110 887	179 925
Long-term provisions for employee benefits	19 220	18 249
Deferred income	7 101	5 970
Provision for deferred tax	512	212
Long-term liabilities	204	0
Financial liabilities due to leasing	20 971	24 059
Total long-term liabilities	158 895	228 415
Credits and debt securities	45 400	19 168
Trade liabilities	112 827	129 344
Other financial liabilities	23	561
Financial liabilities due to leasing	4 904	4 587
Other short-term liabilities	28 342	20 121
Income tax liabilities	333	124
Contractual liabilities	16 788	8 283
Deferred income	882	1 194
Short-term provisions for employee benefits	47 781	36 405
Other short-term provisions	19 923	20 345
Liabilities classified as held for sale	563	595
Total short-term liabilities	277 766	240 727
TOTAL LIABILITIES	1 029 794	1 016 547

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CONSOLIDATED PROFIT AND LOSS ACCOUNT

		in thousand PLN
		01/01/2023	01/01/2022
	Specification	31/12/2023	31/12/2022
			restated
	Sales revenues	1 445 601	1 385 420
	Prime costs of the sale	1 170 444	1 142 853
	Gross profit (loss) on sales	275 157	242 567
	Selling costs	41 792	43 110
	General and administrative costs	153 989	130 018
	Other operating revenues	12 725	6 763
	Other operating expenses	4 693	4 339
	Result on deconsolidation	-175	-13 830
	Profit/loss on operating activity	87 233	58 033
	Loss (gain) due to impairment (reversal of losses) on trade and other receivables in accordance	-864	-838
	with IFRS 9
	Financial revenues	12 910	7 708
	Financial expenses	14 223	7 339
	Gross profit/loss (before taxation)	85 056	57 564
	Income tax	8 597	115
	Net result on continuing operations	76 459	57 449
	Net result on discontinued operations	-1 958	-532
	Net result	74 501	56 917
	attributable to:
	shareholders of the parent company	74 043	56 590
	on continuing operations	75 905	57 147
	on discontinued operations	-1 862	-557
	non-controlling shareholders	458	327
	on continuing operations	554	302
	on discontinued operations	-96	25
	Weighted average number of shares	26 075 465	26 607 948
	Earnings per share on continuing operations	2,91	2,15
	Earnings per share	2,84	2,13
	Diluted weighted average shares	26 881 922	27 239 609
	Diluted earnings per share on continuing operations	2,82	2,10
	Diluted earnings per share	2,75	2,08
		01/01/2023	01/01/2022
	Specification	31/12/2023	31/12/2022
			restated
	Revenues from sales of products	1 310 459	1 215 196
	Revenues from sales of goods and materials	115 876	124 823
	Other revenues	19 266	45 401
	Total sales revenues	1 445 601	1 385 420
	including:
	- domestic sales	479 548	449 680
	- foreign sales	966 053	935 740
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CONSOLIDATED CASH FLOW STATEMENT

		in thousand PLN
	Specification	For the period from 01/01 to 31/12
				2022 restated
		2023
	Net profit	74 501		56 917
	Total adjustments for:	113 364		35 364
	Depreciation	63 979	61 674
	Net foreign exchange rate profit and loss	-14 346	2 421
	Net interest and dividends	9 235	4 424
	Income tax on profit before tax	9 514	7 205
	Profit (loss) on investment activities	62	-12 249
	Change in provisions	11 111	10 935
	Change in inventory	24 526	-31 682
	Change in receivables	16 582	-39 181
	Change in liabilities	-13 074	14 909
	Change in prepayments and deferred income	-406	-3 667
	Adjustments resulting from an impairment loss (reversal of an impairment loss)	0	0
	recognized in profit or loss
	Other adjustments	14 265	24 658
	Income tax paid	-10 042	-4 615
	Cash from discontinued operations	1 958	532
	Net cash flows from operating activity	187 865		92 281
	Inflows from sale of fixed assets and intangible and legal assets	2 030	146
	Purchase of fixed assets and intangible and legal assets	-65 850	-77 190
	Other investment cash flows	-2 547	11 176
	Expenses for financial assets	-11 584	0
	Net cash flows from investing activity	-77 951		-65 868
	Change in the balance of credits	0	97 705
	Loans repayment	-32 901	-94 142
	Paid interest	-9 959	-4 619
	Acquisition of own shares	0	-11 230
	Financial expenditure on lease	-4 248	-3 225
	Dividends paid to owners	-31 291	0
	Other revenues/expenses	-37	-313
	Net cash flows from financing activity	-78 436		-15 824
	Change in cash and cash equivalents	31 478	10 589
	Net exchange differences in cash and cash equivalents	-75	-11
	Opening balance of cash	91 582		81 004
	Net change in cash	31 403	10 578
	Closing balance of cash	122 985	91 582
	including of limited disposability	810	236

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