Zentiva S A : SCD_Zentiva_Preliminary financial report_31.12.2022_EN

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ZENTIVA S.A.

Preliminary Financial Statements

31 December 2022

AMOUNTS ARE EXPRESSED IN RON, UNLESS SPECIFIED OTHERWISE

S.C. ZENTIVA S.A.

Report of the Board of Directors for 2022 Fiscal Year (Preliminary)

Reported date	: 31.12.2022
Company name	: S.C. ZENTIVA S.A.
Location of the registered office	: 50 Theodor Pallady str., Bucharest
Tel. / Fax	: 021-304.72.00 /021-345.40.04
Tax registration code	: RO 336206
Trade Register order number	: J/40/363/1991

Subscribed and paid-in social capital : 69,701,704 RON

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ZENTIVA S.A.

Preliminary Financial Statements

31 December 2022

AMOUNTS ARE EXPRESSED IN RON, UNLESS SPECIFIED OTHERWISE

SUMMARY:
Statement of comprehesive income	3
Statement of financial position	4
Cash Flow Statement	5
Statement of Changes in Shareholders' Equity	6
Activity Analysis and Financial Ratios	7
Notes on the financial statements	8

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ZENTIVA S.A.

Preliminary Financial Statements

31 December 2022

AMOUNTS ARE EXPRESSED IN RON, UNLESS SPECIFIED OTHERWISE

STATEMENT OF COMPREHENSIVE INCOME	2022	2021
		RON		RON
Sales of goods	699,008,351	667,941,876
Rendering of services	54,769,448	14,614,557
Other income	154,520		1,308,831
Turnover	753,932,319		683,865,264
Other operating income	3,366,161	35,008,058
Changes in inventories of finished goods and work in progress	9,170,800	14,624,923
Raw material expenses, merchandise, consumables used and
utilities	(370,732,616)	(331,309,506)
Employee benefits expenses	(135,032,946)	(112,431,460)
Depreciation, amortization and impairment	(30,893,504)	(25,449,842)
Marketing and advertising expenses	(5,968,891)	(2,856,152)
Reversal of/ (expenses with) provisions	(3,205,975)	8,327,189
Other operating expenses	(139,984,295)	(153,731,894)
Operating profit	80,651,053		116,046,580
Financial Income	35,258,118	7,147,694
Financial Expenses	(6,603,544)		(3,983,908)
Profit before income tax	109,305,627		119,210,366
Income Tax Expense	(19,761,160)		(13,464,812)
Net profit for the year (A)	89,544,467	105,745,554
Other comprehensive income:
		-	-
Impact from revaluation of land and buildings	-	-
Deferred tax impact on revaluation recognized in equity	-	-
Other comprehensive income items	(26,037)		(337,035)
Other comprehensive income net of tax (B)	(26,037)		(337,035)
		89,518,430	105,408,519
Comprehensive income for the year (A) + (B)
Net earnings per share (RON/share)		0.13		0.15

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ZENTIVA S.A.
Preliminary Financial Statements
31 December 2022
AMOUNTS ARE EXPRESSED IN RON, UNLESS SPECIFIED OTHERWISE
	31 December		31 December
STATEMENT OF FINANCIAL POSITION	2022	2021
Assets
Non-current assets
Property, plant and equipment	192,760,511	194,771,621
Right-of-use assets	12,984,000	8,968,913
Goodwill	11,649,100	11,649,100
Customer relationships	20,374,470	23,823,680
Other intangible assets	3,114,287		4,652,969
Total Intangible assets	35,137,857	40,125,749
	240,882,369	243,866,284
Current assets
Inventories	172,511,867	124,563,136
Trade receivables and other receivables	145,748,201	102,187,418
Advances and prepayments	7,813,790	2,687,016
Cash pooling intercompany receivables	583,511,187	513,704,034
Cash and cash equivalents	11,806,687		62,597,628
	921,391,732	805,739,232
Total assets	1,162,274,101	1,049,605,515
Equity
Issued share capital	69,701,704	69,701,704
Share premium	24,964,506	24,964,506
Legal and other reserves	121,743,815	121,743,815
Revaluation reserve	57,927,094	57,927,094
Retained earnings	705,953,905		616,435,475
Total equity	980,291,023	890,772,593
Non-current liabilities
Employee benefit liability	5,947,909	3,323,943
Deferred tax liability	5,397,060	7,166,077
Lease liabilities	8,054,656	5,293,658
Provisions	1,265,568		1,477,177
Total non-current liabilities	20,665,193	17,260,795
Current liabilities
Trade payables and other payables	102,810,740	98,292,133
Income taxes payable	7,269,803	938,975
Short-term lease liabilities	5,058,437	4,060,128
Other current liabilities	41,593,377	34,697,081
Short-term provisions	4,585,527		3,583,810
Total current liabilities	161,317,884	141,572,127
Total liabilities	181,983,077	158,832,922
Total liabilities and equity	1,162,274,101		1,049,605,515

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ZENTIVA S.A.

Preliminary Financial Statements

31 December 2022

AMOUNTS ARE EXPRESSED IN RON, UNLESS SPECIFIED OTHERWISE

		31 December		31 December
STATEMENT OF CASH FLOWS	2022	2021
Cash flows from operating activities:
Profit before tax	109,305,627	119,210,366
Depreciation and amortization	30,893,505	27,910,831
Impairment on property, plant and equipment	-	(2,460,989)
Impact of buildings revaluation reversal	-	-
Allowance for trade and other receivables, advances and
prepayments	(2,893,915)	(1,928,553)
Inventory allowance movement	(9,351,919)	(384,788)
Movements in provisions for risks and charges	790,168	(8,327,189)
(Gain)/loss on sale of non-current assets	28,423	42,686
Write off of old advances paid to suppliers and trade
payables, net	-	2,962,915
Write off of dividends	-	(6,276,644)
Interest revenues	(31,614,121)	(6,544,059)
Interest expenses	437,136		245,739
Operating profit before working capital changes	97,594,903		124,450,315
Change in inventories	(38,596,812)	13,620,006
Change in trade and other receivable	(45,793,643)	144,380,157
Change in trade and other payable	23,253,591	(71,631,105)
Interest paid	(437,136)		(245,739)
Cash generated from operating activities	36,020,904		210,573,634
Income tax paid	(15,199,349)	(19,935,360)
Net cash from operating activities	20,821,555	190,638,274
Cash flows from investing activities
Proceeds from sale of non-current assets	-	2,272
Purchase of property, plant and equipment and intangible
assets	(28,100,087)	(22,905,852)
Interest received	31,614,121		6,544,059
Net cash used in investing activities	3,514,034	(16,359,521)
Cash flows from financing activities
Repayment of bank loans	-	-
Dividends paid	-	(5,110)
Lease payments	(5,319,378)		(4,865,515)
Net cash used in financing activities	(5,319,378)		(4,690,625)
Net increase (decrease) in cash and cash equivalents	19,016,211	169,686,095
Reclassification of cash pooling intercompany receivable	(69,807,153)	(513,704,034)
Cash at the beginning of the period 1 January	62,597,628	406,713,534
Cash at the end of the period 31 December		11,806,687		62,597,628

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