Sanok Rubber Spólka Akcyjna : Consolidated Financial Standing Statement for Q1/2023

Consolidated Financial Standing Statement

in thousand PLN

		As at
Specification	31/03/2023	31/12/2022	31/03/2022
	(unaudited)		(unaudited)
Tangible fixed assets	372 631	380 085	382 111
Investment properties	3 681	3 681	3 489
Goodwill	297	297	2 352
Non-tangible assets other than goodwill	13 472	10 610	10 134
Long-term receivables	2 980	3 046	2 901
Contract assets	1 876	1 928	2 111
Financial assets	6	6	6
Deferred income tax assets	41 029	40 924	35 120
Long-term prepayments	2 854	3 084	3 763
Total fixed assets	438 826	443 661	441 987
Inventory	245 710	270 960	251 455
Trade receivables	227 157	190 091	187 279
Other short-term receivables	13 812	14 773	14 839
Income tax receivables	682	418	2 092
Contract assets	235	235	235
Prepayments	7 008	2 637	7 583
Financial assets	23 913	1 876	2 260
Cash	106 862	91 896	62 526
Total current assets	625 379	572 886	528 269
TOTAL ASSETS	1 064 205	1 016 547	970 256
Share capital	5 376	5 376	5 376
Own Shares	-11 230	-11 230	0
Valuation of warrants (incentive scheme)	6 575	6 297	6 291
Reserve capital for the incentive program	15 000	15 000	0
Statutory reserve capital	1 792	1 792	1 792
Retained profits	559 495	542 867	508 102
Exchange rate differences	-13 380	-13 179	-15 832
Total equity of the Parent Company	563 628	546 923	505 729
Non-controlling interests	507	482	572
Overall equity of the Parent Company and non-controlling interests	564 135	547 405	506 301
Credits and debt securities	178 024	179 925	96 590
Long-term provisions for employee benefits	18 486	18 249	16 174
Deferred income	5 808	5 970	4 543
Provision for deferred tax	207	216	238
Financial liabilities due to leasing	23 404	24 059	24 427
Total long-term liabilities	225 929	228 419	141 972
Credits and debt securities	23 657	19 168	79 704
Trade liabilities	137 387	129 344	136 777
Other financial liabilities	167	561	6 870
Financial liabilities due to leasing	4 162	4 587	3 436
Other short-term liabilities	27 140	20 651	25 288
Income tax liabilities	385	124	163
Contractual liabilities	10 451	8 283	11 482
Deferred income	1 276	1 194	488
Short-term provisions for employee benefits	43 947	36 466	28 748
Other short-term provisions	25 569	20 345	29 027
Total short-term liabilities	274 141	240 723	321 983
TOTAL LIABILITIES	1 064 205	1 016 547	970 256
			1

Consolidated Profit and Loss Account

in thousand PLN

		01/01/2023		01/01/2022
	Specification	31/03/2023		31/03/2022
		(unaudited)	(unaudited)
Sales revenues		387 125	320 131
Prime costs of the sale		325 919	271 272

Gross profit (loss) on sales	61 206	48 859
Selling costs	10 615	9 711
General and administrative costs	35 187	31 857
Other operating revenues	3 721	524
Other operating expenses	202	953
Profit/loss on operating activity	18 923	6 862

Loss (gain) due to impairment (reversal of losses) on trade and other receivables in accordance with IFRS 9

Financial revenues

Financial expenses

Gross profit/loss (before taxation)

Income tax

-516	-215
3 057	1 486
3 686	2 692
17 778		5 441
1 612	484

Net result	16 166	4 957
attributable to:
shareholders of the parent company	16 128	4 886
non-controlling shareholders	38	71
Weighted average number of shares	26 075 465	26 881 922
Earnings per share	0,62	0,18
Diluted weighted average shares	27 509 164	27 509 164
Diluted earnings per share	0,59	0,18

2

Consolidated Cash Flow Statement

in thousand PLN

For the period from 01/01 to 31/03

	Specification
		2023			2022
			(unaudited)			(unaudited)
	Net profit			16 166		4 957
	Total adjustments for:			35 540		7 952
	Depreciation	15 754	15 427
	Net foreign exchange rate profit and loss	-1 123	3 757
	Net interest and dividends	5 833	1 003
	Income tax on profit before tax	1 838	2 270
	Profit (loss) on investment activities	175	-93
	Change in provisions	12 933	9 849
	Change in inventory	25 250	-12 277
	Change in receivables	-39 643	-37 079
	Change in liabilities	19 200	32 644
	Change in prepayments and deferred income	-4 326	-5 764
	Other adjustments	1 522	-575
	Income tax paid	-1 873	-1 210
	Net cash flows from operating activity			51 706		12 909
	Inflows from sale of fixed assets and intangible and legal assets	11	53
	Purchase of fixed assets and intangible and legal assets	-12 350	-11 424
	Other investment cash flows	-24 281	-3 234
	Środki pieniężne netto z działalności inwestycyjnej			-36 620		-14 605
	Change in the balance of credits	3 233	0
	Loans repayment	0	-18 588
	Paid interest	-2 308	-1 003
	Acquisition of own shares	0	0
	Financial expenditure on lease	-1 042	-687
	Dividends paid to owners	0	0
	Other revenues/expenses	0	2 951
	Net cash flows from financing activity			-117		-17 327
	Change in cash and cash equivalents	14 969	-19 023
	Net exchange differences in cash and cash equivalents	-3	12
	Opening balance of cash			91 896		81 537
	Net change in cash	14 966	-19 011
	Closing balance of cash	106 862	62 526
	including of limited disposability	212	124

3

Financial Standing Statement of SANOK RC SA

in thousand PLN

		As at
	31.03.2023	31.12.2022	31.03.2022
	(unaudited)		(unaudited)
Tangible fixed assets	298 630	304 280	302 284
Intangible assets	12 568	9 634	8 915
Other long-term accounts receivable	2 980	3 046	2 900
Contract assets	1 876	1 928	2 111
Shares	79 160	79 160	98 883
Financial assets	44 418	44 503	62 367
Deferred income tax assets	32 697	32 296	29 024
Long-term active prepayments and accrued income	562	570	600
Total fixed assets	472 891	475 417	507 084
Stocks	147 563	171 543	153 263
Trade accounts receivable	203 643	175 385	157 464
Other short-term accounts receivable	6 631	11 102	7 481
Contract assets	235	235	235
Active prepayments and accrued income	4 339	1 831	4 285
Financial assets	39 063	21 767	15 072
Cash and cash equivalents	94 525	78 997	47 318
Total current assets	495 999	460 860	385 119
TOTAL ASSETS	968 890	936 277	892 203
Share capital	5 376	5 376	5 376
Own Shares	-11 230	-11 230	0
Reserve funds	1 792	1 792	1 792
Capital from the valuation of warrants	6 575	6 297	6 291
Reserve capital for the Share Buyback Program	15 000	15 000	0
Retained profit	570 977	556 129	539 305
Total shareholders' equity	588 490	573 364	552 764
Credits	173 767	175 198	84 822
Financial liabilities	12 099	12 751	10 380
Provisions	17 541	18 236	19 963
Income from future periods	31	33	34
Total long-term liabilities	203 438	206 218	115 199
Credits and debt securities	0	0	63 913
Trade liabilities	95 026	88 270	87 601
Financial liabilities	2 766	3 192	5 779
Other short-term liabilities	14 602	11 816	12 162
Income tax liabilities	1	1	1
Liabilities related to the contract	4 964	3 263	3 331
Income from future periods	1 073	1 048	1
Provisions	58 530	49 105	51 452
Total short-term liabilities	176 962	156 695	224 240
TOTAL LIABILITIES	968 890	936 277	892 203

4

Profit and Loss Account of SANOK RC SA

in thousand PLN

	Specification		01.01.2023		01.01.2022
		31.03.2023		31.03.2022
			(unaudited)		(unaudited)
	Sales revenue	284 754	222 036
	Cost of sales	247 100	196 463
	Gross profit on sales		37 654		25 573
	Selling cost	3 930	3 350
	General and administrative expenses	22 584	17 795
	Core business result		11 140		4 428
	Other operating income	3 311	339
	Other operating expenses	109	857
	Operating result		14 342		3 910
	Losses on write-downs (+) / gains on reversals of write-downs under IFRS 9 (-)	-194	-608
	Interest income	2 284	1 312
	Financial income	1 478	1 074
	Financial expenses	3 083	2 736
	Pre-tax profit		15 215		4 168
	Income tax	911	8
	current	1 440		2 013
	deferred	-1 171		-2 106
	deferred (activities in Polish Investment Zone)	642		101
	Net profit	14 304	4 160
	Weighted-average number of shares	26 075 465	26 881 922
	Earnings per share	0,55	0,15
	Weighted-average diluted number of shares	27 509 164	27 509 164
	Diluted earnings per share	0,52	0,15

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