Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Financial Report
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Toruń, February 29, 2024
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Selected financial data, including key items of the summary financial statement (also converted into EUR)
in thous. PLN | in thous. EUR | |||
SPECIFICATION | 4 quarters of | 2022 | 4 quarters | 2022 |
2023 | of 2023 | |||
Revenue from sales of products, goods and materials | 1,137,503 | 1,081,792 | 251,193 | 230,743 |
Profit on operating activities | 52,828 | 31,340 | 11,666 | 6,685 |
EBITDA | 108,945 | 87,067 | 24,058 | 18,571 |
adjusted EBITDA* | 117,203 | 101,683 | 25,882 | 21,689 |
Gross profit | 40,228 | 15,915 | 8,883 | 3,395 |
Net profit | 18,313 | 7,205 | 4,044 | 1,537 |
Adjusted net profit** | 36,415 | 21,821 | 8,041 | 4,654 |
Net profit (loss) attributable to shareholders of the Group's | 17,854 | 6,616 | 3,943 | 1,411 |
parent company | ||||
Net profit (loss) attributable to non-controlling interests | 459 | 589 | 101 | 126 |
Weighted average number of shares | 29,047,073 | 29,070,559 | 29,047,073 | 29,070,559 |
Net profit (loss) per ordinary share [PLN/share] | 0.61 | 0.23 | 0.14 | 0.05 |
Cash flows from operating activities | 109,751 | 52,153 | 24,236 | 11,124 |
Cash flows from investment activities | (27,059) | (47,066) | (5,975) | (10,039) |
Cash flows from financial activities | (88,733) | (12,939) | (19,595) | (2,760) |
Total cash flows | (6,041) | (7,852) | (1,334) | (1,675) |
Consolidated statement | 31/12/2023 | Year 2022 | 31/12/2023 | Year 2022 |
Total assets | 975,166 | 1,042,047 | 224,279 | 222,190 |
Fixed assets | 488,949 | 527,979 | 112,454 | 112,578 |
Current assets | 486,217 | 514,068 | 111,825 | 109,612 |
Equity with non-controlling interests | 548,686 | 539,148 | 126,193 | 114,959 |
Non-controlling interests | 2,151 | 1,801 | 495 | 384 |
Share capital | 3,265 | 3,265 | 751 | 696 |
Long-term liabilities and provisions | 75,963 | 45,174 | 17,471 | 9,632 |
Short-term liabilities and provisions | 350,517 | 457,725 | 80,616 | 97,598 |
Weighted average number of shares | 29,047,073 | 29,070,559 | 29,047,073 | 29,070,559 |
Net book value per common share [PLN/share] | 18.89 | 18.55 | 4.34 | 3.95 |
*) EBITDA and net profit for 2022 adjusted for the write-down of development work and goodwill of the UK company GWi (Gas segment), EBITDA for Q1-Q4 2023. adjusted for the write-down of intangible assets, net profit Q1-Q4 2023 additionally adjusted for the write-down of an asset caused by a tax loss related to GWi (Gas segment).
The above financial data for the 12 months of 2023 and 2022 and as of December 31, 2022, have been translated into EUR according to the following principles:
- the individual items of the statement of comprehensive income and the statement of cash flows - at an exchange rate representing the arithmetic mean of the average EUR exchange rates set by the National Bank of Poland on the last day of each month of the reporting period: from January 1 to December 31, 2023 - EUR/PLN 4.5284 and from January 1 to December 31, 2022 - EUR/PLN 4.6883;
- individual items of the statement of financial position - according to the average EUR exchange rate set by the National Bank of Poland as at December 31, 2023 - 4.3480, as at December 31, 2022 - 4.6899.
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 2 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Table of contents | ||
Selected financial data, including key items of the summary financial statement (also converted into EUR) | ...2 | |
1. | Consolidated financial statements | 4 |
2. | General information | 16 |
3. | Summary of financial results | 18 |
4. | Information on factors that will affect the future results of the Apator Group | 26 |
5. | List of most significant events | 30 |
6. | Additional information | 34 |
7. | Summary | 42 |
8. Information on the principles adopted in the preparation of the report, in particular, information on
changes in the applied accounting principles (policies) | 43 | |
9. | Appendix: Separate Statement of Apator S.A | 50 |
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 3 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
1. Consolidated financial statements
The consolidated and separate financial statements for the fourth quarter of 2023 have been prepared in accordance with the International Accounting Standards (IAS / IFRS) and related interpretations promulgated in the form of regulations of the European Commission and the Ordinance of the Minister of Finance of 29 March 2018 on current and periodic information provided by issuers of securities and the conditions for recognizing as equivalent the information required by the laws of a non-member state (Dz. U. /Journal of Laws/ of 2018, item 757).
The interim financial statements (consolidated and separate for parent company) for the fourth quarter ended December 31, 2023, have been prepared in accordance with IAS 34 (Interim Financial Reporting). The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual report as of December 31, 2022.
1.1. Consolidated statement of financial position
as at | ||
SPECIFICATION | 31/12/2023 | 31/12/2022 |
Fixed assets | 488,949 | 527,979 |
Intangible assets | 96,607 | 105,831 |
Goodwill | 120,672 | 122,275 |
Tangible fixed assets | 199,068 | 212,844 |
Right to use assets | 47,989 | 46,690 |
Investment properties | 2,234 | 2,282 |
Other long-term financial assets | - | 1,352 |
- in other entities | - | 1,352 |
Long-term receivables | 4,598 | 6,437 |
- from other entities | 4,598 | 6,437 |
Long-term accruals and prepayments | 16 | 55 |
Deferred tax assets | 17,765 | 30,213 |
Current assets | 486,217 | 514,068 |
Inventories | 246,380 | 251,617 |
Trade receivables | 186,982 | 189,804 |
- from other entities | 186,982 | 189,804 |
Receivables from corporate income tax | 6,492 | 5,741 |
Receivables from other taxes, customs duties, and social insurance | 7,711 | 12,309 |
Other short-term receivables | 4,228 | 6,642 |
- from other entities | 4,228 | 6,642 |
Other short-term financial assets | 4,971 | 273 |
- in other entities | 4,971 | 273 |
Cash and cash equivalents | 22,939 | 28,980 |
Short-term accruals and prepayments | 6,514 | 5,839 |
Fixed assets classified as held for sale | 12,863 | |
TOTAL ASSETS | 975,166 | 1,042,047 |
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 4 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
as at | ||
SPECIFICATION | 31/12/2023 | 31/12/2022 |
Equity | 548,686 | 539,148 |
Equity attributable to the shareholders of the parent company | 546,535 | 537,347 |
Share capital | 3,265 | 3,265 |
Own shares | (3,522) | (3,522) |
Other capitals | 600,182 | 562,967 |
Capital from the revaluation of a defined benefit plan | 894 | 1,147 |
Capital from valuation of hedging transactions and foreign exchange differences on | 8,699 | 2,705 |
consolidation | ||
Undistributed financial result | (62,983) | (29,215) |
- undistributed result from previous years | (75,028) | (35,831) |
- result for the current period | 17,854 | 6,616 |
- write-downs from current year result | (5,809) | - |
Non-controlling interests | 2,151 | 1,801 |
Liabilities | 426,480 | 502,899 |
Long-term liabilities and provisions | 75,963 | 45,174 |
Long-term credits and loans | 29,545 | 3,119 |
- from other entities | 29,545 | 3,119 |
Other long-term liabilities | 4,122 | 52 |
- toward other entities | 4,122 | 52 |
Long-term liabilities from the right to use leased assets (IFRS 16) | 32,326 | 33,299 |
Provision for deferred income tax | 3,451 | 2,939 |
Long-term liabilities due to employee benefits | 5,315 | 4,474 |
Other long-term provisions | 1,204 | 1,291 |
Short-term liabilities and provisions | 350,517 | 457,725 |
Short-term credits and loans | 162,512 | 237,350 |
- from other entities | 162,512 | 237,350 |
Trade liabilities | 89,969 | 121,894 |
- toward related entities | 351 | 1,006 |
- toward other entities | 89,618 | 120,888 |
Liabilities due to corporate income tax | 3,445 | 1,976 |
Liabilities due to other taxes, customs duties, and social insurance | 16,878 | 17,107 |
Other short-term liabilities | 32,194 | 41,978 |
- toward other entities | 32,194 | 41,978 |
Short-term liabilities from the right to use leased assets (IFRS 16) | 9,148 | 9,556 |
Short-term liabilities due to employee benefits | 21,048 | 15,382 |
Other short-term provisions | 15,323 | 12,482 |
TOTAL LIABILITIES | 975,166 | 1,042,047 |
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 5 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Information on changes in contingent liabilities or contingent assets that have occurred since the end of the last fiscal year (off-balance sheet items) of the Apator Group:
SPECIFICATION | as at | |
31/12/2023 | 31/12/2022 | |
Contingent receivables | 1,190 | 1,225, |
Contingent receivables from other entities | 1,190 | 1,225 |
Contingent liabilities | 66,099 | 65,718 |
Contingent liabilities concerning related entities | 20,126 | 21,856 |
- including from granting guarantees and sureties to related entities | 20,126 | 21,856 |
Contingent liabilities to other entities | 45,974 | 43,862 |
- including from granting guarantees and sureties | 45,974 | 43,862 |
Other off-balance sheet items | 455,972 | 367,300, |
Mortgage | 48,780 | 58,700 |
Collective contractual mortgage | 182,783 | 23,250 |
Security on assets | 224,410 | 285,350 |
Total off-balance sheet items | 523,262 | 434,243 |
In addition to contingent liabilities arising from guarantees issued by insurance and banking institutions, the Apator Group has the following collateral established for the repayment of liabilities:
- Multi-productagreement with ING Bank Śląski S.A (Group limit of PLN 250 million):
- contractual mortgage on the real estate of Apator S.A. in Ostaszewo up to PLN 40 million (included in the table above),
- registered pledge on inventories owned by Apator S.A., Apator Telemetria Sp. z o.o., Apator Powogaz S.A., FAP Pafal S.A. with a book value of not less than PLN 148.8 million (included in the table above),
- pledge on tangible fixed assets owned by Apator S.A., Apator Powogaz S.A., Apator Metrix S.A., and Apator Telemetria Sp. z o.o. with a contractual value of PLN 30 million (included in the table above),
- Power of Attorney to dispose of funds in bank accounts,
- Blank promissory notes together with promissory note declarations submitted by 6 borrowers' companies (joint and several liability of Group's companies),
- Assignment of rights under an all-risk property insurance policy.
- Multi-purposelimit credit agreement with Powszechna Kasa Oszczędności Bank Polski S.A. (PKO BP S.A.) of May 26, 2023, for the total amount of PLN 80 million (in addition to Apator S.A., the parties to the agreement are: Apator Powogaz S.A., Apator Metrix S.A. and GWI):
- contractual mortgage on real estate owned by Apator Powogaz S.A. and Apator Metrix S.A. up to the amount of PLN 182.8 million,
- statement of submission to execution under Article 777 of the Code of Civil Procedure of the companies Apator S.A, Apator Powogaz S.A, and Apator Metrix S.A, to the amount of PLN 80 million,
- registered pledge over fixed assets of Apator S.A. and Apator Powogaz S.A. with a total value of PLN 12.4 million,
- Power of Attorney to dispose of funds in bank accounts,
- Assignment of rights under an all-risk property insurance policy.
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 6 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Until December 31, 2023, the working capital credit was drawn by Apator Powogaz in the amount of PLN 10 million and GWI in the amount of GBP 3.94 million, i.e., PLN 19.7 million according to the average exchange rate of the ING BŚ bank as at December 29, 2023
Other collateral for credits and loans:
Apator S.A.
- credit agreement with Bank Handlowy S.A. (Long-term credit for the purchase of shares in Apator Telemetria Sp. z o.o. in the amount of 13 million PLN, converted into EUR). The credit was repaid on December 15, 2023. The collateral release procedure is in progress:
- registered pledge on acquired shares in the amount of PLN 12.1 million (included in the table above),
- registered pledge on fixed assets with a total value of PLN 2.8 million (included in the table above),
- assignment of rights under an all-risk property insurance policy,
- declaration of submission to enforcement pursuant to Art. 777 of the Code of Civil Procedure up to PLN 15.6 million remains in force.
Apator Metrix Group
- Agreement on credit on current account concluded by George Wilson Industrial Ltd. (GWi) with Citibank N.A.: The credit was refinanced with a line in PKO BP. The collateral release procedure
is in progress:
- Pledge on inventories with the value of PLN 18.2 million being the property of Apator Metrix S.A.,
- guarantee granted by Apator Metrix S.A. in the amount of GBP 4 million, i.e., PLN 21.4 million, until October 31, 2023,
- in force remains the statement on submission to execution under Art. 777 of the Code of Civil Procedure, at a value of GBP 4.8 million, i.e., PLN 24 million according to the average exchange rate of the ING BŚ bank as at December 29, 2023.
Apator Powogaz Group
-
Investment credit agreement of Apator Powogaz S.A. for the construction of the manufacturing plant, concluded
with PKO BP: - joint contractual mortgage on real estate owned by Apator Powogaz S.A. in Żerniki in the amount of PLN 182.8 million. The mortgage also secures a multi-purpose agreement with PKO,
- blank promissory note and promissory note declaration,
- assignment of rights under the insurance policy on the mortgaged property.
- Agreement on credit on the current account of Apator Powogaz S.A. concluded with mBank S.A. - agreement expired on 29/09/2023:
- blank promissory note with a promissory note declaration - the procedure for returning the promissory note is pending.
- Credit agreement for financing suppliers of Apator Telemetria Sp. z o.o. concluded with mBank S.A.:
- blank promissory note and promissory note declaration.
- Agreement on credit on the current account of Apator Metra concluded with Raiffeisenbank a.s.:
- mortgage in the amount of CZ 50 million
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
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Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
- assignment of rights under the insurance agreement established on the property of Apator Metra During the reporting period, the Group's companies fulfilled their obligations under their credit agreements.
1.2. Consolidated statement of comprehensive income
for the period | |||||
SPECIFICATION | 1/10/2023 | 1/10/2022 | 1/01/2023 | 1/01/2022 | |
31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | ||
Revenue from sales and services | 284,739 | 306,792 | 1,137,503 | 1,081,792 | |
- to related entities | 3,783 | - | 3,783 | ||
- to other entities | 284,739 | 303,009 | 1,137,503 | 1,078,009 | |
Cost of goods and services sold | (221,005) | (242,891) | (876,429) | (857,531) | |
- to related entities | - | (2,528) | - | (2,528) | |
- to other entities | (221,005) | (240,363) | (876,429) | (855,003) | |
Gross profit from sales | 63,734 | 63,901 | 261,074 | 224,261 | |
Sales costs | (12,314) | (12,315) | (44,821) | (42,422) | |
General administrative costs | (38,167) | (35,262) | (153,303) | (136,749) | |
Profit on sales | 13,253 | 16,324 | 62,950 | 45,090 | |
Other operating costs: | (8,294) | (3,414) | (10,122) | (14,194) | |
Revenue | 425 | 2,335 | 2,979 | 4,924 | |
Costs | (8,719) | (5,749) | (13,101) | (19,118) | |
- including the result due to (impairment)/ reversal | 784 | (2,419) | (466) | (8) | |
of receivables | |||||
Share in profit of entities consolidated using the | - | - | - | 444 | |
equity method | |||||
Profit on operating activities | 4,959 | 12,910 | 52,828 | 31,340 | |
Financial income (costs): | (1,003) | 1,578 | (12,600) | (15,425) | |
Revenue | 3,459 | 3,320 | 8,090 | 5,268 | |
Costs | (4,462) | (1,742) | (20,690) | (20,693) | |
- including the result due to (impairment)/ reversal | 4 | - | 31 | (3) | |
of receivables | |||||
Profit before tax | 3,956 | 14,488 | 40,228 | 15,915 | |
Current income tax | (2,362) | (3,011) | (7,986) | (9,019) | |
Deferred income tax | (4,580) | (966) | (13,929) | 309 | |
Net profit (loss) | (2,986) | 10,511 | 18,313 | 7,205 | |
for the period | |||||
SPECIFICATION | 1/10/2023 | 1/10/2022 | 1/01/2023 | 1/01/2022 | |
31/12/2023 | 31/12/2022 | 31/12/2023 | 31/12/2022 | ||
Other comprehensive income | |||||
Other net comprehensive income | 441 | 6,786 | 5,741 | 4,767 | |
Items that may be reclassified to profit or loss in the future | |||||
Foreign exchange differences on translation of | 1,055 | (128) | 2,839 | 2,402 | |
foreign operations | |||||
Result on hedge accounting with tax effect | (361) | 5,681 | 3,155 | 1,132 | |
Actuarial gains and losses with tax effect | (253) | 1,233 | (253) | 1,233 | |
Total comprehensive income | (2,545) | 17,297 | 24,054 | 11,972 | |
Net profit (loss), of which attributable to: | (2,986) | 9,254 | 18,313 | 7,205 | |
shareholders of the parent company | (3,026) | 9,099 | 17,854 | 6,616 | |
non-controlling interests | 40 | 155 | 459 | 589 | |
Name of entity: | Apator Group | ||||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) | ||
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 8 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
Total comprehensive income, of which attributable to:
shareholders of the parent company non-controlling interests
(2,546) | 16,040 | 24,053 | 11,972 |
(2,586) | 15,885 | 23,594 | 11,383 |
40 | 155 | 459 | 589 |
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 9 of 61
Consolidated Quarterly Report of Apator Group for 4 Quarters 2023
1.3. Consolidated statement of changes in equity
CAPITAL ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY
SPECIFICATION | Share capital |
Balance as at 1/01/2023 | 3,265 |
Changes in equity from 1/01/2023 to 31/12/2023 | |
Revaluation losses: | - |
Cash flow hedging instruments, | - |
including: | |
- gains taken into account in the | |
measurement of the reporting value | - |
of hedged items | |
Net foreign exchange differences on | |
translation of financial statements | - |
into presentation currency | |
Taxes related to items presented in | - |
or transferred from capital | |
Net profit for the period from | - |
1/01/2023 to 31/12/2023 | |
Comprehensive income recognized in | |
the period from 1/01/2023 to | - |
31/12/2023 | |
Dividends | - |
Advance dividends paid | - |
Decrease in reserve capital | - |
Increase in supplementary capital | - |
Distribution of result to | - |
supplementary capital | |
Other changes in capital | - |
Capital from the | ||
Own | Other | revaluation of a |
defined benefit | ||
shares | capitals | |
plan | ||
(3,522) | 562,967 | 1,147 |
- | - | (327) |
- | - | - |
- | - | - |
- | - | |
- | - | 74 |
- | - | - |
- | - | (253) |
- | - | - |
- | - | - |
- | (10,000) | - |
- | 10,000 | - |
- | 37,215 | - |
- | - |
Capital from | ||||
valuation of | ||||
hedging | Non-controlling | TOTAL | ||
transactions and | Undistributed | |||
interests | EQUITY | |||
foreign exchange | financial result | TOTAL | ||
differences on | ||||
consolidation | ||||
2,705 | (29,215) | 537,347 | 1,801 | 539,148 |
- | (327) | - | (327) | |
3,895 | - | 3,895 | - | 3,895 |
3,895 | - | 3,895 | - | 3,895 |
2,839 | 2,839 | - | 2,839 | |
(740) | - | (666) | - | (666) |
- | 17,854 | 17,854 | 459 | 18,313 |
5,994 | 17,854 | 23,595 | 459 | 24,054 |
- | (8,714) | (8,714) | (109) | (8,823) |
- | (5,809) | (5,809) | - | (5,809) |
- | - | (10,000) | - | (10,000) |
- | - | 10,000 | - | 10,000 |
- | (37,215) | - | - | - |
- | 116 | 116 | - | 116 |
Name of entity: | Apator Group | ||
Period covered by the financial statements: | 1/01/2023-31/12/2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of Polish zloty (unless otherwise indicated) |
Page 10 of 61
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Apator SA published this content on 11 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2024 08:31:08 UTC.