ZE PAK SA CAPITAL GROUP
MANAGEMENT BOARD'S REPORT ON ZE PAK SA's
AND ZE PAK SA CAPITAL GROUP'S ACTIVITIES IN 2022
27 APRIL 2023
ZE PAK SA CAPITAL GROUP | ||
MANAGEMENT BOARD'S REPORT ON THE CAPITAL GROUP'S ACTIVITIES IN 2022 | ||
TABLE OF CONTENTS: | ||
2. | DESCRIPTION OF THE COMPANY AND OF THE CAPITAL GROUP | 6 |
2.1. Basic information on the Company and Capital Group | 6 |
2.2. Basic principles and changes related to the ZE PAK SA Capital Group and Company management
rules | 12 |
2.3. Described structure of main capital deposits or main capital investments made within the Capital
Group | 14 |
2.4. Characteristics of the main products, goods and services, and the main outlet markets and supply
sources | 14 |
3. DESCRIPTION OF ACTIVITIES | 16 |
3.1. Significant events in the accounting year, as well as events after the balance sheet date affecting
current and future activities | 16 | ||
3.2. Important agreements concluded in the financial year | 24 | ||
3.3. Execution of the investment programme | 28 | ||
3.4. | Risk management | 32 | |
3.5. Described use of emission proceeds | 33 | ||
4. | MAIN BUSINESS RISK FACTORS | 33 | |
5. | DESCRIPTION OF THE FINANCIAL AND ASSET STANDING | 41 | |
5.1. Principles of preparing a financial statement | 41 | ||
5.2. Characteristics of basic economic and financial quantities | 42 | ||
5.3. Significant off-balance sheet items | 55 | ||
5.4. | Projected financial standing | 55 | |
5.5. Specification of factors affecting current and future financial results | 56 | ||
5.6. Unusual factors and events affecting achieved financial results | 59 | ||
6. | FINANCIAL ASSET MANAGEMENT | 59 | |
6.1. Assessment of financial asset management | 59 | ||
6.2. Assessment of investment plan implementation | 59 | ||
7. | SIGNIFICANT DEVELOPMENT FACTORS AND PROSPECTS | 60 | |
8. | SHAREHOLDING STRUCTURE SPECIFICATION | 62 | |
8.1. | Shareholding structure | 62 | |
8.2. Acquisition of own shares | 63 |
8.3. Stocks and shares of entities of the ZE PAK SA Capital Group held by management and supervisory
persons | 63 |
8.4. Employee shares programme control system | 64 |
9. DECLARATION OF COMPLIANCE WITH CORPORATE GOVERNANCE RULES | 64 |
9.1. Set of applied corporate governance rules | 64 |
9.2. Set of waived DPSN 2021 principles | 64 |
9.3. Incidental violation of DPSN 2021 principles | 66 |
9.4. Description of the main features of internal inspection and risk management systems applied in relation
to the preparation of financial and consolidated financial statements | 66 | |
9.5. | Shareholders holding significant blocks of shares | 68 |
9.6. | Holders of stocks providing special control rights | 69 |
9.7. | Restrictions on exercising the voting right | 69 |
9.8. | Restrictions on the transfer of the stock ownership right | 69 |
9.9. | Rules of the appointment and dismissal of management and supervisory personnel | 69 |
9.10. | Personal composition, its changes and a description of the activity of management and supervisory | |
bodies | 71 |
9.11. Operation procedure of the General Meeting, its key powers and a description of shareholders' rights
and how to exercise them | 74 |
9.12. Description of rules regarding amendments to the Company's Articles of Association | 75 |
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ZE PAK SA CAPITAL GROUP | ||
MANAGEMENT BOARD'S REPORT ON THE CAPITAL GROUP'S ACTIVITIES IN 2022 | ||
9.13. Information on the remuneration system and the remuneration amount for management and | ||
supervisory personnel | 75 | |
10. DECLARATION REGARDING THE DIVERSITY POLICY | 77 | |
11. COMPANY MANAGEMENT BOARD'S NON-FINANCIAL INFORMATION STATEMENT FOR 2022 | ||
FOR THE CAPITAL GROUP | 78 | |
11.1. | Business model description | 79 |
11.2. | Social issues | 87 |
11.3. | Employee issues | 95 |
11.4. | Environmental issues | 106 |
11.5. Issue of respecting human rights | 132 | |
11.6. Issues related to counteracting corruption | 134 | |
11.7. | GRI content | 136 |
11.8. | Taxonomy | 139 |
12. OTHER INFORMATION | 181 | |
12.1. | Significant legal proceedings | 181 |
12.2. Major achievements in the field of research and development | 181 | |
12.3. Information on selecting an auditing company to examine the annual consolidated financial statement.... | 182 | |
12.4. Information on financial statement audit | 182 | |
12.5. | Financial projections | 183 |
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ZE PAK SA CAPITAL GROUP
MANAGEMENT BOARD'S REPORT ON THE CAPITAL GROUP'S ACTIVITIES IN 2022
1. SELECTED CONSOLIDATED FINANCIAL DATA
PLN thousand | PLN thousand | EUR thousand | EUR thousand | |
Selected | 12 months of 2022 | 12 months of 2021 | 12 months of 2022 | 12 months of 2021 |
consolidated financial data | period | period | period | period |
from 1/1/2022 | from 1/1/2021 | from 1/1/2022 | from 1/1/2021 | |
until 31/12/2022 | until 31/12/2021 | until 31/12/2022 | until 31/12/2021 | |
Sales revenues | 4 200 235 | 2 451 209 | 895 897 | 535 491 |
Profit (Loss) on operating activities | 351 278 | (512 622) | 74 927 | (111 987) |
Gross profit (Loss) | 318 068 | (518 523) | 67 843 | (113 276) |
Net profit (Loss) for the financial year | 215 380 | (317 404) | 45 940 | (69 340) |
Net profit (Loss) allocated to parent | 203 307 | (316 999) | 43 365 | (69 252) |
company shareholders |
Comprehensive income
Net cash from operating activities Net cash from investment activities Net cash from financial activities
Net change in cash and cash equivalents Net profit (Loss) per share
(in PLN/EUR per share)
215 989 | (314 473) | 46 070 | (68 700) |
503 256 | 6 555 | 107 343 | 1 432 |
(651 176) | (391 229) | (138 894) | (85 468) |
1 104 000 | 393 482 | 235 480 | 85 960 |
956 080 | 8 808 | 203 929 | 1 924 |
4.00 | (6.24) | 0.85 | (1.36) |
Weighted average number of shares | 50 823 547 | 50 823 547 | 50 823 547 | 50 823 547 |
as at | as at | as at | as at | |
31 December 2022 | 31 December 2021 | 31 December 2022 | 31 December 2021 | |
Total assets | 4 539 455 | 3 311 762 | 967 921 | 720 042 |
Fixed assets | 1 978 515 | 1 273 696 | 421 867 | 276 927 |
Current assets | 2 560 940 | 2 038 066 | 546 054 | 443 116 |
Total equity | 1 214 499 | 524 232 | 258 961 | 113 978 |
Basic capital | 101 647 | 101 647 | 21 674 | 22 100 |
Equity allocated to parent company | ||||
shareholders | 723 696 | 524 627 | 154 309 | 114 064 |
Total liabilities | 3 324 956 | 2 787 530 | 708 961 | 606 064 |
Long-term liabilities | 1 199 141 | 794 587 | 255 686 | 172 759 |
Short-term liabilities | 2 125 815 | 1 992 943 | 453 275 | 433 305 |
Book value per share | ||||
(in PLN/EUR per share) | 23.90 | 10.31 | 5.10 | 2.24 |
Weighted average number of shares | 50 823 547 | 50 823 547 | 50 823 547 | 50 823 547 |
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ZE PAK SA CAPITAL GROUP
MANAGEMENT BOARD'S REPORT ON THE CAPITAL GROUP'S ACTIVITIES IN 2022
PLN thousand | PLN thousand | EUR thousand | EUR thousand | |
Selected | 12 months of 2022 | 12 months of 2021 | 12 months of 2022 | 12 months of 2021 |
financial data of ZE PAK SA | period | period | period | period |
from 1/1/2022 | from 1/1/2021 | from 1/1/2022 | from 1/1/2021 | |
until 31/12/2022 | until 31/12/2021 | until 31/12/2022 | until 31/12/2021 | |
Net revenues from the sale of products, | ||||
goods and materials | 2 789 738 | 2 246 878 | 595 043 | 490 853 |
Profit/loss on operating activities | 618 882 | (522 023) | 132 006 | (114 041) |
Gross profit/loss | 632 260 | (527 243) | 134 859 | (115 181) |
Net profit/loss | 543 584 | (301 935) | 115 945 | (65 961) |
Net cash from operating activities | 636 265 | (18 902) | 135 713 | (4 129) |
Net cash from investment activities | 142 885 | (138 698) | 30 477 | (30 300) |
Net cash from financial activities | 30 119 | 119 369 | 6 424 | 26 077 |
Total net cash flows | 809 269 | (38 231) | 172 615 | (8 352) |
Net profit per share | ||||
(in PLN/EUR per share) | 10.70 | (5.94) | 2.28 | (1.30) |
Weighted average number of shares | 50 823 547 | 50 823 547 | 50 823 547 | 50 823 547 |
as at | as at | as at | as at | |
31 December 2022 | 31 December 2021 | 31 December 2022 | 31 December 2021 | |
Total assets | 2 784 643 | 2 701 772 | 593 753 | 587 418 |
Fixed assets | 779 112 | 842 868 | 166 126 | 183 256 |
Current assets | 2 005 531 | 1 858 904 | 427 628 | 404 162 |
Equity | 1 408 421 | 864 837 | 300 309 | 188 033 |
Basic capital | 101 647 | 101 647 | 21 674 | 22 100 |
Liabilities and provisions for liabilities | 1 376 222 | 1 836 935 | 293 444 | 399 386 |
Long-term liabilities | 129 | 107 378 | 28 | 23 346 |
Short-term liabilities | 106 282 | 356 335 | 22 662 | 77 474 |
Book value per share | ||||
(in PLN/EUR per share) | 27.71 | 17.02 | 5.91 | 3.70 |
Weighted average number of shares | 50 823 547 | 50 823 547 | 50 823 547 | 50 823 547 |
Selected consolidated financial data has been converted using the following exchange rates:
- data concerning the comprehensive income statement (income statement) and the cash flow report (cash flow statement) according to an exchange rate, which is the arithmetic mean of the average NBP exchange rates on each last working day of the month within the financial period, from 1 January 2022 to 31 December 2022, i.e., 4.6883 EUR/PLN, and from 1 January 2021 to 31 December 2021, i.e., 4.5775 EUR/PLN.
- data on individual items of the financial standing statement (balance sheet) according to the average EUR/PLN exchange rate set by the National Bank of Poland (NBP) as at 30 December 2022, i.e., 4.6899 EUR/PLN, and as at 31 December 2021, i.e., 4.5994 EUR/PLN.
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Zespól Elektrowni Patnów-Adamów-Konin SA published this content on 13 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2023 13:04:06 UTC.