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Finance

Financial Informations

TIMELINE:

Yearly
1 Quarter
2 Quarter
3 Quarter
4 Quarter
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Linear graph

Year range

Export
ASSETS [k PLN] 2015 2016 2017 2018 2019
Cash and cash equivalents 6 622 14 442 22 037 11 598 17 847
Receivables 1 347 831 7 478 9 285 7 796
Acquired debts 21 498 52 717 127 187 142 034 124 578
Loans granted 53 17 17 17 17
Investments in related entities 0 1 079 0 9 540 9 740
Tangible fixed assets 394 539 532 1 102 856
Other intangible assets 769 717 853 748 224
Goodwill 1 430 1 339 4 894 4 894 4 894
Deferred tax assets 77 248 304 291 393
Other assets 10 120 42 202 179
Total assets 32 200 72 049 163 344 179 711 166 524
LIABILITIES [k PLN] 2015 2016 2017 2018 2019
Liabilities 16 100 46 735 118 377 116 593 105 882
Debt securities 12 513 36 654 74 321 101 045 91 642
Trade liabilities 55 109 410 1 367 610
Income tax liabilities 660 1 507 1 738 736 0
Deferred income tax liabilities 782 1 450 6 395 9 307 10 414
Other liabilities 1 998 7 015 35 513 4 048 3 094
Accruals 92 0 0 90 122
Equity 16 100 25 314 44 967 63 118 60 642
Share capital 4 281 7 306 7 306 7 306 7 306
Capital from issue of shares above the nominal value 0 4 340 4 340 4 340 4 340
Own shares (37) (37) (37) (37) (37)
Other accumulated total income 3 661 8 223 (1 183) 426 24
Other reserve capital and retained earnings 8 195 5 482 34 541 51 083 49 009
Total equity 16 100 25 314 44 967 63 118 60 642
Total liabilities 32 200 72 049 163 344 179 711 166 524
PROFIT AND LOSS ACCOUNT [k PLN] 2015 2016 2017 2018 2019
Revenues from operating activities 13 672 25 787 41 514 50 160 17 930
Revenues from core operating activities 13 620 25 787 41 510 49 309 17 511
Other operating revenues 52 0 4 851 419
Operational activity costs 9 933 16 356 6 370 12 898 12 146
Remuneration and benefits for employees 875 1 529 2 743 4 168 4 987
Depreciation 226 382 326 406 363
External services 801 2 006 2 430 5 781 4 903
Taxes and fees 625 922 480 1 230 1 456
Other operating costs 7 406 11 517 391 1 313 437
Profit on operating activities 3 739 9 431 35 144 37 262 5 784
Financial revenues 1 814 3 432 59 532 56
Financial costs 832 1 921 3 378 7 443 7 196
Gross profit (pre-tax) 4 721 10 372 31 825 30 351 (1 356)
Income tax 1 060 2 150 6 899 8 344 718
Net profit for the reporting period 3 661 8 222 24 926 22 007 (2 074)
TOTAL INCOME [k PLN] 2015 2016 2017 2018 2019
Net profit for the reporting period 3 661 8 222 24 926 22 007 (2 074)
Other comprehensive income, including 0 (1) (1 380) 1 609 (402)
Other comprehensive income that may be reclassified to the profit and loss in the future 0 (1) (1 380) 1 609 (402)
Other comprehensive income that may not be reclassified to the profit and loss in the future 0 0 0 0 -
Total comprehensive income 3 661 8 221 23 546 23 616 (2 476)
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CASH FLOW STATEMENT [k PLN] 2015 2016 2017 2018 2019
CASH FLOWS FROM OPERATING ACTIVITIES - - - - -
Gross profit for the period 4 721 10 372 31 825 30 351 (1 356)
Depreciation 226 382 326 406 363
Losses due to financial differences 0 (196) 235 (231) (8)
Interest and shares in profits 611 1 844 2 112 7 381 7 315
Profit (loss) on investing activities 0 0 0 54 0
Change in investments in debt portfolios (15 200) 0 (78 074) (15 863) 17 456
Change in stocks (7) 0 0 0 0
Change in receivables 900 (5 108) (6 621) (3 702) 2 915
Change in reserves 0 0 62 14 6
Change in prepayments and accruals (39) (345) (40) 87 31
Change in short-term liabilities 1 993 8 723 23 676 (33 430) 814
Other adjustments from operating activities 0 (31 199) 5 994 (11) (289)
Paid income tax (230) (752) (3 271) (3 614) (4 449)
Net cash provided from operating activities (7 025) (16 279) (23 776) (18 558) 22 798
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CASH FLOWS FROM INVESTING ACTIVITIES - - - - -
Inflows from the sale of intangible and tangible fixed assets 0 0 0 105 0
Inflows from financial assets 872 293 1 088 0 0
Other investment inflows 0 0 0 0 483
Purchase of intangible assets and tangible fixed assets (715) (385) (383) 756 25
Expenditure on financial assets 0 (1 102) 0 9 540 200
Other capital expenditure (454) (36) (3 943) 157 2
Net cash provided from investing activities (297) (1 230) (3 238) (10 348) 256
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CASH FLOWS FROM FINANCIAL ACTIVITIES - - - - -
Inflows from issue of own shares 6 946 959 0 0 0
Inflows from issue of bonds 9 237 27 301 47 176 42 196 21 013
Inflows from bank loans and credits taken 0 2 772 0 0 0
Other financial inflows 0 0 0 0 0
Purchase of own shares (2) 0 0 0 0
Dividend and other payments to shareholders (587) 0 0 0 0
Repayment of credits and loans 0 0 0 0 0
Redemption of debt securities (2 000) (3 427) (9 278) 17 714 30 539
Payment of other financial liabilities (3) 0 0 68 68
Interest paid (805) (1 611) (3 055) 6 021 7 221
Other outflows from financial activities 0 (666) 0 0 (14)
Net cash provided from financial activities 12 786 25 328 34 843 18 393 (16 801)
- - - - -
Net cash flows 5 464 7 818 7 830 (10 513) 6 253
Balance sheet change in cash 5 464 7 820 7 595 (10 439) 6 249
Change in cash due to exchange differences 0 2 (235) 74 (4)
Cash opening balance 1 157 6 622 14 442 22 037 11 598
Closing balance of cash 6 622 14 442 22 272 11 598 17 847

Dividend policy

The Management Board of the Company did not adopt the dividend policy. The Company's Articles of Association do not regulate the matters of dividend payment in a manner different from the provisions of the Commercial Companies Code, therefore the Company is bound by the rules of dividend payment established in accordance with the rules applicable to public companies. 

The Management Board decides annually on recommending payment to the Company's General Meeting.

Each time, the recommendation of the Management Board will depend on the current and expected financial situation of the Company, taking into account the following factors:

1. the liquidity situation of the Company's Group of Companies;
2. market situation of the Company’s Group of Companies;
3. implementation of the investment policy;
4. cost and possibilities of obtaining financing;
5. legal requirements and provisions of the terms and conditions of the bond issue, regarding in particular not exceeding the specified level of the debt ratio. 

The final decision on dividend payment is made by the General Meeting of Shareholders of the Company.

Since its listing on the Warsaw Stock Exchange, the Company has generated profits in each financial year. The Company paid a dividend only in 2015. In the remaining years, the net profit generated by the Company was allocated in full to the supplementary capital. The current Company's dividend policy has been based, in particular, on the following assumptions:
1. The strategic objective of the Management Board of the Company was a stable increase in the value of the Company's net assets and achievement by the Company of the position of a leading debt collection company on the Polish market.

2. Providing capital to cover the increase in the Company's expenses related to the increase in the scale of its operations and the development of its Group of Companies’ activities on foreign markets.