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Finance

Financial Informations

TIMELINE:

Yearly
1 Quarter
2 Quarter
3 Quarter
4 Quarter
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Year range

Export
ASSETS [k PLN] 2015 2016 2017 2018 2019
Cash and cash equivalents 6 622 14 442 22 037 11 598
Receivables 1 347 831 7 478 9 285
Acquired debts 21 498 52 717 127 187 142 034
Loans granted 53 17 17 17
Investments in related entities 0 1 079 0 9 540
Tangible fixed assets 394 539 532 1 102
Other intangible assets 769 717 853 748
Goodwill 1 430 1 339 4 894 4 894
Deferred tax assets 77 248 304 291
Other assets 10 120 42 202
Total assets 32 200 72 049 163 344 179 711
LIABILITIES [k PLN] 2015 2016 2017 2018 2019
Liabilities 16 100 46 735 118 377 116 593
Debt securities 12 513 36 654 74 321 101 045
Trade liabilities 55 109 410 1 367
Income tax liabilities 660 1 507 1 738 736
Deferred income tax liabilities 782 1 450 6 395 9 307
Other liabilities 1 998 7 015 35 513 4 048
Accruals 92 0 0 90
Equity 16 100 25 314 44 967 63 118
Share capital 4 281 7 306 7 306 7 306
Capital from issue of shares above the nominal value 0 4 340 4 340 4 340
Own shares (37) (37) (37) (37)
Other accumulated total income 3 661 8 223 (1 183) 426
Other reserve capital and retained earnings 8 195 5 482 34 541 51 083
Total equity 16 100 25 314 44 967 63 118
Total liabilities 32 200 72 049 163 344 179 711
PROFIT AND LOSS ACCOUNT [k PLN] 2015 2016 2017 2018 2019
Revenues from operating activities 13 672 25 787 41 514 50 159
Revenues from core operating activities 13 620 25 787 41 510 49 308
Other operating revenues 52 0 4 851
Operational activity costs 9 933 16 356 6 370 12 897
Remuneration and benefits for employees 875 1 529 2 743 4 168
Depreciation 226 382 326 406
External services 801 2 006 2 430 5 781
Taxes and fees 625 922 480 1 230
Other operating costs 7 406 11 517 391 1 312
Profit on operating activities 3 739 9 431 35 144 37 262
Financial revenues 1 814 3 432 59 532
Financial costs 832 1 921 3 378 7 443
Gross profit (pre-tax) 4 721 10 372 31 825 30 351
Income tax 1 060 2 150 6 899 8 344
Net profit for the reporting period 3 661 8 222 24 926 22 007
TOTAL INCOME [k PLN] 2015 2016 2017 2018 2019
Net profit for the reporting period 3 661 8 222 24 926 22 007
Other comprehensive income, including 0 (1) (1 380) 1 609
Other comprehensive income that may be reclassified to the profit and loss in the future 0 (1) (1 380) 1 609
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
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
Depreciation 226 382 326 406
Losses due to financial differences 0 (196) 235 (231)
Interest and shares in profits 611 1 844 2 112 7 381
Profit (loss) on investing activities 0 0 0 54
Change in investments in debt portfolios (15 200) 0 (78 074) (15 863)
Change in stocks (7) 0 0 0
Change in receivables 900 (5 108) (6 621) (3 702)
Change in reserves 0 0 62 14
Change in prepayments and accruals (39) (345) (40) 87
Change in short-term liabilities 1 993 8 723 23 676 (33 430)
Other adjustments from operating activities 0 (31 199) 5 994 (11)
Paid income tax (230) (752) (3 271) (3 614)
Net cash provided from operating activities (7 025) (16 279) (23 776) (18 558)
CASH FLOWS FROM INVESTING ACTIVITIES
Inflows from the sale of intangible and tangible fixed assets 0 0 0 105
Inflows from financial assets 872 293 1 088 0
Other investment inflows 0 0 0 0
Purchase of intangible assets and tangible fixed assets (715) (385) (383) 756
Expenditure on financial assets 0 (1 102) 0 9 540
Other capital expenditure (454) (36) (3 943) 157
Net cash provided from investing activities (297) (1 230) (3 238) (10 348)
CASH FLOWS FROM FINANCIAL ACTIVITIES
Inflows from issue of own shares 6 946 959 0 0
Inflows from issue of bonds 9 237 27 301 47 176 42 196
Inflows from bank loans and credits taken 0 2 772 0 0
Other financial inflows 0 0 0 0
Purchase of own shares (2) 0 0 0
Dividend and other payments to shareholders (587) 0 0 0
Repayment of credits and loans 0 0 0 0
Redemption of debt securities (2 000) (3 427) (9 278) 17 714
Payment of other financial liabilities (3) 0 0 68
Interest paid (805) (1 611) (3 055) 6 021
Other outflows from financial activities 0 (666) 0 0
Net cash provided from financial activities 12 786 25 328 34 843 18 393
Net cash flows 5 464 7 818 7 830 (10 513)
Balance sheet change in cash 5 464 7 820 7 595 (10 439)
Change in cash due to exchange differences 0 2 (235) 74
Cash opening balance 1 157 6 622 14 442 22 037
Closing balance of cash 6 622 14 442 22 272 11 598

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.