Their amount was positively influenced primarily by the gross profit generated by the Group in the amount of PLN 101,014 thousand and adjustments made in the amount of PLN 78,851 thousand – including interest costs of PLN 23,117 thousand. However, the income tax paid reduced cash flows from operating activities (PLN 31,671 thousand).
Cash flows
The Śnieżka Group
In 2023, the Group generated positive cash flows of PLN 45,749 thousand (after adjustment for exchange rate differences from the translation of foreign units) against also positive cash flows in the amount of PLN 3,726 thousand a year earlier.
At the end of the reporting period, cash and cash equivalents of the Group amounted to PLN 65,665 thousand. This performance was affected by:
The Group companies spent a total of PLN 32,225 thousand for the purchase of tangible fixed assets and intangible assets. The vast majority of this amount is accounted for by expenses incurred in the production and IT areas.
In addition to the proceeds from the existing lines of credit in the amount of PLN 183,334 thousand, – resulting from investment needs and current operating activities – the greatest impact on cash flows from financial activities had a partial repayment of loans (PLN 200,683 thousand), including interest (PLN 22,651) and dividends paid (PLN 30,051).
Fabryka Farb i Lakierów Śnieżka SA
In 2023, the Company generated negative cash flows of PLN 802 thousand against also negative cash flows of PLN 5,772 thousand a year earlier.
At the end of the reporting period, the Company's cash amounted to PLN 745 thousand. They were a result of:
Their value was influenced primarily by gross profit after adjustments in the amount of PLN 104,700 thousand and income tax paid (PLN 23,200 thousand).
The Company spent PLN 21,672 thousand, more than half of which concerned investment areas such as production, IT and logistics. The Company in turn recorded proceeds from dividends received from subsidiaries in the amount of PLN 45,630 thousand: Poli-Farbe Vegyipari Kft. and Śnieżka Trade of Colours Sp. z o.o.
The greatest positive impact on this item had proceeds from existing lines of credit and loans, totalling PLN 261,126 thousand. The greatest negative impact was due to: partial repayment of loans and borrowings (PLN 301,410 thousand), repayment of interest (PLN 40,907 thousand) and the payment of dividends (PLN 25,236 thousand).