Key financial performance of the Group

In 2023, the Śnieżka Group generated consolidated net profit of PLN 83,481 thousand. i.e. – 102.3% higher than in the corresponding period of the previous year. Net profit attributable to the parent company’s shareholders amounted to PLN 77,634 thousand (+111.6% y/y).

The Group’s bottom line in 2023 was primarily affected by:

  • increase in sales revenues by 8.3% (PLN 66,087 thousand), with higher turnover on the Polish and Ukrainian market and on the markets recognized in the „Other” segment, and lower turnover recorded on the Hungarian market,
  • a decrease in cost of sales by -2.8% (PLN -13,885 thousand y/y) to PLN 473,569 thousand, which was related to a decrease in sales in quantitative terms;
  • an increase in selling cost and general administrative costs by 12.2% (PLN 28,695 thousand y/y) as a result of adjusting budgets and marketing and sales activities to the current market and economic situation and an increase, primarily, in salaries;
  • higher profit from other operating activities by PLN 307 thousand;
  • lower profit from financial activities by PLN -3,814 thousand, mainly through higher interest costs on loans drawn;
  • higher income tax by 49.3% (PLN 5,792 thousand y/y).

No other factors or events occurred in 2023 than those described in the report, including those of unusual nature, having a significant impact on the consolidated financial statements.

The basic elements of the profit and loss account of the Śnieżka Group

for the period of 12 months ended as at 31 December 2023 for the period of 12 months ended as at 31 December 2022 Change (y/y)
Sales revenues 857 773 791 686 8.3%
Cost of sales 473 569 487 453 -2.8%
Selling costs 151 425 142 605 6.2%
General administrative costs 112 711 92 836 21.4%
Profit from other operating activities 936 629 48.8%
Profit from financial activities (20 356) (16 542) 23.1%
Share in associate’s profit 366 134 173.1%
Gross profit 101 014 53 013 90.5%
Profit from operating activities (EBIT) 121 004 69 421 74.3%
Profit from operating activities + depreciation (EBITDA) 159 415 106 177 50.1%
Income tax 17 533 11 741 49.3%
Net profit, including: 83 481 41 272 102.3%
profit attributable to shareholders of the parent company 77 634 36 684 111.6%
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