Key financial and operating performance

Fabryka Farb i Lakierów Śnieżka SA

In 2023 FFIL ŚNIEŻKA SA generated net profit in the amount of PLN 69,527 thousand, i.e. 194.5% higher than in 2022.

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

  • an increase in sales revenues by 11.3% to PLN 568,736 thousand;
  • a decrease in selling costs by 0.6% to PLN 392,426 thousand, which was related to a decrease in sales in quantitative terms;
  • an increase in selling costs by 8.2%, to PLN 27,346 thousand and an increase in general and administrative expenses by 26.0%, to PLN 78,644 thousand, resulting primarily from the increase in wages;
  • income from dividends from subsidiaries in the amount of PLN 45,670 thousand, i.e. by 45.6% (PLN 14,295 thousand) higher than in the previous year;
  • lower profit by PLN 2,269 thousand on other operating activities, stemming primarily from the revaluation of put options in the parent company’s report (related to the possible acquisition by FFiL Śnieżka SA of the remaining 20% of shares in Poli-Farbe Vegyipari Kft);
  • higher loss on financial activities by PLN 3,794 thousand, primarily due to higher interest on loans and borrowings;
  • higher income tax by PLN 4,251 thousand.

The basic elements of the profit and loss account of FFIL ŚNIEŻKA SA

The basic elements of the profit and loss account of FFIL ŚNIEŻKA SA

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 568 736 510 920 11.3%
Cost of sales 392 426 394 835 -0.6%
Selling costs 27 346 25 280 8.2%
General administrative costs 78 644 62 423 26.0%
Dividend income 45 670 31 375 45.6%
Profit from other operating activities (4 032) (1 763) 128.%
Profit from financial activities (36 064) (32 270) 11.8%
Gross profit 75 894 25 724 195.0%
Profit from operating activities (EBIT) 111 958 57 994 93.1%
Profit from operating activities + depreciation (EBITDA) 136 963 79 202 72.9%
Income tax 6 367 2 116 200.9%
Net profit 69 527 23 608 194.5%

In order to increase the usefulness of the financial statements for its recipients, following the principle of materiality, the Company changed the presentation of dividend income from subsidiaries. The company presents them in a separate line of the profit and loss account, as part of operating profit („Dividend income”) – not in the result on financial activities.