Financial Model Finished

Financial model of Manufaktura
Balance sheet
Buildings and land
Capex
Cash flow
Company taxes paid on profit
Cost of external services
Cost of materials
Credits, loans and cash
Equity
Fixed tangible and intangible as
Intangible assets
Local taxes and other payments
Machinery
Macro assumptions
Other costs and revenues
Other fixed assets
Payroll, social insurance and oth
Profit and Loss account
Sales
Transport equipment
Working capital
del of Manufaktura
Balance sheet
Buildings and land
Cash flow
Cost of materials
Fixed tangible and intangible assets
Intangible assets
Machinery
Macro assumptions
Other fixed assets
Payroll, social insurance and other employee benefits
Transport equipment
Working capital
Table 1
Manufaktura
back
Macro assumptions
[all data in thousands of PLN unless stated differently]
2014 A
2015 A
2016 P
2017 P
2018 P
Inflation rate
[%]
2.0%
2.0%
2.0%
Interest rate
[%]
[%]
5.0%
5.0%
5.0%
Difference to the inflation rate
3.0%
3.0%
3.0%
Inflation rate
[%]
2.0%
2.0%
2.0%
4.0
3.8
3.9
Exchange rate
[PLN/EUR}
Strona 3 /52
4.0
2019 P
2020 P
2021 P
2022 P
2.0%
2.0%
2.0%
2.0%
5.0%
5.0%
5.0%
5.0%
3.0%
3.0%
3.0%
3.0%
2.0%
2.0%
2.0%
2.0%
3.8
3.7
3.6
3.5
Strona 4 /52
Table 2
Manufaktura
back

2014 A
2015 A
2016 P
2017 P
2018 P
Sales revenues
Sales of products
Sales of goods and materials
Change in products value
30,245.4
27,739.5
(56.5)
2,562.4
31,884.5
31,168.0
(196.1)
912.6
33,338.1
32,389.7
34,647.1
33,661.5
36,279.9
35,247.8
948.4
985.6
1,032.1
Operating expenses
Amortization and depreciation
Materials and energy
External services
Taxes and charges
Payroll costs
Social security and other employee benefits
Other costs
Value of goods and materials sold
29,460.1
646.1
7,555.0
2,685.3
832.5
12,221.1
3,202.9
244.0
2,073.2
29,846.9
666.2
8,157.3
3,002.0
843.5
13,235.3
3,634.9
298.2
9.5
31,238.2
1,335.7
8,437.2
3,092.6
860.4
13,495.9
3,706.5
309.9
0.0
31,102.7
934.2
8,727.8
3,176.5
877.6
13,387.8
3,676.8
322.1
0.0
31,538.2
666.4
8,728.1
3,294.0
895.2
13,821.4
3,795.8
337.3
0.0
Gross profit (loss) on sales
785.3
2,037.6
2,099.8
3,544.3
4,741.7
Other operating income

Profit on sales of non-financial fixed assets
Subsidies
Other
496.5
0.0
0.0
496.5
510.3
0.0
0.0
510.3
530.3
551.1
577.1
530.3
551.1
577.1
Other operating costs

Loss on sales of non-financial fixed assets
Revaluation of non-financial assets
Other
607.1
10.2
374.9
222.0
638.0
0.0
285.9
352.1
365.9
380.3
398.2
365.9
380.3
398.2
Profit (loss) on operating activities
674.7
1,909.9
2,264.2
3,715.2
4,920.6
Financial income
Dividends and profits sharing
Interest earned
Profit on investments sold
Investments revaluation
130.8
0.0
61.6
0.0
0.0
19.6
0.0
19.6
0.0
0.0
11.4
35.1
67.1
11.4
35.1
67.1
Strona 5 /52
Other
69.2
0.0
Financial costs
Interest paid
Loss on investments sold
Investments revaluation
Other
242.0
228.1
0.0
0.0
13.9
614.7
114.6
0.0
0.0
500.1
96.8
96.8
34.3
34.3
52.0
52.0
Gross profit (loss)
563.5
1,314.8
2,178.8
3,716.0
4,935.7
3.5
0.0
567.0
1,314.8
2,178.8
3,716.0
4,935.7
134.0
52.2
486.0
124.8
414.0
706.0
937.8
380.8
703.9
1,764.8
3,009.9
3,997.9
Extraordinary items result

Profit (loss) before taxation
Income tax
Other compulsory changes to the profit
Net profit (loss)
Strona 6 /52
2019 P
2020 P
2021 P
2022 P
37,935.6
36,856.5
39,679.1
38,550.3
41,514.8
40,333.8
43,447.5
42,211.5
1,079.2
1,128.8
1,181.0
1,236.0
32,536.4
833.1
9,070.0
3,403.2
913.1
14,093.7
3,870.6
352.7
0.0
33,460.4
895.3
9,428.6
3,517.8
931.3
14,371.6
3,946.9
368.9
0.0
34,410.9
952.7
9,804.7
3,638.0
950.0
14,654.9
4,024.8
385.9
0.0
35,380.8
996.7
10,199.1
3,764.0
969.0
14,944.0
4,104.2
403.9
0.0
5,399.2
6,218.7
7,103.9
8,066.6
603.4
631.2
660.4
691.1
603.4
631.2
660.4
691.1
416.4
435.5
455.6
476.8
416.4
435.5
455.6
476.8
5,586.3
6,414.4
7,308.6
8,280.9
117.1
192.5
262.6
345.8
117.1
192.5
262.6
345.8
Strona 7 /52
86.7
86.7
52.0
52.0
17.3
17.3
0.0
0.0
5,616.8
6,554.9
7,553.8
8,626.7
5,616.8
6,554.9
7,553.8
8,626.7
1,067.2
1,245.4
1,435.2
1,639.1
4,549.6
5,309.5
6,118.6
6,987.6
Strona 8 /52
Table 3
Manufaktura
back
Balance sheet
2014 A
Fixed assets
Intangible fixed assets
Tangible fixed assets
Land
Buildings
Machinery
Transport equipment
Other fixed assets
Fixed assets under construction
Long term receivables

Long term investments
Long term prepayments
Current assets
Inventories
Raw materials
Work in progress
Finished goods
Goods for resale
Payments in advance for delivery
Short term receivables

Trade receivables
Receivables for tax, duties, charges, etc.
Other
Cash and cash equivalents

Other short term investments
TOTAL ASSETS
Equity
Paid-in share capital
Supplementary capital
Revaluation capital
Profit from previous periods
Net profit (loss)
Liabilities and provisions for creditors

Provisions for liabilities
2015 A
2016 P
2017 P
2018 P
4,774.6
25.9
4,583.7
6,594.0
36.8
6,394.9
4,404.8
26.0
4,378.7
4,806.2
51.9
4,754.3
7,074.0
49.4
7,024.6
155.6
2,837.5
1,503.2
43.6
42.0
1.8
136.2
2,860.3
1,275.9
132.6
33.0
1,957.0
136.2
2,856.9
1,234.8
120.9
30.0
0.0
136.2
2,850.1
1,519.2
198.0
50.8
0.0
136.2
2,843.2
3,800.7
195.4
49.2
0.0
0.0
0.0
165.0
0.0
0.0
162.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9,540.6
5,955.8
9,183.9
5,705.6
11,653.1
6,025.6
12,733.3
6,457.0
15,119.7
5,214.8
726.9
1,716.3
3,199.5
258.8
54.3
703.4
1,836.3
3,165.9
0.0
0.0
728.5
1,921.9
3,314.6
0.0
60.6
754.5
1,913.5
3,726.3
0.0
62.7
729.4
1,508.3
2,914.4
0.0
62.7
2,982.3
2,996.2
3,109.9
3,232.0
3,384.3
1,648.7
657.6
676.0
1,776.5
467.8
751.9
1,834.6
489.1
786.2
1,906.6
508.3
817.0
1,996.4
532.3
855.5
527.5
75.0
385.0
97.1
2,420.6
97.1
2,947.2
97.1
6,423.4
97.1
14,315.2
15,778.0
16,057.9
17,539.5
22,193.7
8,989.8
9,477.5
11,242.3
13,664.0
16,658.6
2,040.0
3,871.1
2,697.9
0.0
380.8
2,040.0
4,036.4
2,697.2
0.0
703.9
2,040.0
4,036.4
2,697.2
703.9
1,764.8
2,040.0
5,916.8
2,697.2
0.0
3,009.9
2,040.0
7,923.5
2,697.2
0.0
3,997.9
5,227.4
87.9
6,300.5
811.9
4,815.5
811.9
3,875.5
811.9
5,535.1
811.9
Strona 9 /52
Provisions for deferred income taxes

Provisions for social security
Other provisions
Long term liabilities
0.0
44.5
43.4
0.6
462.8
348.5
0.6
462.8
348.5
0.6
462.8
348.5
0.6
462.8
348.5
371.0
1,025.6
45.8
45.8
1,112.5
371.0
0.0
979.8
45.8
0.0
45.8
0.0
45.8
1,066.7
45.8
4,046.1
3,893.9
3,388.6
2,448.6
3,041.5
1,072.6
613.2
476.2
0.0
815.8
311.5
155.3
601.5
807.1
997.9
26.4
33.8
868.3
343.3
142.8
674.2
979.8
633.1
27.5
0.0
723.9
350.1
0.0
674.2
0.0
653.8
28.6
0.0
744.8
347.3
0.0
674.2
533.3
660.1
29.9
0.0
785.4
358.5
0.0
674.2
722.4
569.2
569.2
569.2
569.2
14,217.2
15,778.0
16,057.9
17,539.5
22,193.7
Credits and loans

Others
Short term liabilities and special funds

Credits and loans
Trade liabilities
Prepayment for deliveries
Other financial liabilities
Taxes, duties and social security premiums
For payroll payments
Other liabilities
Special funds
Accruals
TOTAL LIABILITIES
Strona 10 /52
2019 P
2020 P
2021 P
2022 P
6,907.4
46.8
6,860.5
6,845.2
43.8
6,801.3
6,787.7
42.9
6,744.9
6,743.7
45.3
6,698.4
136.2
2,836.1
3,656.8
184.8
46.6
0.0
136.2
2,828.9
3,619.9
172.8
43.6
0.0
136.2
2,821.4
3,573.9
170.4
43.0
0.0
136.2
2,813.8
3,523.8
179.3
45.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17,996.7
5,387.0
21,381.0
5,550.3
25,319.0
5,719.1
30,379.2
5,892.3
759.1
1,556.0
3,006.6
0.0
65.2
790.3
1,600.2
3,092.0
0.0
67.8
823.1
1,645.7
3,179.8
0.0
70.5
857.5
1,692.1
3,269.5
0.0
73.3
3,538.7
3,701.4
3,872.6
4,052.9
2,087.6
556.6
894.6
2,183.5
582.2
935.7
2,284.5
609.1
979.0
2,390.9
637.5
1,024.6
8,973.9
97.1
12,032.2
97.1
15,630.2
97.1
20,336.9
97.1
24,904.1
28,226.2
32,106.7
37,122.9
19,875.5
23,668.4
28,017.2
32,965.3
2,040.0
10,588.7
2,697.2
0.0
4,549.6
2,040.0
13,621.8
2,697.2
0.0
5,309.5
2,040.0
17,161.4
2,697.2
0.0
6,118.6
2,040.0
21,240.5
2,697.2
0.0
6,987.6
5,028.6
811.9
4,557.7
811.9
4,089.5
811.9
4,157.6
811.9
Strona 11 /52
0.6
462.8
348.5
0.6
462.8
348.5
0.6
462.8
348.5
0.6
462.8
348.5
579.1
45.8
45.8
45.8
533.3
45.8
0.0
45.8
0.0
45.8
0.0
45.8
3,068.4
3,130.8
2,662.6
2,730.7
533.3
685.1
0.0
0.0
810.1
365.6
0.0
674.2
533.3
711.2
0.0
0.0
839.2
372.8
0.0
674.2
0.0
738.6
0.0
0.0
869.6
380.2
0.0
674.2
0.0
767.4
0.0
0.0
901.4
387.7
0.0
674.2
569.2
569.2
569.2
569.2
24,904.1
28,226.2
32,106.7
37,122.9
Strona 12 /52
Table 4
Manufaktura
back
Cash flow
2014 A
Net profit (loss)
2015 A
2016 P
2017 P
2018 P
380.8
703.9
1,764.8
3,009.9
3,997.9
646.1
(84.0)
226.9
46.1
96.8
223.7
585.0
(229.1)
(49.4)
1,842.9
666.2
(30.8)
212.2
409.7
250.2
(13.8)
159.0
(172.6)
43.0
2,227.0
1,335.7
0.0
85.4
0.0
(319.9)
(113.7)
(677.9)
162.3
0.0
2,236.7
934.2
0.0
(0.8)
0.0
(431.5)
(122.1)
39.8
0.0
0.0
3,429.6
666.4
0.0
(15.1)
0.0
1,242.2
(152.3)
59.6
0.0
0.0
5,798.7
27.0
49.2
(535.9)
1,383.2
0.0
0.0
(2,464.2)
(237.2)
1,957.0
0.0
(1,265.7)
2,928.0
0.0
0.0
(1,335.7)
2,093.9
0.0
0.0
(2,934.2)
2,864.5
(955.2)
(149.6)
278.4
374.1
(154.5)
(17.6)
(807.1)
(85.4)
2,035.5
(979.8)
0.8
1,114.9
1,600.0
15.1
4,479.6
Shareholder-related payments and contributions

Gross dividend paid
Free cash flows to firm
0.0
(56.4)
222.0
0.0
(124.8)
(142.4)
0.0
0.0
2,035.5
0.0
(588.3)
526.6
0.0
(1,003.3)
3,476.3
Cash and cash equivalents - beginning balance

Cash and cash equivalents - ending balance
Change in cash and cash equivalents balance
Check
305.5
527.5
222.0
527.5
385.0
(142.5)
(0.0)
385.0
2,420.6
2,035.5
0.1
2,420.6
2,947.2
526.6
(0.0)
2,947.2
6,423.4
3,476.3
0.0
Amortization and depreciation

(Profit) loss on exchange rate differences
Interest and share in profits (dividends)
Change in provisions
Change in inventories
Change in receivables
Change in short term liabilities*
Change in prepayments and accruals
Other adjustments
Cash flows from operating activities
* excluding bank and other loans
Disposal of intangible and tangible fixed assets

Other investment outflow
Capital expenditure
Cash flow before financial activities
Change in bank and other loans
Interest paid and earned
Free cash flows to equity
Strona 13 /52
2019 P
2020 P
2021 P
2022 P
4,549.6
5,309.5
6,118.6
6,987.6
833.1
0.0
(30.5)
0.0
(172.2)
(154.5)
26.8
0.0
0.0
5,052.4
895.3
0.0
(140.5)
0.0
(163.3)
(162.6)
62.4
0.0
0.0
5,800.7
952.7
0.0
(245.2)
0.0
(168.7)
(171.2)
65.1
0.0
0.0
6,551.2
996.7
0.0
(345.8)
0.0
(173.2)
(180.3)
68.1
0.0
0.0
7,353.1
0.0
0.0
(666.4)
4,386.0
0.0
0.0
(833.1)
4,967.7
0.0
0.0
(895.3)
5,655.9
0.0
0.0
(952.7)
6,400.4
(533.3)
30.5
3,883.1
(533.3)
140.5
4,574.8
(533.3)
245.2
5,367.8
0.0
345.8
6,746.2
0.0
(1,332.6)
2,550.5
0.0
(1,516.5)
3,058.3
0.0
(1,769.8)
3,598.0
0.0
(2,039.5)
4,706.7
6,423.4
8,973.9
2,550.5
0.0
8,973.9
12,032.2
3,058.3
0.0
12,032.2
15,630.2
3,598.0
0.0
15,630.2
20,336.9
4,706.7
0.0
Strona 14 /52
Table 3.8
Manufaktura
back

2014 A
2015 A
Old loan
Opening balance
Payment of the loan
2016 P
2017 P
1,786.9
979.8
807.1
979.8
0.0
Ending balance
1,786.9
979.8
Short term part

Long term part
807.1
979.8
979.8
Interest Paid
96.8
Interest rate paid

Market Interest rate
Margin above the market
Average balance of the loan
2018 P
2019 P
34.3
7.0%
7.0%
5.0%
5.0%
2.0%
1,383.3
2.0%
489.9
New investment loan

Opening balance
0.0
Receiving the loan

Payment of the loan
1,600.0
1,600.0
533.3
Ending balance
1,600.0
1,066.7
Short term part

Long term part
533.3
1,066.7
533.3
533.3
52.0
86.7
Interest Paid
Interest rate paid
6.5%
6.5%
Market Interest rate
5.0%
5.0%
Margin above the market

Average balance of the loan
1.5%
800.0
1.5%
1,333.3
Total loans
Short term loan
Ending balance
1,072.6
Long term loan

Strona 15 /52
807.1
979.8
0.0
533.3
533.3
Table 3.8
Manufaktura
back

2014 A
2015 A
2016 P
2017 P
2018 P
2019 P
Ending balance
371.0
979.8
0.0
0.0
1,066.7
533.3
Interest Paid - Total
228.1
114.6
96.8
34.3
52.0
86.7
61.6
19.6
11.4
456.3
2.5%
35.1
1,402.8
2.5%
67.1
2,683.9
2.5%
117.1
4,685.3
2.5%
5.0%
50.0%
5.0%
50.0%
5.0%
50.0%
5.0%
50.0%
Interet Received
Average Cash
Deposit interst rate
Market interest rate
% of Market interest rate paid for deposits
Strona 16 /52
2020 P
2021 P
2022 P
1,066.7
533.3
0.0
533.3
533.3
533.3
0.0
533.3
0.0
0.0
0.0
0.0
52.0
17.3
0.0
0.0
6.5%
6.5%
6.5%
5.0%
5.0%
5.0%
1.5%
800.0
1.5%
266.7
1.5%
0.0
0.0
0.0
533.3
Strona 17 /52
2020 P
2021 P
2022 P
0.0
0.0
0.0
52.0
17.3
0.0
192.5
7,698.7
2.5%
262.6
10,503.1
2.5%
345.8
13,831.2
2.5%
5.0%
50.0%
5.0%
50.0%
5.0%
50.0%
Strona 18 /52
Table 3.9
Manufaktura
back
Equity
2014 A
Equity
Paid-in share capital
Contributions to be paid-in share capital
Own shares
Supplementary capital
2016 P
2017 P
11,242.3
2,040.0
0.0
0.0
4,036.4
9,477.5
2,040.0
0.0
0.0
4,036.4
165.3
0.0
1,880.5
2,006.6
2,697.9
0.0
0.0
2,697.2
0.0
0.0
2,697.2
0.0
703.9
2,697.2
0.0
0.0
2,697.2
0.0
0.0
1,880.5
588.3
2,006.6
1,003.3
3,009.9
3,997.9
Shift to supplementary capital

Dividends paid
Net profit (loss)
380.8
Strona 19 /52
703.9
1,764.8
13,664.0
2,040.0
0.0
0.0
5,916.8
2018 P
8,989.8
2,040.0
0.0
0.0
3,871.1
Increase
Revaluation capital
Reserve capital
Profit from previous periods
2015 A
16,658.6
2,040.0
0.0
0.0
7,923.5
2019 P
19,875.5
2,040.0
0.0
0.0
10,588.7
2020 P
2021 P
23,668.4
2,040.0
0.0
0.0
13,621.8
28,017.2
2,040.0
0.0
0.0
17,161.4
2022 P
32,965.3
2,040.0
0.0
0.0
21,240.5
2,665.3
3,033.1
3,539.6
4,079.1
2,697.2
0.0
0.0
2,697.2
0.0
0.0
2,697.2
0.0
0.0
2,697.2
0.0
0.0
2,665.3
1,332.6
3,033.1
1,516.5
3,539.6
1,769.8
4,079.1
2,039.5
4,549.6
5,309.5
6,118.6
6,987.6
Strona 20 /52
Table 3.7
Manufaktura
back
Working capital
2014 A
Cash and cash equivalents
527.5
Inventory of materials
726.9
Costs of materials
Turnover rotation in days
Operating costs
Value of sold goods

[days]
Payments in advance for deliveries
Trade receivables from related entities

Trade receivables from other entities
Sales of products + VAT
Sales of products
VAT rate
Receivables resulting from taxes, subsidies, etc.

Sales
Receivables resulting from taxes, subsidies, etc. as % of Sales
Other receivables
754.5
729.4
4,518.8
58.9
1,836.3
1,921.9
1,913.5
1,508.3
29,846.9
22.5
31,238.2
22.5
31,102.7
22.5
31,538.2
17.5
3,199.5
3,165.9
3,314.6
3,726.3
2,914.4
27,386.9
29,837.4
31,238.2
31,102.7
31,538.2
38.7
38.7
43.7
33.7
258.8
0.0
0.0
0.0
0.0
2,073.2
45.6
9.5
0.0
0.0
0.0
0.0
1.0
0.0
2.0
7,555.0
7,555.0
1%
Trade receivables
1,648.7
[days]
6,423.4
4,674.0
58.9
54.3
Total value of paid in advanced services

Cost of materials and energy
Adances as a % of the total costs
2,947.2
728.5
[days]
Inventory of goods
2,420.6
2018 P
4,512.9
58.9
[days]
Operating costs
385.0
2017 P
703.4
1,716.3
Inventory of finished products
2016 P
4,357.7
58.9
[days]
Work in Progress (WIP)
2015 A
0.0
1,648.7
33,911.1
27,796.0
22%
17.7
0.0
8,157.3
8,157.3
0%
1,776.5
0.0
1,776.5
38,264.2
31,364.1
22%
16.9
60.6
62.7
62.7
8,437.2
8,437.2
1%
8,727.8
8,727.8
1%
8,728.1
8,728.1
1%
1,834.6
0.0
1,834.6
39,515.4
32,389.7
22%
16.9
1,906.6
0.0
1,906.6
41,067.0
33,661.5
22%
16.9
1,996.4
0.0
1,996.4
43,002.3
35,247.8
22%
16.9
657.6
467.8
489.1
508.3
532.3
30,245.4
2%
31,884.5
1%
33,338.1
1%
34,647.1
1%
36,279.9
1%
676.0
751.9
786.2
817.0
855.5
Strona 21 /52
Sales
Other receivables as % of sales
Short term accruals and deferred income

Trade liabilities
Total gross value of products and services bought
Total net value of produc and services using 7 % VAT
Energy
Total net value of produc and services using 22 % VAT

Materials
External services
Other costs
Value of goods and materials sold
Prepayments for deliveries

Sales
Prepayments for deliveries as % of sales
Liabilities resulting from salaries

Average monthly salaries paid
Liabilities as % of average montly salaries paid
Liabilities resulting from taxes, charges, etc.
30,245.4
2%
31,884.5
2%
33,338.1
2%
34,647.1
2%
36,279.9
2%
75.0
97.1
97.1
97.1
97.1
613.2
14,810.2
3,399.8
613.2
13,419.7
3,799.5
633.1
13,855.8
3,924.3
653.8
14,308.1
4,053.7
660.1
14,447.0
4,209.3
3,399.8
3,799.5
3,924.3
4,053.7
4,209.3
9,157.8
7,667.4
7,915.4
8,172.7
8,150.1
4,155.3
2,685.3
244.0
2,073.2
4,357.7
3,002.0
298.2
9.5
4,512.9
3,092.6
309.9
0.0
4,674.0
3,176.5
322.1
0.0
4,518.8
3,294.0
337.3
0.0
15.1
16.7
16.7
16.7
16.7
476.2
27,739.5
1.7%
26.4
31,168.0
0.1%
27.5
32,389.7
0.1%
28.6
33,661.5
0.1%
29.9
35,247.8
0.1%
311.5
343.3
350.1
347.3
358.5
1,018.4
1,102.9
1,124.7
1,115.6
1,151.8
31%
31%
31%
31%
31%
723.9
744.8
785.4
815.8
868.3
Average monthly social security and other employee benefits

Average delay terms of payment as % of monthly values
266.9
302.9
200%
308.9
200%
306.4
200%
316.3
200%
Taxes and fees

Corporate tax
832.5
134.0
843.5
486.0
860.4
414.0
877.6
706.0
895.2
937.8
722.4
569.2
569.2
569.2
569.2
6,074.0
6,378.5
6,928.7
7,442.5
6,293.0
Accruals
TOTAL WORKING CAPITAL
Strona 22 /52
2019 P
2020 P
8,973.9
2021 P
12,032.2
2022 P
15,630.2
20,336.9
759.1
790.3
823.1
857.5
4,702.9
58.9
4,896.1
58.9
5,098.9
58.9
5,311.9
58.9
1,556.0
1,600.2
1,645.7
1,692.1
32,536.4
17.5
33,460.4
17.5
34,410.9
17.5
35,380.8
17.5
3,006.6
3,092.0
3,179.8
3,269.5
32,536.4
33,460.4
34,410.9
35,380.8
33.7
33.7
33.7
33.7
0.0
0.0
0.0
0.0
0.0
3.0
0.0
4.0
0.0
5.0
0.0
6.0
65.2
67.8
70.5
9,070.0
9,070.0
1%
9,428.6
9,428.6
1%
9,804.7
9,804.7
1%
2,087.6
0.0
2,087.6
44,964.9
36,856.5
22%
16.9
2,183.5
0.0
2,183.5
47,031.4
38,550.3
22%
16.9
2,284.5
0.0
2,284.5
49,207.2
40,333.8
22%
16.9
73.3
10,199.1
10,199.1
1%
2,390.9
0.0
2,390.9
51,498.1
42,211.5
22%
16.9
556.6
582.2
609.1
637.5
37,935.6
1%
39,679.1
1%
41,514.8
1%
43,447.5
1%
894.6
935.7
979.0
Strona 23 /52
1,024.6
37,935.6
2%
39,679.1
2%
41,514.8
2%
43,447.5
2%
97.1
97.1
97.1
97.1
685.1
14,992.5
4,367.2
711.2
15,564.7
4,532.5
738.6
16,165.0
4,705.7
767.4
16,794.7
4,887.2
4,367.2
4,532.5
4,705.7
4,887.2
8,458.7
8,782.7
9,122.8
9,479.8
4,702.9
3,403.2
352.7
0.0
4,896.1
3,517.8
368.9
0.0
5,098.9
3,638.0
385.9
0.0
5,311.9
3,764.0
403.9
0.0
16.7
16.7
16.7
16.7
0.0
36,856.5
0.0%
0.0
38,550.3
0.0%
0.0
40,333.8
0.0%
0.0
42,211.5
0.0%
365.6
372.8
380.2
387.7
1,174.5
1,197.6
1,221.2
1,245.3
31%
31%
31%
31%
810.1
839.2
869.6
901.4
322.6
200%
328.9
200%
335.4
200%
342.0
200%
913.1
1,067.2
931.3
1,245.4
950.0
1,435.2
969.0
1,639.1
569.2
569.2
569.2
569.2
6,592.8
6,856.3
7,131.2
7,416.7
Strona 24 /52
Table 3.2
Manufaktura
back
Fixed tangible and intangible assets

2014 A
Gross book value
Intangibles
Buildings
Equipment and Machinery
Transportation
Others
19,880.8
131.4
10,790.4
8,222.8
585.9
150.3
2015 A
19,922.1
172.7
10,790.4
8,222.8
585.9
150.3
Depreciation
Intangibles
Buildings
Transportation
Others
Net book value
Intangibles
Buildings
Transportation
Others
4,328.2
26.4
2,860.3
1,275.9
132.6
33.0
Strona 25 /52
4,338.6
36.8
2,860.3
1,275.9
132.6
33.0
2016 P
2017 P
2018 P
21,187.8
199.1
11,060.2
9,045.1
703.1
180.4
22,523.5
236.3
11,333.3
9,908.5
832.0
213.4
25,457.6
247.5
11,613.2
12,487.5
883.7
225.7
1,335.7
37.2
273.1
863.4
128.9
33.1
934.2
11.3
279.9
579.0
51.7
12.3
666.4
13.8
286.8
297.5
54.4
13.9
4,268.6
26.0
2,856.9
1,234.8
120.9
30.0
4,670.1
51.9
2,850.1
1,519.2
198.0
50.8
6,937.8
49.4
2,843.2
3,800.7
195.4
49.2
2019 P
2020 P
2021 P
2022 P
26,124.1
261.4
11,900.0
12,785.0
938.1
239.5
26,957.2
277.7
12,194.0
13,226.4
1,003.1
256.0
27,852.4
297.1
12,495.1
13,704.6
1,080.1
275.5
28,805.1
317.4
12,803.7
14,228.9
1,159.5
295.6
833.1
16.4
293.9
441.3
65.0
16.5
895.3
19.4
301.2
478.3
76.9
19.5
952.7
20.3
308.6
524.3
79.4
20.1
996.7
17.9
316.2
574.4
70.4
17.7
6,771.2
46.8
2,836.1
3,656.8
184.8
46.6
6,709.0
43.8
2,828.9
3,619.9
172.8
43.6
6,651.6
42.9
2,821.4
3,573.9
170.4
43.0
6,607.6
45.3
2,813.8
3,523.8
179.3
45.3
Strona 26 /52
Table 2.1
Manufaktura
back
Sales
2014 A
Total sales
Average price increase
Growth in volume sold
27,739.5
[%]
[%]
Ceramic dishes
Pricce increase
20,943.0
23,763.0
3,679.3
32,389.7
2.0%
1.9%
24,723.0
3,846.7
2.0%
2.5%
1,926.3
1,234.4
[%]
[%]
1,233.9
2.0%
-2.0%
2,192.3
2,201.7
[%]
[%]
Other
Pricce increase
0.0%
12.4%
2017 P
2.0%
2.0%
2,566.4
Ceramic pots and barrels

Pricce increase
31,168.0
[%]
[%]
Ceramic tubes
Pricce increase
0.0%
6.9%
2016 P
[%]
[%]
Ceramic chimneys
Pricce increase
2015 A
2,290.6
2.0%
2.0%
111.5
289.6
295.4
2.0%
0.0%
[%]
2018 P
33,661.5
2.0%
1.9%
25,721.8
2.0%
2.0%
4,021.7
2.0%
2.5%
1,233.4
2.0%
-2.0%
2,383.2
2.0%
2.0%
301.3
2.0%
0.0%
35,247.8
2.0%
2.7%
27,023.4
2.0%
3.0%
4,204.7
2.0%
2.5%
1,232.9
2.0%
-2.0%
2,479.5
2.0%
2.0%
307.3
2.0%
0.0%
[%]
Cost of goods used for own purposes

As a % of all sales
2,562.4
[%]
9.2%
Strona 27 /52
912.6
2.9%
948.4
2.9%
985.6
2.9%
1,032.1
2.9%
2019 P
2020 P
36,856.5
2.0%
2.5%
28,390.7
2.0%
3.0%
4,460.4
2.0%
4.0%
1,238.7
2.0%
-1.5%
2,453.2
2.0%
-3.0%
313.5
2.0%
0.0%
1,079.2
2.9%
2021 P
38,550.3
2.0%
2.5%
29,827.3
2.0%
3.0%
4,731.6
2.0%
4.0%
1,244.5
2.0%
-1.5%
2,427.2
2.0%
-3.0%
319.7
2.0%
0.0%
1,128.8
2.9%
Strona 28 /52
2022 P
40,333.8
2.0%
2.6%
31,336.6
2.0%
3.0%
5,019.2
2.0%
4.0%
1,250.4
2.0%
-1.5%
2,401.5
2.0%
-3.0%
326.1
2.0%
0.0%
1,181.0
2.9%
42,211.5
2.0%
2.6%
32,922.2
2.0%
3.0%
5,324.4
2.0%
4.0%
1,256.3
2.0%
-1.5%
2,376.0
2.0%
-3.0%
332.7
2.0%
0.0%
1,236.0
2.9%
Table 2.2
Manufaktura
back
Cost of materials
2014 A
2015 A
2016 P
2017 P
2018 P
Total cost of materials and energy
7,555.0
8,157.3
8,437.2
8,727.8
8,728.1
Variable costs - materials
3,399.8
3,542.0
3,680.8
3,825.4
3,653.2
Sales
% of Sales
[%]
Fixed costs - materials

Price growth
32,389.7
11.4%
33,661.5
11.4%
35,247.8
10.4%
755.5
815.7
832.0
848.7
865.7
2.0%
2,266.5
[%]
Fixed costs - energy

Price growth
31,168.0
11.4%
[%]
Variable costs - energy

Sales
% of Sales
27,739.5
12.3%
27,739.5
8.2%
1,133.3
[%]
2,542.0
31,168.0
8.2%
1,257.5
2,641.6
32,389.7
8.2%
1,282.7
2.0%
Strona 29 /52
2.0%
2,745.4
33,661.5
8.2%
1,308.4
2.0%
2.0%
2,874.7
35,247.8
8.2%
1,334.5
2.0%
2019 P
2020 P
2021 P
2022 P
9,070.0
9,428.6
9,804.7
10,199.1
3,819.9
3,995.4
4,180.3
4,374.9
36,856.5
10.4%
38,550.3
10.4%
40,333.8
10.4%
42,211.5
10.4%
883.0
900.6
918.6
937.0
2.0%
3,005.9
36,856.5
8.2%
1,361.2
2.0%
2.0%
3,144.1
38,550.3
8.2%
1,388.4
2.0%
Strona 30 /52
2.0%
3,289.5
40,333.8
8.2%
1,416.2
2.0%
2.0%
3,442.7
42,211.5
8.2%
1,444.5
2.0%
Table 2.3
Manufaktura
back

2014 A
2015 A
2016 P
2017 P
2018 P
Total External services
2,685.3
3,002.0
3,092.6
3,176.5
3,294.0
External Services - variable part
1,611.2
1,801.2
1,871.8
1,945.3
2,037.0
Sales
% of Sales
27,739.5
6%
External Services - fixed part

Services bought in Poland
Inflation rate
32,389.7
5.8%
33,661.5
5.8%
1,200.8
1,000.8
1,220.8
1,020.8
874.1
200.0
200.0
190.0
195.0
4.0
50.0
4.0
50.0
3.8
50.0
3.9
50.0
[%]
2%
[PLN/EUR]
['000 EUR]
Strona 31 /52
1,231.2
1,041.2
35,247.8
5.8%
1,074.1
200.0
Services bought in Germany

Exchange rate
Services bought in Germany - in EUR
31,168.0
5.8%
2%
1,257.1
1,062.1
2%
2019 P
2020 P
2021 P
2022 P
3,403.2
3,517.8
3,638.0
3,764.0
2,129.9
2,227.8
2,330.9
2,439.4
36,856.5
5.8%
1,273.3
1,083.3
2%
38,550.3
5.8%
1,290.0
1,105.0
2%
40,333.8
5.8%
1,307.1
1,127.1
2%
42,211.5
5.8%
1,324.6
1,149.6
2%
190.0
185.0
180.0
175.0
3.8
50.0
3.7
50.0
3.6
50.0
3.5
50.0
Strona 32 /52
Table 2.5
Manufaktura
back

2014 A
Taxes, fees, payment
Inflation rate
2015 A
832.5
[%]
0%
2016 P
843.5
0%
860.4
2%
2017 P
877.6
2%
2018 P
895.2
2%
2019 P
913.1
2%
2020 P
931.3
2%
2021 P
950.0
2%
2022 P
969.0
2%
Table 2.4
Manufaktura
back
Payroll, social insurance and other employee benefits

2014 A
Total personnel costs
Payroll costs
Social securities and other benefits
% of payroll costs
Head office
Payroll costs
Number of employees (average during period)
[FTE]
Average mothly gross salary
Average salary growth
Inflation rate
Cost of social insurance and other employee benefits
Social insurance and other benefits as % of payroll costs
Payroll costs
Direct production workers
Payroll costs
[FTE]
Inflation rate
Payroll costs
2015 A
2016 P
2017 P
2018 P
15,424.0
12,221.1
3,202.9
26%
16,870.2
13,235.3
3,634.9
27%
17,202.4
13,495.9
3,706.5
17,064.6
13,387.8
3,676.8
17,617.2
13,821.4
3,795.8
1,392.5
47.0
2.469
1,600.8
56.0
2.382
1,632.8
56.0
2.430
1,665.5
56.0
2.478
364.9
439.6
2.0%
448.4
2.0%
457.4
1,868.7
56.0
2.781
10.0%
2.0%
513.2
1,392.5
1,600.8
1,632.8
1,665.5
1,868.7
10,618.5
570.0
1.552
11,431.7
636.0
1.498
11,660.3
636.0
1.528
11,519.5
616.0
1.558
11,749.9
616.0
1.590
2,782.9
10,618.5
3,139.6
27%
11,431.7
2.0%
3,202.3
27%
11,660.3
2.0%
3,163.7
27%
11,519.5
2.0%
3,226.9
27%
11,749.9
210.2
2.0
8.757
202.8
2.0
8.450
202.8
2.0
8.450
202.8
2.0
8.450
202.8
2.0
8.450
55.1
55.7
55.7
55.7
55.7
27%
Board of Directors
Payroll costs
[FTE]
Inflation rate
Payroll costs
27%
210.2
Strona 35 /52
202.8
27%
27%
202.8
27%
27%
202.8
27%
27%
202.8
2019 P
2020 P
2021 P
2022 P
17,964.4
14,093.7
3,870.6
18,318.5
14,371.6
3,946.9
18,679.7
14,654.9
4,024.8
19,048.1
14,944.0
4,104.2
1,906.0
56.0
2.836
1,944.2
56.0
2.893
1,983.0
56.0
2.951
2,022.7
56.0
3.010
2.0%
523.5
2.0%
533.9
2.0%
544.6
2.0%
555.5
27%
27%
27%
27%
1,906.0
1,944.2
1,983.0
2,022.7
11,984.9
616.0
1.621
12,224.6
616.0
1.654
12,469.1
616.0
1.687
12,718.5
616.0
1.721
2.0%
3,291.5
27%
11,984.9
2.0%
3,357.3
27%
12,224.6
2.0%
3,424.5
27%
12,469.1
2.0%
3,493.0
27%
12,718.5
202.8
2.0
8.450
202.8
2.0
8.450
202.8
2.0
8.450
202.8
2.0
8.450
55.7
55.7
55.7
55.7
27%
202.8
27%
202.8
Strona 36 /52
27%
202.8
27%
202.8
Table 2.5
Manufaktura
back

Corporate tax
Profit (loss) before taxation
Corporate tax rate
2014 A
134.0
567.0
24%
2015 A
355.0
1,314.8
27%
2016 P
414.0
2,178.8
19.0%
2017 P
706.0
3,716.0
19.0%
2018 P
937.8
4,935.7
19.0%
2019 P
1,067.2
5,616.8
19.0%
2020 P
1,245.4
6,554.9
19.0%
2021 P
1,435.2
7,553.8
19.0%
2022 P
1,639.1
8,626.7
19.0%
Table 2.5
Manufaktura
back

2014 A
Other costs by type
Sales
% of Sales
Other operating costs

Sales
% of Sales
Other operating revenues

Sales
% of Sales
2015 A
2016 P
2017 P
2018 P
2019 P
2020 P
244.0
298.2
309.9
322.1
337.3
352.7
368.9
27,739.5
1%
31,168.0
1%
32,389.7
1%
33,661.5
1%
35,247.8
1%
36,856.5
1%
38,550.3
1%
222.0
352.1
365.9
380.3
398.2
416.4
435.5
27,739.5
1%
31,168.0
1%
32,389.7
1%
33,661.5
1%
35,247.8
1%
36,856.5
1%
38,550.3
1%
496.5
510.3
530.3
551.1
577.1
603.4
631.2
27,739.5
2%
31,168.0
2%
32,389.7
2%
33,661.5
2%
35,247.8
2%
36,856.5
2%
38,550.3
2%
2021 P
2022 P
385.9
403.9
40,333.8
1%
42,211.5
1%
455.6
476.8
40,333.8
1%
42,211.5
1%
660.4
691.1
40,333.8
2%
42,211.5
2%
Table 3.1
Manufaktura
back
Capex
2014 A
Capex
Intangibles
Land
Buildings
Transportation
Others
2015 A
0.0
Strona 41 /52
2016 P
0.0
2017 P
2018 P
1,265.7
26.4
1,335.7
37.2
2,934.2
11.3
269.8
822.3
117.2
30.1
273.1
863.4
128.9
33.1
279.9
2,579.0
51.7
12.3
2019 P
2020 P
2021 P
2022 P
666.4
13.8
833.1
16.4
895.3
19.4
952.7
20.3
286.8
297.5
54.4
13.9
293.9
441.3
65.0
16.5
301.2
478.3
76.9
19.5
308.6
524.3
79.4
20.1
Strona 42 /52
Table 3.3
Manufaktura
back
Intangible assets
2014 A
Gross book value
Assets purchased in:
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
2016 P
2017 P
2018 P
131.4
172.7
199.1
236.3
247.5
131.4
172.7
172.7
26.4
172.7
26.4
37.2
172.7
26.4
37.2
11.3
105.0
26.4
37.2
11.3
13.8
105.0
26.4
34.5
2.6
2.3
5.3
3.7
0.0
5.3
7.4
1.1
26.4
36.8
26.0
51.9
49.4
26.4
36.8
2.3
23.8
0.0
18.5
33.5
0.0
13.2
26.0
10.1
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
Depreciation
2015 A
20%
20%
20%
20%
20%
20%
20%
20%
Net book value

2015 & earlier
2016
2017
2018
2019
2020
2021
2022
Strona 43 /52
2019 P
2020 P
2021 P
2022 P
261.4
277.7
297.1
317.4
172.7
26.4
37.2
11.3
13.8
172.7
26.4
37.2
11.3
13.8
16.4
172.7
26.4
37.2
11.3
13.8
16.4
19.4
172.7
26.4
37.2
11.3
13.8
16.4
19.4
20.3
16.4
19.4
20.3
17.9
0.0
5.3
7.4
2.3
1.4
0.0
5.3
7.4
2.3
2.8
1.6
0.0
2.6
7.4
2.3
2.8
3.3
1.9
0.0
0.0
3.7
2.3
2.8
3.3
3.9
2.0
46.8
43.8
42.9
45.3
0.0
7.9
18.6
7.9
12.5
0.0
2.6
11.2
5.6
9.7
14.7
0.0
0.0
3.7
3.4
6.9
11.4
17.4
0.0
0.0
0.0
1.1
4.2
8.2
13.6
18.3
Strona 44 /52
Table 3.4
Manufaktura
back
Machinery
2014 A
Gross book value
2015 & earlier
2016
2017
2018
2019
2020
2021
2022
Depreciation
2015 & earlier
2016
2017
2018
2019
2020
2021
2022
Net book value

2015 & earlier
2016
2017
2018
2019
2020
2021
2022
10%
10%
10%
10%
10%
10%
10%
10%
2015 A
2016 P
2017 P
2018 P
8,222.8
8,222.8
9,045.1
9,908.5
12,487.5
8,222.8
8,222.8
8,222.8
822.3
8,222.8
822.3
863.4
8,222.8
822.3
863.4
2,579.0
6,946.9
822.3
863.4
579.0
297.5
6,946.9
822.3
822.3
41.1
453.6
82.2
43.2
0.0
82.2
86.3
129.0
1,275.9
1,275.9
1,234.8
1,519.2
3,800.7
1,275.9
1,275.9
453.6
781.2
0.0
698.9
820.2
0.0
616.7
733.9
2,450.1
Strona 45 /52
2019 P
2020 P
2021 P
2022 P
12,785.0
13,226.4
13,704.6
14,228.9
8,222.8
822.3
863.4
2,579.0
297.5
8,222.8
822.3
863.4
2,579.0
297.5
441.3
8,222.8
822.3
863.4
2,579.0
297.5
441.3
478.3
8,222.8
822.3
863.4
2,579.0
297.5
441.3
478.3
524.3
441.3
478.3
524.3
574.4
0.0
82.2
86.3
257.9
14.9
0.0
82.2
86.3
257.9
29.8
22.1
0.0
82.2
86.3
257.9
29.8
44.1
23.9
0.0
82.2
86.3
257.9
29.8
44.1
47.8
26.2
3,656.8
3,619.9
3,573.9
3,523.8
0.0
534.5
647.5
2,192.2
282.6
0.0
452.3
561.2
1,934.3
252.9
419.3
0.0
370.0
474.9
1,676.4
223.1
375.1
454.4
0.0
287.8
388.5
1,418.5
193.4
331.0
406.5
498.1
Strona 46 /52
Table 3.3
Manufaktura
back
Buildings and land

2014 A
Gross book value
2015 & earlier
2016
2017
2018
2019
2020
2021
2022
Depreciation
2015 & earlier
2016
2017
2018
2019
2020
2021
2022
Net book value

2015 & earlier
2016
2017
2018
2019
2020
2021
2022
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2.5%
2015 A
2016 P
2017 P
2018 P
10,790.4
10,790.4
11,060.2
11,333.3
11,613.2
10,790.4
10,790.4
10,790.4
269.8
10,790.4
269.8
273.1
10,790.4
269.8
273.1
279.9
7,930.1
269.8
273.1
279.9
286.8
7,930.1
269.8
269.8
3.4
269.8
6.7
3.4
269.8
6.7
6.8
3.5
2,860.3
2,860.3
2,856.9
2,850.1
2,843.2
2,860.3
2,860.3
2,590.5
266.4
2,320.8
259.6
269.7
2,051.0
252.9
262.9
276.4
Strona 47 /52
2019 P
2020 P
2021 P
2022 P
11,900.0
12,194.0
12,495.1
12,803.7
10,790.4
269.8
273.1
279.9
286.8
10,790.4
269.8
273.1
279.9
286.8
293.9
10,790.4
269.8
273.1
279.9
286.8
293.9
301.2
10,790.4
269.8
273.1
279.9
286.8
293.9
301.2
308.6
293.9
301.2
308.6
316.2
269.8
6.7
6.8
7.0
3.6
269.8
6.7
6.8
7.0
7.2
3.7
269.8
6.7
6.8
7.0
7.2
7.3
3.8
269.8
6.7
6.8
7.0
7.2
7.3
7.5
3.9
2,836.1
2,828.9
2,821.4
2,813.8
1,781.3
246.2
256.1
269.4
283.2
1,511.5
239.4
249.2
262.4
276.1
290.2
1,241.7
232.7
242.4
255.4
268.9
282.9
297.4
972.0
225.9
235.6
248.4
261.7
275.5
289.9
304.8
Strona 48 /52
Table 3.5
Manufaktura
back
Transport equipment
2014 A
Gross book value
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
Net book value

2016 P
2017 P
2018 P
585.9
585.9
703.1
832.0
883.7
585.9
585.9
585.9
117.2
585.9
117.2
128.9
585.9
117.2
128.9
51.7
453.3
117.2
128.9
51.7
54.4
453.3
117.2
117.2
11.7
15.4
23.4
12.9
0.0
23.4
25.8
5.2
132.6
132.6
120.9
198.0
195.4
132.6
132.6
15.4
105.5
0.0
82.0
116.0
0.0
58.6
90.2
46.6
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
Depreciation
2015 A
20%
20%
20%
20%
20%
20%
20%
20%
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
Strona 49 /52
2019 P
2020 P
2021 P
2022 P
938.1
1,003.1
1,080.1
1,159.5
585.9
117.2
128.9
51.7
54.4
585.9
117.2
128.9
51.7
54.4
65.0
585.9
117.2
128.9
51.7
54.4
65.0
76.9
585.9
117.2
128.9
51.7
54.4
65.0
76.9
79.4
65.0
76.9
79.4
70.4
0.0
23.4
25.8
10.3
5.4
0.0
23.4
25.8
10.3
10.9
6.5
0.0
11.7
25.8
10.3
10.9
13.0
7.7
0.0
0.0
12.9
10.3
10.9
13.0
15.4
7.9
184.8
172.8
170.4
179.3
0.0
35.2
64.4
36.2
49.0
0.0
11.7
38.7
25.9
38.1
58.5
0.0
0.0
12.9
15.5
27.2
45.5
69.2
0.0
0.0
0.0
5.2
16.3
32.5
53.9
71.5
Strona 50 /52
Table 3.6
Manufaktura
back
Other fixed assets

2014 A
Gross book value
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
2016 P
2017 P
2018 P
150.3
150.3
180.4
213.4
225.7
150.3
150.3
150.3
30.1
150.3
30.1
33.1
150.3
30.1
33.1
12.3
117.3
30.1
33.1
12.3
13.9
117.3
30.1
30.1
3.0
2.9
6.0
3.3
0.0
6.0
6.6
1.2
33.0
33.0
30.0
50.8
49.2
33.0
33.0
2.9
27.1
0.0
21.0
29.8
0.0
15.0
23.1
11.0
2015 & earlier

2016
2017
2018
2019
2020
2021
2022
Depreciation
2015 A
20%
20%
20%
20%
20%
20%
20%
20%
Net book value

2015 & earlier
2016
2017
2018
2019
2020
2021
2022
Strona 51 /52
2019 P
2020 P
2021 P
2022 P
239.5
256.0
275.5
295.6
150.3
30.1
33.1
12.3
13.9
150.3
30.1
33.1
12.3
13.9
16.5
150.3
30.1
33.1
12.3
13.9
16.5
19.5
150.3
30.1
33.1
12.3
13.9
16.5
19.5
20.1
16.5
19.5
20.1
17.7
0.0
6.0
6.6
2.5
1.4
0.0
6.0
6.6
2.5
2.8
1.6
0.0
3.0
6.6
2.5
2.8
3.3
1.9
0.0
0.0
3.3
2.5
2.8
3.3
3.9
2.0
46.6
43.6
43.0
45.3
0.0
9.0
16.5
8.6
12.5
0.0
3.0
9.9
6.1
9.7
14.8
0.0
0.0
3.3
3.7
6.9
11.5
17.5
0.0
0.0
0.0
1.2
4.2
8.2
13.6
18.1
Strona 52 /52

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Financial model of Manufaktura

Difference to the inflation rate

Profit and Loss account

Gross profit (loss) on sales

Other operating income

Other operating costs

Profit (loss) on operating activities

Gross profit (loss)

Extraordinary items result

Long term receivables

Short term receivables

Cash and cash equivalents

Liabilities and provisions for creditors

Provisions for deferred income taxes

Long term liabilities

Credits and loans

Short term liabilities and special funds

Shareholder-related payments and contributions

Cash and cash equivalents - beginning balance

Amortization and depreciation

Disposal of intangible and tangible fixed assets

Credits, loans and cash

Short term part

Interest rate paid

New investment loan

Receiving the loan

Short term part

Market Interest rate

Margin above the market

Long term loan

Credits, loans and cash

Interest Paid - Total

Shift to supplementary capital

Net profit (loss)

Turnover rotation in days

Value of sold goods

Payments in advance for deliveries

Trade receivables from related entities

Receivables resulting from taxes, subsidies, etc.

Total value of paid in advanced services

Inventory of finished products

Work in Progress (WIP)

Short term accruals and deferred income

Total net value of produc and services using 22 % VAT

Prepayments for deliveries

Liabilities resulting from salaries

Liabilities resulting from taxes, charges, etc.

Average monthly social security and other employee benefits

Taxes and fees

Fixed tangible and intangible assets

Ceramic pots and barrels

Cost of goods used for own purposes

Total cost of materials and energy

Variable costs - materials

Fixed costs - materials

Fixed costs - energy

Variable costs - energy

Cost of external services

Total External services

External Services - variable part

External Services - fixed part

Services bought in Germany

Local taxes and other payments