TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
2
Contents
Consolidated statement of financial position ............................................................................................................... 4
Consolidated statement of profit or loss ...................................................................................................................... 5
Consolidated statement of comprehensive income ...................................................................................................... 6
Consolidated statement of changes in equity ............................................................................................................... 7
Consolidated cash flow statement ................................................................................................................................ 8
Accounting policy and other explanatory notes ............................................................................................................ 9
1. General information ............................................................................................................................................... 9
2. Capital group structure ......................................................................................................................................... 11
3. Summary of significant accounting policies ......................................................................................................... 12
3.1. Basis for preparation ................................................................................................................................... 12
3.2. Effect of new or amended standards and interpretations on the Group’s consolidated financial
statements ................................................................................................................................................................ 12
3.3. Consolidation .............................................................................................................................................. 15
3.4. Segment reporting ...................................................................................................................................... 16
3.5. Valuation of items denominated in foreign currencies .............................................................................. 16
3.6. Property, plant and equipment .................................................................................................................. 17
3.7. Leases .......................................................................................................................................................... 18
3.8. Intangible assets ......................................................................................................................................... 18
3.9. Goodwill ...................................................................................................................................................... 19
3.10. Impairment of non-financial non-current assets ........................................................................................ 19
3.11. Borrowing costs .......................................................................................................................................... 19
3.12. Financial assets ........................................................................................................................................... 20
3.13. Impairment of financial assets .................................................................................................................... 20
3.14. Inventory ..................................................................................................................................................... 21
3.15. Cash and cash equivalents .......................................................................................................................... 21
3.16. Equity .......................................................................................................................................................... 22
3.17. Bank loan liabilities ..................................................................................................................................... 22
3.18. Trade and other payables ........................................................................................................................... 22
3.19. Deferred revenue ........................................................................................................................................ 23
3.20. Current and deferred income tax ............................................................................................................... 23
3.21. Liabilities from employee benefits .............................................................................................................. 23
3.22. Provisions .................................................................................................................................................... 24
3.23. Recognition of revenue ............................................................................................................................... 24
3.24. Other operating income and expenses ....................................................................................................... 25
3.25. Financial income and expenses .................................................................................................................. 25
3.26. Dividends .................................................................................................................................................... 25
4. Foreign currencies used in preparation of these financial statements ................................................................. 26
5. Material accounting estimates and judgements .................................................................................................. 26
6. Financial risk management .................................................................................................................................. 28
6.1. Market risk .................................................................................................................................................. 28
6.2. Credit risk .................................................................................................................................................... 30
6.3. Liquidity risk ................................................................................................................................................ 31
6.4. Capital management ................................................................................................................................... 33
7. Financial instruments ........................................................................................................................................... 33
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
3
8. Property, plant and equipment ............................................................................................................................ 34
9. Intangible assets ................................................................................................................................................... 36
10. Right-of-use assets ........................................................................................................................................... 37
11. Goodwill ........................................................................................................................................................... 38
12. Inventory .......................................................................................................................................................... 39
13. Trade and other short-term receivables .......................................................................................................... 39
14. Cash and cash equivalents ............................................................................................................................... 41
15. Additional explanation to the cash flow statement ......................................................................................... 42
16. Share capital .................................................................................................................................................... 43
17. Retained earnings and dividend per share ...................................................................................................... 43
18. Loans and borrowings liabilities ...................................................................................................................... 44
19. Trade and other payables ................................................................................................................................ 47
20. Liabilities from employee benefits ................................................................................................................... 47
21. Lease liabilities ................................................................................................................................................. 49
22. Provisions ......................................................................................................................................................... 50
23. Operating segments ........................................................................................................................................ 50
24. Sales revenue ................................................................................................................................................... 52
25. Costs by type and cost of goods for resale sold ............................................................................................... 53
26. Cost of employee benefits ................................................................................................................................ 53
27. Other operating revenue and expenses ........................................................................................................... 54
28. Financial revenue and expenses ...................................................................................................................... 54
29. Income tax ....................................................................................................................................................... 55
30. Earnings per share ........................................................................................................................................... 58
31. Financial guarantees granted and received ..................................................................................................... 58
32. Transactions with related entities ................................................................................................................... 59
33. Material events subsequent to the end of reporting period ............................................................................ 60
33.1. Conclusion of the Credit Agreement by the subsidiary YATO TOOLS (JIAXING) Co., Ltd. ........................... 60
33.2. Annex to the overdraft agreement ............................................................................................................. 60
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise
Explanatory notes constitute an integral part of these consolidated financial statements
4
Consolidated statement of financial position
31 December
2024
31 December
2023
AKTYWA
Note
Property, plant and equipment
8
70 621
63 750
Intangible assets
9
4 156
4 348
Right-of-use assets
10
31 995
34 524
Goodwill
11
735
723
Other receivables
48
48
Deferred income tax assets
29
5 700
4 553
Total non-current assets
113 255
107 946
Inventory
12
497 101
287 280
Trade and other receivables
13
137 671
88 061
Income tax receivables
-
214
Cash and cash equivalents
14
39 128
69 927
Total current assets
673 900
445 482
Total assets
787 155
553 428
EQUITY AND LIABILITIES
Share capital
16
7 504
7 504
Share premium
35 677
35 677
Reserve capital
329
329
Exchange differences from translating foreign entities
(6 980)
(8 487)
Other capitals
(89)
(104)
Retained earnings
17
453 450
385 032
Equity attributable to shareholders of the Parent Company
489 891
419 951
Total equity
489 891
419 951
Lease liabilities
21
19 791
25 478
Deferred income tax liability
29
252
402
Liabilities from employee benefits
20
756
678
Other long-term liabilities
23
36
Total long-term liabilities
20 822
26 594
Trade and other payables
19
212 088
83 422
Liabilities from employee benefits
20
14 165
12 304
Liabilities from loans
18
33 840
-
Lease liabilities
21
10 120
6 459
Liabilities from current income tax
29
4 230
3 105
Other provisions
22
1 999
1 593
Total short-term liabilities
276 442
106 883
Total liabilities
297 264
133 477
Total equity and liabilities
787 155
553 428
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
5
Consolidated statement of profit or loss
Note
12 months ended
31 December
2024
Revenue from sales of goods
23, 24
821 008
Cost of goods and materials sold
23, 25
(542 626)
Gross sales profit
278 382
Selling costs
25
(144 091)
Administrative expenses
25
(51 184)
Expected credit losses
13
(270)
Other operating income
27
5 891
Other operating expenses
27
(1 325)
Operating profit
87 403
Financial income
28
1 097
Financial expenses
28
(2 617)
Profit before tax
85 883
Income tax
29
(17 465)
Profit from continuing operations
68 418
Net profit
68 418
Net profit for the year attributable to:
Shareholders of the Parent Company
68 418
Non-controlling interests
-
Earnings per share
12 months ended
31 December
12 months ended
31 December
2024
2023
Basic earnings per share in PLN
30
0.91
0.91
- from continuing operations
0.91
0.91
- from discontinued operations
-
-
Diluted earnings per share in PLN
30
0.91
0.91
- from continuing operations
0.91
0.91
- from discontinued operations
-
-
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
6
Consolidated statement of comprehensive income
Note
12 months ended
31 December
2024
Net profit
68 418
Other comprehensive income that may be reclassified to profit or loss
1 507
Foreign operations currency translation differences
1 507
Other comprehensive income that will not be reclassified to profit or loss
18
Actuarial gains or losses
20
18
Other gross comprehensive income
1 525
Income tax on other comprehensive income, that will not be reclassified to profit
or loss
(3)
Other net comprehensive income
1 522
Total net comprehensive income for the financial year
69 940
Net comprehensive income for the year attributable to:
Shareholders of the Parent Company
69 940
Non-controlling interests
-
Other comprehensive income attributable to:
Shareholders of the Parent Company
1 522
Non-controlling interests
-
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
7
Consolidated statement of changes in equity
Share capital
Share premium
Reserve capital
Exchange differences
from translating foreign
entities
Other capitals
Retained earnings
Attributable to
shareholders of
the Parent
Company
Total equity
As at 1 January 2024
7 504
35 677
329
(8 487)
(104)
385 032
419 951
419 951
Comprehensive income
Net profit
-
-
-
-
-
68 418
68 418
68 418
Other comprehensive income
-
-
-
1 507
15
-
1 522
1 522
Total comprehensive income
-
-
-
1 507
15
68 418
69 940
69 940
Total changes in equity
-
-
-
1 507
15
68 418
69 940
69 940
As at 31 December 2024
7 504
35 677
329
(6 980)
(89)
453 450
489 891
489 891
Share capital
Share premium
Reserve capital
Exchange differences
from translating foreign
entities
Other capitals
Retained earnings
Attributable to
shareholders of
the Parent
Company
Total equity
As at 1 January 2023
7 504
35 677
329
10 543
(73)
316 714
370 694
370 694
Comprehensive income
Net profit
-
-
-
-
-
68 318
68 318
68 318
Other comprehensive income
-
-
-
(19 030)
(31)
-
(19 061)
(19 061)
Total comprehensive income
-
-
-
(19 030)
(31)
68 318
49 257
49 257
Total changes in equity
-
-
-
(19 030)
(31)
68 318
49 257
49 257
As at 31 December 2023
7 504
35 677
329
(8 487)
(104)
385 032
419 951
419 951
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
8
Consolidated cash flow statement
Note
12 months ended
31 December
12 months ended
31 December
2024
2023
Cash flows from operating activities
Profit before tax
85 883
85 012
Adjustments for:
(108 498)
69 852
Amortization and depreciation
25
19 432
16 355
Net interest
28
1 484
3 758
Profit/Loss on investing activities
27
(1 334)
(27)
Foreign exchange gains/losses
(241)
(567)
Other adjustments
35
(5)
Changes in balance sheet items:
Change in trade and other receivables
15
(47 024)
6 291
Change in inventories
15
(208 885)
42 740
Change in provisions
15
411
(78)
Change in trade and other payables
15
125 718
250
Change in employee benefit liabilities
15
1 906
1 135
Cash from activities
(22 615)
154 864
Income tax paid
(17 469)
(14 519)
Net cash from operating activities
(40 084)
140 345
Cash flows from investing activities
Sale of property, plant and equipment
2 400
29
Purchases of property, plant and equipment and intangible assets
(17 659)
(11 086)
Interest received
1 094
537
Net cash from investing activities
(14 165)
(10 520)
Cash flows from financing activities
Proceeds from loans
65 318
-
Repayments of loans
(31 971)
(81 722)
Repayment of lease liabilities
(8 055)
(8 619)
Interest paid on loans
(652)
(3 249)
Interests paid on leases
(1 925)
(1 491)
Net cash from financing activities
22 715
(95 081)
Change in cash before exchange rate differences
(31 534)
34 744
Effect of translation of cash and cash equivalents
735
(3 653)
Net change in cash
(30 799)
31 091
Cash and cash equivalents at the beginning of the period
14
69 927
38 836
Cash and cash equivalents at the end of the period
14
39 128
69 927
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
9
Accounting policy and other explanatory notes
1. General information
TOYA S.A. (the “Company” or the “Parent Company”) is a joint stock company established under the Commercial
Companies Code. Basic information about the Company is presented below:
Name of the reporting entity TOYA S.A.
Legal form of the entity Joint-stock company
Entity’s registered office address Ul. Sołtysowicka 13/15, 51-168 Wrocław
Entity’s headquarters Poland
Country of registration Poland
Primary location of entity’s operations Ul. Sołtysowicka 13/15, 51-168 Wrocław
Name of the Parent Company Not applicable
Name of the ultimate parent of the group Not applicable
The Company is a successor of the civil law partnership “TOYA IMPORT-EKSPORT” with its registered office in Wrocław,
whose partners, given the scale of the business and its rapid development, resolved to transfer the business in 1999
to a newly established joint stock company TOYA S.A. with its registered office in Wrocław.
The Company was incorporated by virtue of a Notarial Deed of 17 November 1999 drawn up by Notary Public Jolanta
Ołpińska in the Notarial Office in Wrocław (Rep. A No 5945/99). Subsequently, pursuant to a court decision
of 3 December 1999, the Company was entered into the Commercial Register maintained by the District Court for
Wrocław-Fabryczna, 6
th
Commercial Division, under entry No RHB 9053. By virtue of a decision of 5 December 2001,
the District Court for Wrocław-Fabryczna, 6
th
Commercial Division of the National Court Register, entered the Company
into the Register of Entrepreneurs under entry No KRS 0000066712.
As at 31 December 2024, TOYA S.A. operates one branch – in Nadarzyn.
The Company’s Statistical Identification Number (REGON) is 932093253, the Nadarzyn Branch has been assigned the
Statistical Identification Number (REGON): 932093253-00031.
The core business activities of TOYA S.A. include import and distribution of industrial goods, including
primarily hand and power tools for professional and DIY use. The Company distributes goods manufactured and
supplied mainly by companies located in China. For many years, the Company has been implementing its strategy of
expanding into international markets. It focuses primarily on Central, Southern, and Eastern Europe. In 2003,
a subsidiary, TOYA Romania S.A., was established, which business includes sales of hand and power tools in Romania.
This company offers the same products and brands as those offered by the Company in Poland. In 2013, the company
Yato Tools (Shanghai) Co. Ltd., located in China was included in the group of entities subject to full consolidation. The
entity deals in the distribution of YATO brand tools and power tools in China and in certain other foreign markets not
supported by the Parent Company. In 2019, the company Yato Tools (Jiaxing) Co. Ltd. was founded, with its registered
office in Baibu Town, China, which main business is also distribution of tools and power tools. The major part of the
activities of Yato Tools (Shanghai) and Yato Tools (Jiaxing) is supply chain management to companies in Poland and
Romania.
The duration of the Parent Company and the group entities is unlimited.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
10
In the period from 1 January to 26 June 2024, the Management Board was composed of the following members:
• Grzegorz Pinkosz President of the Management Board;
• Maciej Lubnauer Vice-President of the Management Board;
• Robert Borys Vice-President of the Management Board.
On 26 June 2024, the Supervisory Board appointed Mr. Jan Jakub Szmidt to the position of Vice President of the
Management Board. From that date until the date of approval of this report for publication, the Management Board
consisted of the following members:
• Grzegorz Pinkosz President of the Management Board;
• Maciej Lubnauer Vice-President of the Management Board;
• Robert Borys Vice-President of the Management Board;
• Jan Jakub Szmidt Vice-President of the Management Board.
In the period from 1 January to 26 June 2024, the Supervisory Board of the Company consisted of the following
members:
• Piotr Mondalski President of the Supervisory Board;
• Jan Szmidt Vice-President of the Supervisory Board;
• Dariusz Górka Member of the Supervisory Board;
• Michał Kobus Member of the Supervisory Board;
• Grzegorz Maciąg Member of the Supervisory Board;
• Wojciech Bartłomiej Papierak Member of the Supervisory Board;
• Beata Szmidt Member of the Supervisory Board.
On 26 June 2024, the Annual General Meeting of Shareholders appointed members of the Supervisory Board of the
Issuer for a new term of office. From that day until the date of approval of this report for publication, the Supervisory
Board of the Parent Company consisted of the following members:
• Piotr Mondalski President of the Supervisory Board;
• Jan Szmidt Vice-President of the Supervisory Board;
• Dariusz Górka Member of the Supervisory Board;
• Grzegorz Maciąg Member of the Supervisory Board;
• Wojciech Bartłomiej Papierak Member of the Supervisory Board;
• Beata Szmidt Member of the Supervisory Board;
• Zenon Beker Member of the Supervisory Board.
These consolidated financial statements of the Group cover the year ended on 31 December 2024. Comparative data
is presented:
• as at 31 December 2023 - for the consolidated statement of financial position;
• for the period from 1 January 2023 to 31 December 2023 - for the consolidated statement of profit or loss
and other comprehensive income, the consolidated statement of cash flows and the consolidated statement
of changes in equity.
These consolidated financial statements of the Group for the year ended 31 December 2024 were approved for
publication by the Management Board on 27 March 2025.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
11
2. Capital group structure
As at 31 December 2024, the Group comprised the following entities:
Entity name
Registered
office
Business profile
Type of equity link
% of shares and
votes held
Date of assuming
control
Method of
consolidation
as at the end of the
reporting period
TOYA S.A.
Wrocław,
Poland
Distribution of hand
and power tools
Parent Company
Not applicable
Not applicable
Not applicable –
Group’s Parent
Company
Toya Romania S.A.
Bucharest,
Romania
Distribution of hand
and power tools
Subsidiary
99.99
November
2003
Full consolidation
method
Yato Tools
(Shanghai) Co., Ltd.
Shanghai,
China
Distribution of hand
and power tools
Subsidiary
100.00
January 2013
Full consolidation
method
Yato Tools (Jiaxing)
Co., Ltd.
Baibu Town,
China
Distribution of hand
and power tools
Subsidiary
100.00
December 2019
Full consolidation
method
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
12
3. Summary of significant accounting policies
The most significant accounting principles applied in the preparation of these consolidated financial statements have
been presented below. Those principles were applied in all periods presented in a continuous way, unless stated
otherwise.
3.1. Basis for preparation
These consolidated financial statements of the Group for the financial year ended 31 December 2024 have been
prepared in accordance with the International Financial Reporting Standards (“IFRS”) and interpretations issued by the
International Accounting Standards Board, as adopted by the European Union (“EU”).
These consolidated financial statements have been prepared in accordance with IFRS and Interpretations of the
International Financial Reporting Interpretations Committee (“IFRIC”) which were issued and in effect as at the
reporting date, i.e. 31 December 2024.
Certain entities of the Group maintain their accounting books in accordance with accounting policies specified in other
accounting standards. The consolidated financial statements include a number of adjustments not included in the
books of account of those entities of the group, which were made to reconcile the financial statements of those
companies to be in compliance with IFRS.
The policies described below have been consistently applied to all the periods presented, except for changes resulting
from the application of new or amended standards from 1 January 2024, which were described below.
In these consolidated financial statements, the Company has presented a separate statement of profit or loss and
statement of comprehensive income, while in 2023 these statements were presented in one table as a statement of
profit or loss and other comprehensive income. This change was introduced to adapt the presentation format to
management reporting standards and to provide greater transparency of the financial information.
These consolidated financial statements have been prepared in accordance with the historical cost convention.
The preparation of the consolidated financial statements in compliance with IFRS requires the use of significant
accounting estimates. It also requires the Management Board of the Parent Company to exercise judgement in the
process of applying the accounting policies adopted by the Group. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are material from the point of view of the consolidated
financial statements are disclosed in note 5.
These consolidated financial statements have been prepared on the assumption that the Group companies will
continue as going concerns in the foreseeable future.
3.2. Effect of new or amended standards and interpretations on the Group’s consolidated
financial statements
These consolidated financial statements have been prepared on the basis of the EU IFRS issued and effective as at the
reporting date, i.e. 31 December 2024.
The EU IFRS comprise all International Accounting Standards, International Financial Reporting Standards and related
Interpretations, excluding Standards and Interpretations listed below, which are awaiting approval by the European
Union.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
13
a) New standards, interpretations and amendments to existing standards effective in 2024
• Amendment to IAS 1 "Presentation of Financial Statements"
The amendment clarifies that at the balance sheet date, an entity does not take into account covenants that will have
to be met in the future when considering whether to classify liabilities as long-term or short-term. Instead, an entity
should disclose information about these covenants in the notes to the financial statements.
The above amendments did not have a significant impact on the Group's consolidated financial statements.
• Amendment to IAS 1 "Presentation of Financial Statements"
The IASB clarified the principles for classifying liabilities as long-term or short-term, primarily in two respects:
• it was clarified that the classification depends on the rights held by the entity at the balance sheet date,
• the intentions of management with respect to acceleration or delay of payment of the liability are not taken
into account.
The above changes did not have a significant impact on the Group's consolidated financial statements.
• Amendment to IFRS 16 "Leases”
The amendment clarifies the requirements for measuring the lease liability arising from a sale and leaseback
transaction. It is intended to prevent incorrect recognition of the result on the transaction in the retained right-of-use
asset part when the lease payments are variable and do not depend on an index or rate.
This amendment did not have a significant impact on the Group's consolidated financial statements.
• Amendments to IAS 7 “Cash Flow Statement” and IFRS 7 “Financial Instruments – Disclosures”
The amendments clarify the features of agreements for financing liabilities to suppliers (so-called reverse factoring
agreements) and introduce the obligation to disclose information on agreements concluded with suppliers, including
their terms, amounts of these liabilities, payment terms and information on liquidity risk.
The above amendments did not have a significant impact on the Group's consolidated financial statements.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
14
b) New standards, interpretations and amendments, which are not yet effective and have not been applied early
by the Group
Standards and Interpretations - approved by the EU, which have not yet come into force for annual periods beginning
on 1 January 2024
Standards and Interpretations
Type of anticipated change in accounting policies
Possible impact on the financial
statements
Amendments to IAS 21 "The Effects of
Changes in Foreign Exchange Rates"
Effective for annual periods beginning
on or after 1 January 2025
The amendment clarifies how an entity should assess whether
a currency is convertible and how it should determine the
exchange rate in the event of non-convertibility, and requires
disclosure of information that enables users of financial
statements to understand the effect of non-convertibility of a
currency.
The changes are not expected to have
a significant impact on the Group's
consolidated financial statements.
Standards and Interpretations awaiting EU endorsement
Standards and Interpretations
Type of anticipated change in accounting policies
Possible impact on the financial
statements
Amendments to IFRS 9 “Financial
Instruments” and IFRS 7 “Financial
Instruments: Disclosures”
regarding classification and
measurement of financial
instruments
Effective for annual periods
beginning on or after 1 January
2026
The amendments to IFRS 9 introduce a choice of accounting policy
regarding the timing of extinguishment of the obligation when
payment is made via an electronic payment system (if certain
conditions are met).
The amendments to IFRS 9 regarding the SPPI test provide
guidance to help assess whether the cash flows resulting from the
contract are consistent with a basic lending arrangement. In
addition, the amendments introduce a clearer definition of the
non-recourse feature.
The amendments to IFRS 9 also provide additional guidance on the
characteristics of contractually linked instruments.
The amendments to IFRS 7 add new disclosure requirements:
• for investments in equity instruments designated as
measured at fair value through other comprehensive
income,
• for each class of financial assets measured at amortized
cost or at fair value through other comprehensive
income, and for financial liabilities measured at
amortized cost.
The changes are not expected to
have a significant impact on the
Group's consolidated financial
statements.
Amendments to IFRS 9 “Financial
Instruments” and IFRS 7 “Financial
Instruments: Disclosures”
regarding PPAs (Contracts
Referencing Nature-dependent
Electricity)
Effective for annual periods
beginning on or after 1 January
2026
The amendments to IFRS 9 include information on which PPAs can
be used for hedge accounting and what specific terms are
permitted in such hedging relationships.
The amendments to IFRS 7 introduce new disclosure requirements
for PPAs as defined in the amendments to IFRS 9.
The changes are not expected to
have a significant impact on the
Group's consolidated financial
statements.
Amendments to IFRS 1, IFRS 7,
IFRS 9, IFRS 10, IAS 7
Effective for annual periods
beginning on or after 1 January
2026
Annual Improvements – only formal/organizational changes in the
standards
The changes are not expected to
have a significant impact on the
Group's consolidated financial
statements.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
15
Standards and Interpretations
Type of anticipated change in accounting policies
Possible impact on the financial
statements
New IFRS 18 "Presentation and
Disclosures in Financial
Statements"
Effective for annual periods
beginning on or after 1 January
2027
The new standard will replace IAS 1 "Presentation of Financial
Statements". IFRS 18 introduces, among others:
• a new structure of the profit and loss statement,
• increased requirements for data aggregation and
disaggregation,
• requirements for disclosure of management-defined
performance measures.
As of the date of publication of this
standard, the impact of the new
standard on the financial
statements is not yet known.
New IFRS 19 “Subsidiaries without
public accountability: Disclosures”
Effective for annual periods
beginning on or after 1 January
2027.
The standard applies to subsidiaries without public accountability
for which their parent prepares consolidated financial statements
in accordance with IFRS. The new IFRS 19 exempts from the
disclosures required by other standards, and introduces a new list
in their place.
The changes are not expected to
have a significant impact on the
Group's consolidated financial
statements.
As at the date of approving of these consolidated financial statements, The Management Board has not yet completed
works on the assessment of the impact of introducing the above standards and amendments to standards on the
accounting principles (policy) applied by the Group in relation to the operations or financial results of group entities,
however as at the date of approval of these consolidated financial statements for publication, the Management Board
does not expect the introduction of other standards and amendments to standards to have a significant impact on the
accounting principles (policy) applied by the Group.
3.3. Consolidation
Subsidiaries
Subsidiaries comprise all entities with respect to which the Group is authorised to govern the financial and operating
policies, which generally accompanies the control of the majority of the overall voting rights in their decision-making
bodies. The existence and effect of potential voting rights that are currently exercisable or convertible are considered
when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which
the control is transferred to the Group. They are no longer consolidated once the control ceases.
Acquisition of subsidiaries by the Group is accounted for using the acquisition method.
The cost of an acquisition is measured as the fair value of the assets transferred, financial instruments issued and
liabilities incurred or assumed at the date of exchange, plus liabilities resulting from a contingent consideration
arrangement. Acquisition-related costs are recognised in the consolidated profit or loss as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date. For each acquisition, the Group recognises non-controlling interests in the acquiree at
their fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.
Any excess of the consideration transferred, the value of non-controlling interests in the acquiree and the fair value of
any previously held equity interest in the acquiree as at the acquisition date over the fair value of net identifiable assets
acquired is recorded as goodwill. If that amount is lower than the fair value of net assets of the acquiree, the difference
is recognised directly in consolidated profit or loss.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
16
Revenue and costs, balances and unrealised gains on transactions between the Group companies are eliminated.
Where necessary, the accounting policies of subsidiaries were changed to ensure consistency with the accounting
policies applied by the Group.
3.4. Segment reporting
Information on operating segments is presented on the same basis as that used for internal reporting to the Parent
Company's Management Board, which is responsible for the allocation of resources and assessment of the segments'
results. Amounts presented in the internal reporting process are measured using the same policies as those followed
in these consolidated financial statements prepared in accordance with the EU IFRS.
3.5. Valuation of items denominated in foreign currencies
Functional currency
Items included in the financial statements of individual Group companies are measured in the currency of the primary
economic environment in which a given company operates (the “functional currency”).
The consolidated financial statements are presented in the Polish zloty, which is the functional currency of the Parent
Company and the presentation currency of the Group. Amounts are expressed in PLN thousand, unless specified
otherwise.
Transactions and balances
Transactions expressed in foreign currencies are translated into the functional currency according to the exchange rate
applicable on the transaction date. Any currency exchange gains or losses arising on settlement of such transactions
or on accounting measurement of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss and presented on net basis in other operating income or expenses.
Monetary assets and liabilities expressed in foreign currencies are translated as at the reporting period end date using
the average market rate effective for the given currency for that date.
Non-monetary assets and liabilities carried at historical cost in a foreign currency are translated using the average
market rate effective for the transaction date. Non-monetary items of the statement of financial position expressed in
foreign currencies which are carried at fair values are translated using the average market exchange rate effective for
the fair value measurement date.
Translation of the Group companies' data
Financial results and items of the statement of financial position of all entities, none of which conducts operations in a
hyperinflationary economy, whose functional currencies differ from the currency of presentation, are translated into
the presentation currency in the following manner:
• in each presented statement of financial position, assets and liabilities are translated using the average market
exchange rate quoted by the National Bank of Poland for the last day in the reporting period;
• revenue and expenses are translated using exchange rate determined as the arithmetic average
of the average market exchange rates effective for the last day in each month of the financial year; and
• any currency exchange differences resulting from such translation are recognised in other comprehensive
income.
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities
of the foreign entity and translated at the closing rate on the final day of the reporting period.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
17
3.6. Property, plant and equipment
Property, plant and equipment are stated at acquisition or production cost less accumulated depreciation and potential
accumulated impairment.
Acquisition cost comprises the price for which a given asset was purchased, public charges (in the case of imports) and
expenditure directly attributable to the acquisition of the asset and its adaptation for its intended use, including the
costs of transport, loading and unloading. Rebates, discounts as well as other similar concessions and recoveries
decrease the asset acquisition cost.
Production cost of a tangible fixed asset or a tangible fixed asset under construction includes all the expenses incurred
by the Group during its construction, assembly, adaptation or improvement, incurred until the date on which the asset
became available for use, including any non-deductible VAT and excise duties.
Any subsequent expenditure on replacement of parts of items of property, plant and equipment is capitalised if it can
be measured reliably and it is probable that the Group will derive economic benefits associated with the replaced
items. Repair and maintenance costs are charged to profit or loss as incurred.
Except for land and tangible non-current assets under construction, all items of property, plant and equipment are
depreciated over their estimated useful lives using the straight-line method, taking into account the residual value, if
material. The following groups are depreciated using the following depreciation rates:
• Buildings and structures from 10 to 40 years;
• Plant and equipment from 2 to 10 years;
• Vehicles from 2 to 10 years;
• Other tangible fixed assets from 2 to 20 years.
Leasehold improvements (in relation to rented space) are depreciated over a period which is linked to the duration of
the rental agreement.
Correctness of the applied useful lives, depreciation methods and residual values (except where insignificant) is
reviewed by the Group on an annual basis. Any changes are presented as changes in accounting estimates and their
effect is taken to profit or loss in the period when the estimate changes and in subsequent periods.
Significant components of property, plant and equipment are depreciated based on their estimated useful lives.
Any gains or losses on the disposal or liquidation of items of property, plant and equipment are determined as the
difference between the revenue from the sale and the carrying amount of the items, and recognised in profit or loss.
Tangible fixed assets under construction are stated at cost or at the amount of the aggregate expenses directly
associated with their production, less impairment. The cost of borrowings contracted to finance tangible fixed assets
under construction increases their value.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
18
3.7. Leases
a) Right-of-use assets
The Group recognizes right-of-use assets on the lease commencement date (i.e. on the day when the underlying asset
is available for use). Right-of-use assets are measured at cost, less total depreciation and impairment losses, adjusted
for any revaluation of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized,
initial direct costs incurred and any lease payments paid on or before the lease start date, less any incentives received.
Unless the Group is sufficiently certain that it will obtain the ownership title to the leased asset at the end of the lease
period, the recognized right-of-use assets are amortized using the straight-line method, over the shorter of the two
periods: estimated useful life of the leased asset or lease period.
Right-of-use assets are subject to impairment.
Right-of-use assets are presented in the statement of financial position as a separate line item.
a) Lease liability
At the lease commencement date, the Group measures the lease liabilities at the amount of the current value of the
future lease payments, remaining to be paid on that date. Lease payment include fixed fees (essentially fixed lease
payments) less any lease incentives due, variable fees that depend on the index or rate, and amounts expected to be
paid under the guaranteed residual value. Lease payments include also the price of the call option (if it can be assumed
with sufficient certainty that the Group will exercise it) and the payment of fines for termination of the lease (if the
lease provides for the option of terminating the lease by the Group). Variable lease payments that do not depend on
an index or rate are recognized as costs in the period in which the event or condition giving rise to the payment occurs.
When calculating the current value of future lease payments, the Group uses the lessee's marginal interest rate
determined on the day the lease starts. After the start date, the amount of the lease liability is increased to reflect
interest and reduced by the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
in the event of a change in the lease period or a change in the principal fixed lease payments.
b) Short-term lease and lease of low-value assets
The Group applies the exemption from recognizing short-term leases to its short-term lease contracts (i.e. contracts
for which lease period is 12 months or less from the commencement date and does not contain purchase option). The
Group also applies an exemption regarding the recognition of leases of low-value assets in relation to its low-value
leases. Lease payments for short-term leases and leases of low-value assets are recognized as costs, using the straight-
line method, over the duration of the lease contract.
3.8. Intangible assets
Intangible assets are stated at acquisition or production cost less accumulated amortisation and impairment.
Any subsequent expenditure on existing intangible assets is capitalised only when it increases the future economic
benefits to be generated by the asset. Other expenditures are taken to profit or loss as incurred.
The period and method of amortisation of intangible assets are reviewed at the end of each financial year. Any changes
are recognised as changes in accounting estimates, and their effect is charged to profit or loss in the period in which
the amortisation rates are changed and in subsequent periods.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
19
Amortisation is calculated over the estimated useful life of intangible assets, using the straight line method. The
amortisation rates applied to intangible assets are as follows:
• Trademarks 10 years;
• Licences and software from 1 to 20 years.
3.9. Goodwill
Goodwill is not amortised, but it is tested for impairment annually or more frequently if there is any indication of
impairment.
As at the acquisition date, the acquired goodwill is allocated to each of the cash-generating units that will benefit from
the synergies of the business combination, not larger than an operating segment. The accounting policies applicable
to goodwill impairment testing are presented in note 110. Goodwill is expressed in functional currency of the cash-
generating unit and is translated into the functional currency of the Parent Company according to the exchange rate
effective at the reporting period end date.
3.10. Impairment of non-financial non-current assets
As at the end of each reporting period, the Group assesses whether there is any evidence that any of its non-financial
non-current assets may be impaired. If the Group finds that there is such evidence, or if the Group is required to
perform annual impairment tests (in the case of goodwill), the Group estimates the recoverable amount of the given
asset or cash-generating unit to which the asset belongs.
The recoverable amount of an asset or cash-generating unit (“CGU”) is equal to the higher of the asset’s or cash-
generating unit’s fair value less costs to dispose or its value in use. The recoverable amount is determined for individual
assets unless a given asset does not generate separate cash inflows largely independent from those generated by other
assets or asset groups. If the carrying amount of an asset is higher than its recoverable amount, the asset is impaired
and an impairment loss is recognised up to the established recoverable amount. The impairment loss is allocated in
the following order: first, the carrying amount of goodwill is reduced, and then the carrying amounts of other assets of
the cash-generating unit are reduced pro rata. Impairment losses related to assets are disclosed under the cost
categories corresponding to the function of the asset with respect to which impairment has been identified.
As at the end of each reporting period, the Group assesses whether there is evidence that any impairment loss
recognised in the previous periods with respect to a given asset (other than goodwill) or CGU is no longer necessary or
should be reduced. If such evidence exists, the Group measures the recoverable amount of the given asset or CGU.
3.11. Borrowing costs
Borrowing costs that are directly attributable to acquisition or production of assets which take a substantial period of
time to become available for their intended use, are capitalised (unless immaterial) as part of the cost of tangible
non-current assets or intangible assets, as appropriate, until such assets become available for their intended use.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
20
3.12. Financial assets
Upon initial recognition, financial assets are measured at fair value of the consideration given plus transaction costs,
with the exception of financial assets at fair value through profit or loss in the case of which the transaction costs are
charged to profit or loss. Purchases and sales of financial instruments are recognised as at the date of the transaction.
Trade receivable without a significant financing element is initially measured at the transaction price at the date of the
transaction.
Financial assets are derecognised when the rights to receive cash flows from these assets have expired or have been
transferred and substantially all risks and rewards incidental to ownership of such assets have been transferred. If
there has been no transfer of substantially all the risks and rewards of the asset, the asset is derecognised when the
Group loses control over the asset.
The Group classifies its financial assets to the following categories:
a) measured at amortized cost;
b) measured ad fair value through profit or loss;
c) measured at fair value through other comprehensive income.
The classification depends on the Group's business model objective for its financial assets as well as the characteristics
of contractual cash flow from those instruments. For financial assets, reclassification is performed, if and only if the
entity's business model objective for its financial assets has changed.
a) Financial assets measured at amortized cost
Financial assets held to receive contractual cash flows, which include only repayment of principal amount and interest,
are measured at amortised cost. The Group classifies trade receivables and cash and cash equivalents into this category
of financial assets. Interest revenue (for receivables with a deadline for repayment of over one year) are determined
using effective interest rate method and recognized as “interest income” in statement of profit or loss. Impairment
losses on trade receivables are recognised in line with the accounting policy described in note 3.13 and are recognized
in cost of sales.
As of 31 December 2024 and 2023 the Group did not held any assets qualified within the remaining two categories, i.e.
(b) measured ad fair value through profit or loss, and (c) measured at fair value through other comprehensive income.
3.13. Impairment of financial assets
The Group performs individual and group analysis of impairment of trade receivables.
Receivables are analysed individually when there is an objective evidence of impairment that may have a negative
effect on the amount of future cash flows. Significant objective conditions include, for example, taking legal action
against a debtor, serious financial problems of the debtor, significant overdue payments.
In the case of short-term trade receivables analysed in groups, which do not have a significant financing element, the
Group applies the simplified approach required in IFRS 9 and measures impairment losses in the amount of credit
losses expected throughout the lifetime of the receivable from its initial recognition. The Group utilizes provision matrix
where a fixed provision rate applies depending on the number of days that a trade receivable is outstanding.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
21
For the purpose of estimation of the expected credit losses, trade receivables are grouped on the basis of credit risk
characteristics (separate groups were determined for certain distribution channels – receivables from export
customers, network customers, wholesale customers and individual customers). For each Group entity, customers
credit non-performance analysis was performed for the last 3 years, to determine the general non-performance ratios.
These ratios are determined for the following ranges:
• not yet due;
• past due under 30 days;
• past due from 30 to 60 days;
• past due from 60 to 90 days;
• past due over 90 days.
Historical data on receivables referred to court and written-down as well as information about share of amounts
received in each time range indicated above, are used in determination of non-performance ratio for each time range.
Other factors, such as insurance of receivable or expected impact of future events, are also taken into consideration.
Impairment write-down is estimated considering non-performance ratios, adjusted for expected impact of future
events and based on balance of outstanding receivables as of the balance sheet date, for each of the time ranges
indicated above.
3.14. Inventory
Inventory includes goods for resale and assets for expected returns.
Goods for resale are measured at the costs of acquisition not higher than net realisable value.
Net realisable value is equal to the estimated selling price of an item of inventory less any costs of completion and
costs necessary to make the sale.
Inventory decrease is measured based on average prices, i.e. determined as weighted average prices of individual
goods for resale.
The assets for expected returns, (i.e. value of goods which are expected to be returned by customers in accordance
with the right provided to customers in the agreement or under the binding laws and regulations - please refer to
revenue recognition policy in note 3.23) are estimated based on historical data, including ratio of returns from
customers to revenue from sales for the period of last 3 years. Estimated value of these assets offsets the costs of
goods sold.
The amount of an impairment loss is calculated based on rotation of individual items of goods for resale and it depends
on the ratio of inventory level and the quantity of goods sold over the last 12 months. Items for which inventory level
exceeds sales expected for the 2-years period are written off, but the impairment write-off never amounts to 100%.
Inventory impairment is recognised in relation to goods which are in the permanent offer of the Group due to the need
to obtain reliable historical data in terms of actual data over a longer period of time. New products are excluded from
the calculation of impairment loss, due to the period required to place the new product on the market and lack of
sufficient historical data for further analysis.
Impairment losses on inventory are recognised in cost of sales.
3.15. Cash and cash equivalents
Cash and cash equivalents disclosed in the statement of financial position include cash at bank and in hand as well as
highly liquid current financial assets whose original maturity does not exceed three months and which are readily
convertible into specific cash amounts and subject to insignificant risk of fluctuation in fair value.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
22
3.16. Equity
Equity is disclosed in the accounting records divided into categories, in accordance with the rules set forth in applicable
laws and the provisions of the Company's Articles of Association.
The particular categories of equity are:
• share capital of the Company – stated at its par value as specified in the Company's Articles of Association and
entered in the court register,
• share premium is stated in the proceeds from the issue of shares in the amount exceeding the par value of
shares, less transactions costs associated with the public share issue,
• reserve capital for buyback of own shares is created based on the resolution of General Shareholders’ Meeting,
• foreign operations currency translation differences,
• other capitals include actuarial profits and losses arising from the actuarial valuation of provisions for pensions
and related benefits,
• retained earnings – comprising profit/(loss) distributions, undistributed profit/(loss), and net profit/(loss) for
the reporting period to which given financial statements relate.
Transaction cost related to the public share issue is taken to equity and reduces the share premium account as at the
share issue date.
3.17. Bank loan liabilities
Bank loans are initially recognised at fair value less transaction cost. Following initial recognition, bank loans are
measured at amortized cost, using the effective interest method.
3.18. Trade and other payables
Trade payables are initially recognised at fair value, and subsequently, where the discount effect is material, they are
measured at amortised cost using the effective interest method.
Other liabilities include liabilities arising from returns of goods from customers (in accordance with the right provided
to customers in the agreement or under the existing laws and regulations - please refer to revenue recognition policy
in note 3.23). Value of these liabilities is estimated based on historical data, including ratio of returns from customers
to revenue from sales for the period of last 3 years. At the same time, the Group recognizes in inventories the asset
for goods which the customers are expected to return, with the offsetting entry to cost of goods sold (see note 3.14).
Based on the provisions of the European Parliament and applicable laws, e.g. on waste electrical and electronic
equipment The Company, as an entity that places electrical and electronic equipment, batteries and accumulators,
packaging and products, i.e. oils or tires, on the market, is subject to the extended producer responsibility system,
under which the producer's responsibility for the product applies at the stage of the product's life cycle when it
becomes waste. The Parent Entity is obliged to finance a system for collecting and recycling waste generated from
products and packaging introduced by it. These obligations are fulfilled by concluding an agreement with Recovery
Organizations. Costs arising from these contracts are recognized throughout the period and settled at the end of the
financial year after receipt of the final invoice.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
23
3.19. Deferred revenue
Deferred income includes mainly:
• the equivalent of funds received or due from contractors for services to be performed in the next reporting
periods;
• cash (including government subsidies) received to finance the purchase or production of fixed assets under
construction, settled in parallel to the depreciation write-offs of fixed assets financed from these sources.
Deferred income is presented in the consolidated statement of financial position in liabilities in the line "trade and
other liabilities".
3.20. Current and deferred income tax
Mandatory decreases of profit include current and deferred income tax.
• Current tax
Current tax expense is calculated based on the taxable profit for the given reporting period. Tax expense is calculated
based on tax rates applicable during the fiscal year in question.
• Deferred tax
Deferred tax assets and liabilities are determined based on temporary differences between the accounting and tax
values of assets and liabilities.
Deferred tax assets are recognised only if it is probable that the Group will have future taxable profits allowing for
utilisation of the temporary differences and deduction of the tax losses. Deferred tax assets are determined as the
amount of income tax recoverable in the future in respect of deductible temporary differences which will reduce future
income tax base and any deductible tax loss, determined in accordance with the prudence principle.
The amount of deferred tax assets and liabilities is determined using income tax rates which will be effective when a
deferred tax asset is utilised or a deferred tax liability arises.
Deferred tax assets and liabilities have been offset at the level of individual Group members, as at this level the criteria
of IAS 12 “Income taxes” with respect to offsetting deferred tax assets against deferred tax liabilities were met.
A deferred tax liability is recognised for temporary differences associated with investments in subsidiaries
and jointly-controlled entities, except where the Group controls the reversal of such temporary differences and it is
probable that such differences will not reverse in the foreseeable future.
3.21. Liabilities from employee benefits
• Post-employment benefit plan – the defined contribution plan
The Parent Company participates in the state post-employment benefit plan by paying an appropriate percentage of
an employee’s gross pay as a contribution to the Social Insurance Institution (ZUS). This plan is a defined contribution
plan. The contributions are expensed as paid.
From 2019, the Parent Company participates also in the Employee Capital Plans program by paying the appropriate
percentage of gross pay as a contribution. This program is a defined contribution program and the contributions paid
are recognized as an expense when incurred.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
24
Subsidiaries also participate in state post-employment benefit plans by paying contributions to the equivalents of ZUS
in the countries where they are based (Romania, China). These plans are also defined contribution plans. The premiums
paid are recognized as an expense when incurred.
• Post-employment benefit plan - the defined benefit plan (retirement severance pays) and other benefits
In accordance with the Labour Code and applicable remuneration systems and rules, employees of the Group
companies are entitled to death benefits and retirement severance pays. Death benefits are one-off benefits paid to
the family of an employee, following the employee's death. Retirement severance pays are one-off benefits paid when
an employee retires. The plan is fully financed by the Group. The amount of a retirement severance pay or death
benefit depends on the length of employment and average remuneration of a given employee. The Group accrues for
future retirement severance pay and death benefit obligations in order to attribute costs to the periods to which they
relate.
The present value of such obligations is determined by an independent actuary using the projected unit credit method.
Accrued liabilities are equal to the discounted future payments, taking into account the employee turnover, and relate
to the period until the end of the reporting period. Demographic information and information on staff turnover are
based on historical information. Actuarial gains and losses are recognised in profit or loss, except for actuarial gains
and losses recognised in other comprehensive income.
In countries where the subsidiaries are based, there are no requirements for the payment of retirement benefits similar
to the Labour Code in Poland, and there are no internal regulations that would grant employees the right to such
payments.
3.22. Provisions
Provisions are created when the Group has an obligation (legal or customarily expected) resulting from past events
and when it is probable that the discharge of this obligation will result in an outflow of economic benefits, and the
obligation can be measured reliably.
A provision is recognised as a reliable estimate of the amount required to settle the existing obligation, made as at the
end of the reporting period taking into account the risks and uncertainties associated with the obligation.
In particular, a provision is created for the expected returns and complaints. The provision for returns is estimated
based on the actual quantity of goods sold over the last 12 months period and taking into consideration the defined
failure ratio and average cost of servicing customer complaints. Parameters required for calculation of this provision,
for the period of previous 3 years, are updated on an annual basis.
3.23. Recognition of revenue
Revenue is recognised at fair value of consideration received or receivable, net of VAT, returns, rebates and discounts.
The Group recognizes revenue from contracts with customers when all of the following five criteria are met:
• the contract has been approved (in writing, orally, or in accordance with other customary business
practices) and the parties are committed to perform their obligations in the contract
• each party’s rights regarding the goods or services to be transferred can be identified
• the payment terms for the goods or services to be transferred can be identified
• the contract has commercial substance (i.e. the risk, timing or amount of the vendor’s future cash flows
is expected to change as a result of the contract)
• it is probable that the consideration for the exchange of the goods or services that the vendor is entitled
to will be collected.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
25
In particular, revenue from sales of goods is recognized in accordance with rules described above. The sales agreement
with customer contains only one performance obligation – obligation to deliver goods to customer, therefore revenue
is recognized at the specified point in time. The entity recognizes revenue when the goods are transferred to the
customer. The transfer of control over the asset takes place at the time specified under Incoterms or in accordance
with agreements concluded with customers.
Revenue from sales of goods include transportation services, provided by external parties, costs of which are incurred
by the customers, in case the Group is responsible for organizing the transportation and bears the risks during the
transport.
Some contracts with customers contain elements of variable consideration, arising from rebates granted to customers,
including these tied to achieving a set level of turnover. In accordance with requirements of IFRS 15, the group
estimates amounts of rebates owned to customers and recognizes these rebates as an offsetting entry to revenues
from sales and as a trade liability.
Some contracts with customers contain right to return goods. In accordance with the applicable laws and regulations,
the customer has a right to withdraw from the purchase agreement within 14 days from the date of delivery of goods.
This right applies to customers who purchase goods at internet store toya24.pl and other shopping portals. In addition,
the Group extends the right of return of purchased goods, within limited period of time, to some of its customers. The
Group estimates the potential liability arising from these rebates and if the estimated liability is material, the Group
recognizes this amount as an offset to revenues from sales and as a liability due to expected returns in “trade liabilities”
line (note 3.18). At the same time, the group recognizes the estimated amount of inventories to be returned by the
customers and recognizes this amount as inventory and offset to costs of goods for resale sold (note 3.14).
3.24. Other operating income and expenses
Other operating income and expenses include income and expenses arising from activities that are not the Company's
core operating activities, e.g. profits or losses on the sale or liquidation of tangible fixed assets, written-off receivables,
penalties and fines, donations.
3.25. Financial income and expenses
Financial income and expenses are related to the financing of the Company’s operations and include, in particular,
interest and commissions.
3.26. Dividends
The obligation to pay dividends is recognised when the shareholders’ right to receive such dividends is approved.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
26
4. Foreign currencies used in preparation of these financial statements
Foreign currency items of the statement of financial position were translated using the following exchange rates:
Currency
31 December 2024 (*)
31 December 2023
1 EUR
4.2730
4.3480
1 USD
4.1012
3.9350
1 CNY
0.5621
0.5534
(*) in accordance with NBP table No. 252/A/NBP/2024 of 31 December 2024
The following exchange rates were used to translate items from the statements of financial position of subsidiaries
from the functional currency to the presentation currency, representing the arithmetic average of the current average
exchange rates announced by the National Bank of Poland on the last day of each month in the period from January
to December 2024 and 2023, respectively:
Currency
31 December
2024
31 December
2023
1 RON
0.8589
0.8742
1 CNY
0.5621
0.5534
The following exchange rates were used to translate the financial results of subsidiaries and the statement of cash
flows from the functional currency to the presentation currency, representing the arithmetic mean of the current
average exchange rates announced by the National Bank of Poland on the last day of each month in the period from
January to December 2024 and 2023, respectively:
12 months ended on 31
December
12 months ended on 31
December
Currency
2024
2023
1 RON
0.8652
0.9145
1 CNY
0.5539
0.5902
5. Material accounting estimates and judgements
Estimates and judgements are verified on an ongoing basis. Estimates and judgements used during the preparation of
the consolidated financial statements are based on historical experience as well as analyses and expectations of future
events which, to the best knowledge of the Management Board of the Parent Company, are believed to be reasonable
under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, rarely equal the actual results. The estimates and assumptions that involve a significant risk of the necessity
to make a material adjustment to the carrying amounts of assets and liabilities during the current or following financial
year are outlined below.
• Revenue recognition – variable consideration and returns
Some contracts with customers contain elements of variable consideration, arising from rebates granted to customers,
including these tied to achieving a set level of turnover.
In accordance with IFRS 15, where a contract contains elements of variable consideration, the entity will estimate the
amount of variable consideration to which it will be entitled under the contract in exchange for transferring promised
goods or services to the customer. Variable consideration is only included in the transaction price if, and to the extent
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
27
that, it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the
uncertainty has been subsequently resolved. The Group estimates the potential liability arising from rebates granted
to customers, and if the estimated liability is material, the Group recognizes this liability as an offset to revenues from
sales and as a trade liability. At the end of the financial year, the rebates were largely settled.
• Useful lives and depreciation rates for property, plant and equipment
The Group’s Management Board determines estimated useful lives and depreciation rates for property, plant and
equipment. The estimates are based on the projected useful lives for individual assets. The estimates may change
materially as a result of new technological solutions emerging on the market, plans of the Parent Company’s
Management Board, or intensity of use. The Management Board increases or decreases a depreciation rate for a given
asset if its useful life proves shorter or longer, respectively, than expected, and revalues technologically obsolete
assets, and assets which are not of strategic importance and whose use has been discontinued. Property, plant and
equipment value and depreciation are described in note 8.
If the actual useful lives of property, plant and equipment had been shorter by 10% than the Management Board's
estimates, the depreciation of property, plant and equipment would have been higher by PLN 1 166 thousand as at
31 December 2024, and PLN 879 thousand as at 31 December 2023.
• Lease period for contracts concluded for an unspecified period of time
The Group is a party to contracts with an indefinite term. When determining the lease period, the Company determines
the period of contract enforceability. Leasing ceases to be enforceable when both the lessee and the lessor have the
right to terminate the contract without having to obtain permission from the other party without incurring more than
insignificant penalties. The Company assesses the significance of broadly understood penalties, meaning that apart
from contractual or financial matters, it also takes into account all other significant economic factors discouraging the
termination of the contract (e.g. significant investments in leased asset, availability of alternative solutions, relocation
costs). If neither the Company as the lessee nor the lessor incurs a significant penalty for termination (broadly
understood), leasing ceases to be enforceable and its period is a termination notice period.
• Lessee’s marginal interest rate
The Group is not able to easily determine the interest rate for some lease contracts, which is why it uses the lessee's
marginal interest rate when measuring the lease liability. This is the interest rate that the Company would have to pay
to borrow (for a similar period, in the same currency and with similar collateral) the funds necessary to purchase an
asset with a similar value as the right-of-use asset in a similar economic environment.
• Provisions
As at each end of a reporting period, the Management Board of the Parent Company makes material estimates of
provisions:
‐ provisions for guarantees and complaints – estimated level of the ratio used to perform calculations in
accordance with the policy described in note 3.22; This ratio was determined on the basis of historical
costs and claims and is verified on a regular basis through reference with actually incurred costs; for
details on the amount of the provision, see note 22;
‐ other provisions resulting from claims brought against the Group – the values are determined taking into
consideration the probability of having to pay the obligation and the amount of potential claim.
• Write-downs of inventories to net realizable value
When determining the amount of the inventory write-down, the Company analyses the rotation of goods. The
estimated average period during which the product is sold, and beyond which a write-down is created in accordance
with the policy described in note 3.14; for details on the amount of the write-down, see note 12.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
28
• Expected credit losses
The Group utilizes provision matrix to estimate expected credit losses in relation to trade receivables. For the purpose
of estimation of the expected credit losses, trade receivables are grouped on the basis of credit risk characteristics.
Historical data regarding credit losses, adjusted for expected impact of future events, is used by the Group in estimation
of the expected credit losses, in accordance with the policy described in note 3.13; for details on the amount of the
write-down, see note 13.
In case of individual analysis, the quality of the premises on the basis of which the decision is made to write-down a
given receivable is assessed. Important objective reasons for write-down include overdue payments, which, in
accordance with the concluded insurance contract, make it necessary to transfer such a claim for recovery. The reason
for including the client in an individual analysis may also be learning about the debtor's serious financial problems.
6. Financial risk management
The Group’s business activities expose it to a number of various financial risks, such as market risk (including foreign
exchange risk and the risk of fair value or cash flow changes as a result of interest rate movements), credit risk and
liquidity risk. The Group’s overall risk management programme is designed to mitigate the potential effect of risk on
the Group’s financial performance. The Group does not use derivatives to hedge against those risks.
The Management Board defines overall risk management rules as well as the policy for specific areas such as credit risk
or investing liquidity surpluses.
6.1. Market risk
Foreign exchange risk
The Group purchases significant amounts of goods from foreign suppliers, located primarily in China, at prices
denominated in foreign currencies, particularly in CNY and USD. As at 31 December 2024, trade payables in USD
represented 4% of the total trade payables and trade payables in CNY represented 88% of total trade payables (as at
31 December 2023 – payables in USD represented 11% of that balance and payables in CNY represented 74% of that
balance). CNY is the functional currency for subsidiaries in China.
As of 31 December 2024, the Group has a bank loan obligation denominated in CNY. The loan was taken out by a
subsidiary for which CNY is the functional currency, hence this obligation does not generate exchange rate differences
affecting the Group's result. As of 31 December 2023, the Group had no liabilities under loans in foreign currencies.
As at 31 December 2023, cash in foreign currencies (USD and EUR) represented 15% of the total cash, cash in CNY
represented 61% of total cash and cash in RON represented 4% of total cash (as at 31 December 2023 – cash in USD
and EUR represented 13% of the total balance, cash in CNY represented 15% of the total balance and cash in RON
represented 4% of the total balance). Cash balances in CNY and RON currencies occur in companies for which these
currencies are functional currencies.
44% of the Group’s revenue is generated from exports (sales outside markets where the Group has its entities) and
13% of the Group’s revenue is generated in local markets in China and Romania, at prices denominated in foreign
currencies — in USD, EUR, CNY and RON. As at 31 December 2024, trade receivables in USD represented 23% of the
total trade receivables (25% as at 31 December 2023) and trade receivables in EUR represented 4% of the total trade
receivables (4% as at 31 December 2023). Moreover, as at 31 December 2024, 14% of trade receivables are
denominated in CNY, due to sales on the local market in China (12% as at 31 December 2023) and 14% of trade
receivables are denominated in RON due to sales in the local market in Romania (85% as at 31 December 2023). CNY
and RON are functional currencies for subsidiaries in China and Romania.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
29
There is a risk that future fluctuations of exchange rates may have a negative or positive effect on the Group's financial
performance. Recent changes in global economy could have had and still can have negative impact on exchange rates.
So far, the Group has not used derivative financial instruments to hedge against the results of future changes in
exchange rates.
The sensitivity of the gross profit to an increase in exchange rates at the end of the current and previous financial year
is presented below. The sensitivity is determined as a result of the conversion of the impact of the higher / lower
exchange rate on the revaluation of balances of trade and other receivables and trade and other payables expressed
in currencies that are not functional currencies for individual entities, with other conditions unchanged.
10% currency rate increase as of
31 December 2024
USD
EUR
CNY
TOTAL
Trade and other receivables
5 312
419
-
5 731
Trade and other payables
(4 272)
(3)
(4 526)
(8 801)
TOTAL impact on the 2024 result
1 040
416
(4 526)
(3 070)
10% currency rate increase as of
31 December 2023
USD
EUR
CNY
TOTAL
Trade and other receivables
2 293
275
-
2 568
Trade and other payables
(1 530)
(24)
(381)
(1 935)
TOTAL impact on the 2023 result
763
251
(381)
633
Risk of interest rate changes affecting cash flows and fair values
As at 31 December 2024 and 31 December 2023 the Group held cash at bank accounts with a variable interest rate
(short-term bank deposits), which exposes the Group to the risk of interest rate changes affecting cash flows, however
taking into consideration the amount of interest, the risk is insignificant. The group held no other interest-bearing
assets.
The Group’s policy envisages the use of bank loans bearing interest at variable rates. This exposes the Group to the
risk of interest rate changes affecting its cash flows. As of 31 December 2024, the bank loan liability bears interest at a
variable interest rate. As of 31 December 2023, the Group had no debt under bank loans.
The Group monitors its exposure to the risk of interest rate changes affecting its cash flows and fair values. The Group
runs simulations of various scenarios, taking into consideration refinancing, roll-over of the existing positions, and
alternative financing. The Group uses these scenarios to assess the impact of a change in interest rates on its financial
performance. Simulations are run for bank deposits and liabilities, which represent the largest items exposed to
interest rate risk.
The below sensitivity analysis of the Group’s cash flows to interest rate risk was prepared for financial instruments
based on variable interest rates. The bank loans held by the Group were linked to WIBOR rates. The impact of changes
in market interest rates on the financial result was calculated as the product of the liability balances as at 31 December
2024 and 2023 and the assumed deviation for the base rate, which was assumed to be 50 basis points (0.5%).
+50 basis points
-50 basis points
Effect on profit before income tax
Effect on profit before income tax
Financial assets
Cash in bank accounts
271
220
Financial liabilities
Variable interest rate loans
(67)
(55)
Total for 2024
204
165
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
30
+50 basis points
-50 basis points
Effect on profit before income tax
Effect on profit before income tax
Financial assets
Cash in bank accounts
173
(173)
Financial liabilities
Variable interest rate loans
(136)
136
Total for 2023
37
(37)
The Group does not use derivatives to hedge against the risk of interest rate changes affecting its cash flows and fair
values.
6.2. Credit risk
Credit risk arises from cash deposited in bank accounts as well as credit exposures to customers, which also includes
unsettled trade receivables.
Credit risk relating to bank deposits is considered by the Management Board as low because the Group cooperates
with renowned financial institutions which enjoy premium credit ratings (Bank Handlowy w Warszawie S.A., mBank
S.A. and BNP Paribas Bank Polska S.A.) in Poland, Citi Bank, Agricultural Bank, Industrial and Commercial Bank of China
and Bank of Ningbo in China and BRD Groupe Societe Generale and Banca Transilvania in Romania).
In the opinion of the Management Board, with respect to credit exposures with the Group's clients, the concentration
of credit risk is not significant. The turnover is realized by two main groups of customers: retail chains and wholesale
customers (including wholesalers and distributors). The Group sells its goods in Poland and to foreign markets - mainly
China, the countries of Central, Southern and Eastern Europe (Romania, Hungary, the Czech Republic, the Balkan
countries, Russia, Ukraine, Belarus, Moldova), as well as in Arab countries, Africa, Asia and South America.
The table below presents the Group's sales structure by customer group and market:
2024
2023
Local markets – wholesale market (*)
44%
49%
Export sales
34%
33%
Local markets – chains (*)
12%
11%
Retail sales
10%
7%
Total
100%
100%
(*) local markets mean sales in countries where the Group has its entities, i.e. in Poland, Romania and China
In regards to retail chains channel, the Group sells its products to the largest chains in Poland and Romania. Credit
exposures in this customer group are not evenly distributed as 2 key retail chains in Poland jointly account for
approximately 66% of sales made through this particular channel. Credit risk exposure to retail chains is considered by
the Company as low as most of them are reliable and financially transparent customers with an established market
position and a sound payment history.
In the area of wholesale distribution, the Group has established cooperation with a few dozen authorised distributors,
a few dozen wholesalers across the country and authorised retail stores, as well as with wholesalers in Romania and
China. In 2024, 75% of sales in this group was executed to approx. 72 customers (62 customers in 2023). The Group
pursues a policy of reducing credit exposures to wholesale customers with the use of a credit limit mechanism. The
limits are set for each customer based on a detailed assessment of its financial performance, market position, payment
discipline and the overall situation in the sector. The utilisation of credit limits is monitored on a regular basis.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
31
A transaction exceeding the credit limit may only be executed upon authorisation by authorised persons in accordance
with an internal credit policy.
The Group mitigates its credit risk by having trade receivables insured in a renowned insurance company. The insurance
covers mainly receivables from the customers of the Parent Company. As at 31 December 2024, 69% of the short-term
trade receivables were insured (60% as at 31 December 2023). This applies to customers who have been granted an
individual limit and customers covered by the so-called automatic limit, up to the amount specified in the insurance
contract. Under the insurance contract, the deductible is typical for such contracts.
The Group also mitigates credit risk through the implementation in its Parent Company of an effective risk management
system integrated with SAP, supporting the maintenance of proper payment discipline of the Company’s customers.
It should be stressed that sales for the customers who are not in a stable and predictable financial condition is realised
based on advance payments.
The maturity structure of receivables and details on past due receivables are presented in note 13.
The credit quality of financial assets not being either past due or impaired can be estimated by reference to external
credit ratings or to historical information on the counterparty’s defaults. The Parent Company’s cash is held in banks
with A+, A- and BBB- ratings (Fitch agency), and the cash of subsidiaries — in banks with Fitch BBB+ and BBB- rating
(Romania) and Fitch A, BBB+ and Moody’s Baa2 rating (China).
With respect to trade receivables, the Group does not have external ratings, but it monitors counterparties’ payment
delays ongoing basis.
The maximum credit risk exposure is approximately equal to the book value of trade receivables,
net of receivables insured and cash and cash equivalents. As at 31 December 2024, the maximum credit risk exposure
is PLN 80 842 thousand (31 December 2023: PLN 95 436 thousand).
6.3. Liquidity risk
The Management Board of the Parent Company believes that the Group’s liquidity is secured for the foreseeable
future. The Group follows a prudent liquidity risk management policy, which focuses on maintaining an adequate level
of cash and securing the ability to use the credit facilities. The management monitors the level of current liabilities and
current assets, as well as current cash flows of the Group. A significant increase in the value of inventories is in line
with the adopted liquidity management policy and enables the continuity of sales in the event of delays in the supply
chains.
Key items analysed for the purpose of monitoring of the liquidity risk are as follows:
31 December
2024
31 December
2023
Current assets
673 900
445 482
Current liabilities
276 442
106 883
2024
2023
Cash flow from operating activities
(40 084)
140 345
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
32
The table below presents financial liabilities of the Group by maturities, which are determined based on contractual future payment dates, uniform for each group of liabilities.
The figures presented below represent undiscounted contractual cash flows.
Due date:
up to 3 months
4-6 months
7-12 months
2-3 years
4-5 years
More than 5
years
Total
Carrying
value
Loans
33 840
-
-
-
-
-
33 840
33 840
Trade and other payables
180 803
38 246
376
-
-
-
219 425
219 425
Lease liabilities
3 201
3 207
6 424
12 049
4 959
4 511
34 351
29 911
Warranty liability (*)
40 963
-
-
-
-
-
40 963
62
As at 31 December 2024
258 807
41 453
6 800
12 049
4 959
4 511
328 579
283 238
Loans
-
-
-
-
-
-
-
-
Trade and other payables
72 514
1 708
221
-
-
-
74 443
74 443
Lease liabilities
2 746
1 449
5 081
19 098
5 366
6 505
40 245
31 937
Warranty liability (*)
500
-
-
-
-
-
500
27
As at 31 December 2023
75 760
3 157
5 302
19 098
5 366
6 505
115 188
106 407
(*) The liabilities arising from the guarantee issued represent the maximum amount that can be used (gross value of the guarantee) and are assigned to the earliest period
in which the guarantee can be used.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
33
6.4. Capital management
The Management Board of the Parent Company defines capital as the Group’s equity. The equity held by the Parent
Company meets the requirements provided for in the Polish Commercial Companies Code. There are no other capital
requirements imposed by external regulations.
The Group’s capital management activities are aimed at protecting the Group’s ability to continue its operations so as
to ensure a return on investment for the shareholders and benefits for other interested parties, as well as maintenance
of the optimum capital structure to lower the cost of capital. The Group also follows a rule that non-current assets are
to be fully financed by equity.
31 December 2024
31 December 2023
Non-current assets
113 255
107 946
Equity
489 891
419 951
In accordance with the concluded loan agreements with the banks, the Parent Company is required to maintain the
equity ratio (the ratio of equity to total assets) at a fixed level.
31 December
2024
31 December
2023
Equity
489 891
419 951
Total assets
787 155
553 428
Equity ratio
62%
76%
In the period covered by these consolidated financial statements, the Group implemented the above objective.
7. Financial instruments
As at 31 December 2024
Financial assets
Financial liabilities
Measured
at amortised cost
Measured
at amortised cost
Measured
at fair value
Trade receivables
88 059
-
-
Cash
39 128
-
-
Trade and other payables
-
199 708
62
Loans
-
33 840
-
Lease liabilities
-
29 911
-
TOTAL
127 187
263 459
62
As at 31 December 2023
Financial assets
Financial liabilities
Measured
at amortised cost
Measured
at fair value
Measured
at fair value
Trade receivables
69 267
-
-
Cash
69 927
-
Trade and other payables
-
77 008
27
Lease liabilities
-
31 937
-
TOTAL
139 194
108 945
27
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
34
Revenue and expenses relating to financial assets or financial liabilities not measured at fair value through profit or loss:
12 months ended 31 December 2024
Financial assets
Financial liabilities
Interest income
1 093
-
Interest expenses
-
(2 577)
Profits on foreign exchange differences
3 153
7 256
Losses on foreign exchange differences
(1 221)
(5 674)
Establishment of impairment write-downs
(275)
-
Reversal of impairment write-downs
5
-
Total net profit / (loss)
2 755
(995)
12 months ended 31 December 2023
Financial assets
Financial liabilities
Interest income
537
-
Interest expenses
-
(4 297)
Profits on foreign exchange differences
3 039
7 009
Losses on foreign exchange differences
(4 584)
(2 510)
Establishment of impairment write-downs
(748)
-
Reversal of impairment write-downs
200
-
Total net profit / (loss)
(1 556)
202
In the Group's opinion, the fair value of financial assets and liabilities does not differ from their carrying amount, mainly
due to their short maturity. In case of long-term financial liabilities measured at amortized cost, the Group uses market
interest rates. Therefore the Group estimates that the carrying value of these liabilities also does not differ significantly
from their fair value.
8. Property, plant and equipment
31 December
2024
31 December
2023
Land
2 907
2 907
Buildings and structures
42 706
39 411
Plant and equipment
3 983
4 056
Vehicles
3 220
1 735
Other
14 966
12 734
Total
67 782
60 843
Property, plant and equipment not transferred for use
2 839
2 907
Total property, plant and equipment
70 621
63 750
Apart from the property, plant and equipment serving as security in respect of working capital facilities (note 18), there
are no restrictions on the use of property, plant and equipment held by the Group.
In 2024 and 2023, the Group did not capitalise borrowing costs due to the insignificancy of these amounts.
As at 31 December 2024, the Group has no commitments to incur expenses for property, plant and equipment.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
35
Changes in property, plant and equipment by type
Land
Buildings and
structures
Technical equipment and
machinery
Vehicles
Other
Property, plant and equipment
not transferred for use
Total
Initial value
As at 1 January 2024
2 907
47 852
15 180
5 190
23 483
2 907
97 519
Purchase
-
505
474
511
4 312
11 144
16 946
Liquidation
-
-
(304)
(3 402)
(374)
(275)
(4 355)
Reclassification
-
4 205
1 010
6 390
1 596
(10 932)
2 269
Currency translation differences
-
569
(16)
37
80
(5)
665
As at 31 December 2024
2 907
53 131
16 344
8 726
29 097
2 839
113 044
As at 1 January 2023
2 907
45 605
14 635
2 893
17 396
8 802
92 238
Purchase
-
17
259
138
2 486
8 002
10 902
Liquidation
-
-
(44)
(70)
(447)
-
(561)
Reclassification
-
3 280
788
2 548
5 480
(9 547)
2 549
Currency translation differences
-
(1 050)
(458)
(319)
(1 432)
(4 350)
(7 609)
As at 31 December 2023
2 907
47 852
15 180
5 190
23 483
2 907
97 519
Accumulated depreciation
As at 1 January 2024
-
8 441
11 124
3 455
10 749
-
33 769
Depreciation for the financial year
-
1 945
1 551
2 398
3 764
-
9 658
Liquidation
-
-
(296)
(2 619)
(374)
-
(3 289)
Reclassification
-
-
-
2 246
-
-
2 246
Currency translation differences
-
39
(18)
26
(8)
-
39
As at 31 December 2024
-
10 425
12 361
5 506
14 131
-
42 423
As at 1 January 2023
-
6 949
9 854
2 072
8 691
-
27 566
Depreciation for the financial year
-
1 682
1 668
380
3 063
-
6 793
Liquidation
-
-
(43)
(69)
(447)
-
(559)
Reclassification
-
-
-
1 301
-
-
1 301
Currency translation differences
-
(190)
(355)
(229)
(558)
-
(1 332)
As at 31 December 2023
-
8 441
11 124
3 455
10 749
-
33 769
Carrying amount
As at 31 December 2024
2 907
42 706
3 983
3 220
14 966
2 839
70 621
As at 31 December 2023
2 907
39 411
4 056
1 735
12 734
2 907
63 750
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
36
9. Intangible assets
31 December
2024
31 December
2023
Licences, concessions and patents, including:
2 695
3 045
- software
2 695
3 045
Other - trademarks and industrial designs
370
387
Total
3 065
3 432
Intangible assets under development
1 091
916
Total intangible assets
4 156
4 348
There are no material intangible assets produced internally by the Group.
No security interests on the intangible assets have been created.
Intangible assets under development include licences and software that is being implemented. No impairment was
reported for these assets.
Changes in intangible assets
Software
Other
Intangible assets under
development
Total
Initial value
As at 1 January 2024
8 053
791
916
9 760
Purchase
497
43
175
715
Reclassification
(11)
11
-
-
Currency translation differences
5
-
-
5
As at 31 December 2024
8 544
845
1 091
10 480
As at 1 January 2023
7 462
668
1 147
9 277
Purchase
2
-
518
520
Liquidation
(22)
-
-
(22)
Reclassification
825
123
(749)
199
Currency translation differences
(214)
-
-
(214)
As at 31 December 2023
8 053
791
916
9 760
Accumulated amortization
As at 1 January 2024
5 008
404
-
5 412
Amortization for the financial year
842
71
-
913
Currency translation differences
(1)
-
-
(1)
As at 31 December 2024
5 849
475
-
6 324
As at 1 January 2023
4 327
340
-
4 667
Amortization for the financial year
816
64
-
880
Liquidation
(22)
-
-
(22)
Currency translation differences
(113)
-
-
(113)
As at 31 December 2023
5 008
404
-
5 412
Carrying amount
As at 31 December 2024
2 695
370
1 091
4 156
As at 31 December 2023
3 045
387
916
4 348
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
37
10. Right-of-use assets
31 December
2024
31 December
2023
Land
5 890
5 942
Buildings and structures
22 140
25 523
Plant and equipment
951
1 204
Vehicles
3 014
1 855
Total
31 995
34 524
Land
Buildings and
structures
Technical
equipment and
machinery
Vehicles
Total
Initial value
As at 1 January 2024
6 411
48 753
1 775
6 432
63 371
New lease contracts
-
3 450
-
2 395
5 845
Modification of lease contracts
-
382
-
204
586
Reclassification
-
-
-
(2 269)
(2 269)
Currency translation differences
70
(226)
-
(17)
(173)
As at 31 December 2024
6 481
52 359
1 775
6 745
67 360
As at 1 January 2023
7 077
33 807
1 775
9 055
51 714
Modification of lease contracts
-
16 310
-
-
16 310
Reclassification
-
-
-
(2 548)
(2 548)
Currency translation differences
(666)
(1 364)
-
(75)
(2 105)
As at 31 December 2023
6 411
48 753
1 775
6 432
63 371
Accumulated depreciation
As at 1 January 2024
469
23 230
571
4 577
28 847
Depreciation
115
7 081
253
1 412
8 861
Reclassification
-
-
-
(2 246)
(2 246)
Currency translation differences
7
(92)
-
(12)
(97)
As at 31 December 2024
591
30 219
824
3 731
35 365
As at 1 January 2023
392
17 206
317
4 074
21 989
Depreciation
121
6 465
254
1 842
8 682
Reclassification
-
-
-
(1 301)
(1 301)
Currency translation differences
(44)
(441)
-
(38)
(523)
As at 31 December 2023
469
23 230
571
4 577
28 847
Carrying amount
As at 31 December 2024
5 890
22 140
951
3 014
31 995
As at 31 December 2023
5 942
25 523
1 204
1 855
34 524
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
38
In 2024, the Parent Company concluded a new lease agreement for passenger cars, as a result of which the right-of-use
assets were increased by PLN 2,395 thousand. The previous car lease agreement was terminated and, in accordance
with the terms and conditions set out in the agreement, the Company decided to buy out the vehicles and, as a result,
these assets were reclassified to fixed assets. As a result of this operation, the right-of-use assets were reduced by PLN
2 269 thousand at the initial value (PLN 23 thousand at the book value on the buyout date).
In addition, the warehouse lease agreement was modified - as a result of the indexation of rent rates provided for in the
agreement. The assets under the right of use and the lease liability were increased by PLN 103 thousand as a result.
In 2024, the subsidiary concluded a warehouse space lease agreement, as a result of which the right-of-use assets were
increased by PLN 3,450 thousand.
Lease liabilities are presented in note 21.
11. Goodwill
Goodwill amounting to PLN 830 thousand includes only the goodwill resulting from the acquisitions of Yato Tools
(Shanghai) Co. Ltd. in 2013.
2024
2023
As at 1 January
723
830
Foreign exchange differences
12
(107)
As at 31 December
735
723
Impairment test for goodwill
The Management Board reviews the business performance by geographic areas (locations of subsidiaries) and
distribution channels. The main geographic areas identified include Poland and European countries (except Romania),
Romania (subsidiary in Romania), as well as China and non-European foreign markets (subsidiaries in China). In all these
areas, the Group conducts activities in various distribution channels. Goodwill is analysed by the Management Board at
the geographic areas level. The above goodwill is allocated to subsidiaries located in China, i.e. Yato Tools (Shanghai) Co.
Ltd. and Yato Tools Jiaxing Co. Ltd.
The recoverable amount of the cash-generating unit has been determined based on value-in-use calculations for each
operating segment separately. These calculations use pre-tax cash flow projections based on financial budgets covering
a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated
below. The growth rate does not exceed the long-term average growth rate for the tool industry in which the cash-
generating unit operates.
The key assumptions used for value-in-use calculations are as follows:
31 December
2024
31 December
2023
compound annual rate of growth of sales revenue
4%
4%
rate of growth after the forecast period
2%
3%
weighted average cost of capital (discount rate)
5,0%
4,9%
The annual rate of growth of sales revenue was used as the key assumption. The volume of sales in each period is the
main driver for revenue and costs. The compound annual rate of growth of sales revenue is based on past performance.
The long term growth rates used were estimated on a very conservative level. The discount rates used are pre-tax and
reflect specific risks relating to that market.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
39
The recoverable amount calculated on the basis of value in use, using the above assumptions, constitutes approximately
166% of the book value for all segments (149% in 2023). The following changes in key assumptions would remove this
excess in at least one segment (the impact of each assumption was estimated under the assumption that other
assumptions remain unchanged):
• decrease in forecasted revenue growth rate in the next 5 years by 3.3 percentage point (2023: decrease by 1.4
percentage points);
• increase in the discount rate by 1.3 percentage point (2023: increase by 0.3 percentage points).
12. Inventory
31 December
2024
31 December
2023
Goods for resale at warehouse and in transit
496 534
286 902
Asset for expected returns from customers
567
378
Total inventories (carrying amount)
497 101
287 280
Revaluation write-down for goods for resale at warehouse to net recoverable amount
6 781
6 337
Total inventories (gross)
503 882
293 617
The table below presents changes in revaluation write-downs to net realizable value on inventory:
2024
2023
As at 1 January
6 337
4 849
Increase
700
1 805
Reversal/utilisation
(272)
Currency translation differences
16
(317)
As at 31 December
6 781
6 337
Utilisation and reversal of inventory write-downs made in the current year as well as write-downs made in previous years
were recorded in the financial result and presented as cost of goods for resale sold. Reversal of write-offs resulted from
a decrease in the value of these inventories, which, in accordance with the policy adopted by the Group, should be
written down.
For collaterals established on inventories, please refer to note 18.
13. Trade and other short-term receivables
31 December
2024
31 December
2023
Trade receivables from related parties
2
8
Trade receivables from third parties
91 492
72 430
Total trade receivables
91 494
72 438
Taxes, custom duties and social security receivables
32 306
10 237
Other receivables from third parties
2 765
1 606
Advances for deliveries of goods for resale
12 281
5 120
Prepayments and deferred costs
2 296
1 867
Total gross receivables
141 142
91 268
Impairment write-downs of doubtful trade receivables
(3 435)
(3 171)
Impairment write-downs of other receivables
(36)
(36)
Total net receivables
137 671
88 061
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
40
The average repayment period of receivables is 60 days. For collaterals established on receivables, please refer to note
18.
Changes in gross trade receivables are summarized in table below.
.
Receivables analysed
in group
Receivables analysed
individually
Total
As at 1 January 2024
69 236
3 202
72 438
Increase due to sales
1 001 991
-
1 001 991
Interest accrued
1
-
1
Receivables written-off
(2)
(60)
(62)
Receivables classified individually as irrecoverable
(185)
185
-
Collected receivables
(982 352)
(418)
(982 770)
Compensated receivables
(1 209)
-
(1 209)
Other changes, including currency translation differences
1 113
(8)
1 105
As at 31 December 2024
88 593
2 901
91 494
The Group applies a simplified approach and measures the allowance in an amount equal to the expected credit losses
throughout the life cycle using the provision matrix, described in the accounting policies descried in Note 3.13. The
impact of creation and reversal of impairment write-down of trade and other receivables has been included in line
"Expected credit losses". Changes in the write-downs of trade and other receivables are presented in the table below:
2024
2023
As at 1 January
3 171
2 745
Increase
275
748
Reversal
(5)
(200)
Currency translation differences
(6)
(122)
As at 31 December
3 435
3 171
The table below presents the ageing structure of receivables, including average expected credit loss ratio for each
overdue period.
31 December 2024
Total
Not overdue
0-30 days
31-60 days
61-90 days
over 90 days
Gross trade receivables
91 494
76 184
9 202
986
576
4 546
Group analysis
Gross value of trade receivables analysed
on grouped level
88 593
76 184
9 202
986
496
1 725
Expected credit loss ratio
0,01%-0,05%
0,1-5%
0,7%-25%
0,8%-50%
0,9%-100%
Expected credit losses (impairment loss for
customers analysed at groups level)
(540)
(363)
(64)
(27)
(11)
(75)
Individual analysis
Gross value of trade receivables analysed
on individual level
2 901
-
-
-
80
2 821
Impairment loss on individual customers
(2 895)
-
-
-
(80)
(2 815)
Total expected credit losses
(3 435)
(363)
(64)
(27)
(91)
(2 890)
Total net trade receivables
88 059
75 821
9 138
959
485
1 656
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
41
31 December 2023
Total
Not overdue
0-30 days
31-60 days
61-90 days
over 90 days
Gross trade receivables
72 438
59 279
6 870
1 055
703
4 531
Group analysis
Gross value of trade receivables analysed
on grouped level
69 236
59 279
6 870
1 055
430
1 602
Expected credit loss ratio
0,01%-0,05%
0,1-5%
0,7%-25%
0,8%-50%
0,9%-100%
Expected credit losses (impairment loss for
customers analysed at groups level)
(295)
(233)
(33)
(15)
(3)
(11)
Individual analysis
Gross value of trade receivables analysed
on individual level
3 202
-
-
-
273
2 929
Impairment loss on individual customers
(2 876)
-
-
-
(273)
(2 603)
Total expected credit losses
(3 171)
(233)
(33)
(15)
(276)
(2 614)
Total net trade receivables
69 267
59 046
6 837
1 040
427
1 917
The individual analysis is carried out in relation to customers for which indicators described in the policy in note 3.13
have been identified, i.e. most often overdue for over 90 days, which results in the customer being transferred for debt
collection. The allowance for expected credit losses for this group of customers is determined taking into account the
terms and conditions of insurance, provided that the customer is subject to insurance, i.e. the allowance includes the
own contribution in accordance with the concluded agreement. In relation to receivables analysed individually, the part
not covered by the write-down relates to the insured receivables.
In relation to the remaining customers, analysed in groups with the use of the provisions matrix, expected credit loss
ratios are determined separately for insured receivables (lower range limits shown in the table above) and uninsured
receivables (main range limits). Expected credit loss ratios are determined separately for each company in the Group.
14. Cash and cash equivalents
31 December
2024
31 December
2023
Cash in hand and at bank
39 128
69 927
Total cash and cash equivalents
39 128
69 927
Apart from cash disclosed in the statement on financial position, the Parent Company has a separate bank account for
the funds of the Company Social Benefits Fund (ZFŚS) which are presented under other receivables in their net amount
together with liabilities towards the ZFŚS and receivables under loans granted. As at 31 December 2024, these funds
amounted to PLN 64 thousand and as at 31 December 2023 - PLN 74 thousand. The Company may use these funds only
in the manner provided for by the law with regard to the ZFŚS funds.
As a result of implementation of VAT split payment mechanism, the Parent Company has dedicated VAT bank accounts,
where VAT amounts from invoices settled by the vendors of TOYA S.A. will be transferred. Funds collected in these VAT
accounts may only be used for VAT settlements concerning invoices received and settlements of tax liabilities. As at 31
December 2024, the cash balance in these VAT accounts totalled PLN 986 thousand (31 December 2023: PLN 265
thousand). In line with the Management Board's judgment, restrictions on the disposition of these funds resulting from
tax regulations do not affect their classification as cash and cash equivalents, as the Company uses them on an ongoing
basis to settle short-term tax liabilities.
Apart from the ZFŚS funds, as at 31 December 2024 and 31 December 2023, the Group did not have any cash of limited
disposability.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
42
15. Additional explanation to the cash flow statement
Reconciliation of changes in balance sheet items as shown in the consolidated statements of financial position and in the
consolidated statements of cash flows:
Adjustments
12 month period ended
31 December 2024
Balance sheet
change
Impact of currency
translation of
foreign
subsidiaries
Valuation of
cash in foreign
currency
Valuation of
granted
guarantees and
sureties
Actuarial
gains/losses
recognised in
comprehensive
income
Change in
statement of
cash flows
Change in trade and other
receivables
(49 610)
2 586
-
-
-
(47 024)
Change in inventories
(209 821)
936
-
-
-
(208 885)
Change in provisions
406
5
-
-
-
411
Change in trade and other
payables
128 666
(2 913)
-
(35)
-
125 718
Change in employee
benefit liabilities
1 939
(51)
-
-
18
1 906
Change in cash
(30 799)
(407)
(328)
-
-
(31 534)
Adjustments
12 month period ended
31 December 2023
Balance sheet
change
Impact of currency
translation of foreign
subsidiaries
Impact of
advances paid
on fixed assets
Actuarial gains/losses
recognised in comprehensive
income
Change in
statement of
cash flows
Change in trade and other
receivables
17 302
(10 674)
(337)
-
6 291
Change in inventories
53 886
(11 146)
-
-
42 740
Change in provisions
(135)
57
-
-
(78)
Change in trade and other
payables
(12 198)
12 448
-
-
250
Change in employee
benefit liabilities
610
563
-
(38)
1 135
Change in cash
31 091
3 653
-
-
34 744
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
43
16. Share capital
As at 31 December 2024, the share capital amounts to PLN 7 504 222.60 and comprises 75 042 226 shares with a par
value of PLN 0.1 each.
All of the shares are paid up. The ownership structure and the percentage of the Company's shares held as at 31
December 2024, based on the information provided to the Company by the shareholders, are presented in the table
below.
Name
Status
Number of
shares
Type of shares
Par value per share
(PLN)
Par value of
the shares
(PLN)
Structure (%)
Jan Szmidt
natural person
28 284 304
ordinary bearer
0.1
2 828 430.40
37.69%
Romuald Szałagan
natural person
9 652 290
ordinary bearer
0.1
965 229.00
12.86%
Generali OFE
legal person
5 001 147
ordinary bearer
0.1
500 114.70
6.66%
Others - share below
5%
not applicable
32 104 485
ordinary bearer
0.1
3 210 448.50
42.79%
TOTAL
75 042 226
7 504 222.60
100.00%
17. Retained earnings and dividend per share
On 26 June 2024, the General Meeting of Shareholders of Toya S.A. approved the financial statements of TOYA S.A. and
consolidated financial statements of TOYA S.A. Capital Group for 2023 and decided to transfer the profit of TOYA S.A. for
2023 in the amount of PLN 52 895 thousand to supplementary capital.
In line with the provisions of the Commercial Companies Code, retained earnings are used to create statutory reserve
funds, to which at least 8% of the profit generated in a given financial year is transferred until the statutory reserve funds
reach at least one-third of the share capital, i.e. in the case of the Parent Company – PLN 2 501 thousand as at
31 December 2024. These statutory reserve funds are exempt from distribution among shareholders and may only be
used to cover losses. As at 31 December 2024 and 31 December 2023, the supplementary capital was created in the
required amount.
The retained earnings as at 31 December 2024 represent result for the current year, supplementary capital created from
the Parent Company’s profits from previous years, accumulated profits of other companies from previous years and the
result on the buyout of the minority shareholder in the amount of PLN (6 270) thousand.
In 2024 and 2023, the Parent Company did not pay any dividend.
The Company's Management Board did not present a proposal for the division of the financial result for 2024.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
44
18. Loans and borrowings liabilities
31 December
2024
31 December
2023
Bank loan liabilities, including
33 840
-
– long-term
-
-
– short-term
33 840
-
The table shows the reconciliation of changes in debt due to bank loans:
Revolving
bank loans
Non-revolving
bank loans
Bank loans
TOTAL
As at 1 January 2023
41 929
40 238
82 167
Increase in loans
-
-
-
Interest for the period (note 28)
1 145
1 659
2 804
Interest repaid
(1 352)
(1 897)
(3 249)
Loan repaid
(41 722)
(40 000)
(81 722)
As at 31 December 2023
-
-
-
Increase in loans
31 971
33 726
65 697
Interest for the period (note 28)
451
201
652
Interest repaid
(451)
(88)
(539)
Loan repaid
(31 971)
-
(31 971)
As at 31 December 2024
-
33 840
33 840
- long-term
-
-
- short-term
-
33 840
33 840
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
45
Description of loan agreements:
Borrower
Object and value of agreement
Name of the Bank / covering
bonds / granting loans
Loan amount as
per agreement as
at 31 December
2024
Amount
outstanding as at
31 December
2024
Amount
outstanding as at
31 December
2023 (*)
Current interest rate
Date of expiry
TOYA S.A.
Overdraft credit facility agreement BDK/KR-
RB/000054601/0641/10
Bank Handlowy w Warszawie
S.A.
40 000
-
-
WIBOR 1 M
+ bank’s margin
12 December 2025
TOYA S.A.
Overdraft credit facility agreement
WAR/8833/20/326/CB
BNP Paribas Bank Polska S.A.
with its registered office in
Warsaw
25 000
-
-
WIBOR 1 M
+ bank’s margin
17 December 2025
TOYA S.A.
Overdraft credit facility agreement
09/030/19/Z/VV
mBank S.A. with its registered
office in Warsaw
60 000
-
-
WIBOR ON
+ bank’s margin
27 March 2025
Yato Tools (Shanghai) Co. Ltd.
Short-term working capital loan agreement
CITIBANK (CHINA) CO., LTD.
SHANGHAI BRANCH
headquartered in the People's
Republic of China
33 726
33 840
Not applicable –
contract
concluded in
2024.
LPR
+ bank’s margin
12 March 2025
Total liabilities, of which:
158 726
33 840
-
– short-term portion
158 726
33 840
-
– long-term portion
-
-
-
(*) the amount used is presented together with interest due and not repaid as at 31 December 2024
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2024
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
46
During the year ended on 31 December 2024, there were no significant changes to the contractual terms of the loans or
expected cash flows.
The bank margins relating to the loans listed above do not exceed 1%.
The value of mortgage collaterals was determined as a sum of collaterals established for individual banks, in the amounts
required by the banks (in the amount resulting from the agreement). The book value of mortgaged assets was PLN 9 671
thousand as at 31 December 2024 (PLN 10 122 thousand as at 31 December 2023). The value of the assignment of
receivables in the amount of PLN 13 004 thousand (PLN 9 376 thousand as at 31 December 2023) has been determined
at the carrying amounts of the assets provided as security. The value of the security in the form of transfer of ownership
of inventory together with the assignment of rights from the insurance policy was set at the maximum amount resulting
from the contracts and amounts to PLN 50 109 thousand as at 31 December 2024 and 2023.
The securities apply throughout the term of loan agreements. The Company has limited abilities to dispose of the
mortgaged assets. In the case of assignments of trade receivables, the Company is obliged to refrain from any legal or
actual actions resulting in restrictions on the Company’s ability to dispose of these receivables. In addition, the Company
agreed that throughout the loan period, without the bank's prior consent, it would not grant loans or guarantees to other
entities.
Effective interest rate for loans
The effective interest rates are close to the nominal interest rates calculated in line with the terms of the agreements
described above. As at 31 December 2024, the weighted average cost of loans (excluding commission) was 5.77 % (as at
31 December 2023 – 7.24%).
Fulfilment of contractual provisions
As at 31 December 2024, the Group did not default on its debt repayment obligations or on any other of its obligations
under loan agreements in a manner which would result in an acceleration of debt repayment.
The loan agreements concluded by the Parent Company provide that throughout the entire loan period, the borrower
undertakes to maintain the capitalization ratio and debt ratio at the agreed level and to maintain inflows to bank accounts
in the agreed amount, in accordance with the terms of the loan agreements.
The credit agreement concluded by Yato Tools (Shanghai) Co. Ltd provides that during the credit period the borrower
may not, without the prior written consent of the bank, create or allow any security on any of its assets, or dispose of
any of its assets on such terms that they would be re-acquired or leased by the borrower or its affiliate (the so-called
Negative Pledge clause).
The credit agreement concluded by Yato Tools (Shanghai) Co. Ltd is covered by the guarantee of the Parent Company
(see point 31).
The Group has good relationships with banks, and in its activity to date it had no problems with
renewal of bank loans. Based on this, the Management Board believes that the risk resulting from short-term financing
is not significant.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
47
19. Trade and other payables
31 December
31 December
2024
2023
Trade payables to related parties
-
-
Trade payables to third parties
197 912
73 186
Total trade payables
197 912
73 186
Tax liabilities
8 328
6 386
Liability due to expected goods returns
930
589
Prepayments received
2 826
1 383
Other payables to third parties
866
669
Liabilities arising from guarantees and sureties granted
40
-
Deferred income - subsidies received
1 186
1 209
Total other current payables
14 176
10 236
Total
212 088
83 422
Advances received represent contractual obligations in accordance with IFRS 15.
An average payables payment period is 93 days.
During the year ended 31 December 2024, the Group recognized revenues in the amount of PLN 1 383 thousand, which
were classified as prepayments at the beginning of the period.
20. Liabilities from employee benefits
31 December
31 December
2024
2023
Provisions for retirement benefits, disability pensions and for death benefits
756
678
Liabilities from employee benefits – non-current portion
756
678
Provisions for retirement benefits, disability pensions and for death benefits
47
53
Payroll liabilities
11 841
10 258
Unused holidays
2 277
1 993
Liabilities from employee benefits – current portion
14 165
12 304
The Parent Company pays retirement benefits, disability pensions and death benefits in accordance with the Labour
Code, in the amount of a one month’s remuneration. The amount of provision for retirement benefits, disability pensions
and death benefits as at 31 December 2024 and 31 December 2023 was estimated by an actuary. The basic assumptions
were as follows:
Assumptions
31 December
2024
31 December
2023
Discount rate (risk-free rate)
5.80%
5.07%
Growth rate of remunerations
- in the first year
9.00%
9.00%
- in the second year
7.00%
7.00%
- in the third year
5.00%
5.00%
- in the subsequent years
3.50%
3.50%
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
48
Assumptions concerning future mortality are determined based on statistics published by the Central Statistical Office
(GUS).
The statement of actuarial gains and losses is presented below.
31 December
2024
31 December
2023
Current value of liability as at 1 January
731
635
Current service cost
63
56
Net interest on net liability
36
40
Actuarial gains or losses, including resulting from:
(18)
38
changes in demographic assumptions
(25)
(23)
changes in financial assumptions
(23)
144
ex post adjustments of actuarial assumptions
30
(83)
Benefits paid
(8)
(38)
Current value of liability as at 31 December
804
731
Total expenses recognised in profit or loss in respect of future employee benefits amounted to PLN 98 thousand in 2024
and PLN 96 thousand in 2023 and were recognised in administrative expenses. Actuarial gains incurred in 2024 amounted
to PLN 18 thousand (in 2023: losses amounted to PLN 38 thousand) and were recognised in other comprehensive income.
Sensitivity analyses of liability under defined benefits (retirement benefits, disability pensions and death benefits) to
changes in main weighted estimates as at 31 December 2024 are as follows:
Assumption
Changes in the
assumption
Increase in the
assumption
Decrease in the
assumption
technical discount rate
1%
(40)
43
salaries growth rate in the Company
1%
90
(79)
turnover ratio
1%
(33)
36
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In
practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the pension liability recognised within the statement of financial position.
The methods and types of assumptions used for preparing the sensitivity analysis did not change compared to the
previous period.
The table below contains the profile of the forecast cash flows in the coming years, by relevant benefits. These values
take into account the nominal amounts paid out and their probability.
name of benefit
1st year
2nd year
3rd year
4th year
5th year
6th year (and
further)
retirement benefit
36
11
63
34
47
3 062
disability pension
3
3
3
3
3
37
death benefit
12
14
14
16
18
581
total
51
28
80
53
68
3 680
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
49
21. Lease liabilities
The Group has the right of perpetual usufruct of land and uses warehouses, offices, servers, passenger cars and forklifts
on the basis of rental and leasing contracts. The change in liabilities resulting from these contracts, taking into account
the impact of adoption of IFRS 16, is presented below.
2024
2023
Lease liability as at January 1
31 937
25 934
New lease contracts
5 861
-
Modification of the terms of the contract
586
16 310
Accrued interest
2 045
1 491
Lease payments (*)
(11 570)
(10 249)
Valuation of contracts in foreign currencies and currency translation differences
1 052
(1 549)
Lease liability as at December 31
29 911
31 937
(*) lease payments include net amounts paid, according to invoices, including both capital instalments and interest.
In 2024, the Group modified lease agreements, described in note 10.
Undiscounted future cash flows are presented below.
31 December
2024
31 December
2023
up to 1 year
12 449
9 131
1–3 years
12 432
19 243
3–5 years
4 959
5 366
more than 5 years
4 511
6 505
Total
34 351
40 245
The costs recognized in the result for the period in relation to concluded lease agreements are presented below.
2024
2023
Amortization and depreciation
8 861
8 682
Interest
2 046
1 632
Exchange rate differences
(233)
(575)
Total
10 674
9 739
During the year ended 31 December 2024, the Group incurred costs in connection with the short-term lease agreements
in the amount of PLN 17 thousand and low-value lease agreements in the amount of PLN 24 thousand. Total cash outflow
from leases in 2024 amounted to PLN 10 021 thousand, excluding VAT (of which PLN 9 980 thousand relates to lease
agreements recognized as right-of-use assets and PLN 41 thousand to short-term lease agreements).
Information on leased assets is presented in note 10.
The maturity analysis of lease liabilities is presented in note 6.3.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
50
22. Provisions
2024
2023
As at 1 January
1 593
1 728
Provision created
1 591
1 196
Provision utilised
(1 162)
(1 268)
Currency translation differences
(23)
(63)
As at 31 December
1 999
1 593
including short-term
1 999
1 593
The provision for guarantee repairs is created in accordance with the policy described in note 3.22. The obligation of the
Company to incur the costs of guarantee repairs results from general provisions on surety and guarantee granted to
certain product groups. It is to be used within less than 12 months, and the amount is estimated based on historical costs
of guarantee repairs borne; thus, the uncertainty towards its value should not have a material impact on the Company’s
future results. Provisions are recognised in the financial result under “costs of goods and materials sold”.
23. Operating segments
Identification of operating and reporting segments
The Management Board of the Parent Company makes decisions related to the Company’s operations from the
perspective of distribution channels and geographical coverage.
The Group specifies four operating and reporting segments for its activities:
• sales on local markets (Poland, Romania) to retail networks;
• sales on local markets (Poland, Romania and China) – wholesale market;
• export sales;
• retail sales.
As part of the retail networks segment, the Group cooperates with large retail networks throughout Poland and Romania.
Wholesale on all markets where the Group holds its entities is conducted through a network of wholesalers and stores.
Foreign markets are supported using sales department of the Parent Company and subsidiaries Yato Tools (Shanghai) Co.
Ltd. and Yato Tools (Jiaxing) Co. Ltd. As part of retail sales, sales are mainly realized through an online store and popular
online platforms.
Data analysed by the Management Board of the Parent Company for segment description is consistent with the data
disclosed in the statement of comprehensive income.
The Group did not record revenue from sale to a single external customer exceeding 10% of total sales revenue.
As at 31 December 2024, the Group’s assets amounted to PLN 787 155 thousand, and the Group’s liabilities amounted
to PLN 297 264 thousand and were related only to trading activities. The Management Board of the Parent Company
does not examine the assets of the Group for each segment separately.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
51
The Parent Company has no non-current assets located abroad. Non-current assets of the subsidiaries are located outside
of Poland. The net value of property, plant and equipment located in Romania as at 31 December 2024 is PLN 4 167
thousand and located in China is PLN 45 421 thousand (as at 31 December 2023: Romania – PLN 4 098 thousand, China
– PLN 41 350 thousand).
12 months ended
31 December 2024
EXPORT SALES
WHOLESALE
MARKET
RETAIL
NETWORKS
RETAIL SALES
TOTAL
Sales revenue
Sales to external customers by geographical area:
Poland
-
265 347
84 995
80 961
431 303
Romania
-
66 013
11 901
1 149
79 063
China
-
27 625
-
2 987
30 612
Other countries
280 030
-
-
-
280 030
Total segment revenue
280 030
358 985
96 896
85 097
821 008
Cost of goods sold
Sales to external customers
(201 381)
(228 562)
(66 820)
(45 863)
(542 626)
Total costs of goods sold
(201 381)
(228 562)
(66 820)
(45 863)
(542 626)
Gross profit
78 649
130 423
30 076
39 234
278 382
Gross profit margin
28%
36%
31%
46%
34%
12 months ended
31 December 2023
EXPORT SALES
WHOLESALE
MARKET
RETAIL
NETWORKS
RETAIL SALES
TOTAL
Sales revenue
Sales to external customers by geographical area:
Poland
-
253 196
65 208
48 538
366 942
Romania
-
75 296
10 521
915
86 732
China
-
30 414
-
2 933
33 347
Other countries
245 375
-
-
-
245 375
Total segment revenue
245 375
358 906
75 729
52 386
732 396
Cost of goods sold
Sales to external customers
(173 198)
(233 374)
(54 163)
(27 610)
(488 345)
Total costs of goods sold
(173 198)
(233 374)
(54 163)
(27 610)
(488 345)
Gross profit
72 177
125 532
21 566
24 776
244 051
Gross profit margin
29%
35%
28%
47%
33%
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
52
24. Sales revenue
12 months ended
31 December 2024
12 months ended
31 December 2023
Sales revenue
Sales of goods for resale
821 008
732 396
Total sales revenue
821 008
732 396
The geographical structure of revenues from sales has been presented below. Moreover, in the report on the Group's
activities, the Group also presented information by brand.
12 months ended
31 December
2024
12 months ended
31 December
2023
Sales revenue
Share
Sales revenue
Share
Europe, incl.:
200 793
24.5%
183 765
25.1%
Ukraine
49 796
6.1%
43 081
5.9%
Hungary
28 516
3.5%
23 905
3.3%
Belarus
20 458
2.5%
23 224
3.2%
Russia
14 148
1.7%
13 968
1.9%
Czech Republic
16 459
2.0%
11 786
1.6%
Lithuania
13 685
1.7%
13 819
1.9%
Moldova
12 160
1.5%
8 708
1.2%
Bulgaria
10 098
1.2%
10 057
1.4%
Greece
5 980
0.7%
6 969
1.0%
Latvia
5 225
0.6%
5 189
0.7%
Asia, incl.:
31 922
3.9%
29 503
4.0%
United Arab Emirates
6 442
0.8%
2 941
0.4%
Africa, incl.:
23 390
2.8%
17 122
2.3%
Democratic Republic of the Congo
5 414
0.7%
4 254
0.6%
South America, incl.:
14 862
1.8%
9 702
1.3%
Chile
9 602
1.2%
6 754
0.9%
Central America, incl.:
8 271
1.0%
4 846
0.7%
Guatemala
5 355
0.7%
3 068
0.4%
Australia and Oceania
740
0.1%
437
0.1%
North America
52
0.0%
0
0.0%
Total export
280 030
34.1%
245 375
33.5%
Poland
431 303
52.5%
366 942
50.1%
Romania
79 063
9.7%
86 732
11.8%
China
30 612
3.7%
33 347
4.6%
Total sales revenue
821 008
100.0%
732 396
100.0%
The Group has been present on the markets of Eastern Europe for a long time. Despite its long presence on these markets,
the Group did not have any assets there, and transactions with local customers were of a short-term nature. The Russian-
Ukrainian conflict that started with hostilities on 24 February 2022 disrupted trade relations in these markets, resulting
in a temporary freezing of relations with some clients or suspension of cooperation. It should be emphasized that the
Group complied with all sanctions imposed by the Polish government, European Union structures, governments of other
countries and international institutions on entities, persons and goods indicated in the relevant legal acts. TOYA S.A. has
implemented appropriate procedures in this regard. However, the implemented procedures and the need to verify and
comply with all economic sanctions resulted in a slowdown in trade with customers from these markets, which is,
however, beyond the Group’s control. This may impact trade with customers present in these markets in future quarters.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
53
25. Costs by type and cost of goods for resale sold
12 months ended
31 December 2024
12 months ended
31 December 2023
Amortisation and depreciation
19 432
16 355
Material and energy consumption
10 798
8 341
Third-party services:
56 600
38 893
costs of transportation
20 935
14 226
warehouse services (costs of servicing of external warehouses)
1 677
201
space rental costs not included in the lease liabilities and service charges for lease agreements
2 995
2 477
IT and telecommunications costs
3 633
3 320
costs of accessing online sales platforms
10 196
6 849
legal, audit and consulting costs
5 938
3 827
other external services
11 226
7 993
Taxes and fees
3 670
2 817
Costs of employee benefits
90 941
75 895
Other costs by type
13 834
14 947
Value of goods for resale and materials sold
542 626
488 345
Total costs by type and value of goods for resale sold
737 901
645 593
Selling costs, including:
144 091
114 314
amortisation and depreciation
13 890
11 404
costs of employee benefits
62 559
51 332
Administrative expenses, including:
51 184
42 934
amortisation and depreciation
5 542
4 951
costs of employee benefits
28 382
24 563
Cost of goods for resale sold
542 626
488 345
Total
737 901
645 593
The Group does not conduct important R&D activities.
26. Cost of employee benefits
12 months ended
31 December 2024
12 months ended
31 December 2023
Salaries for employment contracts and appointment contracts
69 465
60 581
Wages of temporary workers
5 929
1 946
Cost of social insurance
11 768
10 308
Cost of provision for unused leaves
288
143
Cost of provision for retirement benefits
90
58
Pension benefits paid
8
38
Cost of other employee benefits
3 393
2 821
Total cost of employee benefits
90 941
75 895
Below is the average annual number of employees in terms of one FTE:
12 months ended
31 December 2024
12 months ended
31 December 2023
Total employees – the average number of employees per year per FTE
559
530
Total employees – at the end of the period
594
550
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
54
27. Other operating revenue and expenses
OTHER OPERATING REVENUE
12 months ended
31 December 2024
12 months ended
31 December 2023
Gain on sale of property, plant and equipment
1 344
27
Surplus of FX gains over FX losses on operating activities
3 513
2 954
Revenue from other sales
19
14
Compensation received
419
15
Donations received
336
248
Other operating revenue
260
172
Total other operating revenue
5 891
3 430
OTHER OPERATING REVENUE
12 months ended
31 December 2024
12 months ended
31 December 2023
Loss on liquidation of property, plant and equipment
10
-
Cost of other sales
179
179
Penalties and fines paid
506
631
Court and debt recovery fees
98
3
Donations given
5
5
Transport claims compensation losses (net)
390
Other
137
102
Total other operating revenue
1 325
920
28. Financial revenue and expenses
FINANCIAL REVENUE
12 months ended
31 December 2024
months ended
31 December 2023
Interest on cash in bank accounts
1 093
538
Valuation of granted financial guarantees and sureties
5
5
Total financial revenue
1 098
543
FINANCIAL EXPENSES
12 months ended
31 December 2024
12 months ended
31 December 2023
Interest and commissions on loans
652
2 805
Interest on lease liabilities
1 925
1 491
Valuation of granted financial guarantees and sureties
40
-
Total financial expenses
2 617
4 296
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
55
29. Income tax
The reporting periods presented in these financial statements cover the following tax periods:
• from 1 January 2024 to 31 December 2024,
• from 1 January 2023 to 31 December 2023.
12 12 months ended
31 December 2024
12 12 months ended
31 December 2023
Current tax
18 777
16 699
Deferred tax
(1 312)
(5)
Total income tax
17 465
16 694
In all the years presented, the applicable corporate income tax rate was 19% in the Parent Company, 16% in the Romanian
subsidiary and 25% in subsidiaries in China 3.1.
Reconciliation of the theoretical tax on the pre-tax profit and the statutory tax rate with the income tax expense
recognised in profit or loss is presented in the table below:
12 months ended
31 December 2024
12 months ended
31 December 2023
Profit before tax
85 883
85 012
Tax rate applicable in the period
19%
19%
Tax calculated at the applicable tax rate
16 318
16 152
Tax effect of the following items:
- permanent tax differences – revenues
26
-
- permanent tax differences – costs
535
375
- temporary tax differences for which no asset was created
41
104
- adjustment of tax from previous years
(47)
(1)
Tax credits
(178)
(234)
Difference between tax rates applicable in other countries
770
298
Income tax recognised in profit or loss
17 465
16 694
The provisions on VAT, CIT, PIT or social security contributions frequently change, often resulting in the absence of any
established regulations or legal precedents for reference. The regulations in effect tend to be unclear, thus leading to
differences in opinions as to legal interpretation of fiscal regulations, both between state authorities themselves and
between state authorities and entrepreneurs.
Tax declarations and other settlements (e.g. customs or foreign exchange) can be audited by authorities which are
authorised to impose high fines, and the additional liabilities arising from such audits have to be paid including high
interest. In the light of the above, the tax risk in Poland is higher than usual tax risk in countries with better-developed
tax systems.
Therefore, the amounts disclosed in the financial statements may change at a later date, following final determination of
their amount by the competent tax authorities.
Effective 15 July 2016, the Polish Tax Code was amended for the General Anti-Abuse Rule (GAAR) provisions. GAAR is
intended to prevent the creation and use of artificial legal arrangements to avoid payment of tax in Poland and defines
tax avoidance as an act carried out primarily in order to achieve a tax benefit, contrary in the circumstances to the object
and goal of a provision of a tax act, which shall not result in a tax benefit, if the mode of action was not genuine. All
unjustified (i) split of operations, (ii) involvement of intermediary entities without any economic or business justification,
(iii) elements that compensate or exclude each other and (iv) other actions with a similar effect to the previously
mentioned, may be considered as prerequisites of artificial activities subject to GAAR. The new regulation will require
significantly more judgement in assessment of the tax consequences of particular transactions.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
56
The GAAR clause is effective with respect to transactions performed following its entry into force as well as transactions
that were carried out before, but the benefits were / are being achieved after the date of its entry into force.
Implementation of the above provisions will enable the Polish tax authorities to challenge legal arrangements by the
taxpayers such as group’s restructurings and reorganizations.
The Group recognizes current and deferred income tax assets and liabilities using IAS 12 Income tax based on profit (tax
loss), tax base, unsettled tax losses, unused tax exemptions and tax rates, taking into account assessment of uncertainties
related to tax settlements.
If there is uncertainty over where or not and in what scope the tax authority will accept tax accounting for transactions,
the Company recognizes these settlements taking into account an uncertainty assessment.
Deferred income tax
As at 31 December 2024
Assets
Liabilities
Net
As at
1 January
2024
Net
Recognised in
profit or
loss/equity
Non-current assets
Difference between tax and accounting depreciation
rates of property, plant and equipment and intangible
assets
-
971
(971)
(1 019)
48
Right-of-use assets
5 071
(5 071)
(5 516)
445
Current assets
Write-down of inventories and unrealized margin
3 830
-
3 830
3 057
773
Asset for expected returns
-
108
(108)
(72)
(36)
Inventory – goods on their way to customers
-
238
(238)
Write-down of receivable
400
-
400
374
26
Receivables for unfinished deliveries of goods
341
-
341
Balance-sheet valuation of receivables denominated in
foreign currencies and other adjustments
-
807
(807)
(736)
(71)
Balance-sheet valuation of cash in foreign currency
-
-
-
1
(1)
Long-term liabilities
Liabilities from finance leases
3 492
-
3 492
4 570
(1 078)
Provision for retirement benefits
144
-
144
129
15
Financial guarantees granted
12
-
12
5
7
Short-term liabilities
Provisions for liabilities
520
-
520
442
78
Balance sheet valuation of short-term liabilities
-
39
(39)
24
(63)
Provisions for unused vacation and bonuses
1 712
-
1 712
1 468
244
Liabilities from finance leases
1 920
-
1 920
1 194
726
Provisions for guarantee repairs
311
-
311
230
81
Total assets and liabilities
12 682
7 234
5 448
4 151
1 194
Total deferred income tax, of which
12 682
7 234
5 448
4 151
1 194
– recognised in profit or loss
1 312
– recognised in equity (*)
(118)
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
57
As at 31 December 2023
Assets
Liabilities
Net
As at
1 January
2023
Net
Recognised in
profit or
loss/equity
Non-current assets
Difference between tax and accounting depreciation
rates of property, plant and equipment and intangible
assets
-
1 019
(1 019)
(786)
(233)
Right-of-use assets
-
5 516
(5 516)
(4 474)
(1 042)
Current assets
Write-down of inventories and unrealized margin
3 057
-
3 057
3 086
(29)
Asset for expected returns
-
72
(72)
(17)
(55)
Write-down of receivable
374
-
374
402
(28)
Balance-sheet valuation of receivables denominated in
foreign currencies and other adjustments
6
742
(736)
(638)
(98)
Balance-sheet valuation of cash in foreign currency
1
-
1
-
1
Long-term liabilities
Liabilities from finance leases
4 570
-
4 570
3 061
1 509
Provision for retirement benefits
129
-
129
108
21
Financial guarantees granted
5
-
5
6
(1)
Short-term liabilities
Provisions for liabilities
490
24
466
161
305
Provisions for unused vacation and bonuses
1 468
-
1 468
1 344
124
Accrued interest
-
-
-
85
(85)
Liabilities from finance leases
1 194
-
1 194
1 565
(371)
Provisions for guarantee repairs
230
-
230
252
(22)
Total assets and liabilities
11 524
7 373
4 151
4 155
(4)
Total deferred income tax, of which
11 524
7 373
4 151
4 155
(4)
– recognised in profit or loss
5
– recognised in equity (*)
(9)
(*) applies to deferred tax from actuarial losses and exchange differences from translation of deferred tax assets recognised in other comprehensive income
Of the above-reported value of net deferred tax assets, the amount of PLN 181 thousand, as at 31 December 2024
(provision), concerns items that the Parent Company expects to realise over a period exceeding 12 months. There are no
temporary differences related to investments in subsidiaries for which a deferred tax provision should be created.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
58
30. Earnings per share
12 months ended
31 December 2024
12 months ended
31 December 2023
Net profit
68 418
68 318
Weighted average number of ordinary shares (’000)
75 042
75 042
Basic earnings per share from continuing operations (PLN)
0.91
0.91
Net profit attributable to ordinary shareholders used to calculate diluted earnings
per share
68 418
68 318
Weighted average number of ordinary shares used for calculating basic earnings
per share (’000)
75 042
75 042
Dilution impact:
-
-
Adjusted weighted average number of ordinary shares used for calculating diluted
earnings per share (’000)
75 042
75 042
Diluted earnings per share from continuing operations (PLN)
0.91
0.91
Basic earnings per share were calculated by dividing the net profit by the weighted average number of ordinary shares
during the period.
As at 31 December 2024 and 2023, there were no diluting factors.
31. Financial guarantees granted and received
As at 31 December 2024, the companies belonging to the Group were parties to the following guarantee agreements in
connection with their operations, granted by the following entities:
No
Principal
Guarantor
Subject matter and value
Guarantee
amount
Date of expiry
1
TOYA S.A.
Bank Handlowy S.A. w
Warszawie
Guarantee of proper performance-timely payment
for the lease of warehouses in Nadarzyn by TOYA
S.A.
613 352.19 EUR
28 February 2025 (*)
2
TOYA S.A.
Sopockie Towarzystwo
Ubezpieczeń ERGO
Hestia S.A.
Security for amounts due for customs duties, taxes
and other fees in relation to goods subject to release
for circulation on the basis of a customs declaration
by TOYA S.A.
270 000 PLN
31 December 2024 (**)
3
TOYA
Romania S.A.
BRD Groupe Societe
Generale
Warehouse rental payment guarantee in Bucharest
335 491 EUR
3 August 2025
(*) after the balance sheet date, the guarantee amount was increased to EUR 638 698.83 and the guarantee validity period was changed to 28 February
2026
(**) After the end of the year, the warranty was extended until 31 December 2025.
On 12 June 2019, TOYA S.A. granted a guarantee of payment of liabilities arising from warehouse and office rental
agreement by Toya Romania S.A. to the landlord up to the amount of EUR 115 thousand. The lease agreement was
concluded on 8 February 2019 and covers a period of 10 years, with the option of changing this period. The warranty
expires 3 months after the date of termination of the lease.
On 29 March 2024, TOYA S.A. entered into a surety agreement with Citibank (China) Company Limited-Shanghai Branch,
based in the People's Republic of China, to secure the repayment of receivables due to the bank under the conclusion by
YATO TOOLS (Shanghai) Co., Ltd of a short-term working capital loan agreement in the amount of CNY 60,000 thousand.
The agreement assumes TOYA S.A.'s surety for the liabilities of the subsidiary up to the amount of CNY 72,000 thousand.
The surety was granted until 31 August 2025. The surety was valued at fair value.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
59
32. Transactions with related entities
In 2024 and 2023, the Group effected transactions with the following related parties:
• Toyota Katowice Sp. z o.o. – entity related through key management personnel,
• Unicase Sp. z o.o. – entity related through key management personnel,
• Grzegorz Pinkosz – President of the Management Board – key management personnel,
• Maciej Lubnauer – Vice-President of the Management Board – key management personnel,
• Robert Borys – Vice-President of the Management Board – key management personnel,
• Jan Jakub Szmidt – Vice-President of the Management Board – key management personnel (from 26.06.2024),
• Piotr Mondalski – President of the Supervisory Board – key management personnel,
• Jan Szmidt – Vice-President of the Supervisory Board – key management personnel,
• Grzegorz Maciąg – Member of the Supervisory Board – key management personnel,
• Dariusz Górka – Member of the Supervisory Board – key management personnel,
• Michał Kobus – Member of the Supervisory Board – key management personnel (till 26.06.2024),
• Wojciech Bartłomiej Papierak – key management personnel,
• Beata Szmidt – Member of the Supervisory Board – key management personnel,
• Zenon Beker – Member of the Supervisory Board – key management personnel (from 26.06.2024),
In the years ended 31 December 2024 and 31 December 2023, no indications of impairment were found and therefore
receivables from related parties were not written off.
Balances due to transactions with related entities are not insured.
Information on remuneration and benefits of key management personnel and on transactions executed with such
personnel
The Management Board and the Supervisory Board comprise the key management personnel of the Company.
The remuneration and benefits paid or payable to the Company's key management personnel are as follows:
2024
2023
Remunerations and benefits under employment contracts and appointment contracts - Management Board
3 602
3 308
Social insurance (ZUS) costs borne by the Company - Management Board
21
11
Remunerations for positions held - Supervisory Board
985
750
Social insurance (ZUS) costs borne by the Company - Supervisory Board
176
122
Employee Capital Plans (PPK) financed by the Company
8
6
In 2024 and 2023, no dividend was paid to key management personnel.
In addition to the transactions listed above, the Parent Company entered into transactions with key management
personnel as indicated in the table below.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
60
Summary of transactions and balances with related entities
Trade and other
receivables
Trade and other
payables
Revenue from sales of goods
and services and other
revenues
Purchase of goods and
services
31.12.2024
1.01.2024 - 31.12.2024
Entities related through key
management personnel
2
-
87
24
Key management
-
-
142
15
Total
2
-
229
39
31.12.2023
1.01.2023 - 31.12.2023
Entities related through key
management personnel
8
-
99
-
Total
8
-
99
-
Related party transactions are entered into on arm’s length terms in the course of the Group’s day-to-day operations.
33. Material events subsequent to the end of reporting period
33.1. Conclusion of the Credit Agreement by the subsidiary YATO TOOLS (JIAXING) Co., Ltd.
On 29 January 2025, TOYA S.A. received information that YATO TOOLS (JIAXING) Co., Ltd. had applied for a working capital
loan in an amount not exceeding CNY 100,000 thousand, and on 28 February 2025, received information about the
conclusion of a Credit Agreement with Bank of Ningbo Co., Ltd., Jiaxing Branch with its registered office in the People's
Republic of China.
The subsidiary launched a loan with its use for import and export activities up to CNY 80,000 thousand for a period of
one year with the possibility of extension. The remaining terms of the Agreement do not differ from the terms commonly
used for this type of agreement.
33.2. Annex to the overdraft agreement
On 19 March 2025, TOYA S.A. concluded an Annex No. 7 to the Current Account Credit Agreement No. 09/030/19/Z/VV
with mBank S.A. based in Warsaw. Pursuant to the annex, the final repayment date of the loan was set at 26 March 2026.
The remaining terms and conditions of the Agreement do not differ from the terms and conditions commonly used for
this type of agreements.
.
TOYA S.A. CAPITAL GROUP
Consolidated financial statements for the financial year ended 31 December 2023
(amounts are expressed in PLN thousand, unless specified otherwise)
Explanatory notes constitute an integral part of these consolidated financial statements
61
Management Board of Toya S.A.:
Date
Name and surname
Position
Signature
27.03.2025
Grzegorz Pinkosz
President of the
Management Board
27.03.2025
Maciej Lubnauer
Vice-President of the
Management Board
27.03.2025
Jan Jakub Szmidt
Vice-President of the
Management Board
27.03.2025
Robert Borys
Vice-President of the
Management Board
Person responsible for bookkeeping:
Date
Name and surname
Position
Signature
27.03.2025
Iwona Banik
Chief Accountant