Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
2
Contents
Statement of financial position....................................................................................................................................... 4
Statement of profit or loss .............................................................................................................................................. 5
Statement of comprehensive income ............................................................................................................................. 6
Statement of changes in equity ...................................................................................................................................... 7
Statement of cash flows ................................................................................................................................................. 8
Accounting policy and other explanatory notes .............................................................................................................. 9
1. General information .......................................................................................................................................... 9
2. Summary of significant accounting policies .................................................................................................... 10
2.1 Basic of preparation ...................................................................................................................................... 11
2.2 Effect of new standards and interpretations on the Company’s financial statements ................................ 11
2.3 Interest in subsidiaries .................................................................................................................................. 14
2.4 Segment reporting ........................................................................................................................................ 14
2.5 Valuation of items denominated in foreign currencies ................................................................................ 14
2.6 Property, plant and equipment .................................................................................................................... 14
2.7 Intangible assets ........................................................................................................................................... 15
2.8 Leases ............................................................................................................................................................ 15
2.9 Impairment on non-financial non-current assets ......................................................................................... 16
2.10 Borrowing costs ............................................................................................................................................ 17
2.11 Financial assets ............................................................................................................................................. 17
2.12 Impairment of financial assets ...................................................................................................................... 18
2.13 Inventory ....................................................................................................................................................... 18
2.14 Cash and cash equivalents ............................................................................................................................ 19
2.15 Equity ............................................................................................................................................................ 19
2.16 Bank loan liabilities ....................................................................................................................................... 19
2.17 Trade and other payables ............................................................................................................................. 19
2.18 Current and deferred income tax ................................................................................................................. 20
2.19 Liabilities from employee benefits ................................................................................................................ 20
2.20 Provisions ...................................................................................................................................................... 21
2.21 Recognition of revenue ................................................................................................................................. 21
2.22 Dividends ...................................................................................................................................................... 22
3. Foreign currencies used in preparation of these financial statement .............................................................. 22
4. Material accounting estimates and judgements ............................................................................................. 22
5. Financial risk management .............................................................................................................................. 24
5.1 Market risk .................................................................................................................................................... 24
5.2 Credit risk ...................................................................................................................................................... 26
5.3 Liquidity risk .................................................................................................................................................. 27
5.4 Capital management ..................................................................................................................................... 29
6. Financial instruments ....................................................................................................................................... 29
7. Property, plant and equipment ........................................................................................................................ 30
8. Intangible assets .............................................................................................................................................. 32
9. Right-of-use assets ........................................................................................................................................... 33
10. Investments in subsidiaries .............................................................................................................................. 34
11. Inventory .......................................................................................................................................................... 36
12. Trade and other short-term receivables .......................................................................................................... 36
13. Cash and cash equivalents ............................................................................................................................... 38
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
3
14. Additional explanation to cash flow statement ............................................................................................... 39
15. Share capital .................................................................................................................................................... 40
16. Retained earnings and dividend per share ...................................................................................................... 40
17. Loans and borrowings liabilities ...................................................................................................................... 41
18. Trade and other payables ................................................................................................................................ 43
19. Liabilities from employee benefits ................................................................................................................... 43
20. Lease liabilities ................................................................................................................................................. 45
21. Provisions ......................................................................................................................................................... 46
22. Operating segments ........................................................................................................................................ 46
23. Sales revenue ................................................................................................................................................... 48
24. Cost by type and cost of goods sold ................................................................................................................. 49
25. Cost of employee benefits ................................................................................................................................ 49
26. Other operating revenue and expenses ........................................................................................................... 50
27. Financial revenues and expenses ..................................................................................................................... 50
28. Income tax ....................................................................................................................................................... 51
29. Earnings per share ........................................................................................................................................... 54
30. Financial guarantees granted and received ..................................................................................................... 54
31. Transactions with related entities ................................................................................................................... 55
32. Material events subsequent to the end of reporting period ............................................................................ 56
32.1 Conclusion of the Credit Agreement by the subsidiary YATO TOOLS (JIAXING) Co., Ltd .............................. 56
32.2 Annex to the overdraft agreement ............................................................................................................... 56
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
4
Statement of financial position
31 December
2024
31 December
2023
ASSETS
Note
Property, plant and equipment
7
21 033
18 302
Intangible assets
8
3 241
3 600
Right-of-use assets
9
16 100
19 848
Investments in subsidiaries
10
70 803
70 803
Deferred income tax assets
28
2 431
1 885
Non-current assets
113 608
114 438
Inventory
11
328 095
204 455
Trade and other receivables
12
52 968
33 290
Cash and cash equivalents
13
7 711
49 107
Current assets
388 774
286 852
Total assets
502 382
401 290
EQUITY AND LIABILITIES
Share capital
15
7 504
7 504
Share premium
35 677
35 677
Reserve capital
329
329
Other capitals
(89)
(104)
Retain earnings
16
356 652
300 999
Equity
400 073
344 405
Lease liabilities
20
9 647
15 417
Liabilities from employee benefits
19
756
678
Other long-term liabilities
22
27
Long-term liabilities
10 425
16 122
Trade and other payables
18
71 005
25 026
Liabilities from employee benefits
19
9 495
8 180
Lease liabilities
20
6 770
4 156
Liabilities from current income tax
3 182
2 396
Provisions
21
1 432
1 005
Short-term liabilities
91 884
40 763
Total liabilities
102 309
56 885
Total equity and liabilities
502 382
401 290
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
5
Statement of profit or loss
Note
12 months ended
31 December 2024
12 months ended
31 December 2023
22,23
627 541
571 836
22, 24
(434 874)
(407 643)
192 667
164 193
24
(100 007)
(74 142)
24
(27 265)
(23 592)
12
(88)
81
26
5 329
2 739
26
(748)
(307)
69 888
68 972
27
769
221
27
(1 727)
(3 602)
68 930
65 591
28
(13 277)
(12 696)
55 653
52 895
55 653
52 895
Earnings per share
12 months ended
31 December 2024
12 months ended
31 December 2023
Basic earnings per share in PLN
29
0,74
0,70
- from continuing operations
0,74
0,70
- from discontinued operations
-
-
Diluted earnings per share in PLN
29
0,74
0,70
- from continuing operations
0,74
0,70
- from discontinued operations
-
-
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
6
Statement of comprehensive income
Nota
12 months ended
31 December 2024
12 months ended
31 December 2023
55 653
52 895
19
18
(38)
(3)
7
15
(31)
55 668
52 864
55 668
52 864
15
(31)
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
7
Statement of changes in equity
Share capital
Share premium
Reserve capital
Other capitals
Retained earnings
Total equity
As at 1 January 2024
7 504
35 677
329
(104)
300 999
344 405
Comprehensive income
Net profit
-
-
-
-
55 653
55 653
Other comprehensive income
-
-
-
15
-
15
Total comprehensive income
-
-
-
15
55 653
55 668
Transactions with owners
Total transactions with owners
-
-
-
-
-
-
As at 31 December 2024
7 504
35 677
329
(89)
356 652
400 073
As at 1 January 2023
7 504
35 677
329
(73)
248 104
291 541
Comprehensive income
Net profit
-
-
-
-
52 895
52 895
Other comprehensive income
-
-
-
(31)
-
(31)
Total comprehensive income
-
-
-
(31)
52 895
52 864
Transactions with owners
Total transactions with owners
-
-
-
-
-
-
As at 31 December 2023
7 504
35 677
329
(104)
300 999
344 405
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
8
Statement of cash flows
Note
12 months ended
31 December 2024
12 months ended
31 December 2023
Cash flows from operating activities
Profit before tax
68 930
65 591
Adjustments for:
Amortisation and depreciation
24
11 208
9 219
Net interest
27
923
3 387
Profit/Loss on investing activities
26
(1 344)
(25)
Foreign exchange gains/losses
(247)
(638)
Other adjustments
35
(5)
Changes in balance sheet items:
Change in trade and other receivables
14
(19 678)
26 896
Change in inventories
14
(123 640)
43 415
Change in provisions
14
427
(118)
Change in trade and other payables
14
45 939
2 362
Change in employee benefit liabilities
14
1 411
990
Income tax paid
(13 040)
(9 377)
Net cash from operating activities
(29 076)
141 697
Cash flows from investing activities
Sale of property, plant and equipment
2 114
25
Purchase of property, plant and equipment and intangible assets
(8 101)
(2 076)
Purchase of shares in subsidiaries
-
-
Interest received
764
215
Net cash from investing activities
(5 223)
(1 836)
Cash flows from financing activities
Proceeds from loans
17
31 971
-
Repayments of loans
17
(31 971)
(81 722)
Repayment of lease liabilities
20
(5 419)
(6 364)
Interest paid on loans
17
(451)
(3 249)
Interests paid on leases
20
(1 236)
(798)
Net cash from financing activities
(7 106)
(92 133)
Change in net cash and cash equivalents
Balance sheet change in cash and cash equivalents, including:
(41 405)
47 728
- change in cash due to exchange rate differences
(41 396)
47 721
Cash and cash equivalents at the beginning of the period
9
(7)
Cash and cash equivalents at the beginning of the period
13
49 107
1 386
Cash and cash equivalents at the end of the period
13
7 711
49 107
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
9
Accounting policy and other explanatory notes
1. General information
Name of the reporting entity: TOYA S.A. (hereinafter referred to as the “Company”)
Legal form of the entity: Joint-stock company
Entity’s registered office address: ul. Sołtysowicka 13/15, 51-168 Wrocław
Entity’s headquarters: Wrocław
Country of registration: Poland
Primary location of entity’s operations: Poland
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).Next, pursuant to a court decision of 3 December 1999,
the Company was entered in the Commercial RHB 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.
Description of the nature and basic scope of Company’s activities
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 (Romania, Ukraine, Baltic countries,
Hungary, Belarus, Moldova, Czech Republic, Bulgaria and Germany). Moreover, in 2003 a subsidiary, TOYA Romania S.A.,
was established, whose 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 2008, the company Yato Tools (Shanghai) Co. Ltd.,
located in China, was established. The entity deals in the distribution of YATO brand tools and power tools in China and
in certain other foreign markets not supported by TOYA S.A. 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.
Duration of the Company is unlimited.
Toya S.A. is the parent company of the TOYA S.A. Capital Group.
In 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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
10
On 26 June 2024, the Supervisory Board appointed Mr. Jan Jakub Szmidt to the position of Vice-President of the
Management Board. From that day until the date of approval of this report for publication, 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;
• Jan Jakub Szmidt Vice-President of the Management Board.
In period from 1 January to 26 June 2024, the Supervisory Board was composed 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 was composed 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 financial statements of the Company cover the year ended on 31 December 2024. Comparative data is presented:
• as at 31 December 2023 - for the statement of financial position,
• for the period from 1 January 2023 to 31 December 2023 - for the statement of profit or loss and other
comprehensive income, the statement of cash flows and the statement of changes in equity.
These financial statements of the Company for the year ended 31 December 2024 were approved for publication by the
Management Board on 27 March 2025.
The Company has also prepared the consolidated financial statements for the year ended 31 December 2024, which were
approved for publication by the Management Board on 27 March 2025.
2. Summary of significant accounting policies
The most significant accounting principles applied for the drawing up of these financial statements have been presented
below. Those principles were applied in all periods presented in a continuous way, unless stated otherwise.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
11
2.1 Basic of preparation
These financial statements of the Company 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 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 31 December
2024.
The policies described below have been consistently applied to all the periods presented, except for changes resulting
from the application of new or amended IFRS from 1 January 2024, which were described below.
In these 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 financial statements have been prepared in accordance with the historical cost convention.
The preparation of financial statements in conformity with IFRS requires use of significant accounting estimates. It also
requires the Management Board to exercise judgement in the process of applying the accounting policies adopted by the
Company. 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 financial statements are disclosed in note 4.
Going concern
These financial statements have been prepared on the assumption that the Company will continue as going concerns in
the foreseeable future.
2.2 Effect of new standards and interpretations on the Company’s financial statements
These 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.
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.
This amendment did not affect the Company's financial statements.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
12
• 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.
This change had no impact on the Company's 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 affect the Company's 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.
This amendment did not affect the Company's financial statements.
b) New standards, interpretations and amendments, which are not yet effective and have not been applied early by
the Company
Standards and Interpretations - approved by the European Union, 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 Company's
financial statements.
Standards and Interpretations awaiting European Commission 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 changes are not expected to have
a significant impact on the Company's
financial statements.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
13
Standards and Interpretations
Type of anticipated change in accounting policies
Possible impact on the financial
statements
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.
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 Company's
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 Company's
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 Company's
financial statements.
As at the date of approving of these financial statements for publication, 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 Company in relation to the operations or its financial results, however as at
the date of approval of these 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 Company.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
14
2.3 Interest in subsidiaries
Interests in controlled entities are recognised at acquisition cost.
Investments in subsidiaries are tested for impairment whenever there is indication of impairment or indication that any
previously recognised impairment loss is no longer required or has decreased.
2.4 Segment reporting
Information on operating segments is presented on the same basis as that used for internal reporting to the 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
financial statements prepared in accordance with the UE IFRS.
2.5 Valuation of items denominated in foreign currencies
Functional currency
Items contained in the Company’s financial statements are measured in the currency of the primary economic
environment in which the entity operates (“functional currency”). The financial statements are presented in the Polish
zloty, which is the functional currency and the presentation currency of the Company.
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 income or other operating 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.
2.6 Property, plant and equipment
Property, plant and equipment are stated at acquisition or production cost less accumulated depreciation and potential
accumulated impairment.
The acquisition price includes the purchase price of an asset (i.e. the amount due to a seller, decreased by deductible
taxes: VAT and excise duty), 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 entity 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 Company will derive economic benefits associated with the replaced items.
Repair and maintenance costs are charged to profit or loss as incurred.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
15
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.
Correctness of the applied useful lives, depreciation methods and residual values (except where insignificant) is reviewed
by the Company 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.
2.7 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.
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.
2.8 Leases
a) Right-of-use assets
The Company 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 Company 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 assessment.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
16
Right-of-use assets are presented in the statement of financial position as a separate line item.
b) Lease liability
At the lease commencement date, the Company 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 Company 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 Company). 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 Company 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.
c) Short-term lease and lease of low-value assets
The Company 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
Company 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.
2.9 Impairment on non-financial non-current assets
As at the end of each reporting period, the Company assesses whether there is any evidence that any of its non-financial
non-current assets may be impaired. If the Company finds that there is such evidence, or if the Company is required to
perform annual impairment tests (in the case of goodwill), the Company 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 Company assesses whether there is evidence that any impairment loss
recognised in the previous periods with respect to a given asset or cash-generating unit is no longer necessary or should
be reduced. If such evidence exists, the Company measures the recoverable amount of the given asset or CGU.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
17
2.10 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.
2.11 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. A trade
receivable without a significant financing component is initially measured at the transaction price at the time it arises.
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 Company
loses control over the asset.
The Company 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 Company'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 Company 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 1 year) are
determined using effective interest rate method and recognized as “financial income” in statement of profit or loss.
Impairment losses on trade receivables are recognised in line with the accounting policy described in note 2.12 and are
recognized in cost of sales.
As at 31 December 2024 and 2023, the Company did not held any assets qualified within the remaining two categories,
i.e. (ii) measured ad fair value through profit or loss, and (iii) measured at fair value through other comprehensive income.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
18
2.12 Impairment of financial assets
The Company 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
Company 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 Company utilizes provision
matrix where a fixed provision rate applies depending on the number of days that a trade receivable is outstanding.
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). 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.
2.13 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 2.21) 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. Inventory impairment is recognised in relation to goods
which are in the permanent offer of the Company 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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
19
Impairment losses on inventory are recognised in cost of sales.
2.14 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.
2.15 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,
• other capitals include actuarial gains 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. Transaction cost related to the purchase of own shares reduces the amount of reserve capital created
for this purpose by General Shareholders Meeting.
2.16 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.
2.17 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 2.21). 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 Company 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 2.13).
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
20
According to the regulations of European Parliament and other laws in force, i.e. EU Waste Electrical and Electronic
Equipment Act, the Company, as entity that places electrical and electronic equipment, batteries, containers and
products such as oils and tires on the market, is subject to Extended Producer Responsibility, under which it is responsible
for the products at the stage when it becomes a waste. The Parent Company is obliged to finance a system for collecting
and recycling waste generated from products and packaging introduced by the Company. 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.
2.18 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 income 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 Company 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 entity level, 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 Company controls the reversal of such temporary differences
and it is probable that such differences will not reverse in the foreseeable future.
2.19 Liabilities from employee benefits
• Post-employment benefit plan – the defined contribution plan
The Company participates in the national 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 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.
• 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 Company 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
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
21
retires. The plan is fully financed by the Company. The amount of a retirement severance pay or death benefit depends
on the length of employment and average remuneration of a given employee. The Company 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.
2.20 Provisions
Provisions are created when the Company has a present 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.
2.21 Recognition of revenue
Revenue is recognised at fair value of consideration received or receivable, net of VAT, returns, rebates and discounts.
The Company 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.
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 Company 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 Company
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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
22
This right applies to customers who purchase goods at internet store toya24.pl and other shopping portals. In addition,
the Company extends the right of return of purchased goods, within limited period of time, to some of its customers. The
Company estimates the potential liability arising from these rebates and if the estimated liability is material, the Company
recognizes this amount as an offset to revenues from sales and as a liability due to expected returns in “trade liabilities”
line (note 2.17). At the same time, the Company 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 2.13).
2.22 Dividends
The obligation to pay dividends is recognized when the shareholders’ right to receive such dividends is approved.
3. Foreign currencies used in preparation of these financial statement
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
4. Material accounting estimates and judgements
Estimates and judgements are verified on an ongoing basis. Estimates and judgements used during the preparation of
the 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, are believed to be reasonable under the circumstances.
The Company 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
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 Company estimates the potential liability arising from rebates granted
to customers, and if the estimated liability is material, the Company 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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
23
• Useful lives and depreciation rates for property, plant and equipment
The Company’s Management Board determines estimated useful lives and depreciation rates for tangible non-current
assets. 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 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 than expected, respectively, and revalues technologically obsolete assets, and assets which are
not of strategic importance and whose use has been discontinued.
If the actual useful lives of property, plant and equipment had been by 10% shorter than the Management Board's
estimates, the depreciation of property, plant and equipment would have been higher by PLN 671 thousand
as at 31 December 2024 (PLN 391 thousand as at 31 December 2023).
• Lease period for contracts concluded for an unspecified period of time
The Company 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 Company 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 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 ; 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 21;
‐ other provisions resulting from claims brought against the Company – 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 2.13; for details on the amount of the write-down, see note 11.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
24
• Expected credit losses
The Company 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 Company in
estimation of the expected credit losses, in accordance with the policy described in note 2.12; for details on the amount
of the write-down, see note 12.
5. Financial risk management
The Company’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 Company’s overall risk management programme is designed to mitigate the potential effect of risk on
the Company’s financial performance. The Company 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.
5.1 Market risk
Foreign exchange risk
Currently the Company purchases significant amounts of goods from foreign suppliers, located primarily in China,
at prices denominated in foreign currencies, particularly in CNY and USD. The currency structure of trade liabilities is
presented below:
31 December 2024
31 December 2023
PLN
20%
47%
USD
7%
32%
EUR
0%
1%
CNY
73%
20%
TOTAL
100%
100%
The Company may use EUR and USD denominated credit facilities available under executed credit facility agreements. As
at 31 December 2024 and 31 December 2023, the Company has no loan liabilities denominated in foreign currencies.
As at 31 December 2024 cash in foreign currencies (EUR and USD) represented 1% of the total cash (as at 31 December
2023 - 3%).
31.3% of the Company’s revenue is generated from exports, at prices denominated in foreign currencies — mainly USD.
As at 31 December 2024, trade receivables in USD represented 14% of the total trade receivables (6% as at a 31 December
2023). In addition, 8% of the total balance are receivables denominated in EUR (as of 31 December 2023: 8%).
There is a risk that future fluctuations of exchange rates may have a negative or positive effect on the Company's financial
performance. So far, the Company has not used derivative financial instruments to hedge against the results of future
changes in exchange rates. The sensitivity of the gross financial result to the increase in the exchange rates of individual
currencies as at 31 December 2024 and 31 December 2023 by 10% is presented below, with other conditions unchanged.
The sensitivity is determined as a result of the conversion of the impact of the higher / lower exchange rate on the
revaluation of the balances of trade receivables and liabilities and others expressed in currencies.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
25
10% currency rate increase as of
31 December 2024
USD
EUR
CNY
TOTAL
Trade and other receivables
767
419
-
1 186
Trade and other payables
(412)
(2)
(4 526)
(4 940)
TOTAL impact on 2024 result
355
417
(4 526)
(3 754)
10% currency rate increase as of
31 December 2023
USD
EUR
CNY
TOTAL
Trade and other receivables
187
275
-
462
Trade and other payables
(607)
(24)
(381)
(1 012)
TOTAL impact on 2023 result
(420)
251
(381)
(550)
According to the Company’s Management Board, foreign exchange risk concentration Is low, because to a large extent
balances denominated in foreign currencies are offsetting each other.
Risk of interest rate changes affecting cash flows and fair values
As of 31 December 2024, the Company had no interest-bearing assets. As of 31 December 2024, the Company had cash
in bank accounts bearing interest based on a variable interest rate (short-term bank deposits), which exposes the
Company to the risk of changes in cash flows as a result of changes in interest rates, however, due to the amount of these
interest, the risk is not significant. The Company does not have any other interest-bearing assets.
The Company's policy envisages the use of bank loans bearing interest at variable rates. This exposes the Company to the
risk of changes in cash flows as a result of changes in interest rates. As at 31 December 2024 and 2023, the Company had
no debt under bank loans but used current account loans with variable interest rates during the year.
The Company monitors its exposure to the risk of interest rate changes affecting its cash flows and fair values. The
Company runs simulations of various scenarios, taking into consideration refinancing, roll-over of the existing positions,
and alternative financing. The Company 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 analysis of sensitivity to the risk of cash flows due to changes in interest rates presented below was prepared on the
basis of financial instruments based on variable interest rates. The financial instruments held by the Company were based
on WIBOR rates. The impact of changes in market interest rates on the financial result was calculated as the product of
the liability balances at the end of individual months of 2024 and 2023 and the assumed deviation for the WIBOR rate.
+50 basis points
-50 basis points
Effect on profit before
income tax
Effect on profit before income tax
Financial assets
Cash in bank accounts
122
(122)
Financial liabilities
Variable interest rate loans
(34)
34
Total for 2024
88
(88)
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
26
+50 basis points
-50 basis points
Effect on profit before
income tax
Effect on profit before income tax
Financial assets
Cash in bank accounts
43
(43)
Financial liabilities
Variable interest rate loans
(136)
136
Total for 2023
(93)
93
The Company does not use derivatives to hedge against the risk of interest rate changes affecting its cash flows and fair
values.
5.2 Credit risk
Credit risk arises mainly from bank deposits and credit exposures to customers, including trade receivables due.
Credit risk relating to bank deposits is considered by the Management Board as low because the Company 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.).
Credit risk relating to credit exposures to Company’s customers is considered as low by the Management Board. The
Company sells its products to 2 key customer groups: retail chains and wholesale customers (including wholesalers,
distributors and authorised retail stores). The Company sells its products on the domestic and foreign markets – mainly
countries in Central, Eastern and Southern Europe (Romania, Ukraine, Baltic countries, Hungary, Belarus, Moldova, the
Czech Republic, Bulgaria and Germany).
The table below presents the Company's sales structure by customer group and market:
Share in sales revenues
2024
2023
Domestic sales – wholesale market
42.3%
44.3%
Export
31.3%
35.8%
Domestic sales – networks
13.5%
11.4%
Domestic sales – retail chains
12.9%
8.5%
Total
100.0%
100.0%
With regards to retail chains channel, the Company sells its products to the largest chains in Poland. Credit exposures in
this customer group are rather evenly distributed. Two key retail chains jointly account for approximately 74.8 % 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 Company has established cooperation with authorised distributors, a few dozen
wholesalers across the country and stores. In the wholesale channel, the concentration of receivables in 2024 was at a
slightly lower level than in 2023. In 2024, 75% of turnover was realized by 24 customers, while in 2023 - by 18 customers.
In the case of wholesale customers, the Company implements a policy of limiting credit exposure to individual customers
by setting credit limits, which are determined individually for each contractor based on a detailed analysis of its financial
results, market position and payment discipline and the situation in the industry. The use of credit limits is regularly
monitored. A transaction exceeding the credit limit may only be executed upon authorisation by authorised persons in
accordance with an internal credit policy.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
27
The Company mitigates its credit risk by having trade receivables insured in renowned insurance company.
As at 31 December 2024, 83% of the trade receivables were insured (31 December 2023 - 86%). 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
Company also mitigates credit risk through the implementation 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 0.
The credit quality of financial assets that are neither past due nor impaired can be estimated by reference to external
credit ratings or information on historical counterparty’s payment default. Cash is deposited in banks rated A-, A+ and
BBB- (Fitch rating agency). With regard to trade receivables, the Company cooperates with reputable organizations that
provide tools for credit risk analysis, and also monitors contractors' delays in repayment on an 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 was PLN 14,912
thousand (as at 31 December 2023: PLN 51,923 thousand).
5.3 Liquidity risk
The Management Board of the Company believes that the Company’s liquidity is secured for the foreseeable future. The
Company 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 Board monitors the level of short-term liabilities and
current assets, as well as current cash flows of the Company. 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
388 774
286 852
Current liabilities
91 884
40 763
2024
2023
Cash flow from operating activities
(29 076)
141 697
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
28
The table below presents financial liabilities of the Company 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 amount
Trade and other payables
63 169
-
-
-
-
-
63 169
63 169
Lease liabilities
1 780
1 780
3 560
7 716
125
3 936
18 897
16 417
Warranty liability (*)
40 963
-
-
-
-
-
40 963
62
As at 31 December 2024
105 912
1 780
3 560
7 716
125
3 936
123 029
79 648
Trade and other payables
19 677
-
-
-
-
-
19 677
19 677
Lease liabilities
1 773
470
3 115
13 516
1 609
3 998
24 481
19 573
Warranty liability (*)
500
-
-
-
-
-
500
27
As at 31 December 2023
21 950
470
3 115
13 516
1 609
3 998
44 658
39 277
(*) the liabilities arising from the warranty 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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
29
5.4 Capital management
The Management Board of the Company defines capital as the Company’s equity. The equity held by the Company meets
the requirements provided for in the Polish Commercial Companies Code. There are no other capital requirements
imposed by external regulations.
The Company’s capital management activities are aimed at protecting the Company’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 Company also follows a rule that non-current assets are to be fully financed by equity.
31 December 2024
31 December 2023
Non-current assets
113 608
114 438
Equity
400 073
344 405
One of the important indicators from the management point of view is the equity ratio understood as the ratio of equity
to total assets.
31 December 2024
31 December 2023
Equity
400 073
344 405
Total assets
502 382
401 290
Equity ratio
80%
86%
In the period covered by these financial statements, the Company implemented the above objective.
6. 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
51 312
-
-
Cash and cash equivalents
7 711
-
-
Trade and other payables
-
63 170
62
Lease liabilities
-
16 417
-
TOTAL
59 023
79 587
62
As at 31 December 2023
Financial assets
Financial liabilities
Measured
at amortised cost
Measured
at amortised cost
Measured at
fair value
Trade receivables
32 160
-
-
Cash and cash equivalents
49 107
-
-
Trade and other payables
19 677
27
Lease liabilities
19 573
-
TOTAL
81 267
39 250
27
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
30
Revenue and expense recognised in the 2024 and 2023, financial results, relating to financial assets or financial liabilities
not measured at fair value though profit or loss are presented below:
12 months ended 31 December 2024
Financial assets
Financial liabilities
Interest income
764
-
Interest expenses
-
(1 687)
Profits on exchange differences
1 505
7 256
Losses on exchange differences
(1 222)
(4 188)
Establishment of impairment write-downs
(88)
-
Reversal of impairment write-downs
-
-
Total net profit/ (loss)
959
1 381
12 months ended 31 December 2023
Financial assets
Financial liabilities
Interest income
216
-
Interest expenses
-
(3 602)
Profits on exchange differences
2 951
6 672
Losses on exchange differences
(4 584)
(2 510)
Establishment of impairment write-downs
-
-
Reversal of impairment write-downs
81
-
Total net profit/ (loss)
(1 336)
560
Fair value estimation
In the Company'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 Company uses
market interest rates. Therefore the Company estimates that the carrying value of these liabilities also does not differ
significantly from their fair value.
7. Property, plant and equipment
31 December
2024
31 December
2023
Land
2 907
2 907
Buildings and structures
6 783
7 215
Plant and equipment
3 212
3 301
Vehicles
2 368
1 174
Other
3 024
3 103
Total
18 294
17 700
Property, plant and equipment not transferred for use
2 739
602
Total property, plant and equipment
21 033
18 302
Apart from the property, plant and equipment serving as security in respect of working capital facilities (note 17), there
are no restrictions on the use of property, plant and equipment held by the Company.
In 2024 and 2023 the Company did not capitalise borrowing costs due to the insignificancy of these amounts.
As at 31 December 2024, the Company had no commitments to expenditure on property, plant and equipment.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
31
Changes in property, plant and equipment by type
Land
Buildings and
structures
Technical equipment
and machinery
Vehicles
Other
Fixed assets not
transferred for use
Total
Initial value
As at 1 January 2024
2 907
13 597
11 046
3 132
8 087
602
39 371
Purchase
-
-
-
-
377
7 438
7 815
Liquidation
-
-
(25)
(3 122)
(30)
-
(3 177)
Reclassification
-
-
1 010
6 390
170
(5 301)
2 269
As at 31 December 2024
2 907
13 597
12 031
6 400
8 604
2 739
46 278
As at 1 January 2023
2 907
13 396
10 260
626
7 644
483
35 316
Purchase
-
-
-
-
337
1 222
1 559
Liquidation
-
-
(2)
(42)
(8)
-
(52)
Reclassification
-
201
788
2 548
114
(1 103)
2 548
As at 31 December 2023
2 907
13 597
11 046
3 132
8 087
602
39 371
Accumulated depreciation
As at 1 January 2024
-
6 382
7 745
1 958
4 984
-
21 069
Depreciation for the period
-
432
1 099
2 181
625
-
4 337
Decreases
-
-
(25)
(2 353)
(29)
-
(2 407)
Reclassification
-
-
2 246
-
-
2 246
As at 31 December 2024
-
6 814
8 819
4 032
5 580
-
25 245
As at 1 January 2023
-
5 944
6 745
539
4 373
-
17 601
Depreciation for the period
-
438
1 002
160
618
-
2 218
Decreases
-
-
(2)
(42)
(7)
-
(51)
Reclassification
-
-
1 301
-
-
1 301
As at 31 December 2023
-
6 382
7 745
1 958
4 984
-
21 069
Carrying amount
As at 31 December 2024
2 907
6 783
3 212
2 368
3 024
2 739
21 033
As at 31 December 2023
2 907
7 215
3 301
1 174
3 103
602
18 302
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
32
8. Intangible assets
31 December
2024
31 December
2023
Licences, concessions and patents, including:
1 780
2 298
– software
1 780
2 298
Other - trademarks and industrial designs
370
386
Total
2 150
2 684
Intangible assets under development
1 091
916
Total intangible assets
3 241
3 600
There are no material intangible assets produced internally by the Company.
No collateral was established on intangible assets.
Intangible assets under development include licences and software that is being implemented. No impairment was
reported for these intangible assets.
The table below presents changes in intangible assets:
Software
Trademarks and
industrial designs
Intangible assets
under development
Total
Initial value
As at 1 January 2024
6 258
790
916
7 964
Purchase
71
43
175
289
Liquidation
-
-
-
-
Reclassification
(12)
12
-
-
As at 31 December 2024
6 317
845
1 091
8 253
As at 1 January 2023
5 631
668
1 147
7 446
Purchase
-
-
518
518
Liquidation
-
-
-
-
Reclassification
627
122
(749)
-
As at 31 December 2023
6 258
790
916
7 964
Accumulated amortization
As at 1 January 2024
3 960
404
-
4 364
Amortization for the period
577
71
-
648
Liquidation
-
-
-
-
As at 31 December 2024
4 537
475
-
5 012
As at 1 January 2023
3 330
340
-
3 670
Amortization for the period
630
64
-
694
Liquidation
-
-
-
-
As at 31 December 2023
3 960
404
-
4 364
Carrying amount
As at 31 December 2024
1 780
370
1 091
3 241
As at 31 December 2023
2 298
386
916
3 600
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
33
9. Right-of-use assets
31 December
2024
31 December
2023
Perpetual usufruct right to land
1 744
1 770
Buildings
10 689
15 335
Plant and equipment
951
1 204
Vehicles
2 716
1 539
Total
16 100
19 848
Changes in the right-of-use assets are presented below:
Land
Buildings and
structures
Technical
equipment and
machinery
Vehicles
Total
Initial value
As at 1 January 2024
1 897
32 612
1 775
5 534
41 818
New lease agreements
-
-
-
2 395
2 395
Modification of lease contracts
-
103
-
-
103
Reclassification - repurchase
-
-
-
(2 269)
(2 269)
As at 31 December 2024
1 897
32 715
1 775
5 660
42 047
As at 1 January 2023
1 897
18 075
1 775
8 082
29 829
Modification of lease contracts
-
14 537
-
-
14 537
Reclassification - repurchase
-
-
-
(2 548)
(2 548)
As at 31 December 2023
1 897
32 612
1 775
5 534
41 818
Accumulated depreciation
As at 1 January 2024
127
17 277
571
3 995
21 970
Depreciation
26
4 749
253
1 195
6 223
Reclassification - repurchase
-
-
-
(2 246)
(2 246)
As at 31 December 2024
153
22 026
824
2 944
25 947
As at 1 January 2023
101
12 778
317
3 768
16 964
Depreciation
26
4 499
254
1 528
6 307
Reclassification - repurchase
-
-
-
(1 301)
(1 301)
As at 31 December 2023
127
17 277
571
3 995
21 970
Carrying amount
As at 31 December 2024
1 744
10 689
951
2 716
16 100
As at 31 December 2023
1 770
15 335
1 204
1 539
19 848
In 2024, the Company entered into a new lease agreement for passenger cars, as a result of which the right-of-use assets
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. As a result, right-of-use assets
and the lease liability were increased by PLN 103 thousand.
Lease liabilities are presented in note 20.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
34
10. Investments in subsidiaries
As at 31 December 2024 and 31 December 2023 the Company held shares in the following entities:
Country
Type of equity link
% of shares and
votes held
Value of shares
31 December 2024
Toya Romania S.A.
Romania
Subsidiary
99.99
1 885
Yato Tools (Shanghai) Co. Ltd
China
Subsidiary
100.00
20 746
Yato Tools (Jiaxing) Co. Ltd.
China
Subsidiary
100.00
48 172
70 803
31 December 2023
Toya Romania S.A.
Romania
Subsidiary
99.99
1 885
Yato Tools (Shanghai) Co. Ltd
China
Subsidiary
100.00
20 746
Yato Tools (Jiaxing) Co. Ltd.
China
Subsidiary
100.00
48 172
70 803
The Company has not identified any indications of impairment of its investments in subsidiaries.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
35
Key financial data of subsidiaries is presented in the table below (data before consolidation adjustments).
Non-current assets
Current assets
Equity
Long-term
liabilities
Short-term
liabilities
Revenues (*)
Expenses (**)
Net profit
2024
Yato Tools (Jiaxing) Co. Ltd.
44 717
177 138
86 909
252
134 694
535 875
(526 863)
9 012
Yato Tools (Shanghai) Co. Ltd.
9 059
157 505
35 448
400
130 716
224 273
(221 834)
2 439
Toya Romania S.A.
15 427
83 948
47 515
9 744
42 115
79 314
(75 258)
4 056
TOTAL
69 203
418 591
169 872
10 396
307 525
839 462
(823 955)
15 507
2023
Yato Tools (Jiaxing) Co. Ltd.
40 895
83 064
76 560
402
46 997
338 616
(332 190)
6 426
Yato Tools (Shanghai) Co. Ltd.
9 671
69 027
32 463
2 271
43 964
143 105
(142 524)
581
Toya Romania S.A.
14 628
54 813
44 262
9 729
15 449
87 243
(80 435)
6 808
TOTAL
65 194
206 904
153 285
12 402
106 410
568 964
(555 149)
13 815
(*) revenues comprise: revenue from the sales of goods for resale, other operating revenue and financial revenue
(**) expenses comprise: cost of goods for resale sold, selling costs, administrative expenses, expected credit losses, other operating expenses, financial expenses and income tax expense
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
36
11. Inventory
31 December
2024
31 December
2023
Goods for resale at warehouse and in transit
327 528
204 077
Asset for expected returns from customers
567
378
Total inventory (carrying amount)
328 095
204 455
Revaluation write-down for goods at warehouse to net recoverable amount
2 966
2 963
Gross inventories
331 061
207 418
Changes in the write-down of inventories to net realizable value are presented in the table below:
2024
2023
As at 1 January
2 963
2 141
Increase
3
822
Reversal
-
-
As at 31 December
2 966
2 963
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 Company, should be written down, mainly as a result
of their sale.
12. Trade and other short-term receivables
31 December
2024
31 December
2023
Trade receivables from related parties
7 322
1 600
Trade receivables from third parties
45 947
32 429
Total trade receivables
53 269
34 029
Other receivables from third parties
45
52
Advances paid to other entities
40
-
Prepayments and deferred costs
1 607
1 114
Total gross receivables
54 961
35 195
Impairment write-downs of doubtful trade receivables
(1 957)
(1 869)
Impairment write-downs of other receivables
(36)
(36)
Total net receivables
52 968
33 290
The Company 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 2.12. The average
repayment period of receivables is 30 days.
Changes in gross trade receivables are summarized in table below.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
37
Receivables analysed
in group
Receivables analysed
individually
Total
As at 1 January 2024
32 032
1997
34 029
Increase due to sales
733 245
-
733 245
Interest and litigation costs
1
-
1
Receivables and overpayment written off
(2)
-
(2)
Receivables classified individually as irrecoverable
(67)
67
-
Collected receivables
(712 777)
(418)
(713 195)
Compensated receivables
(1 209)
-
(1 209)
Other changes, including currency translation differences
400
-
400
As at 31 December 2024
51 623
1 646
53 269
Changes in the write-downs of trade receivables are presented in the table below:
2024
2023
As at 1 January
1 869
1 950
Creation
88
-
Reversal
-
(81)
As at 31 December
1 957
1 869
Collaterals established on receivables are described in note 17.
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
53 269
49 724
1 666
202
39
1 638
Group analysis – gross value
51 623
49 724
1 666
202
39
(8)
expected credit loss ratio
0,5%-5%
1%-10%
5%-25%
10%-50%
20%-100%
Expected credit losses
(317)
(266)
(23)
(17)
(9)
(2)
Individual analysis – gross value
1 646
-
-
-
-
1 646
Impairment loss on customers
analysed individually
(1 640)
-
-
-
-
(1 640)
Total expected credit losses
(1 957)
(266)
(23)
(17)
(9)
(1 642)
Total net trade receivables
51 312
49 458
1 643
185
30
(4)
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
38
31 December 2023
Total
Not overdue
0-30 days
31-60 days
61-90 days
over 90 days
Gross trade receivables
34 029
29 908
1 906
214
-
2 001
Group analysis – gross value
32 032
29 908
1 906
214
-
4
Expected credit loss ratio
0,5%-5%
1%-10%
5%-25%
10%-50%
20%-100%
Expected credit losses
(198)
(159)
(22)
(13)
-
(4)
Individual analysis – gross value
1 997
-
-
-
-
1 997
Impairment loss on customers
analysed individually
(1 671)
-
-
-
-
(1 671)
Total expected credit losses
(1 869)
(159)
(22)
(13)
-
(1 675)
Total net trade receivables
32 160
29 749
1 884
201
-
326
The individual analysis is carried out in relation to customers for which indicators described in the policy in note 2.12 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).
13. Cash and cash equivalents
31 December
2024
31 December
2023
Cash in hand and at bank
7 711
49 107
Total cash and cash equivalents
7 711
49 107
Apart from cash disclosed in the statement on financial position, the 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 to 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 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). According to the
Management Board's judgment, restrictions on the use 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 its short-term liabilities.
Apart from the VAT and ZFŚS funds, as at 31 December 2024 and 31 December 2023, the Company did not have any cash of
limited disposability.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
39
14. Additional explanation to cash flow statement
Reconciliation of changes in balance sheet items as shown in the statements of financial position and in the statements of cash
flows:
Adjustments
12 months ended 31 December 2024
Balance sheet
change
Measurement
of cash in
foreign
currencies
Valuation of the
financial
guarantee
granted
Actuarial
gains/losses
recognized in
comprehensive
income
Change in the
cash flow
statement
Change in trade and other receivables
(19 678)
-
-
-
(19 678)
Change in inventories
(123 640)
-
-
-
(123 640)
Change in provisions
427
-
-
-
427
Change in trade and other payables
45 974
-
(35)
-
45 939
Change in employee benefit liabilities
1 393
-
-
18
1 411
Change in cash
(41 396)
(9)
-
-
(41 405)
Adjustments
12 months ended 31 December 2023
Balance sheet
change
Measurement
of cash in
foreign
currencies
Valuation of the
financial
guarantee
granted
Actuarial
gains/losses
recognized in
comprehensive
income
Change in the
cash flow
statement
Change in trade and other receivables
26 896
-
-
-
26 896
Change in inventories
43 415
-
-
-
43 415
Change in provisions
(118)
-
-
-
(118)
Change in trade and other payables
2 357
-
5
-
2 362
Change in employee benefit liabilities
1 028
-
-
(38)
990
Change in cash
47 721
7
-
-
47 728
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
40
15. 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%
Other
- 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%
16. Retained earnings and dividend per share
On 26 June 2024, the General Meeting of Shareholders of Toya S.A. approved TOYA's financial statements for 2023, and also
decided to transfer the profit 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 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
Company’s profits from previous years and may be allocated to dividends, in addition to the amount excluded from the
distribution indicated in the paragraph above.
In 2024 and 2023, the Company did not pay dividends.
Management Board of the Company did not provide recommendation on 2024 profit distribution.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
41
17. Loans and borrowings liabilities
31 December
2024
31 December
2023
Bank loan liabilities, including
-
-
– long-term
-
-
– short-term
-
-
Changes in bank loans are presented in the table below:
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 27)
1 145
1 659
2 804
Interest repaid
(1 352)
(1 897)
(3 249)
Loans repaid
(41 722)
(40 000)
(81 722)
As at 31 December 2023
-
-
-
Increase in loans
31 971
-
31 971
Interest for the period (note 27)
451
451
Interest repaid
(451)
-
(451)
Loans repaid
(31 971)
-
(31 971)
As at 31 December 2024
-
-
-
– long-term
-
-
-
– short-term
-
-
-
Description of loan agreements:
Object and value of agreement
Name of the Bank
Loan amount as
per agreement
as at 31
December 2024
Current interest
rate
Date of expiry
1. Overdraft facility agreement No BDK/KR-
RB/000054601/0641/10
Bank Handlowy w Warszawie
S.A.
40 000
WIBOR 1 M +
bank’s margin
12 December 2025
2. Overdraft credit facility agreement No
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 November 2025
3. Overdraft credit facility agreement No
09/030/19/Z/VV
mBank S.A. with its registered
office in Warsaw
60 000
WIBOR ON +
bank’s margin
27 March 2025
Total liabilities, of which:
125 000
– short-term portion
125 000
– long-term portion
-
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
42
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 collateral was determined as the sum of collateral established in favour of individual lending banks,
in the amount required by the banks (in the amount resulting from the agreement). The book value of assets secured by
mortgage as at 31 December 2024 amounted to PLN 9 671 thousand (as at 31 December 2023: PLN 10 122 thousand). The
value of the assignment of receivables of PLN 13 004 thousand (PLN 9 376 thousand as at 31 December 2023) was
determined at the book value of the collateral. 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 amounted to PLN 50 109 thousand as at 31 December 2024 and 2023.
The security is valid for the entire duration of the loan agreements. The Company has limited ability to dispose of assets
on which security is established in the form of a mortgage. In the event of a transfer of receivables from trade receivables,
the Company is obliged not to perform any legal or factual actions that would limit the Company's ability to dispose of
these receivables. Moreover, the Company undertook not to grant loans or guarantees to other entities during the entire
loan period without the bank's prior consent.
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 commissions) was 6.37 % (as at
31 December 2023: 7.24%).
Defaults under loan agreements
As at 31 December 2024, the Company 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.
Loan agreements require the borrower to maintain its capitalisation and debt ratios at an agreed level throughout the
lending period and to maintain inflows to bank accounts in the agreed amount, in accordance with the terms of the loan
agreements.
The Company 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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
43
18. Trade and other payables
31 December
2024
31 December
2023
Trade payables to related parties
44 281
3 809
Trade payables to third parties
17 905
15 234
Total trade payables
62 186
19 043
Tax liabilities
7 377
5 283
Liability due to expected goods returns
930
589
Prepayments received
418
66
Other payables to third parties
54
45
Liabilities arising from guarantees and sureties granted
40
-
Total other current payables
8 819
5 983
Total
71 005
25 026
Advances received represent contractual obligations in accordance with IFRS 15.
An average payables payment period is 41 days.
During the year ended 31 December 2024, the Company recognized revenues in the amount of PLN 66 thousand, which
were classified as prepayments at the beginning of the period.
19. Liabilities from employee benefits
31 December
2024
31 December
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
7 357
6 290
Unused holidays
2 091
1 837
Liabilities from employee benefits – current portion
9 495
8 180
The 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 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%
Assumptions concerning future mortality are determined based on statistics published by the Central Statistical Office
(GUS).
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
44
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 losses incurred in 2024 amounted
to PLN 18 thousand (in 2023: losses in the amount of 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
salary rise 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
1
st
year
2
nd
year
3
rd
year
4
th
year
5
th
year
6
th
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
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
45
20. Lease liabilities
The Company 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 1 January
19 573
12 045
New contracts
2 395
-
Modification of the terms of the contract
103
14 537
Accrued interest
1 236
797
Lease payments (*)
(6 655)
(7 162)
Valuation of contracts in foreign currencies
(235)
(644)
Lease liability as at 31 December
16 417
19 573
(*)lease payments include net amounts paid, according to invoices, including both capital instalments and interest.
Undiscounted future cash flows are presented below.
31 December
31 December
2024
2023
up to 1 year
7 121
5 358
1–3 years
7 716
13 516
3–5 years
125
1 609
more than 5 years
3 936
3 998
Total
18 898
24 481
The costs resulting from lease contracts are presented below.
2024
2023
Amortization and depreciation
6 225
6 307
interest
1 236
798
exchange rate differences
(235)
(645)
Total
7 226
6 460
During the year ended 31 December 2024, the Company 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 6 696 thousand (excluding VAT).
Information on leased assets is presented in note 9.
The maturity analysis of lease liabilities is presented in note 5.3.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
46
21. Provisions
Provision for warranty repairs
2024
2023
As at 1 January
1 005
1 123
Provision created
1 432
1 005
Provision utilized
(1 005)
(1 123)
As at 31 December
1 432
1 005
Short-term as at 31 December
1 432
1 005
The provision for guarantee repairs is created in accordance with the policy described in note . 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 for resale sold”.
22. Operating segments
Identification of operating and reporting segments
The Management Board of the Company makes decisions related to the Company’s operations from the perspective of
distribution channels and geographical coverage.
The company distinguishes 4 operating and reporting segments in its operations:
• sales on the domestic market to retail chains;
• sale on the domestic market - wholesale market;
• foreign 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 Company. As part of retail sales, sales are mainly realized
through an online store and popular online platforms. There are no revenues obtained from transactions between the
segments, therefore all revenues generated by individual segments come from transactions with external customers.
Data analysed by the Management Board of the Company for segment description is consistent with the data disclosed in
the statement of comprehensive income.
In 2024 and in 2023 the Company did not record revenue from sale to a single external customer exceeding 10% of total
sales revenue.
As at 31 December 2024, the Company’s assets amounted to PLN 502 382 thousand (31 December 2023: PLN 401 290
thousand), and the Company’s liabilities amounted to PLN 102 309 thousand (31 December 2023: PLN 56 885 thousand)
and were related only to trading activities. The Management Board of the Company does not analyse the assets and
liabilities of the Company broken down into individual segments.
The Company has no non-current assets located abroad.
The most important geographic export directions of the Company are disclosed in note 23. Moreover, in the report on its
activities, the Company also presented information by brand.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
47
12 months ended
31 December 2024
EXPORT SALES
WHOLESALE
MARKET
RETAIL
NETWORKS
RETAIL SALES
Total
Sales revenue
Sales to external customers
by geographical areas:
Poland
-
265 345
84 995
80 963
431 303
Other countries
196 238
-
-
-
196 238
Total segment revenue
196 238
265 345
84 995
80 963
627 541
Cost of goods sold
Sales to external customers
(146 452)
(181 188)
(60 825)
(46 409)
(434 874)
Total costs of goods sold
(146 452)
(181 188)
(60 825)
(46 409)
(434 874)
Gross profit
49 786
84 157
24 170
34 554
192 667
Gross profit margin
25%
32%
28%
43%
31%
12 months ended
31 December 2023
EXPORT SALES
WHOLESALE
MARKET
RETAIL
NETWORKS
RETAIL SALES
Total
Sales revenue
Sales to external customers
by geographical areas:
Poland
-
253 196
65 208
48 538
366 942
Other countries
204 894
-
-
-
204 894
Total segment revenue
204 894
253 196
65 208
48 538
571 836
Cost of goods sold
Sales to external customers
(156 366)
(176 764)
(47 421)
(27 092)
(407 643)
Total costs of goods sold
(156 366)
(176 764)
(47 421)
(27 092)
(407 643)
Gross profit
48 528
76 432
17 787
21 446
164 193
Gross profit margin
24%
30%
27%
44%
29%
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
48
23. Sales revenue
12 months ended
31 December 2024
12 months ended
31 December 2023
Sales of goods for resale
627 566
571 836
Total sales revenue
627 566
571 836
The geographical structure of sales revenues is presented below. Moreover, in the report on its activities, the Company
also presented information by brand.
12 months ended
31 December 2024
12 months ended
31 December 2023
Sales revenue
Share
Sales revenue
Share
Ukraine
46 967
7.5%
37 393
6.5%
Hungary
28 516
4.5%
23 905
4.2%
Belarus
17 289
2.8%
21 324
3.7%
Romania
16 418
2.6%
34 407
6.0%
Czech Republic
14 148
2.3%
11 786
2.1%
Lithuania
13 685
2.2%
13 819
2.5%
Moldova
12 006
1.9%
8 708
1.5%
Bulgaria
10 098
1.6%
10 057
1.8%
Greece
5 980
1.0%
6 969
1.2%
Latvia
5 225
0.8%
5 189
0.9%
Germany
3 655
0.6%
4 792
0.8%
Europe – other EU countries
9 769
1.5%
10 403
1.8%
Europe – other non-EU countries
10 759
1.7%
13 621
2.4%
Other continents
1 723
0.3%
2 521
0.4%
Total export
196 238
31.3%
204 894
35.8%
Poland
431 303
68.7%
366 942
64.2%
Total sales revenue
627 541
100.0%
571 836
100.0%
The company has been present on the markets of Eastern Europe for a long time, in particular in Ukraine, Belarus and
Russia. Despite its long presence on these markets, the Company 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 Company 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 Company's control. This may impact trade with
customers present in these markets in future quarters.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
49
24. Cost by type and cost of goods sold
12 months ended
31 December 2024
12 months ended
31 December 2023
Amortisation and depreciation
11 208
9 219
Material and energy consumption
7 574
6 277
Third-party services, including:
40 409
25 511
costs of transportation
13 367
7 414
warehouse services
1 677
201
service charges for space lease agreements
2 641
2 463
IT and telecommunications costs
2 847
2 504
costs of accessing online sales platforms
10 196
6 849
legal, audit and consulting costs
4 519
2 412
other
5 162
3 668
Taxes and fees
3 115
2 389
Costs of employee benefits
59 777
47 951
Other costs by type
5 189
6 387
Value of goods for resale and materials sold
434 874
407 643
Total costs by type and value of goods for resale sold
562 146
505 377
Selling costs, including:
100 007
74 142
amortisation and depreciation
9 641
7 649
costs of employee benefits
40 354
31 140
Administrative expenses, including:
27 265
23 592
amortisation and depreciation
1 567
1 570
costs of employee benefits
19 423
16 811
Cost of goods for resale sold
434 874
407 643
Total selling, administrative costs and costs of goods sold
562 146
505 377
The Company does not conduct important R&D works.
25. Cost of employee benefits
12 months ended
31 December 2024
12 months ended
31 December 2023
Salaries for employment contracts and appointment contracts
43 655
37 394
Wages of temporary workers
5 742
1 946
Cost of social insurance
8 456
7 124
Cost of provision for unused holidays
254
91
Cost of provision for retirement benefits
90
58
Cost of retirement and similar benefits paid
8
38
Cost of other employee benefits
1 572
1 300
Total employee benefit costs
59 777
47 951
Information on the number of employees is presented below:
12 months ended
31 December 2024
12 months ended
31 December 2023
Average number of employees per full-time equivalent
330
322
Persons employed at the end of the year
346
325
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
50
26. Other operating revenue and expenses
OTHER OPERATING REVENUE
12 months ended
31 December 2024
12 months ended
31 December 2023
Surplus of FX gains over FX losses on operating activities
3 351
2 529
Revenue from other sales
137
95
Compensations received
386
14
Gain on sale of property, plant and equipment
1 344
25
Traffic damages on balance with received compensation
33
2
Other operating revenue
78
74
Total other operating revenue
5 329
2 739
OTHER OPERATING EXPENSES
12 months ended
31 December 2024
12 months ended
31 December 2023
Cost of other sales
179
179
Penalties and fines paid
-
93
Court and debt recovery fees
98
3
Donations given
5
5
Losses in goods incurred during transport
390
-
Other
76
27
Total other operating expenses
748
307
27. Financial revenues and expenses
FINANCIAL REVENUE
12 months ended
31 December 2024
12 months ended
31 December 2023
Interest on cash in bank accounts
764
216
Valuation of granted financial guarantees and sureties
5
5
Total financial revenue
769
221
FINANCIAL EXPENSES
12 months ended
31 December 2024
12 months ended
31 December 2023
Interest and commissions on loans
451
2 804
Interest on lease liabilities
1 236
798
Valuation of granted financial guarantees and sureties
40
-
Total financial expenses
1 727
3 602
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
51
28. 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 months ended
31 December 2024
12 months ended
31 December 2023
Current tax
13 826
12 620
Deferred tax
(549)
76
Total income tax
13 277
12 696
A 19% corporate income tax rate was applicable in all the aforementioned periods.
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
68 930
65 591
Tax rate applicable in the period
19%
19%
Tax calculated at the applicable tax rate
13 097
12 462
Tax effect of the following items:
- permanent tax differences - revenue
26
-
- permanent tax differences – costs
249
234
- temporary differences for which assets have not been created
-
-
- tax relating to the previous period
(47)
-
- tax credit
(48)
Tax shown in the profit and loss account
13 277
12 696
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. In Poland, no formal procedures are present for the determination of the final amount of tax due
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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
52
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 Company 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
-
3 059
(3 059)
(3 771)
712
Current assets
Write-down of inventories
564
-
564
563
1
Asset for expected returns
-
108
(108)
(72)
(36)
Deliveries on their way to customers
-
238
(238)
-
(238)
Write-down of receivable
372
-
372
354
8
Unfinished deliveries of goods
341
-
341
341
Balance-sheet valuation of receivables
denominated in foreign currencies
-
71
(71)
6
(77)
Balance sheet valuation of cash in foreign
currencies
-
-
-
1
(1)
Long-term liabilities
Liabilities from finance leases
1 833
-
1 833
2 929
(1 096)
Provision for retirement benefits
144
-
144
129
15
Financial guarantees granted
12
-
12
5
7
Short-term liabilities
Provisions for liabilities
381
-
381
335
46
Balance-sheet valuation of short-term liabilities
-
39
(39)
(24)
(15)
Provisions for unused vacation and bonuses
1 712
-
1 712
1 468
244
Accrued interest
-
-
-
-
-
Lease liabilities
1 286
-
1 286
790
496
Provisions for guarantee repairs
272
-
272
191
81
Total deferred income tax, of which
6 917
4 486
2 431
1 885
546
- recognised in profit or loss
549
- recognised in equity (*)
(3)
(*) applies to deferred tax from actuarial losses recognised in other comprehensive
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
53
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
-
3 771
(3 771)
(2 444)
(1 327)
Current assets
Write-down of inventories
563
-
563
407
156
Asset for expected returns
-
72
(72)
(17)
(55)
Write-down of receivable
354
-
354
369
(15)
Balance-sheet valuation of receivables
denominated in foreign currencies
6
-
6
225
(219)
Balance sheet valuation of cash in foreign
currencies
1
-
1
-
1
Long-term liabilities
Liabilities from finance leases
2 929
-
2 929
1 044
1 885
Provision for retirement benefits
129
-
129
108
21
Financial guarantees granted
5
-
5
6
(1)
Short-term liabilities
Provisions for liabilities
335
-
335
161
174
Balance-sheet valuation of short-term liabilities
-
24
(24)
(6)
(18)
Provisions for unused vacation and bonuses
1 468
-
1 468
1 344
124
Accrued interest
-
-
-
85
(85)
Lease liabilities
790
-
790
1 245
(455)
Provisions for guarantee repairs
191
-
191
213
(22)
Total deferred income tax, of which
6 771
4 886
1 885
1 954
(69)
- recognised in profit or loss
(76)
- recognised in equity (*)
7
(*) applies to deferred tax from actuarial losses recognised in other comprehensive income
Within the above-declared value of the deferred tax asset, the amount minus PLN 425 thousand (provision) concerns titles
that, according to the company's expectations, should be realized in a period longer than 12 months.
There are no significant temporary differences and tax losses in connection with which an asset was not created.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
54
29. Earnings per share
12 months ended
31 December 2024
12 months ended
31 December 2023
Net profit
55 653
52 895
Weighted average number of ordinary shares issued (’000)
75 042
75 042
Basic earnings per share (PLN)
0.74
0.70
Earnings per share attributable to ordinary shareholders, used to calculate diluted
earnings per share
55 653
52 895
Weighted average number of issued ordinary shares, applied to calculate basic
earnings per share
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 (PLN)
0.74
0.70
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, the Company had no dilutive factors.
30. Financial guarantees granted and received
As at 31 December 2024, the Company was party to the following guarantee agreements in connection with their
operations, granted by the following entities:
No
Counterparty
Subject of guarantee
Guarantee amount
Date of expiry
1
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
Sopockie
Towarzystwo
Ubezpieczeń ERGO
Hestia S.A.
Security for amounts due to customs duties,
taxes and other fees in relation to goods subject
to admission to circulation on the basis of a
customs declaration by TOYA S.A.
270 000 PLN
31 December 2024 (**)
(*) after the balance sheet date the guarantee amount was increased to EUR 638 698.83 and the guarantee validity period was changed to 28.02.2026
(**) after the end of the year the guarantee 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. The guarantee was measured at fair value.
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, in order 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.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
55
31. Transactions with related entities
In 2024 and 2023, the Company 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, there were no indications of impairment and therefore no
receivables from related parties were written down.
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 of the Company 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
751
Social insurance (ZUS) costs borne by the Company - Supervisory Board
176
122
Employee Capital Plans (PPK) financed by the Company
8
7
In 2024 and 2023, no dividend was paid to key management personnel.
In addition to the transactions listed above, the Company entered into transactions with key management personnel as
indicated in the table below.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
56
Summary of transactions and balances with related entities
Trade and other
receivables
Prepayments for the
delivery of goods
Revenue from sales of
goods and services and
other revenues
Purchase of goods and
services and other
expenses
31.12.2024
1.01.2024 - 31.12.2024
Subsidiaries
7 320
44 280
16 543
390 206
TOYA Romania S.A.
7 320
-
16 495
-
Yato Tools (Shanghai) Co. Ltd.
-
80
-
37 183
Yato Tools (Jiaxing) Co. Ltd.
-
44 200
48
353 023
Entities related through key
management personnel
2
-
87
24
Key management
-
-
142
15
Total
7 322
44 280
16 772
390 245
31.12.2023
1.01.2023 - 31.12.2023
Subsidiaries
1 592
3 809
34 497
254 938
TOYA Romania S.A.
1 592
-
34 489
-
Yato Tools (Shanghai) Co. Ltd.
-
39
-
29 814
Yato Tools (Jiaxing) Co. Ltd.
-
3 770
8
225 124
Entities related through key
management personnel
8
-
99
-
Total
1 600
3 809
34 596
254 938
Related party transactions are entered into on arm’s length terms in the course of the Company’s day-to-day operations.
32. Material events subsequent to the end of reporting period
32.1 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.
32.2 Annex to the overdraft agreement
On 19 March 2025, TOYA S.A. concluded Annex No. 7 to the Current Account Loan Agreement No. 09/030/19/Z/VV with
mBank S.A. with its registered office in Warsaw. Under the Annex, the final repayment date of the loan was set for 26
March 2026. The remaining terms of the Agreement do not differ from the terms commonly used for this type of
agreement.
Financial statements of TOYA S.A. for the financial year ended 31 December 2024
(Amounts are expressed in PLN thousand, unless specified otherwise)
Notes constitute an integral part of these financial statements
57
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
Robert Borys
Vice-President of the
Management Board
27.03.2025
Jan Jakub Szmidt
Vice-President of the
Management Board
Person responsible for bookkeeping:
Date
Name and surname
Position
Signature
27.03.2025
Iwona Banik
Chief Accountant