Letter of the President of the Management Board to the Shareholders
Dear Shareholders,
On behalf of the Management Board of Toya S.A., I provide the Company's annual report for the year
2021 to you. It was another good year in which the Company strengthened its business position as a
reliable partner in particular on the Polish market, but also as the parent company of the Toya Group.
The Company achieved record-breaking historical results by achieving sales of over PLN 543 million
and a net profit of over PLN 63 million. These results confirm the validity of the consistently implemented
growth strategy based on a very good product offer and constant care of customer satisfaction.
The greatest influence on achieving good financial results was the increase in sales, primarily in the
wholesale channel and on export markets. In comparison to the previous year, the wholesale sales
increased by over PLN 51 million and export sales by over PLN 46 million, i.e. by approximately 29% in
both distribution channels. It is noteworthy that the share of sales in these distribution channels in total
sales, compared to 2020, increased by approximately 3%.
The Company's most recognised and valued private label among customers is Yato. The value of
products sold under this brand amounted to over PLN 369 million in 2021 which accounted for 68% of
total revenues. A year earlier, the buyers purchased Yato products worth over PLN 282 million and the
share in total sales was 64%. The sales of the brand's products has been very popular among customers
for years. They appreciate the very good quality of the brand and the excellent, distinctive design of
each product of this range.
Last year was the second year of the COVID-19 pandemic in Poland, Europe and other regions of the
world. It had little negative impact on the development of Toya S.A., although it required redefinition of
many operational processes both within the Company and with regard to external partners located in
different parts of the world. The Company experienced an increase in the cost of transporting products
purchased from Asian partners but the impact on the Company's results was limited due to the
conclusion of medium-term contracts with logistics operators in earlier periods.
Last year we achieved operational success and built a solid foundation for the Company's development
in the coming years. The Company made good use of the expenditure incurred on development and
gained new competences. However, the ongoing conflict between Russia, Belarus and Ukraine may
have a direct impact on financial performance in the current year. The extent of this impact, in my
opinion, will depend, among other things, on the duration of the conflict and the economic and political
sanctions imposed by the international community.
Last year we achieved success together. On behalf of the Management Board, I would like to thank all
shareholders, customers, suppliers and employees of the Company without whom it would not have
been possible to achieve such good results. I am convinced that your continued support and the growth
strategy that has been successfully implemented for several years now, will contribute to achieving good
results also in 2022.
Please read the annual report.
President of the Management Board
Grzegorz Pinkosz
TOYA S.A. with its registered office in Wrocław, ul. Sołtysowicka 13-15, postal code 51-168, entered in the Register
of Entrepreneurs of the National Court Register kept by the 6th Economic Division of the District Court for Wrocław
Fabryczna under KRS [National Court Register] no. 0000066712, fully paid-up share capital: PLN 7 504 222.60;
NIP [Tax Identification Number]: 895-16-86-107; REGON [National Official Business Register]: 932093253.