Letter of the President of the Management Board to the Shareholders
Dear Shareholders,
On behalf of the Management Board of Toya S.A. and the management boards of its subsidiaries, I
provide the annual report of the Toya Capital Group for 2021 to you. It was another good year for the
Group in which it strengthened its strong business position. The Group achieved record-breaking
historical results with sales of over PLN 687 million and a net profit of over PLN 77 million, confirming
the validity of the consistently implemented growth strategy based on a very good product offer, constant
care of customer satisfaction and investment in the capital group development. Such good results were
achieved despite the fact that it was the second year of the global COVID-19 pandemic and we
experienced many macroeconomic disturbances caused by the rapid economic recovery after the
closure of the economies of many countries in the world.
The greatest influence on the strong financial performance was the increase in sales primarily in the
wholesale channel and on export markets. The value of purchases of wholesale customers exceeded
last year's purchases by over PLN 76 million and in the export channel the sales surplus compared to
2020 amounted to almost PLN 63 million. It is noteworthy that the sales margin in both channels
remained at a very good level and amounted to 35% and 31% respectively.
A large contribution to the Group's good financial results was also made by all subsidiaries. The most
noteworthy is the Chinese subsidiary, Yato Tools (Jiaxing), which began operations in 2020 and
assumed the main burden of organising the logistics process for the entire Group. Last year the
company started the construction of a warehouse that will be the Group's logistics centre for the Chinese
market. This will redefine the supply chain which will increase the Group's competitiveness and allow
for further dynamic growth. Very good financial results were also achieved by the Romanian subsidiary
located in Bucharest Toya Romania. Its sales increased by over 33% because the company took full
advantage of new competences related to the use of a modern and larger warehouse enabling it to
present a wider offer to customers and ensure the availability of all products offered.
Last year we achieved operational success and built a solid foundation for the Group's development in
the coming years. The Group 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 and the entire Group
management, I would like to thank all shareholders, business partners and Group employees. Without
you it would not have been possible to achieve such good results. I am convinced that your continued
support as well as the development strategy successfully implemented for several years will contribute
to the achievement of good results in the following year.
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.