ZWACK UNICUM PLC.
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PREPARED IN COMPLIANCE WITH
INTERNATIONAL FINANCIAL REPORTING STANDARDS
AS ADOPTED BY THE EUROPEAN UNION
(This is an English translation of the financial statements for the financial year between 1 April 2023 and 31 March 2024 issued in Hungarian. The content of the English translation is consistent with the content of the financial statements prepared in xhtml format.)
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TABLE OF CONTENTS
Page | |
DECLARATION | 3 |
FINANCIAL STATEMENTS | |
Statement of financial position | 4 |
Statement of comprehensive income for the financial year ended 31 March 2024 | 5 |
Cash flow statement for the financial year ended 31 March 2024 | 6 |
Statement of changes in equity for the financial year ended 31 March 2024 | 7 |
Notes to the financial statements for the financial year ended 31 March 2024 | 8-46 |
Business and Management Report for the financial year ended on 31 March 2024 | 47-56 |
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DECLARATIONS
We, the undersigned Zwack Unicum Liqueur Industry and Trading Public Limited Company, hereby declare that the facts and statements contained in the Annual Report covering the Company's business year of 2023- 2024 (1 April 2023 - 31 March 2024) are true in all respects, and that the Annual Report does not hide any fact that is of importance in assessing the situation of the Company.
Financial reports (Statement of Financial Position, Statement of Comprehensive Income, Cash Flow, Statement of Changes in Equity and Notes to the Financial Statements) presented in the Annual Report were prepared according to the applicable accountancy regulations and our best knowledge. Financial reports give real and authentic picture of the assets, liabilities, financial situation and profit of the issuing company.
Business and Management Report, which is part of the Annual Report, gives authentic picture of the situation, development and achievement of the issuing company, reciting the major risks and factors of uncertainty.
The Company has fulfilled the periodic and extraordinary duties of disclosure, as required by the Capital Market law.
The Company's audit has been provided by KPMG Hungária Kft. The Auditor of the Company did not receive other assignment than the audit of the annual report of the Company.
Budapest, 23 May 2024
Katalin Hollósi | Balázs Szűcs |
Chief Accountant | Investor correspondent |
based on the power of attorney provided by:
Sándor Zwack | Frank Odzuck |
Chairman of the Board | Chief Executive Officer |
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ZWACK UNICUM NYRT.
STATEMENT OF FINANCIAL POSITION
Note | 31 March | 31 March | |
2024 | 2023 | ||
HUF mill | HUF mill | ||
ASSETS | |||
Non-current assets | 3 920 | 4 121 | |
Property, plant and equipment | 5 | 3 755 | 3 946 |
Intangible assets | 6 | 77 | 75 |
Employee loans | 7 | 0 | 1 |
Deferred tax asset | 19 | 88 | 99 |
Current assets | 11 043 | 11 312 | |
Inventories | 8 | 3 686 | 4 517 |
Trade receivables | 9 | 3 433 | 3 149 |
Other financial receivables | 9 | 173 | 109 |
Non-financial receivables | 9 | 129 | 104 |
Cash and cash equivalents | 10 | 3 622 | 3 433 |
Total assets | 14 963 | 15 433 | |
EQUITY AND LIABILITIES | |||
Shareholders' equity | 8 766 | 9 260 | |
Share capital | 2 000 | 2 000 | |
Share premium | 165 | 165 | |
Retained earnings | 6 601 | 7 095 | |
Liabilities | 6 197 | 6 173 | |
Non-current liabilities | 683 | 680 | |
Leases | 11 | 37 | 24 |
Long-term employee benefits | 11 | 573 | 573 |
Deferred income | 11 | 73 | 83 |
Current liabilities | 5 514 | 5 493 | |
Trade and other payables | 12 | 2 416 | 2 543 |
Leases | 12 | 8 | 6 |
Amount payable (due) to customers | 12 | 654 | 547 |
Current income tax | 12 | 57 | 195 |
Employee benefits | 12 | 1 087 | 883 |
Other taxes and other non-financial liabilities | 12 | 1 285 | 1 306 |
Provisions | 13 | 7 | 13 |
Total equity and liabilities | 14 963 | 15 433 |
The Financial statements were accepted by the Board of Directors on 23 May 2024 and signed on their behalf by:
based on the power of attorney provided by:
Katalin Hollósi | Balázs Szűcs | Sándor Zwack | Frank Odzuck |
Chief Accountant | Investor correspondent | Chairman of the Board | Chief Executive Officer |
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ZWACK UNICUM NYRT.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
Note | 2024 | 2023 | |
HUF mill | HUF mill | ||
Revenue, gross of excise tax and public health product tax | 36 938 | 35 364 | |
Excise tax | (14 442) | (12 517) | |
Public health product tax | 0 | (1 632) | |
Revenue, net of excise tax and public health product tax | 14 | 22 496 | 21 215 |
Material-type expenses | (8 949) | (8 511) | |
Employee benefits expense | 15 | (4 146) | (3 685) |
Depreciation and amortization | 5-6 | (629) | (600) |
Other operating expenses | 16 | (5 407) | (4 651) |
Operating expenses, excluding excise tax and public health | |||
product tax related to sales | (19 131) | (17 447) | |
Other operating income | 17 | 101 | 100 |
Profit from operations | 3 466 | 3 868 | |
Interest and other financial income | 213 | 293 | |
Interest expense | (43) | (1) | |
Net financial income (cost) | 18 | 170 | 292 |
Profit before tax | 3 636 | 4 160 | |
Income tax expense | 19 | (730) | (712) |
Profit for the year | 2 906 | 3 448 | |
Total comprehensive income for the year | 2 906 | 3 448 | |
Basic and Diluted Earnings Per Share (HUF/Share) | |||
See Note 1 (a) | 1 453 | 1 724 |
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ZWACK UNICUM NYRT.
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
2024 | 2023 | |
HUF mill | HUF mill | |
Profit before tax | 3 636 | 4 160 |
Net financial (income) | (170) | (292) |
Adjustment for depreciation and amortization | 629 | 600 |
(Gain) on disposal of fixed assets | (76) | (73) |
Increase/(decrease) in trade creditors and other | ||
liabilities | 51 | (124) |
Decrease/(Increase) in inventories | 831 | (1 377) |
(Increase) in trade and other receivables | (223) | (17) |
Loss/(gain) on unrealized foreign exchange rate | ||
difference | 9 | (1) |
(Decrease)/increase in other liabilities | (6) | 13 |
Cash generated from operations | 4 681 | 2 889 |
Interest paid | (43) | (1) |
Income tax paid | (857) | (680) |
Cash flow from operating activities | 3 781 | 2 208 |
Purchases of property, plant and equipment | (503) | (1 212) |
Purchases of intangible assets | (29) | (26) |
Interest received | 205 | 298 |
Proceeds from sale of property, plant and | ||
equipment | 137 | 119 |
Cash flow used in investing activities | (190) | (821) |
Dividends paid | (3 400) | (3 000) |
Payment of lease liabilities | (2) | (14) |
Cash flow used in financing activities | (3 402) | (3 014) |
Change in cash and cash equivalents | 189 | (1 627) |
Cash and cash equivalents, beginning of the | ||
year | 3 433 | 5 079 |
Exchange (loss) on cash and cash equivalents | 0 | (19) |
Cash and cash equivalents, end of the year | 3 622 | 3 433 |
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ZWACK UNICUM NYRT.
STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
Share | Share | Retained | Total | |
Capital | premium | Earnings | ||
HUF mill | HUF mill | HUF mill | HUF mill | |
Balance at 31 March 2022 | 2 000 | 165 | 6 647 | 8 812 |
Balance at 1 April 2022 | 2 000 | 165 | 6 647 | 8 812 |
Profit for the year | 3 448 | 3 448 | ||
Other comprehensive income | 0 | 0 | ||
Total comprehensive income for the year | 3 448 | 3 448 | ||
Dividend related to financial year ended | ||||
31 March 2022 (HUF 1 500 per share) | (3 000) | (3 000) | ||
Transactions with owners in their capacity as owners | (3 000) | (3 000) | ||
Balance at 31 March 2023 | 2 000 | 165 | 7 095 | 9 260 |
Balance at 1 April 2023 | 2 000 | 165 | 7 095 | 9 260 |
Profit for the year | 2 906 | 2 906 | ||
Other comprehensive income | 0 | |||
Total comprehensive income for the year | 2 906 | 2 906 | ||
Dividend related to financial year ended | ||||
31 March 2023 (HUF 1 700 per share) | (3 400) | (3 400) | ||
Transactions with owners in their capacity as owners | (3 400) | (3 400) | ||
Balance at 31 March 2024 | 2 000 | 165 | 6 601 | 8 766 |
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ZWACK UNICUM NYRT.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
NOTE 1 - GENERAL BACKGROUND
- The Company and the nature of its operations
The Zwack Unicum Plc. (hereafter referred to as "the Company") is incorporated in Hungary and it is manufacturer and distributor mainly of alcoholic beverages. The Company seat is located at 26 Soroksári út, Budapest, 1095. The web site of the Company is www.zwackunicum.hu.
Zwack Unicum Plc. is listed on the Budapest Stock Exchange.
Peter Zwack & Consorten HAG ("PZ HAG", AT-1190 Wien, Heiligenstadter Strasse 43.) is the ultimate majority owner and parent company of Zwack Unicum Plc. holding 50% + 1 share of the issued shares (registered ordinary shares), that is not obliged to prepare and publish consolidated financial statement under the law. The ultimate owners of PZ HAG are members of the Zwack and Underberg families.
Registered ordinary shares of the Company comprise:
2024 | 2023 | |||
% | HUF mill | % | HUF mill | |
PZ HAG | 50%+1 share | 1 000 | 50%+1 share | 1 000 |
Diageo Holdings | 26% | 520 | 26% | 520 |
Netherlands B.V. | ||||
Public | 24%-1 share | 480 | 24%-1 share | 480 |
Total | 100% | 2 000 | 100% | 2 000 |
The total number of authorized ordinary shares is 2 000 000 (31 March 2023: 2 000 000) with a par value of
HUF 1 000 per share (31 March 2023: HUF 1 000 per share). All shares are issued and fully paid. Each share carries the same voting rights.
Basic and diluted earnings per share have been calculated based on the profit for the year and the total number of ordinary shares in issue.
The total number of authorized redeemable liquidity preference shares is 35 000 (2023: 35 000) with a par value of HUF 1 000. All these shares were issued to senior managers under a cash settled share-based compensation plan as described under Note 20. The share capital does not include the redeemable liquidity preference shares. Dividends relating to these redeemable liquidity preference shares are recognised as part of Employee benefits expense. For further details refer to Note 15.
- Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards ("EU IFRS" or "IFRS") as adopted by the European Union and in accordance with the provisions applicable to entities preparing annual financial statements in accordance with EU IFRS of Act C of 2000 on Accounting in force in Hungary (hereinafter referred to as "Hungarian Accounting Law").
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The financial statements have been prepared in millions of Hungarian Forints (HUF) on a historical cost basis, except for the following items, which are measured on an alternative basis on each reporting date:
Items | Measurement basis |
derivative financial instruments (refer to | Fair value |
Note 2 (f) (5)) | |
net defined benefit liability (refer to Note 2 | Present value of the defined benefit |
(p)(2)) | obligation |
liabilities for cash-settled share based | Fair value |
payment arrangements (refer to Note 2 (p) | |
(2)-(4)) |
The financial statements of the Company were approved for issue on 23 May 2024 by the Company's Board of Directors (the Board), however, the Annual General Meeting (AGM) of the owners, authorized to accept these financials, has the right to require amendments before acceptance.
The preparation of financial statements in conformity with EU IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2 (r).
Standards issued but not yet effective
New amendments to standards adopted by the EU but not yet effective as at the reporting date:
- Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022, effective for annual periods beginning on or after 1 January 2024)
- Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Deferral of Effective Date (issued on 23 January 2020 and 15 July 2020 and 31 October 2022, effective for annual periods beginning on or after 1 January 2024)
The Company did not choose to adopt any of them early.
The following new standards and amendments to standards issued are not yet effective as at the reporting date, and have not yet been endorsed by the EU:
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023, effective for annual periods beginning on or after 1 January 2025)
- Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023, effective for annual periods beginning on or after 1 January 2024)
These new standards and amendments to standards are not expected to have a material impact on these financial statements in the period when they will be initially applied.
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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The following new amendments to standards applied initially by the Company from 1 April 2023, but none of them has a material impact on these financial statements:
- IFRS 17 Insurance Contracts and amendments to IFRS 17 (standard issued on 18 May 2017 and the amendments issued on 25 June 2020, effective for annual periods beginning on or after 1 January 2023)
- Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021, effective for annual periods beginning on or after 1 January 2023)
- Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on 12 February 2021, effective for annual periods beginning on or after 1 January 2023)
- Amendments to IFRS 17: Initial application of IFRS 17 and IFRS 9 - Comparative Information (issued on 9 December 2021, applicable on initial application of IFRS 17)
- Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on 6 May 2021, effective for annual periods beginning on or after 1 January 2023)
- Amendments to IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules (issued on 23 May 2023, effective for annual periods beginning on or after 1 January 2023, but the exception shall be applied immediately)
- Segment reporting
The CEO of Zwack Unicum Plc., is the Company's chief operating decision maker ('CODM'), as the CEO is responsible for allocating resources to, and assessing the performance of the Company on a monthly basis. Operating results are only reviewed at the Company level by the CODM hence the Company is deemed to be one segment. The balances in the reports reviewed by the CODM are in line with those presented in these financial statements.
(b) Foreign currency translation
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in HUF, which is the company's functional and presentation currency.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the official rates of exchange prevailing at the reporting date. Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Transactions in foreign currencies are translated into the functional currency at the date of the transaction. All resulting foreign exchange differences are included in other operating expenses/income.
(c) Property, plant and equipment
Property, plant and equipment are stated at cost less depreciation. Depreciation is calculated on a straight line basis (or by reference to physical output) from the time the assets are deployed over their estimated useful lives.
Assets in the course of construction are stated at cost.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost
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Zwack Unicum Nyrt. published this content on 05 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2024 08:20:09 UTC.