April 2021
DATAWALK CAPITAL GROUP
SUMMARY OF THE FINANCIAL
STATEMENTS
for the year ended 31st December 2020
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 2
THE EXECUTIVE BOARD`S LETTER
Dear Investors,
DataWalk achieved a breakthrough level of growth for the year, with multiple new customer wins reported in the
last quarter of 2020. During 2020 we announced a total of thirteen new customer wins via formal reports, omitting
smaller deals which were considered less important. Seven of the customers we announced can be considered world-
class references. In the fourth quarter we achieved wins with two world class level customers – a major Canadian
Police Department and the key intelligence agency of an European Union country. Successful projects with world
class clients constitutes the best mechanism for winning additional opportunities.
The total 2020 revenue of PLN 15,7 million represents impressive growth (+348% y/y), especially considering that
revenue recognition for our largest deal was moved to 2021. 2020 was just the first step in our growth plan and we
aim to significantly increase our sales, especially in the priority geographies of North America and Europe.
Currently, our bottlenecks include the pre and post sales implementation capacity and a few specific roles in product
development. The closing of the B round (PLN 65 million / $17 million in October 2020) enables the growth in staff
in the above mentioned areas as well as the other critical go to market roles within the European and North American
Teams.
The near breakeven financial results in Q4 are an indication of our business model efficiency as well as the fact that
we hired conservatively in the months prior to the close of the B Round funding. Our strategy is to increase our
staffing and other investments and take advantage of our favorable cash position to enable our next phase of growth.
This stage of our development requires significant internal work focused on processes, hiring and tools to enable
future growth at the pace we aim to achieve.
Yours faithfully,
Paweł Wieczyński, CEO
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 3
Sales funnel methodology and definitions of the stages of the sales process. Quantifiers of our Sales Funnel.
Stages of the Sales:
1. Establishing contact with a prospect (including through our own campaigns or first business partners).
2. Identification of the situation - this stage ends when we established contact with the appropriate
representatives at the client.
3. Validation of customer needs and initial verification of the opportunity.
4. Full Qualification of the opportunity.
5. Engagement with the full client project team (including decision-makers and senior management)
in substantive discussions. Example: a pilot implementation may take place during this phase.
6. Purchase negotiations and procedures (initiation of a public tender procedure if applicable).
7. Finalization of the terms of the contract and award of the tender.
8. Execution of implementation, acceptance protocols authorizing the issuing of invoices for licenses
and individual stages of implementation.
The categorization of a potential customer as a Qualified Lead (Stage 4) occurs only when the customer confirms
the readiness to purchase and has an approved budget, a staffed project team to execute the selection process and
the will to continue discussions with us.
The values presented below do not include projects that left the sales funnel due to the conversion of projects into
Completed Sales (conclusion of a contract, obtaining an acceptance protocol, recognition of all or a major part of
the project as revenue). Thus, the sales funnel presented below (stages 4-7 of the commercial process) constitutes
an overview for understanding the sales dynamics.
Based on a review of the funnel methodology in first quarter of 2021, we started to include expected renewals of
term licenses and maintenance agreements, to better reflect anticipated revenue.
During fourth quarter of last year we focused on closing and invoicing deals and this is reflected in the consequential
sharp drop of the qualified part of the funnel. Thanks to the completion of many sales processes we will recognize
a large part of this revenue stream in 2021. Rebuilding of the funnel by adding new qualified leads is a cyclical
process which will last till Q4 of this year, when we should expect another drop due to end of year closure of multiple
sales processes. Overall growth of the funnel is expected once we significantly increase our reference pool
(especially in North America) and some time after we increase the sales team staffing.
Source: Issuer.
$3 980
$6 853
$9 177
$11 642
$12 216
$7 755
$9 855
$1 822
$3 782
$4 635
$7 111
$6 788
$5 713
$7 948
$-
$2 000
$4 000
$6 000
$8 000
$10 000
$12 000
$14 000
Q4 2019 29th March
2020
20th May
2020
28th
September
2020
24th
November
2020
15th
February
2021
1st April
2021
Sales funnel aggregate [thousands of USD]
Rest of the World: Qualified+ funnel North and South America: Qualified+ funnel
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 4
Sales cycles counted from qualification of the lead can range on average from 18 months for the commercial sector
to 30 months in the public sector, but off course there are examples that are shorter or longer.
Given the “New Vendor” market position of the DataWalk Group, only a portion of leads will be converted into
contracts, especially in North America where we have fewer production customers to date than we have in Poland
and we are not yet a recognizable brand with a track record. Over time, we will be able to increase our close rate,
especially after we gain more customers in the most advanced markets in the world. The data presented above cannot
be considered a forecast of the future results of DataWalk S.A. and its capital group because there is great variability
in deal values, win rates as well as the impacts of cancelled projects and other variables.
The figures above represent the sum of the values of Leads based on the Stage of the Sales Funnel, not including the
remaining part of the sales funnel, which contains leads that are earlier in the sales process. The values of individual
Leads are calculated on the basis of the estimated size of the sales opportunity.
The sales funnel in Poland started being built in late 2015, results began to materialize with the acquisition of the
first few contracts including TUiR Warta (2017) and the Ministry of Finance (2018). After these successful
implementations resulted in very positive customer testimonials, we started to see more opportunities in the EMEA
region. The sales funnel in the Americas started being built in the second quarter of 2019 with the hiring of the first
two sales teams and although it is less mature in terms of time, it will address a much larger available market.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 5
The table of contents
SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP ........................ 6
SELECTED SEPARATE FINANCIAL DATA DATAWALK S.A. ......................................................................... 7
CONSOLIDATED FINANCIAL STATEMENT .................................................................................................... 10
Consolidated Statement of Financial Position (in thousands of PLN) ................................................................. 10
Consolidated Profit and Loss Account with The Statement of Comprehensive Income (in thousands of PLN) . 12
Consolidated Statement of Changes in Equity (in thousands of PLN) ................................................................. 14
Consolidated Cash Flow Statement (in thousands of PLN) ................................................................................. 16
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF THE DATAWALK CAPITAL GROUP FOR
THE YEAR 2020 ..................................................................................................................................................... 18
DESCRIPTION OF THE USE BY THE ISSUER OF THE PROCEEDS FROM THE ISSUE OF SECURITIES IN
THE PERIOD COVERED BY THE REPORT ........................................................................................................ 25
IMPACT OF THE COVID-19 EPIDEMIC ON THE GROUP'S OPERATIONS .................................................... 25
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S RESULTS IN 2020 ............... 25
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AFFECTING THE GROUP'S OPERATIONS
................................................................................................................................................................................. 27
COMPANY'S AUTHORITIES ................................................................................................................................ 28
The Executive Board ............................................................................................................................................ 28
The Supervisory Board ........................................................................................................................................ 29
DESCRIPTION OF THE ORGANISATION OF THE DATAWALK CAPITAL GROUP AND CONSOLIDATED
ENTITIES ................................................................................................................................................................ 30
DataWalk S.A. ..................................................................................................................................................... 30
DataWalk Inc. ...................................................................................................................................................... 31
Overview of the DataWalk Capital Group ........................................................................................................... 32
Changes in the management rules of the Capital Group and the Company ......................................................... 32
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A. .................................................................... 33
Shareholder structure as at April 29, 2021 (share in the total number of votes) .................................................. 33
Shareholder structure as at November 27, 2020 (share in the total number of votes) .......................................... 34
STRUCTURE OF SHAREHOLDINGS IN DATAWALK S.A. OR RIGHTS ATTACHED TO SHARES, HELD BY
MEMBERS OF THE ISSUER’S EXECUTIVE AND SUPERVISORY BOARDS ................................................ 35
SEPARATE FINANCIAL STATEMENT ............................................................................................................... 37
Separate Statement of Financial Position (in thousands of PLN) ........................................................................ 37
Separate Profit and Loss Account with The Statement of Comprehensive Income (in thousands of PLN) ......... 39
Separate Statement of Changes in Equity (in thousands of PLN) ........................................................................ 41
Separate Cash Flow Statement (in thousands of PLN) ........................................................................................ 42
CHANGES IN ACCOUNTING POLICIES USED ................................................................................................. 43
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 6
SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP
The following table presents selected data regarding the consolidated financial statements of the DataWalk Capital Group.
SELECTED FINANCIAL DATA
2020
2019
2020
2019
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
15 722
3 512
3 514
816
Profit/Loss on sales
-6 537
-11 121
-1 461
-2 585
Operating profit (loss)
-6 227
-11 052
-1 392
-2 569
Pre-tax profit (loss)
-6 276
-11 027
-1 403
-2 563
Net profit (loss)
-6 323
-11 044
-1 413
-2 567
Total comprehensive income
-6 293
-11 055
-1 407
-2 570
Weighted average number of ordinary shares (pcs.)
4 542 116
4 113 366
4 542 116
4 113 366
Profit (loss) per share (in PLN/EUR)
-1,39
-2,68
-0,31
-0,62
Net cash generated (used) in operating activities
-356
-10 874
-80
-2 528
Net cash generated (used) in investing activities
-812
-7 272
-181
-1 690
Net cash (used) in financing activities
65 887
25 037
14 726
5 820
Total net cash flows
64 719
6 891
14 465
1 602
SELECTED FINANCIAL DATA
12/31/2020
12/31/2019
12/31/2020
12/31/2019
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets / equity and liabilities
91 241
23 858
19 771
5 603
Non-current assets
11 304
6 598
2 449
1 549
Current assets
79 937
17 260
17 322
4 053
Equity
79 793
20 966
17 291
4 923
Total liabilities
11 448
2 892
2 481
679
Long-term liabilities
1 976
153
428
36
Short-term liabilities
9 472
2 739
2 052
643
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 7
SELECTED SEPARATE FINANCIAL DATA DATAWALK S.A.
The following table presents selected data on the separate financial statements DataWalk S.A.
SELECTED FINANCIAL DATA
2020
2019
2020
2019
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
12 359
2 362
2 762
549
Profit/Loss on sales
309
-11 373
69
-2 644
Operating profit (loss)
-4 100
-11 265
-916
-2 619
Pre-tax profit (loss)
-4 421
-11 193
-988
-2 602
Net profit (loss)
-4 421
-11 193
-988
-2 602
Total comprehensive income
-4 421
-11 193
-988
-2 602
Weighted average number of ordinary shares (pcs.)
4 542 116
4 113 366
4 542 116
4 113 366
Profit (loss) per share (in PLN/EUR)
-0,97
-2,72
-0,22
-0,63
Net cash generated (used) in operating activities
3 306
-10 737
739
-2 496
Net cash generated (used) in investing activities
-4 557
-7 817
-1 018
-1 817
Net cash (used) in financing activities
64 693
25 037
14 459
5 820
Total net cash flows
63 443
6 483
14 180
1 507
SELECTED FINANCIAL DATA
12/31/2020
12/31/2019
12/31/2020
12/31/2019
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets / equity and liabilities
89 032
22 988
19 293
5 398
Non-current assets
11 241
7 776
2 436
1 826
Current assets
77 791
15 212
16 857
3 572
Equity
81 337
20 638
17 625
4 846
Total liabilities
7 695
2 350
1 668
552
Long-term liabilities
639
153
138
36
Short-term liabilities
7 056
2 197
1 529
516
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488.604,80 zł w całości
wpłacony
Page | 8
Applied EUR / PLN rates:
• Items of the statement of financial position were translated at the average rate of the euro published by the
Polish National Bank, valid on the last day of the reporting period.
Rate on the last day of the period
12/31/2020
12/31/2019
1 EUR
4,6148
4,2585
• Items in the statement of profit or loss and other comprehensive income and statement of cash flows were
translated at the average rate of the euro which is the arithmetic average of euro exchange rates published
by Polish National Bank and valid on the last day of each month of the reporting period.
The average exchange rate in a given period
from 01/01/2020
from 01/01/2019
to 12/31/2020
to 12/31/2019
1 EUR
4,4742
4,3018
DATAWALK CAPITAL GROUP
CONSOLIDATED FINANCIAL
STATEMENTS
for the year ended 31st December 2020
Page | 10
CONSOLIDAT ED FINANCIAL STATEMENT
Consolidated Statement of Financial Position (in thousands of PLN)
ASSETS
12/31/2020
12/31/2019
A.
Non-current assets
11 304
6 598
I.
Fixed assets
301
106
II.
Goodwill
390
390
III.
Intangible assets
9 373
5 473
IV.
Right-of-use assets
1 159
577
V.
Long-term financial assets
0
0
VI.
Long-term receivables
41
41
VII.
Long-term prepayments
0
0
VIII.
Deferred tax assets
40
11
B.
Current assets
79 937
17 260
I.
Inventory
0
0
II.
Trade receivables
4 290
3 074
III.
Receivables from income tax
95
0
IV.
Other receivables
1 062
825
V.
Financial assets
0
4 011
VI.
Prepayments
695
225
VII.
Cash and cash equivalents
73 795
9 125
TOTAL ASSETS
91 241
23 858
Page | 11
EQUITY AND LIABILITIES
12/31/2020
12/31/2019
(restated*)
A.
Equity
79 793
20 966
Equity attributable to shareholders of the
parent company
79 793
20 966
I.
Share capital
489
447
II.
Share premium
133 859
68 781
III.
Other capitals
9 965
9 965
IV.
Profit (loss) from previous years
-60 998
-49 954
V.
Reserve capital
2 771
2 771
VI.
Net profit (loss) for the current year
-6 323
-11 044
VII.
Foreign exchange translation differences
30
0
Non-controlling interests
0
0
B.
Long-term liabilities
1 976
153
I.
Other provisions
0
0
II.
Deferred tax liabilities
40
11
III.
Lease liabilities
598
142
IV.
Bank loans and borrowings
1 187
0
V.
Other liabilities
151
0
C.
Short-term liabilities
9 472
2 739
I.
Trade liabilities
1 479
809
II.
Income tax liabilities
0
0
III.
Lease liabilities
564
438
IV.
Bank loans and borrowings
17
0
V.
Other liabilities
1 014
373
VI.
Other provisions
1 801
684
VII.
Prepayments
4 597
435
TOTAL EQUITY AND LIABILITIES
91 241
23 858
* As described in “Changes in accounting policies used” in the further part of the report.
NET ASSET VALUE PER SHARE
12/31/2020
12/31/2019
Net asset value
79 793
20 966
Number of shares (pcs.)
4 542 116
4 113 366
Net asset value per share (in PLN)
17,57
5,10
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted net asset value per share (in PLN)
17,23
4,99
The net asset value per share was calculated in relation to the weighted average number of the Company's shares for
a given period. The number of shares calculated this way in 2020 was 4 542 116, while in 2019 the weighted average
number of shares in the Company was 4 113 366.
The weighted average diluted number of shares in the Company in 2020 amounted to 4 631 115, including 88 999
shares under the incentive program, while in 2019 the average amounted to 4 202 365, including 88 999 shares under
the incentive program.
Page | 12
Consolidated Profit and Loss Account with The Statement of Comprehensive
Income (in thousands of PLN)
PROFIT AND LOSS ACCOUNT
2020
2019
Continuing operations
A.
Revenues
15 722
3 512
B.
Operating costs
22 259
14 633
Materials and Energy
130
90
Employee benefits
11 238
6 647
Amortisation and depreciation
1 268
730
External services
8 680
6 382
Other costs
943
784
C.
Profit/Loss on sales
-6 537
-11 121
Other operating income
401
2 540
Other operating costs
96
2 207
Loss (profit) from expected credit losses
-5
264
D.
Operating profit (loss)
-6 227
-11 052
Financial income
49
89
Financial costs
98
64
E.
Pre-tax profit (loss)
-6 276
-11 027
Income tax
47
17
F.
Net profit (loss) from continuing operations
-6 323
-11 044
Discontinued operations
Net profit (loss) from discontinued operations
0
0
G.
Net profit (loss)
-6 323
-11 044
NET PROFIT (LOSS) ATTRIBUTABLE TO:
2020
2019
- shareholders of the parent company
-6 323
-11 044
- non-controlling interests
0
0
STATEMENT OF COMPREHENSIVE INCOME
2020
2019
Net profit (loss)
-6 323
-11 044
Other comprehensive income
30
-11
1. Items that will not be reclassified to profit or loss
0
0
2. Items that will be reclassified to profit or loss:
30
-11
a) Exchange differences on translating foreign operations
30
-11
Total comprehensive income
-6 293
-11 055
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
2020
2019
- shareholders of the parent company
-6 293
-11 055
- non-controlling interests
0
0
Page | 13
PROFIT (LOSS) PER SHARE ATTRIBUTABLE TO:
2020
2019
Continuing operations
Number of shares (pcs.)
4 542 116
4 113 366
Profit (loss) per share (in PLN)
-1,39
-2,68
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted profit (loss) per share (in PLN)
-1,37
-2,63
Discontinued operations
Number of shares (pcs.)
4 542 116
4 113 366
Profit (loss) per share (in PLN)
0,00
0,00
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted profit (loss) per share (in PLN)
0,00
0,00
Continuing and discontinued operations
Number of shares (pcs.)
4 542 116
4 113 366
Profit (loss) per share (in PLN)
-1,39
-2,68
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted profit (loss) per share (in PLN)
-1,37
-2,63
The net profit (loss) per share was calculated in relation to the weighted average number of the Company's shares
for a given period. The number of shares calculated this way for the year 2020 was 4 542 116, while in 2019 the
weighted average number of shares in the Company was 4 113 366.
The weighted average diluted number of shares in the Company in the year 2020 amounted to 4 631 115, including
88 999 shares under the incentive program, while in 2019 the average amounted 4 202 365, including 88 999 shares
under the incentive program.
Page | 14
Consolidated Statement of Changes in Equity (in thousands of PLN)
STATEMENT OF CHANGES
IN EQUITY
Share
capital
Share
premium
Other
capitals
Foreign
exchange
translation
differences
Reserve
capital
Profit (loss)
from
previous
years
Net profit
(loss) for the
current
period
Equity
attributable to
shareholders of
the parent
company
Equity
attributable
to non-
controlling
interests
Total
equity
Balance as at 01/01/2020
447
68 781
9 965
0
2 771
-49 954
-11 044
20 966
0
20 966
Equity increase (decrease)
42
65 078
0
30
0
-11 044
4 721
58 827
0
58 827
Total comprehensive income
0
0
0
30
0
0
-6 323
-6 293
0
-6 293
Net profit (loss)
0
0
0
0
0
0
-6 323
-6 323
0
-6 323
Exchange differences on
translating foreign operations
0
0
0
30
0
0
0
30
0
30
Share capital increase
42
65 078
0
0
0
0
0
65 120
0
65 120
Distribution of profit (loss) for
previous year
0
0
0
0
0
-11 044
11 044
0
0
0
Changes in equity resulting from
IFRS 2
0
0
0
0
0
0
0
0
0
0
Balance as at 12/31/2020
489
133 859
9 965
30
2 771
-60 998
-6 323
79 793
0
79 793
Page | 15
STATEMENT OF CHANGES
IN EQUITY
Share
capital
Share
premium
Other
capitals
Foreign
exchange
translation
differences
Reserve
capital
Profit (loss)
from
previous
years
Net profit
(loss) for the
current
period
Equity
attributable to
shareholders of
the parent
company
Equity
attributable
to non-
controlling
interests
Total
equity
Balance as at 01/01/2019
368
44 818
9 965
11
2 803
-36 204
-13 750
8 011
0
8 011
Equity increase (decrease)
79
23 963
0
-11
-32
-13 750
2 706
12 954
0
12 954
Total comprehensive income
0
0
0
-11
0
0
-11 044
-11 055
0
-11 055
Net profit (loss)
0
0
0
0
0
0
-11 044
-11 044
0
-11 044
Exchange differences on
translating foreign operations
0
0
0
-11
0
0
0
-11
0
-11
Share capital increase
79
23 963
0
0
0
0
0
24 041
0
24 041
Distribution of profit (loss) for
previous year
0
0
0
0
0
-13 750
13 750
0
0
0
Changes in equity resulting from
IFRS 2
0
0
0
0
-32
0
0
-32
0
-32
Balance as at 12/31/2019
447
68 781
9 965
0
2 771
-49 954
-11 044
20 966
0
20 966
Page | 16
Consolidated Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
2020
2019
Cash flows from operating activities
Net profit (loss)
-6 323
-11 044
Total adjustments, including:
5 967
170
- amortisation and depreciation
1 268
730
- foreign exchange gains (losses)
78
-3
- interest expenses
33
7
- income from interest and dividends
-77
-69
- profit (loss) on investing activities
-6
-10
- share-based payment (incentive program)
0
-32
- income tax of current period*
46
17
- income tax paid
-140
-17
- change in receivables
-1 547
-1 293
- change in inventories
0
0
- change in provisions
1 116
561
- change in short-term liabilities
1 555
864
- change in deferred income
3 692
482
- other adjustments (capital increase)
-51
-1 067
Net cash generated (used) in operating activities
-356
-10 874
Cash flows from investing activities
Purchase of intangible assets
4 635
2 660
Purchase of property, plant and equipment
265
688
Proceeds from sale of property, plant and equipment
0
19
Short term bank deposits (over 3 months)
4 011
-4 012
Interest received
77
69
Net cash generated (used) in investing activities
-812
-7 272
Cash flows from financing activities
Proceeds from issue of share capital
65 171
25 108
Proceeds from bank loans and borrowings
1 194
0
Payment of finance lease liabilities
455
64
Interest paid
23
7
Net cash generated (used) in financing activities
65 887
25 037
Total net cash flows
64 719
6 891
Opening balance of cash
9 125
2 241
Change in cash due to foreign currency translation
-49
-7
Change in cash balance, net
64 670
6 884
Closing balance of cash
73 795
9 125
* Income tax of current period refers to income tax due for the year 2019.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 18
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF THE DATAWALK
CAPITAL GROUP FOR THE YEAR 2020
The following data were presented in PLN thousand and any differences in the amount of PLN 1 thousand or 1%
when added up are a result of the accepted rounding.
Commentary on the financial results of the DataWalk Group
The Group is at the stage of significant growth and the investments made in the development bring further effects
in the form of conversion of projects from the sales funnel to revenues. In 2020, the sales value of the DataWalk
Group amounted to PLN 15 722 thousand and was higher by 348% compared to the revenues achieved in 2019,
which amounted to PLN 3 512 thousand. The increase in sales value is primarily the result of the successful
completion of subsequent projects implemented by the Group in the United States, Poland, and several other EMEA
countries. Thus, in 2020, the Group increased the number of customers, including 7 being world-class references,
which brings the Issuer closer to achieving the mid-term strategic goal at the third stage of the Group's development,
which is obtaining 20 world-class references.
Once again, the increase in revenues achieved on the American market deserves special attention, where the value
of sales in 2020 reached the level of PLN 6 035 thousand while in the comparable period of 2019, when DataWalk
Inc. started the commercialization phase by building a sales funnel, revenues amounted to PLN 1 217 thousand,
which gives an increase of 396%. The American team is successively building the position of DataWalk and
although the activities are still in the early stage of market penetration, sales are already starting to bring significant
revenues for the Group. In the analyzed period, the largest share in the value of revenues generated by DataWalk
Inc. fell to the government sector, which accounted for 97% of the sales value.
The Group also recorded an increase in revenues in other markets (EMEA region) where the value of sales in 2020
amounted to PLN 9 687 thousand which compared to PLN 2 332 thousand generated in 2019 represents an increase
of 315%. Sales to the government sector were 55% and the private sector accounted for 45% of the revenues.
Revenues in Poland amounted to PLN 5 484 thousand vs the 2019 figure of PLN 944 thousand, representing an
increase of 481%.
It should be noted that the Group, in particular DataWalk S.A. continues the delivery of implementation services
resulting from the contracts obtained in the fourth quarter of 2020. Due to the complexity of the projects and the
degree of work completion, the revenue recognition may take place in subsequent reporting periods.
The observed dynamics of revenues causes an increase in costs which is a consequence of the effective
commercialization process and is closely related to the milestones achieved in that process. The DataWalk Group
manages the investment process through triggers related to the achieved business results and to financial models.
The above approach enables monitoring and control of the costs dynamics which at the current stage of growth is
mostly affected by the pace of commercialization in North America.
The level of operating costs in the Group in 2020 was mainly influenced by an increase in remuneration costs
referring in particular to the process of building the sales and implementation team in the Issuer's subsidiary, higher
costs of depreciation of completed development works related to DataWalk software and an increase in the costs of
external services, especially in the subsidiary of the Issuer which also was related to the development of the Group's
sales and operations processes.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 19
Financial outlook for DataWalk Group and DataWalk S.A. for 2021
The management of the Group expects to further expand the scale of its operations. Taking into account the
sometimes several years long and complicated sales processes, the Group is currently concentrating on working only
with selected customers and is simultaneously expanding go-to-market teams in America and Europe, striving to
increase the capacity of commercial and implementation processes. The Issuer is observing an increase in demand
for DataWalk software, which is confirmed by the growing number of projects in the Group's sales funnel, as well
as dynamically increasing revenues and the number of customers in recent periods. In addition, given the schedule
of implementation works undertaken in the fourth quarter of 2020, the completion of which is expected by the Group
in the coming months, the recognition of revenues related to these works may have an impact on the level of the
Group's revenues in 2021.
In opinion of the Executive Board, forecasts indicate that both the Big Data market and the global IT market, in
particular BI applications and analytical tools will continue to develop dynamically.
According to information published by ResearchAndMarkets.com, the value of the global Big Data market,
including the link analysis market, is estimated at USD 70.5 billion in 2020 and is expected reach the value of USD
243 billion in 2027. Thus, it is assumed that the CAGR for the analyzed period will amount to 19.4%
1
.
The global business analysis software market will reach $120 billion in 2027, while in 2019 it was valued at $54
billion. Thus, the expected CAGR in the period from 2019 to 2027 is expected to be 10.5%. This type of software
or tools are designed to help users interpret and analyze business information by continuously exploring, tracking
or researching it in order to obtain key information needed, for example, for business planning. By using statistical
methods and tools, business analysis software performs, for example, predictive analysis in order to obtain
information that can help organizations optimize business operations or facilitate strategic decisions
2
. In the opinion
of the Executive Board, the DataWalk software perfectly responds to the above-mentioned needs and problems faced
by companies and institutions around the world.
In line with our strategy, in 2021 the Group will concentrate its activities on:
• sales in the American and Polish markets, in the commercial and public sectors, incl. Law Enforcement
and Intelligence,
• continuation of ongoing patenting processes,
• development of the DataWalk software in its key areas, including expanding of the development team,
• expansion of sales, marketing and implementation teams in the United States and Poland.
The Group is going to finance its investment activities with proceeds from operating activities and equity.
The Group's operations in 2021 may be affected by the global epidemiological situation related to the spread of the
SARS-CoV-2 virus causing the COVID-19 disease. The Group takes steps to minimize the impact of the pandemic,
ensuring the continuity of development and sales through remote work. In addition, the sale of the Group's products
and services is largely carried out using remote access channels, which significantly reduces the risk of a negative
impact of restrictions of mobility on its financial results. The Group produces virtual goods, however it may face
challenges related to the implementation process in customers environments. The continuity of implementation
activities depends on the availability and health of DataWalk and customers’ employees. Nevertheless, it should be
emphasized that despite the effective mitigation of risks related to restrictions in the world and in Poland, the Group
is not able to predict further developments related to the pandemic.
1
https://www.businesswire.com/news/home/20201208005685/en/Global-243-Billion-Big-Data-Market-Trajectory-Analytics-to-2027-Age-of-
Analytics-Provides-the-Cornerstone-for-the-Disruptive-Growth-Proliferation-of-Big-Data-Technologies---ResearchAndMarkets.com
2
https://www.alliedmarketresearch.com/business-analytics-software-market
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 20
DataWalk Group financial results
The table below presents selected consolidated financial data for the 12-month period ending December 31, 2020
and the comparable period of 2019.
Position
2020
2019
Change
Revenues
15 722
3 512
348%
Operating costs
22 259
14 633
52%
Profit/Loss on sales
-6 537
-11 121
-41%
Other operating income
401
2 540
-84%
Other operating costs
96
2 207
-96%
Loss (profit) from expected credit losses
-5
264
-102%
Operating profit (loss)
-6 227
-11 052
-44%
Net profit (loss) attributable to shareholders of the parent
company
-6 323
-11 044
-43%
Source: Issuer.
In 2019 in the item “Other Operating Costs” the Group recognized non-cash expenses related to the incentive
program under IFRS 2 in the amount of PLN 2 102 thousand, representing 95% of the total other operating costs.
The program ended on December 31
st
, 2019. In 2020, there were no expenses from that incentive program.
The net loss attributable to the parent company's shareholders at the end of 2020 was PLN 6 323 thousand and it
was 43% lower than in the corresponding period of 2019 when it amounted to PLN 11 044 thousand.
The most important influence on the consolidated financial net result of the Group in the year 2020 came from:
• an increase in the Group’s sales revenues,
• an increase in remuneration costs, mainly resulting from building sales and implementation teams in the
Issuer’s subsidiary,
• higher depreciation costs for completed development works on DataWalk software,
• an increase in external services costs, related to the development of operating activities in the USA and
conducting sales processes,
• the termination in the Company of the incentive program on 31
st
December, 2019 and consequently the
cessation of recognition of that program’s costs in other operating expenses.
The table below presents additional selected consolidated financial information for the 12-month period ending
December 31, 2020 and the comparable period of 2019.
Position
2020
2019
Change
Revenues
15 722
3 512
348%
EBIT
-6 227
-11 052
-44%
Amortisation and depreciation
1 268
730
74%
EBITDA
-4 960
-10 322
-52%
Non-cash costs of the incentive program
0
2 102
-100%
Adjusted EBITDA
-4 960
-8 220
-40%
CFO
bt
-356
-10 874
-97%
CAPEX
-4 900
-3 348
46%
FCF
-5 256
-14 222
-63%
Closing balance of cash
73 795
9 125
709%
Interest debt
2 366
579
309%
Source: Issuer.
EBIT = Operating profit (loss),
EBITDA = EBIT + Amortisation and depreciation,
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 21
Adjusted EBITDA = EBITDA + non-cash transaction costs with people covered by the incentive program settled in the form of capital
instruments,
CFO
bt
= Net cash generated (used) in operating activities (i.e. before income tax paid),
CAPEX = expenditure on acquisition of tangible fixed assets + expenses for intangible assets + expenses related to development work,
FCF = CFO
bt
- |CAPEX|.
The revenue structure of the DataWalk Group by products and services
In 2020 revenues from the sale of licenses amounted to PLN 10 521 thousand, accounted for 67% of the Group's
total revenues and were 286% higher than in 2019. The revenues from implementation services were PLN 3 699
thousand and by 1 150% higher than previous year. The revenues from software technical support (so called
“maintenance”) reached PLN 545 thousand which was 35% more than in 2019. The increase of other revenues
referred to delivery of additional services related to DataWalk software.
The table below presents consolidated revenues in the 12-month period ended December 31, 2020 and in the
comparable period of 2019.
Position
2020
2019
Change
Licenses sale
10 521
2 726
286%
Implementation services
3 699
296
1 150%
Technical support
545
404
35%
Other
957
85
1 026%
Total revenues
15 722
3 512
348%
Source: Issuer.
The table below presents the currency structure of sales for 2020 and 2019.
Position
2020
2019
PLN (Polish zloty)
35%
20%
USD (U.S. Dollar)
65%
80%
Total
100%
100%
Source: Issuer.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 22
The revenue structure of the DataWalk Group by regions
The table below presents the revenues of the DataWalk Group in 2020 by regions (in thousands of PLN).
Revenues by region
2020
Share in total revenues (%)
Poland
5 484
35%
North and South America
6 035
38%
Other regions
4 203
27%
Total
15 722
100%
Source: Issuer.
The table below presents the revenues of the DataWalk Group in 2019 by regions (in thousands of PLN).
Revenues by region
2019
Share in total revenues (%)
Poland
944
27%
North and South America
1 217
35%
Other regions
1 350
38%
Total
3 512
100%
Source: Issuer.
The revenue structure of the DataWalk Group by operating segments
The table below presents the revenues of the DataWalk Group in 2020 after elimination of transactions between
segments (in thousands of PLN).
Revenues by operating segment
2020
Share in total revenues (%)
Segment DataWalk S.A.
9 687
62%
Segment DataWalk Inc.
6 035
38%
Total
15 722
100%
Source: Issuer.
The table below presents the revenues of the DataWalk Group in 2019 after elimination of transactions between
segments (in thousands of PLN).
Revenues by operating segment
2019
Share in total revenues (%)
Segment DataWalk S.A.
2 294
65%
Segment DataWalk Inc.
1 217
35%
Total
3 512
100%
Source: Issuer.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 23
Cash flow of the DataWalk Group
The Group's cash flow from operating activities (CFO) in 2020 amounted to PLN -356 thousand vs. PLN -10 874
thousand in 2019. Significant impact on the CFO in 2020 came from: i) increase of book value of deferred income
amounting to PLN 4 162 thousand; ii) increase of trade receivables resulting from invoicing of PLN 1 547 thousand
in the 4
th
quarter of 2020; iii) amortisation and depreciation adjustment of PLN 1 268 referring mainly to
development work; and iv) increase of provisions and accruals by the amount of PLN 1 116 thousand related to
variable costs and directly linked to the increase of sales value.
In 2019 the main items influencing the CFO were: i) expenses incurred on emission of “M” and “N” series of shares
amounting to PLN 1 067 thousand; and ii) increase of trade receivables book value resulting from invoicing in the
fourth quarter of the year.
The Group's cash flow from investment activities (CFI) in 2020 amounted to PLN -812 thousand and was
particularly influenced by i) reclassification of bank deposits from short-term financial assets to cash items, due to
their maturity, in the amount of PLN 4 011 thousand; and ii) capitalised costs of DataWalk software development
of PLN 4 635 thousand.
The Group’s CFI in 2019 amounted to PLN -7 272 thousand which was mostly influenced by: i) setting-up of bank
deposits with maturity period above 3 months of PLN 4 012 thousand; and ii) capitalised costs of DataWalk software
development of PLN 2 660 thousand.
The Group's cash flow from financing activities (CFF) in 2020 amounted to PLN 65 887 thousand which was mainly
due to: i) emission of “O” series shares of PLN 65 171 thousand; and ii) obtaining of loans by the subsidiary of PLN
1 194 thousand.
In 2019 the CFI was PLN 25 037 thousand which was mostly influenced by the emission of “M” and “N” series of
shares.
Position
2020
2019
Change
CFO
-356
-10 874
-97%
CFI, including:
-812
-7 272
-89%
- CAPEX
-4 900
-3 348
46%
CFF
65 887
25 037
163%
Total net cash flows
64 719
6 891
839%
Source: Issuer.
CFO = Net cash generated (used) in operating activities,
CFI = Net cash generated (used) in investing activities,
CAPEX = expenditure on acquisition of tangible fixed assets + expenses for intangible assets + expenses related to development work,
CFF = Net cash (used) in financing activities.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 24
Balance of the DataWalk Group
The table below presents selected balance sheet items as at December 31, 2020 and December 31, 2019.
Assets
12/31/2020
12/31/2019
Change
Goodwill
390
390
0%
Intangible assets
9 373
5 473
71%
Trade receivables
4 290
3 074
40%
Other receivables
1 157
825
40%
Financial assets (short-term)
0
4 011
-100%
Cash and cash equivalents
73 795
9 125
709%
Other assets
2 236
960
133%
Total assets
91 241
23 858
282%
Source: Issuer.
Equity and liabilities
12/31/2020
12/31/2019
Change
Equity
79 793
20 966
281%
Trade receivables
1 479
809
83%
Bank loans and borrowings
1 204
0
-
Lease liabilities
1 163
580
100%
Deferred income
4 597
435
958%
Other liabilities
3 007
1 068
182%
Total equity and liabilities
91 241
23 858
282%
Source: Issuer.
The table below presents selected financial ratios of the DataWalk Group as at December 31, 2020, as well as
December 31, 2019.
Position
12/31/2020
12/31/2019
Current ratio
8,4
6,3
Quick Ratio
8,4
6,2
Cash Ratio
7,8
3,3
Debt ratio
13%
12%
Debt / Equity
0,0
0,0
Debt-to-Equity Ratio
14%
14%
Working Capital (in thousands PLN)
70 465
14 521
Source: Issuer.
Current ratio = Current assets (short-term) / Current liabilities (short-term),
Quick Ratio = (Cash and cash equivalents + Short-term investments + Account receivables) / Current liabilities (short-term),
Cash Ratio = Cash and cash equivalents / Current liabilities (short-term),
Debt ratio = Total liabilities / Total assets × 100%,
Debt / Equity = (Interest-bearing bank loans + Debt securities + Liabilities due to finance leases) / Total Shareholders’ Equity,
Debt-to-Equity Ratio = (Total Liabilities / Total Shareholders’ Equity) × 100%,
Working Capital = Current assets (short-term) - Current liabilities (short-term).
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 25
DESCRIPTION OF THE USE BY THE ISSUER OF THE PROCEEDS FROM THE
ISSUE OF SECURITIES IN THE PERIOD COVERED BY THE REPORT
On October 2nd, 2020, the agreements were concluded with investors to subscribe for a total of 421 000 O series
ordinary bearer shares with a nominal value of PLN 0.10 each (“Shares”) issued by the company’s Executive Board
within the limits of authorized capital, excluding the pre-emptive right of existing shareholders. The issue price of
one O series share was PLN 154,80 for one Share, therefore, as a result of the issue of O series shares. As a result
of the issue of series O shares, the company raised PLN 65 170 800,00.
The funds obtained as part of the issue of series O shares are used by the Issuer in accordance with the DataWalk
Group's strategy.
IMPACT OF THE COVID-19 EPIDEMIC ON THE GROUP'S OPERATIONS
In connection with the SARS-CoV-2 virus pandemic, administrative measures restricting the freedom of economic
activity and affecting the daily operations of enterprises were introduced. The current situation also affects the
availability of staff, the possibility of conducting activities related to promotion, sales and implementation and the
situation of current and potential Group’s customers. The ongoing pandemic, depending on its further development
and actions taken at regional, national and international levels, may have a significant negative impact on the
economic situation in Poland and in the world, which may influence the implementation of the Group's plans and its
future financial results.
The Group undertakes actions to minimize the impact of the pandemic, ensuring continuity of development and
sales work through remote work. Furthermore, sales of the Group's products and services are conducted to a large
extent using remote access channels, which significantly reduces the risk of the negative impact of mobility
restrictions on its financial results. As the Group produces virtual goods, it does not have a supply chain. However
it may face challenges related to the implementation process in the customers environment. The continuity of
implementation activities depends on the availability and health of DataWalk and customers’ employees.
Nevertheless, it should be emphasized that despite the effective mitigation of risks related to restrictions in the world
and in Poland, the Group is not able to predict further developments related to the pandemic
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S
RESULTS IN 2020
• On January 27
th
, 2020, the company obtained information that the company’s subsidiary, DataWalk Inc. received
a purchase order for execution of a pilot project (“Pilot”) with US System Integrator (“Customer”). The Pilot
will be executed in order to demonstrate the DataWalk analytical platform in support of their end to end solution
as part of a contract they hold with a member agency in the US Government.
• On February 14
th
, 2020, the company informed that today it concluded an agreement with Polski Koncern
Naftowy Orlen S.A. registered in Płock, Poland (“Customer”), formalizing intent to execute the sale and
implementation of a perpetual license (“Project”) and production usage for anti-fraud applications of the
DataWalk analytical platform. The project with the Customer is a confirmation of the strategy execution as well
as opens the perspective of cooperation in similar applications with other companies of similar size from
commercial sector.
• On March 23
rd
, 2020, the company informed that it received a purchase order for execution of a partner contract
with system integrator operating on South African and British markets TechFINIUM (Pty) Ltd registered
in Boksburg, Republic of South Africa (“Partner”), formalizing the sale of a perpetual license (“Project”)
and production usage of the DataWalk analytical platform in SSG Security Solutions Proprietary Limited
registered in Centurion, Republic of South Africa (“Customer”). The Project will be executed in applications
connected with public safety, especially criminal investigations and crime prevention.
The Project in a geographical region outside the current area of business focus of the Issuer’s Capital Group
(North America – stage 3 of the strategy) is the result of numerous commercial inquiries initiated by partners
and clients from around the world showing high purchasing activity in the area related to the use of the DataWalk
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 26
platform. The project confirms the effectiveness of the Issuer’s implementation of the strategy with main goal
to build the position of a global leader (global vendor of enterprise software product) in selected areas
of application.
• On May 9
th
, 2020, the company informed the conclusion of an agreement with an entity based in Warsaw that
provides cloud services for the implementation of the project at the request of the state administration. The
agreement concerns the sale of licenses for full production use of the DataWalk platform as a central repository
and services in the field of analytical support in activities related to preventing the development of a pandemic
and the effects of COVID-19.
• On May 28
th
, 2020, the company informed that the company’s subsidiary, DataWalk Inc. obtained a purchase
order from Research Innovations Inc. USA (“RII”) for license sale and production usage of the DataWalk
analytical platform in response to a task order (“Task Order”) from the United States Department of Justice’s
Money Laundering and Asset Recovery Section (“MLARS”).
The DataWalk analytics platform will be deployed in support of MLARS’ mission to prosecute and coordinate
complex, sensitive, multi-district, and international money laundering and asset forfeiture investigations and
cases. The purchase order from RII constitutes a continuation of the business relationship established between
the entities, as reported in the current ESPI report 21/2019 of June 4th, 2019.
The Task Order obtained by the RII consortium confirms the attractiveness of the RII solution, the key element
of which is the DataWalk platform, as an alternative to solutions currently used in DOJ and MLARS, such as the
Palantir system, and increases the possibilities of successfully applying for subsequent orders from other entities
subordinate to DOJ as part of their broad Data Analytics Solution and Services project.
• On June 30
th
, 2020, the Executive Board of DataWalk S.A. reported that the company received a purchase order
from LINK4 S.A., an insurance company registered in Warsaw, Poland (“Customer”). This purchase order
formalizes with a date of June 30
th
the sale of a perpetual license (“Project”) and production usage for anti-fraud
applications of the DataWalk analytical platform. This project defines the cooperation plan between parties,
continuing cooperation previously reported in ESPI 40/2019 dated September 30th, 2019.
• On July 30
th
, 2020, the issuer informed that the company’s subsidiary, DataWalk Inc. has obtained a purchase
order for the implementation of a test project (“Project”) with a System Integrator in the USA (“Partner”). The
order is for a temporary license sale in support of a project with a branch of the United States military for
analyzing and mitigating potentials risks associated with COVID-19.
• On August 10
th
, 2020, the issuer informed that the company’s subsidiary, DataWalk Inc. has obtained a purchase
order from Research Innovations Inc. USA (“RII”) for license sale of the DataWalk analytical platform to the
United States Department of Homeland Security Customs and Border Protection (“DHS/CBP”). DHS/CBP may
assist government border agencies of other countries to enhance their operational capabilities. DataWalk
software has been selected for one such deployment, where it will be used to aid information, intelligence and
data collection; as well as analysis and dissemination, for a national border security organization.
• On September 3
rd
, 2020, the Executive Board of DataWalk S.A. reported that the company concluded today an
agreement with Comp S.A. registered in Warsaw (“Partner”) as part of a project with the Polish Police
Headquarters based in Warsaw (“Client”). The agreement includes the sale of a perpetual license and the
provision of implementation and training services for full production use of the DataWalk software platform as
a central Police Operational Information System.
• On September 21
st
, 2020, the issuer informed that the company’s subsidiary, DataWalk Inc. has signed an
agreement with the Toronto Police Service (Canada) for a pilot deployment of DataWalk software. The Toronto
Police Service is one of the ten largest municipal police agencies in North America, and will evaluate DataWalk
software as a candidate intelligence analysis platform.
• On September 21
st
, 2020, the issuer informed that the company’s subsidiary, DataWalk Inc. has obtained
a purchase order from the U.S. Department of Labor Office of Inspector General (DOL OIG) for license sale of
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 27
the DataWalk analytical platform. DOL OIG will utilize DataWalk in support of investigations of fraudulent
unemployment claims associated with COVID-19 and the CARES Act.
• On September 25
th
, 2020, the issuer informed that the company’s subsidiary, DataWalk Inc. has obtained
a purchase order from DLT Solutions USA (“DLT”) for license sale of the DataWalk analytical platform to the
United States Department of Defense Office of Inspector General (“DoD OIG”). DataWalk software will be used
in support of investigations of fraud, waste, and abuse across all United States Armed Forces, specifically
regarding contracts related to recently released COVID-19 funds.
• On October 2nd, 2020, the agreements were concluded with investors to subscribe for a total of 421 000 O series
ordinary bearer shares with a nominal value of PLN 0.10 each (“Shares”) issued by the company’s Executive
Board within the limits of authorized capital, excluding the pre-emptive right of existing shareholders. The issue
price of one O series share was PLN 154,80 for one Share, therefore, as a result of the issue of O series shares.
As a result of the issue of series O shares, the company raised PLN 65 170 800,00. The information about the
subscription end, as well as the information about the registration of the share capital increase as a result of the
issue of shares and amendments to the Articles of Association, was provided by the Executive Board of the
company in current reports (ESPI 34/2020, ESPI 36/2020).
• On November 16
th
, 2020, the Executive Board of DataWalk S.A. reported that the company has received an
agreement for sale and implementation of DataWalk software for a national intelligence agency in the European
Union, a NATO member.
• On December 17
th
, 2020, the Executive Board of DataWalk S.A. reported that the Company’s subsidiary,
DataWalk Inc., has signed an agreement with one of the largest municipal police departments in Canada for
purchase of DataWalk software. The Executive Board of the Company recognized the fact that signing this
agreement is confidential information as this may have a positive impact on the financial and strategic position
of the Issuer’s Capital Group in North America.
• On December 29
th
, 2020, the Executive Board of DataWalk S.A. reported that the Company’s subsidiary
DataWalk Inc. has obtained a purchase order from IT Solutions and Services for license sale of the DataWalk
analytical platform to the Procurador Fiscal de la Federacion in Mexico (“PFF”). The Executive Board of the
Company recognized the fact that obtaining this purchase order is confidential information, as this may have a
positive impact on the future financial and competitive position of the Issuer’s Capital Group in North America.
• On December 29
th
, 2020, the Executive Board of DataWalk S.A. reported that it concluded an agreement with
an entity based in Warsaw that provides cloud services, signed in order to continue cooperation on the project at
the request of the state administration body. Above reported agreement defines the cooperation plan between
parties, continuing cooperation previously reported in ESPI 8/2020 dated May 9th, 2020. Execution of the project
will have a positive impact on the competitive position of the Issuer’s Capital Group, which may impact the
future economic and financial situation of the Issuer and the prospects for its development.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AFFECTING THE
GROUP'S OPERATIONS
• On March 15
th
, 2021, the Executive Board of DataWalk S.A. informed that the Company obtained information
about earning a patent in the United States Patent and Trademark Office on 2nd March 2021. The title of the
Patent is “Systems And Methods For Querying Databases”. Obtaining this fifth patent in the US confirms
recognition of the uniqueness of the Issuer’s technology. Patenting IT solutions, apart from securing Intellectual
Property rights for the Company, has very practical value. Obtaining the patent confirms that the technology
owned by the Issuer does not interfere with the patent rights of other technologies. This constitutes a tangible
measure of progress for the Company’s Capital Group in United States. Securing the Patent is part of the Issuer’s
Capital Group development strategy which includes creation of a portfolio of intellectual property rights (IP),
which is the basis for recognizing information as confidential information.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 28
COMPANY'S AUTHORITIES
The Executive Board
Paweł Wieczyński, Chairman of the Board
Responsible for the operational activity and the commercialization department.
Krystian Piećko, Member of the Board
Responsible for the activities of the R&D department and the vision of technological development.
Sergiusz Borysławski, Member of the Board
Responsible for administrative activity and the commercialization department.
During the 12-month period ended December 31, 2020, the DataWalk S.A. Executive Board was as follows:
The Executive Board
Period of performing the function
Paweł Wieczyński
01/01/2020 – 12/31/2020
Krystian Piećko
01/01/2020 – 12/31/2020
Sergiusz Borysławski
01/01/2020 – 12/31/2020
Source: Issuer.
Until the date of this report, the composition of Issuer's Executive Board has not changed.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 29
The Supervisory Board
After taking into account the changes described below that occurred on December 31, 2020, the composition of the
Issuer's Supervisory Board was as follows:
• Mr. Roman Pudełko - Chairman of the Supervisory Board
• Mr. Wojciech Dyszy - Vice Chairman of the Supervisory Board,
• Mr. Grzegorz Dymek - Member of the Supervisory Board,
• Mr. Rafał Wasilewski - Member of the Supervisory Board,
• Mr. Filip Paszke - Member of the Supervisory Board.
During the 9-month period ended December 31, 2020, the composition of the Issuer's Supervisory Board of the
Company is as follows:
The Supervisory Board
Period of performing the function
Wojciech Dyszy
01/01/2020 – 12/31/2020
Grzegorz Dymek
01/01/2020 – 12/31/2020
Roman Pudełko
01/01/2020 – 12/31/2020
Rafał Wasilewski
01/01/2020 – 12/31/2020
Filip Paszke
06/30/2020 – 12/31/2020*
Piotr Wojciech Bindas
01/01/2020 – 06/30/2020**
Paweł Sobkiewicz
01/01/2020 – 06/30/2020***
Wojciech Szymon Kowalski
01/01/2020 – 06/30/2020****
Source: Issuer.
* On 30
th
June 2020, based on resolution number 23, the General Meeting appointed Mr. Filip Paszke as a new
Member of the Supervisory Board, within current three-year term.
** On 29
th
June 2020, the Company received the resignation of Mr. Piotr Bindas from his position as a member of
the Supervisory Board with the effect from 30
th
June 2020. The submitted resignation does not contain information
about its reasons.
*** On 26
th
June 2020, the Company received the resignation of Mr. Paweł Sobkiewicz from his position as
a member of the Supervisory Board from the start of the General Meeting held on 30
th
June 2020. The submitted
resignation does not contain information about its reasons.
**** On 22
nd
June 2020, the Company received the resignation of Mr. Wojciech Szymon Kowalski from his position
as a member of the Supervisory Board with the effect from 30
th
June 2020. The submitted resignation does not
contain information about its reasons.
As a result of the resignation submitted by the Supervisory Board's current Chairman, on August 5
th
, 2020, the
Supervisory Board appointed Mr. Roman Pudełko as the Chairman of the Supervisory Board.
Until the date of this report, the composition of the Issuer's Supervisory Board has not changed.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 30
DESCRIPTION OF THE ORGANISATION OF THE DATAWALK CAPITAL GROUP
AND CONSOLIDATED ENTITIES
DataWalk S.A.
Basic information about the Issuer.
Name of the parent entity:
DataWalk S.A.
Country of residence:
Poland
Legal form:
Joint stock company
Register address:
Rzeźnicza 32-33, 50-130 Wrocław
Phone:
+48 71 707 21 74
Fax:
+48 71 707 22 73
E-mail:
biuro@datawalk.com
www:
www.datawalk.com
Tax identification number (NIP):
894-303-43-18
Statistical identification number (REGON):
21737247
Company registration number (KRS):
0000405409
Source: Issuer.
The role of the Issuer in the Group is to conduct research and development activities, including the development of
the DataWalk analytical platform, at the same time the Issuer conducts marketing and sales activities in the EMEA
and Asia region and manages the Group.
The company operates in the "global vendor of products" model, focusing on the development and sale of enterprise
IT class products, i.e. globally competitive, specialized software for specific applications. The business model
adopted by the Company is characterized by high scalability, translating into potentially high margin. This is possible
due to the low participation of services provided individually for every client, both at the pre-implementation stage
and after implementation (service).
DataWalk S.A. has been established for an indefinite period of time.
The company has no branches.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 31
DataWalk Inc.
Basic information about an entity related by capital with the Issuer as at 12/31/2020.
Name of the entity:
DataWalk Inc.
Country of residence:
United States of America
Legal form:
Incorporated
Register adress:
1209 Orange Street, Wilmington, Delaware 19801
Address for correspondence:
303 Twin Dolphin Drive, Suite 600, #62044, Redwood City,
CA 94065
TIN
81-3403469
Core business:
Activities related to consultancy in the field of computer
science
Relation:
Subsidiary
Consolidation method:
Full
Share in the share capital:
100,00%
Share in the total number of votes at the AGM:
100,00%
E-mail:
info@datawalk.com
www:
www.datawalk.com
Date of taking control:
July 27, 2016
Value of shares:
4 719 thous. PLN
Revaluation adjustments:
-4 719 thous. PLN
Unit balance sheet value of shares
0 thous. PLN
Source: Issuer.
DataWalk Inc. is a company incorporated under US law with a registered office in Wilmington, Delaware, where
the Issuer holds 100,00% share in the share capital and votes at the shareholders' meeting.
On July 27, 2016, DataWalk S.A. acquired 100 shares for a total price of PLN 5,000 USD becoming its sole
shareholder. From 2016 to the balance sheet date of December 31, 2020 the Company contributed to DataWalk Inc.
additional capital for a total amount of PLN 1,250 thousand USD.
The role of DataWalk Inc. in the Group is to conduct sales and implementation activities related to the DataWalk
platform mainly in the United States and other countries of North and South America.
DataWalk Inc. has been established for an indefinite period of time. The financial year of DataWalk Inc. is the
calendar year.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 32
Overview of the DataWalk Capital Group
DataWalk organizational structure of the Group as of 31 December 2020 year and in the comparative period:
Source: Issuer.
DataWalk Inc. is consolidated by DataWalk S.A. as part of the consolidated financial statements.
Changes in the management rules of the Capital Group and the Company
In the 12-month period ended December 31, 2020 and as at the date of this report, there were no changes regarding
the structure of the Capital Group.
DataWalk S.A.
DataWalk Inc.
(100,00% share in the share capital and votes)
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 33
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A.
Shareholder structure as at April 29, 2021 (share in the total number of votes)
Source: Issuer.
As at the date of approval of this report for publication, i.e. April 29, 2021, the number of shareholders holding,
directly or through subsidiaries, at least 5.0% of the total number of votes is as follows:
Shareholder
Number of shares
held
Number of votes at
the AGM
Share in the share
capital
Share in the total
number
of votes at the
AGM
FGP Venture sp. z o.o.*
3
1 175 000
1 900 000
24,05%
33,86%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
4
400 000
400 000
8,19%
7,13%
Funds manager by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
5
304 146
304 146
6,22%
5,42%
Other shareholders
3 006 902
3 006 902
61,54%
53,59%
Total
4 886 048
5 611 048
100,00%
100,00%
Source: Issuer.
* Mr. Paweł Wieczyński holds 198 000 shares of FGP Venture Sp. z o.o., which constitutes 33.33% of share in the share capital and votes at the
shareholders' meeting of FGP Venture Sp. z o.o.
Mr. Krystian Piećko holds 198 000 shares of FGP Venture Sp. z o.o., which constitutes 33.33% of share in the share capital and votes at the
shareholders' meeting of FGP Venture Sp. z o.o.
Mr. Sergiusz Borysławski holds 198 000 shares of FGP Venture Sp. z o.o., which constitutes 33.33% of share in the share capital and votes at
the shareholders' meeting of FGP Venture Sp. z o.o.
3
According to the current report no. 37/2020 of October 28, 2020.
4
According to the current report no. 16/2015 of September 16, 2015.
5
According to the current report no. 39/2020 of November 2, 2020.
FGP Venture sp. z o.o.
33,86%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
7,13%
Funds managed by
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
5,42%
Other shareholders
53,59%
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 34
Shareholder structure as at November 27, 2020 (share in the total number of votes)
Source: Issuer.
As at November 27, 2020, i.e. as at the date of publication of the previous periodic report, the shareholding structure
is as follows:
Shareholder
Number of shares
held
Number of votes at
the AGM
Share in the share
capital
Share in the total
number
of votes at the
AGM
FGP Venture sp. z o.o.*
6
1 175 000
1 900 000
24,05%
33,86%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
7
400 000
400 000
8,19%
7,13%
Funds manager by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
8
304 146
304 146
6,22%
5,42%
Other shareholders
3 006 902
3 006 902
61,54%
53,59%
Total
4 886 048
5 611 048
100,00%
100,00%
Source: Issuer.
* Mr. Paweł Wieczyński holds 198 000 shares of FGP Venture Sp. z o.o., which constitutes 33.33% of share in the share capital and votes at the
shareholders' meeting of FGP Venture Sp. z o.o.
Mr. Krystian Piećko holds 198 000 shares of FGP Venture Sp. z o.o., which constitutes 33.33% of share in the share capital and votes at the
shareholders' meeting of FGP Venture Sp. z o.o.
Mr. Sergiusz Borysławski holds 198 000 shares of FGP Venture Sp. z o.o., which constitutes 33.33% of share in the share capital and votes at
the shareholders' meeting of FGP Venture Sp. z o.o.
6
According to the current report no. 37//2020 of October 28, 2020.
7
According to the current report no. 16/2015 of September 16, 2015.
8
According to the current report no. 39/2020 of November 2, 2020.
FGP Venture sp. z o.o.
33,86%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
7,13%
Funds managed by
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
5,42%
Other shareholders
53,59%
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 35
STRUCTURE OF SHAREHOLDINGS IN DATAWALK S.A. OR RIGHTS ATTACHED
TO SHARES, HELD BY MEMBERS OF THE ISSUER’S EXECUTIVE AND
SUPERVISORY BOARDS
Ownership of the shares DataWalk SA by managers and supervisors at the date of approval of this report for
publication, i.e. as at April 29
th
, 2021.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
56 115
5 611.50
Krystian Piećko*
Member of the Executive Board
55 650
5 565.00
Sergiusz Borysławski*
Member of the Executive Board
55 680
5 568.00
Roman Pudełko
Chairman of the Supervisory Board
15 918
1 591.80
Wojciech Dyszy
Vice-chairman of the Supervisory Board
1 000
100.00
Rafał Wasilewski**
Member of the Supervisory Board
21 000
2 100.00
Grzegorz Dymek
Member of the Supervisory Board
0
0
Filip Paszke
Member of the Supervisory Board
0
0
Source: Issuer.
* Members of the Executive Board of the Company are also shareholders and members of the executive board of FGP Venture Sp. z o.o., whose
share in the Issuer's shareholding structure has been presented in the section "Shareholder structure as at April 29, 2021".
** The table presents the number of shares held by the Supervisory Board Member. Moreover, according to the current report 32/2019 of 27
August 2019, 1 000 shares of the Issuer are held by Beyondream Investments Ltd (a person closely related to this Member of the Supervisory
Board).
The table below presents ownership of shares DataWalk SA by managers and supervisors at the report's submission
date, i.e. as at November 27
th
2020.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
56 115
5 611.50
Krystian Piećko*
Member of the Executive Board
55 650
5 565.00
Sergiusz Borysławski*
Member of the Executive Board
55 680
5 568.00
Roman Pudełko
Chairman of the Supervisory Board
15 918
1 591.80
Wojciech Dyszy
Vice-chairman of the Supervisory Board
1 000
100.00
Rafał Wasilewski**
Member of the Supervisory Board
21 000
2 100.00
Grzegorz Dymek
Member of the Supervisory Board
0
0
Filip Paszke
Member of the Supervisory Board
0
0
Source: Issuer.
* Members of the Executive Board of the Company are also shareholders and members of the executive board of FGP Venture Sp. z o.o., whose
share in the Issuer's shareholding structure has been presented in the section "Shareholder structure as at November 27, 2020".
** The table presents the number of shares held by the Supervisory Board Member. Moreover, according to the current report 32/2019 of 27
August 2019, 1 000 shares of the Issuer are held by Beyondream Investments Ltd (a person closely related to this Member of the Supervisory
Board).
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 37
SEPARATE FINANC IAL STA TEMENT
Separate Statement of Financial Position (in thousands of PLN)
ASSETS
12/31/2020
12/31/2019
A.
Non-current assets
11 241
7 776
I.
Fixed assets
238
66
II.
Intangible assets
9 373
5 473
III.
Goodwill
390
390
IV.
Right-of-use assets
1 159
577
V.
Investments in subsidiaries
0
1 218
VI.
Long-term receivables
41
41
VII.
Deferred tax assets
40
11
VIII.
Long-term prepayments
0
0
B.
Current assets
77 791
15 212
I.
Inventory
0
0
II.
Trade receivables
4 648
2 014
III.
Income tax receivables
0
0
IV.
Other receivables
1 048
820
V.
Financial assets
0
4 011
VI.
Prepayments
471
138
VII.
Cash and cash equivalents
71 625
8 230
TOTAL ASSETS
89 032
22 988
EQUITY AND LIABILITIES
12/31/2020
12/31/2019
(restated*)
A.
Equity
81 337
20 638
I.
Share capital
489
447
II.
Share premium
133 859
68 781
III.
Other capitals
9 965
9 965
IV.
Profit loss from previous years
-61 325
-50 132
V.
Net profit (loss) for the current year
-4 421
-11 193
VI.
Reserve capital
2 771
2 771
B.
Long-term liabilities
639
153
I.
Other provisions
0
0
II.
Deferred tax liabilities
40
11
III.
Lease liabilities
598
142
C.
Short-term liabilities
7 056
2 197
I.
Trade liabilities
1 462
641
II.
Income tax liabilities
0
0
III.
Lease liabilities
564
438
IV.
Other liabilities
573
345
V.
Other provisions
1210
474
VI.
Prepayments
3 247
300
TOTAL EQUITY AND LIABILITIES
89 032
22 988
*As described in “Changes in accounting policies used” below.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 38
NET ASSET VALUE PER SHARE
12/31/2020
12/31/2019
Net asset value
81 337
20 638
Number of shares (pcs.)
4 542 116
4 113 366
Net asset value per share (in PLN)
17,91
5,02
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted net asset value per share (in PLN)
17,56
4,91
The net asset value per share was calculated in relation to the weighted average number of the Company's shares for
a given period. The number of shares calculated this way in the year 2020 was 4 542 116, while in 2019 the weighted
average number of shares in the Company was 4 113 366.
The weighted average diluted number of shares in the Company in 2020 amounted to 4 631 115, including 88 999
shares under the incentive program, while in 2019 the average amounted to 4 202 365, including 88 999 shares under
the incentive program.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 39
Separate Profit and Loss Account with The Statement of Comprehensive
Income (in thousands of PLN)
PROFIT AND LOSS ACCOUNT
2020
2019
Continuing operations
A.
Revenues
12 359
2 362
B.
Operating costs
12 050
13 735
Materials and energy
121
89
Employee benefits
3 260
2 555
Amortisation and depreciation
1 252
727
External services
7 039
10 104
Other costs
378
261
C.
Profit/Loss on sales
309
-11 373
Other operating income
400
2 540
Other operating costs
4 815
2 208
Loss (profit) from expected credit losses
-5
225
D.
Operating profit (loss)
-4 100
-11 265
Financial income
50
137
Financial costs
371
64
E.
Pre-tax profit (loss)
-4 421
-11 193
Income tax
0
0
F.
Net profit (loss) from continuing operations
-4 421
-11 193
Discontinued operations
Net profit (loss) from discontinued operations
0
0
G.
Net profit (loss)
-4 421
-11 193
STATEMENT OF COMPREHENSIVE INCOME
2020
2019
Net profit (loss)
-4 421
-11 193
Other comprehensive income
0
0
1.
Items that will not be reclassified to profit or loss
0
0
2.
Items that will be reclassified to profit or loss
0
0
Total comprehensive income
-4 421
-11 193
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 488 604,80 zł w całości
wpłacony
Page | 40
PROFIT (LOSS) PER SHARE ATTRIBUTABLE TO:
2020
2019
Continuing operations
Number of shares (pcs.)
4 542 116
4 113 366
Profit (loss) per share (in PLN)
-0,97
-2,72
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted profit (loss) per share (in PLN)
-0,95
-2,66
Discontinued operations
Number of shares (pcs.)
4 542 116
4 113 366
Profit (loss) per share (in PLN)
0,00
0,00
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted profit (loss) per share (in PLN)
0,00
0,00
Continuing and discontinued operations
Number of shares (pcs.)
4 542 116
4 113 366
Profit (loss) per share (in PLN)
-0,97
-2,72
Diluted number of shares (pcs.)
4 631 115
4 202 365
Diluted profit (loss) per share (in PLN)
-0,95
-2,66
The net profit (loss) per share was calculated in relation to the weighted average number of the Company's shares
for a given period. The number of shares calculated this way in the year 2020 was 4 542 116, while in 2019 the
weighted average number of shares in the Company was 4 113 366.
The weighted average diluted number of shares in the Company in the year 2020 amounted to 4 631 115, including
88 999 shares under the incentive program, while in 2019 the average amounted 4 202 365, including 88 999 shares
under the incentive program.
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 446.504,80 zł w całości
wpłacony
Page | 41
Separate Statement of Changes in Equity (in thousands of PLN)
STATEMENT OF CHANGES IN
EQUITY
Share capital
Share
premium
Other capitals
Reserve capital
Profit (loss)
from previous
years
Net profit
(loss) for the
current period
Total equity
Balance as at 01/01/2020
447
68 781
9 965
2 771
-50 132
-11 193
20 638
Equity increase (decrease)
42
65 078
0
0
-11 193
6 772
60 699
Total comprehensive income
0
0
0
0
0
-4 421
-4 421
Net profit (loss)
0
0
0
0
0
-4 421
-4 421
Share capital increase
42
65 078
0
0
0
0
65 120
Distribution of profit (loss) for previous
year
0
0
0
0
-11 193
11 193
0
Changes in equity resulting from IFRS 2
0
0
0
0
0
0
0
Balance as at 12/31/2020
489
133 859
9 965
2 771
-61 325
-4 421
81 337
STATEMENT OF CHANGES IN
EQUITY
Share capital
Share
premium
Other capitals
Reserve capital
Profit (loss)
from previous
years
Net profit
(loss) for the
current period
Total equity
Balance as at 01/01/2019
368
44 818
9 965
2 803
-36 359
-13 773
7 822
Equity increase (decrease)
78
23 962
0
-31
-13 773
2 580
12 816
Total comprehensive income
0
0
0
0
0
-11 193
-11 193
Net profit (loss)
0
0
0
0
0
-11 193
-11 193
Share capital increase
78
23 962
0
0
0
0
24 041
Distribution of profit (loss) for previous
year
0
0
0
0
-13 773
13 773
0
Changes in equity resulting from IFRS 2
0
0
0
-31
0
0
-31
Balance as at 12/31/2019
447
68 781
9 965
2 771
-50 132
-11 193
20 638
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 446.504,80 zł w całości
wpłacony
Page | 42
Separate Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
2020
2019
Cash flows from operating activities
Net profit (loss)
-4 421
-11 193
Total adjustments, including:
7 727
456
- amortisation and depreciation
1 252
727
- foreign exchange gains (losses)
48
8
- interest expenses
23
7
- income from interest and dividends
-77
-69
- profit (loss) on investing activities
4 996
-57
- share-based payment (incentive program)
0
-31
- income tax of current period
0
0
- income tax paid
0
0
- change in receivables
-2 862
-264
- change in inventories
0
0
- change in provisions
737
349
- change in short-term liabilities
1 048
447
- change in deferred income
2 614
406
- other adjustments (capital increase)
-51
-1 067
Net cash generated (used) in operating activities
3 306
-10 737
Cash flows from investing activities
Purchase of intangible assets
4 635
2 660
Purchase of property, plant and equipment
226
648
Proceeds from sale of property, plant and equipment
0
19
Purchase of subsidiaries shares, net of cash
3 784
586
Short term bank deposits (over 3 months)
4 011
-4 011
Interest received
77
69
Net cash generated (used) in investing activities
-4 557
-7 817
Cash flows from financing activities
Proceeds from issue of share capital
65 171
25 108
Payment of finance lease liabilities
-455
-64
Interest paid
-23
-7
Net cash generated (used) in financing activities
64 693
25 037
Total net cash flows
63 443
6 483
Opening balance of cash
8 230
1 755
Change in cash due to foreign currency translation
-48
-8
Change in cash balance, net
63 395
6 475
Closing balance of cash
71 625
8 230
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 446.504,80 zł w całości
wpłacony
Page | 43
CHANGES IN ACCOUNTING POLICIES USED
The accounting principles (policies) used to prepare these consolidated financial statements are consistent with those
used in the preparation of the Company's financial statements for the year ended December 31st, 2019, except for:
• the restatement in the equity section resulting from adjusting of the financial statement template for the
purposes of implementing the European Single Electronic Format (ESEF). The impact of this change
is described below.
• Presentation of segment information for reporting purposes.
Before the amendment the Group reported the capital from sales of shares above their nominal value (i.e. share
premium) under “other capitals”. As a result of the accounting policy change this item has been reported separately
within Equity section. Additionally, the Group introduced in that section a split of equity into "equity attributable to
owners of the parent" and "non-controlling interests"
Restatements related to the separation of share premium
Specification
12/31/2019
restatement
12/31/2019
(restated)
Equity
20 966
0
20 966
Equity attributable to owners of the parent
0
20 966
20 966
- Share capital
447
0
447
- Share premium
0
68 781
68 781
- Other capital
78 746
-68 781
9 965
- Profit (loss) from previous years
-49 954
0
-49 954
- Reserve capital
2 771
0
2 771
- Net profit (loss) for the current year
-11 044
0
-11 044
- Foreign exchange translation differences
0
0
0
Non-controlling interests
0
0
0
Changes in the Group’s accounting policies resulting from ESEF Implementation:
The Group’s equity comprises:
a) Equity attributable to owners of the parent:
• Share capital,
• Share premium,
• Other capital,
• Profit (loss) from previous years,
• Reserve capital,
• Net profit (loss) for the current year,
• Foreign exchange translation differences,
b) Non-controlling interests.
The share capital is presented in the amount reported in the statute and in the National Court Register.
The share premium is the amount arising from the positive difference between the emission value of shares and the
par (nominal) value of the shares less the emission costs. The shares emission costs incurred in the process of
setting-up the joint-stock company or share capital increase reduce the reserve/other capital to the amount of positive
difference between the emission value of shares and the nominal value of shares.
Other capitals arise from:
• revaluation of assets,
DataWalk Spółka
Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 446.504,80 zł w całości
wpłacony
Page | 44
• settlement of the incentive program according to IFRS 2 ”Share-based Payments” and reclassification of
potential agio at the moment of share capital issue addressed to participants of the program
• deductions from profit from subsequent financial years.
Profit (loss) from previous years is the cumulative value of profits and losses worked out in previous financial years
and not transferred by resolution of an approving committee to another item within of equity or to dividend payable.
Reserve capital – according to IFRS 2 “Share-based Payments” the unit uses this item for disclosures of capital
increase related to the approved incentive program for key personnel. If the rights to a specific pool of equity
instruments are not vested until the agreed time for the participants of the incentive program to achieve certain tasks
elapses, the Group assumes that the tasks to be achieved (a necessary condition) in exchange for equity instruments,
will be received in the future during the vesting period. The Group treats the indicated tasks as services provided by
the participants of the incentive program during the vesting period, along with the corresponding increase in equity.
In order to settle the incentive program, the Group charges a proportionate part of its fair value to costs in each
period of its duration, increasing the reserve capital at the same time. As soon as certain conditions necessary for
taking up shares under the incentive program are met, the reserve capital will be settled by increasing the share
capital and transferring any agio to the remaining capitals at the time of increasing the share capital in connection
with the issue of shares addressed to its participants.
Foreign exchange translation differences a is the capital resulting from the conversion of the equity of a subsidiary
with its registered office outside the territory of the country.
Changes in presentation of segment information for reporting purposes
Under IFRS 8, an operating segment is a separable part of the Group's operations for which separate financial
information is available and is regularly assessed by the chief operating decision-maker in terms of resources
allocation and performance evaluation.
There are following operating segments identified in the DataWalk Group:
• Segment dedicated to DataWalk S.A., generating revenue from sale and implementation of DataWalk
platform in particular in the EMEA region (Europe, Middle East, Africa) and Asia. Results of this segment
are regularly analyzed by the Issuer’s Board as the main decision-making body.
• Segment dedicated to DataWalk Inc., generating revenue from sales and implementation activities related
to the DataWalk platform mainly in the United States and other countries of North and South America.
Results of this segment are regularly analyzed by the entity's Board as the main decision-making body. The
results of the subsidiary included in this segment also a subject to regular verification by the Executive
Board of DataWalk S.A.
In the period covered by the financial statements, the Group did not change its organizational structure that would
necessitate a change in the division of reporting segments.
………………………………………
………………………………………
………………………………………
Paweł Wieczyński
Krystian Piećko
Sergiusz Borysławski
Chairman of the Board
Member of the Board
Member of the Board
Wroclaw, April 29, 2021
DataWalk S.A.
Rzeznicza 32-33
50-130 Wroclaw
tel.: +48 71 707 21 74
fax: +48 71 707 22 73
e-mail: biuro@datawalk.com
Contact for investors:
Sergiusz Borysławski
Member of the Board
inwestorzy@datawalk.com
