April 2022
DATAWALK CAPITAL GROUP
SUMMARY OF THE FINANCIAL
STATEMENTS
for the year ended 31
st
December 2021
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,
In 2021 we had significant successes:
- We achieved 96% year to year growth, translating to a 161% 3-year CAGR since our sales launch in
North America.
- We demonstrated the ability to win in best-in-class customers, both commercial and public. The majority
of our >30 customers are from North America.
- We began scaling the human resources of the company based on the funding we closed at the end of 2020.
Almost all the revenue we reported in 2021 came from the sales staff we hired in 2019 and before. Our business
growth is driven by investments in go-to-market resources executed 12-24 months before any given year, therefore
our inability to fund scaling in 2019 and throughout the majority of 2020 resulted in decreasing cash burn (small
positive), but also slowed down our growth (significant negative). To enable growth we are investing in the
infrastructure necessary for scaling, such as team leaders, tools and systems.
As discussed before, DataWalk has been significantly underfunded relative to what would have been normal for this
category of company and the size and dynamic nature of the opportunity. To continue to grow and especially to
achieve or exceed our growth target of 70% per annum, we needed to invest in the infrastructure needed to scale the
company, including go-to-market teams, field engineering and development engineering.
DataWalk’s growth is fueled by the growth and importance of our Graph / Hybrid Analytics market as well as the
scarcity of Enterprise-Class capable solutions in our space. Our ability to win has been demonstrated. Now our job
is to make the newly hired teams successful with the proper training and processes and tools. It is very good that we
are not limited by the opportunity size or the competition and can focus on taking advantage of the market
opportunity via investment and growth.
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 campaigns or first business partners).
2. Identification of the situation - this stage ends when we established contact with the appropriate
representatives of 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. For 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 and 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 and a project team to execute the selection process and the
will to continue discussions with us.
The Funnel value ($) presented below does not include projects that exited the sales funnel due to the conversion
into Completed Sales (conclusion of a contract, obtaining an acceptance protocol, recognition of all or a major part
of the project as revenue). Completed Sales reduce the size of the funnel until they are replaced by new deals and
this tends to be most visible during periods of intense finalization of sales, such as, for example, the fourth quarter
of the year.
Based on a review of the funnel methodology in the first quarter of 2021, we started to include expected renewals
of term licenses and maintenance agreements, to better reflect anticipated revenue.
The overall growth of the funnel is expected to accelerate once we significantly increase our reference pool
(especially in North America) and sometime after we increase the sales team staffing.
Source: Issuer.
$1 822
$5 713
$10 524
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 can range from 18 months for the commercial sector to 30 months in the public sector, but of course,
some examples 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. 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 canceled 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 based on the estimated size of the sales opportunity.
The sales funnel in Poland started being built in late 2015 and 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
2021 ......................................................................................................................................................................... 18
IMPACT OF THE COVID-19 EPIDEMIC ON THE GROUP'S OPERATIONS .................................................... 23
IMPACT OF THE POLITICAL AND ECONOMIC SITUATION IN UKRAINE .................................................. 23
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S RESULTS IN THE
REPORTING PERIOD ............................................................................................................................................ 24
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AFFECTING THE GROUP'S OPERATIONS
................................................................................................................................................................................. 26
FACTORS EXPECTED TO AFFECT FURTHER GROUP’S DEVELOPMENT .................................................. 28
COMPANY'S AUTHORITIES ................................................................................................................................ 29
The Executive Board ............................................................................................................................................ 29
The Supervisory Board ........................................................................................................................................ 30
DESCRIPTION OF THE ORGANISATION OF THE DATAWALK CAPITAL GROUP AND CONSOLIDATED
ENTITIES ................................................................................................................................................................ 31
DataWalk S.A. ..................................................................................................................................................... 31
DataWalk Inc. ...................................................................................................................................................... 32
Overview of the DataWalk Capital Group ........................................................................................................... 33
Changes in the management rules of the Capital Group and the Company ......................................................... 33
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A. .................................................................... 34
Shareholder structure as at April 26, 2022 (share in the total number of votes) .................................................. 34
Shareholder structure as at November 29, 2021 (share in the total number of votes) .......................................... 35
STRUCTURE OF SHAREHOLDINGS IN DATAWALK S.A. OR RIGHTS ATTACHED TO SHARES, HELD BY
MEMBERS OF THE ISSUER’S EXECUTIVE AND SUPERVISORY BOARDS ................................................ 36
SEPARATE FINANCIAL STATEMENT ............................................................................................................... 38
Separate Statement of Financial Position (in thousands of PLN) ........................................................................ 38
Separate Profit and Loss Account with The Statement of Comprehensive Income (in thousands of PLN) ......... 40
Separate Statement of Changes in Equity (in thousands of PLN) ........................................................................ 42
Separate Cash Flow Statement (in thousands of PLN) ........................................................................................ 43
CHANGES IN ACCOUNTING POLICIES USED ................................................................................................. 44
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
2021
2020
2021
2020
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
30 780
15 722
6 724
3 514
Profit/Loss on sales
-6 594
-6 537
-1 441
-1 461
Operating profit (loss)
-5 665
-6 227
-1 238
-1 392
Pre-tax profit (loss)
-5 207
-6 276
-1 138
-1 403
Net profit (loss)
-1 648
-6 323
-360
-1 413
Total comprehensive income
-1 331
-6 293
-291
-1 407
The weighted average number of ordinary shares (pcs.)
4 886 048
4 542 116
4 886 048
4 542 116
Profit (loss) per share (in PLN/EUR)
-0,34
-1,39
-0,07
-0,31
Net cash generated (used) in operating activities
-13 259
-356
-2 897
-80
Net cash generated (used) in investing activities
-8 178
-812
-1 787
-181
Net cash (used) in financing activities
-652
65 887
-142
14 726
Total net cash flows
-22 089
64 719
-4 826
14 465
SELECTED FINANCIAL DATA
12/31/2021
12/31/2020
12/31/2021
12/31/2020
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets/equity and liabilities
89 052
91 241
19 362
19 771
Non-current assets
23 838
11 304
5 183
2 450
Current assets
65 214
79 937
14 179
17 322
Equity
78 462
79 793
17 059
17 291
Total liabilities
10 590
11 448
2 302
2 481
Long-term liabilities
689
1 976
150
428
Short-term liabilities
9 901
9 472
2 153
2 053
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
2021
2020
2021
2020
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
23 076
12 359
5 041
2 762
Profit/Loss on sales
3 418
309
747
69
Operating profit (loss)
3 698
-4 100
808
-916
Pre-tax profit (loss)
-14 462
-4 421
-3 159
-988
Net profit (loss)
-10 897
-4 421
-2 381
-988
Total comprehensive income
-10 897
-4 421
-2 381
-988
The weighted average number of ordinary shares (pcs.)
4 886 048
4 542 116
4 886 048
4 542 116
Profit (loss) per share (in PLN/EUR)
-2,23
-0,97
-0,49
-0,22
Net cash generated (used) in operating activities
-3 566
3 306
-779
739
Net cash generated (used) in investing activities
-19 774
-4 557
-4 320
-1 019
Net cash (used) in financing activities
-649
64 693
-142
14 459
Total net cash flows
-23 988
63 443
-5 240
14 180
SELECTED FINANCIAL DATA
12/31/2021
12/31/2020
12/31/2021
12/31/2020
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets/equity and liabilities
78 023
89 032
16 964
19 293
Non-current assets
21 172
11 241
4 603
2 436
Current assets
56 851
77 791
12 361
16 857
Equity
70 440
81 337
15 315
17 625
Total liabilities
7 583
7 695
1 649
1 667
Long-term liabilities
67
639
15
138
Short-term liabilities
7 516
7 056
1 634
1 529
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
12/31/2021
12/31/2020
1 EUR
4,5994
4,6148
• 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 the 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 01/01/2021
from 01/01/2020
to 12/31/2021
to 12/31/2020
1 EUR
4,5775
4,4742
DATAWALK CAPITAL GROUP
SUMMARY OF THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 31th December 2021
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 | 10
CONSOLIDAT ED FINANCIAL STATEMENT
Consolidated Statement of Financial Position (in thousands of PLN)
ASSETS
12/31/2021
12/31/2020
restated*
A.
Non-current assets
23 838
11 304
I.
Fixed assets
472
301
II.
Goodwill
390
390
III.
Intangible assets
15 496
9 373
IV.
Right-of-use assets
698
1 159
V.
Long-term receivables
0
41
VI.
Long-term prepayments
3 217
0
VII.
Deferred tax assets
3 565
40
B.
Current assets
65 214
79 937
I.
Inventory
0
0
II.
Contract assets
557
272
III.
Trade receivables
7 356
4 290
IV.
Receivables from income tax
96
95
V.
Other receivables
2 542
1 062
VI.
Financial assets
0
0
VII.
Prepayments
3 013
423
VIII.
Cash and cash equivalents
51 650
73 795
TOTAL ASSETS
89 052
91 241
* According to the explanation in section "Changes in accounting policies used".
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 | 11
EQUITY AND LIABILITIES
12/31/2021
12/31/2020
A.
Equity
78 462
79 793
Equity attributable to shareholders of the parent
company
78 462
79 793
I.
Share capital
489
489
II.
Share premium
133 859
133 859
III.
Other capitals
9 965
9 965
IV.
Profit (loss) from previous years
-67 321
-60 998
V.
Reserve capital
2 771
2 771
VI.
Net profit (loss) for the current year
- 1 648
- 6 323
VII.
Foreign exchange translation differences
347
30
Non-controlling interests
0
0
B.
Long-term liabilities
689
1 976
I.
Deferred tax liabilities
0
40
II.
Lease liabilities
67
598
III.
Bank loans and borrowings
622
1 187
IV.
Other liabilities
0
151
C.
Short-term liabilities
9 901
9 472
I.
Trade liabilities
2 091
1 479
II.
Income tax liabilities
0
0
III.
Lease liabilities
644
564
IV.
Bank loans and borrowings
18
17
V.
Other liabilities
1 596
1 014
VI.
Other provisions
1 245
1 801
VII.
Contract liabilities
4 307
4 597
TOTAL EQUITY AND LIABILITIES
89 052
91 241
NET ASSET VALUE PER SHARE
09/30/2021
12/31/2020
Net asset value
78 462
79 793
A number of shares (pcs.)
4 886 048
4 886 048
Net asset value per share (in PLN)
16,06
16,33
A diluted number of shares (pcs.)
4 975 047
4 975 047
Diluted net asset value per share (in PLN)
15,77
16,04
The net asset value per share was calculated in relation to the number of the Company's shares at the balance sheet
date.
The diluted number of shares in the Company on December 31, 2021, and on December 31, 202,0 amounted
to 4 975 047, 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 | 12
Consolidated Profit and Loss Account with The Statement of Comprehensive
Income (in thousands of PLN)
PROFIT AND LOSS ACCOUNT
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Continuing operations
A.
Revenues
30 780
15 722
B.
Operating costs
37 374
22 259
Materials and Energy
186
130
Employee benefits
18 885
11 238
Amortisation and depreciation
2 585
1 268
External services
14 560
8 680
Other costs
1 158
943
C.
Profit/Loss on sales
- 6 594
- 6 537
Other operating income
1 119
401
Other operating costs
2
96
Loss (profit) from expected credit losses
188
-5
D.
Operating profit (loss)
- 5 665
-6 227
Financial income
513
49
Financial costs
55
98
E.
Pre-tax profit (loss)
- 5 207
-6 276
Income tax
-3 559
47
F.
Net profit (loss) from continuing operations
-1 648
- 6 323
Discontinued operations
Net profit (loss) from discontinued operations
0
0
G.
Net profit (loss)
- 1 648
-6 323
NET PROFIT (LOSS) ATTRIBUTABLE TO:
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
- shareholders of the parent company
- 1 648
-6 323
- non-controlling interests
0
0
STATEMENT OF COMPREHENSIVE INCOME
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Net profit (loss)
-1 648
-6 323
Other comprehensive income
317
30
1. Items that will not be reclassified to profit or loss
0
0
2. Items that will be reclassified to profit or loss:
317
30
a) Exchange differences in translating foreign operations
317
30
Total comprehensive income
-1 331
-6 293
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
- shareholders of the parent company
-1 331
-6 293
- non-controlling interests
0
0
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 | 13
PROFIT (LOSS) PER SHARE ATTRIBUTABLE TO:
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Continuing operations
A number of shares (pcs.)
4 886 048
4 542 116
Profit (loss) per share (in PLN)
-0,34
-1,39
A diluted number of shares (pcs.)
4 975 047
4 631 115
Diluted profit (loss) per share (in PLN)
-0,33
-1,37
Discontinued operations
A number of shares (pcs.)
4 886 048
4 542 116
Profit (loss) per share (in PLN)
0,00
0,00
A diluted number of shares (pcs.)
4 975 047
4 631 115
Diluted profit (loss) per share (in PLN)
0,00
0,00
Continuing and discontinued operations
A number of shares (pcs.)
4 886 048
4 542 116
Profit (loss) per share (in PLN)
-0,34
-1,39
A diluted number of shares (pcs.)
4 975 047
4 631 115
Diluted profit (loss) per share (in PLN)
-0,33
-1,37
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 2021 was 4 886 048, while in the year
2020 the weighted average number of shares in the Company was 4 542 116.
The weighted average diluted number of shares in the Company in the year 2021 amounted to 4 975 047, including
88 999 shares under the incentive program, while in the year 2020 the average amounted to 4 631 115, 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 | 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 01/01/21
489
133 859
9 965
30
2 771
-60 998
-6 323
79 793
0
79 793
Equity increase (decrease)
0
0
0
317
0
- 6 323
4 675
-1 331
0
-1 331
Total comprehensive income
0
0
0
317
0
0
-1 648
-1 331
0
-1 331
Net profit (loss)
0
0
0
0
0
0
-1 648
-1 648
0
-1 648
Exchange differences in
translating foreign operations
0
0
0
317
0
0
0
317
0
317
Share capital increase
0
0
0
0
0
0
0
0
0
0
Distribution of profit (loss) for the
previous year
0
0
0
0
0
- 6 323
6 323
0
0
0
Changes in equity resulting from
IFRS 2
0
0
0
0
0
0
0
0
0
0
Balance as at 12/31/2021
489
133 859
9 965
347
2 771
-67 321
-1 648
78 462
0
78 462
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 | 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 01/01/2020
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 in
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 the
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
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 | 16
Consolidated Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Cash flows from operating activities
Net profit (loss)
- 1 648
-6 323
Total adjustments, including:
-11 611
5 967
- amortization and depreciation
2 585
1 268
- foreign exchange gains (losses)
429
78
- interest expenses
56
33
- income from interest and dividends
-2
-77
- profit (loss) on investing activities
0
-6
- share-based payment (incentive program)
0
0
- income tax of current period*
0
46
- income tax paid
0
140
- change in receivables
- 4 505
-1 547
- change in inventories
0
0
- change in provisions
-556
1 116
- change in short-term liabilities
1 044
1 555
- change in prepayments
-9 367
-212
- change in contract assets and contract liabilities
-575
3 904
- other adjustments
-720
-51
Net cash generated (used) in operating activities
-13 259
-356
Cash flows from investing activities
Purchase of intangible assets
7 962
4 635
Purchase of property, plant, and equipment
289
265
Proceeds from the sale of property, plant and equipment
0
0
Proceeds from short term bank deposits (over 3 months)
25 000
4 011
Short term bank deposits (over 3 months)
25 000
0
Proceeds from governmental subsidies
71
0
Interest received
2
77
Net cash generated (used) in investing activities
-8 178
-812
Cash flows from financing activities
Proceeds from issue of share capital
0
65 171
Proceeds from bank loans and borrowings
0
1 194
Payment of finance lease liabilities
615
455
Interest paid
37
23
Net cash generated (used) in financing activities
-652
65 887
Total net cash flows
-22 089
64 719
Opening balance of cash
73 795
9 125
Change in cash due to foreign currency translation
-56
-49
Change in the cash balance, net
-22 145
64 670
Closing balance of cash
51 650
73 795
**Income tax of current period in year 2020 is the income tax of the subsidiary 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: 446.504,80 zł w całości wpłacony
COMMENTARY AND ADDITIONAL
INFORMATION FOR THE FINANCIAL
STATEMENTS OF THE DATAWALK
CAPITAL GROUP
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF THE DATAWALK
CAPITAL GROUP FOR 2021
Commentary on the financial results of the DataWalk Group
The Group is at the stage of strong growth and the investments made successfully convert new projects from the
sales funnel into revenue. In 2021 the revenue of the DataWalk Group amounted to PLN 30 780 and was higher by
96% compared to 2020 when the revenue amounted to PLN 15 722 thousand. It is worth emphasizing that the
increase in the Group revenue was 41% higher than the Group’s operating costs increase. The sales value increase
primarily results from completing projects conducted by the Group in the United States and Poland.
Once again, the increase in revenues achieved in the American market deserves special attention. The revenue value
in 2021 reached the level of PLN 16 701 thousand, while in the comparable period of 2020, when DataWalk Inc.
was in a very early stage of commercialization, only building a sales funnel, revenues amounted to PLN 6 035
thousand, which gives an increase of 177%. The American team is successively building the position of DataWalk.
Although the activities are still at an early stage of gaining the market, sales are already starting to generate
significant revenues for the Group. Considering that the US market is a strategic market for the Group, the success
is all the more significant as 2021 was the first year in history in which revenues from the Americas region accounted
for more than half (54%) of the Group's total revenues. It is worth mentioning that due to the acquisition of the first
clients from the commercial sector, the balance in the structure of DataWalk Inc.'s revenues also changed. In the
analyzed period, the government sector still had the largest share in the value of revenues, however, it amounted to
62% in 2021, while in 2020 it was 97%. The fact is important for the Group due to the adopted direction of acquiring
new clients from the commercial sector in this region and increasing their share of revenues in the Americas.
The Group also recorded an increase in revenues in other markets (EMEA and APAC regions), where the revenue
in 2021 amounted to PLN 14 079 thousand, which compared to PLN 9 687 thousand generated in 2020 represents
an increase of 45%. Sales to the government sector were 88%, and 12% in the private sector. The revenue in Poland
amounted to PLN 10 915 thousand, while in 2020 it amounted to PLN 5 484 thousand, which is an increase of 99%.
The planned high dynamics of increasing revenues also entails an increase in costs, which is a derivative of the
effective implementation of the go-to-market process and closely related to the milestones achieved in this process.
The DataWalk Group manages the process of acquiring new operating and investment resources by closely linking
individual stages of the Group's development with the achieved business results and financial models. The above
approach allows for monitoring and steering of the dynamics of costs, and capital expenditures, which at the current
stage of development is mainly influenced by the pace of go-to-market in the Americas region and development
work on the Group's product.
The level of operating costs in the Group in 2021 was mainly influenced by: an increase in salary costs resulting in
particular from the process of building the sales and implementation team in the Issuer's subsidiary, higher costs of
amortization of completed development works related to DataWalk software, as well as an increase in the costs of
external services, especially in the subsidiary of the Issuer, which was related to the development of the Group's
operations and the ongoing sales processes.
The financial outlook for DataWalk Group and DataWalk S.A. for 2022
The management of the Group expects a continuous increase in the scale of its operations, which should result in a
strong double-digit increase in revenues year on year. Considering long, sometimes several years and very
complicated sales processes, the Group currently focuses on working only with top tier clients and simultaneously
expanding go-to-market teams in America and Europe, striving to increase the throughput of commercial and
implementation processes. The Issuer is observing a gradual increase in demand for DataWalk software, which is
confirmed by the growing number of projects and its value in the Group's sales funnel and dynamically increasing
revenues and the number of customers in recent periods. Moreover, considering the high level of renewal of the
maintenance services, the Group expects a further increase in this kind of revenue over the next 12 months.
In the opinion of the Management Board, the forecasts consistently indicate that both the Big Data market and the
global IT market, particularly BI applications and analytical tools, will continue to develop dynamically.
According to information published by Fortune Business Insights in the report entitled "Big Data Analytics Market,
2021-2028", the size of the global Big Data analytics market in 2020 amounted to USD 206.95 billion, an increase
of 11.7%. Analysts predict that the market value will grow from $ 231.43 billion in 2021 to $ 549 billion in 2028,
thus achieving a CAGR of 13.2%
1
.
The global business analytics software market size was valued at $61.10 billion in 2020, and is projected to reach
$177.00 billion by 2030, growing at a CAGR of 11.2% from 2021 to 2030. Business analytics software aids in the
interpretation and analysis of business data by allowing ongoing research and investigation of previous business
performance to gain actionable insights for business strategy. It helps in discovering patterns and linkages among
data streams and the automation of tasks and processes for real-time decision-making
2
. In the opinion of the
Management Board, DataWalk software perfectly meets the needs mentioned above that companies and institutions
worldwide are facing, and the market segment in which the Group operates and the entire Big Data market is in a
long-term upward trend.
In line with the adopted development strategy, in 2022, the Group will continue to focus its activities on:
• sales - the American and Western Europe market, in the commercial and public sectors, incl. for law
enforcement agencies (Law Enforcement and Intelligence),
• continuation of ongoing patent processes,
• developing DataWalk software in its key areas, expanding the development team,
• expansion of teams: sales, marketing and implementation in the United States and Western Europe.
The Group intends to finance investment activities with operating activities and equity capital.
1
https://www.fortunebusinessinsights.com/big-data-analytics-market-106179
2
https://www.alliedmarketresearch.com/business-analytics-software-market
DataWalk Group financial results
The table below presents selected consolidated financial data for the year ended December 31, 2021 and the
comparable period of 2020.
Position
2021
2020
Change
Revenues
30 780
15 722
96%
Operating costs
37 374
22 259
68%
Profit/Loss on sales
-6 594
-6 537
1%
Other operating income
1 119
401
180%
Other operating costs
2
96
-98%
Loss (profit) from expected credit losses
188
-5
-3 860%
Operating profit (loss)
-5 665
-6 227
-9%
Net profit (loss) attributable to shareholders of the
parent company
-1 648
-6 323
-74%
Source: Issuer.
The net loss attributable to the shareholders of the parent company at the end of 2021 amounted to PLN 1 648
thousand and was 74% lower than in 2020 when it amounted to PLN 6 323 thousand.
The most important influence on the consolidated financial result of the Group in 2021 had:
• an increase in sales revenues higher by 41% than the increase in costs related to the operating activities of
the Group,
• an increase in the costs of remuneration and external services related to the development and growing scale
of the Group's operations, both in the area of increasing the number of specialists in the field of
implementation, programming and sales, as well as processes related to international commercialization,
• increase in depreciation costs of completed development works related to DataWalk software,
• recognition of the deferred tax asset.
The table below presents additional selected consolidated financial information for the year ended December 31,
2021 and the comparable period of 2020.
Position
2021
2020
Change
Revenues
30 780
15 722
96%
EBIT
-5 665
-6 227
-9%
Amortisation and depreciation
2 585
1 268
104%
EBITDA
-3 080
-4 960
-38%
CFO
bt
-13 260
-356
3 622%
CAPEX
-8 251
-4 900
68%
FCF
-21 511
-5 256
309%
Closing balance of cash
51 650
73 795
-30%
Interest debt
1 351
2 366
-43%
Source: Issuer.
EBIT = Operating profit (loss),
EBITDA = EBIT + Amortisation and depreciation,
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 2021, revenue from the sale of licenses amounted to PLN 22 002 thousand, accounted for 71% of the Group's
total revenues and were 109% higher than in 2020. The revenue from implementation services decreased by 6%
compared to 2020, amounting to PLN 3 474 thousand. The revenue from technical assistance services amounted to
PLN 3 383 thousand and was 521% higher than the previous year. The increase in other revenue referred to
additional services related to DataWalk software.
The table below presents consolidated revenues for the year ended December 31, 2021, and in the comparable period
of 2020.
Position
2021
2020
Change
Licenses sale
22 002
10 521
109%
Implementation services
3 474
3 699
-6%
Technical support
3 383
545
521%
Other
1 921
957
101%
Total
30 780
15 722
96%
Source: Issuer.
The table below presents the currency structure of revenue for 2021 and 2020.
Position
2021
2020
PLN (Polish zloty)
35%
35%
USD (U.S. Dollar)
65%
65%
Total
100%
100%
Source: Issuer
The revenue structure of the DataWalk Group by regions
The table below presents the revenues of the DataWalk Group in 2021 by regions (in thousands of PLN).
Revenues by region
2021
Share in total revenues (%)
Poland
10 915
35%
North and South America
16 701
54%
Other regions
3 164
11%
Total
30 780
100%
Source: Issuer.
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.
Cash flow of the DataWalk Group
The Group's cash flow from operating activities (CFO) in 2021 amounted to PLN -13 259 thousand and was mainly
influenced by: i) the net loss adjusted by amortisation (EBITDA) in the amount of PLN 3 080 thousand; ii) increase
in the receivables balance in the amount of PLN 4 505 thousand resulting from sales increase, especially in the fourth
quarter of 2021; iii) conclusion by the Group of a new individual 3-year agreement for the purchase of specialized
databases necessary for the DataWalk software operations, which entailed a change in the settlement rules and
caused PLN 6 050 thousand cash outflow in 2021.
The Group's cash flow from investment activities (CFI) in 2021 amounted to PLN -8 178 thousand and was
particularly influenced by capitalised costs of DataWalk software development of PLN 7 962 thousand.
The Group's cash flow from financing activities (CFF) in 2021 amounted to PLN -651 thousand which was mainly
affected by repayment of lease liabilities by the Issuer.
The table below presents the cash flow of the DataWalk Group for 2021 and 2020 (in thousands of PLN)
Position
2021
2020
Change
CFO
-13 259
-356
3 622%
CFI, including:
-8 178
-812
908%
- CAPEX
-8 251
-4 900
68%
CFF
-651
65 887
-101%
Total net cash flows
-22 089
64 719
-134%
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.
Balance sheet of the DataWalk Group
The table below presents selected balance sheet items as at December 31, 2021, and December 31, 2020.
Assets
12/31/2021
12/31/2020
Change
Goodwill
390
390
0%
Intangible assets
15 496
9 373
65%
Trade receivables
7 356
4 290
71%
Other short-term receivables
2 638
1 157
128%
Short term financial assets
0
0
-
Cash and cash equivalents
51 650
73 795
-30%
Other assets
11 523
2 236
415%
Total assets
89 052
91 241
-2%
Source: Issuer.
Equity and liabilities
12/31/2021
12/31/2020
Change
Equity
78 462
79 793
-2%
Trade payables
2 091
1 479
41%
Bank loans and borrowings
640
1 204
-47%
Lease liabilities
711
1 163
-39%
Contract liabilities
4 307
4 597
-6%
Other liabilities
2 841
3 007
-6%
Total equity and liabilities
89 052
91 241
-2%
Source: Issuer.
The table below presents selected financial ratios of the DataWalk Group as at December 31, 2021, as well as
December 31, 2020.
Position
12/31/2021
12/31/2020
Current ratio
6,6
8,4
Quick Ratio
6,3
8,4
Cash Ratio
5,2
7,8
Debt ratio
12%
13%
Debt / Equity
0,0
0,0
Debt-to-Equity Ratio
13%
14%
Working Capital (in thousands PLN)
55 313
70 465
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).
IMPACT OF THE COVID-19 EPIDEMIC ON THE GROUP'S OPERATIONS
In connection with the SARS-CoV-2 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. Depending on further development of the pandemics, 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. It should also be mentioned that as the Group produces virtual goods, it does not
have a supply chain. The continuity of operational and development work depends mainly on the availability of
employees and the Group focuses its attention on this, taking measures to protect employees' health and the
possibility of remote and hybrid work. 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 and its final impact on the financial situation of the Group.
IMPACT OF THE POLITICAL AND ECONOMIC SITUATION IN UKRAINE
Since February 24, 2022, there has been a war in Ukraine that has created a new, constantly changing, and
economically unpredictable situation in the world. Representatives of the European Union, the United States, the
United Kingdom, and many other countries have imposed sanctions that are severe on Russia, which mainly affect
strategic sectors of the Russian economy by blocking access to technology and markets, and have announced the
introduction of new ones.
Currently, the Group has not identified any significant negative impact on its operations. In 2021, as in the previous
years, the Group did not sell DataWalk software to customers and partners from Russia, Belarus or Ukraine. The
Group does not have a supply chain that could potentially be exposed to the risks of interrupting the continuity of
supplies, which could adversely affect the Group's operating capabilities. The Group also does not have any
investments or subsidiaries in conflict-affected areas. There are no Ukrainian employees among the personnel of the
Group companies, hence there is no risk related to the possible loss of employees due to military mobilization in a
country covered by the war.
Due to the dynamic situation in Ukraine, it cannot be ruled out that the ongoing conflict, depending on its further
development and actions taken at the national and international level, may have a significant negative impact on the
economic situation in Poland and in the world, which may infuence the possibility of implementing the Group's
plans and its future financial results. Therefore, the Management Board of the Group monitors and analyzes the
available information and takes steps to minimize the impact of the situation on its operations as the events unfold.
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S
RESULTS IN THE REPORTING PERIOD
• 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.
• On April 26th, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary DataWalk
Inc. has obtained a purchase order from the Rhode Island Office of Attorney General “RIAG”, for license sale
of the DataWalk analytical platform. Rhode Island’s Office of Attorney General fights to enhance the economic
security of Rhode Island, protect the public safety of the communities and restore the public trust in state
government by fighting corruption. Rhode Island’s Office of the Attorney General will use DataWalk to for
intelligence analysis and investigations in support of their mission.
• On June 4th, 2021, the Executive Board of DataWalk S.A. 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 U.S. Department of State Bureau of International Narcotics and Law Enforcement
Affairs (INL). INL’s mission is to keep America safe by countering crime, illegal drugs and instability abroad
by assisting government agencies of other countries to enhance their operational capabilities. DataWalk software
has been selected for such a deployment, where it will be used to aid information, intelligence and data collection;
as well as analysis and dissemination, for a national customs organization of a partner country.
• On June 28th, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary DataWalk
Inc. has obtained a purchase order from Ally Financial, for license sale of the DataWalk analytical platform. Ally
ranks as the 18th largest commercial bank in the United States, and will use DataWalk to detect and investigate
frauds.
• On July 1st, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary DataWalk
Inc. has completed has completed a sale to the Motion Picture Association for the DataWalk analytical platform.
The Motion Picture Association will use DataWalk software in support of gathering intelligence and
investigating copyright infringement of digital assets.
• On July 22nd, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary DataWalk
Inc. has obtained a purchase order from the Hamilton County (Ohio) Sheriff’s Office for license sale of the
DataWalk analytical platform. The Hamilton County Sheriff’s Office is the chief law enforcement organization
for Hamilton County, Ohio, and will utilize DataWalk as a next-generation system for intelligence analysis.
• On August 19th, 2021, the Executive Board of DataWalk S.A. informed that it concluded an extension to a
contract with an entity providing cloud computing services based in Warsaw in order to implement the project
at the request of the state administration body. This extension expands the scope of the original license and
services, increasing the initial scope of analytical support in activities related to the prevention of the
development of the pandemic and the effects of COVID-19 with analytics focused on the areas of sanitary
inspection. This extension changes the parameters of the license granted to date and the scope of services in
relation to the initial order. The Issuer informed about the originally concluded contract in the report No. 8/2020
of May 9, 2020 and in the report No. 49/2020 of December 29, 2020. This follow-on purchase by the current
client confirms the effectiveness of the commercialization model adopted by the Company and the usefulness of
the DataWalk product in applications related to epidemiological and crisis management in public sector entities.
• On August 26th, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary
DataWalk Inc. has obtained a purchase order from DLT Solutions LLC USA (“DLT”) for license sale of the
DataWalk analytical platform to the United States Department of Defense Office of Inspector General (“DoD
OIG”). The Issuer informed about the originally concluded contract in the report No. 30/2020 of September 25,
2020. This follow-on purchase by the current client confirms the effectiveness of the commercialization model
adopted by the Company and the usefulness of the DataWalk product in leading public sector institutions.
• On September 15th, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary
DataWalk Inc. has obtained a purchase order from United States Department of Labor Office of Inspector
General (“DOL OIG”) for license sale of the DataWalk analytical platform. The Issuer informed about the
originally concluded contract in the report No. 29/2020 of September 21, 2020. This follow-on purchase by the
current client confirms the effectiveness of the commercialization model adopted by the Company and the
usefulness of the DataWalk product in leading public sector institutions.
• On September 30
th
, 2021 The Executive Board of DataWalk S.A informed that the Company’s subsidiary,
DataWalk Inc., has received a purchase order for expansion of a DataWalk software license from a North
American Channel Partner (“Customer”). The end client is a National Intelligence organization. The above-
mentioned order increases the system configuration previously sold and reported in ESPI 53/2019, dated
December 11th, 2019. Expansion of a license by the current client confirms both the effectiveness of the
commercialization model adopted by the Company, and the unique value of the DataWalk product in public
sector intelligence applications.
• On October 15th, 2021, the Executive Board of DataWalk S.A. informed that the Company obtained a purchase
order from Statworks Technology (“Partner”), for license sale of the DataWalk analytical platform to GrabTaxi
Holdings PTE LTD (“Grab”) with headquarters in Singapore. Grab, the largest Asian Super App operator, will
utilize DataWalk as a next-generation system for fraud detection and intelligence analysis.
• On November 30th, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary
DataWalk Inc. has obtained a purchase order from Global Tel Link Corporation (“GTL”), with headquarters in
Reston, Virginia, USA, for license sale of the DataWalk analytical platform. GTL will utilize DataWalk as a
next-generation system for intelligence analysis associated with inmate telecommunications at correctional
facilities.
• On December 30th, 2021, the Executive Board of DataWalk S.A. informed that the Company’s subsidiary
DataWalk Inc. has obtained that the Company’s subsidiary, DataWalk Inc., has received a purchase order for
expansion of a DataWalk software license from a North American Channel Partner (“Customer”). The end client
is a National Intelligence organization. The above-mentioned order increases the system configuration
previously sold and reported in both ESPI 53/2019, dated December 11th, 2019 and ESPI 20/2021, dated
September 30th, 2021.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AFFECTING THE
GROUP'S OPERATIONS
Political and economic situation in Ukraine
In connection with the recommendation sent by the Polish Financial Supervision Authority on February 25, 2022,
the Company hereby informs that as at the date of submitting this report for publication, this situation has no
significant impact on the operations of the Group companies. In 2021, as in previous years, the Group did not sell
DataWalk software to Russia, Belarus or Ukraine. The Group has no supply chain that could potentially be exposed
to additional risks, and does not have investments and subsidiaries in conflict-affected areas. There are no Ukrainian
employees among the personnel of the Group companies, hence there is no risk related to the possible loss of
employees due to military mobilization in a country covered by the war.
As at the date of approval of these financial statements for publication, the Management Board, based on the analysis
of risks to date, in particular those resulting from the political and economic situation in Ukraine, concluded that the
continuation of the Group's operations for a period of at least 12 months from December 31, 2021 year is not
threatened. The Group has a stable financial situation, monitors and analyses the available information and takes
steps to minimize the impact of the situation on its business as the events unfold.
Nevertheless, due to the dynamic situation in Ukraine, it cannot be ruled out that the ongoing conflict, depending on
its further development and actions taken at the national and international level, may have a significant negative
impact on the economic situation in Poland and in the world, which may translate into the possibility of
implementing the Group's plans and its future financial results.
Incentive Program
On March 10, 2022 the Executive Board of DataWalk S.A. informed that the Company Board has adopted the
Regulations of Incentive Program (“Incentive Program”) for key staff members of DataWalk SA and its Subsidiaries.
(The Regulations were adopted based on the authorization granted in the Resolution of the Ordinary General Meeting
of the Company #19 of June 30, 2020 (“Resolution of the OGM”) on establishing an incentive program for key
personnel of DataWalk S.A. and / or subsidiaries.
The adopted Incentive Program is consistent in its assumptions with the Resolution of the OGM. It means:
1. The purpose of this Incentive Program is to attract and retain key employees of both the Company and its
Subsidiaries by creating an additional incentives tool that allows for the identification of the key personnel with the
Company, its long term objectives, supporting dynamic growth and linking the interest of participants with the
interest of the Group and its Shareholders. Thus, the purpose of the Incentive Program is to link the long-term value
of the Company and its capital group with the long-term goals of the key personnel.
2. The Incentive Program is addressed to the employees and associates of the Company or the Subsidiary
(“Participants”). The participants are determined by the Management Board of the Company and in the case of
Participants who are members of the Management Board of the Company and/or the Subsidiary – by the Supervisory
Board. The Company’s Supervisory Board members are not eligible for Incentive Program.
3. The Incentive Program will be implemented by granting, free of charge, Restricted Stock Units (‘RSUs’) to
eligible Persons in accordance with the Regulations, with whom the Company or, respectively, a Subsidiary,
concluded an agreement for participation in the Incentive Program (“Participation Agreement”), after meeting
vesting conditions specified in the Regulations and the Participation Agreement.
Restricted Stock Unit is a derivative financial instrument as defined in the Act of 29 July 2005 on trading in financial
instruments (Journal of Laws of 2020, item 89, as amended), with the Company’s shares as the underlying
instrument, entitling to a cash payment in the amount equal to the product of the number of RSUs granted and their
value calculated in accordance with the provisions of the Regulations. The value of one RSU is determined in
accordance with the principles described in detail in § 2 sec. 3 of the OGM Resolutions.
4. The maximum number of RSUs that may be granted jointly under the entire Incentive Program to all Participants
may not exceed 1,120,000.
5. Allocation of RSU Units to Participants will take place if the following conditions are jointly met:
a. Vesting conditions set out in the individual participation agreements, which determines whenever the Company
receives the service that entitles a Participant to receive RSUs
b. Non-vesting condition set out and described in detail in § 2 sec. 1 of the OGM Resolutions (“Sales Transaction”),
means a situation in which all following events occur
means a situation in which all following events occur:
(i) an entity or group of entities operating in the agreement referred to in Art. 87 of the Act on Public Offering, will
exceed 50% of the total number of votes in the Company as a result of the announcement of a tender offer for all
shares of the Company referred to in art. 74 section 1 or 2 or art. 91 section 5 of the Act on Public Offering, where
for the purposes of calculating the total number of votes in the Company, the sum of the number of votes held -
regardless of the legal title - by all entities belonging to the same capital group and the number of votes from shares,
even if exercising their right, is taken into account voting rights are limited or excluded by the Company's Articles
of Association or contract or provisions of law or the Company will be transformed, merged, or de-merged in such
manner that will not require the announcement of a tender offer under sec. 92 of the Act on Public Offering; and
(ii) FGP Venture will sell at least [587,500) its shares in the Company or its equivalent received as a result of a
transformation, merger, or de-merger of the Company (in response to the tender offer referred to in item (i) or
independently of the tender offer) or an entity (acting alone, through a group capital or in consultation with other
entities), other than the partners of FGP Venture as at [date], will achieve over 50% of shares in FGP Venture.
(iii) Notwithstanding the foregoing, a transaction will not be deemed a Sale Transaction unless the transaction
qualifies as a change in control event within the meaning of Section 409A, i.e., a) an entity acting alone or in
consultation with other entities achieving over 50% of votes in the Company or ownership of over 50% of assets of
the Company or b) achieving effective control of the Company understood as achieving at least 30% of the total
number of votes; or c) ownership of at least 40% gross worth of the assets of the Company.
6. The detailed conditions of the Incentive Program are set out in the OGM Resolution, the Regulations, and,
individually for each Participant, in the Participation Agreement.
For Eligible Persons who are Members of the Management Board of the Company or a subsidiary of the Company,
the Regulations and individual terms and conditions must be approved by the Supervisory Board of the Company.
The first tranche of Incentive Program based on RSUs will be addressed mainly to Participants nominated from the
Subsidiary.
16 employees and associates of the Company were awarded to participate in the first tranche of the Incentive
Program and were offered a total of 790.900 RSUs. The granting of the RSUs and the conclusion of the Participation
Agreements does not determine whether an employee receives a share-based payment. Share-based payment will be
possible only on the condition that both vesting and non-vesting conditions are met. The aforementioned conditions
are described in the Incentive Program (individual vesting conditions set based on criteria defined in Executive
Board resolution and the occurrence of the Sale Transactions).
The RSU Units were awarded to eligible employees and associates of the Company and DataWalk, Inc. on April 1,
2022 (Grant Date).
As at the grant date, i.e. on April 1, 2022, the total maximum (estimated) value of RSU Units under the Program is
PLN 205 632 thousand. This value is estimated based on the Company's share price as of the grant date, though not
reflecting the intrinsic value of RSUs, which will be determined in the future according to the specific rules set out
in the Incentive Program, provided that all the conditions of the Program are met
At a later stage of the Incentive Program, the authorized bodies may appoint further Participants of the Program and
grant them a specified number of RSU Units.
As of the date of publication of this report, the intrinsic value of the Program is not known, because the share-based
payment will be possible only on the condition that both vesting and non-vesting conditions (Sales Transactions)
are met. Therefore, share-based payment resulting from the Incentive Program is considered at the moment as a
future and uncertain event. At the same time, the Issuer indicates that as at the date of publication of this report, it
has no information about any events that would indicate there is high likelihood of meeting non-vesting conditions
(i.e., Sale Transaction) in the near future, including any negotiations with a potential investor that would meet the
parameters required for the fulfilment of the Sales Transaction condition.
Despite only the conditional and potential nature of meeting non-vesting conditions of the Incentive Program, due
to the regulations resulting from IFRS 2 “Share-based payments”, the Company is obliged to evaluate granted RSUs.
Information on the course of execution of the Incentive Program, in particular with regard to the number of
participants, the number of granted RSUs and their subsequent valuation will be updated in the Company’s periodic
reports in accordance with the currently applicable legal regulations, in particular International Financial Reporting
Standards.
FACTORS EXPECTED TO AFFECT FURTHER GROUP’S DEVELOPMENT
In the opinion of the Executive Board, the most important external and internal factors that may affect the operations
of the DataWalk Capital Group and its results include:
Elements and external trends that may affect the Group's perspectives
• Growing importance of data processing, data analysis and their usage (Big Data),
• Situation on the insurance market in Poland,
• Increase in the scale and quality of activities aimed at counteracting money laundering and counteracting
tax avoidance,
• Growing number of new company registrations in Poland,
• Automation of data set analysis processes,
• Increasing user-friendliness of tools for analysing data sets,
• Course and effects of the SARS-CoV-2 virus causing the COVID-19 disease pandemic in the markets in
which the Group operates,
• Development of political and economic situation in Ukraine
Elements and internal trends that may affect the Group's perspectives
• Perspective of total revenues and expenses generated,
• Level of planned expenditures on marketing and sales activities,
• Level of planned costs related to staff recruitment and purchase of IT services,
• Level of planned investments.
COMPANY'S AUTHORITIES
The Executive Board
In the 12-month period ended December 31, 2021, the DataWalk S.A. Executive Board was as follows:
The Executive Board
Period of performing the function
Paweł Wieczyński
01/01/2021 – 12/31/2021
Krystian Piećko
01/01/2021 – 12/31/2021
Sergiusz Borysławski
01/01/2021 – 12/31/2021
Source: Issuer.
On December 21, 2021, the Supervisory Board of DataWalk S.A. received the resignation of Mr. Sergiusz
Borysławski from the position in the Executive Board of the Company as of December 31, 2021, which was the last
day of performing the function in the Executive Board of the Issuer.
At the same time, on December 21, 2021, the Issuer's Supervisory Board adopted a resolution on appointing Mr.
Łukasz Socha to the Executive Board of the Company, with effect from January 1, 2022, entrusting him with the
function of an Executive Board Member.
As at January 1, 2022 and as at the date of this report, the composition of the Executive Board is as follows:
Paweł Wieczyński, Chairman of the Board
Coordinates activities related to operations of the Company, shaping and implementing the sales policy, HR and PR
/ IR.
Krystian Piećko, Member of the Board
Responsible for the preparation and development of the product strategy based on the latest technologies.
Łukasz Socha, Member of the Board
Coordinates activities of the administrative division of the Company, including accounting and financial, legal, tax
and financial reporting.
The current Executive Board of the Issuer was appointed by the resolutions of the Supervisory Board of June 1,
2021 (except the above-mentioned resolution of December 21, 2021 on appointing Mr. Łukasz Socha to the
Executive Board of the Company) for a joint, 3-year term of office, which began on July 1, 2021 and will end on
the date of approval of the Company's financial statements for 2023 by the General Meeting.
The Supervisory Board
On December 31, 2021 and at the date of approval of this report for publication 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 12-month period ended December 31, 2021, the composition of the Issuer's Supervisory Board of the
Company is as follows:
The Supervisory Board
Period of performing the function
Wojciech Dyszy
01/01/2021 – 12/31/2021
Grzegorz Dymek
01/01/2021 – 12/31/2021
Roman Pudełko
01/01/2021 – 12/31/2021
Rafał Wasilewski
01/01/2021 – 12/31/2021
Filip Paszke
01/01/2021 – 12/31/2021
Source: Issuer.
The current Supervisory Board of the Issuer was appointed for a joint, 3-year term of office, which began on July 1,
2021 and will end on the date of approval of the Company's financial statements for 2023 by the General Meeting.
Until the date of this report, the composition of the Issuer's Supervisory Board has not changed.
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
Law:
Polish law, in accordance with the Code of Commercial
Companies ("CCC")
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 DataWalk S.A. in the Group is to conduct research and development activities, including the
development of the DataWalk analytical platform used to analyse very large sets of data from various sources.
DataWalk S.A. also 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 Inc.
Basic information about an entity related by capital with the Issuer as at 12/31/2021.
Name of the entity:
DataWalk Inc.
Country of residence:
United States of America
Legal form:
Incorporated
Register address:
1209 Orange Street, Wilmington, Delaware 19801
Address for correspondence:
2000 Broadway Street, STE 232, Redwood City, CA
94063
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:
23 419 thous. PLN
Revaluation adjustments:
-23 419 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. Pursuant to the DataWalk
Inc. articles of association, the board of directors conducts the affairs of the company and represents the company.
On July 27, 2016, DataWalk S.A. acquired 100 shares for a total price of PLN 5 000 USD becoming its sole
shareholder. In addition, from 2016 to the balance sheet date of December 31, 2021, the Company contributed capital
contributions to DataWalk Inc. for a total amount of PLN 6 018 thousand USD.
DataWalk Inc. has been established for an indefinite period of time. The financial year of DataWalk Inc. is the
calendar year.
Financial data of DataWalk Inc. are fully consolidated and are disclosed in the consolidated financial statements of
the DataWalk Capital Group.
Until the date of approval of this report for publication, the structure of the DataWalk Capital Group has not changed.
Overview of the DataWalk Capital Group
DataWalk organizational structure of the Group as at 31 December, 2021 year and in the comparative period:
Source: Issuer.
DataWalk Inc. is consolidated by DataWalk S.A. as part of the consolidated financial statements.
Until the date of this report, there were no changes to the structure of the Capital Group.
Changes in the management rules of the Capital Group and the Company
In the 12-month period ended December 31, 2021 and as at the date of this report, there were no changes regarding
the management rules of the DataWalk Group and DataWalk S.A.
DataWalk S.A.
DataWalk Inc.
(100,00% share in the share capital and votes)
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A.
Shareholder structure as at April 26, 2022 (share in the total number of votes)
Source: Issuer.
As at the date of approval of this report for publication, i.e. April 26, 2022, 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%
Shareholder structure as at November 29, 2021 (share in the total number of votes)
Source: Issuer.
As at November 29, 2021, i.e. as at the date of publication of the previous periodic report, the number of shareholders
holding, directly or through subsidiaries, at least 5.0% of the total number of votes was 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%
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 26, 2022.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
56 376
5 637.60
Krystian Piećko*
Member of the Executive Board
55 916
5 591.60
Łukasz Socha
Member of the Executive Board
0
0
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.
* Two 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 26, 2022".
The table below presents ownership of shares DataWalk SA by managers and supervisors at November 29, 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 November 29, 2021".
Own shares
The Company has no own shares.
DATAWALK S.A.
SEPARATE FINANCIAL STATEMENTS
for the year ended 31th December 2021
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
SEPARATE FINANC IAL STA TEMENT
Separate Statement of Financial Position (in thousands of PLN)
ASSETS
12/31/2021
12/31/2020
restated*
A.
Non-current assets
21 172
11 241
I.
Fixed assets
407
238
II.
Goodwill
390
390
III.
Intangible assets
15 496
9 373
IV.
Right-of-use assets
698
1 159
V.
Investments in subsidiaries
0
0
VI.
Long-term receivables
0
41
VII.
Deferred tax assets
617
0
VIII.
Long-term prepayments
3 565
40
B.
Current assets
56 851
77 791
I.
Inventory
0
0
II.
Contract assets
309
272
III.
Trade receivables
5 590
4 648
IV.
Income tax receivables
0
0
V.
Other receivables
2 498
1 048
VI.
Financial assets
0
0
VII.
Prepayments
800
199
VIII.
Cash and cash equivalents
47 655
71 625
TOTAL ASSETS
78 023
89 032
* According to the explanation in section "Changes in accounting policies used".
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
EQUITY AND LIABILITIES
12/31/2021
12/31/2020
A.
Equity
70 440
81 337
I.
Share capital
489
489
II.
Share premium
133 859
133 859
III.
Other capitals
9 965
9 965
IV.
Profit loss from previous years
-65 746
-61 325
V.
Net profit (loss) for the current year
-10 897
-4 421
VI.
Reserve capital
2 771
2 771
B.
Long-term liabilities
67
639
I.
Deferred tax liabilities
0
40
II.
Lease liabilities
67
598
C.
Short-term liabilities
7 516
7 056
I.
Trade liabilities
1 914
1 462
II.
Income tax liabilities
0
0
III.
Lease liabilities
644
564
IV.
Other liabilities
746
573
V.
Other provisions
1 025
1 210
VI.
Contract liabilities
3 187
3 247
TOTAL EQUITY AND LIABILITIES
78 023
89 032
NET ASSET VALUE PER SHARE
12/31/2021
12/31/2020
Net asset value
70 440
81 337
A number of shares (pcs.)
4 886 048
4 886 048
Net asset value per share (in PLN)
14,42
16,65
A diluted number of shares (pcs.)
4 975 047
4 975 047
Diluted net asset value per share (in PLN)
14,16
16,35
The net asset value per share was calculated in relation to the number of the Company's shares at the balance sheet
date.
The diluted number of shares in the Company at December 31, 2021 and at December 31, 2020 amounted
to 4 975 047, 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 | 40
Separate Profit and Loss Account with The Statement of Comprehensive
Income (in thousands of PLN)
PROFIT AND LOSS ACCOUNT
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Continuing operations
A.
Revenues
23 076
12 359
B.
Operating costs
19 658
12 050
Materials and energy
182
121
Employee benefits
5 088
3 260
Amortisation and depreciation
2 562
1 252
External services
11 499
7 039
Other costs
327
378
C.
Profit/Loss on sales
3 418
309
Other operating income
470
400
Other operating costs
2
4 815
Loss (profit) from expected credit losses
188
-5
D.
Operating profit (loss)
3 698
-4 100
Financial income
348
50
Financial costs
18 509
371
E.
Pre-tax profit (loss)
-14 462
-4 421
Income tax
-3 565
0
F.
Net profit (loss) from continuing operations
-10 897
-4 421
Discontinued operations
Profit (loss) from discontinued operations
0
0
G.
Net profit (loss)
-10 897
-4 421
STATEMENT OF COMPREHENSIVE INCOME
01/01/2021 –
09/30/2021
01/01/2020 –
09/30/2020
Net profit (loss)
-10 897
-4 421
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
a) Exchange differences on translating foreign operations
0
0
Total comprehensive income
-10 897
-4 421
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 | 41
PROFIT (LOSS) PER SHARE ATTRIBUTABLE TO:
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Continuing operations
A number of shares (pcs.)
4 886 048
4 542 116
Profit (loss) per share (in PLN)
-2,23
-0,97
A diluted number of shares (pcs.)
4 975 047
4 631 115
Diluted profit (loss) per share (in PLN)
-2,19
-0,95
Discontinued operations
A number of shares (pcs.)
4 886 048
4 542 116
Profit (loss) per share (in PLN)
0,00
0,00
A diluted number of shares (pcs.)
4 975 047
4 631 115
Diluted profit (loss) per share (in PLN)
0,00
0,00
Continuing and discontinued operations
A number of shares (pcs.)
4 886 048
4 542 116
Profit (loss) per share (in PLN)
-2,23
-0,97
A diluted number of shares (pcs.)
4 975 047
4 631 115
Diluted profit (loss) per share (in PLN)
-2,19
-0,95
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 2021 was 4 886 048, while in the year 2020
the weighted average number of shares in the Company was 4 542 116.
The weighted average diluted number of shares in the Company in the year 2021 amounted to 4 975 047, including
88 999 shares under the incentive program, while in the year 2020 the average amounted to 4 631 115, 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 | 42
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 01/01/2021
489
133 859
9 965
2 771
-61 325
-4 421
81 337
Equity increase (decrease)
0
0
0
0
-4 421
-6 476
-10 897
Total comprehensive income
0
0
0
0
0
-10 897
-10 897
Net profit (loss)
0
0
0
0
0
-10 897
-10 897
Share capital increase
0
0
0
0
0
0
0
Distribution of profit (loss) for previous
year
0
0
0
0
-4 421
4 421
0
Changes in equity resulting from IFRS 2
0
0
0
0
0
0
0
Balance as at 12/31/2021
489
133 859
9 965
2 771
-65 746
-10 897
70 440
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
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
Separate Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
01/01/2021 –
12/31/2021
01/01/2020 –
12/31/2020
Cash flows from operating activities
Net profit (loss)
-10 897
-4 421
Adjustments, including:
7 331
7 727
- amortisation and depreciation
2 562
1 252
- foreign exchange gains (losses)
-19
48
- interest expenses
34
23
- income from interest and dividends
-2
-77
- profit (loss) on investing activities
18 702
4 996
- share-based payment (incentive program)
0
0
- income tax of current period
0
0
- income tax paid
0
0
- change in receivables
-9 434
-2 862
- change in inventories
0
0
- change in provisions
-185
737
- change in short-term liabilities
625
1 048
- change in prepayments
-4 783
-75
- change in contract assets and contract liabilities
-97
2 689
- other adjustments
-71
-51
Net cash generated (used) in operating activities
-3 566
3 306
Cash flows from investing activities
Purchase of intangible assets
7 962
4 635
Purchase of property, plant and equipment
267
226
Proceeds from sale of property, plant and equipment
0
0
Purchase of subsidiaries shares, net of cash
11 618
3 784
Proceeds from short term bank deposits (over 3 months)
25 000
4 011
Short term bank deposits (over 3 months)
25 000
0
Proceeds from governmental subsidies
71
0
Interest received
2
77
Net cash generated (used) in investing activities
-19 774
-4 557
Cash flows from financing activities
Proceeds from issue of share capital
0
65 171
Payment of finance lease liabilities
615
455
Interest paid
34
23
Net cash generated (used) in financing activities
-649
64 693
Total net cash flows
-23 988
63 443
Opening balance of cash
71 625
8 230
Change in cash due to foreign currency translation
19
-48
Change in cash balance, net
-23 970
63 395
Closing balance of cash
47 655
71 625
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
CHANGES IN ACCOUNTING POLICIES USED
The accounting principles (policies) used to prepare the consolidated financial statements for the year ended
December 31, 2021 are consistent with those used in the preparation of the Group's financial statements for the year
ended December 31st, 2020, except for the one which is described below.
For greater transparency, considering the growing importance of this asset, the Group changed the reporting of
‘assets related to accounting valuation of implementation contracts’. In previous periods it was included under
"Prepayments" and now it has been transferred to a new statement of financial position item "Contract assets".
The tables below present the impact of the restatement on the consolidated financial statement.
Statement of Financial Position item
12/31/2020
Restatement
12/31/2020
(restated)
Contract assets
0
272
272
Prepayments
695
-272
423
The accounting principles (policies) used to prepare these separate financial statements for the year ended December
31, 2021 are consistent with those used in the preparation of the Company's financial statements for the year ended
December 31st, 2020, except for the one which is described below.
For greater transparency, considering the growing importance of this asset, the Company changed the reporting of
‘assets related to accounting valuation of implementation contracts’. In previous periods it was included under
"Prepayments" and now it has been transferred to a new statement of financial position item "Contract assets".
The tables below present the impact of the restatement on the separate financial statement.
Statement of Financial Position item
12/31/2020
Restatement
12/31/2020
(restated)
Contract assets
0
272
272
Prepayments
471
-272
199
At the same time, the name of the statement of financial position item "Prepayments" in short-term liabilities was
changed to "Contract liabilities", as the so named item better reflects its nature.
The adopted changes to the accounting principles for the separate financial statements are consistent with the
changes assumed for the consolidated financial statements.
………………………………………
………………………………………
………………………………………
Paweł Wieczyński
Krystian Piećko
Łukasz Socha
Chairman of the Board
Member of the Board
Member of the Board
Wroclaw, April 26, 2022
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
Investor Relations
investors@datawalk.com