November 2022
DATAWALK CAPITAL GROUP
SUMMARY OF THE CONDENSED
INTERIM FINANCIAL STATEMENTS
for the 9-month period ended 30
th
September, 2022
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: 513.298,80 zł w całości wpłacony
Page | 2
THE EXECUTIVE BOARD`S LETTER
Dear Investors,
We’re almost at the end of the tumultuous year 2022. A lot has happened both in our company and on the market,
good and bad, impacting our performance and, as a result, also our approach to managing the organization. We kept
improving the product, acquired new first league customers, as well as closed new increased sales with our
mainstays. But we also realized the limits of our capacity, which became a major challenge this year - a challenge
we feel we understand and we are on the right path to address it.
The revenue growth dynamics in Q3 has been similar to that which we reported in H1 2022. Back then we called it
disappointing, and we were really confident that we could turn the year around and go back to the growth trajectory
we’re aiming at. Unfortunately, just as we were seeing first signs of improvement in our internal performance, we
began to notice problems on the wider market, at least in some segments of it. As of now it only impacted a few
deals we worked on, ie. by significantly downsizing the project or postponing the kickoff in another case.
We believe it's a short-term slowdown impacting only some commercial customers and state & local authorities, as
we see both the increased number of deals in our market space (especially on a federal level) and very interesting
new leads and projects to be started next year. We are watching the market very closely to be able to see and react
quickly if it becomes a long term trend.
On the internal side - we’ve been investing a lot into boosting our capacity, especially when it comes to field
engineering, which became our main bottleneck this year. We can already see big improvement in the post-sales
processes. Also our new approach to the pre-sales processes has been showing promising results, but this is still an
area where we require additional hiring and training efforts. This gives us reasons to be a lot more optimistic about
next year - we shouldn’t be our biggest limiter anymore.
Right now we focus on closing the year with results as close to expectations as possible. We still expect to sign some
significant contracts before the end of the year. We work hard on improving our go to market capabilities, with the
main focus being on commercial and federal market segments. Even if the economic situation remains uncertain or
even worsens, we will exit this period with a stronger company, able to accelerate growth as soon as the market
situation allows.
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: 513.298,80 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 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 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.
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: 513.298,80 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. The
key aspects affecting commercial processes in North America relate to the acquisition of the first references among
customers such as the intelligence and 6 US ministries (including the Department of Defense and the Department of
Justice), as well as the acquisition of the first customers in the commercial sector in 2021 (Ally Bank, MPA, GTL).
The first significant reference effects from deployments with the above clients began to appear in 2022.
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: 513.298,80 zł w całości wpłacony
Page | 5
The table of contents
SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP ........................ 6
SELECTED STANDALONE 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
FINANCIAL RESULTS - SUMMARY AND ANALYSIS ..................................................................................... 18
DATAWALK GROUP'S CASH-SETTLED INCENTIVE PROGRAM ................................................................. 24
IMPACT OF THE COVID-19 EPIDEMIC ON THE GROUP'S OPERATIONS .................................................... 30
IMPACT OF THE POLITICAL AND ECONOMIC SITUATION IN UKRAINE .................................................. 30
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S RESULTS IN THE
REPORTING PERIOD ............................................................................................................................................ 31
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AFFECTING THE GROUP'S OPERATIONS
................................................................................................................................................................................. 37
FACTORS EXPECTED TO AFFECT FURTHER GROUP’S DEVELOPMENT .................................................. 38
COMPANY'S AUTHORITIES ................................................................................................................................ 39
The Executive Board ............................................................................................................................................ 39
The Supervisory Board ........................................................................................................................................ 40
DESCRIPTION OF THE ORGANISATION OF THE DATAWALK CAPITAL GROUP AND CONSOLIDATED
ENTITIES ................................................................................................................................................................ 41
DataWalk S.A. ..................................................................................................................................................... 41
DataWalk Inc. ...................................................................................................................................................... 42
Overview of the DataWalk Capital Group ........................................................................................................... 43
Changes in the management rules of the Capital Group and the Company ......................................................... 43
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A. .................................................................... 44
Shareholder structure as at November 22, 2022 (share in the total number of votes) .......................................... 44
Shareholder structure as at September 14, 2022 (share in the total number of votes) .......................................... 45
STRUCTURE OF SHAREHOLDINGS IN DATAWALK S.A. OR RIGHTS ATTACHED TO SHARES, HELD BY
MEMBERS OF THE ISSUER’S EXECUTIVE AND SUPERVISORY BOARDS ................................................ 46
STANDALONE FINANCIAL STATEMENT ........................................................................................................ 48
Standalone Statement of Financial Position (in thousands of PLN) .................................................................... 48
Standalone Profit and Loss Account with The Statement of Comprehensive Income (in thousands of PLN) ..... 50
Standalone Statement of Changes in Equity (in thousands of PLN) .................................................................... 52
Standalone Cash Flow Statement (in thousands of PLN) .................................................................................... 53
CHANGES IN ACCOUNTING POLICIES USED ................................................................................................. 54
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: 513.298,80 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
from 01/01/2022
to 09/30/2022
from 01/01/2021
to 09/30/2021
from 01/01/2022
to 09/30/2022
from 01/01/2021
to 09/30/2021
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
25 841
19 957
5 512
4 378
Profit/Loss on sales
-118 213
-5 396
-25 216
-1 184
Operating profit (loss)
-117 974
-4 604
-25 165
-1 010
Pre-tax profit (loss)
-117 045
-4 251
-24 967
-933
Net profit (loss)
-97 922
-4 251
-20 888
-933
Total comprehensive income
-96 392
-4 063
-20 561
-891
The weighted average number of ordinary shares (pcs.)
4 914 089
4 886 048
4 914 089
4 886 048
Profit (loss) per share (in PLN/EUR)
-19,93
-0,87
-4,25
-0,19
Net cash generated (used) in operating activities
-11 856
-9 954
-2 529
-2 184
Net cash generated (used) in investing activities
-40 404
-30 947
-8 619
-6 789
Net cash (used) in financing activities
37 709
-487
8 044
-107
Total net cash flows
-14 550
-41 389
-3 104
-9 080
SELECTED FINANCIAL DATA
09/30/2022
12/31/2021
09/30/2022
12/31/2021
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets/equity and liabilities
136 919
89 052
28 116
19 362
Non-current assets
51 354
23 838
10 545
5 183
Current assets
85 565
65 214
17 571
14 179
Equity
20 202
78 462
4 149
17 059
Total liabilities
116 716
10 590
23 967
2 302
Long-term liabilities
104 907
689
21 542
150
Short-term liabilities
11 810
9 901
2 425
2 153
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: 513.298,80 zł w całości wpłacony
Page | 7
SELECTED STANDALONE FINANCIAL DATA DATAWALK S.A.
The following table presents selected data on the standalone financial statements DataWalk S.A.
SELECTED FINANCIAL DATA
from 01/01/2022
to 09/30/2022
from 01/01/2021
to 09/30/2021
from 01/01/2022
to 09/30/2022
from 01/01/2021
to 09/30/2021
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
18 165
15 876
3 875
3 483
Profit/Loss on sales
-2 550
2 835
-544
622
Operating profit (loss)
-2 312
2 988
-493
655
Pre-tax profit (loss)
-13 229
-12 823
-2 822
-2 813
Net profit (loss)
-13 706
-12 823
-2 924
-2 813
Total comprehensive income
-13 706
-12 823
-2 924
-2 813
The weighted average number of ordinary shares (pcs.)
4 914 089
4 886 048
4 914 089
4 886 048
Profit (loss) per share (in PLN/EUR)
-2,79
-2,62
-0,59
-0,58
Net cash generated (used) in operating activities
-10 967
4 187
-2 339
919
Net cash generated (used) in investing activities
-42 540
-47 058
-9 074
-10 323
Net cash (used) in financing activities
37 709
-484
8 044
-106
Total net cash flows
-15 797
-43 355
-3 370
-9 511
SELECTED FINANCIAL DATA
09/30/2022
12/31/2021
09/30/2022
12/31/2021
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets/equity and liabilities
104 081
78 023
21 373
16 964
Non-current assets
30 121
21 172
6 185
4 603
Current assets
73 960
56 851
15 187
12 361
Equity
94 867
70 440
19 481
15 315
Total liabilities
9 213
7 583
1 892
1 649
Long-term liabilities
967
67
199
15
Short-term liabilities
8 246
7 516
1 693
1 634
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: 513.298,80 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
09/30/2022
12/31/2021
1 EUR
4,8698
4,5994
• 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 01/01/2022
from 01/01/2021
to 09/30/2022
to 09/30/2021
1 EUR
4,6880
4,5585
DATAWALK CAPITAL GROUP
SUMMARY OF THE CONDENSED
INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
for the 9-month period ended 30
th
September 2022
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: 513.298,80 zł w całości wpłacony
Page | 10
CONSOLIDAT ED FINANCIAL STATEMENT
Consolidated Statement of Financial Position (in thousands of PLN)
ASSETS
09/30/2022
12/31/2021
A.
Non-current assets
51 354
23 838
I.
Fixed assets
493
472
II.
Goodwill
390
390
III.
Intangible assets
24 472
15 496
IV.
Right-of-use assets
1 416
698
V.
Long-term receivables
0
0
VI.
Long-term prepayments
1 895
3 217
VII.
Deferred tax assets
22 689
3 565
B.
Current assets
85 565
65 214
I.
Contract assets
5 378
557
II.
Trade receivables
6 839
7 356
III.
Receivables from income tax
117
96
IV.
Other receivables
2 003
2 542
V.
Financial assets
30 176
0
VI.
Prepayments
3 967
3 013
VII.
Cash and cash equivalents
37 085
51 650
TOTAL ASSETS
136 919
89 052
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: 513.298,80 zł w całości wpłacony
Page | 11
EQUITY AND LIABILITIES
09/30/2022
12/31/2021
A.
Equity
20 202
78 462
Equity attributable to shareholders of the parent
company
20 202
78 462
I.
Share capital
513
489
II.
Share premium
171 967
133 859
III.
Other capitals
9 965
9 965
IV.
Profit (loss) from previous years
-68 970
-67 321
V.
Reserve capital
2 771
2 771
VI.
Net profit (loss) for the current year
-97 922
-1 648
VII.
Foreign exchange translation differences
1 877
347
Non-controlling interests
0
0
B.
Long-term liabilities
104 907
689
I.
Deferred tax liabilities
0
0
II.
Lease liabilities
813
67
III.
Bank loans and borrowings
780
622
IV.
Incentive program liabilities
103 314
0
C.
Short-term liabilities
11 810
9 901
I.
Trade liabilities
2 642
2 091
II.
Income tax liabilities
0
0
III.
Lease liabilities
618
644
IV.
Bank loans and borrowings
22
18
V.
Other liabilities
2 047
1 596
VI.
Other provisions
1 808
1 245
VII.
Contract liabilities
4 673
4 307
TOTAL EQUITY AND LIABILITIES
136 919
89 052
NET ASSET VALUE PER SHARE
09/30/2022
12/31/2021
Net asset value
20 202
78 462
A number of shares (pcs.)
5 132 988
4 886 048
Net asset value per share (in PLN)
3,94
16,06
A diluted number of shares (pcs.)
5 221 987
4 975 047
Diluted net asset value per share (in PLN)
3,87
15,77
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 September 30, 2022 amounted to 5 221 987, including 88 999
shares under the incentive program.
The diluted number of shares in the Company on December 31, 2021 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: 513.298,80 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
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
Continuing operations
A.
Revenues
25 841
19 957
7 679
5 869
B.
Operating costs
144 053
25 354
12 165
9 199
Materials and Energy
528
122
113
54
Employee benefits
123 465
13 062
4 260
4 538
Amortization and depreciation
1 996
1 108
676
376
External services
16 821
10 236
6 577
3 853
Other costs
1 243
825
540
378
C.
Profit/Loss on sales
-118 213
-5 396
-4 488
-3 330
Other operating income
276
980
94
105
Other operating costs
39
1
0
0
Loss (profit) from expected credit losses
-2
187
-5
-10
D.
Operating profit (loss)
-117 974
-4 604
-4 389
-3 215
Financial income
964
397
758
315
Financial costs
35
43
11
6
E.
Pre-tax profit (loss)
-117 045
-4 251
-3 642
-2 907
Income tax
-19 123
0
16 538
0
F.
Net profit (loss) from continuing operations
-97 922
-4 251
-20 180
-2 907
Discontinued operations
Net profit (loss) from discontinued operations
0
0
0
0
G.
Net profit (loss)
-97 922
-4 251
-20 180
-2 907
NET PROFIT (LOSS) ATTRIBUTABLE TO:
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
- shareholders of the parent company
-97 922
-4 251
-20 180
-2 907
- non-controlling interests
0
0
0
0
STATEMENT OF COMPREHENSIVE
INCOME
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
Net profit (loss)
-97 922
-4 251
-20 180
-2 907
Other comprehensive income
1 529
188
779
125
1. Items that will not be reclassified to profit or
loss
0
0
0
0
2. Items that will be reclassified to profit or loss:
1 529
188
779
125
a) Exchange differences in translating foreign
operations
1 529
188
779
125
Total comprehensive income
-96 392
-4 063
-19 400
-2 782
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
- shareholders of the parent company
-96 392
-4 063
-19 400
-2 782
- non-controlling interests
0
0
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: 513.298,80 zł w całości wpłacony
Page | 13
PROFIT (LOSS) PER SHARE
ATTRIBUTABLE TO:
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
Continuing operations
A number of shares (pcs.)
4 914 089
4 886 048
4 969 256
4 886 048
Profit (loss) per share (in PLN)
-19,93
-0,87
-4,06
-0,59
A diluted number of shares (pcs.)
5 003 088
4 975 047
5 058 255
4 975 047
Diluted profit (loss) per share (in PLN)
-19,57
-0,85
-3,99
-0,58
Discontinued operations
A number of shares (pcs.)
4 914 089
4 886 048
4 969 256
4 886 048
Profit (loss) per share (in PLN)
0
0
0
0
A diluted number of shares (pcs.)
5 003 088
4 975 047
5 058 255
4 975 047
Diluted profit (loss) per share (in PLN)
0
0
0
0
Continuing and discontinued operations
A number of shares (pcs.)
4 914 089
4 886 048
4 969 256
4 886 048
Profit (loss) per share (in PLN)
-19,93
-0,87
-4,06
-0,59
A diluted number of shares (pcs.)
5 003 088
4 975 047
5 058 255
4 975 047
Diluted profit (loss) per share (in PLN)
-19,57
-0,85
-3,99
-0,58
The value of net profit (loss) per share was calculated in relation to the weighted average number of DataWalk S.A.
shares for the period. The number of shares calculated this way for the three quarters of 2022 was 4,914,089, and for
the three quarters of 2021, it was 4,886,048. The weighted average number of DataWalk S.A. shares in the third
quarter of 2022 was 4,969,256, while in the third quarter of 2021, it was 4,886,048.
The weighted average diluted number of shares of the Company in the three quarters of 2022 amounted to
5 003 088, including 88 999 shares under the incentive program.
The weighted average diluted number of shares of the Company in the third quarter of 2022 amounted to
5 058 255, including 88 999 shares under the incentive program.
The weighted average diluted number of shares in the Company in the three quarters of 2021 and the third quarter
of 2021 amounted to 4 975 047, including 88 999 shares under the incentive program.
* The data for the third quarter of 2022 was determined by subtracting from the data for the three quarters of 2022
the data presented by the Group in the report for the first half of 2022 (covered by the review).
* The data for the third quarter of 2021 was determined by subtracting from the data for the three quarters of 2021
the data presented by the Group in the report for the first half of 2021 (covered by the review).
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: 513.298,80 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 01/01/22
489
133 859
9 965
347
2 771
-67 321
-1 648
78 462
0
78 462
Equity increase (decrease)
25
38 109
0
1 529
0
-1 648
-96 273
-58 259
0
-58 259
Total comprehensive income
0
0
0
1 529
0
0
-97 922
-96 392
0
-96 392
Net profit (loss)
0
0
0
0
0
0
-97 922
-97 922
0
-97 922
Exchange differences in
translating foreign operations
0
0
0
1 529
0
0
0
1 529
0
1 529
Share capital increase
25
38 109
0
0
0
0
0
38 134
0
38 134
Distribution of profit (loss) for the
previous year
0
0
0
0
0
-1 648
1 648
0
0
0
Changes in equity resulting from
IFRS 2
0
0
0
0
0
0
0
0
0
0
Balance as at 09/30/2022
513
171 967
9 965
1 877
2 771
-68 970
-97 922
20 202
0
20 202
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: 513.298,80 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 01/01/2021
489
133 859
9 965
30
2 771
-60 998
-6 323
79 793
0
79 793
Equity increase (decrease)
0
0
0
188
0
-6 323
2 073
-4 063
0
-4 063
Total comprehensive income
0
0
0
188
0
0
-4 251
-4 063
0
-4 063
Net profit (loss)
0
0
0
0
0
0
-4 251
-4 251
0
-4 251
Exchange differences in
translating foreign operations
0
0
0
188
0
0
0
188
0
188
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 09/30/2021
489
133 859
9 965
218
2 771
-67 321
-4 251
75 730
0
75 730
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: 513.298,80 zł w całości wpłacony
Page | 16
Consolidated Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
Cash flows from operating activities
Net profit (loss)
-97 922
-4 251
Adjustments, including:
- amortization and depreciation
1 996
1 108
- foreign exchange gains (losses)
1 545
197
- interest expenses
35
43
- income from interest and dividends
-116
0
- profit (loss) on investing activities
-86
0
- share-based payment (incentive program)
0
0
- income tax of current period
0
0
- income tax paid
0
0
- change in receivables
1 056
-1 794
- change in inventories
0
0
- change in provisions
563
-1 185
- change in incentive program liabilities
103 314
0
- change in liabilities other than incentive program
1 002
694
- change in prepayments
-18 754
-6 170
- change in contract assets and contract liabilities
-4 455
2 094
- other adjustments
-32
-692
Net cash generated (used) in operating activities
-11 856
-9 954
Cash flows from investing activities
Purchase of intangible assets
10 292
5 867
Purchase of property, plant, and equipment
170
132
Proceeds from the sale of property, plant and equipment
0
0
Short term bank deposits (over 3 months)
30 090
25 000
Proceeds from governmental subsidies
32
52
Interest received
116
0
Net cash generated (used) in investing activities
-40 404
-30 947
Cash flows from financing activities
Proceeds from issue of share capital
38 242
0
Proceeds from bank loans and borrowings
0
0
Payment of finance lease liabilities
518
457
Interest paid
15
30
Net cash generated (used) in financing activities
37 709
-487
Total net cash flows
-14 550
-41 389
Opening balance of cash
51 650
73 830
Change in cash due to foreign currency translation
-14
-6
Change in the cash balance, net
-14 564
-41 394
Closing balance of cash
37 085
32 435
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: 513.298,80 zł w całości wpłacony
Page | 17
COMMENTARY AND ADDITIONAL
INFORMATION FOR THE CONDENSED
INTERIM CONSOLIDATED FINANCIAL
STATEMENTS OF THE DATAWALK
CAPITAL GROUP
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: 513.298,80 zł w całości wpłacony
Page | 18
FINANCIAL RESULTS - SUMMARY AND ANALYSIS
The Group is at an intense growth stage, and the incurred investments in development are yielding further results in
the conversion of projects from the sales funnel to revenue. In the first three quarters of 2022, the DataWalk Group's
revenue value amounted to PLN 25,841 thousand, 29% higher than in the corresponding period of 2021. It is
important to note that Q2, 2022 alone, was the best quarter from revenue stand point (PLN 13,979 thousand) in the
Group's history. The revenue growth comes from successful project execution and new projects started by the Group
in its business segments and expanding the DataWalk system and licenses to existing customers. In addition, the
increase in the USD revenue contributed to the Group's total sales results in its functional currency revenue growth.
The Group has consistently maintained the growth in revenues generated in the Americas markets, where their value
in the third quarter of 2022 reached PLN 14,592 thousand, 85% higher than in the corresponding period of 2021.
According to DataWalk Inc.'s analysis, the second and third quarters of 2022 were the two best quarters in the
company's history, followed by the fourth quarter of 2021. The U.S. team is steadily building and strengthening
DataWalk’s position in the America’s market.. The Americas market is a strategic market for the Group, and at the
end of the third quarter of 2022, its revenue accounted for more than half (56%) of the Group's revenues. DataWalk
Inc. acquired several more projects from the public sector during the reporting period. As a result, that sector
accounted for 66% of the subsidiary's revenue in the three quarters of 2022. In the comparable period, it was 76%
of the revenue value.
In the first three quarters of 2022, the Group recorded a slight decrease in revenues in other markets (EMEA and
APAC regions), where their value amounted to PLN 11,248 thousand, a drop of 7% compared to PLN 12,077
thousand in revenues generated in the comparable period of 2021. In the analyzed period, the largest share of
revenues from the markets mentioned above (66%) went to projects implemented in Poland, which amounted to
PLN 7,444 thousand and was 25% less than in the first three quarters of 2021. It is noteworthy that despite the
smaller share of projects outside of Poland (34%), the Group recorded a 75% increase in sales from countries in the
EMEA and APAC regions in the reported period compared to the respective period of 2021. This expansion is
essential for the Group as building and strengthening the Group's position in the international market is one of the
crucial elements of the Group's strategy, which is based on dynamic growth, diversification of revenue sources, and
geographic location. The largest share of EMEA and APAC revenues in the three quarters of 2022 went to the
government sector, which accounted for 71% of their value. In the comparable period, it was 93% of the revenue
value.
As of the balance sheet date, September 30, 2022, the deferred revenue amounts to PLN 4,673 thousand and
represent Group's obligation to provide customers with the contracted licenses or services and same time represents
the value of revenue to be recognized in subsequent quarters in the amount resulting from the realization of these
obligations . These revenues mainly relate to delivery of technical support services (the so-called "maintenance")
for PLN 3,690 thousand and implementation services for PLN 872 thousand.
The DataWalk Group manages the investment process through triggers linked to achieved business results and
financial models. The above approach allows for monitoring and steering the dynamics of the operating and capital
expenditures, which at the current stage of development are mainly driven by the pace of go-to-market in North
America.
In 2022, the Group implemented an incentive program using cash-settled share-based payment transactions. The
purpose of the program is to attract and retain members of key personnel for both DataWalk S.A. and its subsidiaries
by creating additional market-attractive tools and identifying key personnel within the Group, and its long-term
goals, motivating them to pay special attention to the Group's long-term performance, maintain the dynamic growth
of its value, and connect the interests of these individuals to the interests of the Group, and consequently, the interests
of its shareholders. The goal of the Incentive Program is to link the long-term value of the Company and its Group
with the long-term goals of the key personnel. As a result of the conclusion of agreements with participants in the
second quarter and as of the balance sheet dated September 30, 2022, the Group estimated the value and recognized
the cost and liability arising from the ongoing program at a total amount of PLN 103,314 thousand, which accounted
for 72% of the Group's operating expenses in the first three quarters of 2022 and 89% of EBITDA. The real value
of the incentive program has yet to be discovered. The value of the cash amounts payable under the incentive
program depends, among other things, on the fulfillment of conditions dependent on the participants, primarily on
the occurrence of a "sale transaction" defined in the program's regulations and the value of this transaction.
Accordingly, the program implementation at this time is considered a future and uncertain event, and the liability is
not due until the date of approval for the publication of this report. The “DATAWALK GROUP'S CASH-SETTLED
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: 513.298,80 zł w całości wpłacony
Page | 19
INCENTIVE PROGRAM” includes details of this program. The second and most significant factor in the Group's
operating expenses increase during this period was the rising cost of salaries and wages and third-party services
related to the development and growing scale of the Group's operations. Both in the area of increasing the staff size,
such as implementation specialists, programming, and sales, and ongoing processes related to international
commercialization.
The management of the Group expects a continuous, dynamic increase in the scale of its operations, along with the
development of the data analysis market, in particular, based on graph visualization methods. Considering the long,
sometimes several years, and very complicated sales processes, the Group currently focuses on working with top-
tier clients and simultaneously expanding go-to-market teams in America and Europe, striving to increase the
capacity of commercial and implementation processes while continuing investments in critical resources needed for
DataWalk software development. High competition in the IT market in terms of acquiring resources does not
constitute a significant threat to the further implementation of the development strategy. However, it may have an
impact on the short-term financial results of the Group due to the growing costs of remuneration, both in the domestic
and international markets. The Group management introduces several measures to increase the Group's operational
efficiency.
The DataWalk Group financial results
The table below presents selected consolidated financial data for the three quarters of 2022 and the comparable
period of 2021.
Position
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
Change
Revenues
25 841
19 957
29%
Operating costs
144 053
25 354
468%
Profit/Loss on sales
-118 213
-5 396
2091%
Other operating income
276
980
-72%
Other operating costs
39
1
6109%
Loss (profit) from expected credit losses
-2
187
-101%
Operating profit (loss)
-117 974
-4 604
2462%
Net profit (loss) attributable to shareholders of
the parent company
-97 922
-4 251
2204%
Source: Issuer.
The net loss for the three quarters of 2022 attributable to shareholders of the parent company amounted to PLN
97,922 thousand. It was 2,204% higher than in the corresponding period of 2021 when it amounted to PLN 4,251
thousand.
The most significant impact on the change in the Group's consolidated financial result for the three quarters of 2022
relative to the comparable period was:
• PLN 5,883 thousand increase in sales revenues,
• PLN 10,779 thousand increase in salary and third-party service costs related to the development and
growing scale of the Group's operations, both in the area of increasing the number of specialists in
implementation, programming, and sales, as well as ongoing processes related to international
commercialization,
• PLN 103,314 thousand of incentive program costs using cash-settled share-based payment transactions
following IFRS 2,
• PLN 19,123 thousand increase in the value of the financial result resulting from the impact of the
recognized deferred tax asset.
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: 513.298,80 zł w całości wpłacony
Page | 20
The table below presents additional consolidated financial information for the three quarters of 2022 and the
comparable period of 2021.
Position
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
Change
Revenues
25 841
19 957
29%
EBIT
-117 974
-4 604
2462%
Amortization and depreciation
1 996
1 108
80%
EBITDA
-115 979
-3 496
3217%
Share-based incentive program costs
103 314
0
-
Adjusted EBITDA
-12 665
-3 496
262%
CFO
bt
-11 856
-9 954
19%
CAPEX
-10 462
-5 999
74%
FCF
-22 318
-15 953
40%
Closing balance of cash
37 085
32 435
14%
Interest debt
2 233
1 493
50%
Source: Issuer.
EBIT = Operating profit (loss),
EBITDA = EBIT + Amortization and depreciation,
Adjusted EBITDA = EBITDA + estimated costs related to the incentive program payable in the Group's own shares (settled in cash and equity
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
In the three quarters of 2022, revenues from sales of licenses amounted to PLN 16,539 thousand, accounted for 64%
of the Group's total revenues, and were 10% higher than in the corresponding period of 2021. Revenues from the
sale of implementation services amounted to PLN 2,788 thousand and were 22% higher compared to the three
quarters of 2021. In turn, the value of revenues from the provision of technical support services in the three quarters
of 2022 amounted to PLN 6,323 thousand, accounted for 24% of the Group's total revenues, and was 427% higher
than in the comparable period of 2021. The decrease in the other revenue item was due, in particular, to the
termination of the sale of additional services related to DataWalk software to one of the Group's customers.
The fact of dynamic growth of revenues from the provision of technical support services, mainly due to the renewal
of this service by existing customers for further periods.
The table below presents consolidated revenues for the three quarters of 2022, and in the comparable period of 2021.
Position
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
Change
Licenses sale
16 539
14 982
10%
Implementation services
2 788
2 289
22%
Technical support
6 323
1 199
427%
Other
190
1 487
-87%
Total
25 841
19 957
29%
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: 513.298,80 zł w całości wpłacony
Page | 21
The table below presents the currency structure of revenue for the three quarters of 2022, and in the comparable
period of 2021.
Position
01/01/2022 – 09/30/2022
01/01/2021 – 09/30/2021
PLN (Polish zloty)
29%
50%
USD (U.S. Dollar)
71%
50%
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 the three quarters of 2022 by regions (in thousands
of PLN).
Revenues by region
01/01/2022 – 09/30/2022
Share in total revenues (%)
Poland
7 444
29%
North and South America
14 592
56%
Other regions
3 804
15%
Total
25 841
100%
Source: Issuer.
The table below presents the revenues of the DataWalk Group in the three quarters of 2021 by region (in thousands
of PLN).
Revenues by region
01/01/2021 – 09/30/2021
Share in total revenues (%)
Poland
9 898
50%
North and South America
7 880
39%
Other regions
2 179
11%
Total
19 957
100%
Source: Issuer.
Cash flow of the DataWalk Group
The Group's cash flow from operating activities (CFO) in the three quarters of 2022 amounted to PLN -11,856
thousand and was mainly influenced by: (i) operating loss adjusted for depreciation and amortization (EBITDA) in
the amount of PLN 115,979 thousand, which was mainly affected by the recognition of incentive program costs in
the amount of PLN 103,314 thousand; (ii) increase in the balance of liabilities under the incentive program by PLN
103,314 thousand due to the long-term nature of the recognized economic event (future and uncertain event); (iii) a
decrease in prepayments by PLN 18,754 thousand, which is primarily attributable to the recognition of a deferred
tax asset following the recognition of the cost of the incentive program; (iv) decrease in contract assets and liabilities
by PLN 4,455 thousand, mainly influenced by the recognition of income from the transfer of a license to a customer,
for which the amount of remuneration is due.
The Group's cash flow from investing activities (CFI) in the three quarters of 2022 amounted to PLN -40,404
thousand. CFI was most affected by capitalized development costs of DataWalk software of PLN -10,292 thousand
and the reclassification of bank deposits with maturities of more than three months in the total amount of PLN -
30,090 thousand to short-term financial assets.
The Group's cash flow from financing activities (CFF) in the three quarters of 2022 amounted to PLN 37,709
thousand. CFF was most affected by the net inflow of funds from the issuance of series P shares in the total amount
of PLN 38,242 thousand, as well as the repayment of the Issuer's lease liabilities of PLN 533 thousand.
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: 513.298,80 zł w całości wpłacony
Page | 22
The table below presents the cash flow of the DataWalk Group for the three quarters of 2022 and comparable period
of 2021 (in thousands of PLN).
Position
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
Change
CFO
-11 856
-9 954
19%
CFI, including:
-40 404
-30 947
31%
- CAPEX
-10 462
-5 999
74%
CFF
37 709
-487
-7842%
Total net cash flows
-14 550
-41 389
-65%
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 September 30, 2022, and December 31, 2021.
Assets
09/30/2022
12/31/2021
Change
Goodwill
390
390
0%
Intangible assets
24 472
15 496
58%
Contract assets
5 378
557
865%
Trade receivables
6 839
7 356
-7%
Other short-term receivables
2 120
2 638
-20%
Financial assets
30 176
0
-
Cash and cash equivalents
37 085
51 650
-28%
Deferred tax assets
22 689
3 565
536%
Other assets
7 771
7 401
5%
Total assets
136 919
89 052
54%
Equity and liabilities
06/30/2022
12/31/2021
Change
Equity
20 202
78 462
-74%
Incentive program liabilities
103 314
0
-
Trade payables
2 642
2 091
26%
Bank loans and borrowings
802
640
25%
Lease liabilities
1 431
711
101%
Contract liabilities
4 673
4 307
8%
Other liabilities
3 855
2 841
36%
Total equity and liabilities
136 919
89 052
54%
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: 513.298,80 zł w całości wpłacony
Page | 23
The table below presents selected financial ratios of the DataWalk Group as at September 30, 2022, as well as
December 31, 2021.
Position
09/30/2022
12/31/2021
Current ratio
7,2
6,6
Quick Ratio
6,9
6,3
Cash Ratio
3,1
5,2
Debt ratio
85%
12%
Debt / Equity
0,1
0,0
Debt-to-Equity Ratio
578%
13%
Working Capital (in thousands PLN)
73 755
55 313
Source: Issuer.
The increase in both the total debt ratio and the debt-to-equity ratio is due to the recognition in the Group's balance
sheet of a financial liability arising from the valuation of the incentive program. The “DATAWALK GROUP'S
CASH-SETTLED INCENTIVE PROGRAM” includes details of this program.
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: 513.298,80 zł w całości wpłacony
Page | 24
DATAWALK GROUP'S CASH-SETTLED INCENTIVE PROGRAM
Information on estimates
The Group carries out an incentive program using cash-settled share-based payment transactions. The program is
based on derivative financial instruments, entitling the holder to receive payment of a cash amount in the amount
and under the conditions specified in the Regulations and the Participation Agreement (so-called Restricted Stock
Units, hereinafter "RSUs"). This program is recognized in the consolidated financial statements following IFRS 2.
To comply with IFRS 2, the Group recognizes an amount for services received during the vesting period, using the
best available estimate of the number of equity instruments for which vesting will occur. If necessary, the entity
revises these estimates if subsequent information indicates that the number of equity instruments to be vested differs
from previous estimates. At the vesting date, the entity adjusts the estimate to the level of the number of equity
instruments that ultimately vest.
Recognition of an incentive program requires the performance of an analysis that involves making certain
assumptions and applying professional judgment, particularly regarding the number of equity instruments that will
vest during the reporting period and the valuation of the RSU. At each balance sheet date, the Group estimates the
number of equity instruments for which vesting will occur and their fair value during the reporting period to
recognize in the financial statements the relevant liabilities and the Group's costs resulting from the incentive
program.
The character and principles of the long-term cash-settled Incentive Program of the DataWalk Capital Group
On June 30, 2020, the General Meeting of DataWalk S.A. adopted a resolution to introduce an Incentive Program
(the "Program") aimed at members of key personnel who are Employees, Associates or members of the Executive
Board ("Eligible Persons") of the Group. The Program's Regulations were adopted by the Company's Executive
Board and subsequently approved by the Supervisory Board in a resolution of March 18, 2022.
The Program's provisions are effective as of the date of adoption of the Regulations by the Supervisory Board and
shall remain in force until the date of termination by the Executive Board with the effects referred to in the
Regulations. The Executive Board may at any time, with the approval of the Supervisory Board, decide to terminate
the Program or make changes to it.
The purpose of the Program is to attract and retain members of key personnel on a long-term basis for both the
Company and/or its Subsidiaries by creating: additional market-attractive tools to fully identify and identify key
personnel with the Group, its long-term goals, motivating them to pay special attention to the Group's long-term
performance, maintaining the Group's dynamic growth in value, and linking the interests of these individuals to the
interests of the Group and, consequently, to the interests of its shareholders, thereby linking the long-term value of
the Group to the long-term goals of the individuals comprising the key personnel.
The maximum number of RSUs that may be granted in aggregate to all Eligible Persons under the Program may not
exceed 1,120,000 units. The maximum duration of the Eligible Persons' right to exercise RSUs is 10 years from the
signing of the Program Participation Agreement, under which the Eligible Person becomes entitled to receive cash
upon meeting certain vesting conditions.
In share-based payment transactions, the Group receives services from Eligible Persons and incurs an obligation to
spend cash, which is based on the price (or value) of the Company's shares as remuneration.
The Eligible Persons were offered to enter into agreements regarding participation in the Program (the "Participation
Agreement"), which set forth the terms and conditions for the Eligible Persons' entitlement to receive derivative
financial instruments within the meaning of the Financial Instruments Trading Act of July 29, 2005 (Journal of Laws
No. 183, item 1538, as amended) entitling them to receive payment of a cash amount in the amount and under the
terms and conditions set forth in the Regulations and the Participation Agreement (so-called Restricted Stock Units,
hereinafter "RSUs").
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: 513.298,80 zł w całości wpłacony
Page | 25
The conditions related to the acquisition of RSUs imply the fulfillment of the established individual goals, if
provided for in the Participation Agreement, and/or the maintenance of the Employee's and/or Associate's and/or
Executive Board Member's status in the Group for the period specified in the Participation Agreement and under the
terms and conditions set forth in the Regulations.
The conditions related to the fulfillment of the established individual goals (performance vesting conditions) do not
depend on the market price of the Group's equity instruments and are therefore classified as non-market conditions.
The conditions related to maintaining the status of an Employee and/or Associate and/or Executive Board Member
in the Group (service period vesting conditions) are for four years, taking into account the period of service to the
Group before approval of the Regulations. Vesting takes place on an annual basis (one-year cliff).
Under IFRS 2, vesting conditions other than market conditions should not be considered when estimating the fair
value of shares or stock options at the measurement date. Instead, vesting conditions should be considered by
adjusting the number of equity instruments used in measuring the value of the entire transaction, so that the value of
the services recognized in exchange for the equity instruments granted takes into account the number of instruments
that will eventually vest.
The condition for the Realization of payments under the Program provisions is the fulfillment of the vesting
conditions (vesting conditions) and the execution of the Sale Transaction (non-vesting condition) together.
A Selling Transaction means a situation in which all of the following conditions occur:
(i) an entity or group of entities acting in concert, as referred to in Article 87 of the Polish Offering Act, will exceed
50% of the total number of votes in the Company as a result of the announcement of a tender offer for the sale of all
the Company's shares, as referred to in Article 74 (1) or (2) or Article 91 (5) of the Polish Offering Act. 5 of the
Polish Act on Public Offering, whereby, for the purposes of calculating the total number of votes in the Company,
the sum of the number of votes held - regardless of legal title - by all entities belonging to the same capital group
and the number of votes attached to the shares is taken into account, even if the exercise of voting rights therefrom
is limited or excluded pursuant to the Company's Articles of Association or an agreement or provisions of law, or a
transformation, merger or division of the Company takes place, which would not require the announcement of a
tender offer pursuant to Article 92 of the Polish Act on Public Offering; and
(ii) FGP Venture will dispose of at least [587,500] (in words, [five hundred eighty-seven thousand five hundred]) of
its shares in the Company or their equivalent received as a result of the transformation, merger or demerger of the
Company (in response to the tender offer referred to in clause (i) or independently of such tender offer), or an entity
(acting alone, through a group of companies or in concert with other entities), other than the shareholders of FGP
Venture as of June 30, 2020, will reach more than 50% of the shares in FGP Venture,
(iii) notwithstanding the above, a transaction will not constitute a Sale Transaction if it does not result in a change
of control within the meaning of Article 409A, i.e. (a) the entity or group of entities acting in concert exceeds 50%
of the total number of votes in the Company or ownership of 50% of the Company's assets, or (b) the achievement
of effective control over the Company understood as achieving at least 30% of the total number of votes, or (c) the
acquisition of the Company's assets representing at least 40% of the gross market value of all the Company's assets;
Under IFRS2, the Sale Transaction is understood as a condition other than vesting conditions (so-called non-vesting
condition).
Since the occurrence of the Sale Transaction is a probable future event, however, dependent on factors not fully
controlled by the Group, and does not depend on the market price of the Group's shares - it has not been included in
the valuation estimates of the RSUs.
The realization of RSUs consists of a one-time payment by the Group of a cash amount in an amount equal to the
product of the number of RSUs granted and the value of the RSUs set forth in the Regulations, which will depend
on the value/price of the shares from the Sale Transaction, less any mandatory withholdings for income tax, social
security, health insurance contributions or any other public and legal dues in the part charged to the Participant,
which the Group, as the payer, is required to withhold under applicable laws. Once the RSUs have been exercised,
i.e., as to which there has been payment of the cash amount due, the Participant is not entitled to any additional cash
or non-cash benefits from the Group under the 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: 513.298,80 zł w całości wpłacony
Page | 26
If a Sale Transaction does not occur within the period indicated in the Participation Agreement entered into with the
relevant Participant's right to receive RSUs, in view of the inability to meet the Performance Conditions, the
Participation Agreement shall be automatically and immediately terminated to the extent of the RSUs in question,
without any performance obligation on the part of the Company or the Subsidiary. The Participant shall not be
entitled to any claims for payment, including any claims for damages against the Company, the Subsidiary, their
shareholders, or members of their management boards.
Assumptions used for valuation of the Program
Employee services received in cash-settled share-based payments are measured indirectly at the liability's fair value
at the grant date. The initial liability measurement is based on the fair value of the underlying instruments.
Measurement of the liability takes into account the extent to which services have been rendered.
The entity determines the fair value of a cash-settled liability by considering only market and non-vesting conditions.
It means that vesting conditions and non-market conditions affect liability measurement by adjusting the number of
rights to receive cash based on estimates of the performance to be met.
At each reporting date, and ultimately at the settlement date, the recognized liability's fair value is subject to
remeasurement. The remeasurement applies to the recognized liability portion up to the vesting date. The full amount
is subject to remeasurement from the vesting date to the settlement date. The cumulative net cost and amounts
recognized in the income statement that will ultimately be recognized in connection with the transaction will equal
the amount paid to settle the liability.
The effects of remeasurement during the vesting period are recognized immediately in the income statement (in the
corresponding expense item) to the extent that they relate to past services, and to the extent that they relate to future
services the effect of remeasurement is spread over the remaining vesting period.
It means that in the repricing period there is a supplementary adjustment for previous periods so that the recognized
liability at each reporting date is equal to the total fair value of the liability.
As of the balance sheet date of September 30, 2022, the Group has revalued the RSUs for which vesting has occurred
based on the Group's internal estimates. A decision on the final number of RSUs granted and their value had not
been made as of the date of the financial statements, as there were no events specified in the Regulations giving
Eligible Persons the right to grant and benefit from the RSUs granted.
The fair value of the RSUs as of the balance sheet dated September 30, 2022, was determined based on the market
price of DataWalk S.A. shares. As stipulated in the Regulations, the value of the RSUs will be determined based on
the share price from the Sale Transaction. The RSUs will be granted at no cost to the Eligible Persons. RSUs do not
carry the right to dividends; therefore, the expected dividend yield is 0. There are no other market conditions in the
valuation of RSUs in the Program. In this situation, the valuation of the RSUs at a given balance sheet date should
be equal to the fair value of the Company's shares at that date. On the other hand, the total cost of the Program should
be determined at each balance sheet date taking into account other non-market factors. The Company performed a
sample simulation of the RSU valuation using the Black-Scholes model to confirm the validity of this approach. The
valuation result confirms that it is reasonable to take the RSU valuation at the fair value of the shares under the
assumptions mentioned above.
The average annual percentage of forfeitures for RSUs, based on expectations of, for example, the number of
employees and associates leaving the Group before the vesting date, was assumed to be 0%. The Group periodically
revises these estimates and updates them to actual forfeitures.
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: 513.298,80 zł w całości wpłacony
Page | 27
The recognition of the Program from January 1, 2022 to September 30, 2022
The following table shows the number of RSUs granted as of September 30, 2022, by vesting conditions and degree
of performance.
Vesting conditions
Granted rights
(in pcs.)
Degree of
fulfillment of
vesting
conditions
Estimated
number of
vested rights
(in pcs.)
Remains under
vesting
(in pcs.)
Vested rights
712 150
100%
712 150
0
Providing services until 12/31/2022
72 375
56%
40 601
31 774
Providing services until 06/30/2023
5 875
32%
1 900
3 975
Providing services until 12/31/2023
3 625
28%
1 033
2 592
Providing services until 06/30/2024
7 125
18%
1 289
5 836
Providing services until 12/312024
2 375
18%
430
1 945
Providing services until 06/12/2025
7 125
10%
707
6 418
Providing services until 12/31/2025
750
13%
100
650
Razem
811 400
93%
758 210
53 190
The following table presents the number of RSUs for which the acquisition conditions are estimated to have been
fulfilled. Therefore, the services are considered to have been rendered during the nine months period ending
September 30, 2022, and the recognition in expense at weighted average fair value.
Description
Quantity
Weighted
average fair
value
(in PLN)
Cost by
weighted
average fair
value
(in PLN
thous.)
Estimated number of vested rights as of 01/01/2022
0
0
0
Estimated amount of vesting during the period
761 905
136,26
103 817
Number of forfeited rights during the period
-3 695
136,26
-503
Estimated number of vested rights as of 09/30/2022
758 210
136,26
103 314
No redemption or expiration of RSUs occurred during the reporting period.
The total cost of the Program recognized in the consolidated financial statements for the nine months period ending
September 30, 2022, estimated according to vesting, amounted to PLN 103,314 thousand.
The following table presents the recognition of the Program's costs by line item in the consolidated financial
statements.
Financial statement element
Item
Weighted average fair value
(in PLN thous.)
Profit and Loss Account/Operating costs
Employee benefits
103 160
Profit and Loss Account/Operating costs
External services
154
Long-term liabilities
Incentive program liabilities
103 314
Due to the Program's long-term duration and the expected execution date, liabilities under the Program have been
classified as long-term liabilities. The total amount of liabilities under the Program as of September 30, 2022 was
PLN 103,314 thousand.
Following IFRS 2, the Group has updated the fair value of the RSUs as of the balance sheet date of September 30,
2022, and revised the estimated vesting of the RSUs.
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: 513.298,80 zł w całości wpłacony
Page | 28
Accordingly, the Group has determined the following events affecting the estimates:
a) the fair value as of September 30, 2022, differed from the value obtained as of the previous balance sheet date,
b) additional RSUs were valued and recognized, estimating the meeting of acquisition conditions,
c) Program valuation needed to be adjusted because RSUs forfeited, resulting from failure to meet the acquisition
conditions.
There were no RSUs that were exercised during the reporting period, as well as no RSUs that were exercisable as
of the balance sheet date of September 30, 2022.
The following table shows the items affecting the value of the liability and the cost of the Program recognized in the
financial statements.
Description
Quantity
Weighted
average fair
value
(in PLN)
Cost by
weighted
average fair
value
(in PLN
thous.)
Estimated number of vested rights as of 06/30/2022
737 841
144,00
106 249
Estimated number of vested rights as of 06/30/2022
737 841
-7,74*
-5 711
Estimated amount of vesting during the third quarter of 2022
24 064
136,26
3 279
Number of forfeited rights during the third quarter of 2022
-3 695
136,26
-503
Estimated number of vested rights as of 09/30/2022
758 210
136,26
103 314
* The difference between the weighted average fair values of RSUs as of September 30, 2022 and June 30, 2022.
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: 513.298,80 zł w całości wpłacony
Page | 29
The following table shows the settlement of RSUs under the Program by exercise status and their fair values as of
September 30, 2022.
Description
Number of
units
% of the
Program
Fair value
(in PLN)
Cost by
fair value
(in PLN
thous.)
The maximum number of units in the
Program, including:
1 120 000
100%
136,26
152 611
- RSUs granted under the Participation
Agreements
811 400
72%
136,26
110 561
- Tranche as of 04/01/2022
799 900
71%
136,26
108 994
- Tranche as of 07/01/2022
11 500
1%
136,26
1 567
- Number of forfeited rights
-11 250
-1%
136,26
-1 533
- Number of RSUs to be granted in future
periods
319 850
29%
136,26
43 583
RSUs granted under the Participation
Agreements, including:
811 400
72%
136,26
110 561
- Vested rigths
712 150
64%
136,26
97 038
- Remaining in the process of vesting,
including:
88 000
7,9%
136,26
11 991
(a) for which it is estimated that vesting
conditions have been met
46 060
4,1%
136,26
6 276
- Forfeited rights
11 250
1,0%
136,26
1 533
As of the balance sheet date of September 30, 2022. The incentive program remains in progress.
Recognition of the Program from January 1, 2021 to September 30, 2021
During the nine months of 2021, the Program was not in effect.
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: 513.298,80 zł w całości wpłacony
Page | 30
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 presence of
COVID-19 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. 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 the first three quarters
of 2022, as in previous periods, 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, where there is a 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.
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: 513.298,80 zł w całości wpłacony
Page | 31
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S
RESULTS IN THE REPORTING PERIOD
• In the first three quarters of 2022, the Group obtained thirteen significant projects, which include cooperation
with entities such as the United States Department of Agriculture in the United States, the United States
Department of Labor Office of Inspector General, the United States Department of Defense Office of Inspector
General, the US Army CID, the United Nations ("UN"), ING Bank Slaski S.A., Total Energies SE, Polaris
Wireless Inc., and Enigma Systemy Ochrony Informacji sp. z o.o. as part of the implementation of cooperation
with the Police Headquarters, as reported in ESPI current reports.
• On June 22, 2022, the Executive Board informed that it concluded an agreement with PKN Orlen S.A. registered
in Płock, Poland, which is a continuation of the cooperation, which the Company reported on February 14, 2020.
• On June 23, 2022, the Executive Board informed that the Company’s subsidiary DataWalk Inc. had obtained a
purchase order from Ally Financial for the license sale of the DataWalk analytical platform.
Continued cooperation through the expansion of the DataWalk system and licenses at the Group's existing
customers confirms the effectiveness of the commercialization model adopted by the Company and the
usefulness of the DataWalk product at leading banking institutions.
• In the third quarter of 2022, the Company's Executive Board, with the approval of the Supervisory Board,
conducted a process of raising investor capital through the issuance of new series P shares with the exclusion of
pre-emptive rights for existing shareholders, which the Issuer reported in ESPI current reports. As a result of the
issue, the Company raised capital to implement the adopted development strategy in the total amount of PLN
38,275,700.
On August 31, 2022, the District Court for Wrocław-Fabryczna in Wrocław, VI Commercial Division of the
National Court Register registered amendments to the Company's Articles of Association, adopted based on the
Management Board's Resolution No. 02/08/2022 dated August 10, 2022, on increasing the Company's share
capital within the limits of authorized capital by issuing new P series shares.
The Executive Board of the Warsaw Stock Exchange S.A. ("WSE"), based on the resolution No. 890/2022 of
September 29, 2022, stated that 246,940 P series ordinary bearer shares of DataWalk S.A., with a nominal value
of PLN 0.10 each, are admitted to exchange trading on the main market. Simultaneously, the WSE Executive
Board decided to introduce to exchange trading on the main market 246,940 P series ordinary bearer shares on
October 4, 2022, subject to the registration of these shares by the National Depository for Securities S.A., Poland
on October 4, 2022, under the code "PLPILAB00012".
On September 30, 2022, the Company's Executive Board informed about the receiving information about the
release of the Statement from the Operational Department of the National Securities Depository S.A., Poland
("KDPW") of September 30, 2022, stating that pursuant to the KDPW Decision No. 866/2022 of September 27,
2022, on October 4, 2022, 246.940 P series shares will be registered with the KDPW and marked with ISIN code
PLPILAB00012.
Accordingly, on October 4, the P shares were registered with the National Depository for Securities (NDS) and,
on that date, were listed by the WSE on the main market.
• On March 10, 2022 the Issuer 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.
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: 513.298,80 zł w całości wpłacony
Page | 32
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:
(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.
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).
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: 513.298,80 zł w całości wpłacony
Page | 33
The RSU Units were awarded to eligible employees and associates of the Company and DataWalk, Inc. on April
1, 2022 (Grant Date).
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.
• On March 18, 2022 the Issuer informed that on March 18, 2022 the Supervisory Board of the Company approved
the Regulations of Incentive Program (hereinafter: “Regulations”) for the key personnel of DataWalk SA and /
or Subsidiaries (hereinafter referred to as the “Incentive Program”) and approved the individual vesting
conditions for granting RSUs for Eligible Persons who are Members of the Executive Board of the Company or
a subsidiary, i.e. DataWalk Inc.
The Regulations were approved on the basis of the Issuer’s Executive Board Resolution No. 03/03/2022 of March
10, 2022, the adoption of which was reported by the Company in the current report No. 9/2022 on March 10,
2022 and the authorization granted in the Resolution of the Ordinary General Meeting of the Company No. 19
of June 30, 2020 on the establishment of an incentive program for members of the key personnel of DataWalk
SA and / or subsidiaries.
• On May 31, 2022, the Executive Board of DataWalk S.A. has prepared a draft of the resolution on the
introduction of the Incentive Program based on the Company’s stock (“Incentive Program”) for the key personnel
of DataWalk S.A. The Executive Board of the Company intends to put the project of the resolution on the
introduction of the Incentive Program on the agenda for the upcoming Ordinary General Meeting of Shareholders
of the Company (“OGM”).
The draft has been approved by the resolution of the Supervisory Board on May 31, 2022 and will be the subject
of voting at the OGM, which will be convened with a separate current report.
1. The purpose of the Incentive Program is to link the long-term value of the Company with the long-term goals
of the Company’s key personnel.
2. The Incentive Program is addressed to the key personnel of the Company (“Participants”), including the
executive and non-executive directors, key managers, and other indicated associates providing work for the
Company on the basis of employment contracts or services under a civil law contract.
3. The Incentive Program will be implemented by granting to the key personnel rights to acquire the Company’s
shares (“Rights”) – in total not exceeding 430.000 (four hundred and thirty thousand) shares – under the terms
specified in the Resolution of the OGM, the program regulations, and the participation agreements. The rights
will be acquired by participants free of charge.
4. The basic criteria for participation in the Program is the assessment of the individual contribution of each
Participant to the growth of the Company’s value, in particular, the development of the Company’s strategic
business area.
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: 513.298,80 zł w całości wpłacony
Page | 34
5. As in the case of the existing incentive program settled through Restricted Stock Units, the granted Rights
may be exercised only in the event of the joint fulfillment of individual goals of the Participants described in the
participation agreements and the sale of the Company (Sales Transaction).
6. Sales Transaction is defined as a situation in which all the following events occur:
a. an entity or group of entities 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, and
b. FGP Venture sp. z o.o. will dispose at least 587,500 of its shares in the Company or an entity (acting alone,
through a group capital, or in consultation with other entities), other than the partners of FGP Venture sp. z o.o.
as of June 30, 2022, will achieve over 50% of shares in FGP Venture sp. z o.o..
c. notwithstanding the foregoing, a transaction will not be deemed a Sale Transaction unless the transaction
qualifies as a change in control event, i.e.:
i. 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
ii. achieving effective control of the Company, understood as achieving at least 30% of the total number of votes;
or
iii. ownership of at least 40% gross worth of all the assets of the Company.
7. The Rights will be exercised either: (i) directly through an increase of share capital, authorizing the Executive
Board to increase the share capital of the Company as part of the target capital, or purchasing its own shares by
the Company in order to offer them to the Participants; (ii) indirectly through the mechanism of conditional share
capital increase related to the issue of subscription warrants addressed to the Participants (iii) or in any other
appropriate manner – depending on the decision of the Executive Board in this regard, approved by the
Supervisory Board.
8. Regardless of the method of exercising the Rights, the Participant will acquire/subscribe to the Shares at a
nominal price.
• On August 31, 2022, the Executive Board adopted the Regulations of the Incentive Program („Regulations”) for
members of the key personnel of DataWalk S.A. (the „Incentive Program” or the „Program”). The Regulations
were adopted based on the authorization granted in the Resolution of the Company’s Annual General Meeting
No. 20 of June 30, 2022, on the establishment of a share-based incentive program for members of key personnel
of DataWalk S.A. (hereinafter: the „AGM Resolution”).
The assumptions of the adopted Incentive Program are compliant with the AGM Resolution, that is:
1) The purpose of the Incentive Program is to attract and retain members of the Company’s key personnel on a
long-term basis by creating additional tools attractive on the market, which support full identification of the key
personnel with the Company, its long-term goals, motivate this personnel to pay special attention to maintain the
Company’s dynamic growth, and link the interests of these individuals with attention to the Company’s interests
and, consequently, the interests of its shareholders. Therefore the Incentive Program enables participation in the
expected growth of the Company and, as a consequence strengthens the relationship of these individuals with
the Company.
2) The Incentive Program is addressed to the key personnel, understood as members of the Company’s bodies,
key managers, and other designated persons providing work for the Company under an employment contract or
services under a civil law contract („Participants” or individually the „Participant”). In particular, a Participant
may be an entity, i.e. a natural person or a single member capital company, in which a sole partner or a
shareholder is a natural person, which entity has entered into a commission contract, contract for specific work,
service contract, managerial contract, or any other contract relating to cooperation between the parties, including
within the natural person’s business activity.
The primary criterion for participation in the Program is the evaluation of each Participant’s individual
contribution to the development of the Company, including in particular the development of the Company’s key
business area.
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: 513.298,80 zł w całości wpłacony
Page | 35
3) The Incentive Program shall be implemented by granting to Participants, who have been designated to
participate in the Incentive Program in accordance with the Regulations, and who have subsequently entered
with the Company into a participation agreement in the Incentive Program (the „Participation Agreement”),
conditional entitlements to subscribe for and/or acquire shares in the Company ( „Entitlements”). The granting
of Entitlements shall not be deemed their vesting or exercise.
The Entitlements are not securities and do not include any claims under civil law (including commercial company
law) beyond the claim for the exercise of the Entitlements in accordance with the Program, and in particular do
not create any shareholder rights on the part of the Participant, including incorporating the right to vote, the right
to share in the Company’s profit (dividends), or any other shareholder rights until the Company’s Shares are
purchased or acquired. The entitlements are non-transferable to third parties and may not be encumbered by
property or bond rights, but are subject to inheritance.
4) The maximum number of Entitlements giving the right to subscribe for and/or acquire shares in the Company,
shall not exceed a total number of 430,000 (in words: four hundred and thirty thousand) shares in the Company.
As of the date of publication of this report, the total maximum (estimated) value of Entitlements under the
Program (determined based on the value of one Entitlement obtained under the valuation of the first tranche of
the Program), is PLN 58,562 thousand.
5) The vesting of the Entitlements by the Participants shall occur upon the fulfillment of the Vesting Conditions,
defined as the fulfillment of the financial or non-financial individual or Company criteria set forth in the
Participation Agreement, including:
(a) maintenance of the Relationship for the period specified in the Participation Agreement, and/or
(b) meeting additional criteria, if provided for in the Participation Agreement.
The Entitlements will be acquired free of charge.
6) Exercise of the Entitlement vested by the Participant shall consist in the acquisition or purchase of shares at
the nominal price. One Entitlement shall entitle to subscribe for or acquire one share, with the provision that if
the nominal price of a share changes, i.e. does not amount to PLN 0.10 (in words: ten groszy) per share, the
Participant shall have the right to subscribe for or acquire the number of shares according to the formula set forth
in the AGM Resolution.
7) The Exercise of the Entitlement shall take place either:
(i) directly using the institution of a share capital increase, the authorization of the Executive Board to increase
the Company’s share capital within the framework of authorized capital, or the acquisition by the Company of
its own shares for the purpose of offering them to the Participants;
(ii) indirectly using the institution of a conditional share capital increase linked to the issuance of registered
subscription warrants directed to the Participants;
(iii) or by any other appropriate means, including indirect acquisition by a third party – depending on the
Execution Board’s decision in this regard, approved by the Supervisory Board.
8) Exercise of the Entitlement shall occur in the event of cumulative fulfillment of the following conditions:
a) fulfillment of the Vesting Conditions specified each time in the individual Participation Agreement (vesting
condition) – e.g. length of cooperation,
b) the occurrence of a „Sale Transaction”, i.e. a situation in which all of the following conditions occur (non-
vesting condition):
(i) an entity or group of entities acting in concert referred to in Art. 87 sec. 1 item 5 of the Act on Offering, will
exceed 50% of the total number of votes in the Company as a result of the announcement of a tender offer for
the sale of all shares in the Company, in accordance with the Act on Offering (hereinafter: „Tender Offer”),
whereby, 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 the shares is taken into account, even if the exercise of voting rights from them is limited or excluded
by the Company’s Articles of Association or agreement or by law, or a transformation, merger or division of the
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: 513.298,80 zł w całości wpłacony
Page | 36
Company takes place, which, in accordance with the applicable regulations, will not require the announcement
of a Tender Offer; and
(ii) FGP Venture will dispose of at least 587500 (in words: five hundred eighty-seven thousand five hundred) of
its shares in the Company or their equivalent received as a result of the Company’s transformation, merger or
demerger (in response to the Tender Offer or independently of the Tender Offer), or an entity (acting alone,
through a group of companies or in concert with other entities) other than the shareholders of FGP Venture as of
June 30, 2022 will reach more than 50% of the shares in FGP Venture,
(iii) notwithstanding the foregoing, a given transaction will not constitute a Sale Transaction if it does not result
in a change of control, i.e.:
a) exceeding by an entity or group of entities acting in concert 50% of the total number of votes in the Company
or ownership of 50% of the Company’s assets, or
b) achieving actual control over the Company, understood as reaching at least 30% of the total number of votes,
or
c) acquisition of assets of the Company constituting at least 40% of the gross market value of all assets of the
Company.
9) The detailed terms and conditions of the Incentive Program are set out in the AGM Resolution, and the
Regulations and will be defined individually for each Participant in the Participation Agreement.
To participate in the first tranche of the Incentive Program, the Company’s Executive Board nominated 69
employees and associates of the Company, who were designated individual Vesting Conditions and the number
of Entitlements granted. The first tranche amounts to a total of 275,518 Entitlements, of which 83,999 relate to
the replacement of outstanding Entitlements from the Incentive Program in place at the Company from December
31, 2017 to December 31, 2019.
The provisions of the Regulations and the above conditions of participation are subject to approval by the
Supervisory Board. The Company will announce these events in separate communications.
Granting of the Entitlements and the conclusion of the Participation Agreements do not yet result in the vesting
of the Entitlements or their exercise by subscribing for or acquiring the corresponding number of shares. This
will only be possible if the prerequisites of the Incentive Program (i.e. individual Vesting Conditions determined
based on the criteria approved by the Resolution of the Executive Board o and the occurrence of a Sale
Transaction) are fulfilled together.
With regard to the participation in the Program of members of the Executive Board, decisions regarding the
designation of persons eligible to participate in the Program, the determination of individual Vesting Conditions
and the number of allotted Entitlements are made by the Supervisory Board of the Company, and with regard to
the terms of participation of members of the Supervisory Board, the decision is made by the General Meeting of
the Company.
The grant of Entitlements to employees and associates of the Company who joined the first tranche of the
Incentive Program took place on October 15, 2022.
At a further stage of the Incentive Program, the authorized bodies may designate further Incentive Program
Participants and offer them a certain number of Entitlements within the limit specified in the AGM Resolution,
i.e. in a total number not exceeding 430,000 (in words: four hundred and thirty thousand) shares of the Company.
The Company will announce these events in separate announcements.
As of the date of publication of this report, the real value of the total Incentive Program is not known, as the
number of vested Entitlements depends on, among other things, the fulfillment of conditions dependent on the
Participants, the value of the Company’s shares as of the date of granting Entitlements of all tranches and, most
importantly, the occurrence of Sale Transactions. Therefore, the implementation of the Incentive Program itself
is considered a future and uncertain event at this point. At the same time, the Issuer indicates that, as of the date
of publication of this report, it is not aware of any events that would indicate the possibility of the occurrence of
a Sale Transaction, including any negotiations with a potential investor that would meet the parameters required
for the fulfillment of the condition of a Sale Transaction.
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: 513.298,80 zł w całości wpłacony
Page | 37
Despite the merely conditional and potential nature of the implementation of the Incentive Program, due to
regulations under IFRS 2 „Share-based Payment”, the Company is required to determine the value of the
Entitlements granted. As of the date of publication of this report, the estimated total value of Entitlements granted
to Participants nominated to the Program under the first tranche, obtained on the basis of the Black-Scholes-
Merton model, amounts to PLN 37,523 thousand.
Information on the progress of the Incentive Program, particularly with regard to the number of participants, the
number of Entitlements granted and vested, and their valuation, will be updated in the Company’s periodic
reports in accordance with current legal regulations, including in particular International Financial Reporting
Standards, in particular, IFRS 2 „Share-based Payment”.
• On September 9, 2022 the Supervisory Board of the Company approved the Regulations of Incentive Program
(hereinafter: „Regulations”) for the key personnel of DataWalk S.A. (hereinafter referred to as the „Incentive
Program”) and also approved the decisions of the Executive Board in the scope of:
– selecting Persons Eligible to participate in the Incentive Program,
– the number of Entitlements that may be granted to individual Program Participants, and
– Vesting Conditions.
The Regulations and the above-mentioned criteria of participation and Vesting Conditions were approved on the
basis of the Issuer’s Executive Board Resolutions No. 05-07/08/2022 of August 31, 2022, the adoption of which
was reported by the Company in the current report No. 38/2022 on August 31, 2022, as well as under the
authorization granted in the Resolution of the Ordinary General Meeting of the Company No. 20 of 30/06/2022
on the establishment of an Incentive Program based on shares for members of the key personnel of DataWalk
S.A., the undertaking of which was announced by the Company in the current report No. 24/2022 on June 30,
2022.
• 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 the three quarters of 2022, as in previous periods,
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, where there is
a 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 September 30,
2022 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.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE AFFECTING THE
GROUP'S OPERATIONS
• On October 1, 2022 (Grant Date), the Company’s granted key personnel (“Participants”) with conditional
entitlements to subscribe for and/or acquire shares in the Company ( "Entitlements"). The granting of
Entitlements shall not be deemed their vesting or exercise.. The financial effects of this event will be recognized
after the end of the interim period and presented with details in the Company's standalone financial statements
and the Group's consolidated annual financial statements for 2022.
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: 513.298,80 zł w całości wpłacony
Page | 38
As of this report's publication date, the estimated total value of Entitlements granted to Participants nominated
to the Program under the first tranche derived based on the Black-Scholes-Merton model is PLN 37,523
thousand.
Information on the progress of the Incentive Program, particularly with regard to the number of Participants, the
number of Entitlements granted and vested, and their valuation, will be updated in the Company’s periodic
reports in accordance with current legal regulations, including in particular International Financial Reporting
Standards, in particular, IFRS 2 „Share-based Payment”.
• On October 31, 2022 the Company obtained information about earning a patent in the United States Patent and
Trademark Office on September 20, 2022. The title of the Patent is "Systems And Methods For Context-
Independent Database Search Paths".
Obtaining this sixth 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.
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 Western Europe and 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 Western Europe and Poland,
• Automation of data set analysis processes,
• Increasing user-friendliness of tools for analyzing data sets,
• 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.
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: 513.298,80 zł w całości wpłacony
Page | 39
COMPANY'S AUTHORITIES
The Executive Board
On September 30, 2022 and at the date of approval of this report for publication 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 (except
those reserved for other Executive Board Members) 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.
In the 9-month period ended September 30, 2022, the DataWalk S.A. Executive Board was as follows:
The Executive Board
Period of performing the function
Paweł Wieczyński
01/01/2022 – 09/30/2022
Krystian Piećko
01/01/2022 – 09/30/2022
Łukasz Socha
01/01/2022 – 09/30/2022
Source: Issuer.
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. As a result of changes
to the Commercial Companies Code, which will take effect on October 13, 2022, the above-mentioned term will
end on the date the General Meeting approves the Company's financial statements for 2024.
Until the date of this report, the composition of the 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: 513.298,80 zł w całości wpłacony
Page | 40
The Supervisory Board
On September 30, 2022, the composition of the Issuer’s Supervisory Board was as follows:
• Mr. Filip Paszke - Chairman of the Supervisory Board
• Mr. Wojciech Dyszy - Vice Chairman of the Supervisory Board,
• Mr. Roman Pudełko - Member of the Supervisory Board,
• Mr. Grzegorz Dymek - Member of the Supervisory Board,
• Mr. Ola Malm - Member of the Supervisory Board.
During the 9-month period ended September 30, 2022, the composition of the Issuer’s Supervisory Board of the
Company is as follows:
The Supervisory Board
Period of performing the function
Filip Paszke
01/01/2022 – 09/30/2022
Wojciech Dyszy
01/01/2022 – 09/30/2022
Roman Pudełko
01/01/2022 – 09/30/2022
Grzegorz Dymek
01/01/2022 – 09/30/2022
Rafał Wasilewski*
01/01/2022 – 06/30/2022
Ola Malm**
07/01/2022 – 09/30/2022
Source: Issuer.
*On May 30, 2022, the Company's Executive Board received the resignation of Mr. Rafał Wasilewski from his
position as a member of the Company's Supervisory Board, effective June 30, 2022, which was his last day as a
member of the Issuer's Supervisory Board.
**On June 30, 2022, based on Resolution No. 21, the Company's Annual General Meeting appointed, effective July
1, 2022. Mr. Ola Malm to serve as a member of the Supervisory Board for the current joint 3-year term of the
Company's Supervisory Board.
According to a resolution of the Supervisory Board dated July 28, 2022, there was a change in the position of
Chairman of the Company's Supervisory Board. Under the above-mentioned resolution, as of July 29, 2022, this
position was assumed by Mr. Filip Paszke.
The Issuer's current Supervisory Board was appointed for a joint 3-year term, which began on July 1, 2021 (except
to the above-mentioned personnel changes in the composition of the Supervisory Board). As a result of changes to
the Commercial Companies Code, which will take effect on October 13, 2022, the above-mentioned term will end
on the date the General Meeting approves the Company's financial statements for 2024.
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: 513.298,80 zł w całości wpłacony
Page | 41
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 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: 513.298,80 zł w całości wpłacony
Page | 42
DataWalk Inc.
Basic information about an entity related by capital with the Issuer as at 09/30/2022.
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:
35 358 thous. PLN
Revaluation adjustments:
-35 358 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.
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.
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: 513.298,80 zł w całości wpłacony
Page | 43
Overview of the DataWalk Capital Group
DataWalk organizational structure of the Group as at September 30, 2022 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 9-month period ended September 30, 2022 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)
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: 513.298,80 zł w całości wpłacony
Page | 44
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A.
Shareholder structure as at November 22, 2022 (share in the total number of votes)
Source: Issuer.
As at the date of approval of this report for publication, i.e. November 22, 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.*
1
1 175 000
1 900 000
22,89%
32,43%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
2
400 000
400 000
7,79%
6,83%
Funds managed by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
3
304 146
304 146
5,93%
5,19%
Other shareholders
3 253 842
3 253 842
63,39%
55,55%
Total
5 132 988
5 857 988
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.
1
According to the current report no. 39/2022 of September 2, 2022.
2
According to the current report no. 16/2015 of September 16, 2015.
3
According to the current report no. 39/2020 of November 2, 2020.
FGP Venture sp. z o.o.
32,43%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
6,83%
Funds managed by
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
5,19%
Other shareholders
55,55%
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: 513.298,80 zł w całości wpłacony
Page | 45
Shareholder structure as at September 14, 2022 (share in the total number of votes)
Source: Issuer.
As at September 14, 2022, 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.*
4
1 175 000
1 900 000
22,89%
32,43%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
5
400 000
400 000
7,79%
6,83%
Funds managed by Nationale-
Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
6
304 146
304 146
5,93%
5,19%
Other shareholders
3 253 842
3 253 842
63,39%
55,55%
Total
5 132 988
5 857 988
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.
4
According to the current report no. 39/2022 of September 2, 2022.
5
According to the current report no. 16/2015 of September 16, 2015.
6
According to the current report no. 39/2020 of November 2, 2020.
FGP Venture sp. z o.o.
32,43%
Funds managed by Investors
Towarzystwo Funduszy
Inwestycyjnych S.A.
6,83%
Funds managed by
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.
5,19%
Other shareholders
55,55%
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: 513.298,80 zł w całości wpłacony
Page | 46
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 November 22, 2022.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
56 701
5 670,10
Krystian Piećko*
Member of the Executive Board
56 261
5 626,10
Łukasz Socha
Member of the Executive Board
525
52,50
Filip Paszke
Chairman of the Supervisory Board
0
0
Wojciech Dyszy
Vice-chairman of the Supervisory Board
1 000
100,00
Roman Pudełko
Member of the Supervisory Board
15 918
1 591,80
Grzegorz Dymek
Member of the Supervisory Board
0
0
Ola Malm
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 November 22, 2022" and
"Shareholder structure as at September 14, 2022".
The table below presents ownership of shares DataWalk SA by managers and supervisors at September 14, 2022.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
56 701
5 670,10
Krystian Piećko*
Member of the Executive Board
55 916
5 591,60
Łukasz Socha
Member of the Executive Board
525
52,50
Filip Paszke
Chairman of the Supervisory Board
0
0
Wojciech Dyszy
Vice-chairman of the Supervisory Board
1 000
100,00
Roman Pudełko
Member of the Supervisory Board
15 918
1 591,80
Grzegorz Dymek
Member of the Supervisory Board
0
0
Ola Malm
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 September 14, 2022".
Own shares
The Company has no own shares.
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: 513.298,80 zł w całości wpłacony
Page | 47
DATAWALK S.A.
STANDALONE CONDENSED INTERIM
FINANCIAL STATEMENTS
for the 9-month period ended 30
th
September, 2022
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: 513.298,80 zł w całości wpłacony
Page | 48
STANDALONE FINANC IAL STA TEMEN T
Standalone Statement of Financial Position (in thousands of PLN)
ASSETS
09/30/2022
12/31/2021
A.
Non-current assets
30 121
21 172
I.
Fixed assets
447
407
II.
Goodwill
390
390
III.
Intangible assets
24 472
15 496
IV.
Right-of-use assets
1 416
698
V.
Investments in subsidiaries
0
0
VI.
Long-term receivables
0
0
VII.
Deferred tax assets
308
617
VIII.
Long-term prepayments
3 088
3 565
B.
Current assets
73 960
56 851
I.
Contract assets
5 047
309
II.
Trade receivables
3 407
5 590
III.
Income tax receivables
0
0
IV.
Other receivables
1 999
2 498
V.
Financial assets
30 176
0
VI.
Prepayments
1 484
800
VII.
Cash and cash equivalents
31 846
47 655
TOTAL ASSETS
104 081
78 023
EQUITY AND LIABILITIES
09/30/2022
12/31/2021
A.
Equity
94 867
70 440
I.
Share capital
513
489
II.
Share premium
171 967
133 859
III.
Other capitals
9 965
9 965
IV.
Profit loss from previous years
-76 644
-65 746
V.
Net profit (loss) for the current year
-13 706
-10 897
VI.
Reserve capital
2 771
2 771
B.
Long-term liabilities
967
67
I.
Deferred tax liabilities
0
0
II.
Lease liabilities
813
67
III.
Incentive program liabilities
154
0
C.
Short-term liabilities
8 246
7 516
I.
Trade liabilities
2 570
1 914
II.
Income tax liabilities
0
0
III.
Lease liabilities
618
644
IV.
Other liabilities
887
746
V.
Other provisions
1 408
1 025
VI.
Contract liabilities
2 763
3 187
TOTAL EQUITY AND LIABILITIES
104 081
78 023
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: 513.298,80 zł w całości wpłacony
Page | 49
NET ASSET VALUE PER SHARE
09/30/2022
12/31/2021
Net asset value
94 867
70 440
Number of shares (pcs.)
5 132 988
4 886 048
Net asset value per share (in PLN)
18,48
14,42
Diluted number of shares (pcs.)
5 221 987
4 975 047
Diluted net asset value per share (in PLN)
18,17
14,16
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 September 30, 2022 amounted to 5 221 987, including 88 999
shares under the incentive program.
The diluted number of shares in the Company on December 31, 2021 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: 513.298,80 zł w całości wpłacony
Page | 50
Standalone Profit and Loss Account with The Statement of Comprehensive
Income (in thousands of PLN)
PROFIT AND LOSS ACCOUNT
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
Continuing operations
A.
Revenues
18 165
15 876
5 073
3 825
B.
Operating costs
20 715
13 041
7 515
4 513
Materials and energy
485
118
105
53
Employee benefits
3 972
3 501
1 287
1 147
Amortization and depreciation
1 965
1 085
665
367
External services
13 798
8 100
5 271
2 849
Other costs
494
237
185
96
C.
Profit/Loss on sales
-2 550
2 835
-2 442
-688
Other operating income
276
340
94
98
Other operating costs
39
1
0
0
Loss (profit) from expected credit losses
-2
187
-5
-10
D.
Operating profit (loss)
-2 312
2 988
-2 344
-579
Financial income
1 037
349
534
287
Financial costs
11 954
16 160
3 479
9 406
E.
Pre-tax profit (loss)
-13 229
-12 823
-5 289
-9 697
Income tax
477
0
41
0
F.
Net profit (loss) from continuing operations
-13 706
-12 823
-5 330
-9 697
Discontinued operations
Profit (loss) from discontinued operations
0
0
0
0
G.
Net profit (loss)
-13 706
-12 823
-5 330
-9 697
STATEMENT OF COMPREHENSIVE
INCOME
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
Net profit (loss)
-13 706
-12 823
-5 330
-9 697
Other comprehensive income
0
0
0
0
1.
Items that will not be reclassified to profit or
loss
0
0
0
0
2.
Items that will be reclassified to profit or loss
0
0
0
0
Total comprehensive income
-13 706
-12 823
-5 330
-9 697
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: 513.298,80 zł w całości wpłacony
Page | 51
PROFIT (LOSS) PER SHARE
ATTRIBUTABLE TO:
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
07/01/2022 –
09/30/2022*
07/01/2021 –
09/30/2021*
Continuing operations
Number of shares (pcs.)
4 914 089
4 886 048
4 969 256
4 886 048
Profit (loss) per share (in PLN)
-2,79
-2,62
-1,07
-1,98
Diluted number of shares (pcs.)
5 003 088
4 975 047
5 058 255
4 975 047
Diluted profit (loss) per share (in PLN)
-2,74
-2,58
-1,05
-1,95
Discontinued operations
Number of shares (pcs.)
4 914 089
4 886 048
4 969 256
4 886 048
Profit (loss) per share (in PLN)
0
0
0
0
Diluted number of shares (pcs.)
5 003 088
4 975 047
5 058 255
4 975 047
Diluted profit (loss) per share (in PLN)
0
0
0
0
Continuing and discontinued operations
Number of shares (pcs.)
4 914 089
4 886 048
4 969 256
4 886 048
Profit (loss) per share (in PLN)
-2,79
-2,62
-1,07
-1,98
Diluted number of shares (pcs.)
5 003 088
4 975 047
5 058 255
4 975 047
Diluted profit (loss) per share (in PLN)
-2,74
-2,58
-1,05
-1,95
The value of net profit (loss) per share was calculated in relation to the weighted average number of DataWalk S.A.
shares for the period. The number of shares calculated this way for the three quarters of 2022 was 4,914,089, and for
the three quarters of 2021, it was 4,886,048. The weighted average number of DataWalk S.A. shares in the third
quarter of 2022 was 4,969,256, while in the third quarter of 2021, it was 4,886,048.
The weighted average diluted number of shares of the Company in the three quarters of 2022 amounted to
5 003 088, including 88 999 shares under the incentive program.
The weighted average diluted number of shares of the Company in the third quarter of 2022 amounted to
5 058 255, including 88 999 shares under the incentive program.
The weighted average diluted number of shares in the Company in the three quarters of 2021 and the third quarter
of 2021 amounted to 4 975 047, including 88 999 shares under the incentive program.
* The data for the third quarter of 2022 was determined by subtracting from the data for the three quarters of 2022
the data presented by the Company in the report for the first half of 2022 (covered by the review).
* The data for the third quarter of 2021 was determined by subtracting from the data for the three quarters of 2021
the data presented by the Company in the report for the first half of 2021 (covered by the review).
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: 513.298,80 zł w całości wpłacony
Page | 52
Standalone 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 01/01/2022
489
133 859
9 965
2 771
-65 746
-10 897
70 440
Equity increase (decrease)
25
38 109
0
0
- 10 897
-2 809
24 428
Total comprehensive income
0
0
0
0
0
-13 706
-13 706
Net profit (loss)
0
0
0
0
0
-13 706
-13 706
Share capital increase
25
38 109
0
0
0
0
38 134
Distribution of profit (loss) for previous
year
0
0
0
0
-10 897
10 897
0
Changes in equity resulting from IFRS 2
0
0
0
0
0
0
0
Balance as at 09/30/2022
514
171 967
9 965
2 771
-76 644
-13 706
94 867
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
-8 402
-12 823
Total comprehensive income
0
0
0
0
0
-12 823
-12 823
Net profit (loss)
0
0
0
0
0
-12 823
-12 823
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 09/30/2021
489
133 859
9 965
2 771
-65 746
-12 823
68 514
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: 513.298,80 zł w całości wpłacony
Page | 53
Standalone Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
01/01/2022 –
09/30/2022
01/01/2021 –
09/30/2021
Cash flows from operating activities
Net profit (loss)
-13 706
-12 823
Adjustments, including:
- amortization and depreciation
1 965
1 085
- foreign exchange gains (losses)
12
-1
- interest expenses
15
27
- income from interest and dividends
-116
0
- profit (loss) on investing activities
11 853
16 132
- share-based payment (incentive program)
0
0
- income tax of current period
0
0
- income tax paid
0
0
- change in receivables
-7 122
675
- change in inventories
0
0
- change in provisions
274
-661
- change in incentive program liabilities
154
0
- change in liabilities other than incentive program
797
609
- change in prepayments
101
-487
- change in contract assets and contract liabilities
-5 163
-318
- other adjustments
-32
-52
Net cash generated (used) in operating activities
-10 967
4 187
Cash flows from investing activities
Purchase of intangible assets
10 292
5 867
Purchase of property, plant and equipment
170
110
Proceeds from sale of property, plant and equipment
0
0
Purchase of subsidiaries shares, net of cash
2 135
16 132
Short term bank deposits (over 3 months)
30 090
25 000
Proceeds from governmental subsidies
32
52
Interest received
116
0
Net cash generated (used) in investing activities
-42 539
-47 058
Cash flows from financing activities
Proceeds from issue of share capital
38 242
0
Proceeds from loans and borrowings
0
0
Payment of finance lease liabilities
518
457
Interest paid
15
27
Net cash generated (used) in financing activities
37 709
-484
Total net cash flows
-15 797
-43 355
Opening balance of cash
47 655
71 625
Change in cash due to foreign currency translation
-12
1
Change in cash balance, net
-15 809
-43 355
Closing balance of cash
31 846
28 270
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: 513.298,80 zł w całości wpłacony
Page | 54
CHANGES IN ACCOUNTING POLICIES USED
The description of accounting principles and policies applied by the Issuer can be found in the financial statements
for the year ended December 31, 2021, which was made public on April 27, 2022.
The accounting principles (policies) used to prepare the condensed interim consolidated financial statements for the
9-month period ended September 30, 2022 are consistent with those used in the preparation of the Group's financial
statements for the year ended December 31, 2021, except for the one which is described below.
Starting from January 1, 2022, the Company recognizes single, usable items as fixed assets that meet the criteria
specified for fixed assets in IFRS 16, if the purchase price (production cost) is equal or higher than PLN 10 000.
Fixed assets below this threshold are subject to one-time depreciation or are expensed in the month of purchase,
unless they do not constitute a significant asset due to the nature of the Company's operations.
During the nine months ended September 30, 2022, there were no significant changes in how estimates were made
compared to the principles described in the Group's annual consolidated financial statements for the year ended
December 31, 2021. However, due to the commencement of the cash-settled share-based payment incentive
program, there was a need to recognize new estimates in nine months of 2022, under IFRS 2 "Share-based Payment."
The adopted change to the accounting principles for the interim condensed financial statements is consistent with
the change 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, November 22, 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