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
Strona | 1
May 2024
DATAWALK CAPITAL GROUP
SUMMARY OF THE CONDENSED
INTERIM FINANCIAL STATEMENTS
for the 3-month period ended 31
st
March, 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 | 2
THE EXECUTIVE BOARD`S LETTER
Dear Investors,
After a challenging 2023 that tested our resilience and adaptability, I am pleased to report that the first quarter of
2024 met our expectations, marking a continuation of the growth restart we first reported last quarter. Our strategic
decisions and the diligent execution of our plans have paved the way for a promising trajectory, as evidenced by our
performance in these past months. Below, I detail the significant strides we've made, underscoring our commitment
to growth and innovation.
1. Strategic contract wins: a testament to our refined go-to-market strategy's effectiveness is our success in securing
several major contracts, notably including Barclays Bank. This achievement validates our focus on larger
projects and underscores the competitive advantage of our analytical platform in the marketplace.
2. Operational excellence in go-to-market: we progress in streamlining our go-to-market operations, particularly
through the automation and standardization of our Field Engineering processes. This initiative demonstrated our
capability to deliver significant value to our clients in under six months. This efficiency is a crucial step in
enhancing our service delivery and customer satisfaction.
3. Innovation and intellectual property: our commitment to innovation has been further recognized with the granting
of our seventh patent in the United States. This achievement highlights our ongoing efforts to pioneer
advancements in the analytical platform domain, reinforcing our position in the industry.
4. Technological advancements: the release of version 4.7, marking our transition to a cloud-native architecture,
stands as a major milestone. This evolution not only represents a significant achievement in itself but also serves
as a catalyst for further streamlining our go-to-market strategy. The move to a containerized architecture
enhances our platform's scalability, reliability, and performance, enabling us to deliver even greater value to our
clients efficiently.
5. Significant revenue growth: I am particularly proud to report a remarkable revenue growth of 100% in Q1 2024
compared to Q1 2023 and a 12% growth on a trailing twelve months level, marking the beginning of a return to
70%+ growth. These figures are a clear indication that we are firmly back on the growth track, demonstrating
the effectiveness of our strategic initiatives and the robust demand for our solutions in the market.
Reflecting on the past quarter, it is clear that the strategic adjustments we've implemented are bearing fruit, setting
a solid foundation for sustained growth and success. Our focus on larger projects, operational excellence, innovation,
and technological advancements is driving our forward momentum.
I extend my heartfelt gratitude to our dedicated team, whose relentless effort and commitment have been
instrumental in achieving these milestones. I also wish to thank you, our investors, for your support and confidence
in our vision and strategy.
As we look to the future, I am filled with optimism. The strategic initiatives we have in place are not only propelling
us forward but also positioning us to capitalize on the immense opportunities ahead, represented by the multibillion
market with little competition and strategic importance to AI and analytics.
Thank you once again for your continued support. Together, we are shaping a promising future for our company.
Warm regards,
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
The table of contents
SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP ........................ 4
SELECTED STANDALONE FINANCIAL DATA DATAWALK S.A.................................................................... 5
CONSOLIDATED FINANCIAL STATEMENT ...................................................................................................... 8
Consolidated Statement of Financial Position (in thousands of PLN) ................................................................... 8
Consolidated Profit and Loss Account with The Statement of Comprehensive Income (in thousands of PLN) . 10
Consolidated Statement of Changes in Equity (in thousands of PLN) ................................................................. 12
Consolidated Cash Flow Statement (in thousands of PLN) ................................................................................. 14
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF THE DATAWALK CAPITAL GROUP FOR
THE FIRST QUARTER OF 2024 ............................................................................................................................ 16
BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS - INCLUDING A DESCRIPTION OF
CIRCUMSTANCES INDICATING A GOING CONCERN THREAT .................................................................. 22
DATAWALK GROUP'S CASH-SETTLED INCENTIVE PROGRAM ................................................................. 24
DATAWALK GROUP'S EQUITY-SETTLED INCENTIVE PROGRAM ............................................................. 29
IMPAIRMENT TESTS ............................................................................................................................................ 35
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S RESULTS IN THE
REPORTING PERIOD ............................................................................................................................................ 36
INFORMATION ON EVENTS OCCURRING AFTER THE END OF THE INTERIM PERIOD THAT HAS NOT
BEEN INCLUDED IN THE FINANCIAL STATEMENTS FOR THE INTERIM PERIOD .................................. 37
FACTORS EXPECTED TO AFFECT FURTHER GROUP’S DEVELOPMENT .................................................. 37
COMPANY'S AUTHORITIES ................................................................................................................................ 38
The Executive Board ............................................................................................................................................ 38
The Supervisory Board ........................................................................................................................................ 39
DESCRIPTION OF THE ORGANISATION OF THE DATAWALK CAPITAL GROUP AND CONSOLIDATED
ENTITIES ................................................................................................................................................................ 40
DataWalk S.A. ..................................................................................................................................................... 40
DataWalk Inc. ...................................................................................................................................................... 41
Overview of the DataWalk Capital Group ........................................................................................................... 42
Changes in the management rules of the Capital Group and the Company ......................................................... 42
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A. .................................................................... 43
Shareholder structure as at May 14, 2024 (share in the total number of votes) ................................................... 43
Shareholder structure as at April 10, 2024 (share in the total number of votes) .................................................. 44
STRUCTURE OF SHAREHOLDINGS IN DATAWALK S.A. OR RIGHTS ATTACHED TO SHARES, HELD BY
MEMBERS OF THE ISSUER’S EXECUTIVE AND SUPERVISORY BOARDS ................................................ 45
Own shares ........................................................................................................................................................... 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 | 4
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 01/01/2024
to 03/31/2024
from 01/01/2023
to 03/31/2023
from 01/01/2024
to 03/31/2024
from 01/01/2023
to 03/31/2023
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
6 425
3 219
1 487
685
Profit/Loss on sales
-21 891
8 099
-5 066
1 723
Operating profit (loss)
-22 757
8 420
-5 266
1 791
Pre-tax profit (loss)
-22 752
8 993
-5 265
1 913
Net profit (loss)
-19 935
4 275
-4 613
909
Total comprehensive income
-19 877
4 089
-4 600
870
The weighted average number of ordinary shares (pcs.)
5 132 988
5 132 988
5 132 988
5 132 988
Profit (loss) per share (in PLN/EUR)
-3,88
0,83
-0,90
0,18
Net cash generated (used) in operating activities
-4 967
-6 641
-1 149
-1 413
Net cash generated (used) in investing activities
-975
-2 568
-226
-546
Net cash (used) in financing activities
-189
-174
-44
-37
Total net cash flows
-6 131
-9 382
-1 419
-1 996
SELECTED FINANCIAL DATA
03/31/2024
12/31/2023
03/31/2024
12/31/2023
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets/equity and liabilities
45 942
52 255
10 682
12 018
Non-current assets
28 935
26 326
6 728
6 055
Current assets
17 007
25 929
3 954
5 964
Equity
-7 089
12 412
-1 648
2 855
Total liabilities
53 030
39 843
12 330
9 163
Long-term liabilities
616
626
143
144
Short-term liabilities
52 414
39 217
12 187
9 020
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
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 01/01/2024
to 03/31/2024
from 01/01/2023
to 03/31/2023
from 01/01/2024
to 03/31/2024
from 01/01/2023
to 03/31/2023
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Revenues from sales
5 164
2 335
1 195
497
Profit/Loss on sales
-5 570
-10 307
-1 289
-2 193
Operating profit (loss)
-6 436
-9 787
-1 489
-2 082
Pre-tax profit (loss)
-6 373
-14 469
-1 475
-3 078
Net profit (loss)
-6 373
-13 983
-1 475
-2 975
Total comprehensive income
-6 373
-13 983
-1 475
-2 975
The weighted average number of ordinary shares (pcs.)
5 132 988
5 132 988
5 132 988
5 132 988
Profit (loss) per share (in PLN/EUR)
-1,24
-2,72
-0,29
-0,58
Net cash generated (used) in operating activities
-4 744
-1 417
-1 098
-301
Net cash generated (used) in investing activities
-975
-7 015
-226
-1 492
Net cash (used) in financing activities
-180
-167
-42
-36
Total net cash flows
-5 899
-8 599
-1 365
-1 829
SELECTED FINANCIAL DATA
03/31/2024
12/31/2023
03/31/2024
12/31/2023
in thousands of PLN
in thousands of PLN
in thousands of EUR
in thousands of EUR
Total assets/equity and liabilities
34 012
41 524
7 908
9 550
Non-current assets
20 068
20 267
4 666
4 661
Current assets
13 944
21 258
3 242
4 889
Equity
25 213
31 210
5 862
7 178
Total liabilities
8 800
10 315
2 046
2 372
Long-term liabilities
19
33
4
7
Short-term liabilities
8 781
10 282
2 042
2 365
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
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
03/31/2024
12/31/2023
1 EUR
4,3009
4,3480
• 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 01/01/2024
from 01/01/2023
to 03/31/2024
to 03/31/2023
1 EUR
4,3211
4,7005
DATAWALK CAPITAL GROUP
SUMMARY OF THE CONDENSED
INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
for the 3-month period ended 31
st
March, 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 | 8
CONSOLIDAT ED FINANCIAL STATEMENT
Consolidated Statement of Financial Position (in thousands of PLN)
ASSETS
03/31/2024
12/31/2023
A.
Non-current assets
28 935
26 326
I.
Fixed assets
196
287
II.
Goodwill
0
0
III.
Intangible assets
19 137
19 111
IV.
Right-of-use assets
478
572
V.
Long-term receivables
152
152
VI.
Long-term prepayments
105
154
VII.
Deferred tax assets
8 867
6 050
B.
Current assets
17 007
25 929
I.
Contract assets
823
496
II.
Trade receivables
7 283
9 603
III.
Receivables from income tax
5
5
IV.
Other receivables
1 709
1 766
V.
Financial assets
0
94
VI.
Prepayments
1 206
1 755
VII.
Cash and cash equivalents
5 981
12 210
TOTAL ASSETS
45 942
52 255
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 | 9
EQUITY AND LIABILITIES
03/31/2023
12/31/2023
A.
Equity
-7 089
12 412
Equity attributable to shareholders of the parent
company
-7 089
12 412
I.
Share capital
513
513
II.
Share premium
171 968
171 968
III.
Other capitals
9 965
9 965
IV.
Profit (loss) from previous years
-213 862
-185 714
V.
Reserve capital
43 952
43 576
VI.
Net profit (loss) for the current year
-19 935
-28 149
VII.
Foreign exchange translation differences
311
253
Non-controlling interests
0
0
B.
Long-term liabilities
616
626
I.
Deferred tax liabilities
0
0
II.
Lease liabilities
19
33
III.
Bank loans and borrowings
597
593
C.
Short-term liabilities
52 414
39 217
I.
Trade liabilities
2 333
2 808
II.
Income tax liabilities
0
0
III.
Lease liabilities
533
604
IV.
Bank loans and borrowings
35
35
V.
Incentive program liabilities
43 925
29 559
VI.
Other liabilities
475
657
VII.
Other provisions
1 597
1 433
VIII.
Contract liabilities
3 516
4 121
TOTAL EQUITY AND LIABILITIES
45 942
52 255
NET ASSET VALUE PER SHARE
03/31/2024
12/31/2023
Net asset value
-7 089
12 412
A number of shares (pcs.)
5 132 988
5 132 988
Net asset value per share (in PLN)
-1,38
2,42
A diluted number of shares (pcs.)
5 490 259
5 480 989
Diluted net asset value per share (in PLN)
-1,29
2,26
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 March 31, 2024 amounted to 5 490 259, including 357 271 shares
under the incentive program.
The diluted number of shares in the Company on December 31, 2023 amounted to 5 480 989, including 348 001
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 | 10
Consolidated Profit and Loss Account with The Statement of Comprehensive
Income (in thousands of PLN)
PROFIT AND LOSS ACCOUNT
01/01/2024-03/31/2024
01/01/2023-03/31/2023
Continuing operations
A.
Revenues
6 425
3 219
B.
Operating costs
28 316
-4 880
Materials and Energy
33
85
Employee benefits
4 635
7 287
Employee benefits - Share-based Payment
14 741
-21 602
Amortization and depreciation
1 030
1 139
External services
7 611
7 396
Other costs
266
816
C.
Profit/Loss on sales
-21 891
8 099
Other operating income
136
158
Other operating costs
554
6
Loss (profit) from expected credit losses
448
-168
D.
Operating profit (loss)
-22 757
8 420
Financial income
23
605
Financial costs
18
32
E.
Pre-tax profit (loss)
-22 752
8 993
Income tax
-2 817
4 718
F.
Net profit (loss) from continuing operations
-19 935
4 275
Discontinued operations
Net profit (loss) from discontinued operations
0
0
G.
Net profit (loss)
-19 935
4 275
NET PROFIT (LOSS) ATTRIBUTABLE TO:
01/01/2024-03/31/2024
01/01/2023-03/31/2023
- shareholders of the parent company
-19 935
4 275
- non-controlling interests
0
0
STATEMENT OF COMPREHENSIVE INCOME
01/01/2024-03/31/2024
01/01/2023-03/31/2023
Net profit (loss)
-19 935
4 275
Other comprehensive income
58
-186
1. Items that will not be reclassified to profit or loss
0
0
2. Items that will be reclassified to profit or loss:
58
-186
a) Exchange differences in translating foreign operations
58
-186
Total comprehensive income
-19 877
4 089
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE
TO:
01/01/2024-03/31/2024
01/01/2023-03/31/2023
- shareholders of the parent company
-19 877
4 089
- non-controlling interests
0
0
DataWalk Spółka Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 513.298,80 zł w całości wpłacony
Page | 11
PROFIT (LOSS) PER SHARE ATTRIBUTABLE TO:
01/01/2024-03/31/2024
01/01/2023-03/31/2023
Continuing operations
A number of shares (pcs.)
5 132 988
5 132 988
Profit (loss) per share (in PLN)
-3,88
0,83
A diluted number of shares (pcs.)
5 490 259
5 395 934
Diluted profit (loss) per share (in PLN)
-3,63
0,79
Discontinued operations
A number of shares (pcs.)
5 132 988
5 132 988
Profit (loss) per share (in PLN)
0
0
A diluted number of shares (pcs.)
5 490 259
5 395 934
Diluted profit (loss) per share (in PLN)
0
0
Continuing and discontinued operations
A number of shares (pcs.)
5 132 988
5 132 988
Profit (loss) per share (in PLN)
-3,88
0,83
A diluted number of shares (pcs.)
5 490 259
5 395 934
Diluted profit (loss) per share (in PLN)
-3,63
0,79
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 weighted average number of DataWalk S.A. shares in the first quarter of 2024 and in the
first quarter of 2023 was 5 132 988.
The weighted average diluted number of shares of the Company in the first quarter of 2024 amounted to 5 490 259,
including 357 271 shares under the incentive program.
The weighted average diluted number of shares of the Company in the first quarter of 2023 amounted to 5 395 934,
including 262 946 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 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 01/01/24
513
171 968
9 965
253
43 576
-185 714
-28 149
12 412
0
12 412
Equity increase (decrease)
0
0
0
58
376
-28 149
8 214
-19 501
0
-19 501
Total comprehensive income,
including:
0
0
0
58
0
0
-19 935
-19 877
0
-19 877
- net profit (loss)
0
0
0
0
0
0
-19 935
-19 935
0
-19 935
- exchange differences in
translating foreign operations
0
0
0
58
0
0
0
58
0
58
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
-28 149
28 149
0
0
0
Changes in equity resulting from
IFRS 2
0
0
0
0
376
0
0
376
0
376
Balance as at 03/31/2024
513
171 968
9 965
311
43 952
-213 862
-19 935
-7 089
0
-7 089
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
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 01/01/2023
513
171 968
9 965
1 014
31 653
-68 970
-116 744
29 399
0
29 399
Equity increase (decrease)
0
0
0
-761
11 923
-116 744
88 595
-16 987
0
-16 987
Total comprehensive income,
including:
0
0
0
-761
0
0
-28 149
-28 910
0
-28 910
- net profit (loss)
0
0
0
0
0
0
-28 149
-28 149
0
-28 149
- exchange differences in
translating foreign operations
0
0
0
-761
0
0
0
-761
0
-761
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
-116 744
116 744
0
0
0
Changes in equity resulting from
IFRS 2
0
0
0
0
11 923
0
0
11 923
0
11 923
Balance as at 03/31/2023
513
171 968
9 965
253
43 576
-185 714
-28 149
12 412
0
12 412
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 Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
01/01/2024 –
03/31/2024
01/01/2023 –
03/31/2023
Cash flows from operating activities
Net profit (loss)
-19 935
4 275
Adjustments, including:
14 968
-10 915
- amortization and depreciation
1 030
1 139
- foreign exchange gains (losses)
165
-206
- interest expenses
18
26
- income from interest and dividends
-183
-1 073
- profit (loss) on investing activities
-6
-37
- impairment of assets
517
0
- share-based payment (equity-settled)
376
3 224
- share-based payment (cash-settled)
14 366
-24 826
- change in receivables
2 377
5 341
- change in provisions
164
6
- change in liabilities other than incentive program
-657
-718
- change in prepayments
-2 218
5 315
- change in contract assets and contract liabilities
-932
894
- other adjustments
-48
0
Net cash generated (used) in operating activities
-4 967
-6 641
Cash flows from investing activities
Purchase of intangible assets
1 343
3 680
Purchase of property, plant, and equipment
0
0
Proceeds from the sale of property, plant and equipment
43
40
Inflows from bank deposits (over 3 months)
90
0
Outflows from bank deposits (over 3 months)
0
0
Proceeds from governmental subsidies
48
0
Interest received
187
1 073
Net cash generated (used) in investing activities
-975
-2 568
Cash flows from financing activities
Proceeds from issue of share capital
0
0
Repayments of finance lease
168
141
Repayments of bank loans and borrowings
3
0
Interest paid (on finance leases and bank loans)
18
26
Other outflows
0
7
Net cash generated (used) in financing activities
-189
-174
Total net cash flows
-6 131
-9 382
Opening balance of cash
12 210
57 598
Change in cash due to foreign currency translation
-98
6
Change in the cash balance, net
-6 229
-9 376
Closing balance of cash
5 981
48 222
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
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 | 16
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF THE DATAWALK
CAPITAL GROUP FOR THE FIRST QUARTER OF 2024
Commentary on the financial results of the DataWalk Group
Revenue
In the first quarter of 2024, the revenue of the DataWalk Group amounted to PLN 6 425 thousand, which was 100%
higher compared to the same period in 2023. The revenue increase resulted from acquiring two significant clients
from the private sector (Barclays Bank and the Polish Bank Association) and a 14% increase in technical assistance
revenue.
The Group's primary sources of revenue in the period under review were:
• sales of licenses, which amounted to PLN 3 584 thousand and accounted for 56% of the Group's revenue, and
• sales of maintenance services, which amounted to PLN 2 360 thousand and accounted for 37% of the Group's
revenues in the period under review.
The share of license sales in the Group's revenue exceeding 50% of the total revenue is a very positive signal
indicating the expected increasing share of new contracts in the Group's revenue. Sales results for the last two
quarters and the dynamic growth of the sales funnel, while maintaining a high level of customer retention, signal a
return to the path of dynamic growth.
The table below presents consolidated revenues by type in the first quarter of 2024 and the comparable period (in
thousands of PLN).
Position
01/01/2024 -
03/31/2024
01/01/2023 -
03/31/2023
Change
Licenses
3 584
534
571%
Implementation services
456
590
-23%
Technical suport (maintenance)
2 360
2 073
14%
Other
25
22
13%
Total
6 425
3 219
100%
Source: Issuer.
Looking at the revenue of the Group over the past four quarters, revenue from license sales exceeded the 50% share
in their value.
Source: Issuer.
Notably, one-third of the Group's revenue comes from maintenance. Considering that slightly over half of the
revenue in the last four quarters comes from contracts acquired three years ago or earlier, we can conclude that the
Group has and maintains a broad base of satisfied customers who actively use DataWalk software and see added
value in cooperating with the Group to this day. Therefore, these customers represent a relatively stable and
significant source of revenue for the 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 | 17
As of the balance sheet date of March 31, 2024, the Group expects to recognize revenue of PLN 3 516 thousand in
the coming quarters, resulting from the Group's obligation to provide licenses or services to customers, in exchange
for which the Group received compensation or the compensation amount is due. The mentioned revenue concerns
maintenance.
Currently, the Group maintains a 79% customer retention rate since their acquisition. This indicator has been
calculated based on an analysis of individual ongoing projects. The Group classified such a project in which the
client has implemented in production, uses a given DataWalk license (excluding temporary one-off projects or
pilots), and gets technical support services, as an active customer. To calculate this indicator, projects where, due to
reasons beyond the Group's control (e.g., customer budget challenges and temporary suspension of maintenance
payments), no technical assistance service is provided, have been treated as inactive customers. As a result, until
their status changes, they reduce the retention value above level.
Operating expenses and capital expenditures
DataWalk Group manages the investment process through triggers linked to achieved business performance and
financial models. The above approach allows for monitoring and steering costs and capital expenditure dynamics.
The value of operating costs adjusted for significant non-cash items (hereinafter "OPEX adj.") amounted to PLN
12 446 thousand in the first quarter of 2024, which was PLN 2 984 thousand (20%) lower than in the comparable
period. Moreover, it was the third consecutive quarter in which the Group recorded a decrease in adjusted operating
costs. The methodology for calculating OPEX adj. is presented in Table 1 below.
A significant impact on the change in the level of the Group's adjusted operating costs on a quarter-to-quarter basis
was the reduction in wage costs and external services, which amounted to PLN 12 245 thousand due to initiatives
aimed at improving results and financial liquidity, representing a decrease of PLN 2 437 thousand (17%) compared
to the first quarter of 2023.
In parallel with optimizing operating costs, the Group adjusted the level of investments in development work related
to the DataWalk platform to the current level of sales revenue and the Group's liquidity situation.
In the first quarter of 2024, the incurred expenditures for development work (hereinafter "R&D cap.") amounted to
PLN 1 343 thousand, representing 21% of sales revenue. The R&D cap. value was PLN 2 337 thousand (64%) lower
than in the first quarter of 2023. Over the past four quarters, investments in development work related to the
DataWalk platform amounted to PLN 10 007 thousand, representing 35% of sales revenue.
However, the Group plans to continue development work on the DataWalk system, and the scale of development
work will depend, in particular, on the Group's financial capabilities and the needs arising from the adopted direction
of technological development.
Given that at the current stage of development, the Group generates negative cash flows, continuing development
work at the current level or increasing it relative to sales revenue is associated with ensuring external financing in
the form of equity and/or debt financing.
The following charts present how OPEX adj. and R&D cap evolved over the past five quarters against the backdrop
of the Group's revenue (in thousands of PLN).
Source: Issuer.
15 430
16 135
14 605
13 470
12 446
Q1.23 Q2.23 Q3.23 Q4.23 Q1.24
OPEX adj.
3 219
10 339
4 559
7 647
6 425
3 680
3 486
2 791
2 387
1 343
Q1.23 Q2.23 Q3.23 Q4.23 Q1.24
Revenue R&D cap.
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
The most significant cost item for the Group in the first quarter of 2024 was related to the implementation of
incentive programs based on RSUs (Restricted Stock Units) and the Company's shares.
During the analyzed period, the cost associated with the RSU-based incentive program amounted to PLN 14 366
thousand. Within this cost:
• PLN 930 thousand pertained to the recognition in the reporting period of the estimated quantity of RSU units
acquired in the first quarter of 2024 and
• PLN 13 436 thousand pertained to the revaluation of RSU units as of the balance sheet date of March 31, 2024,
compared to the valuation as of December 31, 2023, under IFRS 2.
In the first quarter of 2023, the cost of the RSU program included in operating costs amounted to PLN -24 826
thousand, of which:
• PLN 781 thousand pertained to the recognition in the reporting period of the estimated quantity of RSU units
acquired in the first quarter of 2023 and
• PLN -24 827 thousand pertained to the revaluation of RSU units as of the balance sheet date of March 31,
2023, compared to the valuation as of December 31, 2022, under IFRS 2.
Considering the agreements concluded with participants of the stock-based incentive program, the Group estimated
and recognized in the financial result for the first quarter of 2024 a cost arising from the implemented program
amounting to a total of PLN 376 thousand. In the comparable period, it amounted to PLN 3 224 thousand. Thus,
mainly due to the effects of the RSU revaluation, the change in the costs of incentive programs in the first quarter
of 2024 compared to the comparable period amounted to PLN 36,343 thousand.
The Group presented details regarding the incentive programs functioning in the "DATAWALK GROUP'S CASH-
SETTLED INCENTIVE PROGRAM" and "DATAWALK GROUP'S EQUITY-SETTLED INCENTIVE
PROGRAM" notes below.
During the reporting period, the Group recognized impairments updating non-financial assets, particularly
development work, in the total amount of PLN 517 thousand. Furthermore, the Group recognized a loss for credit
risk related to receivables amounting to PLN 448 thousand. Due to the estimated and non-cash nature of the above
impairments, the Group does not include these items in adjusted operating costs. The abovementioned operations
are non-cash and have no impact on the current financial liquidity of the Issuer and the Group.
DataWalk Group's financial results
The Group's EBITDA in the first quarter of 2024 was PLN -21 727 thousand, whereas, in the comparative period, it
was PLN 9 559 thousand, resulting in a change of PLN -31 286 thousand. The most significant impact of this change
was primarily the described increase in costs related to the incentive program, growth in sales revenue, and reduction
of operating costs of salaries.
On the other hand, EBITDA adjusted for the costs of the incentive program and changes of impairment allowances,
considering that these items are non-cash in nature and do not affect the current financial situation (especially
liquidity) of the Company and the Group, amounted to PLN -6,021 thousand. Compared to the first quarter of 2023,
this result improved by PLN 6 191 (51%) when the adjusted EBITDA was PLN -12 212 thousand.
The net financial result in the first quarter of 2024 was PLN -19 934 thousand, whereas it was PLN 4 275 thousand
in the comparative period. Apart from the factors described above, the most significant impact on the change in the
financial result was the difference in the valuation of the deferred tax liability component related to the incentive
program amounting to PLN 7 535 thousand, resulting from the revaluation of RSU units as of the balance sheet date
of March 31, 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 | 19
Table 1. Selected consolidated financial data for the first quarter of 2024 and the comparative period (in thousands
of PLN).
Position
01/01/2024 -
03/31/2024
01/01/2023 -
03/31/2023
Change
Change %
Revenue
6 425
3 219
3 206
100%
EBIT
-22 757
8 420
-31 177
OPEX
29 182
-5 201
34 383
Amortization and depreciation
1 030
1 139
-109
-10%
Share-based incentive program costs
14 741
-21 602
Impairment of assets
517
0
Loss (profit) from expected credit losses
448
-168
OPEX adj.
12 446
15 430
-2 985
-19%
EBITDA
-21 727
9 558
-31 285
Adjusted EBITDA
-6 021
-12 212
6 191
-51%
Net profit (loss) attributable to shareholders of the
parent company
-19 935
4 275
CFO
bt
-4 967
-6 641
1 674
-25%
CAPEX
-1 343
-3 680
2 338
-64%
FCF
-6 309
-10 321
4 012
-39%
Receivables
8 997
11 375
-2 377
-21%
Financial assets (bank deposits over 3 months)
0
94
-94
Closing balance of cash
5 981
48 222
-42 241
-88%
Cash and bank deposits over 3 months at the end of
the period
5 981
48 316
-42 335
-88%
Receivables, cash and bank deposits
14 979
59 691
-44 712
-75%
Source: Issuer.
EBIT = Operating profit (loss),
OPEX = Revenue – EBIT,
OPEX adj. = OPEX - Amortization and depreciation - estimated costs related to the incentive program payable in the Group's own shares (settled
in cash and equity instruments) - non-cash allowance resulting from asset impairment test - loss (profit) from expected credit losses,
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) + non-cash allowance resulting from asset impairment test + loss (profit) from expected credit losses,
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|.
DataWalk Group's cash flow
The Group's cash flow from operating activities (CFO) in the first quarter of 2024 amounted to PLN -4 967 thousand.
The most significant influence on the CFO was:
i) operating loss adjusted for amortization and depreciation, costs of the incentive program, and the change in asset
impairment allowances (adjusted EBITDA) of PLN -6 021 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 | 20
ii) decrease of receivables by PLN 2 377 thousand due to receipt of payments, particularly for invoices issued in
2023, with payment due dates falling after December 31, 2023;
iii) decrease of contract liabilities by PLN 605 thousand due to the non-renewal of maintenance in several cases for
reasons beyond the Group's control (e.g., client budget challenges), resulting in suspended payments for these
services;
iv) increase of contract assets by PLN 327 thousand due to the recognition of revenue from the progress
of implementation work, for which the Group was not entitled to receive payments as of the balance sheet date;
v) decrease of trade liabilities by PLN 475 thousand, influenced by settling current payments and implementing
a cost reduction program.
The Group's cash flow from investing activities (CFI) in the first quarter of 2024 amounted to PLN -975 thousand.
CFI was most affected by: i) capitalized development costs of DataWalk software of PLN 1 343 thousand; ii) interest
received on bank deposits of PLN 187 thousand, and iii) inflow of funds due to the termination of a bank deposit
of 90 thousand PLN.
The Group's cash flow from financing activities (CFF) in the first quarter of 2024 amounted to PLN -189 thousand.
CFF was most affected by the net outflow of funds from the repayment of the Issuer's lease liabilities of PLN -180
thousand.
Table 2. Selected items from the cash flow statement for the first quarter of 2024 and the comparable period (in
thousands of PLN).
Position
01/01/2024 –
03/31/2024
01/01/2023 –
03/31/2023
Change
CFO
-4 967
-6 641
-25%
CFI, including:
-975
-2 568
-62%
- CAPEX
-1 343
-3 680
-64%
CFF
-189
-174
9%
Total net cash flows
-6 130
-9 382
-35%
Source: Issuer.
CFO = Net cash generated (used) in operating activities,
CFI = Net cash generated (used) in investing activities,
CAPEX = expenditure on acquisition of tangible fixed assets + expenses for intangible assets + expenses related to development work,
CFF = Net cash (used) in financing activities.
DataWalk Group's Balance Sheet
Table 3. Selected asset items as of March 31, 2024 and the end of December 2023 (in thousands).
Assets
03/31/2024
12/31/2023
Change
Intangible assets
19 137
19 111
0%
Right-of-use assets
478
572
-16%
Contract assets
822
496
66%
Trade receivables
7 283
9 604
-24%
Other short-term receivables
1 714
1 771
-3%
Cash and cash equivalents
5 981
12 210
-51%
Deferred tax assets
8 867
6 050
47%
Other assets
1 658
2 442
-32%
Total assets
45 942
52 255
-12%
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
Table 4. Selected equity and liabilities items as of March 31, 2024 and the end of December 2023 (in thousands).
Equity and liabilities
03/31/2024
12/31/2023
Change
Equity
-7 089
12 412
-157%
Incentive program liabilities
43 925
29 559
49%
Trade payables
2 333
2 808
-17%
Bank loans and borrowings
632
627
1%
Lease liabilities
552
637
-13%
Contract liabilities
3 516
4 121
-15%
Other liabilities
2 072
2 090
-1%
Total equity and liabilities
45 942
52 255
-12%
Source: Issuer.
The table below presents selected financial ratios of the DataWalk Group as of March 31, 2024, as well as
December 31, 2023.
Position
03/31/2024
12/31/2023
Current ratio
3,2
4,4
Cash Ratio
12%
12%
Debt ratio
0,0
0,0
Debt / Equity
15%
15%
Debt-to-Equity Ratio
10 828
18 637
Working Capital (in thousands PLN)
3,2
4,4
Source: Issuer.
The management has decided to adjust the above ratios for the following items, which have no impact on the current
liquidity position of the Group:
• costs of the RSU-based incentive program, both due to the significance of this item in liabilities and equity (in
income statements), as well as due to the future and conditional nature of the obligation resulting from the
implementation of the incentive program and the fact that recognized costs currently have a non-cash nature;
• prepayments, as they include expenses incurred in advance and either fully or partially relate to subsequent
periods, thus the recognized asset is non-cash in nature;
• contract liabilities representing revenues of future periods, which, due to their economic nature, i.e., the low
probability that they represent obligations to settle in cash in the future, are treated as non-cash liabilities.
Current ratio = [Current assets (short-term) – Prepayments] / [Current liabilities (short-term) - non-cash cost of RSU-based incentive program -
Contract liabilities],
Cash Ratio = Cash and cash equivalents / [Current liabilities (short-term) - non-cash cost of RSU-based incentive program - Contract liabilities],
Debt ratio = (Total liabilities excluding RSU-based incentive program liabilities and Contract liabilities / Total assets) × 100%,
Debt / Equity = (Interest-bearing bank loans + Debt securities + Liabilities due to finance leases) / (Total Shareholders’ Equity + non-cash cost
of RSU-based incentive program),
Debt-to-Equity Ratio = (Total Liabilities excluding RSU-based incentive program liabilities and Contract liabilities) / (Total Shareholders’ Equity
+ non-cash cost of RSU-based incentive program) × 100%,
Working Capital = [Current assets (short-term) – Prepayments] – [Current liabilities (short-term) - non-cash cost of RSU-based incentive program
- Contract liabilities].
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
BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS - INCLUDING
A DESCRIPTION OF CIRCUMSTANCES INDICATING A GOING CONCERN
THREAT
The financial statement has been prepared assuming the DataWalk Group will continue as a going concern for at
least 12 months from the balance sheet date. Executive Board has performed a multidimensional analysis of the
circumstances affecting the entity's ability to continue as a going concern, including both internal factors, in
particular:
• projected cash flows,
• product profitability,
• the tailoring of the commercial offer to customers' needs,
• necessary capital and operating expenditures,
• availability of external sources of finance,
and external, in particular:
• macroeconomic factors,
• the size of the available market,
• legal constraints,
• cyclicality and dynamics in financial markets affecting the availability and cost of capital.
During the analysis, the Executive Board identified significant uncertainties regarding events and circumstances that
may doubt the entity's ability to continue as a going concern. These include:
• a decline in sales resulting from fewer newly acquired customers,
• negative cash flows from operating activities,
• unfavourable profitability ratios,
• the level of investment required to ensure further dynamic product development.
To the best knowledge of the Company's Executive Board and based on the comprehensive cash flow forecast, the
value of contracts acquired up to March 31, 2024, and after the balance sheet date, as well as the sales funnel analysis
(qualified leads), the Company forecasts significantly higher revenues from customers than those realised in the last
twelve months, which is necessary to ensure the continuation of operations at the current scale.
These forecasts correlate with external market analyses prepared by reputable consulting firms (e.g. Gartner) and
enquiries from potential customers directed to the Company in recent months. Implementing these assumptions does
not require the Company to make significant capital expenditures or acquire additional operational or capital
resources. In addition, it does not involve additional formal and legal requirements that the Company would not
already meet as of the balance sheet date.
At the same time, the Company's Executive Board has undertaken several initiatives over the last few months to
improve performance and liquidity, including:
• Increased the efficiency of the implementation teams by standardising and automating most of the
implementation steps, which significantly reduced the time required to implement the DataWalk platform
with customers effectively and thus increased the throughput of the entire sales and implementation team,
• Carried out a cost reduction program by optimising the size and structure of employment and the number
of entities cooperating with the Company,
• Tailored the commercial offer to customers who have adequate organisational and financial capabilities
and can operate effectively in the business model proposed by the Company.
Simultaneously with these actions, the Company's Executive Board requested that shareholders grant the Board of
Directors authorisation to increase the Company's share capital within the limits of authorised capital. This
authorisation was dictated by ensuring that the Company and its capital group could raise funds for further
development through the most efficient and flexible mechanisms for increasing share capital, allowing for a shorter
issuance process. On June 27, 2023, the General Meeting of Shareholders, through Resolution No. 19, granted the
Executive Board authorisation to increase the Company's share capital by issuing no more than 500,000 (five
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
hundred thousand) ordinary bearer shares. The above authorisation expired on June 30, 2026. As of the date of this
Report, the Executive Board has not decided when it will exercise the granted authorisation or to what extent.
As a result of the measures carried out to optimise the level of operating expenses, and taking into account the
potential slowdown in development work related to the further development of the DataWalk platform, as well as
the acquisition of 3-4 medium-sized contracts within the next 12 months, the Company, to the best knowledge of
the Executive Board, will maintain its liquidity, without the need for external financing in the short term, i.e. up to
12 months from the balance sheet date. The reduction in capital expenditures will not have a significant negative
impact on the continuation of operations in this period, given that as of the balance sheet date, the Company already
had a fully functional product, the sale of which in its current form and with current functionalities does not require
significant capital expenditures.
In the opinion of the Executive Board, the working capital currently available to the Company and forecasts of future
cash flows from operating, investing and financing activities reliably allow the assumption of continued operations
in the foreseeable future.
The Executive Board wants to emphasise that these forecasts are based on uncertain events, which implies the
existence of risks related to the possibility of continuing operations.
The Company's Executive Board also stresses that at the current stage of the Company's development, especially in
terms of carrying out further development work related to the planned release of further, more technologically
advanced versions of the Company's product, further dynamic progress in this area and expansion in the markets of
Western Europe and the USA strictly depend on securing external financing.
The Executive Board emphasises that without additional financing, the Company may have limited funds for further
investments, which could lead to delays in product development and further expansion of the market offering. Lack
of adequate financing may result in the need to reduce the pace of software releases, which may result in delays in
delivering new solutions to the market and limit competitive opportunities.
In its medium-term financial plans (3-12 months), the Executive Board foresees the possibility of using the
authorisation to increase the Company's share capital or financing its investment activities through alternative capital
instruments and/or support programs financed by the European Union or domestic funds, which could effectively
assist in financing the Company's operations.
It is expected that these activities will contribute to the Company's further development, both in the product and
market expansion areas, and will positively impact the Company's long-term profitability.
The Company's Executive Board emphasises that business activities involve inherent uncertainties and risks, and
despite the measures taken by the Company's Executive Board to support the Company's financial stability, in
particular by securing additional sources of financing and optimising expenditures on investment and operating
activities, it is necessary to recognise that factors such as changes in market conditions, customer demand, the
regulatory environment and other unexpected events may affect the Company's ability to achieve its forecast results
and secure the necessary financing for its operations.
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.
In the case of the Program, the entity required to settle the Program is the company which is the recipient of the
services performed under the Program and has entered into the relevant Participation Agreement with the Eligible
Persons. Each company, i.e. DataWalk S.A. and DataWalk Inc., is a party to agreements with Program participants
providing work or services to DataWalk S.A. or DataWalk Inc., respectively.
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
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
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").
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 a period of up to four years, taking into account the period
of service to the Group before approval of the Regulations. Vesting takes place on an annual basis.
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;
According to the Regulations of the Program, the one-time payment resulting from the exercise of RSUs will be
settled within 90 days of the Sale Transaction but no later than March 14 of the year following the year in which the
Transaction occurred.
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.
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
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.
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 March 31, 2024, 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 March 31, 2024, 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 if there are material variances.
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, 2024, to March 31, 2024
The following table shows the number of RSUs granted as of March 31, 2024, by vesting conditions and degree of
performance.
Vesting conditions
Granted
rights
(in pcs.)
Degree of
fulfillment
of vesting
conditions
Number of
vested rights
(in pcs.)
Estimated
number of
vested rights
(in pcs.)
Remains
under
vesting
(in pcs.)
Vested rights
784 875
100,00%
784 875
0
0
Providing services until 06/30/2024
8 050
78,51%
0
6 320
1 730
Providing services until 12/31/2024
69 065
44,49%
0
30 730
38 335
Providing services until 06/12/2025
13 500
28,00%
0
3 780
9 720
Providing services until 12/31/2025
17 125
13,55%
0
2 320
14 805
Providing services until 06/30/2026
12 475
18,40%
0
2 295
10 180
Providing services until 12/31/2026
6 625
15,32%
0
1 015
5 610
Providing services until 06/30/2027
2 775
19,10%
0
530
2 245
Providing services until 12/31/2027
750
6,67%
0
50
700
Fulfillment of individual goals
500
0,00%
0
0
500
Total
915 740
85,71%
784 875
47 040
83 825
Following IFRS 2, the Group has updated the fair value of the RSUs as of the balance sheet date of March 31, 2024,
and revised the estimated vesting of the RSUs.
Accordingly, the Group has determined the following events affecting the estimates:
a) the fair value as of March 31, 2024, differed from the value obtained as of the previous balance sheet date
(difference resulting from the change in the Company's share price),
b) further RSUs were valued and recognized for which acquisition conditions are estimated to have been met,
c) there were no events that resulted in the need to adjust the cost of the Program by RSUs lost as a result of failure
to meet vesting conditions.
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 01/01/2024
814 310
36,30
29 559
Estimated number of vested rights as of 12/31/2023
814 310
16,50*
13 436
Estimated number of vesting during the first quarter of 2024
17 605
52,80
930
Number of forfeited rights during the first quarter of 2024
0
0
0
Estimated number of vested rights as of 03/31/2024
831 915
52,80
43 925
* The difference between the weighted average fair values of RSUs as of March 31, 2024 and December 31, 2023.
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 March 31, 2024.
The total cost of the Program recognized in the consolidated financial statements for the three months ending
March 31, 2024, estimated according to vesting, amounted to PLN 14 366 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 | 28
The following table presents the recognition of the Program's costs by line item in the consolidated financial
statements, along with information on the involvement of individual companies in the Issuer Group in the carrying
out of the Program.
Financial statement element
Item
DataWalk S.A.
DataWalk Inc.
DataWalk
Group
Estimated number of vested
rights as of 12/31/2023
(in pcs.)
-
32 200
799 715
831 915
Profit and Loss
Account/Operating costs
(in PLN thous.)
Employee benefits -
Share-based
Payment
951
13 415
14 366
Equity (in PLN thous.)
Net profit (loss) for
the current year
951
13 415
14 366
Profit (loss) from
previous years
749
28 810
29 559
Short-term liabilities
(in PLN thous.)
Incentive program
liabilities
1 700
42 225
43 925
The total amount of liabilities under the Program as of March 31, 2024 was PLN 43 925 thousand.
As of the balance sheet date and date of approval of these financial statements for publication, the Program
Entitlements were not exercisable because no Sale Transaction had occurred. In addition, the Group's Management
had not taken any actions, nor was it in possession of any information indicating a high probability of the occurrence
of events as a result of which, in the next 12 months, a Sale Transaction could be concluded, and thus the process of
executing the Program (cash settlement) could be initiated.
The following table shows the settlement of RSUs under the Program by exercise status and their fair values as of
March 31, 2024.
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%
53
59 136
- RSUs granted under the Participation
Agreements
955 240
85%
53
50 437
- Tranche as of 04/01/2022
799 900
71%
53
42 235
- Tranche as of 07/01/2022
14 000
1%
53
739
- Tranche as of 01/01/2023
19 000
2%
53
1 003
- Tranche as of 05/01/2023
45 000
4%
53
2 376
- Tranche as of 07/01/2023
19 100
2%
53
1 008
- Tranche as of 01/01/2024
5 750
1%
53
304
- Tranche as of 02/01/2024
52 490
5%
53
2 771
- Number of forfeited rights
-39 500
-4%
53
-2 086
- Number of RSUs to be granted in future periods
204 260
18%
53
10 785
RSUs granted under the Participation
Agreements, including:
955 240
85%
53
50 437
- Vested rigths
784 875
70%
53
41 441
- Remaining in the process of vesting, including:
130 865
12%
53
6 910
(a) for which it is estimated that vesting
conditions have been met
47 040
4%
53
2 484
- Forfeited rights
39 500
4%
53
2 086
As of the balance sheet date of March 31, 2024, the incentive program remains in progress.
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
DATAWALK GROUP'S EQUITY-SETTLED INCENTIVE PROGRAM
Information on estimates
The DataWalk S.A. carries out an incentive program using equity-settled share-based payment transactions. The
program is based on DataWalk's shares and entitles the holder to receive equity instruments in the amount and under
the conditions specified in the Regulations and the Participation Agreement. This program is recognized in the
consolidated financial statements following IFRS 2.
To comply with IFRS 2, the Company 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 options per share on the date of their granting. At each balance
sheet date, the Company 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 increases in equity and the
Company's and Group’s costs resulting from the incentive program.
Reserve capital
03/31/2024
(in thous. PLN)
12/31/2023
(in thous. PLN)
Incentive program
43 952
43 576
Total
43 952
43 576
The character and principles of the long-term equity-settled Incentive Program of the DataWalk Capital Group
On June 30, 2022, 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 DataWalk S.A. The Company's Executive Board adopted the Program's
Regulations in a resolution of August 31/2022, then approved by the Supervisory Board in a resolution of September
9, 2022 ("Regulations").
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 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.
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.
The Incentive Program is implemented by granting to Participants who have been designated to participate in the
Incentive Program following the Regulations and who have subsequently entered into an Incentive Program
Participation Agreement (the "Participation Agreement") with the Company conditional entitlements to subscribe
for and/or acquire shares in the Company (the "Entitlements"). Granting of the Entitlements and the conclusion of
DataWalk Spółka Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 513.298,80 zł w całości wpłacony
Page | 30
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.
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.
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.
Performance vesting conditions are not dependent on the market price of the Company's equity instruments and are
therefore classified as non-market conditions.
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 taken into account
by adjusting the number of equity instruments that are 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 ultimately vest.
The condition for the Exercise of Entitlements is fulfilling the vesting conditions and the execution of the Sale
Transaction together (non-vesting condition).
According to the Regulations, the exercise of the Entitlements will take place within 6 months of the occurrence of
the Sale Transaction.
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 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.
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
Under IFRS2, the Sale Transaction is understood as a condition other than vesting conditions (so-called non-vesting
condition).
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.
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.
If the Sale Transaction does not take place within the period indicated in the Terms and Conditions, in the absence
of the possibility of fulfilling the Performance Conditions, the Participation Agreement shall be automatically and
immediately terminated to the extent of the Eligibility in question, without any obligation of the Company to provide
any performance. The Participant will not be entitled to any claims for payment, including any claims for damages
against the Company, its shareholders or Members of the bodies.
If the Sale Transaction occurs prior to the fulfillment of the specified Vesting Conditions, the Participation
Agreement shall be terminated to the extent of the respective Entitlements, and the Eligible Persons shall forfeit any
further participation in the Program to the extent above, including the right to acquire and exercise the respective
Entitlements. The Eligible Persons shall not be entitled to any claims against the Company, its shareholders or
Members of the Bodies, including any claims for payment, delivery of Shares or claims for damages. However, if
the Vesting Conditions of a given Eligible Person included only the maintenance of the Relationship on the terms
outlined in the Regulations for the period of time specified in the Participation Agreement, excluding the additional
criteria referred to in the Regulations, while no Cause occurred, the Conditions of Acquisition shall be deemed to
have been fulfilled on the date of the Sale Transaction, and the Eligible Persons shall be entitled to exercise the
acquired Entitlements. The Participation Agreement may regulate the consequences of the occurrence of a Sale
Transaction differently prior to the fulfillment of the Vesting Conditions.
Assumptions used for valuation of the Program
Services received as equity-settled share-based payments are measured indirectly at fair value on the grant date. The
initial valuation of the Program is based on the fair value of the underlying instruments. The measurement of the
value of the goods or services received and the corresponding increase in equity considers the extent to which the
services have been rendered.
The entity determines the fair value of the equity-settled Program by considering only the market and non-vesting
conditions. It means that vesting conditions and non-market conditions affect reserve capital measurement by
adjusting the number of rights to receive cash based on estimates of the performance to be met.
The value of one right for and/or acquire Company shares is valued only once, on the grant date. At each reporting
date, and ultimately at the date of settlement, the fair value of the recognized increase in equity may be revalued by
adjusting the number of rights for and/or acquiring Company shares. The revaluation relates to the recognized
portion of the increase in equity up to the vesting date. The total value of the increase in equity is subject to
revaluation 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 be equal to the product
of the vested rights to subscribe for and/or acquire Company shares and the value of one right for and/or acquire
Company shares on the grant date.
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
The valuation adjustment effects of the increase in equity 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 valuation adjustment effect is spread over the remaining vesting period.
It means that during the revaluation period, there may be an additional adjustment to the number of rights to take up
and/or acquire the Company's shares for previous periods so that the recognized increase in equity at each reporting
date is equal to the total fair value of the increase in equity.
As of the balance sheet date of March 31, 2024, the Company adjusted the number of rights to take up and/or acquire
Company shares for which, based on the Company's internal estimates, vesting had occurred and thus revalued the
corresponding increase in equity. A decision on the final number of rights vested by program participants will be
made upon the occurrence of events, as specified in the Regulations, giving eligible persons the right to take up
and/or acquire Company shares.
The fair value of the Entitlement to subscribe for and/or acquire the Company's shares on the grant date is determined
based on the Black-Scholes-Merton model, where the underlying instrument is the market price of DataWalk S.A.
shares. The vesting will take place free of charge. Exercise of the vested rights by the participant will consist in the
subscription and/or acquisition of shares at a nominal price, which on the grant date was PLN 0.10 per share. The
entitlement to subscribe for and/or acquire shares in the Company does not give the right to dividends. Therefore
the expected dividend rate is 0. There are no other market conditions in the valuation of the rights to subscribe for
and/or acquire shares in the Program. However, the total cost of the Program and the corresponding increase in
equity should be determined at each balance sheet date, taking into account other non-market factors.
The expected price volatility was determined based on the annualized standard deviation of the stock return using
daily observations. The rate of return is an annual interest rate with continuous capitalization (continuous yearly
rate). Following IFRS 2, in estimating expected volatility, the Company considered:
(a) implied volatility from traded share options on the entity’s shares, or other traded instruments of the entity that
include option features, if any;
(b) the historical volatility of the share price over the most recent period that is generally commensurate with the
expected term of the option (taking into account the remaining contractual life of the option;
(c) the length of time the entity's shares have been publicly traded, i.e. since 20/07/2012, so the Company is not
considered a newly listed entity, and the historical volatility has been considered relatively stable over a more
extended period;
(d) appropriate and regular time frames for observed prices, which the Company believes are consistent from period
to period - the entity uses the closing price of each day of the week. The observed prices are expressed in the currency
where the exercise price is set, i.e. PLN.
The average annual percentage of forfeitures for vesting and/or acquisition of the Company's shares, based on
expectations of, for example, the number of employees and associates leaving the Company before the vesting date,
was assumed to be 0%. The Company periodically revises these estimates and updates them to actual forfeitures if
there are material variances.
The vesting of the Entitlements to the Company's employees and associates who joined the Incentive Scheme from
its launch until the balance sheet date of March 31, 2024 took place in four tranches.
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 table below shows the parameters adopted in the Entitlement pricing model for the first tranche of the Program.
Parameters adopted in the
valuation model
Tranche I
Tranche II
Tranche III
Tranche IV
Party of the transaction
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
DataWalk S.A.
Program valuation date
(Grant Date)
10/01/2022
01/01/2023
07/01/2023
02/10/2024
Valuation model
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
Black-Scholes-
Merton
The number of Entitlements
granted resulting from the
Participation Agreements
275 518 pcs.
118 710 pcs.
12 450 pcs.
42 300 pcs.
Stock Price
136,26 PLN
91,35 PLN
60,00 PLN
33,90 PLN
Exercise Price
0,10 PLN
0,10 PLN
0,10 PLN
0,10 PLN
Expected price volatility
4,16%
4,13%
3,56%
4,64%
Time to Maturity
5 years
5 years
5 years
5 years
Risk-free rate
7,14%
6,05%
5,45%
5,44%
Fair value
136,19 PLN
91,28 PLN
59,92 PLN
33,82 PLN
At a further stage of the Incentive Program, the authorized bodies may identify further Incentive Program
Participants and offer them a certain number of Entitlements within the limit set by the Resolution of the AGM, 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.
The recognition of the Program from January 1, 2024, to March 31, 2024
The following table shows the number of vesting Entitlements granted to the Company's shares as of March 31,
2024, by vesting conditions and degree of exercise.
Vesting conditions
Granted
rights
(in pcs.)
Degree of
fulfillment
of vesting
conditions
Number of
vested rights
(in pcs.)
Estimated
number of
vested rights
(in pcs.)
Remains
under
vesting
(in pcs.)
Vested rights
314 926
100%
314 926
0
Providing services until 06/30/2024
6 050
75%
4 545
1 505
Providing services until 12/31/2024
83 660
42%
35 144
48 516
Providing services until 06/30/2025
6 450
36%
2 321
4 129
Providing services until 12/31/2025
2 000
17%
335
1 665
Total
413 086
86%
314 926
42 345
55 815
The following table presents the number of Entitlements for which the acquisition conditions are estimated to have
been fulfilled. Therefore, the services are considered to have been rendered 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 01/01/2024
348 001
125,22
43 576
Estimated amount of vesting during the period
15 045
60,00
903
Number of forfeited rights during the period
-5 775
91,28
-527
Estimated number of vested rights as of 03/31/2024
357 271
123,02
43 952
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
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 - Share-based Payment
376
Equity
Net profit (loss) for the current year
376
Profit (loss) from previous years
43 576
Reserve capital
43 952
During the period covered by the report, there was no redemption or expiration of Entitlements. There were no
Entitlements exercised during the reporting period and no Exercisable Entitlements as of the balance sheet date of
March 31, 2024.
As of the balance sheet date and date of approval of these financial statements for publication, the Program
Entitlements were not exercisable because no Sale Transaction had occurred. In addition, the Group's Management
had not taken any actions, nor was it in possession of any information indicating a high probability of the occurrence
of events as a result of which, in the next 12 months, a Sale Transaction could be concluded, and thus the process of
executing the Program (issuing shares) could be initiated.
The following table shows the settlement of Program Entitlements by exercise status and their fair value as of
March 31, 2024.
Description
Number of
units
% of the
Program
Fair value
(in PLN)
Cost by
fair value
(in PLN thous.)
The maximum number of rights in
the Program, including:
430 000
100%
- Rights granted under the Participation
Agreements
448 978
104%
112,56
50 535
- Tranche of 10/01/2022 considering
the arrangements of 10/01/2022
275 518
64%
136,19
37 523
- Tranche as 01/01/2023
118 710
28%
91,28
10 836
- Tranche as 07/01/2023
12 450
3%
59,92
746
- Tranche as 02/01/2024
42 300
10%
33,82
1 431
- Number of forfeited rights
-35 892
-8%
99,13
-3 558
- Number of rights to be granted in
future periods
16 914
4%
Rights granted under the
Participation Agreements, including:
448 978
104%
112,56
50 535
- Vested rigths
314 926
73%
136,19
42 890
- Remaining in the process of vesting,
including:
98 160
23%
112,56
11 049
a) for which it is estimated that
vesting conditions have been met
42 345
10%
25,09
1 062
- Forfeited rights
35 892
8%
99,13
3 558
As of the balance sheet date of March 31, 2024, the incentive program remains in progress.
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
IMPAIRMENT TESTS
Information on estimates
IAS 36 requires an entity to assess at the end of each reporting period whether there is any indication that any of its
assets may be impaired. If any such indication exists, the entity shall estimate the asset's recoverable amount.
Irrespective of whether there is any indication of impairment, an entity shall also test an intangible asset with an
indefinite useful life or an intangible asset not yet available for use for impairment annually by comparing its
carrying amount with its recoverable amount.
The recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets. If this is the case, the recoverable amount is
determined for the cash-generating unit to which the asset belongs.
This impairment test may be performed at any time during an annual period, provided it is performed at the same
time every year. Different intangible assets may be tested for impairment at different times. However, if such an
intangible asset was initially recognized during the current annual period, that intangible asset shall be tested for
impairment before the end of the current annual period.
IAS 36 indicates that the test measures the recoverable amount of an asset. The recoverable amount of an asset or a
cash-generating unit is the higher of its fair value less costs of disposal and its value in use. The standard defines
value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating
unit. Under paragraph 6 of IAS 36, a cash-generating unit is the smallest identifiable group of assets that generates
cash inflows that are largely independent of the cash inflows from other assets or groups of assets. There is subjective
judgment involved in determining what constitutes a cash-generating unit. If it is impossible to determine a single
asset's recoverable amount, an entity identifies the smallest set of assets that generate largely independent cash
inflows.
Assessing indications of impairment and testing requires extensive estimates and professional judgment, particularly
related to estimating future cash flows from operations, the discount rate value, or costs of disposal.
Impairment of non-financial assets in relation to the cash-generating unit responsible for the creation and
development of the DataWalk platform and the sale of DataWalk software licenses
Because the dynamics of revenue and cost growth achieved in the first quarter of 2024 did not significantly deviate
from the assumptions adopted in the impairment test from 2023, the Management Board deemed that there were no
grounds for conducting an impairment test as of the balance sheet date of March 31, 2024.
Based on the prudent valuation principle, the Executive Board decided to make a revaluation allowance for the value
of assets allocated to the cash-generating unit (hereinafter "CGU") responsible for creating and developing the
DataWalk platform and selling DataWalk software licenses, which is part of the operational segment of DataWalk
S.A. As a result of the revaluation allowance, the carrying amount of the assets mentioned above, as of the March 31,
2024 balance sheet date, reflects the value obtained in last year's impairment test.
As a result of the impairment test conducted as of the balance sheet date of December 31, 2023, the Group estimated
that the recoverable amount of the CGU as of that date, as well as of the balance sheet date of March 31, 2024,
amounted to PLN 19 273 thousand. Therefore, the revaluation allowance for March 31, 2024, was determined at the
level of PLN 517 thousand and fully recognized in the statement of profit or loss under the item of other operating
costs. The recoverable amount of the CGU corresponds to its value in use.
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
The table below presents the amounts of the revaluation allowance made in the first quarter of 2024 by the allocated
asset groups (in thous. PLN).
Asset
Value tested as of
31.03.2024 before
recognition of
impairment allowance
during the period
Value of impairment
allowance recognized
during the period
Value tested as of
31.03.2024 after
recognition of
impairment allowance
during the period
Goodwill
0
0
0
Development work in progress
1 766
-46
1 720
Development work completed
17 885
-467
17 417
Fixed assets
40
-1
39
Right-of-use assets
99
-3
96
Total
19 790
-517
19 273
The impairment write-off was fully allocated to DataWalk S.A.'s operating segment.
The above operation is non-cash and does not affect the Issuer and the Group’s current financial situation.
MAJOR EVENTS THAT HAVE AN IMPACT ON THE DATAWALK GROUP'S
RESULTS IN THE REPORTING PERIOD
• On March 13, 2024, the Executive Board of DataWalk S.A. received information that the Company’s
subsidiary DataWalk Inc. had obtained a purchase order from the Northern California Regional Intelligence
Center („NCRIC”, „Customer”) for perpetual license sale of the DataWalk analytical platform. The Issuer
informed about the initial sale in report No. 9/2023 of June 29, 2023. This follow-on purchase by the current
client confirms the effectiveness of the commercialization model adopted by the Company and the value
of the DataWalk product to public safety authorities.
• On March 15, 2024, the Executive Board of DataWalk S.A. received information that the Company’s
subsidiary DataWalk Inc. has concluded an agreement with Barclays Execution Services Ltd („Barclays
Bank”), with headquarters in London, UK, for the license sale of the DataWalk analytical platform.
• On March 28, 2024, the Executive Board of DataWalk S.A. announced the conclusion of an annex to the
agreement between the Issuer and PKN Orlen S.A. based in Płock ("Client"), which the Company informed
about in current report No. 4/2020 dated February 14, 2020, and No. 21/2022 dated June 22, 2022. Based
on this annex, the Parties have extended the cooperation for another 3 years in maintaining and expanding
the DataWalk system implemented at the Client’s premises.
• On March 29, 2024, the Executive Board of DataWalk S.A. announced the conclusion of an agreement
between the Issuer and the Polish Bank Association based in Warsaw "ZBP", for the sale of a DataWalk
analytical platform license. This project involves the application of DataWalk software to support broad
analytical use, including anti-money laundering efforts.
• During the 3-month period ending March 31, 2024, no unusual events affected the Group's financial results.
• During the 3-month period ended March 31, 2024, there were no significant failures, particularly the loss
of key client(s), affecting the Group's financial results.
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
INFORMATION ON EVENTS OCCURRING AFTER THE END OF THE INTERIM
PERIOD THAT HAS NOT BEEN INCLUDED IN THE FINANCIAL STATEMENTS
FOR THE INTERIM PERIOD
After the end of the interim period, there were no material events that were not included in the financial statements
for the reported period.
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
• The growing importance of data processing, analysis and use (Big Data),
• The dynamic increase in the risks arising from cyber activities,
• Increase in the scale and quality of anti-money laundering and anti-avoidance activities,
• Automation of processes for analysing data sets,
• Increasing user-friendliness of dataset analysis tools.
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 | 38
COMPANY'S AUTHORITIES
The Executive Board
On March 31, 2024 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 3-month period ended March 31, 2024, the DataWalk S.A. Executive Board was as follows:
The Executive Board
Period of performing the function
Paweł Wieczyński
01/01/2024 – 03/31/2024
Krystian Piećko
01/01/2024 – 03/31/2024
Łukasz Socha
01/01/2024 – 03/31/2024
Source: Issuer.
The current Executive Board of the Issuer was appointed by the resolutions of the Supervisory Board of June 1,
2021 (except the resolution as mentioned above 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. Due to changes to the
Commercial Companies Code that came into force on October 13, 2022, the term mentioned above will end on
December 31, 2024. The mandates of the Executive Board members will expire by the date of the General Meeting
approving the Company's financial statements for 2024 (i.e., for the last financial year of holding function).
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 | 39
The Supervisory Board
On March 31, 2024, 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 3-month period ended March 31, 2024, the composition of the Issuer’s Supervisory Board of the
Company is as follows:
The Supervisory Board
Period of performing the function
Filip Paszke
01/01/2024 – 03/31/2024
Wojciech Dyszy
01/01/2024 – 03/31/2024
Roman Pudełko
01/01/2024 – 03/31/2024
Grzegorz Dymek
01/01/2024 – 03/31/2024
Ola Malm
01/01/2024 – 03/31/2024
Source: Issuer.
As of the date of this report, the composition of the Supervisory Board had not changed, with the proviso that on
March 26 2024, Mr Filip Paszke resigned as a member of the Company's Supervisory Board with effect from the
end of April 30 2024, as announced by the Issuer in current report No. 8/2023 of March 26 2024.
Concerning this resignation, the Supervisory Board of the Company, to ensure the continuity of the Supervisory
Board, co-opted a new member of the Supervisory Board by § 15 (9) of the Company's Articles of Association. - As
announced by the Issuer in current report No. 12/2024 on April 30, 2024.
According to § 15(11) of the Company's Articles of Association, the decision to co-opt a new member to the
Supervisory Board will be presented to the next General Meeting of Shareholders for approval.
As of the date of approval for publication of this report, i.e. May 14, 2024, the Issuer's Supervisory Board is
composed as follows:
• Mr. Piotr Bindas - Member 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.
The Issuer's current Supervisory Board was appointed for a joint 3-year term, which began on July 1, 2021. Due to
changes to the Commercial Companies Code that came into force on October 13, 2022, the term mentioned above
will end on December 31, 2024. The mandates of the Supervisory Board members will expire by the date of the
General Meeting approving the Company's financial statements for 2024 (i.e., for the last financial year of holding
function).
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
DESCRIPTION OF THE ORGANISATION OF THE DATAWALK CAPITAL GROUP
AND CONSOLIDATED ENTITIES
DataWalk S.A.
Basic information about the Issuer.
Name of the parent entity:
DataWalk S.A.
Country of residence:
Poland
Legal form:
Joint stock company
Law:
Polish law, in accordance with the Code of Commercial
Companies ("CCC")
Register address:
Rzeźnicza 32-33, 50-130 Wrocław
Phone:
+48 71 707 21 74
Fax:
+48 71 707 22 73
E-mail:
biuro@datawalk.com
www:
www.datawalk.com
Tax identification number (NIP):
894-303-43-18
Statistical identification number (REGON):
21737247
Company registration number (KRS):
0000405409
Source: Issuer.
The role of the Issuer in the Group is to conduct research and development activities, including the development of
the DataWalk analytical platform used for analysing enormous datasets from various sources. Concurrently, the
Issuer carries out marketing and sales activities in the EMEA and Asia regions and manages the Group.
The company operates in the "global vendor of products" model, focusing on the development and sale of enterprise
IT class products, i.e. globally competitive, specialized software for specific applications. The business model
adopted by the Company is characterized by high scalability, translating into potentially high margin. This is possible
due to the low participation of services provided individually for every client, both at the pre-implementation stage
and after implementation (service).
DataWalk S.A. has been established for an indefinite period of time. The company has no branches.
DataWalk Spółka Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 513.298,80 zł w całości wpłacony
Page | 41
DataWalk Inc.
Basic information about an entity related by capital with the Issuer as at 03/31/2024.
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:
57 188 thous. PLN
Revaluation adjustments:
-57 188 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.'s role in the Group is to conduct sales and implementation activities related to the DataWalk platform,
particularly in the United States and the rest of the Americas.
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 | 42
Overview of the DataWalk Capital Group
DataWalk organizational structure of the Group as at March 31, 2024 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 3-month period ended March 31, 2024 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 | 43
THE SHAREHOLDING STRUCTURE OF THE DATAWALK S.A.
Shareholder structure as at May 14, 2024 (share in the total number of votes)
Source: Issuer.
As of this report's publication date, i.e. May 14, 2024, 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
400 043
400 043
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
3 253 799
3 253 799
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. 20/2023 of November 14, 2023.
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 | 44
Shareholder structure as at April 10, 2024 (share in the total number of votes)
Source: Issuer.
As at April 10, 2024, 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
400 043
400 043
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
3 253 799
3 253 799
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. 20/2023 of November 14, 2023.
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 | 45
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 May 14, 2024.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
57 251
5 725,10
Krystian Piećko*
Member of the Executive Board
57 471
5 747,10
Łukasz Socha
Member of the Executive Board
525
52,50
Piotr Bindas
Member of the Supervisory Board
4 090
409,00
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 May 14, 2024" and "Shareholder
structure as at April 10, 2024".
Ownership of conditional entitlements to subscribe or purchase DataWalk S.A. shares under the incentive program
by managers and supervisors as at the date of approval for publication of this report, i.e. May 14, 2024.
Shareholder
Position
Number of shares
Łukasz Socha
Member of the Executive Board
8 400
Source: Issuer.
The table below presents ownership of shares DataWalk SA by managers and supervisors at April 10, 2024.
Shareholder
Position
Number of shares
Nominal value of shares
(in PLN)
Paweł Wieczyński*
President of the Executive Board
57 251
5 725,10
Krystian Piećko*
Member of the Executive Board
57 471
5 747,10
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 April 10, 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 | 46
Ownership of conditional entitlements to subscribe or purchase DataWalk S.A. shares under the incentive program
by managers and supervisors as at the date of approval for publication of this report, i.e. April 10, 2024.
Shareholder
Position
Number of shares
Łukasz Socha
Member of the Executive Board
8 400
Source: Issuer.
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 ANNUAL FINANCIAL
STATEMENT
for the year ended 31
st
December 2023
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
03/31/2024
12/31/2023
A.
Non-current assets
20 068
20 267
I.
Fixed assets
196
277
II.
Goodwill
0
0
III.
Intangible assets
19 137
19 111
IV.
Right-of-use assets
478
572
V.
Long-term receivables
152
152
VI.
Long-term prepayments
105
154
VII.
Deferred tax assets
0
0
B.
Current assets
13 944
21 258
I.
Contract assets
822
496
II.
Trade receivables
6 469
7 797
III.
Income tax receivables
0
0
IV.
Other receivables
1 705
1 762
V.
Financial assets
0
94
VI.
Prepayments
499
663
VII.
Cash and cash equivalents
4 449
10 446
TOTAL ASSETS
34 012
41 524
EQUITY AND LIABILITIES
03/31/2024
12/31/2023
A.
Equity
25 213
31 210
I.
Share capital
513
513
II.
Share premium
171 968
171 968
III.
Other capitals
9 965
9 965
IV.
Profit loss from previous years
-194 812
-138 616
V.
Net profit (loss) for the current year
-6 373
-56 196
VI.
Reserve capital
43 952
43 576
B.
Long-term liabilities
19
33
I.
Deferred tax liabilities
0
0
II.
Lease liabilities
19
33
C.
Short-term liabilities
8 781
10 282
I.
Trade liabilities
2 404
4 385
II.
Income tax liabilities
0
0
III.
Lease liabilities
533
604
IV.
Incentive program liabilities
1 700
749
V.
Other liabilities
447
570
VI.
Other provisions
1 332
1 172
VII.
Contract liabilities
2 365
2 801
TOTAL EQUITY AND LIABILITIES
34 012
41 524
DataWalk Spółka Akcyjna
ul. Rzeźnicza 32-33
50-130 Wrocław
KRS: 0000405409, NIP: 894 303 43 18, REGON: 021737247
Sąd rejestrowy: Sąd Rejonowy dla Wrocławia- Fabrycznej we Wrocławiu
VI Wydział Gospodarczy KRS Kapitał zakładowy: 513.298,80 zł w całości wpłacony
Page | 49
NET ASSET VALUE PER SHARE
03/31/2024
12/31/2023
Net asset value
25 213
31 210
Number of shares (pcs.)
5 132 988
5 132 988
Net asset value per share (in PLN)
4,91
6,08
Diluted number of shares (pcs.)
5 490 259
5 480 989
Diluted net asset value per share (in PLN)
4,59
5,69
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 March 31, 2023 amounted to 5 490 259, including 357 271 shares
under the incentive program.
The diluted number of shares in the Company on December 31, 2023 amounted to 5 480 989, including 348 001
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
01/01/2024-
03/31/2024
01/01/2023-
03/31/2023
Continuing operations
A.
Revenues
5 164
2 335
B.
Operating costs
10 734
12 642
Materials and energy
33
85
Employee benefits
1 070
1 567
Employee benefits - Share-based Payment
1 326
3 179
Amortization and depreciation
1 021
1 132
External services
7 172
6 443
Other costs
112
238
C.
Profit/Loss on sales
-5 570
-10 307
Other operating income
136
259
Other operating costs
554
6
Loss (profit) from expected credit losses
448
-267
D.
Operating profit (loss)
-6 436
-9 787
Financial income
76
593
Financial costs
12
5 275
E.
Pre-tax profit (loss)
-6 373
-14 469
Income tax
0
-486
F.
Net profit (loss) from continuing operations
-6 373
-13 983
Discontinued operations
Profit (loss) from discontinued operations
0
0
G.
Net profit (loss)
-6 373
-13 983
STATEMENT OF COMPREHENSIVE INCOME
01/01/2024-
03/31/2024
01/01/2023-
03/31/2023
Net profit (loss)
-6 373
-13 983
Other comprehensive income
0
0
1.
Items that will not be reclassified to profit or loss
0
0
2.
Items that will be reclassified to profit or loss
0
0
Total comprehensive income
-6 373
-13 983
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:
01/01/2024-
03/31/2024
01/01/2023-
03/31/2023
Continuing operations
Number of shares (pcs.)
5 132 988
5 132 988
Profit (loss) per share (in PLN)
-1,24
-2,72
Diluted number of shares (pcs.)
5 490 259
5 395 934
Diluted profit (loss) per share (in PLN)
-1,16
-2,59
Discontinued operations
Number of shares (pcs.)
5 132 988
5 132 988
Profit (loss) per share (in PLN)
0
0
Diluted number of shares (pcs.)
5 490 259
5 395 934
Diluted profit (loss) per share (in PLN)
0
0
Continuing and discontinued operations
Number of shares (pcs.)
5 132 988
5 132 988
Profit (loss) per share (in PLN)
-1,24
-2,72
Diluted number of shares (pcs.)
5 490 259
5 395 934
Diluted profit (loss) per share (in PLN)
-1,16
-2,59
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 weighted average number of DataWalk S.A. shares in the first quarter of 2024 and the
first quarter of 2023 was 5 132 988.
The weighted average diluted number of shares of the Company in the first quarter of 2024 amounted to 5 490 259,
including 357 271 shares under the incentive program.
The weighted average diluted number of shares of the Company in the first quarter of 2023 amounted to 5 395 934,
including 262 946 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 | 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 01/01/2024
513
171 968
9 965
43 576
-138 616
-56 196
31 210
Equity increase (decrease)
0
0
0
375
-56 196
49 823
-5 998
Total comprehensive income, including:
0
0
0
0
0
-6 373
-6 373
- net profit (loss)
0
0
0
0
0
-6 373
-6 373
Share capital increase
0
0
0
0
0
0
0
Distribution of profit (loss) for previous
year
0
0
0
0
-56 196
56 196
0
Changes in equity resulting from IFRS 2
0
0
0
375
0
0
375
Balance as at 03/31/2024
513
171 968
9 965
43 952
-194 812
-6 373
25 213
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 01/01/2023
513
171 968
9 965
31 653
-76 644
-61 972
75 483
Equity increase (decrease)
0
0
0
3 224
-61 972
47 989
-10 759
Total comprehensive income, including:
0
0
0
0
0
-13 983
-13 983
- net profit (loss)
0
0
0
0
0
-13 983
-13 983
Share capital increase
0
0
0
0
0
0
0
Distribution of profit (loss) for previous
year
0
0
0
0
-61 972
61 972
0
Changes in equity resulting from IFRS 2
0
0
0
3 224
0
0
3 224
Balance as at 03/31/2023
513
171 968
9 965
34 877
-138 616
-13 983
64 724
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
Strona | 53
Standalone Cash Flow Statement (in thousands of PLN)
CASH FLOW STATEMENT
01/01/2024 –
03/31/2024
01/01/2023 –
03/31/2023
Cash flows from operating activities
Net profit (loss)
-6 373
-13 983
Adjustments, including:
1 629
12 566
- amortization and depreciation
1 021
1 132
- foreign exchange gains (losses)
98
-6
- interest expenses
12
26
- income from interest and dividends
-183
-1 073
- profit (loss) on investing activities
-6
-37
- impairment allowance for investments in subsidiaries
0
5 249
- impairment of assets
517
0
- share-based payment (equity-settled)
376
3 224
- share-based payment (cash-settled)
951
-45
- change in receivables
1 386
6 783
- change in receivables - conversion to equity
0
-802
- change in provisions
160
-53
- change in liabilities other than incentive program
-2 104
-1 020
- change in prepayments
213
-328
- change in contract assets and contract liabilities
-764
-484
- other adjustments
-48
0
Net cash generated (used) in operating activities
-4 744
-1 417
Cash flows from investing activities
Purchase of intangible assets
1 343
3 680
Purchase of property, plant and equipment
0
0
Purchase of subsidiaries shares, net of cash
0
4 447
Proceeds from sale of property, plant and equipment
43
40
Inflows from bank deposits (over 3 months)
90
0
Proceeds from governmental subsidies
48
0
Interest received
187
1 073
Net cash generated (used) in investing activities
-975
-7 015
Cash flows from financing activities
Proceeds from issue of share capital
0
0
Payment of finance lease liabilities
168
141
Interest paid
12
26
Net cash generated (used) in financing activities
-180
-167
Total net cash flows
-5 899
-8 599
Opening balance of cash
10 446
52 274
Change in cash due to foreign currency translation
-98
6
Change in cash balance, net
-5 997
-8 593
Closing balance of cash
4 449
43 681
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
Strona | 54
CHANGES IN ACCOUNTING POLICIES USED
The accounting policies used to prepare the annual standalone and consolidated financial statements are consistent
with those used to prepare the Company’s and the Group’s annual financial reports for 2023.
………………………………………
………………………………………
………………………………………
Paweł Wieczyński
Krystian Piećko
Łukasz Socha
Chairman of the Board
Member of the Board
Member of the Board
Wroclaw, May 14, 2024
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
