Sfinks Polska recorded PLN 14.3 million in standalone net profit in the first half of 2022 with PLN 45.8 million of sales revenues, the company announced, presenting preliminary data taking into account the impact of the arrangement with creditors concluded as part of the simplified restructuring procedure (UPR). The total impact of UPR on the results was determined at + PLN 26.3 million.
Gross profit on sales in the first half of br. PLN 11.9 million, was also announced.
“The arrangement with creditors, which we handled very efficiently in the first quarter of 2021, became final only in the second quarter of this year, hence the settlement of its impact on the company’s financial position takes place in this period. It applies to both the company’s financial results and balance sheet. key, the arrangement stabilizes the business and liquidity situation in the company,” said the president of Sfinks Polska, Sylwester Cacek.
As a result of the settlement, UPR Sfinks redeemed the balance sheet liabilities in the amount of PLN 22.2 million, which was included in other operating income. Financial revenues include the amortization of interest, side liabilities and the effect of the discount due to the extension of maturity dates for trade and other liabilities in the total amount of PLN 6.1 million. After reducing these values by the VAT relating to the redeemed liabilities and deferred tax on settlement of the arrangement, the total impact of UPR on the company’s net result was estimated at PLN 26.3 million and it was increased by this amount, indicated in the announcement.
At the same time, the structure of the company’s liabilities improved. The bank loan and the loan for restructuring in the total amount of PLN 75.9 million, previously included in short-term liabilities, have been reclassified to long-term liabilities. The value of the liabilities covered by the UPR was also reduced by PLN 28.3 million, it was also reported.
H1 results published by Sfinks Polska 2022 are preliminary. The final financial results for this period will be released to the market on September 30, after being reviewed by a certified auditor.
In terms of sales volume and the number of restaurants, Sfinks is the largest casual dining chain in Poland. Sfinks Polska is also the third largest gastronomic company in Poland in terms of revenues.
Source: Sfinks Polska and ISBnews
Photo: Sfinks Polska
