COLT CZ GROUP SE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE-MONTHS PERIOD ENDED 31 MARCH 2024
(unaudited)
Name of the company: | Colt CZ Group SE |
Registered office: | náměstí Republiky 2090/3a, Nové Město, 110 00 Prague 1, Czech |
Republic | |
Legal form: | European Company |
Id. no.: | 291 51 961 |
Components of the condensed consolidated interim financial statements:Consolidated statement of profit and loss and other comprehensive income Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to condensed consolidated interim financial statements
These condensed consolidated interim financial statements were prepared and approved on 22 May 2024.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH
Note | 31 Mar 2024 | 31 Mar 2023 | |
Revenues from the sale of own products, | CZK '000 | CZK '000 | |
9 | 3,667,086 | 3,012,556 | |
goods and services | |||
Other operating income | 13,970 | 20,368 | |
Change in inventories developed internally | 13,296 | 335,838 | |
Own work capitalized | 50,647 | 41,402 | |
Raw materials and consumables used | -1,898,421 | -1,560,669 | |
Services | -492,223 | -380,581 | |
Personnel costs | -896,012 | -762,542 | |
Depreciation and amortization | -199,890 | -187,554 | |
Other operating expenses | -64,203 | -69,117 | |
Allowances | 26,573 | -38,163 | |
Operating profit | 220,823 | 411,538 | |
Interest income | 10.1 | 391,945 | 363,043 |
Interest expense | 10.1 | -350,472 | -235,250 |
Other financial income | 10.1 | 126,843 | 86,110 |
Other financial expenses | 10.1 | -17,494 | -145,436 |
Gains or losses from derivative transactions | 10.1 | 2,343 | 253,452 |
Share in the profit of associates after tax | 635 | 1,200 | |
Profit before tax | 374,623 | 734,657 | |
Income tax | 10.2 | -71,360 | -146,838 |
Profit for the period | 303,263 | 587,819 |
Items that may be subsequently reclassified to the statement of profit or loss
Cash flow hedges - remeasurement of effective portion of hedging instruments
Foreign currency translation of foreign operations
-248,99440,338
73,169-4,474
Other comprehensive income | -175,825 | 35,864 | |
Comprehensive income for the period | |||
127,438 | 623,683 | ||
Profit for the period attributable to: | |||
Owner of the parent company | 303,263 | 587,819 | |
Comprehensive income for the period | |||
attributable to: | |||
Owner of the parent company | 127,438 | 623,683 | |
Net earnings per share attributable to the | |||
owner of the parent company (CZK per share) | |||
Basic | 22 | 8 | 17 |
Diluted | 22 | 6 | 17 |
Notes are an integral part of these consolidated interim financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH | 31 Mar 2024 | 31 Dec 2023 | ||
ASSETS | Note | CZK '000 | CZK '000 | |
Non-current assets | ||||
Intangible assets | 11 | 3,466,466 | 3,413,881 | |
Goodwill | 9 | 2,609,325 | 2,547,480 | |
Property, plant and equipment | 12 | 4,289,614 | 4,281,449 | |
Advance for acquisition of financial investment | 2,692,051 | 2,690,040 | ||
Equity-accounted securities and investments | 18 | 45,207 | 40,795 | |
Financial derivatives | 19 | 618,803 | 1,013,168 | |
Provided loans | 18,979 | - | ||
Trade and other receivables | 30,331 | 61,891 | ||
Other receivables | 2,576 | 2,556 | ||
Deferred tax assets | 9,097 | 21,245 | ||
Total non-current assets | 13,782,449 | 14,072,505 | ||
Current assets | ||||
Inventories | 13 | 5,570,854 | 5,298,077 | |
Trade and other receivables | 1,992,092 | 1,774,947 | ||
Provided loans | 183 | - | ||
Other financial assets | - | 908,580 | ||
Financial derivatives | 19 | 144,541 | 149,047 | |
Other receivables | 468,945 | 351,165 | ||
Tax receivables | 145,071 | 93,751 | ||
Cash and cash equivalents | 3,582,974 | 3,328,684 | ||
Total current assets | 11,904,660 | 11,904,251 | ||
Total assets | 25,687,109 | 25,976,756 | ||
EQUITY AND LIABILITIES | ||||
Capital and reserves | ||||
Registered capital | 3,516 | 3,516 | ||
Share premium | 1,942,818 | 1,942,818 | ||
Capital funds | 1,641,512 | 1,641,512 | ||
Cash flow hedge reserve | 350,822 | 599,816 | ||
Foreign exchange translation reserve | -69,519 | -142,688 | ||
Accumulated profits | 5,595,819 | 5,229,872 | ||
Equity attributable to the owner of the Company | 9,464,968 | 9,274,846 | ||
Non-controlling interests | - | - | ||
Total equity | 9,464,968 | 9,274,846 | ||
Non-current liabilities | ||||
Bonds, bank loans and borrowings | 17 | 9,031,023 | 9,040,540 | |
Financial derivatives | 19 | 227,025 | 244,169 | |
Lease liabilities | 56,439 | 62,052 | ||
Trade and other payables | 49,542 | 42,022 | ||
Other payables | 10,723 | 14,569 | ||
Provisions | 14 | 79,865 | 76,188 | |
Deferred tax liability | 674,817 | 722,783 | ||
Employee benefit liabilities | 16 | 251,178 | 255,721 | |
Total non-current liabilities | 10,380,612 | 10,458,044 | ||
Current liabilities | ||||
Bonds, bank loans and borrowings | 17 | 2,489,675 | 2,573,744 | |
Financial derivatives | 19 | 20,874 | 11,038 | |
Lease liabilities | 25,196 | 25,619 | ||
Other financial liabilities | 19 | 45,986 | 44,580 | |
Trade and other payables | 1,445,510 | 1,746,796 | ||
Other payables | 1,665,687 | 1,655,094 | ||
Provisions | 14 | 36,539 | 30,084 | |
Tax liabilities | 96,590 | 142,084 | ||
Employee benefit liabilities | 16 | 15,472 | 14,827 | |
Total current liabilities | 5,841,529 | 6,243,866 | ||
Total liabilities | 16,222,141 | 16,701,910 | ||
Total equity and liabilities | 25,687,109 | 25,976,756 |
Notes are an integral part of these consolidated interim financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE-MONTHS ENDED 31 MARCH
Cash flow | Foreign | Equity | |||||||
Share | Capital | Accumulated | attributable to | Non- | |||||
Share | hedge | exchange | |||||||
CZK '000 | the owner of | controlling | Total equity | ||||||
capital | premium | funds | reserve | translation | profits | ||||
the parent | interests | ||||||||
reserve | |||||||||
company | |||||||||
Balance at 31 December | 3,410 | 1,366,386 | 1,641,512 | 1,068,214 | -326,433 | 3,928,282 | 7,681,371 | - | 7,681,371 |
2022 | |||||||||
Profit for the period | - | - | - | - | - | 2,042,538 | 2,042,538 | - | 2,042,538 |
Other comprehensive | - | - | - | -468,398 | 183,745 | - | -284,653 | - | -284,653 |
income | |||||||||
Total comprehensive | - | - | - | -468,398 | 183,745 | 2,042,538 | 1,757,885 | - | 1,757,885 |
income for the period | |||||||||
Dividends | - | - | - | - | - | -1,034,016 | -1,034,016 | - | -1,034,016 |
Issue of shares | 106 | 576,432 | - | - | - | - | 576,538 | - | 576,538 |
Share-based payments | - | - | - | - | - | 293,068 | 293,068 | - | 293,068 |
Balance at 31 December | 3,516 | 1,942,818 | 1,641,512 | 599,816 | -142,688 | 5,229,872 | 9,274,846 | - | 9,274,846 |
2023 | |||||||||
Profit for the period | - | - | - | - | - | 303,263 | 303,263 | - | 303,263 |
Other comprehensive | - | - | - | -248,994 | 73,169 | - | -175,825 | - | -175,825 |
income | |||||||||
Total comprehensive | - | - | - | -248,994 | 73,169 | 303,263 | 127,438 | - | 127,438 |
income for the period | |||||||||
Dividends | - | - | - | - | - | - | - | - | - |
Issue of shares | - | - | - | - | - | - | - | - | - |
Share-based payments | - | - | - | - | - | 62,684 | 62,684 | - | 62,684 |
Balance at 31 March | 3,516 | 1,942,818 | 1,641,512 | 350,822 | -69,519 | 5,595,819 | 9,464,968 | - | 9,464,968 |
2024 | |||||||||
Notes are an integral part of these consolidated interim financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE-MONTHS ENDED 31 MARCH
Equity | |||||||||
Cash flow | Foreign | attributable | Non- | ||||||
Share | Share | Capital | hedge | Accumulated | to the owner | ||||
CZK '000 | exchange | controlling | Total equity | ||||||
capital | premium | funds | reserve | profits | of the | ||||
translation | interests | ||||||||
parent | |||||||||
reserve | |||||||||
company | |||||||||
Balance at 31 December | 3,410 | 1,366,386 | 1,641,512 | 1,068,214 | -326,433 | 3,928,282 | 7,681,371 | - | 7,681,371 |
2022 | |||||||||
Profit for the period | - | - | - | - | - | 587,819 | 587,819 | - | 587,819 |
Other comprehensive | - | - | - | 40,338 | -4,474 | - | 35,864 | - | 35,864 |
income | |||||||||
Total comprehensive | - | - | - | 40,338 | -4,474 | 587,819 | 623,683 | - | 623,683 |
income for the period | |||||||||
Share-based payments | - | - | - | - | - | 77,596 | 77,596 | - | 77,596 |
Balance at 31 March | 3,410 | 1,366,386 | 1,641,512 | 1,108,552 | -330,907 | 4,593,697 | 8,382,650 | - | 8,382,650 |
2023 | |||||||||
Notes are an integral part of these consolidated interim financial statements.
CONSOLIDATED CASH FLOW STATEMENT FOR THE THREE-MONTHS ENDED 31 MARCH 2024
Note | 31 Mar 2024 | 31 Mar 2023 | ||
Cash flows from principal economic activity (operating | CZK '000 | CZK '000 | ||
activity) | ||||
Profit from ordinary activity before tax | 374,623 | 734,657 | ||
Depreciation/amortization of non-current assets | 11, 12 | |||
199,890 | 187,554 | |||
Change in allowances and provisions | 13,14 | -15,914 | 40,233 | |
Profit from the sale of non-current assets | -376 | - | ||
Interest expense and interest income | -41,473 | -127,793 | ||
Share in the profit of associates | 18 | -635 | -1,200 | |
Unrealized foreign exchange gain and losses | -157,065 | 278,635 | ||
Contingent consideration - remeasurement | 19 | - | 41,284 | |
Other financial assets - remeasurement | -113,402 | -86,110 | ||
Cash flow hedging - remeasurement of the effective | -248,994 | 40,338 | ||
portion of hedging instruments | ||||
Share-based payments | 15 | 62,684 | 77,596 | |
Adjustments for other non-cash transactions | 10.1 | 7,505 | 220 | |
Net operation cash flows before changes in working | 66,843 | 1,185,414 | ||
capital | ||||
Change in working capital | ||||
Change in receivables and deferrals | 37,398 | -377,115 | ||
Change in liabilities and accruals | -317,599 | -90,447 | ||
Change in inventories | 13 | -142,325 | -658,053 | |
Net cash flow from operating activities | -355,683 | 59,799 | ||
Paid interest | 10 | -488,415 | -398,070 | |
Interest received | 10 | 460,017 | 432,635 | |
Income tax paid for ordinary activity | 10.2 | -171,269 | -56,434 | |
Net cash flow from operating activities | -555,350 | 37,930 | ||
Cash flows from investing activities | ||||
Acquisition of non-current assets | 11, 12 | -183,073 | -153,891 | |
Proceeds from the sale of non-current assets | 376 | - | ||
Advance for acquisitions of financial investment | -2,011 | - | ||
Acquisition of equity-accounted securities and | -3,777 | - | ||
investments | ||||
Proceeds from sale of other financial assets | 1,021,982 | - | ||
Provided loans | 18,979 | 7,700 | ||
Net cash flow from investing activities | 814,518 | -146,191 | ||
Cash flows from financing activities | ||||
Proceeds from drawdown of loans | 17 | 11,613 | 2,956 | |
Repayment of loans | 17 | -34,335 | -1,560 | |
Repayment of leases | -8,778 | - | ||
Net cash flow from financing activities | -31,500 | 1,396 | ||
Net change in cash and cash equivalents | 227,668 | -106,865 | ||
Opening balance of cash and cash equivalents | 3,328,684 | 2,825,781 | ||
Effect of exchange rate on cash and cash equivalents | 26,622 | -37,229 | ||
Closing balance of cash and cash equivalents | 3,582,974 | 2,681,687 |
Notes are an integral part of these consolidated interim financial statements.
COLT CZ GROUP SE
Condensed consolidated interim financial statements for the period of
three-months from 1 January to 31 March 2024 prepared in accordance with
IFRS Accounting Standards as adopted by the European Union
(unaudited)
CONTENTS | ||
1. | PARENT COMPANY | 9 |
2. | GROUP DESCRIPTION | 10 |
3. | SIGNIFICANT EVENTS IN THE CURRENT REPORTING PERIOD | 12 |
4. | BASIC PRINCIPLES FOR PREPARATION OF THE INTERIM REPORT | 12 |
5. | SIGNIFICANT ACCOUNTING POLICIES | 13 |
6. | ESTIMATES AND SOURCES OF UNCERTAINTY | 13 |
7. | FINANCIAL RISK MANAGEMENT | 13 |
8. | ACQUISITION OF SELLIER & BELLOT | 13 |
9. | INFORMATION ABOUT SEGMENTS AND REVENUES | 14 |
10. | PROFIT AND LOSS INFORMATION | 15 |
11. | INTANGIBLE ASSETS | 17 |
12. | PROPERTY, PLANT AND EQUIPMENT | 19 |
13. | INVENTORIES | 20 |
14. | CURRENT AND NON-CURRENT PROVISIONS | 20 |
15. | SHARE-BASED PAYMENT ARRANGEMENTS | 21 |
16. | EMPLOYEE BENEFIT LIABILITIES | 22 |
17. | BONDS, BANK LOANS AND BORROWINGS | 22 |
18. | EQUITY-ACCOUNTED SECURITIES AND INVESTMENTS | 22 |
19. | FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE | 23 |
20. | PROFIT DISTRIBUTION | 24 |
21. | TRANSACTIONS WITH RELATED PARTIES | 25 |
22. | NET EARNINGS PER SHARE | 26 |
23. | CONTINGENT LIABILITIES | 27 |
24. | SUBSEQUENT EVENTS | 27 |
1. PARENT COMPANY
Colt CZ Group SE (the "Consolidating Entity" or the "Company") is a European company recorded in the Register of Companies held by the Municipal Court in Prague on 10 January 2013, having its registered office at náměstí Republiky 2090/3a Nové Město, 110 00 Prague 1, Czech Republic, corporate ID No. 291 51 961. Company together with its subsidiaries, is one of the world's leading manufacturers of firearms, tactical accessories and ammunition for military and law enforcement, personal defense, hunting, sport shooting and other commercial use. Its products are marketed and sold mainly under the Colt, CZ (Česká zbrojovka), Colt Canada, CZ-USA, Dan Wesson, Spuhr, swissAA and 4M Systems brands.
The following table shows individuals and legal entities with an equity interest greater than 10 percent:
Shareholder | Ownership percentage as at | |
31 Mar 2024 | 31 Dec 2023 | |
Česká zbrojovka Partners SE | 75.40% | 75.40% |
Since 2017, the majority owner of the Company has been Česká zbrojovka Partners, SE, based at Opletalova 1284/37, Nové Město, 110 00 Prague 1, Czech Republic.
The Consolidating Entity and consolidated entities are part of a larger consolidation group of the ultimate parent company European Holding Company, SE, based at Opletalova 1284/37, Nové Město, 110 00 Prague 1, Czech Republic. The ultimate owner of the Company is Mr. René Holeček.
Members of the Board of Directors and Supervisory Board as at the balance sheet date:
Board of Directors
Chair: | Jan Drahota |
Vice-chair: | Josef Adam |
Member: | Jan Holeček |
Member: | Dennis Veilleux |
Member: | Jan Zajíc |
Supervisory Board | |
Chair: | David Aguilar |
Vice-chair: | René Holeček |
Vice-chair: | Lubomír Kovařík |
Member: | Jana Růžičková |
Member: | Vladimír Dlouhý |
The consolidation group (the "Group") comprises the Company and the consolidated entities of the Group (subsidiaries). The consolidation group includes the Company and entities controlled by the Company.
All amounts in these financial statements and the related notes are reported in thousands of Czech crowns (CZK '000), which is also the functional currency.
9
2. GROUP DESCRIPTION
Place of foundation | Consolidat | Share in voting rights held by the |
Company name Principal activity and business | ion | |
Group | ||
operation | method | |
31 Mar 2024 31 Dec 2023 31 Mar 2023 |
Production, | ||
Česká zbrojovka | purchase and | Uherský Brod, Czech |
a.s. | sale of firearms | Republic |
and ammunition | ||
Česká zbrojovka | Production, | |
a.s. | purchase and | Regensburg, |
Niederlassung | sale of firearms | Germany |
Deutschland | and ammunition | |
Latin America | Holding company | Uherský Brod, Czech |
Holding, a.s. | Republic | |
ZBROJOVKA | Purchase and | |
sale of firearms | Brno, Czech Republic | |
BRNO, s.r.o. | ||
and ammunition | ||
Production, | ||
CZ - Slovensko | purchase and | Bratislava, Slovakia |
s.r.o. | sale of firearms | |
Colt CZ Group | and ammunition | |
North America, | Holding company | Kansas City, USA |
Inc. | Purchase and | |
CZ-USA | sale of firearms | Kansas City, USA |
and ammunition | ||
Production, | ||
Colt Holding | purchase and | West Hartford, |
Company LLC** | sale of firearms | Connecticut, USA |
and ammunition |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | - | - | 100% |
CDH II Holdco
Inc**
Colt Defence
LLC**
New Colt
Holding Corp.**
Colt´s
Manufacturing
Company LLC
Holding company West Hartford, Connecticut, USA
Holding company West Hartford, Connecticut, USA
Holding company West Hartford, Connecticut, USA
Production, | |
purchase and | West Hartford, |
sale of firearms | Connecticut, USA |
and ammunition |
Full | - | - | 100% |
Full | - | - | 100% |
Full | - | - | 100% |
Full | 100% | 100% | 100% |
Manufacturing IP | Holds, maintains, | West Hartford, |
Holding | and licenses Colt | |
Connecticut, USA | ||
Company LLC** | USA trademarks | |
Purchase and | ||
Four Horses | sale of clothing | West Hartford, |
Apparel, Inc. | and fashion | Connecticut, USA |
accessories | ||
Production, | ||
Colt Canada | purchase and | Kitchener, Ontario, |
Corporation | sale of firearms | Canada |
Colt | and ammunition | |
International | Holding company | Amsterdam, |
Cooperatief U.A. | Netherlande | |
** | ||
Colt CZ | Purchase and | Uherský Brod, Czech |
Defence | sale of firearms | |
Republic | ||
Solutions, s.r.o. | and ammunition | |
Prague, Czech | ||
EHC-4M, SE | Holding company | |
Republic | ||
4M SYSTEMS a.s. | Trade with | Prague, Czech |
military material | Republic | |
Colt CZ Group | Prague, Czech | |
International | Holding company | |
Republic | ||
s.r.o. |
Full | - | - | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | - | - | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
Full | 100% | 100% | 100% |
10
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Colt CZ Group SE published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 05:12:06 UTC.
