REG - Substrate Artificial Substrate AI-Class B - Annual Results
30/04/2024 08:15
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RNS Number : 5664M Substrate Artificial Inteligence,SA 30 April 2024
30 April 2024
SUBSTRATE ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA
("Substrate AI" or the "Company")
Annual Results
Substrate AI (AQUIS: SAI/SAI.B) announces its audited consolidated financial
statements for the year ended December 31, 2023. A copy of the financial
results will be uploaded to the company's website:
https://substrate.ai/en/informacion-financiera/
(https://substrate.ai/en/informacion-financiera/)
The Directors of the Company accept responsibility for the contents of the
announcement.
This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except as
required by law.
For further information, please contact:
Substrate AI
Lorenzo Serratosa info@substrate.ai (mailto:info@substrate.ai)
Chairman
First Sentinel Corporate Finance
Brian Stockbridge +44 (0) 7858 888 007
About Substrate AI: Substrate AI is an artificial intelligence company based
in Spain that creates, buys and scales companies around AI in diverse
sectors such as fintech, agritech, energy, human resources, or health. All of
them sell products and services built on the bio-inspired reinforced learning
technology developed and patented by Substrate AI.
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
Consolidated Statement of Financial Position as of 31/12/2023
(Expressed in euros)
ASSETS Notes 31.12.2023 31.12.2022 01.01.2022
NON-CURRENT ASSETS 34,393,169 20,529,104 30,865,734
Intangible assets 30,646,626 18,699,210 29,460,938
Goodwill 4 , 6 22,534,076 16,333,464 28,204,523
Other intangible fixed assets 6 8,112,550 2,365,746 1,256,415
Property, plant and equipment 7 235,379 141,287 116,900
Land & Buildings 3,888 4,309 5,409
Technical Installations & Other Property, Plant & Equipment 231,491 128,707 94,257
Fixed assets under construction and advances - 8,271 17,234
Right of use 8 551,384 522,812 -
Holdings in associated companies 151,000 30,000 30,000
Equity Instruments 10 151,000 30,000 30,000
Non-current financial assets 10 840,073 214,194 954,347
Equity Instruments 120 - 800,000
Third-party receivables 221,289 189,986 140,025
Other Financial Assets 618,664 24,208 14,322
Deferred tax assets 14 1,968,707 921,601 303,549
CURRENT ASSETS 10,066,749 3,163,041 1,315,323
Stock 783,787 283,668 198
Commercial 781,287 283,668 -
Advances to suppliers 2,500 - 198
Trade receivables and other accounts receivable 4,794,066 1,249,922 631,887
Sales and service customers 10 4,707,027 466,905 241,420
Miscellaneous debtors 10 7,188 6,163 5,207
Personal 10 4,400 500 3,708
Current tax assets 14 1,594 - 15,753
Other credits with public administrations 14 73,857 776,354 365,799
Shareholdings in associated companies 10,1 - - 6,636
Loans to associated companies - - 6,636
Current financial assets 10 34,594 14,554 407,891
Loans to companies 12,111 3,000 386,338
Other Financial Assets 22,483 11,554 21,553
Short-term accruals and accruals 32,959 (8,532) 1,000
Cash and cash equivalents 4,421,343 1,623,429 267,711
Treasury 4,4421,343 1,623,429 267,711
TOTAL ASSETS 44,459,918 23,692,145 32,181,057
EQUITY AND LIABILITIES Notes 31.12.2023 31.12.2022 01.01.2022
EQUITY 23,861,280 18,234,440 26,448,960
EQUITY 12 34,546,710 33,233,109 28,246,740
Capital 7,335,246 2,451,023 2,028,977
Issue premium 45,159,547 34,548,124 26,655,923
Reserves (1,432,300) (1,357,012) 28,445
Legal & Statutory 600 600 600
Other Bookings (1,427,443) (1,357,612) 27,845
Shares and holdings of the parent company (1,837,416) (1,116,289) 6,000
Negative results from previous years (16,469,079) (1,643,405) (472,605)
Other Equity Instruments 1,784,712 350,668 -
Profit for the year attributable to the Parent Company (8,732,037) (15,081,519) (1,777,571)
EXTERNAL PARTNERS 5 935,848 82,850 (20,209)
CONVERSION DIFFERENCES (2,888,698) - -
NON-CURRENT LIABILITIES 7,632,195 2,937,581 608,805
Long-term provisions 10,2 4,782 - -
Long-term debts 10,2 6,000,228 2,646,024 429,964
Debts to credit institutions 483,732 557,180 -
Debts with special characteristics 2,359,483 - -
Other financial liabilities 2,700,572 1,656,386 429,964
Lease liabilities 8 456,441 432,458 -
Deferred tax liabilities 14 1,074,931 2,938 -
Income to be distributed over several years 16 552,254 288,619 178,841
CURRENT LIABILITIES 12,966,443 2,520,124 5,123,292
Short-term provisions 10,4 264,407 357,381 -
Short-term debts 10,2 7,022,205 1,373,073 4,855,424
Debts to credit institutions 173,950 93,226 14,869
Lease liabilities 8 116,000 81,695 -
Other financial liabilities 6,732,255 1,198,152 4,840,555
Debts to associated companies and joint ventures 10,2 9,300 - 1,586
Trade Creditors and Other Payables 5,670,531 789,670 266,282
Suppliers 10,2 2,438,459 269,320 123,628
Suppliers, group companies and associates 10,2 - - 500
Miscellaneous creditors 10,2 706,247 79,593 33,641
Staff (unpaid wages) 10,2 119,681 49,368 (285)
Current tax liabilities 14 53,914 29,010 235
Other debts owed to the Public Administrations 14 2,252,751 344,427 115,093
Customer Advances 10,2 99,479 17,952 (6,530)
TOTAL EQUITY AND LIABILITIES 44,459,918 23,692,145 32,181,057
Consolidated Income Statement for the year ended December 31, 2023:
Notes 31.12.2023 31.12.2022
CONTINUED OPERATIONS
Net turnover 15.1 8.608.797 3.135.850
Sales 5.194.161 993.650
Provision of services 3.414.636 2.142.200
Supplies 15.2 (2.852.102) (486.343)
Consumption of goods (2.787.791) (457.243)
Consumption of raw materials and other consumables (17.838) (14.271)
Work carried out by other companies (46.473) (14.829)
Other Operating Income 5.214.123 1.580.643
Ancillary and other revenue under current management 3.454 6.785
Operating subsidies included in profit or loss for the year 9.399 79.279
Other Operating Income 6 5.201.270 1.494.579
Personnel costs 15.2 (3.963.276) (3.202.184)
Wages, salaries and the like (3.414.142) (2.770.130)
Social security contributions (549.134) (432.054)
Other operating expenses (10.708.129) (3.013.859)
External services 15.2 (10.751.799) (2.775.607)
Taxes (28.925) (15.734)
Losses, impairments and changes in provisions for commercial operations 74.054 (89.431)
Other current management costs (1.459) (133.087)
Depreciation of fixed assets 6, 7 and 8 (1.122.175) (333.159)
Allocation of fixed assets subsidies 16 34.085 31.877
Impairment and profit or loss on disposals of fixed assets 6 and 7 (2.608.578) (13.095.146)
Other results (77.862) (8.187)
INCOME FROM OPERATIONS (7.475.117) (15.390.508)
Financial Income 7.255 1.231
Negotiable securities and other financial instruments 7.255 1.231
Financial Expenses 10.2 (806.365) (156.017)
For debts to third parties (806.365) (156.017)
Change in fair value in financial instruments - (3.145)
For debts to third parties - (3.145)
Exchange Differences 13 (1.952) (1.070)
Impairment and profit or loss on disposals of financial instruments 1.877 (93.584)
FINANCIAL RESULT (799.185) (252.585)
Hyperinflationary Economy Net Position 88.411
PROFIT BEFORE TAX (8.185.891) (15.643.093)
Income tax (256.403) 572.264
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS (8.442.294) (15.070.829)
PROFIT FOR THE YEAR (8.442.294) (15.070.829)
Profit attributable to the parent company 12 (8.709.061) (15.081.519)
Profit attributable to external partners 5 266.767 10.690
Notes 31.12.2023 31.12.2022
CONTINUED OPERATIONS
Net turnover 15,1 8,608,797 3,135,850
Sales 5,194,161 993,650
Provision of services 3,414,636 2,142,200
Supplies 15,2 (2,852,102) (486,343)
Consumption of goods (2,787,791) (457,243)
Consumption of raw materials and other consumables (17,838) (14,271)
Work carried out by other companies (46,473) (14,829)
Other Operating Income 5,214,123 1,580,643
Ancillary and other revenue under current management 3,454 6,785
Operating subsidies included in profit or loss for the year 9,399 79,279
Other Operating Income 6 5,201,270 1,494,579
Personnel costs 15,2 (3,963,276) (3,202,184)
Wages, salaries and the like (3,414,142) (2,770,130)
Social security contributions (549,134) (432,054)
Other operating expenses (10,708,129) (3,013,859)
External services 15,2 (10,751,799) (2,775,607)
Taxes (28,925) (15,734)
Losses, impairments and changes in provisions for commercial operations 74,054 (89,431)
Other current management costs (1,459) (133,087)
Depreciation of fixed assets 6, 7 and 8 (1,122,175) (333,159)
Allocation of fixed assets subsidies 16 34,085 31,877
Impairment and profit or loss on disposals of fixed assets 6 and 7 (2,608,578) (13,095,146)
Other results (77,862) (8,187)
INCOME FROM OPERATIONS (7,475,117) (15,390,508)
Financial Income 7,255 1,231
Negotiable securities and other financial instruments 7,255 1,231
Financial Expenses 10,2 (806,365) (156,017)
For debts to third parties (806,365) (156,017)
Change in fair value in financial instruments - (3,145)
For debts to third parties - (3,145)
Exchange Differences 13 (1,952) (1,070)
Impairment and profit or loss on disposals of financial instruments (21,099) (93,584)
FINANCIAL RESULT (822,161) (252,585)
Hyperinflationary Economy Net Position 3 , 1 88,411
PROFIT BEFORE TAX (8,208,867) (15,643,093)
Income tax (256,403) 572,264
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS (8,465,270) (15,070,829)
PROFIT FOR THE YEAR (8,465,270) (15,070,829)
Profit attributable to the parent company 12 (8,732,037) (15,081,519)
Profit attributable to external partners 5 266,767 10,690
Consolidated comprehensive income statement for the year ended December 31,
2023.
Notes 31.12.2023 31.12.2022
CONSOLIDATED RESULT FOR THE YEAR (8,465,270) (15,070,829)
Conversion Differences (2,888,698)
-
Tax effect
- -
Total income and expenses charged directly to equity (2,888,698)
-
Total transfers to the profit and loss account (11,353,968) (15,070,829)
TOTAL CONSOLIDATED INCOME AND EXPENSES RECOGNIZED (11,353,968) (15,070,829)
Total income and expenses attributable to the parent company (11,087,201) (15,081,519)
Total income and expenses attributed to external partners 266,767
10,689
Consolidated Statement of Changes in Equity for the year ended December 31,
2023
Deeded capital Issue premium Reserves Own shares and holdings Other Equity Instruments Results of previous years Profit or loss for the year attributable to the Other Partner Contributions Conversion Differences External Partners TOTAL
parent company
Adjusted balance, beginning of the year 2,028,977 26,655,923 28,445 6,000 - (472,605) (1,777,571) - - (20,209) 26,448,960
2022
Total Recognized Income and Expenses - - - - - - (15,081,519) - - 10,690 (15,070,829)
Capital increases (note 11) 177,906 7,486,344 - - - - - - - - 7,664,250
Other Changes in Equity - - (711,685) - (1,170,800) 1,777,571 - - 92,369 (12,545)
Conversion of financial liabilities into 244,140 405,857 - - 90,668 - - - - - 740,665
equity (note 11)
Other transactions (note 16) - - - - 260,000 - - - - - 260,000
Transactions in treasury shares (net) - - (470,441) (1,122,289) - - - - - - (1,592,730)
(note 11)
Other Moves - - (203,331) - - - - - - - (203,331)
Year-end balance 2022 2,451,023 34,548,124 (1,357,012) (1,116,289) 350,668 (1,643,405) (15,081,519) - - 82,850 18,234,440
Adjustments for errors for the 2022 - - - - - - - - - - -
financial year (Note 2,e)
Adjusted balance at the beginning of the 2,451,023 34,548,124 (1,357,012) (1,116,289) 350,668 (1,643,405) (15,081,519) - - 82,850 18,234,440
2023 financial year
Total Recognized Income and Expenses - - - - - - (8,732,037) - - 266,767 (11,353,968)
Capital increases (note 11) 2,838,676 7,512,825 - - - - - - - 267,180 10,618,681
Other Changes in Equity - - (566,969) - - (14,514,550) 15,081,519 - - -
Conversion of financial liabilities into 2,045,547 3,098,598 - - 434,044 - - - - - 5,578,190
equity (note 11)
Other transactions (note 16) - - - - 1,000,000 - - - - - 1,000,000
Transactions in treasury shares (net) - - (38,355) (721,127) - - - - - (759,482)
(note 11)
Other Moves - - 535,493 - (311,124) - - (2,888,698) 319,051 543,420
-
Balance as of 31.2023 7,335,246 45,159,547 (1,432,300) (1,837,416) 1,784,712 (16,469,079) (8,732,037) - (2,888,698) 935,848 23,861,280
Consolidated Statement of Cash Flows for the year ended December 31, 2023
STATEMENT OF CASH FLOWS NOTES 2023 2022
(A) CASH FLOWS FROM OPERATING ACTIVITIES
1, Profit before tax for the year (8,208,867) (15,643,093)
2, Result Adjustments: 4,425,854 13,856,046
a) Depreciation of fixed assets (+) 6, 7 , 8 1,122,175 333,159
b) Valuation adjustments for impairment (+/-) 6 2,615,057 12,979,885
c) Change in provisions (+/-) 10,4 (92,974) 217,600
(d) Allocation of subsidies (34,085) (42,503)
e) Profit or loss on retirements and disposals of fixed assets (+/-) (6,480) 115,320
f) Profit or loss on deregistration and disposal of financial instruments (21,099) 93,584
(+/-)
(g) Financial income (-) (7,255) (1,231)
(h) Financial expenditure (+) 806,365 156,017
(i) Exchange rate differences (+/-) 1,952 1,070
j) Change in fair value in financial instruments (+/-) - 3,145
3, Changes in current capital: 380,764 (683,794)
(a) Stocks (+/-) (*) (500,119) (92,473)
(b) Accounts receivable and other accounts receivable (+/-) (*) 10,1 (3,544,144) (355,474)
(c) Other current assets (+/-) 10,1 (61,531) -
(d) Accounts payable and other payables (+/-) (*) 10,1 4,890,161 348,640
(e) Other current liabilities (+/-) (403,603) (584,487)
4, Other cash flows from operating activities (237,541) (154,786)
a) Interest payments (-) (244,796) (156,017)
c) Interest charges (+) 7,255 1,231
5, Cash flows generated from operating activities (3,639,790) (2,625,627)
(B) CASH FLOWS FROM INVESTING ACTIVITIES
6, Investment payments (-) (632,994) (936,690)
(a) Group companies and associates - -
(b) Intangible fixed assets 6 and 8 (853,328) (5,481)
(c) Property, plant and equipment 7 (58,364) (70,683)
(e) Other financial assets 278,698 (860,526)
8, Cash flows from investing activities (632,994) (936,690)
(C) CASH FLOWS FROM FINANCING ACTIVITIES
9, Collections and payments for equity instruments 5,144,146 2,844,939
a) Issuance of equity instruments (+) 11 5,144,146 2,660,350
c) Acquisition of equity instruments (-) - -
e) Grants, donations and bequests received (+) - 184,589
10, Receipts and payments for financial liability instruments 1,926,552 2,073,096
a) Issuance: 2,000,000 2,135,006
2, Debts to credit institutions (+) - 700,000
4, Other debts (+) 2,000,000 1,435,006
(b) Repayment and amortization of: (73,448) (61,910)
2, Debts to credit institutions (-) (73,448) (58,117)
4, Other debts (-) - (3,793)
12, Cash flows from financing activities 7,070,698 4,918,035
D) Effect of exchange rate changes - -
(E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS 2,797,914 1,355,718
Cash or cash equivalents at the beginning of the financial year 1,623,429 267,711
Cash or cash equivalents at the end of the year 4,421,343 1,623,429
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