FY 2024 report
Realny producent kapeluszy z rosnącymi przychodami (+6,5% YoY), ale marże strukturalnie ujemne: gross margin –9,7%, EBITDA margin –11,6% — koszty rosną dwukrotnie szybciej niż sprzedaż
Sentiment
Cautious
No guidance change
SFK
FY 2024 report
Revenue
17,143,462.88 PLN
▲
+6.5% YoY
—
Net income
-3,131,323.6 PLN
▼
-257.2% YoY
—
EBITDA
-1,983,436.75 PLN
▼
-154.5% YoY
—
Gross margin
-9.72%
— YoY
Summary
Investment thesis
- Wynik 2023 był jednorazowy (umorzenie długów z układu z wierzycielami ~6,73 mln PLN); zdolność do generowania zysku w normalnych warunkach operacyjnych pozostaje nieudowodniona
- Skrajne lewarowanie: dług finansowy 13,1 mln PLN przy EBITDA –2 mln PLN i ujemnym KW –4,6 mln PLN; current ratio 0,34 — funkcjonuje wyłącznie dzięki tolerancji wierzyciela układowego
- DSO podwoiło się z 37,6 do 67,4 dni przy wzroście należności +91% YoY — ryzyko jakości portfela i problemów z ściągalnością
- Strukturalny headwind kosztowy: wzrost płacy minimalnej w Polsce (+15–20% rocznie) bezpośrednio uderza w intensywny pracochłonnie zakład, z ograniczoną możliwością przerzucenia kosztów na ceny
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Financials
BETA
SFK · FY 2024
| Metric | FY 2024 | FY 2023 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 17,143,462.88 | 16,091,484 | +6.5% | reported | — | 0.99 |
| Gross profit | -1,665,711.35 | — | — | reported | — | 0.99 |
| EBITDA | -1,983,436.75 | 3,638,539 | −154.5% | reported | — | 0.97 |
| EBIT | -3,104,135.99 | 2,523,553 | −223% | reported | — | 0.99 |
| EBT | -3,131,323.6 | 1,992,225 | −257.2% | reported | — | 0.99 |
| Net income | -3,131,323.6 | 1,992,225 | −257.2% | reported | — | 0.99 |
| D&A | 1,120,699.24 | 1,114,986 | +0.5% | reported | — | 0.99 |
| Interest expense | 7,314.56 | 2,885 | +153.5% | reported | — | 0.99 |
| Gross margin | -9.72% | — | — | reported | — | 0.97 |
| EBITDA margin | -11.57% | 22610000% | −22610011.6 pp | reported | — | 0.97 |
| EBIT margin | -18.11% | 15680000% | −15680018.1 pp | reported | — | 0.97 |
| Net margin | -18.26% | 12380000% | −12380018.3 pp | reported | — | 0.97 |
| Cash | 182,551.32 | 525,101 | −65.2% | reported | — | 0.99 |
| Total debt | 13,083,257.89 | 12,224,536 | +7% | reported | — | 0.95 |
| Net debt | 12,900,706.57 | 11,699,435 | +10.3% | reported | — | 0.95 |
| Equity | -4,622,868.41 | -1,523,509 | −203.4% | reported | — | 0.99 |
| Total assets | 20,763,504.58 | 21,240,155 | −2.2% | reported | — | 0.99 |
| Working capital | -12,130,226.17 | -10,638,462 | −14% | reported | — | 0.95 |
| Current assets | 6,146,433.24 | 5,666,822 | +8.5% | reported | — | 0.99 |
| Current liabilities | 18,276,659.41 | 16,305,284 | +12.1% | reported | — | 0.95 |
| CFO | -755,038.19 | -141,192 | −434.8% | reported | — | 0.99 |
| CapEx | 142,020 | 0 | — | reported | — | 0.99 |
| FCF | -897,058.19 | -141,192 | −535.3% | reported | — | 0.97 |
| ROA | -15.08% | 9010000% | −9010015.1 pp | reported | — | 0.95 |
| Current ratio | 0.34x | 350000x | −349999.66x | reported | — | 0.95 |
| Quick ratio | 0.18x | 130000x | −129999.82x | reported | — | 0.95 |
| Interest coverage | -424.34x | 874900000x | −874900424.34x | reported | — | 0.95 |
| Revenue growth (YoY) | 6.53% | 4480000% | — | reported | — | 0.97 |
| EBITDA growth (YoY) | -154.51% | 843600000% | — | reported | — | 0.90 |
FY 2024 · Δ YoY
Revenue
17,143,462.88
+6.5%
17,143,462.88
+6.5%
- FY 2023
- 16,091,484
Gross profit
-1,665,711.35
—
-1,665,711.35
—
- FY 2023
- —
EBITDA
-1,983,436.75
−154.5%
-1,983,436.75
−154.5%
- FY 2023
- 3,638,539
EBIT
-3,104,135.99
−223%
-3,104,135.99
−223%
- FY 2023
- 2,523,553
EBT
-3,131,323.6
−257.2%
-3,131,323.6
−257.2%
- FY 2023
- 1,992,225
Net income
-3,131,323.6
−257.2%
-3,131,323.6
−257.2%
- FY 2023
- 1,992,225
D&A
1,120,699.24
+0.5%
1,120,699.24
+0.5%
- FY 2023
- 1,114,986
Interest expense
7,314.56
+153.5%
7,314.56
+153.5%
- FY 2023
- 2,885
Gross margin
-9.72%
—
-9.72%
—
- FY 2023
- —
EBITDA margin
-11.57%
−22610011.6 pp
-11.57%
−22610011.6 pp
- FY 2023
- 22610000%
EBIT margin
-18.11%
−15680018.1 pp
-18.11%
−15680018.1 pp
- FY 2023
- 15680000%
Net margin
-18.26%
−12380018.3 pp
-18.26%
−12380018.3 pp
- FY 2023
- 12380000%
Cash
182,551.32
−65.2%
182,551.32
−65.2%
- FY 2023
- 525,101
Total debt
13,083,257.89
+7%
13,083,257.89
+7%
- FY 2023
- 12,224,536
Net debt
12,900,706.57
+10.3%
12,900,706.57
+10.3%
- FY 2023
- 11,699,435
Equity
-4,622,868.41
−203.4%
-4,622,868.41
−203.4%
- FY 2023
- -1,523,509
Total assets
20,763,504.58
−2.2%
20,763,504.58
−2.2%
- FY 2023
- 21,240,155
Working capital
-12,130,226.17
−14%
-12,130,226.17
−14%
- FY 2023
- -10,638,462
Current assets
6,146,433.24
+8.5%
6,146,433.24
+8.5%
- FY 2023
- 5,666,822
Current liabilities
18,276,659.41
+12.1%
18,276,659.41
+12.1%
- FY 2023
- 16,305,284
CFO
-755,038.19
−434.8%
-755,038.19
−434.8%
- FY 2023
- -141,192
CapEx
142,020
—
142,020
—
- FY 2023
- 0
FCF
-897,058.19
−535.3%
-897,058.19
−535.3%
- FY 2023
- -141,192
ROA
-15.08%
−9010015.1 pp
-15.08%
−9010015.1 pp
- FY 2023
- 9010000%
Current ratio
0.34x
−349999.66x
0.34x
−349999.66x
- FY 2023
- 350000x
Quick ratio
0.18x
−129999.82x
0.18x
−129999.82x
- FY 2023
- 130000x
Interest coverage
-424.34x
−874900424.34x
-424.34x
−874900424.34x
- FY 2023
- 874900000x
Revenue growth (YoY)
6.53%
—
6.53%
—
- FY 2023
- 4480000%
EBITDA growth (YoY)
-154.51%
—
-154.51%
—
- FY 2023
- 843600000%