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/
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 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 parent company | Other Partner Contributions | Conversion Differences | External Partners | TOTAL |
|
|
|
|
|
|
|
|
|
| |
|
|
| Adjusted balance, beginning of the year 2022 | 2,028,977 | 26,655,923 | 28,445 | 6,000 | - | (472,605) | (1,777,571) | - | - | (20,209) | 26,448,960 |
| 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 equity (note 11) | 244,140 | 405,857 | - | - | 90,668 | - | - | - | - | - | 740,665 |
| Other transactions (note 16) | - | - | - | - | 260,000 | - | - | - | - | - | 260,000 |
| Transactions in treasury shares (net) (note 11) | - | - | (470,441) | (1,122,289) | - | - | - | - | - | - | (1,592,730) |
| 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 2023 financial year | 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 |
| 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 equity (note 11) | 2,045,547 | 3,098,598 | - | - | 434,044 | - | - | - | - | - | 5,578,190 |
| Other transactions (note 16) | - | - | - | - | 1,000,000 | - | - | - | - | - | 1,000,000 |
| Transactions in treasury shares (net) (note 11) | - | - | (38,355) | (721,127) | | - | - | - | - | - | (759,482) |
| 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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