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Substrate Artificial - Annual Results


Announcement provided by

Substrate Artificial Inteligence S.A. · SAI

30/04/2024 08:05

Substrate Artificial - Annual Results
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/

 

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 forwardlooking statements or forwardlooking information, except as required by law.

 

For further information, please contact:

Substrate AI



Lorenzo Serratosa

Chairman

info@substrate.ai  

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

22,534,076

16,333,464

28,204,523

Other intangible fixed assets

8,112,550

2,365,746

1,256,415

Property, plant and equipment

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

551,384

522,812

-

Holdings in associated companies

151,000

30,000

30,000

Equity Instruments

151,000

30,000

30,000

Non-current financial assets

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

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

4,707,027

466,905

241,420

Miscellaneous debtors

7,188

6,163

5,207

Personal

4,400

500

3,708

Current tax assets

1,594

-

15,753

Other credits with public administrations

73,857

776,354

365,799

Shareholdings in associated companies 10,1

-

-

6,636

Loans to associated companies


-

-

6,636

Current financial assets

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



EQUITY

 

               23,861,280

               18,234,440

        26,448,960

EQUITY

               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

                     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

                          4,782

                                   -

                            -

Long-term debts

                  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

                     456,441

                     432,458

                            -

Deferred tax liabilities

                  1,074,931

                          2,938

                            -

Income to be distributed over several years

                     552,254

                     288,619

              178,841

CURRENT LIABILITIES

 

12,966,443

                  2,520,124

           5,123,292

Short-term provisions

                     264,407

                     357,381

                            -

Short-term debts

                  7,022,205

                  1,373,073

           4,855,424

Debts to credit institutions

                     173,950

                        93,226

                 14,869

Lease liabilities

                     116,000

                        81,695

                            -

Other financial liabilities

                  6,732,255

                  1,198,152

           4,840,555

Debts to associated companies and joint ventures

                          9,300

                                   -

                   1,586

Trade Creditors and Other Payables

5,670,531

                     789,670

              266,282

Suppliers

2,438,459

                     269,320

              123,628

Suppliers, group companies and associates

                                   -

                                   -

                       500

Miscellaneous creditors

                     706,247

                        79,593

                 33,641

Staff (unpaid wages)

                     119,681

                        49,368

                    (285)

Current tax liabilities

                        53,914

                        29,010

                       235

Other debts owed to the Public Administrations

                  2,252,751

                     344,427

              115,093

Customer Advances

                        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:

 

31.12.2022

CONTINUED OPERATIONS



Net turnover

                  8.608.797

                  3.135.850

Sales

                  5.194.161

                     993.650

Provision of services

                  3.414.636

                  2.142.200

Supplies

               (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

                  5.201.270

                  1.494.579

Personnel costs

               (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

             (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

               (1.122.175)

                   (333.159)

Allocation of fixed assets subsidies

                        34.085

                        31.877

Impairment and profit or loss on disposals of fixed assets

               (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

                   (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

                        (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

               (8.709.061)

             (15.081.519)

Profit attributable to external partners

                     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

                  5,201,270

                  1,494,579

 

Personnel costs

               (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

             (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

               (1,122,175)

                   (333,159)

 

Allocation of fixed assets subsidies

                        34,085

                        31,877

 

Impairment and profit or loss on disposals of fixed assets

               (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

                   (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

                        (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

               (8,732,037)

             (15,081,519)

 

Profit attributable to external partners

                     266,767

                        10,690

 

 

Consolidated comprehensive income statement for the year ended December 31, 2023.

 

 

Notes

 

 

CONSOLIDATED RESULT FOR THE YEAR

 

                           (15,070,829)


 

 

Conversion Differences


                              (2,888,698)

                                                      -

Tax effect


                                                      -

                                                      -





Total income and expenses charged directly to equity

 



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

 


 

 

 

 

 

 

 

 

 


 

 

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)

-  

-  

                    (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

(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 (+)

          1,122,175


             333,159

b) Valuation adjustments for impairment (+/-)

          2,615,057


       12,979,885

c) Change in provisions (+/-)

              (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 (+/-) (*)

         (3,544,144)


           (355,474)

(c) Other current assets (+/-)

              (61,531)


                          -

(d) Accounts payable and other payables (+/-) (*)

          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

      (853,328)


                (5,481)

(c) Property, plant and equipment

         (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 (+)

        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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