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
|
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
|
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
|
|
|
|
|
|