Mostostal Warszawa Group reached in 2018 revenues from sales in the amount of PLN 1,013 million and recorded a net loss of PLN 46 million. The Group’s losses were the effect of negative exchange rate and its impact on the EUR loans valuation as well as significant prices increases of materials and subcontractors services of which scale was difficult to predict when valuating contracts signed back in 2016-2017.

After three quarters of 2018, Mostostal Warszawa Group earned a sales revenue of PLN 683 million and suffered a net loss of PLN 33 million. The decrease in revenue in the period from 01/01/2018 to 30/09/2018, as compared to the corresponding period of 2017, was caused by the declining throughputs on the project for construction of power units in Opole in line with the schedule as well as lower than expected volume of contracts. Losses recorded by the Group are

During the first half of 2018, the Mostostal Warszawa Group generated sales revenues in the amount of PLN 418 million and incurred a net loss in the amount of PLN 29 million. The decrease of revenues during the first half of 2018 in comparison to the same period of 2017, as planned, was the result of decreased production at the construction of power blocks at the Opole power plant site where the largest amount of works was in the years 2015-2017. Losses

The District Court in Warsaw took into account the request of Mostostal Warszawa concerning the unjustly accrued contractual penalties by theGeneral Directorate for National Roads and Motorways (GDDKiA) and deducted from the remuneration of the Consortium under the contract for the construction of the A2 motorway. The court ordered to pay to the Consortium, of which Mostostal Warszawa was a participant, the amount of PLN 29.12 million of remuneration for the completed construction works

On May 2016, 6 Mostostal Warszawa SA signed an annex to the agreement for granting contractual insurance guarantees with Towarzystwo Ubezpieczeń i Reasekuracji „WARTA” SA within the agreed guarantee limit. The annex increases the limit up to PLN 50 million. With this limit, Mostostal Warszawa SA may obtain all kinds of insurance guarantees.

Commentary of Andrzej Goławski, President of the Management Board of Mostostal Warszawa SA on the financial results from the consolidated financial statement of the Mostostal Warszawa Group for the first quarter of 2016.