Acciona Mostostal Warszawa is part of the Acciona Capital Group.

Commentary of the Management Board of Mostostal Warszawa S.A. on the results for IH 2022

27 September 2022

In IH 2022, the Mostostal Warszawa Capital Group generated sales revenues of PLN 716 milion (PLN 556 million in IH 2021) and generated sales profit of PLN 39 million (PLN 56 million in IH 2021) and also gross profit of PLN 1 million (PLN 24 million in IH 2021). The cash position of the Capital Group at the end of IH 2022 was PLN 116 million. The employment was 1,514 employees.

The value of the portfolio of orders of the Capital Group at the end of IH 2022 reached the level of PLN 3,062 million, and in the period of January-June 2022 the companies of the Capital Group signed contracts worth PLN 244 million.

The invasion of Ukraine and the resulting disruptions in supply chains and the energy market, as well as the increase in material and labor prices in the Polish construction sector, have a negative impact on the macroeconomic environment. The Group updated the budgets of the implemented projects in order to adjust their costs to the new situation, which was reflected in the lower profitability for IH 2022 compared to the corresponding period of 2021.

On May 24, 2022, the Council of Ministers decided an important to increase the financial limit of the National Road Construction Program by PLN 2.6 billion and the Program for the construction of 100 ring roads by PLN 115 million. The decision also includes an increase to 10% indexation limit for those contracts for which it has been at a lower level so far. Mostostal Warszawa is currently signing annexes increasing remuneration on contracts for the General Directorate of National Roads for Motorways. 

The effects of the war in Ukraine translate into the number of announced and settled tenders in 2022. In our opinion, they may also affect the results, financial and economic situation of the companies of the Capital Group. Nevertheless, the Group holds a healthy and diversified pipeline of projects securing its activity for more than 3 years as at current level of production. The company also has a reduced financial debt and keeps a sufficent level of cash, therefore will not be seriously affected by credit restrictions.  We take actions to keep our Capital Group in good condition, which focus primarily on ensuring the highest quality of our services, as well as on consistent cooperation with our clients and subcontractors. We maintain active but safe bidding, taking into account price increases and the availability of qualified employees. We also want to be an active participant in the transformation of the Polish energy sector,  as well as that of our strategic partner - Acciona -  supporting the reduction of the environmental nuisance of energy and industry.

Mostostal Warszawa Group's financial statements for IH 2022 are available on the website under Periodic Reports