Mostostal Warszawa ends the consecutive quarter with a positive result

The comment of Carlos resino Ruiz, Member of the Board for Finances, on financial data from the consolidated financial statement of Mostostal Warszawa SA for the first three quarters of 2015

The result of the group is driven by the good performance of Mostostal Warszawa and all its subsidiaries. It should be highlighted the growth experienced by the Cash, which exceeds in PLN 15,3 m the amount of Cash as at 31/12/2014. Financial Debt continues to shrink, as at 30/09/2015 amounted to 221 m (252 m as at 31/12/2014). The profile of the Financial debt of the group is extremely comfortable, as only 13 m PLN corresponds to bank debt (including leases). Corporate loans from Acciona (208 m PLN) were reduced by 21.4 m comparing with December 2014, and part for an amount of PLN 79 m has an extension of maturity till 2017.

This increase in cash has its grounds in the operational activities of the group in an amount of PLN 52 m and 3 m PLN due to the rotation of fixed assets. This made possible to reduce financial debts by PLN 40 m and as a result of increasing cash at hand by PLN 15 m comparing it to the closing of 2014.

The consolidated turnover in 3 Q 2015 amounted to PLN 936 m and comparing it to the closing of  3 Q  2014 presents an increase of 8,5% (without taking into consideration turnover of companies that were sold during year 2014), and EBITDA result has reached PLN 85 m, representing 9 % of Group revenues.

Profit before tax amounted to PLN 24.8 m and Net profit 19.2 m (17,3 m and 13.4 m respectively in the same last year period).

At September 30 2015, Equity of Mostostal Warszawa Group amounted to PLN 210 million, while employment in the Group reached 1,459 employees which was lower by 33 persons comparing to the balance as at December 31, 2014.

At the end of the 3 Q  2015, the Construction backlog amounted to PLN 2.56 bn. The contract Opole Power plant proceeds with forecasted program plans, having reached stage of 21% of completion.

As a result of improvement of the financial indicators of the group, Mostostal Warszawa is increasing its cooperation with various financial institutions in order to increase its credit lines and guarantee access to new contracts in the fields of construction, infrastructure and energy. Since early this year the group has increased lines of guarantee for construction contracts in the amount of PLN 93.4 m.

In the last year the price of share of Mostostal Warszawa increased by over 100%. The Company maintains positive expectations for the year 2015.

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