MOSTOSTAL GDAŃSK SA
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Semi-annual Report for 1997

(in T. PLN, exact to 100 PLN)
 
As at 30 June 1996 1997
ASSETS
I. Fixed assets 18 350,2  26 144,3 
1. Intangible assets 324,5  582,1 
2. Tangible assets 17 848,2  25 459,8 
3. Long-term investments 177,5  102,4 
4. Long-term debtors 0,0  0,0 
II. Current assets 22 168,6  22 958,9 
1. Stocks 10 298,0  6 749,7 
2. Current debtors 10 620,7  15 273,9 
3. Temporary investments 0,0  0,0 
4. Cash and cash equivalents 1 249,9  935,3 
III. Deferred expenses 393,7  504,3 
Total Assets 40 912,5  49 607,5 
LIABILITIES AND SHAREHOLDERS' EQUITY
I. Shareholders' equity 18 296,7  22 089,4 
1. Share capital 6 500,0  6 500,0 
2. Not paid-up share capital (negative value) 0,0  0,0 
3. Reserve capital 6 505,6  8 706,3 
4. Revaluation capital 4 767,5  4 762,8 
5. Other reserve capital 103,1  100,5 
6. Prior years' retained earnings (accumulated deficit) 0,0  0,0 
7. Net profit (loss) for the half-year 420,5  2 019,8 
II. Provisions 137,9  415,8 
III. Liabilities 20 692,2  25 405,2 
1. Long-term creditors 1 881,3  4 964,8 
2. Current creditors 18 810,9  20 440,4 
IV. Accrued expenses and deferred income 1 785,7  1 697,1 
Total liabilities and shareholders' equity 40 912,5  49 607,5 
Net book value 18 296,7  22 089,4 
Number of shares 2 600 000  2 600 000 
Net book value per share (in PLN) 7,04  8,50 
Profit and Loss Account
Half-year ended 30 June 1996 1997
I. Turnover 33 051,0  48 861,1 
1. Net sales of merchandise and materials 40,4  85,9 
2. Net sales of products 33 010,6  48 775,2 
II. Cost of sales 28 990,3  40 959,2 
1. Cost of merchandise and materials sold 43,0  82,4 
2. Cost of products sold 28 947,3  40 876,8 
III. Gross profit (loss) on sales 4 060,7  7 901,9 
IV. Distribution costs 0,0  0,0 
V. General administrative expenses 2 497,7  3 948,3 
VI. Profit (loss) on sales 1 563,0  3 953,6 
VII. Other operating income 148,9  162,1 
VIII. Other operating expenses 21,8  69,0 
IX. Operating profit (loss) 1 690,1  4 046,7 
X. Dividend income, including that from: 0,0  0,0 
1. subsidiary undertakings -  - 
2. associated undertakings -  - 
XI. Income on other long-term investments, including that from: 0,0  0,0 
1. subsidiary undertakings -  - 
2. associated undertakings -  - 
3. the parent company -  - 
XII. Other financial income 1 092,8  4 454,8 
XIII. Financial expenses 2 084,6  5 776,8 
XIV. Profit (loss) on ordinary activities 698,3  2 724,8 
XV. Extraordinary items (1,3) (7,5)
1. Extraordinary income 0,0  10,4 
2. Extraordinary charges 1,3  17,9 
XVI. Profit (Loss) before taxation 697,0  2 717,3 
XVII. Corporation income tax 276,5  697,6 
XVIII. Other obligatory profit decreases (loss increases) 0,0  0,0 
XIX. Net profit (loss) for the half-year 420,5  2 019,8 
Net profit (Loss) for 12 months 1 514,1  3 792,8 
Weighted average number of ordinary shares 2 100 000  2 600 000 
Net profit (loss) per ordinary share (in PLN) 0,58  1,46 
Cash Flow Statement
Half-year ended 30 June 1996 1997
A. CASH FLOWS - OPERATING ACTIVITIES
I. Net profit (loss) for the half-year 420,5  2 019,8 
II. Total adjustments (266,3) 2 444,7 
1. Depreciation and amortisation 1 369,2  1 783,1 
2. Gain (loss) on exchange rate differences (3,4) 0,0 
3. Interest and dividends received and paid 1 006,0  1 254,7 
4. Provisions for doubtful debts (0,2) (1,0)
5. Other reserves 0,0  0,0 
6. Corporation income tax on profit before taxation 276,5  697,6 
7. Corporation income tax paid (90,0) (791,9)
8. (Gain) loss on disposal of investments (131,9) 15,0 
9. Change in stocks (748,4) 2 386,2 
10. Change in current debtors 606,8  1 279,8 
11. Change in current creditors (except loans and bank credits), including special funds (2 675,9) (3 517,2)
12. Change in deferred and accrued expenses (249,9) (248,8)
13. Change in deffered income 374,9  (412,8)
14. Other items 0,0  0,0 
III. Net cash inflow (outflow) from operating activities 154,2  4 464,5 
B. CASH FLOWS - INVESTING ACTIVITIES
I. Cash inflow from investing activities 1 205,8  0,8 
1. Sales of intangible assets 0,0  0,0 
2. Sales of tangible assets 2,5  0,8 
3. Disposal of shares and other securities of subsidiary undertakings 0,0  0,0 
4. Disposal of shares and other securities of associated undertakings 0,0  0,0 
5. Disposal of other long-term investments 0,0  0,0 
6. Disposal of temporary investments 1 129,5  0,0 
7. Loans collected 0,0  0,0 
8. Dividends received 0,0  0,0 
9. Interest received 0,0  0,0 
10. Other income 73,8  0,0 
II. Cash outflow from investing activities 2 990,5  9 094,6 
1. Purchases of intangible assets 10,4  235,5 
2. Purchases of tangible assets 2 980,0  8 791,4 
3. Acquisition of shares and other securities of subsidiary undertakings 0,0  0,0 
4. Acquisition of shares and other securities of associated undertakings 0,0  0,0 
5. Acquisition of other long-term investments 0,0  0,0 
6. Acquisition of temporary investments 0,0  0,0 
7. Loans granted 0,0  0,0 
8. Dividends repaid 0,0  0,0 
9. Interest repaid 0,0  0,0 
10. Other expenses 0,1  67,7 
III. Net cash inflow (outflow) from investing activities (1 784,7) (9 093,8)
C. CASH FLOWS - FINANCING ACTIVITIES
I. Cash inflow from financing activities 6 063,2  5 550,3 
1. Long-term bank credits contracted 0,0  3 536,1 
2. Long-term loans contracted 0,0  0,0 
3. Issuances of bonds or other long-term notes payable 0,0  0,0 
4. Current bank credits contracted 6 000,0  2 014,2 
5. Current loans contracted 0,0  0,0 
6. Issuances of bonds or other current commercial paper 0,0  0,0 
7. Shares issued and share premium 0,0  0,0 
8. Interest repaid 63,2  0,0 
9. Other income 0,0  0,0 
II. Cash outflow from financing activities 3 683,2  1 457,1 
1. Payments of long-term bank credits 82,5  0,0 
2. Payments of long-term loans 0,0  0,0 
3. Redemption of bonds and other long-term notes payable 0,0  0,0 
4. Payments of current bank credits 2 500,0  0,0 
5. Payments of current loans 0,0  0,0 
6. Redemption of bonds or other current commercial paper 0,0  0,0 
7. Issuance expenses 0,0  0,0 
8. Shares retired 0,0  0,0 
9. Dividends and other payments to shareholders 0,0  0,0 
10. Supervisory Board remuneration 0,0  0,0 
11. Employee bonuses from net profit 0,0  0,0 
12. Charitable contributions 0,0  0,0 
13. Finance lease commitments paid 185,0  188,7 
14. Interest paid 915,7  1 268,4 
15. Other expenses 0,0  0,0 
III. Net cash inflow (outflow) from investing activities 2 380,0  4 093,2 
D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII) 749,6  (536,1)
E. CASH AND CASH EQUIVALENTS - BEGINNING OF HALF-YEAR 500,3  1 471,5 
F. CASH AND CASH EQUIVALENTS - END OF HALF-YEAR (D+E) 1 249,9  935,4 
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Last Update: 97-10-14

Name: ZG