MOSTOSTAL GDAŃSK SA
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Annual Report for 1995

(in T. PLN, exact to 100 PLN)
 
As at 31 December 1994 1995
ASSETS
I. Fixed assets 3 461,7  17 043.7 
1. Intangible assets 8,7  336.9 
2. Tangible assets 3 370,8  16 529.3 
3. Long-term investments 82,2  177.5 
4. Long-term debtors 0,0  0,0 
II. Current assets 8 930,3  22 430.9 
1. Stocks 2 367,8  9 549.6 
2. Current debtors 5 938,0  11 290.6 
3. Temporary investments -  1 090.3 
4. Cash and cash equivalents 624,5  500,4 
III. Deferred expenses 81,4  143.7 
Total Assets 12 473,4  39 618.3 
LIABILITIES AND SHAREHOLDERS' EQUITY
I. Shareholders' equity 3 416,2  17 876.1 
1. Share capital 1 500,0  6 500.0 
2. Not paid-up share capital (negative value) -  0,0 
3. Reserve capital 909,2  5 079.2 
4. Revaluation capital 71,9  4 767.5 
5. Other reserve capital 31,2  103.1 
6. Prior years' retained earnings (accumulated deficit) -  0,0 
7. Net profit (loss) for the year 903,9  1 426.3 
II. Provisions 0,0  138.0 
III. Liabilities 8 712,4  20 193,4 
1. Long-term creditors 2 312,5  2 148.8 
2. Current creditors 6 399,9  18 044.6 
IV. Accrued expenses and deferred income 344,8  1 410.8 
Total liabilities and shareholders' equity 12 473,4  39 618.3 
Net book value 3 416,2  17 876.1 
Number of shares 600 000  2 600 000 
Net book value per share (in PLN) 5,69  6,88 

Profit and Loss Account

Year ended 31 December 1994 1995
I. Turnover 37 559,2  59 249,7 
1. Net sales of merchandise and materials 61,1  87,7 
2. Net sales of products 37 498,1  59 162,0 
II. Cost of sales 32 122,8  51 908,7 
1. Cost of merchandise and materials sold 68,1  87,2 
2. Cost of products sold 32 054,7  51 821,5 
III. Gross profit (loss) on sales 5 436,4  7 341,0 
IV. Distribution costs 0,0  0,0 
V. General administrative expenses 2 930,4  4 668,6 
VI. Profit (loss) on sales 2 506,0  2 672,4 
VII. Other operating income 106,5  189,5 
VIII. Other operating expenses 222,6  71,2 
IX. Operating profit (loss) 2 389,9  2 790,7 
X. Dividend income, including that from: 1,4  0,6 
1. subsidiary undertakings -  - 
2. associated undertakings -  - 
XI. Income on other long-term investments, including that from: -  - 
1. subsidiary undertakings -  - 
2. associated undertakings -  - 
3. the parent company -  - 
XII. Other financial income 174,1  1 013,9 
XIII. Financial expenses 910,7  1 515,5 
XIV. Profit (loss) on ordinary activities 1 654,7  2 289,7 
XV. Extraordinary items (20,6) (6,2)
1. Extraordinary income 0,6  7,5 
2. Extraordinary charges 21,2  13,7 
XVI. Profit (Loss) before taxation 1 634,1  2 283,5 
XVII. Corporation income tax 730,2  857,2 
XVIII. Other obligatory profit decreases (loss increases) -  - 
XIX. Net profit (loss) for the year 903,9  1 426,3 
Net profit (Loss) for 12 months 903,9  1 426,3 
Weighted average number of ordinary shares 486 000  1 100 000 
Net profit (loss) per ordinary share (in PLN) 1,86  1,30 

Cash Flow Statement

Year ended 31 December 1994 1995
A. CASH FLOWS - OPERATING ACTIVITIES
I. Net profit (loss) for the year 903,9  1 426,3 
II. Total adjustments 1 437,9  (2 390,4)
1. Depreciation and amortisation 1 051,3  1 582,6 
2. Gain (loss) on exchange rate differences -  (4,2)
3. Interest and dividends received and paid 607,7  830,3 
4. Provisions for doubtful debts 43,5  20,4 
5. Other reserves -  137,9 
6. Corporation income tax on profit before taxation 730,2  857,2 
7. Corporation income tax paid (730,0) (924,5)
8. (Gain) loss on disposal of investments 86,5  12,5 
9. Change in stocks (1 458,0) (7 181,7)
10. Change in current debtors (445,3) (5 437,0)
11. Change in current creditors (except loans and bank credits), including special funds 1 661,2  8 106,4 
12. Change in deferred and accrued expenses (36,7) 32,5 
13. Change in deffered income 71,7  971,2 
14. Other items (144,2) (1 394,0)
III. Net cash inflow (outflow) from operating activities 2 341,8  (964,1)
B. CASH FLOWS - INVESTING ACTIVITIES
I. Cash inflow from investing activities 81,6  3,6 
1. Sales of intangible assets -  0,0 
2. Sales of tangible assets 80,2  3,0 
3. Disposal of shares and other securities of subsidiary undertakings -  0,0 
4. Disposal of shares and other securities of associated undertakings -  - 
5. Disposal of other long-term investments -  - 
6. Disposal of temporary investments -  - 
7. Loans collected -  - 
8. Dividends received 1,4  0,6 
9. Interest received -  - 
10. Other income -  - 
II. Cash outflow from investing activities 1 634,5  9 573,8 
1. Purchases of intangible assets 11,2  352,3 
2. Purchases of tangible assets 1 593,7  7 990,5 
3. Acquisition of shares and other securities of subsidiary undertakings -  80,0 
4. Acquisition of shares and other securities of associated undertakings -  - 
5. Acquisition of other long-term investments 29,6  - 
6. Acquisition of temporary investments -  - 
7. Loans granted -  - 
8. Dividends repaid -  - 
9. Interest repaid -  - 
10. Other expenses -  1 151,0 
III. Net cash inflow (outflow) from investing activities (1 552,9) (9 570,2)
C. CASH FLOWS - FINANCING ACTIVITIES
I. Cash inflow from financing activities 570,0  12 971,3 
1. Long-term bank credits contracted -  206,3 
2. Long-term loans contracted -  - 
3. Issuances of bonds or other long-term notes payable -  - 
4. Current bank credits contracted -  3 165,0 
5. Current loans contracted -  - 
6. Issuances of bonds or other current commercial paper -  - 
7. Shares issued and share premium 570,0  9 600,0 
8. Interest repaid -  - 
9. Other income -  - 
II. Cash outflow from financing activities 1 061,8  2 561,2 
1. Payments of long-term bank credits -  - 
2. Payments of long-term loans -  - 
3. Redemption of bonds and other long-term notes payable -  - 
4. Payments of current bank credits 150,0  - 
5. Payments of current loans -  - 
6. Redemption of bonds or other current commercial paper -  - 
7. Issuance expenses -  733,9 
8. Shares retired -  - 
9. Dividends and other payments to shareholders 140,0  600,0 
10. Supervisory Board remuneration -  - 
11. Employee bonuses from net profit -  - 
12. Charitable contributions -  - 
13. Finance lease commitments paid 277,5  370,0 
14. Interest paid -  857,3 
15. Other expenses 494,3  - 
III. Net cash inflow (outflow) from investing activities (491,8) 10 410,1 
D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII) 297,1  (124,2)
E. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 327,4  624,5 
F. CASH AND CASH EQUIVALENTS - END OF YEAR (D+E) 624,5  500,4 
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Last Update: 97-08-16

Name: ZG