MOSTOSTAL GDAŃSK SA
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Annual Report for 1996

(in T. PLN, exact to 100 PLN)
 
As at 30 June 1995 1996
ASSETS
I. Fixed assets 9 693,8  18 350,2 
1. Intangible assets 188,4  324,5 
2. Tangible assets 9 415,0  17 848,2 
3. Long-term investments 90,4  177,5 
4. Long-term debtors 0,0  0,0 
II. Current assets 14 625,9  22 168,6 
1. Stocks 4 670,6  10 298,0 
2. Current debtors 9 409,4  10 620,7 
3. Temporary investments 0,0  0,0 
4. Cash and cash equivalents 545,9  1 249,9 
III. Deferred expenses 161,3  393,7 
Total Assets 24 481,0  40 912,5 
LIABILITIES AND SHAREHOLDERS' EQUITY
I. Shareholders' equity 7 308,2  18 296,7 
1. Share capital 1 500,0  6 500,0 
2. Not paid-up share capital (negative value) 0,0  0,0 
3. Reserve capital 1 234,4  6 505,6 
4. Revaluation capital 4 241,1  4 767,5 
5. Other reserve capital 0,0  103,1 
6. Prior years' retained earnings (accumulated deficit) 0,0  0,0 
7. Net profit (loss) for the half-year 332,7  420,5 
II. Provisions 121,5  137,9 
Liabilities 15 593,4  20 692,2 
1. Long-term creditors 2 416,3  1 881,3 
2. Current creditors 13 177,1  18 810,9 
IV. Accrued expenses and deferred income 1 457,9  1 785,7 
Total liabilities and shareholders' equity 24 481,0  40 912,5 
Net book value 7 308,2  18 296,7 
Number of shares 600 000  2 600 000 
Net book value per share (in PLN) 12,18  7,04 

Profit and Loss Account

Half-year ended 30 June 1995 1996
I. Turnover 23 434,2  33 051,0 
1. Net sales of merchandise and materials 20,6  40,4 
2. Net sales of products 23 413,6  33 010,6 
II. Cost of sales 20 986,2  28 990,3 
1. Cost of merchandise and materials sold 20,2  43,0 
2. Cost of products sold 20 966,0  28 947,3 
III. Gross profit (loss) on sales 2 448,0  4 060,7 
IV. Distribution costs 0,0  0,0 
V. General administrative expenses 1 755,4  2 497,7 
VI. Profit (loss) on sales 692,6  1 563,0 
VII. Other operating income 50,6  148,9 
VIII. Other operating expenses 8,5  21,8 
IX. Operating profit (loss) 734,7  1 690,1 
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 344,7  1 092,8 
XIII. Financial expenses 428,1  2 084,6 
XIV. Profit (loss) on ordinary activities 651,3  698,3 
XV. Extraordinary items 1,1  (1,3)
1. Extraordinary income 6,7  0,0 
2. Extraordinary charges 5,6  1,3 
XVI. Profit (Loss) before taxation 652,4  697,0 
XVII. Corporation income tax 319,7  276,5 
XVIII. Other obligatory profit decreases (loss increases) 0,0  0,0 
XIX. Net profit (loss) for the half-year 332,7  420,5 
Net profit (Loss) for 12 months 952,0  1 514,1 
Weighted average number of ordinary shares 600 000  2 100 000 
Net profit (loss) per ordinary share (in PLN) 1,59  0,72 

Cash Flow Statement

Half-year ended 30 June 1995 1996
A. CASH FLOWS - OPERATING ACTIVITIES
I. Net profit (loss) for the half-year 332,7  420,5 
II. Total adjustments 292,7  (266,3)
1. Depreciation and amortisation 771,5  1 369,2 
2. Gain (loss) on exchange rate differences 0,0  (3,4)
3. Interest and dividends received and paid 110,0  1 006,0 
4. Provisions for doubtful debts 0,0  (0,2)
5. Other reserves 0,3  0,0 
6. Corporation income tax on profit before taxation 319,7  276,5 
7. Corporation income tax paid (78,0) (90,0)
8. (Gain) loss on disposal of investments 3,6  (131,9)
9. Change in stocks (2 405,0) (748,4)
10. Change in current debtors (3 350,3) 606,8 
11. Change in current creditors (except loans and bank credits), including special funds 5 737,2  (2 675,9)
12. Change in deferred and accrued expenses (130,0) (249,9)
13. Change in deffered income (686,3) 374,9 
14. Other items 0,0  0,0 
III. Net cash inflow (outflow) from operating activities 625,4  154,2 
B. CASH FLOWS - INVESTING ACTIVITIES
I. Cash inflow from investing activities 3,0  1 205,8 
1. Sales of intangible assets 0,0  0,0 
2. Sales of tangible assets 3,0  2,5 
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 0,0  1 129,5 
7. Loans collected 0,0  0,0 
8. Dividends received 0,0  0,0 
9. Interest received 0,0  0,0 
10. Other income 0,0  73,8 
II. Cash outflow from investing activities 1 080,8  2 990,5 
1. Purchases of intangible assets 191,2  10,4 
2. Purchases of tangible assets 889,6  2 980,0 
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 0,0  0,1 
III. Net cash inflow (outflow) from investing activities (1 077,8) (1 784,7)
C. CASH FLOWS - FINANCING ACTIVITIES
I. Cash inflow from financing activities 953,8  6 063,2 
1. Long-term bank credits contracted 288,8  0,0 
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 665,0  6 000,0 
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 0,0  63,2 
9. Other income 0,0  0,0 
II. Cash outflow from financing activities 580,0  3 683,2 
1. Payments of long-term bank credits 0,0  82,5 
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 0,0  2 500,0 
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 285,0  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  185,0 
14. Interest paid 110,0  915,7 
15. Other expenses 0,0  0,0 
III. Net cash inflow (outflow) from investing activities 373,8  2 380,0 
D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII) (78,6) 749,6 
E. CASH AND CASH EQUIVALENTS - BEGINNING OF HALF-YEAR 624,5  500,3 
F. CASH AND CASH EQUIVALENTS - END OF HALF-YEAR (D+E) 545,9  1 249,9 
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Last Update: 97-08-16

Name: ZG