MOSTOSTAL GDAŃSK SA
Financial Reports

Annual Report for 1997

(in T. PLN, exact to 100 PLN)
 
As at 31 December Note 1996 1997
 
ASSETS
I. Fixed assets   19 054,1  39 524,2 
1. Intangible assets 1 395,5  1 966,8 
2. Tangible assets 2 18 556,3  30 486,5 
3. Long-term investments 3 102,3  7 070,9 
4. Long-term debtors 4 - - 
II. Current assets   27 108,7  33 837,6 
1. Stocks 5 9 136,0  4 317,0 
2. Current debtors 6 16 501,2  20 674,0 
3. Temporary investments 7 -  7 765,9 
4. Cash and cash equivalents 8 1 471,5  1 080,7 
III. Deferred expenses 9 255,5  334,9 
Total Assets   46 418,3  73 696,7 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
I. Shareholders' equity   20 069,6  49 050,3 
1. Share capital 10 6 500,0  10 000,0 
2. Not paid-up share capital (negative value)   - -
3. Reserve capital 11 6 505,6  29 818,4 
4. Revaluation capital 12 4 770,0  4 650,8 
5. Other reserve capital 13 100,5  100,5 
6. Prior years' retained earnings (accumulated deficit) 14 -  -
7. Net profit (loss) for the year   2 193,5  4 480,6 
II. Provisions 15 415,8  574,8 
III. Liabilities   23 823,0  23 151,5 
1. Long-term creditors 16 1 617,4  4 312,7 
2. Current creditors 17 22 205,6  18 838,8 
IV. Accrued expenses and deferred income 18 2 109,9  920,1 
Total liabilities and shareholders' equity   46 418,3  73 696,7 
       
Net book value   20 069,6  49 050,3 
Number of shares   2 600 000  4 000 000 
Net book value per share (in PLN)   7,70  12,30 
Profit and Loss Account      
Year ended 31 December Note 1996 1997
I. Turnover   93 395,9  115 635,9 
1. Net sales of merchandise and materials 19 418,5  257,7 
2. Net sales of products 20 92 977,4  115 378,2 
II. Cost of sales   82 078,4  99 131,8 
1. Cost of merchandise and materials sold   416,1  152,1 
2. Cost of products sold 21 81 662,3  98 979,7 
III. Gross profit (loss) on sales   11 317,5  16 504,1 
IV. Distribution costs   0,0  0,0 
V. General administrative expenses   5 572,8  8 697,6 
VI. Profit (loss) on sales   5 744,7  7 806,5 
VII. Other operating income 22 306,8  544,0 
VIII. Other operating expenses 23 226,4  928,0 
IX. Operating profit (loss)   5 825,1  7 422,5 
X. Dividend income, including that from:   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 24 1 224,0  32 751,3 
XIII. Financial expenses 25 3 408,8  33 471,1 
XIV. Profit (loss) on ordinary activities   3 640,9  6 702,7 
XV. Extraordinary items   0,2  3,6 
1. Extraordinary income 26 12,6  21,5 
2. Extraordinary charges 27 12,4  17,9 
XVI. Profit (Loss) before taxation   3 641,1  6 706,3 
XVII. Corporation income tax 28 1 241,8  2 148,3 
XVIII. Other obligatory profit decreases (loss increases) 29 205,8  77,4 
XIX. Net profit (loss) for the year   2 193,5  4 480,6 
       
Net profit (Loss) for 12 months   2 193,5  4 480,6 
Weighted average number of ordinary shares   2 600 000  4 000 000 
Net profit (loss) per ordinary share (in PLN)   0,80  1,10 
       
Cash Flow Statement      
Year ended 31 December   1996 1997
A. CASH FLOWS - OPERATING ACTIVITIES      
I. Net profit (loss) for the year   2 193,5  4 480,6 
II. Total adjustments   2 185,1  5 210,2 
1. Depreciation and amortisation   3 059,5  4 129,8 
2. Gain (loss) on exchange rate differences   (1,7) 0,0 
3. Interest and dividends received and paid   1 760,7  483,6 
4. Provisions for doubtful debts   (3,6) 540,8 
5. Other reserves   277,8  81,6 
6. Corporation income tax on profit before taxation   1 241,8  2 148,3 
7. Corporation income tax paid   (1 035,4) (2 208,9)
8. (Gain) loss on disposal of investments   (2,8) 2 080,8 
9. Change in stocks   413,6  4 819,0 
10. Change in current debtors   (5 304,7) (4 743,6)
11. Change in current creditors (except loans and bank credits),including special funds   1 117,5  (776,3)
12. Change in deferred and accrued expenses   (103,4) 69,3 
13. Change in deffered income   690,7  (1 338,5)
14. Other items   75,1  (75,7)
III. Net cash inflow (outflow) from operating activities   4 378,6  9 690,8 
       
B. CASH FLOWS - INVESTING ACTIVITIES      
I. Cash inflow from investing activities   1 055,2  1 506,5 
1. Sales of intangible assets   -  - 
2. Sales of tangible assets   -  9,0 
3. Disposal of shares and other securities of subsidiary undertakings   -  - 
4. Disposal of shares and other securities of associated undertakings   -  - 
5. Disposal of other long-term investments   -  - 
6. Disposal of temporary investments   1 000,0  - 
7. Loans collected   -  - 
8. Dividends received   0,6  - 
9. Interest received   52,9  1 497,5 
10. Other income   1,7  - 
II. Cash outflow from investing activities   5 304,7  31 876,3 
1. Purchases of intangible assets   114,8  1 781,9 
2. Purchases of tangible assets   5 189,9  15 415,7 
3. Acquisition of shares and other securities of subsidiary undertakings   -  6 892,8 
4. Acquisition of shares and other securities of associated undertakings   -  - 
5. Acquisition of other long-term investments   -  - 
6. Acquisition of temporary investments   -  7 765,9 
7. Loans granted   -  - 
8. Dividends repaid   -  - 
9. Interest repaid   -  - 
10. Other expenses   -  20,0 
III. Net cash inflow (outflow) from investing activities   (4 249,5) (30 369,8)
       
C. CASH FLOWS - FINANCING ACTIVITIES      
I. Cash inflow from financing activities   2 999,5  27 766,7 
1. Long-term bank credits contracted   -  3 068,9 
2. Long-term loans contracted   -  - 
3. Issuances of bonds or other long-term notes payable   -  - 
4. Current bank credits contracted   2 999,5  - 
5. Current loans contracted   -  - 
6. Issuances of bonds or other current commercial paper   -  - 
7. Shares issued and share premium   -  24 500,0 
8. Interest repaid   -  197,8 
9. Other income   -  - 
II. Cash outflow from financing activities   2 157,5  7 478,5 
1. Payments of long-term bank credits   165,0  - 
2. Payments of long-term loans   -  - 
3. Redemption of bonds and other long-term notes payable   -  - 
4. Payments of current bank credits   -  4 959,7 
5. Payments of current loans   -  - 
6. Redemption of bonds or other current commercial paper   -  - 
7. Issuance expenses   -  - 
8. Shares retired   -  - 
9. Dividends and other payments to shareholders   -  - 
10. Supervisory Board remuneration   -  - 
11. Employee bonuses from net profit   -  - 
12. Charitable contributions   -  - 
13. Finance lease commitments paid   366,3  370,0 
14. Interest paid   1 626,2  2 148,8 
15. Other expenses   -  - 
III. Net cash inflow (outflow) from investing activities   842,0  20 288,2 
       
D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII)   971,1  (390,8)
E. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR   500,3  1 471,5 
F. CASH AND CASH EQUIVALENTS - END OF YEAR (D+E)   1 471,4  1 080,7 
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