MOSTOSTAL GDAŃSK SA
Financial Reports

Annual Report for 1999

(in T. PLN, exact to 100 PLN)
 
As at 31 December Note 1998 1999
 
ASSETS
I. Fixed assets   56 517 93 035
1. Intangible assets 1 1 835 1 768
2. Tangible assets 2 35 932 66 411
3. Long-term investments 3 18 695 24 834
4. Long-term debtors 4 55 22
II. Current assets   50 205 32 562
1. Stocks 5 10 184  8 690
2. Current debtors 6 39 426  23 214 
3. Temporary investments 7

- 

- 
4. Cash and cash equivalents 8 595 658
III. Deferred expenses 9 1 367  1 225 
Total Assets   108 089  127 020 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
I. Shareholders' equity   55 848 65 181
1. Share capital 10 10 000,0  10 000,0 
2. Not paid-up share capital (negative value)   - -
3. Reserve capital 11 34 307  41 188
4. Revaluation capital 12 4 642  4 575 
5. Other reserve capital 13 100  100 
6. Prior years' retained earnings (accumulated deficit) 14 - -
7. Net profit (loss) for the year   6 814  9 343 
II. Provisions 15 785  854 
III. Liabilities   48 457  59 010 
1. Long-term creditors 16 3 009  5 319 
2. Current creditors 17 45 448 53 691
IV. Accrued expenses and deferred income 18 2 999 1 975
       
Profit and Loss Account      
Year ended 31 December Note 1998 1999
I. Turnover   191 270 262 146
1. Net sales of merchandise and materials 19 276  1 938 
2. Net sales of products 20 190 994  260 208 
 II. Cost of sales   166 285 236 204
1. Cost of merchandise and materials sold   262  1 576 
2. Cost of products sold 21 166 285 236 204
III. Gross profit (loss) on sales   24 723  24 366 
IV. Distribution costs   -  - 
V. General administrative expenses   11 419 11 035
VI. Profit (loss) on sales   13 304  11 331 
VII. Other operating income 22 294 1 629
VIII. Other operating expenses 23 620  2 111 
IX. Operating profit (loss)   12 978  10 849 
X. Dividend income, including that from:  

604

1
XI. Income on other long-term investments, including that from:   -  - 
XII. Other financial income 24 10 279 6 594
XIII. Financial expenses 25 13 185  4 214 
XIV. Profit (loss) on ordinary activities   10 668  13 230 
XV. Extraordinary items   (8)  (20) 
1. Extraordinary income 26 244  130 
2. Extraordinary charges 27 252  150 
XVI. Profit (Loss) before taxation   10 668  13 210 
XVII. Corporation income tax 28 3 732  3 867 
XVIII. Other obligatory profit decreases (loss increases) 29 122 

- 
XIX. Net profit (loss) for the year   6 814  9 343
       
Cash Flow Statement      
Year ended 31 December   1998 1999
A. CASH FLOWS - OPERATING ACTIVITIES      
I. Net profit (loss) for the year   6 814 20 102
II. Total adjustments   10  10 759 
1. Depreciation and amortisation   5 839  4 985 
2. Gain (loss) on exchange rate differences   (254)  251 
3. Interest and dividends received and paid   1 199  2 464 
4. Other reserves   88  164 
5. Corporation income tax on profit before taxation   3 732  3 866 
6. Corporation income tax paid   (2 830) (3 922)
7. (Gain) loss on disposal of investments   117  (3 753) 
8. Change in stocks   (5 867)  1 494 
9. Change in current creditors (except loans and bank credits),including special funds   18 006 (9 988)
10. Change in deferred and accrued expenses   (512)  (112) 
11. Change in deffered income   1 559 (770)
12. Other items   3 (20)
       
B. CASH FLOWS - INVESTING ACTIVITIES      
I. Cash inflow from investing activities   10 888 5 038
1. Sales of intangible assets   - 

24
2. Sales of tangible assets   3 1 195
3. Disposal of shares and other securities of subsidiary undertakings   2 263 3 765
4. Disposal of shares and other securities of associated undertakings   2 263  3 765 
7. Loans collected   -  - 
8. Dividends received  

558

-
9. Interest received   40 54
10. Other income  

58 

-
II. Cash outflow from investing activities   31 876,3  25 590
1. Purchases of intangible assets   297 1 782
2. Purchases of tangible assets   13 472  15 416 
3. Acquisition of shares and other securities of subsidiary undertakings   11 819 6 893
5. Acquisition of other long-term investments   -  - 
6. Acquisition of temporary investments  

- 

7 766
7. Loans granted   -  - 
8. Other expenses   2  20 
       
C. CASH FLOWS - FINANCING ACTIVITIES      
I. Cash inflow from financing activities   10 590 27 767
1. Long-term bank credits contracted  

- 

3 069
2. Long-term loans contracted   -  - 
3. Current loans contracted  

229

-
4. Issuances of bonds or other current commercial paper  

 9 943

-

5. Shares issued and share premium  

-

24 500
6. Interest repaid   418  1 003
7. Other income   -  - 
II. Cash outflow from financing activities   3 198 21 951
1. Payments of long-term bank credits and loans  

934 

934 
2. Redemption of bonds and other long-term notes payable   -  - 
3. Payments of current bank credits  

-

6 789
4. Payments of current loans   - 

9 943
5. Redemption of bonds or other current commercial paper   -  - 
6. Dividends and other payments to shareholders   -  - 
7. Supervisory Board remuneration   -  - 
8. Employee bonuses from net profit   -  - 
9. Charitable contributions   -  - 
10. Finance lease commitments paid   370,0  370,0 
11. Interest paid   1 891 3 494
12. Other expenses  

3

421
       
D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII)   (486) 63
E. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR   1 081 595
F. CASH AND CASH EQUIVALENTS - END OF YEAR (D+E)   595  658 
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