72/2019 - Preliminary estimated financial results for Q3 2019
The Management Board of Trakcja PRKiI S.A. (”Company”) hereby informs that the process of cyclical reviews of long-term contracts and collection of financial data for the purpose of preparing the Company’s financial statements and the consolidated financial statements of the Trakcja Group (”Group”) for the 9 months ended on 30 September 2019 has been completed on 22 November 2019.
Initial estimated financial results of the Trakcja Group for the 9 months ended on 30 September 2019:
Sales revenues: PLN 1.082.392 thousand
Gross result on sales: PLN -30,869 thousand
EBITDA: PLN -55,682 thousand
Net profit/loss: PLN -80,883 thousand
Initial estimated financial results of Trakcja PRKiI S.A. for the 9 months ended on 30 September 2019:
Sales revenues: PLN 634,384 thousand
Gross result on sales: PLN -46,322 thousand
EBITDA: PLN -62,727 thousand
Net profit/loss: PLN -72,948 thousand
Factors with largest influence on the Group’ s gross sales during the 9 months of 2019 include:
- settlement of low-margin contracts signed in previous years, when the offering situation was difficult, before the substantial increase of the costs of performance
- the prolonged process of refinancing the operations of Trakcja PRKiI S.A., which caused a drop in the profitability of construction contracts;
- the update of contract budgets also in terms of additional costs related with the extended completion deadline;
- the update of contract budgets in terms of possible and impossible optimizations of construction contracts.
The result of the aforementioned factors on the completed process of reviewing budgets for construction contracts amounted to PLN -50,895 thousand.
In addition, the Company’s and the Group’s net result for the 9 months of 2019 was affected by costs relating to the financial restructuring process.
As at 30 September 2019, the construction contracts portfolio of the Trakcja Group amounted to PLN 2,145 million (excluding the part of income assigned to consortium members). During the period of 9 months ended on
30 September 2019, the companies of the Trakcja Group have signed construction contracts with the total value of PLN 992 million (excluding the part of income assigned to consortium members).
In consideration of the preliminary nature of information presented above, the final calculations or any changes of the influence of the above factors on the Q3 results will be presented by the Company in the consolidated quarterly report for the 9 months ended on 30 September 2019, to be published on 28 November 2019 according to the periodical reports publication calendar.
Legal basis:
Article 17.1 of the Market Abuse Regulation (MAR)
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