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Financial result – factors and events determining its amount

Home page 4a Present and forecast financial situation of the group Financial result – factors and events determining its amount
Main items of the consolidated statement of comprehensive income 2016 2015Change
PLNm % PLNm % PLNm
Net revenues from sales of products, goods and materials 971,5 100,0 1 242,8 100,0 (271,3)
Cost of products, goods and materials sold (873,1) 89,9 (1 133,6) 91,2 260,5
Gross profit on sales 98,4 10,1 109,2 8,8 (10,8)
Selling costs (2,6) 0,2 (4,1) 0,3 1,5
General administrative expenses (19,4) 2,0 (17,8) 1,4 (1,6)
Other operating income 16,2 1,7 20,1 1,6 (3,9)
Other operating expenses (30,8) 3,2 (44,3) 3,6 13,5
Operating profit 61,8 6,4 63,1 5,1 (1,3)
Finance income 3,8 0,4 0,4 0,1 3,4
Finance costs (2,2) 0,2 (3,2) 0,3 1,0
Share in net profit / loss of the subordinated entities measured according to equity method 5,4 0,5 2,6 0,2 2,8
Profit before income tax 68,8 7,1 62,9 5,1 5,9
Income tax (13,7) 1,4 (12,9) 1,1 (0,8)
Net profit for the period 55,1 5,7 50,0 4,0 5,1

File in XLSX formatMain items of the consolidated statement of comprehensive income file .xlsx6 kB

The gross profit on sales in 2016 was 98.4 million PLN. The gross profitability of sales rose 1.3 percentage point on 2015 and was 10.1% and 8.8%, respectively.

Selling costs in 2016 amounted to 2.6 million PLN and were 1.5 million PLN (36.4%) lower than in 2015. The level of selling costs was correlated with the level of sales revenue in the periods and had similar share in the sales revenue of the compared periods.

The general administrative expenses incurred in 2016 were 19.4 million PLN and increased by 1.6 million PLN, i.e. by 9.1% compared to 2015. The increase in overhead costs is substantially attributed to takeover of management and administration of the Company’s infrastructure from the liquidated subsidiary KONIP Sp. z o.o.
In 2016 the share of administrative expenses in sales revenue generated by the Group was 2.0%, while in 2015 it was 1.4%. The share of general administrative expenses in sales revenue rose 0.6 percentage point in the compared periods.

In 2016, other operating income totalled 16.2 million PLN and was 3.9 million PLN, that is by 19.3%, lower than in 2015. Other operating expenses of 2016 totalled 30.8 million PLN and were 13.5 million PLN, that is by 30.5%, lower than in 2015. Operating profit generated by the Group in 2016 amounted to 61.8 million PLN, which was 1.3 million PLN less than in 2015. The return on operating profit for 2016 was 6.4% and rose by 1.3 percentage point on 2015.

The financial income for 2016 amounted to 3.8 million PLN and was by 3.4 million PLN higher than the financial income earned in 2015. It included 0.1 million PLN as received in respect of the shares in PI Biprohut Sp. z o.o. held by the parent company, ELEKTROBUDOWA SA and 3.7 million PLN gains from selling some financial assets of the parent company.
The financial costs for 2016 amounted to 2.2 million PLN and were by 1.0 million PLN (by 30.0%) lower than the costs incurred in 2015. They included 1.1 million PLN of interest on borrowings, 0.9 million PLN amount of commission on bank loans, and interest on leases in the amount of 0.2 million PLN.
The pre-tax profit for 2016 was 68.8 million PLN and was by 5.9 million PLN (9.4%) higher than the profit generated in 2015.
The financial result of the reporting period closed with the net profit of 55.1 million PLN. Compared to 2015, the profit rose by 5.1 million PLN (10.3%). The net profit margin in 2016 was 5.7% and rose 1.7 percentage point on 2015.

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