Good performance of the PBG Group in Q1 2011
2011-05-12
Improved profitability and significant increase at each level of the P&L
Overview of Q1 2011 results:
- Sales revenue of PLN 477.6m, up by 2% year on year;
- Gross profit on sales up by 14%, from PLN 48.7m to PLN 55.3m;
- Operating profit up by 40%, from PLN 23.9m to PLN 33.5m;
- Over PLN 9m increase in EBITDA, from PLN 35.5m to PLN 44.7m;
- Net profit attributable to the owners of the parent at PLN 24.1m, representing a 36% increase year on year;
- Net profit was positively affected by a non-recurring event, i.e. disp osal of shares in Gdyńska Projekt by Hydrobudowa 9, which contributed nearly PLN 4m, recognised as gain/loss on investments;
- PBG SA was the largest contributor to the Group’s performance. The Company reported revenue of approximately PLN 164m, operating profit of PLN 22.5m and net profit of PLN 15m. These figures represent 34% of the PBG Group’s sales revenue, 67% of the Group’s operating profit and 62% of its net profit, respectively.
- Consolidation of road construction companies has adversely affected profitability. While the Aprivia Group generated sales revenue of over PLN 30m, it sustained a gross loss on sales of PLN 2.6m, operating loss of PLN 4.4m and net loss attributable to the owners of the parent of PLN 4.3m.
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As at April 1st 2011, the value of the PBG Group’s order book was almost PLN 5bn, including around PLN 2.6bn scheduled for execution in 2011.
The table below presents the PBG Group’s financial performance in Q1 2011