Mennica Polska Group has published its consolidated interim report for H1 2019. The consolidated results confirm the Group’s steady performance and are consistent with Mennica Polska’s projections, despite a higher reference base in the corresponding period of the previous year.

Excluding one-offs and extraordinary events, Mennica Polska Group’s H1 2019 consolidated sales revenues were PLN 327.3 million (vs. PLN 628.3 million in Q1-Q2 2018), the consolidated result on sales was PLN 11.3 million (vs. PLN 41.8 million in Q1-Q2 2018) and the net profit was PLN 6.2 million (vs. PLN 30.0 million in Q1-Q2 2018). The H1 2019 consolidated EBITDA reached PLN 23.1 million (vs. PLN 50.7 million in Q1-Q2 2018). However, the Company’s financial liquidity remains robust, as the relatively weaker performance year-on-year was due to a significantly higher reference base in the corresponding period of the previous year, i.e. H1 2018.

In May 2019, the General Meeting resolved to distribute PLN 51.1 million out of the 2018 profit of PLN 66.5 million as dividends to the shareholders. The dividend per share (DPS) shall be PLN 1.00 before tax.

– In the first half of the year, we continued to implement the projects planned in our business development strategy. The H1 2019 financials confirm our high operational efficiency although the results were lower relative to H1 2018 when additional revenues were generated. What mattered to us the most, however, was the fact that we could distribute part of the generated profit to our shareholders as a dividend. We believe that the dividend helps build strong relations with investors and rewards their loyalty towards our company, stressed Andrzej Stefaniuk, Deputy CFO, Director of the Controlling Department, Mennica Polska S.A.

Mennica Polska Group maintains healthy debt and liquidity (cash flow) ratios. In H1 2019, an increase in current assets, mainly in inventories, was recorded due to the ongoing implementation of two projects – “Mennica Residence II” and “Bulwary Praskie” – in the property development segment. The decrease in short-term investments resulted from the payment of dividends and significant investments incurred in property development activities. The short-term liabilities, on the other hand, grew mainly due to further prepayments being made by future apartment owners under the projects implemented in the property development segment.

– Our offer of modern and technologically advanced buildings in highly attractive locations guarantees a steady long-term revenue stream for our Group. Our liquidity and operating profitability ratios confirm that we have properly defined our goals for the property development segment. Timely delivery of all structural and construction works has had a positive impact on controlling the costs of our investments, which is particularly important because of rapidly growing prices of building materials, energy, and labour costs on the Polish market, stressed Grzegorz Zambrzycki, CEO and President of the Board, Mennica Polska S.A.