Mennica Polska Group released its consolidated interim report for Q3 2019 and cumulatively for Q1-Q3 2019. In the first nine months of 2019, the highest revenues – despite a higher reference base in the previous year – were generated in the segment of mint products. The Group continues to consistently implement its strategy of stabilizing core business while further developing other prospective business segments.

After eliminating extraordinary and one-off events, the Q1-Q3 2019 result on sales was PLN 20 million (vs. PLN 63 million in Q1-Q3 2018), net profit was PLN 11 million (vs. PLN 44 million in Q1-Q3 2018), and EBITDA was PLN 35 million (vs. PLN 76 million in Q1-Q3 2018).
– The significantly higher result on sales in Q1-Q3 2018 was attributable to the sale – in the form of notary deeds – of 141 apartments in “Mennica Residence I”, the finalization of deliveries under a significant sale contract of golden medals with the Treasury Ministry of Thailand and the settlement of an additional provision for the last period of the outgoing contract under the Wrocław Urban Card project – explained Artur Jastrząb, CFO, Mennica Polska S.A.

As for the Group’s liquidity and solvency in terms of current assets and current liabilities, an increase in inventories and receivables was recorded due to the ongoing implementation of two projects – “Mennica Residence II” and “Bulwary Praskie” – and the recognition of assets in respect of the right of use, under the new definition of a lease in IFRS 16, in the value of PLN 69,606 thousand. At the same time, a decrease in short-term investments (subitem: cash and cash equivalents) was caused by factors such as dividend payment of PLN 51.1 million out of the previous year’s profit of PLN 66.5 million. The short-term liabilities, on the other hand, grew mainly due to further prepayments being made by future apartment owners under the projects “Mennica Residence II” and “Bulwary Praskie” in the property development segment.

– Mennica Polska Group’s business development strategy focuses on the optimum use of the Group’s potential, including the highly unique know-how. We successfully identify our strengths and know-how to capitalize on them. In the core business segment, we continuously develop new, more advanced production technologies, which helps us keep our offer modern and competitive and successfully pitch for contracts even in geographically distant locations. Our ongoing competitive advantage is confirmed by our contract portfolio, which includes central banks of countries such as Albania, Bolivia, Columbia, Costa Rica, the Dominican Republic, Georgia, Guatemala, Lebanon, Paraguay, and Thailand – said Grzegorz Zambrzycki, CEO and President of the Board, Mennica Polska S.A. – In the electronic payments segment, we successfully support cities wishing to be perceived as more progressive. Also, we see great prospects for the Group’s further development in the property development segment. With a number of building plots situated in attractive locations that are owned by the Group and the implementation of technologically advanced construction methods ensuring the superior quality of all our buildings, we have laid the groundwork for generating revenues in the long-term perspective – Grzegorz Zambrzycki added.