Publication of preliminary financial results for FY2019

The Management Board of TORPOL S.A. evaluates the economic and financial situation of the Company as very well. The most important achievement is a significant improvement of the cash position and consequently stabilization of the Company’s financial standing. The Group successfully discounted the scale and high pace of construction works, generating historically high sales of over PLN 1.6 billion. – This is a good result, taking into account extremely difficult market conditions. We have shown that thanks to very good engineering and technical staff, efficient and competent area of legal, financial and organizational support and having a powerful, appropriate equipment base, we are able to deal effectively in this demanding market. That is why we are convinced that this year will give us even more satisfaction and results than last year. Currently, we have secured about 90 percent of the basic materials for the execution of our portfolio of orders and adequate financial resources, which allow us to execute our projects on time and effectively – says Grzegorz Grabowski, President of TORPOL S.A.

The average gross return on sales for the last 12 months based on the order portfolio held by the Torpol Group amounted to 4.7%. – The obtained gross margin on sales, taking into account the large share in the revenues of 2019 of contracts (about 80%) acquired in 2016-2017 is at a satisfactory level. The structure of the currently held portfolio of orders at the amount of PLN 3.09 billion excl. VAT, in which only about 15 % are contracts acquired in 2017, indicates that the profitability at all levels of the profit and loss account in this and subsequent years should improve. On the other hand, the Group’s technical and human resources potential and stable financial position allow for the continues activity in procurement procedures and application for further orders – adds Grzegorz Grabowski.

At the individual level, TORPOL S.A. generated almost PLN 1.57 billion in sales revenues, the Company’s EBITDA amounted to over PLN 62.6 million, while the net profit amounted to over PLN 27.7 million in the last 12 months.