In 2013, NEWAG Capital Group earned a net profit of PLN36.7 million, thus meeting the earnings levels projected in its IPO prospectus. EBIDTA amounted to PLN 84.8 million and exceeded the forecast by 0.9 %. Since November 2013, the Company’s order portfolio has increased by nearly PLN 100 million.
Sales revenue amounted to PLN 680.5 million and was PLN 25.1 million higher as compared with 2012.
The key factor contributing to the 2013 financial results (forecast income at the level of PLN 755.6 million vs. the actual income at PLN 680.5 million) was a temporary halt in the train commissioning by Metro Warsaw in November 2013. NEWAG planned to sell eleven trains whereas six were actually sold (-PLN 45 million). Additionally, the sale of two Diesel Multiple Units ordered by Przewozy Regionalne (-PLN14.6 million) and of one modernised Electric Multiple Unit for Koleje Mazowieckie (-PLN 6.5million) was postponed to 2014.
Despite the lower sales revenue figure, the Group earned a net profit of only 3.1% lower than the forecast. This results from the lower than projected costs of producing goods (including indirect costs) and lower costs of management and administration.
“The Warsaw Metro has resumed its operation of the trains delivered so far. The remaining trains, which have already been produced, are waiting to be commissioned by the Client, which, taking into consideration the fact of meeting the forecasts for 2013, portends very well for the Company’s financial results in 2014,” said Zbigniew Konieczek, CEO of NEWAG S.A . “ We confirm our forecasts for 2014. In keeping with our announcements, we would like to share a substantial part of the profit with the Shareholders this year and in the coming years. We are going to recommend a dividend payment of PLN 20 million for 2013.”
The present value of the Group’s order portfolio has reached PLN 1.75 billion. The Group actively participates in tenders. Since November 2013, the Group’s order portfolio has increased by nearly PLN 100 million.
In 2013, the Group successfully financed all its strategic investment projects of the value totalling PLN 62.5 million. The Group is able to meet its obligations. In 2013, no risk of losing its financial liquidity was identified. Moreover, liabilities were paid in a timely manner.
The Company is well-prepared for exploiting domestic opportunities and international expansion. The expected value of tenders for rolling stock delivery and modernisation is PLN 7.9 billion in the period covering the years 2014–2017.