Current report no 30/2016 of 22 September 2016 – Estimates of selected financial data for the 1st half of 2016

This current report was published via ESPI system on 22 September 2016, at 19:22

Management Board of Qumak S.A. (hereafter referred to as the Company) publishes selected estimates of consolidated financial results for the 1st half of 2016.
In accordance with the initial estimates the Qumak Capital Group (hereafter referred to as the Group) achieved the following financial results:
– After the 1st half of 2016 the Group obtained income from sales in the amount of around PLN 176 million;
– Gross loss is around PLN -1.1 million;
– Net loss is around PLN -6.4 million.
These estimates of initial results of the Group in the period of the 1st half of 2016 were influenced mainly by:
– Decrease in revenue and number of public procurement on the public market by nearly 50% and an extended process of distributing projects financed by EU funds in the next tranche;
– Recognition of revenue in the ISOK project, previously included in the statements in accordance with the costs advancement of the project, which gave an effect in the form of an additional margin;
– Calculating deferred income tax with regard to a potential loss on tax recognized as at the day of preparing the financial statements.
The presented values and information are estimates and may undergo changes as well as may differ from the values which will be published in the abbreviated consolidated financial statements for the 1st half of 2016.
The publication of the consolidated report for the 1st half of 2016 is on 28 September 2016.

Legal ground:
MAR Article 17 item 1