Information on results of Apator Rector Sp. z o.o.
The Management Board of Apator S.A. announces about the information on results of the subsidiary - Apator Rector sp. z o.o. and their impact on consolidated financial statement of Apator Group for III quarter of 2016.
Apator Rector sp. z o.o. has made the revision of long-term contracts based on:
- status of negotiations with key customers,
- analysis and more precise the scope of works,
- verification of the schedules of works and costs and other charges that are necessary to be born in order to close and make settlement of contracts that is planned in the II quarter 2017.
In result of the above revision of financial statement of Apator Rector sp. z o.o. some adjustments related to non cash transactions were made that reflect target profitability of contracts that caused the increase of net loss in the period of 9 months in 2016 to the value of PLN 19,5 m and reduction of consolidated results of Apator Group for three quarters in 2016.
Pursuant to the best knowledge of Management Board, the adjustments introduced take into account all estimated future costs and charges due the performance of long-term contracts. The adjustments used will allow to eliminate the negative influence on financial results of Apator Rector sp. z o.o. and Apator Group since the fourth quarter 2016.
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