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Financial results

Basic financial results 

 

(PLN thousand)   2017 2016 2015 2014 2013 2012
Operating revenue 198 573 210 278 140 908 106 228 113 369 65 292 
Operating expenses 107 217 76 696 52 667 38 301 33 106 28 656
Operating profit 91 356 133 582 88 241 67 927 80 263 36 636
Net profit, including: 55 052 38 771 82 176 59 207 70 594 26 894
- attributable to the shareholders of BEST 54 552 38 245 81 809 58 884 69 747 26 214
Comprehensive income, including: 52 394 38 726 82 166 49 545 72 359 27 955
- attributable to the shareholders of BEST 51 897 38 200 81 799 49 222 71 512 27 275

 

 

Balance-sheet data

 

(PLN thousand) 2017 2016 2015 2014 2013 2012
Total assets

1 245 918 

904 865

694 108

416 893 265 571 170 943
Liabilities, including: 816 145  548 638 282 961 199 835 150 641 79 093
- financial liabilities 760 015  503 949 411 147 217 058 114 930 91 850
Equity, including: 429 773  356 227 400 150 198 299 78 129 75 804
- attributable to the shareholders of BEST 429 519  356 127  231 940 184 782 64 189 48 820
Net debt 668 807  481 904 356 956 160 844 57 984 63 163

 

Profitability ratios

 

  2107 2016 2015 2014 2013 2012
Return on sales 1) 28% 18% 58% 56% 62% 41%
Return on assets 2) 5% 5% 15% 17% 32% 20%
Return on equity 3) 14% 12% 34% 34% 61% 41%
Comprehensive return on equity 4) 13% 12% 34% 28% 63% 43%

 

 

1) Return on sales: net profit / sales revenue

2) Return on assets: net profit / average equity

3) Return on equity: net profit / average equity

4) Comprehensive return on equity: comprehensive net income / average equity

Due to the high dynamics of development, profitability ratios referring to the balance-sheet data used in this analysis have been converted on the basis of the average value of a given item unless indicated otherwise.

 

Debt ratios

 

  2017  2016           2015 2014      2013     2012
Total liabilities / total assets 66% 65% 59% 52% 43% 54%
Financial interest-bearing liabilities / total assets    61% 56% 58% 48% 29% 44%
Net debt / equity * 1,56 1,31 1,26 0,80 0,38 0,80

 

* Permissible level of ratio (Net debt / equity), specified under the issue of bonds, ranges from 2.00 (for G-series bonds) to 2.50 (for K1-K4 series bonds)


 Cash flows

 

(PLN thousand)

2017

2016

2015

2014

2013

2012

Net cash flow from operating activity

-165 814 -117 763 -169 182

-44 510

15 997

-25 090 

Net cash flow from investment activity

-4 027

-17 295

-8 566

-8 416

-1 894

-1 063

Net cash flow from financial activity

238 836

113 909

183 487

70 236

-6 599

29 130

Total net cash flow

68 995 -21 149 5 739

17 310

7 504

2 977

 

Consolidated financial statements