Financial prospects and assessment of planned investment projects implementation

It is expected that the WSE Group’s sales revenues will stabilize in the coming years.

It is expected that the operating expenses may grow at a higher rate in the coming years due to the amortization and depreciation of UTP and the consolidation of the financial results of the PolPX Group for the full 12 months.

It is expected that the Group will generate material cash flows from operating activities in the coming years; combined with revenues from financial assets, these will cover the Group’s operating expenses and capital expenditures.

The Group is not planning to use external financing to an extent greater than as at the date of preparation of this Report. Should any unexpected events occur, which will require financing that could not be provided by the Group, the Group will consider obtaining external funds in a manner optimal for the Group’s capital expense and structure.

The Group did not publish any financial forecasts for 2012. Consequently, no explanations are provided for the differences between the financial results disclosed in the Annual Report and any previously published forecasts.

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