Brief: GetBack Posts FY Loss At 1.35 Billion Zlotys

Capitea SA

03/07/2018 07:25

July 3 (Reuters) - GETBACK SA  GBK.WA :
    * REPORTS FY NET LOSS OF 1.35 BILLION ZLOTYS VERSUS NET
PROFIT OF
200 MILLION ZLOTYS A YEAR AGO
    * FY NEGATIVE REVENUE WAS 302.2 MILLION ZLOTYS VERSUS
POSITIVE
REVENUE OF 422.7 MILLION A YEAR AGO
    * CURRENTLY THE COMPANY FINDS ITSELF IN A VERY DIFFICULT
FINANCIAL
SITUATION, CEO PRZEMYSLAW DABROWSKI SAYS
    * THE BIGGEST CHALLENGES AHEAD ARE TO SUCCESSFULLY UNDERTAKE
THE
ACCELERATED RESTRUCTURING PROCEDURE OVER THE COMPANY AND
REDEFINE ITS BUSINESS MODEL TO COME BACK ON THE GROWTH PATH FROM
2-3 YEARS AGO, THE CEO ADDS
    * IT PLANS NOW TO LIMIT ITS GROWTH GEOGRAPHICALY AND FOCUS
ON ITS
MAIN MARKET IN POLAND
    * DELOITTE, THE COMPANY'S AUDITOR, DECIDED NOT TO ISSUE AN
OPINION
REGARDING THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENT 
    * THE RESULTS WERE SIMILAR TO THE UNAUDITED ONES PUBLISHED
IN MAY
 urn:newsml:reuters.com:*:nL5N1T10JU
    * GETBACK RAN INTO TROUBLE AFTER BUYING LARGE PORTFOLIOS OF
DISTRESSED DEBT AT HIGHER PRICES THAN ITS COMPETITORS AND
FUNDING THIS WITH SHORT-TERM BOND ISSUES  urn:newsml:reuters.com:*:nL5N1T10JU
    * THE COMPANY HAD EARLIER POSTPONED THE PUBLICATION OF ITS
FY 2017
FINANCIAL REPORT. IN MAY IT ESTIMATED ITS PRELIMINARY FY NET
LOSS TO BE ABOUT 1.2 BILLION ZLOTYS  urn:newsml:reuters.com:*:nFWN1SS0NQ
    * THE COMPANY FILED ITS RESTRUCTURING PROPOSALS IN MAY
 urn:newsml:reuters.com:*:nL8N1SE4JE

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM1gw3Dka
    
 Further company coverage:  GBK.WA  
   


 (Gdynia Newsroom)
 ((Gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))