{"id":155597,"date":"2021-02-24T08:51:28","date_gmt":"2021-02-24T08:51:28","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-the-financial-statements-of-the-budimex-group-for-2020\/"},"modified":"2024-06-07T11:24:43","modified_gmt":"2024-06-07T11:24:43","slug":"commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-the-financial-statements-of-the-budimex-group-for-2020","status":"publish","type":"press","link":"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-the-financial-statements-of-the-budimex-group-for-2020\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial statements of the Budimex Group for 2020"},"content":{"rendered":"\n
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24.02.2021<\/p>\n

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Commentary by\u00a0the President of the Management Board of Budimex SA, Dariusz Blocher, on\u00a0the financial statements of the Budimex Group for 2020<\/h2>\n

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Share article<\/p>\n

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  • In\u00a02020, the Budimex Group recorded record sales revenues of PLN 8,382\u00a0million (+8% y\/y*) and generated a\u00a0net profit of PLN 459 million<\/li>\n
  • The Group\u2019s operating profitability improved significantly and reached 7.6% (compared to\u00a04.4%* in\u00a02019), with the profitability of the construction segment at\u00a05.1%<\/li>\n
  • High contracting (PLN 9 billion) allowed to\u00a0increase the order book to\u00a0PLN 12.7 billion (+18% y\/y)<\/li>\n
  • Stable net cash position (PLN 2.1 billion, +57% y\/y) ensures operational comfort and wide investment opportunities<\/li>\n
  • Budimex SA\u2019s net profit in\u00a02020 amounted to\u00a0PLN 310.5 million<\/li>\n<\/ul>\n

    The year 2020 was a\u00a0record year for the Budimex Group in\u00a0many respects.<\/strong> Despite the difficulties related to\u00a0the state of epidemic introduced in\u00a0March, for the first time in\u00a0the Group\u2019s history, we\u00a0exceeded the level of PLN 8 billion in\u00a0sales revenues while improving profitability. This allowed it to\u00a0take the first place among the largest construction companies in\u00a0Poland again. We\u00a0have signed new contracts worth PLN 9 billion and are entering 2021 with an order book of almost PLN 13 billion.<\/p>\n

    \n \"budimex.png\n <\/p>\n

    We\u00a0estimate that the total impact of the pandemic on\u00a0the Group\u2019s operating result is slightly more than PLN 30 million and relates mainly to\u00a0additional costs related to\u00a0the extension of the time of performance of several contracts, as\u00a0well as\u00a0the cost of purchasing personal protective equipment and testing employees. We\u00a0recorded about 400 cases of infection in\u00a0the entire Group, and at\u00a0the peak at\u00a0the beginning of the fourth quarter we\u00a0had about 190 active infections. We\u00a0have not stopped any of the construction sites, and the vast majority of our projects are being implemented according to\u00a0schedule. Where the pandemic has delayed our work, investors approach the proposal of deadline annexes with understanding, which is in\u00a0line with the overall very good cooperation with the Ordering Parties, especially with the General Directorate for National Roads and Motorways and PKP Polskie Linie Kolejowe, in\u00a0this demanding time.<\/p>\n

    \n \"budownictwa.png\n <\/p>\n

    In\u00a02020, construction and assembly production <\/strong>(in\u00a0current prices) increased by\u00a00.4%.<\/strong> In\u00a0the building segment, production shrank by\u00a00.5% for the first time since 2016. Importantly, in\u00a0the case of non-residential buildings, the decline was deeper and amounted to\u00a0-4.2%, which was probably due to\u00a0the reduction of new projects in\u00a0the face of the uncertain economic situation. The largest decline, of -17.6%, was recorded in\u00a0office construction, where a\u00a0long-term structural change in\u00a0demand is possible. Maintaining the continuity of work on\u00a0the vast majority of infrastructure projects resulted in\u00a0an increase in\u00a0the engineering segment of 1.2% compared to\u00a02019. The increase in\u00a0the scale of investments carried out by\u00a0PKP PLK and GDDKiA and the high quality of cooperation translated into an increase in\u00a0production in\u00a0the rail and road areas by\u00a08.2% and 2.6%, respectively.<\/p>\n

    \n \"Obraz2.png\"\n <\/p>\n

    Despite the difficult environment, sales of the construction segment of the Budimex Group reached a\u00a0record level of PLN 7,539\u00a0million, recording an increase of 5.4%.<\/strong> Profitability also improved compared to\u00a0the previous year. At\u00a0the level of gross profit, we\u00a0achieved a\u00a0result of 4.9% compared to\u00a02.6% last year. After several years, with the great commitment of the entire organization, we\u00a0are finalizing the implementation of difficult projects that had a\u00a0negative impact on\u00a0the quality of the order portfolio. The pandemic environment and general economic uncertainty also contributed to\u00a0a\u00a0decrease in\u00a0the continuing high upward pressure on\u00a0wages, prices of subcontracted services and materials \u2013 this allowed the margin to\u00a0improve by\u00a01-2 percentage points.<\/p>\n

    Despite the lower activity of investors in\u00a02020, particularly noticeable in\u00a0the railway tender segment, the value of bids submitted by\u00a0Budimex in\u00a02020 was comparable to\u00a0the previous year. Bidding was mainly driven by\u00a0road contracts, where we\u00a0submitted bids worth PLN 23.4 billion.<\/p>\n

    In\u00a0the general construction segment, we\u00a0recorded a\u00a0significant slowdown in\u00a0tender processes in\u00a0the second quarter, followed by\u00a0a\u00a0significant acceleration, especially in\u00a0the fourth quarter. The total value of the prepared offers in\u00a0the residential and non-residential segments was similar to\u00a02019 and amounted to\u00a0just over PLN 10 billion.<\/p>\n

    A\u00a0significant improvement in\u00a0the effectiveness of bidding for road contracts, maintaining high efficiency on\u00a0the general construction market, as\u00a0well as\u00a0obtaining a\u00a0railway contract for the reconstruction of the Warszawa Zachodnia station for PLN 1.8 billion, allowed us to\u00a0sign a\u00a0record PLN 9.0 billion of new orders. At\u00a0the end of December 2020, the value of the order book reached\u00a0 PLN 12.7 billion. Through high activity in\u00a0the road, rail and hydrotechnical segments, we\u00a0increased the value of the order book by\u00a0PLN 1.9 billion, while maintaining its well-diversified structure. As\u00a0at\u00a0the end of 2019, the main segments were infrastructure (37%, up 4 p.p.) and railway (32%, down 1 p.p.). Successively since 2018. We\u00a0are increasing the value of industrial contracts in\u00a0our portfolio, reaching PLN 1.1 billion (8% of the portfolio) at\u00a0the end of 2020.<\/p>\n

    Thanks to\u00a0the acquisition of two new contracts for the reconstruction of flood channels and embankments (Racza Struga and Krosno Odrza\u0144skie), we\u00a0emphasized our presence in\u00a0hydraulic engineering, ending the year with an order book in\u00a0this segment close to\u00a0PLN 0.4 billion. We\u00a0hope to\u00a0sign an order for the second stage of works related to\u00a0the ditch through the Vistula Spit, where our offer worth almost PLN 0.5 billion was selected as\u00a0the most advantageous, which would further strengthen our position.<\/p>\n

    The Budimex Group ended 2020 with a\u00a0net cash position of PLN 2.1 billion.<\/strong> Compared to\u00a0December 31, 2019, it was higher by\u00a0PLN 770 million. The increase in\u00a0net cash was mainly due to\u00a0the overall improvement in\u00a0the Group\u2019s profitability and the reduction in\u00a0the amount of dividend paid for 2019. In\u00a0addition, cash generation was supported by\u00a0cash flows on\u00a0newly signed construction contracts and an increase in\u00a0the balance of payments from customers in\u00a0the development segment.<\/p>\n

    \n \"Obraz1.png\"\n <\/p>\n

    In\u00a02020, pre-sales of the development segment amounted to\u00a01,672 apartments and were slightly higher <\/strong>(17 apartments) than in\u00a0the previous year. <\/strong>The result of pre-sales is the result of the company\u2019s continued extensive residential offer and the continued stable structural demand for apartments in\u00a0the largest cities. In\u00a02020, Budimex Nieruchomo\u015bci\u2019s clients signed 1,286 notarial deeds. The decrease compared to\u00a02019 was 16% and is the result of a\u00a0lower number of closed projects compared to\u00a0the previous year. Pandemic restrictions have only had a\u00a0temporary impact on\u00a0handovers (primarily in\u00a0March and April), and the total number of notarial deeds concluded is in\u00a0line with our schedule. Sales revenues amounted to\u00a0PLN 674 million, which means an increase of 21% year-on-year. Gross profit increased from PLN 120 million in\u00a02019 to\u00a0a\u00a0record PLN 195 million in\u00a02020. Budimex Nieruchomo\u015bci consistently maintains a\u00a0high positive net cash position.<\/p>\n

    On\u00a03 July 2020, the Management Board of Budimex S.A. decided to\u00a0commence a\u00a0review of strategic options for the development segment,<\/strong> as\u00a0part of which it decided to\u00a0analyse, among other things, scenarios involving the acquisition of a\u00a0significant investor or\u00a0investors or\u00a0the introduction of the company to\u00a0the Warsaw Stock Exchange. The scenario currently being analysed in\u00a0the first place is the sale of the entire stake in\u00a0Budimex Nieruchomo\u015bci. As\u00a0part of the process of identifying interest in\u00a0acquiring shares at\u00a0the end of 2020, Budimex decided to\u00a0grant exclusivity to\u00a0a\u00a0selected group of investors submitting a\u00a0joint offer. On\u00a022 February, Budimex S.A. decided to\u00a0conclude a\u00a0conditional sale agreement for Budimex Nieruchomo\u015bci Sp. z\u00a0o.o. worth PLN 1 billion 513 million. The buyer is CP Developer \u2013 a\u00a0company established for the purpose of concluding an agreement by\u00a0entities related to\u00a0the company: Cornerstone Partners sp. z\u00a0o.o. with its registered office in\u00a0Warsaw and Crestyl Real Estate s.r.o., with its registered office in\u00a0Prague. In\u00a0the opinion of the Management Board, the parameters of the transaction achieved in\u00a0the course of the negotiations are beneficial for both parties and Budimex Nieruchomo\u015bci.<\/p>\n

    \n \"us\u0142ugowy.png\n <\/p>\n

    2020 was a\u00a0record-breaking year for the FBSerwis Group. For another year in\u00a0a\u00a0row, the company recorded double-digit sales growth dynamics while improving profitability.<\/strong> The Group\u2019s sales revenues amounted to\u00a0PLN 610 million and increased by\u00a022% compared to\u00a0the previous year, while the net profit amounted to\u00a0PLN 47 million, which was an increase of 31 million year-on-year. The Budimex Group has fully consolidated the FBSerwis Group within the services segment since July 2019. The results were achieved thanks to: further investments of the Group in\u00a0fixed assets, increasing the portfolio of contracts, as\u00a0well as\u00a0high operational efficiency in\u00a0the waste industry, which is the main source of the Group\u2019s revenues. The development plans of the FBSerwis Group are based on\u00a0further long-term investments to\u00a0increase the Group\u2019s operational potential and the search for attractive acquisition targets.<\/p>\n

    \n

    We\u00a0are entering 2021 with an order backlog of PLN 12.7 billion.<\/strong> Such an ambitious level of orders to\u00a0be\u00a0carried out allows us to\u00a0take a\u00a0safe approach to\u00a0bidding, and the long-term road and rail contracts signed ensure that the appropriate workload in\u00a0the engineering area is maintained
    in\u00a0the perspective of at\u00a0least several months. We\u00a0are properly prepared in\u00a0terms of personnel and technology to\u00a0carry out these works. We\u00a0are systematically modernizing our equipment base in\u00a0the road area and increasing production capacity in\u00a0railways. Over the last 3 years, in\u00a0preparation for increasing the scale of operations, as\u00a0a\u00a0Group, we\u00a0have invested over PLN 300 million, primarily in\u00a0the renovation and purchase of new machines.<\/p>\n

    A\u00a0challenge in\u00a0the coming quarters may be\u00a0to\u00a0obtain contracts in\u00a0the cubature part, where there is a\u00a0visible increase in\u00a0competition and the risk of limiting new private investments (in\u00a0particular office and hotel buildings) and a\u00a0partial suspension of planned public investments. In\u00a0the engineering area, the scale of new investments, according to\u00a0the announcements of GDDKiA and PKP PLK, should be\u00a0similar to\u00a02020. This is good news, because just a\u00a0few months ago we\u00a0were afraid of the slowdown in\u00a0tender processes, which is characteristic of entering the new 7-year European budget. Looking at\u00a0the current order backlog, we\u00a0expect that the coming quarters, as\u00a0well as\u00a0the entire year 2021, should bring maintaining a\u00a0high level of sales and profitability above market indicators. As\u00a0always, we\u00a0focus on\u00a0the implementation of entrusted projects, with particular emphasis on\u00a0safety, timeliness and high quality of work results. A\u00a0good balance sheet position and the prospect of exiting the development segment encourage us to\u00a0look for new opportunities for segment diversification (including entering the renewable energy market as\u00a0an investor) and geographical diversification.<\/p>\n

    The further course of the pandemic and its impact on\u00a0the functioning of the economy, including the availability of staff and continuity of supplies, is still a\u00a0big unknown, which is why we\u00a0are constantly monitoring the situation closely and verifying our operational assumptions on\u00a0an ongoing basis.<\/p>\n

    In\u00a02020, the Budimex Group invested over PLN
    4 million in\u00a0social programmes, sponsorships and donations.<\/strong> Over PLN 2.6 million concerned donations and financial grants to\u00a0combat the effects of the coronavirus pandemic. These funds went mainly to\u00a0hospitals and nursing homes
    and medical facilities where COVID-19 patients are treated. Some of these funds were donated to\u00a0public benefit organizations supporting local communities in\u00a0counteracting the spread of the pandemic. Budimex remains the largest CIT payer among construction companies
    in\u00a0the country. According to\u00a0the ranking prepared by\u00a0the Ministry of Finance, Budimex has moved up from 61st to\u00a025th since 2017. among the largest individual CIT payers in\u00a0Poland.<\/p>\n

    \n BUDIMEX Group <\/strong>\n <\/p>\n

    Selected financial data from the consolidated financial statements of the Budimex Group prepared in\u00a0accordance with International Financial Reporting Standards (IFRS) for 2020 and comparable data for 2019.<\/p>\n


    \n Results of the reporting segments for 2020 <\/u>
    \n<\/strong>(in\u00a0PLN thousand): <\/u> <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
    <\/strong><\/td>\n\n Construction segment<\/strong>\n<\/td>\n\n Development segment<\/strong>\n<\/td>\n\n Services segment<\/strong>\n<\/td>\n\n Exclusions<\/strong>\n<\/td>\n\n Consolidated data<\/strong>\n<\/td>\n<\/tr>\n
    Net revenues from the sale of\u00a0 products, goods and materials<\/td>\n7,539,404\u00a0<\/td>\n\n

    673 564<\/p>\n<\/td>\n

    		\n

    612 391<\/p>\n<\/td>\n

    		\n

    (443 119)<\/p>\n<\/td>\n

    		\n

    \u00a08,382,240<\/strong><\/p>\n<\/td>\n<\/tr>\n

    \n

    Gross profit on\u00a0sales<\/p>\n<\/td>\n

    		\n

    629 381<\/p>\n<\/td>\n

    		\n

    235 096<\/p>\n<\/td>\n

    		\n

    110 053<\/p>\n<\/td>\n

    		\n

    (37 497)<\/p>\n<\/td>\n

    		\n

    \n 937 033<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Selling costs<\/p>\n<\/td>\n

    		\n

    (11 219)<\/p>\n<\/td>\n

    		\n

    (20 054)<\/p>\n<\/td>\n

    		\u2013<\/td>\n\n

    \u2013<\/p>\n<\/td>\n

    		\n

    \n (31 273)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    General and administrative expenses<\/p>\n<\/td>\n

    		\n

    (232 885)<\/p>\n<\/td>\n

    		\n

    (29 772)<\/p>\n<\/td>\n

    		\n

    (33 075)<\/p>\n<\/td>\n

    		\n

    18 766<\/p>\n<\/td>\n

    		\n

    \n (276 966)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Operating profit<\/p>\n<\/td>\n

    		\n

    387 535<\/p>\n<\/td>\n

    		\n

    191 139<\/p>\n<\/td>\n

    		\n

    78 629<\/p>\n<\/td>\n

    		\n

    (18,731\u00a0)<\/p>\n<\/td>\n

    		\n

    \n 638 572<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Gross profit<\/p>\n<\/td>\n

    		\n

    372 407<\/p>\n<\/td>\n

    		\n

    194 981<\/p>\n<\/td>\n

    		\n

    73 031<\/p>\n<\/td>\n

    		\n

    (18,379\u00a0)<\/p>\n<\/td>\n

    		\n

    \n 622 040<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Net profit<\/p>\n<\/td>\n

    		\n

    270 162<\/p>\n<\/td>\n

    		\n

    157 698<\/p>\n<\/td>\n

    		\n

    58 424<\/p>\n<\/td>\n

    		\n

    (14 890)<\/p>\n<\/td>\n

    		\n

    \n 471 394<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Profit attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n

    		\n

    270 162<\/p>\n<\/td>\n

    		\n

    157 698<\/p>\n<\/td>\n

    		\n

    46 495<\/p>\n<\/td>\n

    		\n

    (14 890)<\/p>\n<\/td>\n

    		\n

    \n 459 465<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


    \n Results of the reporting segments for 2019 <\/u>
    \n<\/strong>(in\u00a0PLN thousand): <\/u> <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
    <\/strong><\/td>\n\n Construction segment<\/strong>\n<\/td>\n\n Development segment<\/strong>\n<\/td>\n\n Services segment<\/strong>\n<\/td>\n\n Exclusions<\/strong>\n<\/td>\n\n Consolidated data<\/strong>\n<\/td>\n<\/tr>\n
    \n

    Net revenues from the sale of\u00a0 products, goods and materials<\/p>\n<\/td>\n

    		\n

    \u00a07,151,978<\/p>\n<\/td>\n

    		\n

    557 811<\/p>\n<\/td>\n

    		\n

    278 281<\/p>\n<\/td>\n

    		\n

    (418 407)<\/p>\n<\/td>\n

    		\n

    \n \u00a07,569,663<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Gross profit on\u00a0sales<\/p>\n<\/td>\n

    		\n

    418 189<\/p>\n<\/td>\n

    		\n

    137 115<\/p>\n<\/td>\n

    		\n

    39 303<\/p>\n<\/td>\n

    		\n

    (43 055)<\/p>\n<\/td>\n

    		\n

    \n 551 552<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Selling costs<\/p>\n<\/td>\n

    		\n

    (10 721)<\/p>\n<\/td>\n

    		\n

    (19 757)<\/p>\n<\/td>\n

    		\u2013<\/td>\n\n

    \u2013<\/p>\n<\/td>\n

    		\n

    \n (30,478\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    General and administrative expenses<\/p>\n<\/td>\n

    		\n

    (173 135)<\/p>\n<\/td>\n

    		\n

    (26 183)<\/p>\n<\/td>\n

    		\n

    (14 157)<\/p>\n<\/td>\n

    		\n

    14 483<\/p>\n<\/td>\n

    		\n

    \n (198 992)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Operating profit<\/p>\n<\/td>\n

    		\n

    206 994<\/p>\n<\/td>\n

    		\n

    116 785<\/p>\n<\/td>\n

    		\n

    23 187<\/p>\n<\/td>\n

    		\n

    (28 572)<\/p>\n<\/td>\n

    		\n

    \n 318 394<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Gross profit<\/p>\n<\/td>\n

    		\n

    188 461<\/p>\n<\/td>\n

    		\n

    120 146<\/p>\n<\/td>\n

    		\n

    52 075<\/p>\n<\/td>\n

    		\n

    (28 325)<\/p>\n<\/td>\n

    		\n

    \n 332 357<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Net profit<\/p>\n<\/td>\n

    		\n

    106 794<\/p>\n<\/td>\n

    		\n

    97,056\u00a0<\/p>\n<\/td>\n

    		\n

    47 946<\/p>\n<\/td>\n

    		\n

    (22 945)<\/p>\n<\/td>\n

    		\n

    \n 228 851<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

    Profit attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n

    		\n

    106 794<\/p>\n<\/td>\n

    		\n

    97 056<\/p>\n<\/td>\n

    		\n

    45 109<\/p>\n<\/td>\n

    		\n

    (22 945)<\/p>\n<\/td>\n

    		\n

    \n 226 014<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n <\/div>\n

    \n
    \n \n
    \n
    \n \"Pobierz\n <\/div>\n <\/div> <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

    In 2020, the Budimex Group recorded record sales revenues of PLN 8,382 million (+8% y\/y*) and generated a net profit of PLN 459 million.
    \nThe Group’s operating profitability improved significantly and reached 7.6% (compared to 4.4%* in 2019), with the profitability of the construction segment at 5.1%.
    \nHigh contracting (PLN 9 billion) allowed to increase the order book to PLN 12.7 billion (+18% y\/y).
    \nStable net cash position (PLN 2.1 billion, +57% y\/y) ensures operational comfort and extensive investment opportunities.
    \nThe net profit of Budimex SA in 2020 amounted to PLN 310.5 million.<\/p>\n","protected":false},"featured_media":150873,"parent":0,"template":"","press_type":[537,772],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial statements of the Budimex Group for 2020 - Budimex<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial statements of the Budimex Group for 2020 - Budimex\" \/>\n<meta property=\"og:description\" content=\"In 2020, the Budimex Group recorded record sales revenues of PLN 8,382 million (+8% y\/y*) and generated a net profit of PLN 459 million. The Group's operating profitability improved significantly and reached 7.6% (compared to 4.4%* in 2019), with the profitability of the construction segment at 5.1%. High contracting (PLN 9 billion) allowed to increase the order book to PLN 12.7 billion (+18% y\/y). Stable net cash position (PLN 2.1 billion, +57% y\/y) ensures operational comfort and extensive investment opportunities. 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