{"id":155733,"date":"2020-04-27T07:13:40","date_gmt":"2020-04-27T07:13:40","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/financial-results-of-the-budimex-group-for-the-first-quarter-of-2020\/"},"modified":"2024-06-07T12:06:47","modified_gmt":"2024-06-07T12:06:47","slug":"financial-results-of-the-budimex-group-for-the-first-quarter-of-2020","status":"publish","type":"press","link":"https:\/\/bdm-stg.mda.pl\/en\/press\/financial-results-of-the-budimex-group-for-the-first-quarter-of-2020\/","title":{"rendered":"Financial results of the Budimex Group for the first quarter of 2020"},"content":{"rendered":"\n
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27.04.2020<\/p>\n

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Financial results of the Budimex Group for the first quarter of 2020<\/h2>\n

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Market situation:<\/strong>
\u25aa Construction and assembly production increased in Q1. 2020 by 9% to PLN 19.5bn
\u25aa The state of epidemic introduced on 20 March 2020 in Poland did not have a significant impact on the financial parameters of the Budimex Group achieved in Q1 2020. 2020
\u25aa Despite the restrictions resulting from the state of epidemic, the Budimex Group maintains business continuity in all operating segments<\/p>\n

\n \"Group\n <\/p>\n

Budimex Group results:<\/strong>
\u25aa Sales in Q1 2020 reached PLN 1.48 billion and was higher than in Q1 2020. 2019, m.in. thanks to the consolidation of the results of the FBSerwis Group and higher sales in the construction segment, the gross profit margin of the Budimex Group amounted to 1.9% compared to 3.3% in Q1 2019\u25aa. 2019
\u25aa In Q1. In Q1 2020, the profitability of the construction segment improved noticeably
\u25aa A significant decrease in the volume of notarial deeds in the development segment, resulting from the schedules of implementation of individual residential investments, as well as in the second half of March from the restrictions related to the introduction of the
epidemic, was reflected in a significant temporary decline in sales and profit<\/p>\n<\/p>\n

Cash position of the Budimex Group:<\/strong>
\u25aa At the end of March, the Budimex Group\u2019s net cash amounted to PLN 1,793 million
\u25aa In the first three months of the year, the net cash balance improved by PLN 438 million
\u25aa The cash position was supported by new contractual advances, as well as efficient invoicing of current works and quick settlement of receivables by investors<\/p>\n

\n \"Cash\n <\/p>\n

Results of the construction segment of the Budimex Group:<\/strong>
\u25aa Sales of the construction segment increased by 12%, reaching a dynamics slightly higher than the industry
\u25aa The gross profit margin of the construction part increased and amounted to 2.1% compared to 1.3% in Q1. 2019, which results from the improvement in the profitability of the portfolio in the area of infrastructure and general construction<\/p>\n

\u25aa At the end of March, the Budimex Group\u2019s order book reached a record level of PLN 12.0 billion (compared to PLN 10.8 billion at the end of the year), mainly due to high contracting in the road area (m.in. S-61 Suwa\u0142ki \u2013 Budzisko bypass and S-11 Koszalin \u2013 Bobolice)
\u25aa The value of contracts in the waiting room is over PLN 3 billion
\u25aa Currently, the implementation of construction contracts is proceeding without major disruptions. The challenge is the contract for the waste incineration plant in Vilnius, where the possibility of employee movement has been blocked due to COVID-19<\/p>\n

\n \"Segment\n <\/p>\n

Results of the development segment of the Budimex Group:<\/strong>
\u25aa Budimex Nieruchomo\u015bci\u2019s customers in Q1 In Q1 2020, they signed only 4 notarial deeds, which results from the distribution of schedules for the implementation of individual residential investments
\u25aa Revenues of the real estate development segment amounted to PLN 5 million, and gross loss to PLN 8 million
\u25aa Pre-sale of apartments in Q1 2020 amounted to 541 units. However, since mid-March, a decrease in the number of new transactions has been observed, so we will be cautious about launching new projects
\u25aa The current offer of Budimex Nieruchomo\u015bci is just over 1,300 apartments in 5 locations<\/p>\n

\n \"Segment\n <\/p>\n

Results of the services segment of the Budimex Group:<\/strong>
\u25aa Sales of the service segment amounted to PLN 132 million (including PLN 131 million of the FBSerwis Group)
\u25aa The segment\u2019s gross profit amounted to PLN 17 million and profitability reached 12.7%<\/p>\n

The coming quarters through the eyes of the Budimex Group\u2026<\/strong>
\u25aa The high level of the order book allows for fully effective use of resources and secures the work front for the next few quarters. In addition, we have contracts worth over PLN 3 billion in the waiting room
\u25aa The situation related to the COVID-19 epidemic did not significantly affect the results of the Budimex Group in Q1 2019. 2020. The threat associated with the spread of COVID-19 was reflected in the change in the rules of work organisation in the Budimex Group companies by m.in. introducing the possibility of remote work, securing disinfectants for employees or reorganizing space to ensure working conditions in accordance with the recommendations of the Chief Sanitary Inspectorate
\u25aa A few construction sites have disrupted the supply chain, mainly components from Asia, but this has no impact on the Group\u2019s day-to-day operations
\u25aa We positively assess the quality of customer relations in the current reality \u2013 they behave responsibly. Cooperation with public contracting authorities, especially GDDKiA and PKP PLK, as well as the Ministry of Infrastructure, is very good and communication is fast and effective
\u25aa The situation in the coming months will depend largely on further administrative decisions. A halt in construction may result in a wave of bankruptcies in just a few weeks. Budimex is in a narrow group of entities that are able to bear several months of downtime
\u25aa In the near future, we can expect a reduction in the scale of new construction investments, especially private ones, which may translate into a lower workload in the next 2-3 years. In the development segment, we expect a short-term slowdown in the pace of pre-sales of apartments
\u25aa We are taking aid measures for hospitals fighting COVID-19. The Budimex Group has provided financial and material support to several hospitals in those parts of Polish where the scale of needs is the largest<\/p><\/p>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n

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Market situation: \u25aa Construction and assembly production increased in Q1 2019. 2020 by 9% reaching the level of\u25aa PLN 19.5 billion The state of epidemic introduced on 20 March 2020 in Poland did not have a significant impact on the financial parameters of the Budimex Group achieved in Q1 2020. …<\/p>\n","protected":false},"featured_media":152024,"parent":0,"template":"","press_type":[537,790],"acf":[],"yoast_head":"\nFinancial results of the Budimex Group for the first quarter of 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=\"Financial results of the Budimex Group for the first quarter of 2020 - Budimex\" \/>\n<meta property=\"og:description\" content=\"Market situation: \u25aa Construction and assembly production increased in Q1 2019. 2020 by 9% reaching the level of\u25aa PLN 19.5 billion The state of epidemic introduced on 20 March 2020 in Poland did not have a significant impact on the financial parameters of the Budimex Group achieved in Q1 2020. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bdm-stg.mda.pl\/en\/press\/financial-results-of-the-budimex-group-for-the-first-quarter-of-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Budimex\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-07T12:06:47+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bdm-stg.mda.pl\/en\/press\/financial-results-of-the-budimex-group-for-the-first-quarter-of-2020\/\",\"url\":\"https:\/\/bdm-stg.mda.pl\/en\/press\/financial-results-of-the-budimex-group-for-the-first-quarter-of-2020\/\",\"name\":\"Financial results of the Budimex Group for the first quarter of 2020 - 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