{"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\u00a0Q1. 2020 by\u00a09% to\u00a0PLN 19.5bn
\u25aa The state of epidemic introduced on\u00a020 March 2020 in\u00a0Poland did not have a\u00a0significant impact on\u00a0the financial parameters of the Budimex Group achieved in\u00a0Q1 2020. 2020
\u25aa Despite the restrictions resulting from the state of epidemic, the Budimex Group maintains business continuity in\u00a0all operating segments<\/p>\n

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

Budimex Group results:<\/strong>
\u25aa Sales in\u00a0Q1 2020 reached PLN 1.48 billion and was higher than in\u00a0Q1 2020. 2019, m.in.\u00a0thanks to\u00a0the consolidation of the results of the FBSerwis Group and higher sales in\u00a0the construction segment, the gross profit margin of the Budimex Group amounted to\u00a01.9% compared to\u00a03.3% in\u00a0Q1 2019\u25aa. 2019
\u25aa In\u00a0Q1. In\u00a0Q1 2020, the profitability of the construction segment improved noticeably
\u25aa A\u00a0significant decrease in\u00a0the volume of notarial deeds in\u00a0the development segment, resulting from the schedules of implementation of individual residential investments, as\u00a0well as\u00a0in\u00a0the second half of March from the restrictions related to\u00a0the introduction of the
epidemic, was reflected in\u00a0a\u00a0significant temporary decline in\u00a0sales and profit<\/p>\n<\/p>\n

Cash position of the Budimex Group:<\/strong>
\u25aa At\u00a0the end of March, the Budimex Group\u2019s net cash amounted to\u00a0PLN 1,793 million
\u25aa In\u00a0the first three months of the year, the net cash balance improved by\u00a0PLN 438 million
\u25aa The cash position was supported by\u00a0new contractual advances, as\u00a0well as\u00a0efficient invoicing of current works and quick settlement of receivables by\u00a0investors<\/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\u00a012%, reaching a\u00a0dynamics slightly higher than the industry
\u25aa The gross profit margin of the construction part increased and amounted to\u00a02.1% compared to\u00a01.3% in\u00a0Q1. 2019, which results from the improvement in\u00a0the profitability of the portfolio in\u00a0the area of infrastructure and general construction<\/p>\n

\u25aa At\u00a0the end of March, the Budimex Group\u2019s order book reached a\u00a0record level of PLN 12.0 billion (compared to\u00a0PLN 10.8 billion at\u00a0the end of the year), mainly due to\u00a0high contracting in\u00a0the road area (m.in.\u00a0S-61 Suwa\u0142ki \u2013 Budzisko bypass and S-11 Koszalin \u2013 Bobolice)
\u25aa The value of contracts in\u00a0the 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\u00a0Vilnius, where the possibility of employee movement has been blocked due to\u00a0COVID-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\u00a0Q1 In\u00a0Q1 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\u00a0PLN 5 million, and gross loss to\u00a0PLN 8 million
\u25aa Pre-sale of apartments in\u00a0Q1 2020 amounted to\u00a0541 units. However, since mid-March, a\u00a0decrease in\u00a0the number of new transactions has been observed, so we\u00a0will be\u00a0cautious about launching new projects
\u25aa The current offer of Budimex Nieruchomo\u015bci is just over 1,300 apartments in\u00a05 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\u00a0PLN 132 million (including PLN 131 million of the FBSerwis Group)
\u25aa The segment\u2019s gross profit amounted to\u00a0PLN 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\u00a0addition, we\u00a0have contracts worth over PLN 3 billion in\u00a0the waiting room
\u25aa The situation related to\u00a0the COVID-19 epidemic did not significantly affect the results of the Budimex Group in\u00a0Q1 2019. 2020. The threat associated with the spread of COVID-19 was reflected in\u00a0the change in\u00a0the rules of work organisation in\u00a0the Budimex Group companies by\u00a0m.in.\u00a0introducing the possibility of remote work, securing disinfectants for employees or\u00a0reorganizing space to\u00a0ensure working conditions in\u00a0accordance with the recommendations of the Chief Sanitary Inspectorate
\u25aa A\u00a0few construction sites have disrupted the supply chain, mainly components from Asia, but this has no\u00a0impact on\u00a0the Group\u2019s day-to-day operations
\u25aa We\u00a0positively assess the quality of customer relations in\u00a0the current reality \u2013 they behave responsibly. Cooperation with public contracting authorities, especially GDDKiA and PKP PLK, as\u00a0well as\u00a0the Ministry of Infrastructure, is very good and communication is fast and effective
\u25aa The situation in\u00a0the coming months will depend largely on\u00a0further administrative decisions. A\u00a0halt in\u00a0construction may result in\u00a0a\u00a0wave of bankruptcies in\u00a0just a\u00a0few weeks. Budimex is in\u00a0a\u00a0narrow group of entities that are able to\u00a0bear several months of downtime
\u25aa In\u00a0the near future, we\u00a0can expect a\u00a0reduction in\u00a0the scale of new construction investments, especially private ones, which may translate into a\u00a0lower workload in\u00a0the next 2-3 years. In\u00a0the development segment, we\u00a0expect a\u00a0short-term slowdown in\u00a0the pace of pre-sales of apartments
\u25aa We\u00a0are taking aid measures for hospitals fighting COVID-19. The Budimex Group has provided financial and material support to\u00a0several hospitals in\u00a0those parts of Polish where the scale of needs is the largest<\/p><\/p><\/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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