{"id":156066,"date":"2017-02-24T08:33:57","date_gmt":"2017-02-24T08:33:57","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2016\/"},"modified":"2024-06-07T12:08:47","modified_gmt":"2024-06-07T12:08:47","slug":"commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2016","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-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2016\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA – Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for 2016"},"content":{"rendered":"\n
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24.02.2017<\/p>\n

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Commentary by\u00a0the President of the Management Board of Budimex SA – Dariusz Blocher on\u00a0selected financial data from the consolidated financial statements of the Budimex Group for 2016<\/h2>\n

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Share article<\/p>\n

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\n \n <\/span>\n <\/a>\n <\/div>\n
\n \n <\/span>\n <\/a>\n <\/div>\n
\n \n <\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n<\/div> <\/p>\n <\/div>\n

2016 was another very good year for the Budimex Group, in\u00a0which Budimex SA achieved results placing the company in\u00a0the first place of the largest construction companies in\u00a0Poland. Despite a\u00a014.4% drop in\u00a0construction and assembly production, the Group increased sales by\u00a08.5% and generated a\u00a0record net profit of PLN 410 million. Last year, we\u00a0completed the construction of 87 kilometres of expressways
and motorways, which accounted for more than 2\/3 of the total length of routes put into use by\u00a0GDDKiA. Some of the sections, as\u00a0previously announced, were completed earlier than the contract deadline assumed.<\/p>\n

During the year, the construction market continued to\u00a0enjoy favourable prices of raw materials and relatively low prices of subcontractors\u2019 services, resulting from the poor condition of the sector. In\u00a0addition, in\u00a0the fourth quarter we\u00a0recorded a\u00a0significant decrease in\u00a0the provision for expected losses on\u00a0one of the infrastructure contracts being executed. These factors, combined with improved operational efficiency, resulted in\u00a0improved profitability at\u00a0every level of the financial result. Gross margin on\u00a0sales, operating result and net result increased by\u00a052%, 73% and 74%, respectively, compared to\u00a0the same period of the previous year.<\/p>\n

In\u00a02016, the value of infrastructure tenders dropped significantly, mainly due to\u00a0the suspension of tender procedures by\u00a0GDDKiA. Value of bids submitted by\u00a0Budimex
in\u00a0the road segment in\u00a0the entire year 2016 amounted to\u00a0PLN 7.3 billion and was lower by\u00a0over 70%
in\u00a0relation to\u00a0the value of offers submitted in\u00a02015. At\u00a0the same time, in\u00a0the second half of the year, the offer of railway tenders co-financed from the EU\u00a0budget gained momentum. So far, contractors have submitted price offers to\u00a0PKP PLK for over 20 projects for a\u00a0total amount of over PLN 9 billion net.<\/p>\n

Despite unfavourable market conditions, the Budimex Group won contracts in\u00a02016
worth PLN 5.7 billion (a\u00a0decrease of 20% compared to\u00a02015). At\u00a0the same time, the total value of bids submitted by\u00a0the company decreased by\u00a039%. A\u00a0satisfactory level of contracting was achieved, among other things, thanks to\u00a0the intensification of work in\u00a0the area of general construction. In\u00a0this segment, we\u00a0increased the value of contracts acquired by\u00a034% year-on-year, signing contracts for a\u00a0record PLN 2.8 billion.<\/p>\n

The value of contracts signed with GDDKiA decreased in\u00a02016 by\u00a064% and amounted to\u00a0PLN 1.6 billion. Only thanks to\u00a0the high efficiency of bidding in\u00a0other areas of the road market, the total value of infrastructure contracts reached a\u00a0satisfactory level of PLN 2.4 billion.<\/p>\n

The value of contracts in\u00a0which the Budimex Group has submitted the lowest price or\u00a0the most advantageous offers is currently about PLN 3.9 billion, of which 25% are railway orders and 33% are projects where the contracting authority is GDDKiA.<\/p>\n

The value of the order book at\u00a0the end of 2016 amounted to\u00a0PLN 8.9 billion and was higher
by\u00a0PLN 0.5 billion (6%) from the value at\u00a0the end of 2015. The change in\u00a0the structure of the contracts acquired was reflected in\u00a0the order portfolio. The share of road projects fell from 65% at\u00a0the end of 2015 to\u00a057% at\u00a0the end of 2016. At\u00a0the same time, the general construction segment accounted for 29% of the order backlog, up 7 percentage points compared to\u00a0the same period of the previous year.<\/p>\n<\/p>\n

Net cash position as\u00a0at\u00a0December 31st 2016 amounted to\u00a0PLN 2.6bn. This is 13% higher than as\u00a0at\u00a0December 31st 2015. The increase in\u00a0cash in\u00a02016 was driven by\u00a0improved profitability in\u00a0the construction segment, as\u00a0well as\u00a0seasonally high cash flows in\u00a0the fourth quarter. The improvement in\u00a0the Group\u2019s cash position is also the result of an increase in\u00a0the balance of funds paid for the purchase of apartments by\u00a0Budimex Nieruchomo\u015bci\u2019s customers. <\/p>\n

In\u00a02016, pre-sales of the development segment amounted to\u00a01,615 apartments and were 16% (303 apartments) lower than in\u00a0the previous year. The weakening of the pace of pre-sales is mainly due to\u00a0
from the expiring, very attractive, offer of the \u201cNowe Czy\u017cyny\u201d project in\u00a0Krakow (a\u00a0decrease by\u00a0582 apartments).<\/p>\n

In\u00a02016, in\u00a0response to\u00a0increased demand from customers, we\u00a0started pre-sales of apartments in\u00a0twelve new projects. We\u00a0have spent over PLN 100 million on\u00a0land purchases. As\u00a0a\u00a0result, we\u00a0have increased the portfolio of projects ready for launch for another year in\u00a0a\u00a0row \u2013 currently it is over 6,400 apartments. Maintaining pre-sales at\u00a0the level of 1,500 units per year in\u00a0the coming years will require a\u00a0constant level of about 4,000 apartments under construction.<\/p>\n

In\u00a02016, 1,188 notarial deeds were signed, which is 31% more than in\u00a02015. At\u00a0the same time, the growth rate of recognized sales was slightly lower and amounted to\u00a019%. The lower increase in\u00a0sales is the result of an increased share of projects located outside Warsaw, mainly in\u00a0Krakow \u2013 an increase in\u00a0the share from 25% to\u00a044% in\u00a02016. This trend will be\u00a0visible in\u00a0the coming quarters due to\u00a0the planned further handovers of apartments from the \u201cNowe Czy\u017cyny\u201d project.<\/p>\n

In\u00a02017, our activities will focus on\u00a0building a\u00a0profitable order portfolio for the coming years. We\u00a0are observing a\u00a0revival in\u00a0the market of infrastructure tenders, both road and rail.
In\u00a0February, we\u00a0submitted the lowest price bids in\u00a0two tenders for the construction of the Western Bypass of \u0141\u00f3d\u017a for a\u00a0total amount of PLN 1.3 billion net. In\u00a0both cases, we\u00a0are waiting for further decisions from the contracting authority, as\u00a0the bids exceed the budget. We\u00a0are currently preparing to\u00a0submit further offers m.in.\u00a0sections of the S19, S7 and S3 routes.<\/p>\n

We\u00a0have signed most of the contracts for the supply of railway equipment. Over the last few months, we\u00a0have submitted (excluding the part belonging to\u00a0consortium members) railway offers worth over PLN 5 billion. Despite strong competition, we\u00a0achieved a\u00a0high bidding efficiency \u2013 almost 20%. So far, we\u00a0have submitted the lowest price or\u00a0the most advantageous offers worth almost a\u00a0billion zlotys. We\u00a0will observe the behavior of other companies and draw conclusions from subsequent decisions of railway tenders.<\/p>\n

Despite the decreasing construction market, in\u00a02016 we\u00a0increased the number of employees in\u00a0the Group by\u00a0over 500 people. At\u00a0the end of 2016, the Budimex Group employed 5,708 people. Ambitious investment plans of key investors and the recovery in\u00a0the infrastructure tender market, which has been visible for several months, encourage us to\u00a0further increase the number of employees in\u00a02017. <\/p>\n

We\u00a0expect an increase in\u00a0sales dynamics in\u00a0the coming quarters. Most of the road orders included in\u00a0the current order book have entered the construction phase after the completion of design works. Increasing the scale of investments, in\u00a0particular infrastructure investments, may cause even greater pressure on\u00a0wage growth and a\u00a0further decrease in\u00a0the availability of qualified employees. In\u00a0addition, in\u00a02017 and subsequent years, we\u00a0will have to\u00a0face the risk of an increase in\u00a0the prices of materials and subcontracting costs.<\/p>\n

Budimex is a\u00a0company that enjoys great trust of the market and investors \u2013 both public and public
and private ones. Since 2011, Budimex has been included in\u00a0the RESPECT Index, which includes companies conducting business in\u00a0a\u00a0responsible manner. In\u00a02016, the Budimex Group paid PLN 116 million in\u00a0income tax (CIT), 45% more than in\u00a0the previous year. This places us at\u00a0the forefront of the largest payers of this tax in\u00a0the country.<\/p>\n<\/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 2016 and comparable data for 2015.<\/p>\n

\n Results of the reporting segments for 2016 <\/strong>(in\u00a0PLN thousand): <\/p>\n

<\/u>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\n\n

Construction segment<\/p>\n<\/td>\n

\n

Development segment<\/p>\n<\/td>\n

\n

Other activities<\/p>\n<\/td>\n

\n

Disable<\/p>\n<\/td>\n

\n

\n Consolidated data <\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

5 391 453<\/p>\n<\/td>\n

\n

349 586<\/p>\n<\/td>\n

\n

163 015<\/p>\n<\/td>\n

\n

(331 764)<\/p>\n<\/td>\n

\n

\n 5 572 290<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

662 986<\/p>\n<\/td>\n

\n

81 908<\/p>\n<\/td>\n

\n

20 718<\/p>\n<\/td>\n

\n

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

\n

\n 751 265<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

(15 809)<\/p>\n<\/td>\n

\n

(5 235)<\/p>\n<\/td>\n

\n

53<\/p>\n<\/td>\n

\n

\n (32 671)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(184 238)<\/p>\n<\/td>\n

\n

(18 364)<\/p>\n<\/td>\n

\n

(5 657)<\/p>\n<\/td>\n

\n

9 493<\/p>\n<\/td>\n

\n

\n (198 766)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Operating profit\/(loss)<\/p>\n<\/td>\n

\n

452 885<\/p>\n<\/td>\n

\n

46 735<\/p>\n<\/td>\n

\n

10 288<\/p>\n<\/td>\n

\n

(4 801)<\/p>\n<\/td>\n

\n

\n 505 107<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit\/(loss)<\/p>\n<\/td>\n

\n

454 794<\/p>\n<\/td>\n

\n

51 023<\/p>\n<\/td>\n

\n

10 389<\/p>\n<\/td>\n

\n

(4 801)<\/p>\n<\/td>\n

\n

\n 511 405<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Net profit\/(loss)<\/p>\n<\/td>\n

\n

364 811<\/p>\n<\/td>\n

\n

41 285<\/p>\n<\/td>\n

\n

8 268<\/p>\n<\/td>\n

\n

(3 888)<\/p>\n<\/td>\n

\n

\n 410 476<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

364 811<\/p>\n<\/td>\n

\n

41 285<\/p>\n<\/td>\n

\n

7 698<\/p>\n<\/td>\n

\n

(3 943)<\/p>\n<\/td>\n

\n

\n 409 851<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n <\/strong>\n <\/p>\n

\n Results of the reporting segments for 2015 <\/strong>(in\u00a0PLN thousand): <\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\n\n

Construction segment<\/p>\n<\/td>\n

\n

Development segment<\/p>\n<\/td>\n

\n

Other activities<\/p>\n<\/td>\n

\n

Disable<\/p>\n<\/td>\n

\n

\n Consolidated data <\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

4 936 892<\/p>\n<\/td>\n

\n

292 599<\/p>\n<\/td>\n

\n

186 805<\/p>\n<\/td>\n

\n

(282 302)<\/p>\n<\/td>\n

\n

\n 5 133 994<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

426 253<\/p>\n<\/td>\n

\n

65 381<\/p>\n<\/td>\n

\n

19 169<\/p>\n<\/td>\n

\n

(18 089)<\/p>\n<\/td>\n

\n

\n 492 714<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

(4 631)<\/p>\n<\/td>\n

\n

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

\n

\n (29 742)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(177 090)<\/p>\n<\/td>\n

\n

(15 350)<\/p>\n<\/td>\n

\n

(5 217)<\/p>\n<\/td>\n

\n

7 576<\/p>\n<\/td>\n

\n

\n (190 081)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Operating profit\/(loss)<\/p>\n<\/td>\n

\n

244 693<\/p>\n<\/td>\n

\n

46 690<\/p>\n<\/td>\n

\n

9 171<\/p>\n<\/td>\n

\n

(8 336)<\/p>\n<\/td>\n

\n

\n 292 218<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit\/(loss)<\/p>\n<\/td>\n

\n

246 355<\/p>\n<\/td>\n

\n

51 801<\/p>\n<\/td>\n

\n

6 981<\/p>\n<\/td>\n

\n

(8 336)<\/p>\n<\/td>\n

\n

\n 296 801<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Net profit\/(loss)<\/p>\n<\/td>\n

\n

194 731<\/p>\n<\/td>\n

\n

41 820<\/p>\n<\/td>\n

\n

6 724<\/p>\n<\/td>\n

\n

(6 755)<\/p>\n<\/td>\n

\n

\n 236 520<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

194 731<\/p>\n<\/td>\n

\n

41 820<\/p>\n<\/td>\n

\n

6 050<\/p>\n<\/td>\n

\n

(6 755)<\/p>\n<\/td>\n

\n

\n 235 846<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

2016 was another very good year for the Budimex Group, in which Budimex SA achieved results placing the company in the first place of the largest construction companies in Poland. Despite a 14.4% drop in construction and assembly production, the Group increased sales by 8.5% and generated a record net profit of PLN 410 million. …<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","press_type":[537],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board of Budimex SA - Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for 2016 - 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 selected financial data from the consolidated financial statements of the Budimex Group for 2016 - Budimex\" \/>\n<meta property=\"og:description\" content=\"2016 was another very good year for the Budimex Group, in which Budimex SA achieved results placing the company in the first place of the largest construction companies in Poland. 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