{"id":156096,"date":"2017-07-26T06:47:00","date_gmt":"2017-07-26T06:47:00","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-the-first-half-of-201\/"},"modified":"2024-06-07T12:08:54","modified_gmt":"2024-06-07T12:08:54","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-the-first-half-of-201","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-the-first-half-of-201\/","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 the first half of 2017."},"content":{"rendered":"\n
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26.07.2017<\/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 the first half of 2017.<\/h2>\n

\n \n

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Share article<\/p>\n

\n
\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

A\u00a0historically high order book, a\u00a012% year-on-year increase in\u00a0sales, very good financial results at\u00a0every level of activity, including a\u00a0net profit of PLN 195 million, and a\u00a0significant expansion of the land bank in\u00a0the development segment are the main achievements of the Budimex Group in\u00a0the first half of 2017.<\/p>\n

In\u00a0the first half of the year, the construction and assembly production increased by\u00a08.0%. At\u00a0the same time, sales in\u00a0the construction segment of the Budimex Group were 10% higher than in\u00a0the corresponding period of the previous year, reaching PLN 2,597 million. We\u00a0expect that the positive sales dynamics in\u00a0the Group\u2019s construction segment will continue in\u00a0the coming quarters. The sales growth in\u00a0the period was driven by\u00a0the general construction segment, with sales up 26% year-on-year. Record-breaking contracting in\u00a02016 translated into a\u00a0significant increase in\u00a0the share of cubic capacity in\u00a0the sales of the construction segment in\u00a0the first half of 2017.<\/p>\n

A\u00a0significant increase in\u00a0sales was recorded by\u00a0Budimex Nieruchomo\u015bci. In\u00a0the first half of 2017, we\u00a0delivered 892 apartments to\u00a0customers, 106% more than in\u00a0the same period of the previous year. As\u00a0a\u00a0result, sales of the property development segment reached PLN 230 million, increasing by\u00a081% year-on-year.<\/p>\n

In\u00a0the first half of 2017, the Budimex Group generated very good results, improving them compared to\u00a0the previous year at\u00a0every level: gross margin, operating result and net result by\u00a017%, 40% and 33%, respectively. Operating profitability in\u00a0the Budimex Group reached 9.2% of sales in\u00a0the first six months of 2017. Nevertheless, for several months we\u00a0have been observing growing price pressure from subcontractors and a\u00a0significant increase in\u00a0wages and material prices. Due to\u00a0the increasingly difficult situation on\u00a0the construction market, it may be\u00a0impossible to\u00a0maintain a\u00a0level of profitability comparable to\u00a0the first half of the year in\u00a0the coming quarters.<\/p>\n

At\u00a0the end of June 2017, the value of the Budimex Group\u2019s order book once again reached a\u00a0historically high level of PLN 9.6 billion and was higher than at\u00a0the end of 2016 by\u00a0PLN 684 million. The construction season is entering a\u00a0period of peak production, which, with positive sales dynamics, may affect the value of outstanding orders in\u00a0the coming quarters.<\/p>\n

During the first six months of 2017, the Budimex Group signed contracts worth PLN 3.2 billion. The value of the contracts signed is comparable to\u00a0the value from the corresponding period of 2016, with a\u00a0significantly different structure. Due to\u00a0the recovery in\u00a0the infrastructure and railway tender market, the share of signed cubature contracts fell from 45% in\u00a0the first half of 2016 to\u00a032% in\u00a02017.<\/p>\n

The estimated value of contracts signed by\u00a0PKP PLK under the National Railway Program in\u00a0the first half of 2017 exceeded PLN 9 billion net. According to\u00a0the announcements of the railway investor, by\u00a0the end of 2017 it may exceed PLN 20 billion. In\u00a0the first half of 2017, the Budimex Group signed contracts with PKP PLK with a\u00a0total value of PLN 1,003 million (excluding consortium members), which constitutes 32% of the total value of the contracts obtained. Thus, we\u00a0achieved our goal, which was to\u00a0build a\u00a0railway order portfolio worth PLN 1 billion. In\u00a0addition, in\u00a0July 2017, we\u00a0submitted the most advantageous bids for the modernisation of the E-30 Trzebinia-Krzeszowice railway line worth PLN 299 million in\u00a0the part attributable to\u00a0the Budimex Group and for the construction of the Warszawa G\u0142\u00f3wna station worth PLN 96 million.<\/p>\n

For several months now, we\u00a0have been observing a\u00a0revival in\u00a0the road infrastructure market. After a\u00a0period of slowdown in\u00a0the tender market announced by\u00a0GDDKiA in\u00a02016, in\u00a0the first quarter of 2017 we\u00a0observed very strong price competition. In\u00a0the second quarter of 2017, the Budimex Group submitted the best bids in\u00a0four tenders with GDDKiA with a\u00a0total value of PLN 885 million.<\/p>\n

We\u00a0are consistently pursuing our strategy of expanding our operations into new segments of the construction market, strengthening our position on\u00a0the energy and gas transmission market. In\u00a0July 2017, we\u00a0signed a\u00a0contract with Tameh Polska Sp. z\u00a0o.o. a\u00a0contract for the construction of a\u00a0gas-fired power unit worth PLN 126 million. We\u00a0are starting the construction of a\u00a0new heat and power plant in\u00a0Vilnius, where the Contracting Authority has issued an Instruction to\u00a0Start Works. On\u00a0the gas transmission market, the consortium with the participation of Budimex SA submitted the lowest bid for the construction of the gas pipeline on\u00a0the Brzeg-Kie\u0142cz\u00f3w section, worth PLN 188 million, and the second highest bid for the construction of the gas pipeline on\u00a0the Strachocina-Pog\u00f3rska Wola section, worth PLN 413 million \u2013 both bids, however, exceed the budget of the Contracting Authority.<\/p>\n

In\u00a0the first half of 2017, we\u00a0recorded a\u00a0decrease in\u00a0the level of cash, which is characteristic of this period. At\u00a0the end of June, the net cash position amounted to\u00a0PLN 1,288 million. In\u00a02017, the cash balance decreased mainly as\u00a0a\u00a0result of seasonally lower cash flows from operating activities, higher capital expenditures (m.in.\u00a0on\u00a0railway equipment), the payment of a\u00a0record-high dividend in\u00a0the amount of PLN 383 million, as\u00a0well as\u00a0significant expenditure on\u00a0land in\u00a0the development segment. The deteriorating financial situation and liquidity of subcontractors, caused primarily by\u00a0changes in\u00a0VAT legislation, has also recently affected the level of capital involvement on\u00a0the part of general contractors. We\u00a0try to\u00a0support our business partners by\u00a0adapting payment terms to\u00a0the changing market environment. Recently, we\u00a0have also observed a\u00a0significant increase in\u00a0the level of bureaucracy on\u00a0public contracts, which delays the invoicing process of completed works and has a\u00a0negative impact on\u00a0the level of cash. <\/p>\n

In\u00a0the first half of 2017, in\u00a0line with the market trend, the Budimex Group recorded an increase in\u00a0pre-sold apartments by\u00a024%. During the first six months of 2017, pre-sales reached the level of 886 apartments compared to\u00a0712 in\u00a0the same period of the previous year. In\u00a02017, we\u00a0started 4 new investments, expanding our offer by\u00a0710 apartments. Currently, over 4 thousand apartments are under construction, 902 of which are at\u00a0the disposal of customers. To\u00a0meet the ever-growing demand, we\u00a0are actively looking for attractive locations for new investments. In\u00a0the first half of 2017, the Budimex Group acquired plots of land in\u00a0Warsaw, Pozna\u0144, Gdynia and Wroc\u0142aw. This will allow us to\u00a0expand the future sales offer by\u00a0over 2,600 apartments. In\u00a0the second half of 2017, we\u00a0will continue our ambitious investment plans in\u00a0this segment.<\/p>\n

In\u00a0line with its strategy of expansion on\u00a0the maintenance services market, in\u00a0June 2017 FBSerwis, 49% owned by\u00a0Budimex SA, finalised the acquisition of Trans-Formers companies, specialising in\u00a0waste collection and management. The total value of the transaction exceeded PLN 150 million.<\/p>\n

Ambitious plans for infrastructure investments encourage us to\u00a0further develop our staff. During the first six months of 2017, we\u00a0employed 360 people in\u00a0the Budimex Group on\u00a0the domestic market and we\u00a0plan to\u00a0further increase employment. At\u00a0the same time, we\u00a0see a\u00a0significant shortage of workers, especially blue-collar workers. With the expected increase in\u00a0the scale of investments, the situation on\u00a0the labour market and the availability of employees may deteriorate further.<\/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 the first half of 2017 and comparable data for the first half of 2016.<\/p>\n

\n Results of the reporting segments for the first half of 2017 <\/strong>(in\u00a0PLN thousands): <\/u>\n <\/p>\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

2 597 291<\/p>\n<\/td>\n

\n

229 588<\/p>\n<\/td>\n

\n

77 324<\/p>\n<\/td>\n

\n

(182 431)<\/p>\n<\/td>\n

\n

\n 2 721 772<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

297 302<\/p>\n<\/td>\n

\n

46 055<\/p>\n<\/td>\n

\n

10 379<\/p>\n<\/td>\n

\n

(1 642)<\/p>\n<\/td>\n

\n

\n 352 094<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

(2 492)<\/p>\n<\/td>\n

\n

15<\/p>\n<\/td>\n

\n

\n (16 303)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(95 158)<\/p>\n<\/td>\n

\n

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

\n

(2 683)<\/p>\n<\/td>\n

\n

5 687<\/p>\n<\/td>\n

\n

\n (102 322)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

211 230<\/p>\n<\/td>\n

\n

31 199<\/p>\n<\/td>\n

\n

5 709<\/p>\n<\/td>\n

\n

1 016<\/p>\n<\/td>\n

\n

\n 249 154<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

207 821<\/p>\n<\/td>\n

\n

32 696<\/p>\n<\/td>\n

\n

2 180<\/p>\n<\/td>\n

\n

992<\/p>\n<\/td>\n

\n

\n 243 689<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

166 492<\/p>\n<\/td>\n

\n

26 339<\/p>\n<\/td>\n

\n

1 145<\/p>\n<\/td>\n

\n

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

\n

\n 194 781<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

166 492<\/p>\n<\/td>\n

\n

26 339<\/p>\n<\/td>\n

\n

947<\/p>\n<\/td>\n

\n

860<\/p>\n<\/td>\n

\n

\n 194 638<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

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

2 371 776<\/p>\n<\/td>\n

\n

126 944<\/p>\n<\/td>\n

\n

87 719<\/p>\n<\/td>\n

\n

(156 739)<\/p>\n<\/td>\n

\n

\n 2 429 700<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

258 256<\/p>\n<\/td>\n

\n

33 477<\/p>\n<\/td>\n

\n

12 574<\/p>\n<\/td>\n

\n

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

\n

\n 300 274<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

(7 148)<\/p>\n<\/td>\n

\n

(2 298)<\/p>\n<\/td>\n

\n

27<\/p>\n<\/td>\n

\n

\n (14 747)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(92 610)<\/p>\n<\/td>\n

\n

(7 725)<\/p>\n<\/td>\n

\n

(2 780)<\/p>\n<\/td>\n

\n

3 854<\/p>\n<\/td>\n

\n

\n (99 261)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

151 483<\/p>\n<\/td>\n

\n

18 708<\/p>\n<\/td>\n

\n

8 231<\/p>\n<\/td>\n

\n

(152)<\/p>\n<\/td>\n

\n

\n 178 270<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

154 246<\/p>\n<\/td>\n

\n

21 034<\/p>\n<\/td>\n

\n

7 816<\/p>\n<\/td>\n

\n

(152)<\/p>\n<\/td>\n

\n

\n 182 944<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

123 248<\/p>\n<\/td>\n

\n

16 995<\/p>\n<\/td>\n

\n

6 398<\/p>\n<\/td>\n

\n

(123)<\/p>\n<\/td>\n

\n

\n 146 518<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

123 248<\/p>\n<\/td>\n

\n

16 995<\/p>\n<\/td>\n

\n

5 947<\/p>\n<\/td>\n

\n

(123)<\/p>\n<\/td>\n

\n

\n 146 067<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

A historically high order book, a 12% year-on-year increase in sales, very good financial results at every level of activity, including a net profit of PLN 195 million, and a significant expansion of the land bank in the development segment are the main achievements of the Budimex Group in the first half of 2017. …<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","press_type":[537,790],"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 the first half of 2017. - 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 the first half of 2017. - 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