{"id":156120,"date":"2017-10-25T07:19:24","date_gmt":"2017-10-25T07:19:24","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-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-three-quarters-of-2017\/"},"modified":"2024-06-07T12:09:01","modified_gmt":"2024-06-07T12:09:01","slug":"commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-three-quarters-of-2017","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-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-three-quarters-of-2017\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA – Dariusz Blocher on the financial data from the consolidated financial statements of the Budimex Group for three quarters of 2017"},"content":{"rendered":"\n
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25.10.2017<\/p>\n

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Commentary by the President of the Management Board of Budimex SA – Dariusz Blocher on the financial data from the consolidated financial statements of the Budimex Group for three quarters of 2017<\/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

\n The Budimex Group ended the third quarter of 2017 with very good results \u2013 sales higher by 11% year-on-year, a significant improvement in profitability and a net result of PLN 337 million. <\/em>\n <\/p>\n

Sales increased in both the construction (7%) and development (84%) segments. Sales in the development segment, higher by 175 million compared to 9 months of 2016, were the result of a 123% increase in the number of apartments sold by notaries.<\/p>\n

During the first three quarters of 2017, the Budimex Group generated very good results, improving them in relation to the previous year at every level: gross margin, operating result and net result by 17%, 38% and 34%, respectively. The high profitability was mainly due to the settlement of the expiring infrastructure contracts signed 2-3 years ago. However, due to the growing price pressure from subcontractors and a significant increase in wages and prices of materials in the construction industry, it may be impossible to maintain a comparable level of profitability in the coming quarters.<\/p>\n

At the end of September 2017, the value of the Budimex Group\u2019s order book reached a satisfactory level of PLN 9.3 billion. In accordance with the adopted strategy, as much as PLN 1.1 billion in the order book were railway contracts. In addition, in October 2017, we signed another contract with PKP PLK for the modernization of the E-30 railway line on the Trzebinia \u2013 Krzeszowice section, which gives us the fourth place in terms of the value of contracts won on the railway market. In order to implement railway projects, the Budimex Group has already contracted 100% of the planned deliveries of railway equipment. In the future, additional purchases will be possible, but on a much smaller scale.<\/p>\n

During the first three quarters of 2017, the Budimex Group signed contracts worth PLN 4.5 billion. The value of signed contracts was 8% higher than in the corresponding period of 2016. In addition, the value of contracts in which Budimex\u2019s offer has been selected as the most advantageous is currently about PLN 2 billion. We expect further recovery in the infrastructure tender market and numerous tender settlements with GDDKiA. Due to the increasingly difficult situation on the market \u2013 increase in employment costs, shortage of employees, rising prices of materials and subcontractors\u2019 services \u2013 we will be selective in our approach to new contracts. We are currently preparing to submit bids m.in. for the construction of sections of the S19 and S61 routes and the completion of the A1.<\/p>\n

The Budimex Group closed the third quarter of 2017 with a net cash position of PLN 1,471\u00a0million. After a decrease in the cash balance in the first half of the year, in the third quarter we recorded an increase characteristic of this period, which we expect also in the following months. Compared to 30 September 2016, the cash position was lower by PLN 656 million, among others due to higher capital expenditures (m.in. on railway equipment), as well as an increase in expenditure on the purchase of land in the development segment. In order to protect ourselves against the expected price increases in the near future, we have also significantly increased our expenditure on the purchase of materials. Supporting the further development of the waste management and road maintenance segments, in 2017 the Budimex Group also increased its involvement in the subsidiary FBSewis by over PLN 50 million.<\/p>\n

The deteriorating financial situation of subcontractors, caused, among other things, by changes in VAT legislation, has also recently affected the level of capital involvement on the part of general contractors. We try to support our subcontractors by offering early payments and enabling frequent and efficient invoicing of the work performed. <\/p>\n

During the first three quarters of 2017, pre-sales of apartments in the development segment reached 1,220 apartments compared to 1,121 apartments in the corresponding period of the previous year.<\/p>\n

Currently, there are over 3 thousand apartments under construction, of which only 726 are still waiting for customers. We are consistently expanding the land bank. Since the beginning of this year, we have purchased land for the construction of 2,600\u00a0apartments. To meet the ever-growing demand, we will launch further projects in the near future.<\/p>\n

Due to the high notarial sales, the real estate development segment ended the third quarter of 2017 with impressive results \u2013 the operating result and net result were respectively higher by 96% and 81% compared to the results of the corresponding period of 2016.<\/p>\n

By the end of the year, the Budimex Group will make a decision on the sale or implementation of the development plan in Elektromonta\u017c Pozna\u0144. Currently, two entities are potentially interested in buying the company. During the three quarters, Elektromonta\u017c Pozna\u0144 generated PLN 117 million in sales and an operating profit of 6.5%.<\/p>\n

In the first three quarters of 2017, employment in the Budimex Group increased by almost 550 people on the domestic market, and the total number of employees in the Group exceeded 6450 employees. The construction industry in Poland is still struggling with growing wage growth pressure and a further decline in the availability of qualified staff. In order to minimize the risk of labor shortage, in 2018 we plan to increase employment by about 1000 people, mainly blue-collar workers.<\/p>\n

In the near future, we will have to face the observed increase in the prices of materials and subcontractors\u2019 costs. In 2017, compared to the same period of 2016, the prices of m. asphalt (32%), granite aggregates (20%), reinforcing bars (19%), ready-mixed concrete (14%). Therefore, we will pay special attention to the control of the costs of the contracts and to a responsible approach to the calculation of new offers.<\/p>\n

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

Selected financial data from the consolidated financial statements of the Budimex Group prepared in accordance with International Financial Reporting Standards (IFRS) for three quarters of 2017 and comparable data for three quarters of 2016.<\/p>\n

\n Results of the reporting segments for the first three quarters of 2017<\/strong> (in PLN thousand): <\/u>\n <\/p>\n

\n <\/p>\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

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

\n

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

\n

4 314 025<\/p>\n<\/td>\n

\n

384 099<\/p>\n<\/td>\n

\n

119 678<\/p>\n<\/td>\n

\n

(264,443\u00a0)<\/p>\n<\/td>\n

\n

\n \u00a04,553,359<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

489 181<\/p>\n<\/td>\n

\n

78 228<\/p>\n<\/td>\n

\n

15 982<\/p>\n<\/td>\n

\n

(1,528\u00a0)<\/p>\n<\/td>\n

\n

\n 581 863<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(7,495\u00a0)<\/p>\n<\/td>\n

\n

(13,186\u00a0)<\/p>\n<\/td>\n

\n

(3,850\u00a0)<\/p>\n<\/td>\n

\n

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

\n

\n (24,516\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(142,574\u00a0)<\/p>\n<\/td>\n

\n

(16,079\u00a0)<\/p>\n<\/td>\n

\n

(4,096\u00a0)<\/p>\n<\/td>\n

\n

9 261<\/p>\n<\/td>\n

\n

\n (153,488\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

358 188<\/p>\n<\/td>\n

\n

54 819<\/p>\n<\/td>\n

\n

8 581<\/p>\n<\/td>\n

\n

\u00a04,704<\/p>\n<\/td>\n

\n

\n 426 292<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

352 348<\/p>\n<\/td>\n

\n

56 893<\/p>\n<\/td>\n

\n

6 658<\/p>\n<\/td>\n

\n

4 604<\/p>\n<\/td>\n

\n

\n 420 503<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

282 652<\/p>\n<\/td>\n

\n

45 887<\/p>\n<\/td>\n

\n

4 938<\/p>\n<\/td>\n

\n

3 733<\/p>\n<\/td>\n

\n

\n 337 210<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

282 652<\/p>\n<\/td>\n

\n

45 887<\/p>\n<\/td>\n

\n

4 716<\/p>\n<\/td>\n

\n

3 784<\/p>\n<\/td>\n

\n

\n 337 039<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n <\/p>\n

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

\n Results of the reporting segments for the first three quarters of 2016<\/strong> (in PLN thousands): <\/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\u00a0 products, goods and materials<\/p>\n<\/td>\n

\n

4 026 240<\/p>\n<\/td>\n

\n

209 002<\/p>\n<\/td>\n

\n

124 550<\/p>\n<\/td>\n

\n

(240,784\u00a0)<\/p>\n<\/td>\n

\n

\n \u00a04,119,008<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

440 691<\/p>\n<\/td>\n

\n

51 517<\/p>\n<\/td>\n

\n

16 884<\/p>\n<\/td>\n

\n

(13,676\u00a0)<\/p>\n<\/td>\n

\n

\n 495 416<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(8,098\u00a0)<\/p>\n<\/td>\n

\n

(11,200\u00a0)<\/p>\n<\/td>\n

\n

(3,642\u00a0)<\/p>\n<\/td>\n

\n

42<\/p>\n<\/td>\n

\n

\n (22,898\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(137,992\u00a0)<\/p>\n<\/td>\n

\n

(12,488\u00a0)<\/p>\n<\/td>\n

\n

(4,086\u00a0)<\/p>\n<\/td>\n

\n

6 086<\/p>\n<\/td>\n

\n

\n (148,480\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

278 801<\/p>\n<\/td>\n

\n

27 907<\/p>\n<\/td>\n

\n

9 863<\/p>\n<\/td>\n

\n

(7,548\u00a0)<\/p>\n<\/td>\n

\n

\n 309 023<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

280 281<\/p>\n<\/td>\n

\n

31 245<\/p>\n<\/td>\n

\n

9 520<\/p>\n<\/td>\n

\n

(7,548\u00a0)<\/p>\n<\/td>\n

\n

\n 313 498<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

224 716<\/p>\n<\/td>\n

\n

25 283<\/p>\n<\/td>\n

\n

7 710<\/p>\n<\/td>\n

\n

(6,116\u00a0)<\/p>\n<\/td>\n

\n

\n 251 593<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

224 716<\/p>\n<\/td>\n

\n

25 283<\/p>\n<\/td>\n

\n

7 208<\/p>\n<\/td>\n

\n

(6,116\u00a0)<\/p>\n<\/td>\n

\n

\n 251 091<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Gallery<\/h2>\n <\/div>\n <\/div>\n
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The Budimex Group ended the third quarter of 2017 with very good results \u2013 sales higher by 11% year-on-year, a significant improvement in profitability and a net result of PLN 337 million.
\nSales increased in both the construction (7%) and development (84%) segments. …<\/p>\n","protected":false},"featured_media":153848,"parent":0,"template":"","press_type":[537,790],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board of Budimex SA - Dariusz Blocher on the financial data from the consolidated financial statements of the Budimex Group for three quarters 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 the financial data from the consolidated financial statements of the Budimex Group for three quarters of 2017 - Budimex\" \/>\n<meta property=\"og:description\" content=\"The Budimex Group ended the third quarter of 2017 with very good results \u2013 sales higher by 11% year-on-year, a significant improvement in profitability and a net result of PLN 337 million. 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