{"id":156130,"date":"2018-07-26T06:33:28","date_gmt":"2018-07-26T06:33:28","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-201-2\/"},"modified":"2024-06-07T12:09:09","modified_gmt":"2024-06-07T12:09:09","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-201-2","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-201-2\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA &#8211; Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2018"},"content":{"rendered":"\n<section id=\"block_1b34542b9cd996a3eca3c4c50882fb5a\" class=\"text-block   -hide-dots section-margin-120\">\n    <div class=\"container\">\n        <div class=\"row\">\n            <div class=\"col-24 col-lg-16\">\n                                    <p class=\"typo-18 under-p-medium color-gray-120 text-block__date\">26.07.2018<\/p>\n                                                    <div class=\"text-block__top-texts under-h2\">\n                        <h2 class=\"text-block__title under-p-big\">Commentary by\u00a0the President of the Management Board of Budimex SA &#8211; Dariusz Blocher on\u00a0selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2018<\/h2>\n                                                    <p class=\"typo-18 under-p-medium color-gray-120\">\n                                \n<div class=\"card-share card-share--flex\">\n    <div class=\"card-share__inner\">\n        <p class=\"card-share__title typo-18\">Share article<\/p>\n        <div class=\"card-share__links\">\n            <div class=\"card-share__link card-share__link--facebook\">\n                <a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=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-201-2\/\" target=\"_blank\">\n                    <span class=\"card-share__linkIcon icon icon-facebook d-flex\"><\/span>\n                <\/a>\n            <\/div>\n            <div class=\"card-share__link card-share__link--linkedin\">\n                <a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&#038;url=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-201-2\/\" target=\"_blank\" rel=\"nofollow\">\n                    <span class=\"card-share__linkIcon icon icon-linkedin\"><\/span>\n                <\/a>\n            <\/div>\n            <div class=\"card-share__link card-share__link--twitter\">\n                <a href=\"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Fbdm-stg.mda.pl%2Fen%2Fpress%2Fcommentary-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-201-2%2F\" target=\"_blank\" rel=\"nofollow\">\n                    <span class=\"card-share__linkIcon icon icon-x\"><\/span>\n                <\/a>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>                            <\/p>\n                                            <\/div>\n                                                                                    <div class=\"text-block__text text-editor\"><ul>\n<li>Sales in\u00a0the construction segment of the Budimex Group in\u00a0the first half of the year were 17% higher than in\u00a0the corresponding period of the previous year, reaching a\u00a0record level of over PLN 3 billion.<\/li>\n<li>At\u00a0the end of June 2018, the Budimex Group\u2019s order book reached PLN 10.8 billion.<\/li>\n<li>During the first half of 2018, the Budimex Group signed contracts worth PLN 3.4 billion.<\/li>\n<li>Given the unfavourable market conditions, we\u00a0perceive the current profitability of the Budimex Group as\u00a0good and significantly higher than the market benchmark.<\/li>\n<\/ul>\n<p>\n            <strong>The Budimex Group closed the first half of 2018 with a\u00a0record level of sales revenues, profitability well above market indicators and a\u00a0net profit of PLN 128 million.  <\/strong>\n          <\/p>\n<p>In\u00a0the first half of the year, construction and assembly production increased by\u00a026.3%. At\u00a0the same time, sales in\u00a0the construction segment of the Budimex Group were higher by\u00a017% compared to\u00a0the same period of the previous year, reaching a\u00a0record level of PLN 3 billion 43 million in\u00a0the first half of the year. The sales growth in\u00a0the period in\u00a0question was mainly driven by\u00a0the part of non-residential construction with sales higher by\u00a042% year-on-year. We\u00a0also recorded a\u00a0significant increase in\u00a0the railway construction segment, where sales in\u00a0the first half of this year amounted to\u00a0PLN 217 million compared to\u00a0PLN 76 million in\u00a0the same period last year.<\/p>\n<p>The Budimex Group achieved a\u00a0gross profit before tax margin of 4.9%, with  <br \/>  in\u00a0the construction segment it was 3.6%. According to\u00a0the Central Statistical Office, the gross profit margin of the construction industry after the first quarter of this year amounted to\u00a0only 1.4%. Falling margins in\u00a0the construction industry are also noticeable for the Budimex Group. The increase in\u00a0the Budimex Group\u2019s revenues in\u00a0the first half of 2018 was accompanied by\u00a0a\u00a0decrease in\u00a0gross profit margin from 9.0% last year.<\/p>\n<p>This is a\u00a0consequence of the growing price pressure from subcontractors observed for several quarters and a\u00a0significant increase in\u00a0wages and material prices. The increase in\u00a0the scale of road and rail investments combined with track closures on\u00a0modernised routes has a\u00a0negative impact on\u00a0the availability of transport services. We\u00a0are experiencing this through significant increases in\u00a0logistics costs, especially on\u00a0infrastructure contracts. Given the unfavourable market conditions, we\u00a0perceive the current profitability of the Budimex Group as\u00a0good and significantly higher than the market benchmark.<\/p>\n<p>We\u00a0are constantly calling for the introduction of appropriate price indexation by\u00a0contracting authorities. The ratios contained in\u00a0the current contract provisions do\u00a0not reflect reality, as\u00a0a\u00a0consequence of which the entire cost risk is on\u00a0the side of general contractors and subcontractors. Regardless of this, we\u00a0are conducting negotiations with investors regarding the indexation of remuneration, the purpose of which is to\u00a0cover losses resulting from above-average increases in\u00a0the prices of key assortments. Due to\u00a0the ambitious investment plans of key investors, the second half of 2018 is unlikely to\u00a0bring stability. Despite this, we\u00a0will consistently work to\u00a0maintain stable profitability, above market indicators.<\/p>\n<p>At\u00a0the end of June 2018, the Budimex Group\u2019s order book reached PLN 10 billion 784 million and was close to\u00a0the level at\u00a0the end of the previous quarter. During the first half of 2018, we\u00a0signed contracts worth PLN 3 billion 359 million. Bearing in\u00a0mind the safe level of the order book and the increasingly difficult market situation, we\u00a0are selective about new contracts. We\u00a0are observing an unfavourable trend of extending tender procedures, especially in\u00a0the case of road contracts, where the average time from submitting an offer to\u00a0signing a\u00a0contract is about 6 months. With such a\u00a0dynamically changing market situation, this introduces an additional element of risk to\u00a0the bids submitted.<\/p>\n<p>In\u00a0the first half of 2018, we\u00a0recorded a\u00a0seasonal decline in\u00a0the level of cash. At\u00a0the end of June, the net cash position amounted to\u00a0PLN 734 million. In\u00a0June 2017, the net cash balance amounted to\u00a0PLN 1\u00a0billion 288 million. In\u00a02018, the cash balance decreased mainly as\u00a0a\u00a0result of seasonally lower cash flows from operating activities, higher capital expenditures (m.in.\u00a0on\u00a0railway equipment) and the payment of a\u00a0record-high dividend in\u00a0the amount of PLN 450 million. For several quarters, we\u00a0have been observing a\u00a0significant increase in\u00a0bureaucracy on\u00a0public contracts, which delays the process of accepting and invoicing the work performed. It is one of the  <br \/>  for reasons why the level of uninvoiced sales at\u00a0the end of June 2018 was 28% higher than in\u00a0June last year, adversely affecting the cash balance. This year, we\u00a0also bought land in\u00a0the development segment worth about PLN 140 million, of which PLN 60 million has already been paid in\u00a0the first half of the year.<\/p>\n<p>In\u00a0the first half of the year, we\u00a0delivered 1,107 apartments m.in.\u00a0as\u00a0part of the next stages of the Wi\u015blany Mokot\u00f3w, Nowe Czy\u017cyny and Osiedle przy Rolnej investments. As\u00a0a\u00a0result, sales revenues of the real estate development segment reached PLN 331 million, increasing by\u00a043% year-on-year. Operating profit amounted to\u00a0PLN 46 million and was 42% higher than in\u00a0the corresponding period of the previous year.<\/p>\n<p>After 2 quarters of 2018, pre-sales in\u00a0the development segment reached 509 apartments compared to\u00a0886 apartments in\u00a0the corresponding period of the previous year. The decrease in\u00a0the pace of pre-sales is the result of m.in.\u00a0protracted administrative procedures related to\u00a0the  <br \/>  with the issuance of permits for the construction of new housing estates. Currently, about 3 thousand apartments are under construction, and 1,089 more units are waiting for customers. In\u00a0the first half of this year, we\u00a0purchased land in\u00a0Pozna\u0144 and the Tri-City allowing for the construction of over 1,100\u00a0apartments, thanks to\u00a0which the land bank increased to\u00a08.3 thousand apartments at\u00a0the end of June 2018.<\/p>\n<p>For a\u00a0long time, the residential market has been experiencing a\u00a0strong upward trend in\u00a0construction prices, which has a\u00a0negative impact on\u00a0the expected profitability of new development projects. Despite this, taking into account the favourable land prices in\u00a0our land bank and the observed upward trend in\u00a0average housing prices, we\u00a0expect stable profitability in\u00a0the development segment to\u00a0be\u00a0maintained over the next few quarters.<\/p>\n<p>In\u00a0the first half of 2018, employment in\u00a0the Budimex Group increased by\u00a0over 650 people (of which over 400 are blue-collar workers employed on\u00a0the domestic market), and the total number of employees exceeded 7,200. We\u00a0continue the strategy of expanding the own forces team, consisting mainly of  <br \/>  from manual workers. This direction allows us to\u00a0increase our independence and minimize the risk of an increase in\u00a0the prices of subcontracting services based on\u00a0the cost of labor. In\u00a0addition, this year alone, we\u00a0have invested over PLN 40 million in\u00a0the modernization of the machine park and the purchase of equipment necessary for the implementation of railway projects.<\/p>\n<p>The order backlog exceeding PLN 10 billion should allow us to\u00a0maintain positive sales dynamics in\u00a0the construction segment in\u00a0the coming quarters. Despite difficult market conditions, we\u00a0try to\u00a0keep our contractual obligations while maintaining a\u00a0transparent policy towards our contractors. The problem of appropriate indexation of contract prices remains unresolved. Representatives of the construction industry and the public side are involved in\u00a0the work on\u00a0making the current valorisation model more realistic. We\u00a0believe that the lack of a\u00a0quick solution will translate into a\u00a0further decline in\u00a0the sector\u2019s profitability. A\u00a0scenario in\u00a0which the entire industry will record a\u00a0loss is possible. Such a\u00a0situation already took place in\u00a02012, when the number of bankruptcies increased drastically and the entire construction sector suffered a\u00a0gross loss of almost PLN 200 million.<\/p>\n<p>Despite the difficult market situation, we\u00a0continue our chosen direction of development. We\u00a0are developing Mostostal Krak\u00f3w, which after the launch of the Steel Structures Production Plant in\u00a0\u017b\u0142obnica in\u00a02017, significantly increased its production potential and is currently one of the largest companies operating on\u00a0the domestic steel structures market. We\u00a0are satisfied with the results of our operations on\u00a0the German market. In\u00a02018, we\u00a0have a\u00a0chance to\u00a0achieve results similar to\u00a0last year, when sales revenues reached PLN 199 million with an operating margin of 13%. We\u00a0consistently invest in\u00a0the development of FBSerwis, which provides services in\u00a0the field of waste management, maintenance of road infrastructure and technical maintenance of buildings. In\u00a02018, the revenues of FBSerwis, including its subsidiaries, should exceed PLN 300 million. Currently, Budimex holds 49% of the company\u2019s shares, however, we\u00a0do\u00a0not rule out taking control of the company in\u00a0the future.<\/p>\n<p>\n            <img loading=\"lazy\" decoding=\"async\" style=\"margin: 10px\" src=\"https:\/\/d2xhqqdaxyaju6.cloudfront.net\/file\/attachment-s\/1297217\/55\/s-85-x.jpg\" alt=\"DariuszBlocher_zdjecie prasowe.jpg\" width=\"85\" height=\"128\"><br \/>\n            <strong>Dariusz Blocher \u2013 President of the Management Board of Budimex S.A.<\/strong>\n          <\/p>\n<p>Since September 2009, he\u00a0has been the President of the Management Board and CEO of Budimex SA. A\u00a0graduate of the Faculty of Mechanics and Mechanical Engineering at\u00a0the Cz\u0119stochowa University of Technology.  Since May 1994. until February 2002, he\u00a0was associated with Pepsi Co. Poland, performing successively the following functions: Head of the Sales Branch in\u00a0Silesia, Director of Sales in\u00a0the Sales and Distribution Department, and since September 1998. Director of Chief Veterinary Officer personnel in\u00a0production plants and at\u00a0the Pepsi Cola headquarters in\u00a0Poland.\u00a0In\u00a02007, he\u00a0graduated from IESE Business School in\u00a0Barcelona, completing the AMP (Advance Management Program).\u00a0Since February 2002. he\u00a0was a\u00a0member of the Management Board, Director of human resources management of Budimex SA. From November 2007, he\u00a0was the President of the Management Board, Chief Executive Officer of Budimex Dromex SA and Member of the Management Board of Budimex SA.<\/p>\n<p>\n            <strong><\/p>\n<p>            <\/strong>\n          <\/p>\n<p><strong>BUDIMEX SA<\/strong>  is a\u00a0company with a\u00a0fifty-year tradition, which has a\u00a0significant share in\u00a0the economic development of Polish. With our work, we\u00a0improve the quality of life of millions of Poles. During the 50 years of the company\u2019s existence, we\u00a0have completed thousands of modern infrastructural, cubature and industrial investments. A\u00a0culture of innovation, improvement and following the principles of sustainable development have allowed us to\u00a0become the leader of the Polish construction market. We\u00a0are present not only on\u00a0the Polish market, but also abroad. We\u00a0are gradually increasing our involvement in\u00a0the facility management sector and waste management. Since 1995, our company has been listed on\u00a0the Warsaw Stock Exchange, and since 2011 it has been included in\u00a0the RESPECT index \u2013 the most responsible listed companies. Its strategic investor is a\u00a0Spanish company with a\u00a0global reach \u2013 Ferrovial. The group includes: Budimex Nieruchomo\u015bci, Mostostal Krak\u00f3w and Elektromonta\u017c Pozna\u0144 SA. We\u00a0are one of the signatories of the Agreement for Safety in\u00a0Construction \u2013 an initiative established in\u00a02010, associating the largest general contractors in\u00a0Poland in\u00a0order to\u00a0increase the level of occupational safety in\u00a0the construction industry.<\/p>\n<\/p>\n<p>\n            <strong>BUDIMEX Group  <\/strong>\n          <\/p>\n<p>Selected financial data from the consolidated financial statements of the Budimex Group prepared in\u00a0accordance with International Financial Reporting Standards (IFRS) for the first\u00a0half of\u00a02018 and comparable data for the first half of 2017.<\/p>\n<p>\n            <u>Results of the reporting segments <strong>for the first half of 2018 <\/strong>(in\u00a0PLN thousands):  <\/u>\n          <\/p>\n<table width=\"756\">\n<tbody>\n<tr>\n<td width=\"242\">\n<\/td>\n<td width=\"104\">\n<p>Construction segment<\/p>\n<\/td>\n<td width=\"104\">\n<p>Development segment<\/p>\n<\/td>\n<td width=\"92\">\n<p>Other activities<\/p>\n<\/td>\n<td width=\"83\">\n<p>Disable<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>Consolidated data  <\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Net revenues from the sale of products, goods and materials<\/p>\n<\/td>\n<td width=\"104\">\n<p>3 042 990<\/p>\n<\/td>\n<td width=\"104\">\n<p>330 865<\/p>\n<\/td>\n<td width=\"92\">\n<p>74 600<\/p>\n<\/td>\n<td width=\"83\">\n<p>(145,794\u00a0)<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>\u00a03,302,661<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Gross profit on\u00a0sales<\/p>\n<\/td>\n<td width=\"104\">\n<p>213 320<\/p>\n<\/td>\n<td width=\"104\">\n<p>66 214<\/p>\n<\/td>\n<td width=\"92\">\n<p>10 980<\/p>\n<\/td>\n<td width=\"83\">\n<p>(4,023\u00a0)<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>286 491<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Selling costs<\/p>\n<\/td>\n<td width=\"104\">\n<p>(4,816\u00a0)<\/p>\n<\/td>\n<td width=\"104\">\n<p>(7,157\u00a0)<\/p>\n<\/td>\n<td width=\"92\">\n<p>(2,897\u00a0)<\/p>\n<\/td>\n<td width=\"83\">\n<p>\u2013<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>(14,870\u00a0)<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>General and administrative expenses<\/p>\n<\/td>\n<td width=\"104\">\n<p>(102,194\u00a0)<\/p>\n<\/td>\n<td width=\"104\">\n<p>(12,926\u00a0)<\/p>\n<\/td>\n<td width=\"92\">\n<p>(3,030\u00a0)<\/p>\n<\/td>\n<td width=\"83\">\n<p>7 612<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>(110,538\u00a0)<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Operating profit<\/p>\n<\/td>\n<td width=\"104\">\n<p>115 475<\/p>\n<\/td>\n<td width=\"104\">\n<p>46 043<\/p>\n<\/td>\n<td width=\"92\">\n<p>4 992<\/p>\n<\/td>\n<td width=\"83\">\n<p>3 614<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>170 124<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Gross profit<\/p>\n<\/td>\n<td width=\"104\">\n<p>110 256<\/p>\n<\/td>\n<td width=\"104\">\n<p>47 407<\/p>\n<\/td>\n<td width=\"92\">\n<p>2 240<\/p>\n<\/td>\n<td width=\"83\">\n<p>3 458<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>163 361<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Net profit<\/p>\n<\/td>\n<td width=\"104\">\n<p>85 734<\/p>\n<\/td>\n<td width=\"104\">\n<p>38 316<\/p>\n<\/td>\n<td width=\"92\">\n<p>1 237<\/p>\n<\/td>\n<td width=\"83\">\n<p>2 801<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>128 088<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"242\">\n<p>Profit attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n<td width=\"104\">\n<p>85 734<\/p>\n<\/td>\n<td width=\"104\">\n<p>38 310<\/p>\n<\/td>\n<td width=\"92\">\n<p>1 198<\/p>\n<\/td>\n<td width=\"83\">\n<p>2 805<\/p>\n<\/td>\n<td width=\"130\">\n<p>\n                    <strong>128 047<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\n            <u><\/p>\n<p>            <\/u>\n          <\/p>\n<p>\n            <u>Results of the reporting segments <strong>for the first half of 2017 <\/strong>(in\u00a0PLN thousands):  <\/u><br \/>\n            <strong>  <\/strong>\n          <\/p>\n<table width=\"756\">\n<tbody>\n<tr>\n<td width=\"241\">\n<\/td>\n<td width=\"104\">\n<p>Construction segment<\/p>\n<\/td>\n<td width=\"104\">\n<p>Development segment<\/p>\n<\/td>\n<td width=\"108\">\n<p>Other activities<\/p>\n<\/td>\n<td width=\"83\">\n<p>Disable<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>Consolidated data  <\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Net revenues from the sale of products, goods and materials<\/p>\n<\/td>\n<td width=\"104\">\n<p>2 597 291<\/p>\n<\/td>\n<td width=\"104\">\n<p>232 237<\/p>\n<\/td>\n<td width=\"108\">\n<p>74 675<\/p>\n<\/td>\n<td width=\"83\">\n<p>(182,431\u00a0)<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>\u00a02,721,772<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Gross profit on\u00a0sales<\/p>\n<\/td>\n<td width=\"104\">\n<p>297 302<\/p>\n<\/td>\n<td width=\"104\">\n<p>47 193<\/p>\n<\/td>\n<td width=\"108\">\n<p>9 241<\/p>\n<\/td>\n<td width=\"83\">\n<p>(1,642\u00a0)<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>352 094<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Selling costs<\/p>\n<\/td>\n<td width=\"104\">\n<p>(5,004\u00a0)<\/p>\n<\/td>\n<td width=\"104\">\n<p>(8,822\u00a0)<\/p>\n<\/td>\n<td width=\"108\">\n<p>(2,492\u00a0)<\/p>\n<\/td>\n<td width=\"83\">\n<p>15<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>(16,303\u00a0)<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>General and administrative expenses<\/p>\n<\/td>\n<td width=\"104\">\n<p>(95,158\u00a0)<\/p>\n<\/td>\n<td width=\"104\">\n<p>(10,168\u00a0)<\/p>\n<\/td>\n<td width=\"108\">\n<p>(2,683\u00a0)<\/p>\n<\/td>\n<td width=\"83\">\n<p>5 687<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>(102,322\u00a0)<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Operating profit<\/p>\n<\/td>\n<td width=\"104\">\n<p>211 230<\/p>\n<\/td>\n<td width=\"104\">\n<p>32 337<\/p>\n<\/td>\n<td width=\"108\">\n<p>4 571<\/p>\n<\/td>\n<td width=\"83\">\n<p>1 016<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>249 154<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Gross profit<\/p>\n<\/td>\n<td width=\"104\">\n<p>207 821<\/p>\n<\/td>\n<td width=\"104\">\n<p>33 834<\/p>\n<\/td>\n<td width=\"108\">\n<p>1 042<\/p>\n<\/td>\n<td width=\"83\">\n<p>992<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>243 689<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Net profit<\/p>\n<\/td>\n<td width=\"104\">\n<p>166 492<\/p>\n<\/td>\n<td width=\"104\">\n<p>27 477<\/p>\n<\/td>\n<td width=\"108\">\n<p>7<\/p>\n<\/td>\n<td width=\"83\">\n<p>805<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>194 781<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"241\">\n<p>Profit attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n<td width=\"104\">\n<p>166 492<\/p>\n<\/td>\n<td width=\"104\">\n<p>27 422<\/p>\n<\/td>\n<td width=\"108\">\n<p>(136)<\/p>\n<\/td>\n<td width=\"83\">\n<p>860<\/p>\n<\/td>\n<td width=\"116\">\n<p>\n                    <strong>194 638<\/strong>\n                  <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\n            <em><\/p>\n<p>            <\/em>\n          <\/p>\n<\/p>\n<p><em>More information is available on\u00a0<\/em><a href=\"http:\/\/www.media.budimex.pl\/\"><br \/>\n  <em>www.media.budimex.pl<\/em><br \/>\n<\/a><\/p>\n<p><em>Press photos: <\/em><a href=\"http:\/\/media.budimex.pl\/2539\/pl\/presskit\/7826\"><br \/>\n  <em>http:\/\/media.budimex.pl\/2539\/pl\/presskit\/7826<\/em><br \/>\n<\/a><\/p>\n<\/p>\n<p>\n            <strong>Contact:  <\/strong>\n          <\/p>\n<p>\n            <strong>BUDIMEX SA<\/strong>\n          <\/p>\n<p>Micha\u0142 Wrzosek \u2013 Spokesman<\/p>\n<p>Tel.\u00a0(22) 62 36 164, 512\u00a0478\u00a0522, e-mail: <a href=\"mailto:michal.wrzosek@budimex.pl\">michal.wrzosek@budimex.pl<\/a><\/p><\/div>\n                            <\/div>\n                                                                                                    <div class=\"col-24 col-lg-7 offset-lg-1\">\n                    <div class=\"text-block__booklet\">\n                        \n<div class=\"card-booklet\">\n    <div class=\"card-booklet__image\">\n                    <img decoding=\"async\" src=\"https:\/\/bdm-stg.mda.pl\/app\/themes\/main\/dist\/img\/booklet_image.png\" alt=\"Pobierz plik - obrazek\">\n            <\/div>\n                                                        <\/div>                    <\/div>\n                <\/div>\n                                                        <\/div>\n    <\/div>\n<\/section>\n    <section id=\"block_cf2c805be51ed6a53e021fcadabdb49b\" class=\"gallery-section section-margin-120\" data-per-page=\"8\" data-per-row=\"4\" data-type=\"zdjecia\">\n        <div class=\"container\">\n            <div class=\"row\">\n                                    <div class=\"col-24\">\n                        <h2 class=\"gallery-section__title under-h2\">Gallery<\/h2>\n                    <\/div>\n                            <\/div>\n            <div class=\"row\">\n                <div class=\"col-24\">\n                                                                        <div class=\"gallery-section__grid gallery-section__grid--4\">\n                                \n                        <div class=\"gallery-section__image gallery-section__image--single\">\n                <a href=\"\">\n                                                                            <\/a>\n                            <\/div>\n                                <div class=\"gallery-section__image gallery-section__image--single\">\n                <a href=\"\">\n                                                                            <\/a>\n                            <\/div>\n            \n                            <\/div>\n                                                                                        <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n","protected":false},"excerpt":{"rendered":"<p>The Budimex Group closed the first half of 2018 with a record level of sales revenues, profitability well above market indicators and a net profit of PLN 128 million.  <\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","press_type":[790,537],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>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 2018 - 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 2018 - Budimex\" \/>\n<meta property=\"og:description\" content=\"The Budimex 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