{"id":156135,"date":"2018-03-01T08:21:17","date_gmt":"2018-03-01T08:21:17","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-2017\/"},"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-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-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2017\/","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 2017"},"content":{"rendered":"\n
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01.03.2018<\/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 2017<\/h2>\n

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Share article<\/p>\n

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

2017 was another very good year for the Budimex Group. We\u00a0recorded a\u00a0historic level of sales and a\u00a0record net profit, which allowed us to\u00a0take the first place among the largest construction companies in\u00a0Poland again. Despite strong competition, we\u00a0have signed new contracts worth PLN 7.3 billion and we\u00a0are entering 2018, which is the year of the company\u2019s 50th anniversary, with an order book of over PLN 10 billion.<\/p>\n

In\u00a02017, construction and assembly production increased by\u00a012.9%, thus recording the highest dynamics since 2011. At\u00a0the same time, the Group increased sales by\u00a014.3% compared to\u00a0the previous year and generated a\u00a0net profit of PLN 464 million. The increase in\u00a0sales in\u00a0the Group\u2019s construction segment was in\u00a0line with the market growth rate and amounted to\u00a012.6%, while the increase in\u00a0the scale of handovers in\u00a0the development part resulted in\u00a0an increase in\u00a0sales by\u00a042.6%.<\/p>\n

A\u00a0significant increase in\u00a0the scale of investments in\u00a0the construction sector resulted in\u00a0a\u00a0further increase in\u00a0the prices of raw materials and subcontractors\u2019 services. The industry is also increasingly affected by\u00a0the decline in\u00a0the availability of labor. Despite the unfavourable conditions, the Budimex Group achieved satisfactory profitability at\u00a0the operating level (9.2%).<\/p>\n

After a\u00a0difficult year 2016, in\u00a0recent months the largest infrastructure investors have significantly increased the number of tenders awarded. The value of bids submitted by\u00a0Budimex in\u00a02017 increased by\u00a0over 80% compared to\u00a0the previous year. Bidding was driven by\u00a0the road segment, primarily GDDKiA. The value of bids submitted for road construction in\u00a02017 tripled compared to\u00a02016, reaching the level of PLN 24.4 billion.<\/p>\n

The favourable market for infrastructure tenders and the maintenance of high bidding efficiency on\u00a0the general construction market allowed for the signing of a\u00a0record PLN 7.3 billion of new orders. At\u00a0the end of December 2017, the value of the order book reached\u00a0 PLN 10.3 billion. Through a\u00a0selective approach to\u00a0road tenders and high activity in\u00a0the railway and hydrotechnical segments, we\u00a0achieved the goal of diversifying the contract portfolio. Currently, the leading segment of road infrastructure accounts for 45% of the order book, compared to\u00a057% a\u00a0year earlier. The contracts obtained from PKP PLK worth PLN 1.3 billion increased the share of the railway segment from 2% in\u00a0December 2016 to\u00a012% at\u00a0the end of 2017. In\u00a0addition, thanks to\u00a0the signing of the contract for the completion of the construction of the Racib\u00f3rz Dolny flood control reservoir, hydrotechnical works currently account for 7% of the order portfolio.<\/p>\n

The Budimex Group ended 2017 with a\u00a0net cash position of PLN 2.2 billion. Compared to\u00a031 December 2016, it was lower by\u00a0PLN 359 million. Supporting the further development of the waste management and road maintenance segments, in\u00a02017 the Budimex Group increased its involvement in\u00a0FBSerwis by\u00a0over PLN 50 million. We\u00a0also invested PLN 80 million in\u00a0the expansion and modernization of the machine park and over PLN 150 million in\u00a0the purchase of land in\u00a0the development segment. One of the important factors adversely affecting the cash balance was the deteriorating financial situation of subcontractors, caused, among other things, by\u00a0changes in\u00a0VAT legislation. We\u00a0try to\u00a0support our subcontractors by\u00a0offering early payments and enabling frequent and efficient invoicing of the work performed.<\/p>\n

In\u00a02017, pre-sales of the development segment amounted to\u00a01,457\u00a0apartments and were 10% (158 apartments) lower than in\u00a0the previous year. The weakening of the pace of pre-sales is mainly due to\u00a0the very attractive offer of the \u201cNowe Czy\u017cyny\u201d project in\u00a0Krak\u00f3w (a\u00a0decrease in\u00a0pre-sales by\u00a0667 apartments).<\/p>\n

We\u00a0continue to\u00a0expand the land bank, in\u00a02017 we\u00a0bought plots in\u00a0Warsaw, Pozna\u0144, Tri-City and the first plot of land for over 1,000\u00a0apartments in\u00a0Wroc\u0142aw. As\u00a0a\u00a0result, we\u00a0have increased the portfolio of projects ready for launch for another year in\u00a0a\u00a0row \u2013 currently it is almost 8,000 apartments. Maintaining annual pre-sales at\u00a0the level of 1,500\u00a0units in\u00a0the coming years will require a\u00a0constant level of about 4,000\u00a0apartments under construction.<\/p>\n

In\u00a02017, Budimex Nieruchomo\u015bci\u2019s clients signed 1,914\u00a0notarial deeds. The increase compared to\u00a02016 amounted to\u00a061% and was mainly due to\u00a0the commencement of notarial handovers as\u00a0part of the \u201cNowe Czy\u017cyny\u201d project. Sales revenues amounted to\u00a0PLN 499 million, which means an increase of 43% year-on-year. Net profit increased from PLN 41 million in\u00a02016 to\u00a0a\u00a0record PLN 54 million in\u00a02017. Despite significant expenditures on\u00a0land and dividend payments, Budimex Nieruchomo\u015bci maintained a\u00a0strong positive cash position.<\/p>\n

In\u00a0the coming years, the largest public investors, i.e. GDDKiA and PKP PLK, are planning a\u00a0significant increase in\u00a0expenses. We\u00a0are facing a\u00a0period of increased work, for which we\u00a0are prepared in\u00a0terms of personnel and equipment.<\/p>\n

In\u00a02017, employment in\u00a0the Budimex Group, including the FBSerwis Group, increased by\u00a0over 1,200 people and exceeded 7,500 employees at\u00a0the end of the year. In\u00a0accordance with the adopted direction of staff development, we\u00a0are increasing employment not only among white-collar workers, but we\u00a0are also looking for blue-collar workers to\u00a0strengthen the team of our own forces. In\u00a0addition, bearing in\u00a0mind the expected increase in\u00a0the scale of infrastructure investments, over the last 2 years we\u00a0have invested over PLN 150 million in\u00a0the modernization of the machine park and the purchase of equipment necessary for the implementation of railway projects.<\/p>\n

An increase in\u00a0the scale of infrastructure investments and a\u00a0systematic increase in\u00a0the value of the general construction market may cause a\u00a0further increase in\u00a0the pressure on\u00a0wage growth and an increase in\u00a0the prices of subcontracting services. Therefore, it will be\u00a0very important to\u00a0pay special attention to\u00a0the costs on\u00a0the contracts being executed and to\u00a0take a\u00a0responsible approach to\u00a0the calculation of new offers.<\/p>\n

We\u00a0are entering 2018 with a\u00a0record order backlog. Such an ambitious level of orders to\u00a0be\u00a0carried out allows us to\u00a0take a\u00a0selective approach to\u00a0bidding. We\u00a0try to\u00a0minimize the risk of newly signed contracts and reduce exposure to\u00a0segments that are characterized by\u00a0high volatility of labor prices and subcontracting services.<\/p>\n

The following quarters and the entire year 2018 should bring positive sales dynamics. We\u00a0 focus on\u00a0the implementation of entrusted projects, with particular emphasis on\u00a0the timeliness of implementation and high quality of work results.<\/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 2017 and comparable data for 2016.<\/p>\n

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

\n <\/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\u00a0 products, goods and materials<\/p>\n<\/td>\n

\n

\u00a06,069,677<\/p>\n<\/td>\n

\n

498 651<\/p>\n<\/td>\n

\n

153 871<\/p>\n<\/td>\n

\n

(352,890\u00a0)<\/p>\n<\/td>\n

\n

\n \u00a06,369,309<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

689 035<\/p>\n<\/td>\n

\n

102 038<\/p>\n<\/td>\n

\n

21 227<\/p>\n<\/td>\n

\n

(2,476\u00a0)<\/p>\n<\/td>\n

\n

\n 809 824<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(10,551\u00a0)<\/p>\n<\/td>\n

\n

(18,147\u00a0)<\/p>\n<\/td>\n

\n

(5,333\u00a0)<\/p>\n<\/td>\n

\n

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

\n

\n (34,016\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(200,453\u00a0)<\/p>\n<\/td>\n

\n

(22,822\u00a0)<\/p>\n<\/td>\n

\n

(5,699\u00a0)<\/p>\n<\/td>\n

\n

12 347<\/p>\n<\/td>\n

\n

\n (216,627\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

506 432<\/p>\n<\/td>\n

\n

64 633<\/p>\n<\/td>\n

\n

12 100<\/p>\n<\/td>\n

\n

5 153<\/p>\n<\/td>\n

\n

\n 588 318<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

498 077<\/p>\n<\/td>\n

\n

67 989<\/p>\n<\/td>\n

\n

9 483<\/p>\n<\/td>\n

\n

4 883<\/p>\n<\/td>\n

\n

\n 580 432<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

399 203<\/p>\n<\/td>\n

\n

54 390<\/p>\n<\/td>\n

\n

7 043<\/p>\n<\/td>\n

\n

3 958<\/p>\n<\/td>\n

\n

\n 464 594<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

399 203<\/p>\n<\/td>\n

\n

54 390<\/p>\n<\/td>\n

\n

6 793<\/p>\n<\/td>\n

\n

4 022<\/p>\n<\/td>\n

\n

\n 464 408<\/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 2016 <\/strong>(in\u00a0PLN thousand): <\/u>\n <\/p>\n

\n
\n <\/p>\n

<\/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\u00a0 products, goods and materials<\/p>\n<\/td>\n

\n

\u00a05,391,453<\/p>\n<\/td>\n

\n

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

\n

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

\n

(331,764\u00a0)<\/p>\n<\/td>\n

\n

\n \u00a05,572,290<\/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\u00a0)<\/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\u00a0)<\/p>\n<\/td>\n

\n

(15,809\u00a0)<\/p>\n<\/td>\n

\n

(5,235\u00a0)<\/p>\n<\/td>\n

\n

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

\n

\n (32,671\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(184,238\u00a0)<\/p>\n<\/td>\n

\n

(18,364\u00a0)<\/p>\n<\/td>\n

\n

(5,657\u00a0)<\/p>\n<\/td>\n

\n

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

\n

\n (198,766\u00a0)<\/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\u00a0)<\/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\u00a0)<\/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\u00a0)<\/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\u00a0)<\/p>\n<\/td>\n

\n

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

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Gallery<\/h2>\n <\/div>\n <\/div>\n
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\n \n <\/a>\n <\/div>\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/section>\n","protected":false},"excerpt":{"rendered":"

2017 was another very good year for the Budimex Group. We recorded a historic level of sales and a record net profit, which allowed us to take the first place among the largest construction companies in Poland again. …<\/p>\n","protected":false},"featured_media":153825,"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 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 2017 - Budimex\" \/>\n<meta property=\"og:description\" content=\"2017 was another very good year for the Budimex Group. 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