{"id":156147,"date":"2018-04-27T06:23:53","date_gmt":"2018-04-27T06:23:53","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-q1-2018\/"},"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-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-q1-2018","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-q1-2018\/","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 Q1 2018"},"content":{"rendered":"\n
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27.04.2018<\/p>\n

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Commentary by\u00a0the President of the Management Board of Budimex SA – Dariusz Blocher on\u00a0the financial data from the consolidated financial statements of the Budimex Group for Q1 2018<\/h2>\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

\n The Budimex Group ended the first quarter of 2018 with good results \u2013 27% higher year-on-year sales, satisfactory profitability and a\u00a0net result of PLN 63 million. <\/em>\n <\/p>\n

Sales increased in\u00a0both the construction (17%) and development (106%) segments. The significant increase in\u00a0sales in\u00a0the development segment is due to\u00a0the delivery of as\u00a0many as\u00a0688 apartments compared to\u00a0409 apartments in\u00a0the first quarter of last year. Sales revenues in\u00a0the construction segment increased by\u00a017% compared to\u00a0the same period of the previous year and were at\u00a0the highest level recorded in\u00a0history in\u00a0the first quarter. At\u00a0the same time, construction and assembly production increased by\u00a028.2%. The current order book allows us to\u00a0look optimistically at\u00a0sales, therefore we\u00a0expect to\u00a0maintain positive dynamics in\u00a0the coming quarters.<\/p>\n

The increase in\u00a0the revenues of the Budimex Group in\u00a0the first quarter of 2018 was accompanied by\u00a0a\u00a0decrease in\u00a0profitability. The Group achieved a\u00a0gross profit before tax margin of 6.0%, compared to\u00a04.4% in\u00a0the construction segment. We\u00a0see this result as\u00a0very good, in\u00a0particular
the viability of the entire construction sector. According to\u00a0the Central Statistical Office, already in\u00a02017 the industry recorded a\u00a0decrease in\u00a0gross profit margin to\u00a03.8% compared to\u00a05.0% in\u00a02016. This is a\u00a0consequence of the growing price pressure from subcontractors observed for several quarters and a\u00a0significant increase in\u00a0wages and material prices. Indexation indicators included
In\u00a0the current contractual provisions, they do\u00a0not reflect reality, as\u00a0a\u00a0consequence of which the entire cost risk is on\u00a0the side of general contractors. That is why we\u00a0are starting 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, 2018 is unlikely to\u00a0bring stability. Despite this, in\u00a0the coming quarters we\u00a0will work on\u00a0maintaining stable profitability, above market indicators.<\/p>\n

At\u00a0the end of March 2018, the Budimex Group\u2019s order book reached PLN 10.4 billion and was close to\u00a0the level of December 2017. During the first three months of 2018, we\u00a0signed contracts
worth PLN 1.1 billion. Due to\u00a0the increasingly difficult situation on\u00a0the market, we\u00a0are selective about new contracts and do\u00a0not plan to\u00a0further expand our order portfolio. A\u00a0change in\u00a0the approach to\u00a0new offers is visible among most contractors. More and more often we\u00a0observe situations on\u00a0the market, in\u00a0particular in\u00a0the railway segment, where the lowest bids significantly exceed the contracting authority\u2019s budget. The market is becoming more and more saturated, and the risk of further cost pressure is prompting the industry to\u00a0be\u00a0particularly cautious and prudent in\u00a0its approach to\u00a0calculating new cost estimates.<\/p>\n

In\u00a0the first quarter of 2018, we\u00a0recorded a\u00a0decrease in\u00a0the level of cash, which is characteristic of this period. Despite this, at\u00a0the end of the first quarter of 2018, the Budimex Group maintained its net cash position at\u00a0a\u00a0satisfactory level of PLN 1.55 billion. <\/p>\n

In\u00a0the first quarter of 2018, pre-sales of apartments in\u00a0the development segment reached the level of 270 apartments compared to\u00a0392 apartments in\u00a0the corresponding period of the previous year. Currently, nearly 3 thousand apartments are under construction, and 957 more apartments are waiting for customers.<\/p>\n

During the year, Budimex Nieruchomo\u015bci plans to\u00a0expand its offer by\u00a0another 3,000 apartments, which should result in\u00a0accelerated pre-sales in\u00a0the second half of the year. The currently owned land bank allows us to\u00a0build another 7.6 thousand apartments.<\/p>\n

The accumulation of signed notarial deeds in\u00a0the first quarter of this year translated into a\u00a0significant increase in\u00a0sales revenues. We\u00a0have delivered 688 m.in apartments to\u00a0our customers. as\u00a0part of the next stages of the Wi\u015blany Mokot\u00f3w, Nowe Czy\u017cyny and Osiedle przy Rolnej investments. The operating profit of the real estate development segment amounted to\u00a0PLN 27 million and was 128% higher than in\u00a0the corresponding period of the previous year. At\u00a0the same time, operating profitability improved and reached 12.7%.<\/p>\n

In\u00a0connection with the good results of 2017 and the safe level of cash, the Management Board recommended the payment of a\u00a0record dividend of PLN 17.61 gross per share. The General Meeting of Shareholders will make a\u00a0final decision on\u00a0this matter on\u00a017 May 2018. Budimex SA is a\u00a0part of the WIGdiv index comprising companies that have regularly paid dividends over the last 5 years. Budimex SA has been paying dividends continuously since 2009. <\/p>\n

Continuing the direction we\u00a0chose last year to\u00a0minimize the risk of lack of workforce, we\u00a0are consistently increasing the number of blue-collar workers. In\u00a0the first quarter of 2018, employment in\u00a0the Budimex Group increased by\u00a0over 300 people on\u00a0the domestic market (of which over 200 are manual workers), and the total number of employees in\u00a0the Group exceeded 6900 employees.<\/p>\n

We\u00a0are starting 2018 with a\u00a0record order backlog, which should translate into maintaining positive sales dynamics in\u00a0the coming quarters. During the year we\u00a0will have to\u00a0face
with the observed dynamic increase in\u00a0the prices of materials and the costs of subcontractors\u2019 services. Therefore, we\u00a0minimize the risk of newly signed contracts and reduce exposure to\u00a0segments that are characterized by\u00a0high volatility of labor prices and subcontracted services. At\u00a0the same time, we\u00a0will focus on\u00a0optimisation and special attention to\u00a0costs on\u00a0contracts under construction, so as\u00a0to\u00a0maintain stable profitability in\u00a0the coming months.<\/p>\n

We\u00a0are a\u00a0company that, despite difficult market conditions, keeps its contractual obligations
and performs the assigned tasks in\u00a0accordance with the provisions, taking care of the highest quality. However, we\u00a0believe that without solving the problem of real price indexation and introducing facilitations in\u00a0hiring foreign workers, the implementation of the investment program based on\u00a0EU\u00a0funding may be\u00a0threatened.<\/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\u00a0quarter\u00a0of 2018 and comparable data for the first quarter of 2017.<\/p>\n

\n Results of the reporting segments for the first quarter of 2018 <\/strong>(in\u00a0PLN thousands): <\/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

\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

1 159 465<\/p>\n<\/td>\n

\n

210 781<\/p>\n<\/td>\n

\n

37 187<\/p>\n<\/td>\n

\n

(68,602\u00a0)<\/p>\n<\/td>\n

\n

\n \u00a01,338,831<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

99 134<\/p>\n<\/td>\n

\n

37 320<\/p>\n<\/td>\n

\n

6 242<\/p>\n<\/td>\n

\n

(2,455\u00a0)<\/p>\n<\/td>\n

\n

\n 140 241<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(2,376\u00a0)<\/p>\n<\/td>\n

\n

(3,608\u00a0)<\/p>\n<\/td>\n

\n

(1,378\u00a0)<\/p>\n<\/td>\n

\n

\u2013<\/p>\n<\/td>\n

\n

\n (7,362\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(49,554\u00a0)<\/p>\n<\/td>\n

\n

(6,807\u00a0)<\/p>\n<\/td>\n

\n

(1,569\u00a0)<\/p>\n<\/td>\n

\n

4 327<\/p>\n<\/td>\n

\n

\n (53,603\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

51 904<\/p>\n<\/td>\n

\n

26 790<\/p>\n<\/td>\n

\n

3 326<\/p>\n<\/td>\n

\n

1 897<\/p>\n<\/td>\n

\n

\n 83 917<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

50 705<\/p>\n<\/td>\n

\n

27 557<\/p>\n<\/td>\n

\n

824<\/p>\n<\/td>\n

\n

1 813<\/p>\n<\/td>\n

\n

\n 80 899<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

39 372<\/p>\n<\/td>\n

\n

22 266<\/p>\n<\/td>\n

\n

237<\/p>\n<\/td>\n

\n

1 468<\/p>\n<\/td>\n

\n

\n 63 343<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

39 372<\/p>\n<\/td>\n

\n

22 265<\/p>\n<\/td>\n

\n

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

\n

1 472<\/p>\n<\/td>\n

\n

\n 63 320<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n <\/p>\n

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

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

990 566<\/p>\n<\/td>\n

\n

102 298<\/p>\n<\/td>\n

\n

40 259<\/p>\n<\/td>\n

\n

(80,383\u00a0)<\/p>\n<\/td>\n

\n

\n \u00a01,052,740<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

140 117<\/p>\n<\/td>\n

\n

20 127<\/p>\n<\/td>\n

\n

4 786<\/p>\n<\/td>\n

\n

(2,020\u00a0)<\/p>\n<\/td>\n

\n

\n 163 010<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(2,447\u00a0)<\/p>\n<\/td>\n

\n

(3,967\u00a0)<\/p>\n<\/td>\n

\n

(1,224\u00a0)<\/p>\n<\/td>\n

\n

14<\/p>\n<\/td>\n

\n

\n (7,624\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

(49,003\u00a0)<\/p>\n<\/td>\n

\n

(4,933\u00a0)<\/p>\n<\/td>\n

\n

(1,410\u00a0)<\/p>\n<\/td>\n

\n

2 579<\/p>\n<\/td>\n

\n

\n (52,767\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

95 459<\/p>\n<\/td>\n

\n

11 731<\/p>\n<\/td>\n

\n

2 587<\/p>\n<\/td>\n

\n

573<\/p>\n<\/td>\n

\n

\n 110 350<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

93 617<\/p>\n<\/td>\n

\n

12 561<\/p>\n<\/td>\n

\n

112<\/p>\n<\/td>\n

\n

573<\/p>\n<\/td>\n

\n

\n 106 863<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

75 005<\/p>\n<\/td>\n

\n

10 169<\/p>\n<\/td>\n

\n

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

\n

464<\/p>\n<\/td>\n

\n

\n 85 253<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

75 005<\/p>\n<\/td>\n

\n

10 129<\/p>\n<\/td>\n

\n

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

\n

519<\/p>\n<\/td>\n

\n

\n 85 158<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

The Budimex Group ended the first quarter of 2018 with good results \u2013 27% higher year-on-year sales, satisfactory profitability and a net result of PLN 63 million.
\nSales increased in both the construction (17%) and development (106%) segments. …<\/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 the financial data from the consolidated financial statements of the Budimex Group for Q1 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 the financial data from the consolidated financial statements of the Budimex Group for Q1 2018 - Budimex\" \/>\n<meta property=\"og:description\" content=\"The Budimex Group ended the first quarter of 2018 with good results \u2013 27% higher year-on-year sales, satisfactory profitability and a net result of PLN 63 million. 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