{"id":156238,"date":"2018-10-29T16:49:08","date_gmt":"2018-10-29T16:49:08","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-of-the-budimex-group-for-the-third-quarter-of-2018\/"},"modified":"2024-06-07T12:09:33","modified_gmt":"2024-06-07T12:09:33","slug":"commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-the-financial-data-of-the-budimex-group-for-the-third-quarter-of-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-of-the-budimex-group-for-the-third-quarter-of-2018\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial data of the Budimex Group for the third quarter of 2018"},"content":{"rendered":"\n
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29.10.2018<\/p>\n

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Commentary by\u00a0the President of the Management Board of Budimex SA, Dariusz Blocher, on\u00a0the financial data of the Budimex Group for the third quarter of 2018<\/h2>\n

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Share article<\/p>\n

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  • After three quarters of 2018, the sales of the Budimex Group in\u00a0the construction segment were 18% higher than in\u00a0the corresponding period of the previous year.<\/li>\n
  • The Budimex Group achieved a\u00a0gross profit margin of 5.6%, with 3.8% in\u00a0the construction part, which we\u00a0perceive as\u00a0a\u00a0very good result, much higher than the market benchmark.<\/li>\n
  • At\u00a0the end of September 2018, the Budimex Group\u2019s order book reached a\u00a0record level
    PLN 11.0 billion.<\/li>\n
  • The value of contracts acquired during the 9 months of 2018 amounted to\u00a0PLN 5.6 billion.<\/li>\n<\/ul>\n

    After three quarters of 2018, the Budimex Group recorded an increase in\u00a0sales revenues by\u00a018% compared to\u00a0the same period of the previous year and achieved a\u00a0gross profit margin of 5.6%. In\u00a0the third quarter of 2018, the profitability of the Budimex Group was higher and amounted to\u00a06.7%, which was related to\u00a0the recognition of the result on\u00a0the sale of subsidiaries Elektromonta\u017c-Pozna\u0144 S.A. and Biuro Inwestycji \u201cGrunwald\u201d S.A. The impact of the transaction on\u00a0the consolidated financial statements was in\u00a0line with the preliminary estimate indicated in\u00a0current announcement No. 64\/2018 and amounted to\u00a0PLN 44 million at\u00a0the level of gross profit.<\/p>\n<\/p>\n

    The construction market has maintained a\u00a0high growth rate for several quarters. During 9 months of 2018, construction and assembly production increased by\u00a022.9% compared to\u00a0the same period of the previous year. At\u00a0the same time, the data of the Central Statistical Office indicate a\u00a0deterioration in\u00a0the profitability of the sector \u2013 the gross profit of the construction industry after the first half of this year amounted to\u00a02.3% compared to\u00a02.8% in\u00a0the first half of last year. Taking into account the scale of investments and the deteriorating situation of entities operating in\u00a0the sector, a\u00a0scenario in\u00a0which the next quarters may bring a\u00a0continuation of the downward trend seems realistic.<\/p>\n

    After three quarters of 2018, the sales of the construction segment of the Budimex Group reached PLN 5.1 billion and were higher by\u00a018% compared to\u00a0the same period of the previous year. Despite very challenging market conditions, the gross profit margin for the construction segment stabilized at\u00a03.8%, significantly above the market benchmark.<\/p>\n<\/p>\n

    The industry faces the challenge of implementing a\u00a0powerful investment program in\u00a0the face of problems
    liquidity and profitability. There are clear signals from the market about significant payment backlogs, terminated contracts and financial difficulties of companies, including bankruptcies. Thanks to\u00a0the selective approach to\u00a0bidding and care for maintaining a\u00a0profitable order book, the current situation of the Budimex Group is stable. Nevertheless, market difficulties are reflected in\u00a0the level of profitability achieved and the lower net cash position.<\/p>\n<\/p>\n

    At\u00a0the end of September 2018, the Budimex Group\u2019s order book reached PLN 11.0 billion and was slightly higher than at\u00a0the end of the previous quarter. During the first three quarters of 2018, we\u00a0signed contracts worth PLN 5.6 billion. Bearing in\u00a0mind the safe level of the order book and the very difficult market situation, we\u00a0are selective about new contracts. There are more and more situations on\u00a0the market where protracted tender procedures force bidders to\u00a0withdraw their bids. As\u00a0a\u00a0result, despite a\u00a0cautious approach to\u00a0submitting bids, over the last few months we\u00a0have acquired contracts initially occupying further positions in\u00a0the ranking. Additional contracts made it possible to\u00a0exceed the internal contracting plans and maintain the order book at\u00a0a\u00a0good level, while maintaining a\u00a0responsible approach to\u00a0margin calculation.<\/p>\n<\/p>\n

    After three quarters of 2018, we\u00a0recorded a\u00a0seasonal decline in\u00a0the level of cash. At\u00a0the end of September, the net cash position amounted to\u00a0PLN 620 million. In\u00a0September 2017, the net cash balance amounted to\u00a0PLN 1,471 million. In\u00a02018, the cash balance decreased m.in.\u00a0as\u00a0a\u00a0result of seasonally lower cash flows from operating activities, including a\u00a0significant decrease in\u00a0contractual advances. The financial difficulties of the industry also led us to\u00a0decide to\u00a0further increase the scale of financing subcontractors through early payments and frequent invoicing of the works carried out. We\u00a0are constantly observing delays on\u00a0the part of investors in\u00a0the process of acceptance and invoicing of the works performed. The increase in\u00a0the level of bureaucracy translates into a\u00a0higher level of uninvoiced sales, which at\u00a0the end of September 2018 was 20% higher than in\u00a0September last year, negatively affecting the cash balance. In\u00a0addition, given the record level of the order book and the increase in\u00a0the prices of subcontracting services, during the first three quarters of 2018 we\u00a0incurred capital expenditures in\u00a0the amount of approximately PLN 100 million compared to\u00a0approximately PLN 50 million in\u00a0the corresponding period of the previous year.<\/p>\n<\/p>\n

    In\u00a0the period from January to\u00a0September 2018, Budimex Nieruchomo\u015bci\u2019s clients signed 1,335 notarial deeds m.in.\u00a0as\u00a0part of the next stages of the Wi\u015blany Mokot\u00f3w, Nowe Czy\u017cyny and Osiedle przy Rolnej investments. Sales revenues of the real estate development segment increased by\u00a06% compared to\u00a0the previous year and amounted to\u00a0PLN 412 million. Operating profit for the three quarters amounted to\u00a0PLN 57 million with a\u00a0margin of 14.0%.<\/p>\n

    After three quarters of 2018, pre-sales in\u00a0the development segment reached 810 apartments compared to\u00a01,220 apartments in\u00a0the same period of the previous year. The decrease in\u00a0the pace of pre-sales is mainly due to\u00a0shifts in\u00a0the launch of new projects. This is a\u00a0consequence of the subsequent finalization of the purchase of new land and protracted administrative procedures related to\u00a0the issuance of building permits. Currently, about 3 thousand apartments are under construction, and 1,192 more units are waiting for customers. Over the last 9 months, we\u00a0have spent PLN 145 million on\u00a0land in\u00a0Krak\u00f3w, Pozna\u0144 and the Tri-City, allowing us to\u00a0build over 2,800 units. As\u00a0a\u00a0result, the land bank at\u00a0the end of September 2018 increased to\u00a09.6 thousand apartments.<\/p>\n<\/p>\n

    Demand on\u00a0the housing market remains at\u00a0a\u00a0high level. On\u00a0the other hand, there is an upward trend in\u00a0the prices of construction and land, which translates into an increase in\u00a0housing prices. It is possible that in\u00a0the coming quarters this may have a\u00a0negative impact on\u00a0the pace of pre-sales of new development projects.<\/p>\n<\/p>\n

    At\u00a0the end of September 2018, employment in\u00a0the Budimex Group exceeded 7,000 \u00a0people and was similar to\u00a0the level at\u00a0the end of June. The policy of expanding own forces, which has been continued for several quarters, turned out to\u00a0be\u00a0a\u00a0good choice. The team of manual workers allows us to\u00a0have a\u00a0higher degree of independence in\u00a0the work carried out and to\u00a0manage the risk of an increase in\u00a0the prices of services based on\u00a0the cost of labour. Additional intensive investments in\u00a0the machine park strengthen our position in\u00a0the decision to\u00a0select and hire subcontractors.<\/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. The industry is increasingly affected by\u00a0the increase in\u00a0the cost of materials and labour. We\u00a0are observing a\u00a0constant deterioration of the financial condition of our contractors, which more and more often results in\u00a0bankruptcy. That is why we\u00a0consistently try to\u00a0support our subcontractors by\u00a0offering early payments and enabling frequent and efficient invoicing of the work performed.<\/p>\n

    Due to\u00a0the lack of valorisation solutions and the galloping increase in\u00a0construction prices, the profitability of subsequent quarters in\u00a0the industry and in\u00a0the construction segment of the Budimex Group may remain under pressure. We\u00a0perceive the current level of the Group\u2019s order book as\u00a0safe.
    We\u00a0assess its condition as\u00a0relatively good and do\u00a0not expect a\u00a0collapse in\u00a0profitability. Despite the deteriorating situation in\u00a0the industry, we\u00a0will fight to\u00a0maintain profitability above market indicators.<\/p>\n

    BUDIMEX SA is a\u00a0Polish company with a\u00a0fifty-year tradition, which has a\u00a0significant share in\u00a0the economic development of Polish. During the 50 years of its existence, the company has completed thousands of modern infrastructural, cubature and industrial investments. The culture of innovation, improvement and following the principles of sustainable development have allowed Budimex to\u00a0become the leader of the Polish construction market. The Budimex Group currently executes 300 construction contracts throughout Poland and employs 7 thousand people. The company\u2019s partners are ok. 15000 subcontractors and contractors. Budimex is the largest tax payer in\u00a0Poland among all construction companies. Budimex is gradually increasing its involvement in\u00a0the facility management sector (servicing real estate and infrastructure facilities) and waste management. Since 1995, Budimex 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. Budimex\u2019s strategic investor is a\u00a0Spanish company with a\u00a0global reach \u2013 Ferrovial. The group includes: Budimex Nieruchomo\u015bci and Mostostal Krak\u00f3w. Budimex is one of the signatories of the Agreement for Safety in\u00a0the Construction Industry \u2013 an initiative established in\u00a02010, bringing together the largest general contractors in\u00a0Poland in\u00a0order to\u00a0increase the level of occupational safety in\u00a0the construction industry.<\/p>\n

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    <\/em>\n <\/p>\n<\/p>\n

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    <\/strong>\n <\/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 three\u00a0quarters of\u00a02018 and comparable data for the three quarters of 2017.<\/p>\n

    \n Results of the reportable segments for 9 months of 2018 <\/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

    \u00a05,098,792<\/p>\n<\/td>\n

    		\n

    411 643<\/p>\n<\/td>\n

    		\n

    99 994<\/p>\n<\/td>\n

    		\n

    (220,754\u00a0)<\/p>\n<\/td>\n

    		\n

    \n \u00a05,389,675<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

    353 310<\/p>\n<\/td>\n

    		\n

    86 928<\/p>\n<\/td>\n

    		\n

    13 896<\/p>\n<\/td>\n

    		\n

    (8,421\u00a0)<\/p>\n<\/td>\n

    		\n

    \n 445 713<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

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

    		\n

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

    		\n

    (3,754\u00a0)<\/p>\n<\/td>\n

    		\n

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

    		\n

    \n (22,081\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

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

    		\n

    (17 690)<\/p>\n<\/td>\n

    		\n

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

    		\n

    9 783<\/p>\n<\/td>\n

    		\n

    \n (164,856\u00a0)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

    202 789<\/p>\n<\/td>\n

    		\n

    57 391<\/p>\n<\/td>\n

    		\n

    50 149<\/p>\n<\/td>\n

    		\n

    1 387<\/p>\n<\/td>\n

    		\n

    \n 311 716<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

    193 675<\/p>\n<\/td>\n

    		\n

    59 166<\/p>\n<\/td>\n

    		\n

    50 063<\/p>\n<\/td>\n

    		\n

    1 104<\/p>\n<\/td>\n

    		\n

    \n 304 008<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

    146 127<\/p>\n<\/td>\n

    		\n

    47 845<\/p>\n<\/td>\n

    		\n

    35 954<\/p>\n<\/td>\n

    		\n

    894<\/p>\n<\/td>\n

    		\n

    \n 230 820<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

    \n

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

    		\n

    146 127<\/p>\n<\/td>\n

    		\n

    47 772<\/p>\n<\/td>\n

    		\n

    35 909<\/p>\n<\/td>\n

    		\n

    899<\/p>\n<\/td>\n

    		\n

    \n 230 707<\/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 9 months of 2017 <\/strong>(in\u00a0PLN thousand): <\/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

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

    		\n

    388 044<\/p>\n<\/td>\n

    		\n

    115 733<\/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\u00a0sales<\/p>\n<\/td>\n

    		\n

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

    		\n

    79 957<\/p>\n<\/td>\n

    		\n

    14 253<\/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<\/p>\n<\/td>\n

    		\n

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

    		\n

    56 548<\/p>\n<\/td>\n

    		\n

    6 852<\/p>\n<\/td>\n

    		\n

    4 704<\/p>\n<\/td>\n

    		\n

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

    \n

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

    		\n

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

    		\n

    58 622<\/p>\n<\/td>\n

    		\n

    4 929<\/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<\/p>\n<\/td>\n

    		\n

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

    		\n

    47 616<\/p>\n<\/td>\n

    		\n

    3 209<\/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 attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n

    		\n

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

    		\n

    47 555<\/p>\n<\/td>\n

    		\n

    3 048<\/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><\/div>\n <\/div>\n

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

    \nAfter three quarters of 2018, the sales of the Budimex Group in the construction segment were 18% higher than in the corresponding period of the previous year.
    \nThe Budimex Group achieved a gross profit margin of 5.6%, with 3.8% in the construction part, which we perceive as a very good result, much higher than the market benchmark. …<\/p>\n","protected":false},"featured_media":153480,"parent":0,"template":"","press_type":[537],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial data of the Budimex Group for the third quarter 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 the financial data of the Budimex Group for the third quarter of 2018 - Budimex\" \/>\n<meta property=\"og:description\" content=\"After three quarters of 2018, the sales of the Budimex Group in the construction segment were 18% higher than in the corresponding period of the previous year. 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