{"id":156259,"date":"2012-07-25T14:28:25","date_gmt":"2012-07-25T14:28:25","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-on-selected-financial-data-for-the-first-half-of-2012\/"},"modified":"2024-06-07T12:10:27","modified_gmt":"2024-06-07T12:10:27","slug":"commentary-on-selected-financial-data-for-the-first-half-of-2012","status":"publish","type":"press","link":"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-on-selected-financial-data-for-the-first-half-of-2012\/","title":{"rendered":"Commentary on selected financial data for the first half of 2012"},"content":{"rendered":"\n
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25.07.2012<\/p>\n

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Commentary on\u00a0selected financial data for the first half of 2012<\/h2>\n

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Share article<\/p>\n

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\u201cIn the first half of this year. The Budimex Group generated sales of PLN 2,884 million, i.e. 28% higher than the sales achieved in\u00a0the corresponding period of 2011.<\/p>\n

The Budimex Group owes this growth primarily to\u00a0the construction segment, whose sales increased by\u00a0nearly 34% in\u00a0comparable periods.<\/p>\n

In\u00a0the first half of this year. The Group generated an operating profit of over PLN 101 million, while in\u00a0the corresponding period of 2011 it was over PLN 145 million. The main reason for the decline in\u00a0operating profit are one-off costs and provisions related to\u00a0the restructuring of PNI (approximately PLN 30 million) and lower profit of development activities, resulting from lower sales of apartments. The decrease in\u00a0profitability was also influenced by\u00a0a\u00a0significant increase in\u00a0the costs of performance of road contracts (an unpredictable increase in\u00a0the prices of construction materials by\u00a040% at\u00a0the time of signing the contracts).<\/p>\n

In\u00a0the first half of 2012, due to\u00a0the cautious approach regarding the possibility of settling differences reducing the basis for calculating income tax in\u00a0PNI Sp. z\u00a0o.o. in\u00a0the following years, the Budimex Group did not recognise deferred income tax assets in\u00a0the amount of PLN 12 million, which resulted in\u00a0a\u00a0deterioration of the Group\u2019s net result in\u00a0the same amount.<\/p>\n

In\u00a0the first half of this year. the real estate development segment recorded a\u00a0nearly 54% drop in\u00a0sales compared to\u00a0the same period of 2011, despite the fact that in\u00a0the first half of this year the District Development segment recorded a\u00a0nearly 54% drop in\u00a0sales. Budimex Nieruchomo\u015bci sold 243 flats by\u00a0notary, while in\u00a0the same period of 2011 it sold 267. The decrease in\u00a0sales revenues is due to\u00a0a\u00a0large share in\u00a0sales in\u00a0the first half of this year. of the Krak\u00f3w and Pozna\u0144 markets, which are characterised by\u00a0much lower prices of residential premises compared to\u00a0the Warsaw market, whose share in\u00a0sales in\u00a0the first half of 2011 amounted to\u00a0100%.<\/p>\n

In\u00a0the first half of this year. Budimex Nieruchomo\u015bci pre-sold 210 apartments (excluding reservations), while in\u00a0the same period last year 405 units. In\u00a0the whole year 2012, I\u00a0do\u00a0not exclude pre-sales of apartments at\u00a0a\u00a0level up to\u00a020% lower than in\u00a02011, but I\u00a0expect higher sales revenues than last year.<\/p>\n

In\u00a0the first half of this year. Budimex SA signed contracts worth PLN 921 million, while in\u00a0the corresponding period of 2011 they were worth PLN 2.9 billion, which results from our care for a\u00a0\u201chealthy\u201d portfolio and a\u00a0very selective approach to\u00a0contracts and bidding. The group\u2019s order book at\u00a0the end of June this year amounted to\u00a0PLN 6.9bn. Currently, however, we\u00a0are waiting for the signing of further contracts worth PLN 1.3 billion (on\u00a0the basis of tenders in\u00a0which the bids of the Budimex Group companies received first places).<\/p>\n

The net cash position of the Budimex Group, including its own cash and short-term securities less external sources of financing, decreased by\u00a0PLN \u00a0340 million at\u00a0the end of June 2012 compared to\u00a0the level at\u00a0the end of June 2011, but it should be\u00a0remembered that in\u00a0May 2012 the Budimex Group had increased its net cash position. Budimex paid a\u00a0dividend of PLN 280 million.\u201d<\/p>\n

\n Results of the reporting segments for the first half of 2012<\/strong> (in\u00a0PLN thousands): <\/span>\n <\/p>\n\n\n\n\n\n\n\n
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Construction segment<\/p>\n<\/td>\n

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Development segment<\/p>\n<\/td>\n

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Other activities<\/p>\n<\/td>\n

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Disable<\/p>\n<\/td>\n

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

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

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\u00a02,757,294<\/p>\n<\/td>\n

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83 340<\/p>\n<\/td>\n

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140 788<\/p>\n<\/td>\n

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\u2013 97 657<\/p>\n<\/td>\n

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\n \u00a02,883,765<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

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

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84 211<\/p>\n<\/td>\n

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9 543<\/p>\n<\/td>\n

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12,787\u00a0<\/p>\n<\/td>\n

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\u2013 5 101<\/p>\n<\/td>\n

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\n 101 440<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

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

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82 753<\/p>\n<\/td>\n

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12 211<\/p>\n<\/td>\n

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13 724<\/p>\n<\/td>\n

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\u2013 5 101<\/p>\n<\/td>\n

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\n 103 587<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

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

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51 843<\/p>\n<\/td>\n

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9 841<\/p>\n<\/td>\n

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\u00a09,536<\/p>\n<\/td>\n

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\u2013 4 133<\/p>\n<\/td>\n

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\n 67 087<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\n Results of the reporting segments for the first half of 2011<\/strong> (in\u00a0PLN thousand): <\/span>\n <\/p>\n\n\n\n\n\n\n\n
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Construction segment<\/p>\n<\/td>\n

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Development segment<\/p>\n<\/td>\n

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Other activities<\/p>\n<\/td>\n

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Disable<\/p>\n<\/td>\n

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

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

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\u00a02,059,477<\/p>\n<\/td>\n

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179 981<\/p>\n<\/td>\n

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98 958<\/p>\n<\/td>\n

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\u2013 89 528<\/p>\n<\/td>\n

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\n \u00a02,248,888<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

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

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116 900<\/p>\n<\/td>\n

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23 481<\/p>\n<\/td>\n

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1 663<\/p>\n<\/td>\n

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3 378<\/p>\n<\/td>\n

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\n 145 422<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

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

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120 335<\/p>\n<\/td>\n

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25 077<\/p>\n<\/td>\n

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\u2013 631<\/p>\n<\/td>\n

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3 378<\/p>\n<\/td>\n

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\n 148 159<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

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

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97 989<\/p>\n<\/td>\n

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20 562<\/p>\n<\/td>\n

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\u2013 1 498<\/p>\n<\/td>\n

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2 737<\/p>\n<\/td>\n

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\n 119 790<\/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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Commentary by President Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2012<\/p>\n","protected":false},"featured_media":23656,"parent":0,"template":"","press_type":[537,790],"acf":[],"yoast_head":"\nCommentary on selected financial data for the first half of 2012 - 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 on selected financial data for the first half of 2012 - Budimex\" \/>\n<meta property=\"og:description\" content=\"Commentary by President Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2012\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-on-selected-financial-data-for-the-first-half-of-2012\/\" \/>\n<meta property=\"og:site_name\" content=\"Budimex\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-07T12:10:27+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-on-selected-financial-data-for-the-first-half-of-2012\/\",\"url\":\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-on-selected-financial-data-for-the-first-half-of-2012\/\",\"name\":\"Commentary on selected financial data for the first half of 2012 - 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