{"id":156294,"date":"2012-10-29T10:26:54","date_gmt":"2012-10-29T10:26:54","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-by-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-3-quarter-2012\/"},"modified":"2024-06-07T12:10:34","modified_gmt":"2024-06-07T12:10:34","slug":"commentary-by-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-3-quarter-2012","status":"publish","type":"press","link":"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-by-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-3-quarter-2012\/","title":{"rendered":"Commentary by the President of the Management Board, Dariusz Blocher, on the financial data from the consolidated financial statements of the Budimex Group for the 3. Quarter 2012"},"content":{"rendered":"\n
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29.10.2012<\/p>\n

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Commentary by\u00a0the President of the Management Board, Dariusz Blocher, on\u00a0the financial data from the consolidated financial statements of the Budimex Group for the 3. Quarter 2012<\/h2>\n

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Share article<\/p>\n

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During this time, the Group generated an operating profit of PLN 53 million, a\u00a0gross profit of PLN 76 million and a\u00a0net profit of nearly PLN 55 million, while in\u00a0the corresponding period of 2011 the operating profit of PLN 92 million, a\u00a0gross profit of
PLN 92 million and net profit of PLN 74 million.<\/p>\n

Impact on\u00a0the Group\u2019s results in\u00a0the third quarter of this year due to\u00a0the consolidation of PNI means a\u00a0decrease in\u00a0operating profit, gross and net profit by\u00a0over PLN\u00a0 19 million (in\u00a0the corresponding period of 2011, this company did not yet belong to\u00a0the Budimex Group). The lower profitability of expiring motorway contracts, resulting from a\u00a0significant increase in\u00a0the costs of road investments (an increase in\u00a0the prices of construction materials, which was unpredictable at\u00a0the time of signing the contracts, by\u00a0approx. 40%).<\/p>\n

The amount of gross and net profits in\u00a0the third quarter of this year. The Group had a\u00a0positive impact on\u00a0higher interest on\u00a0overdue payments and court cases than in\u00a0the corresponding period of 2011.<\/p>\n

In\u00a0the third quarter of this year. The Budimex Group signed contracts worth PLN 1,041 million, while in\u00a0the corresponding quarter of 2011 it was PLN 1,284 million, which results from a\u00a0clear decrease in\u00a0the value of tenders announced on\u00a0the market and from our care to\u00a0maintain a\u00a0\u201chealthy\u201d portfolio and a\u00a0selective approach to\u00a0bidding in\u00a0a\u00a0very competitive, decreasing market.<\/p>\n

The Group\u2019s order backlog at\u00a0the end of September 2011 amounted to\u00a0PLN 6.4 billion, compared to\u00a0PLN 7.7 billion at\u00a0the end of the third quarter of 2011. At\u00a0the \u00a0moment, however, we\u00a0are waiting for the signing of further contracts worth PLN 270 million (on\u00a0the basis of tenders in\u00a0which the bids of the Budimex Group companies were awarded first places).<\/p>\n

Currently, we\u00a0submit 40% more offers than in\u00a0the same period of 2011, but for contracts of much lower value and shorter implementation period. Thus, we\u00a0reduce the risk of inflation affecting the results, but we\u00a0compete with other, smaller companies.<\/p>\n<\/p>\n

In\u00a0the third quarter of this year. The real estate development segment recorded a\u00a0nearly 53% increase in\u00a0sales compared to\u00a0the corresponding period of 2011. In\u00a0the quarter in\u00a0question, Budimex Nieruchomo\u015bci sold 130 flats by\u00a0notary, while in\u00a0the same period of 2011 it sold 46 flats. The lower dynamics of sales revenues in\u00a0relation to\u00a0the dynamics of the number of apartments sold is due to\u00a0the large share of smaller and cheaper apartments in\u00a0the sales of this year.<\/p>\n

In\u00a0the third quarter of this year. Budimex Nieruchomo\u015bci pre-sold 112 apartments (excluding reservations), while in\u00a0the same period last year 145 units.<\/p>\n

The net cash position of the Budimex Group, including own cash and short-term securities less external sources of financing, amounted to\u00a0PLN 718 million at\u00a0the end of September 2012, while at\u00a0the end of the third quarter of 2011 it amounted to\u00a0PLN 889 million. This decrease is mainly due to\u00a0the purchase of PNI in\u00a0November 2011 and the payment of a\u00a0dividend in\u00a0the amount of PLN 280 million this year.<\/p>\n

After three quarters:<\/p>\n

In\u00a0the first three quarters of this year. The Budimex Group generated sales of \u00a0PLN 4,580 million, i.e. 20% higher than the sales achieved in\u00a0the corresponding period of 2011. Construction and assembly production increased by\u00a01.4% in\u00a0the analysed period.<\/p>\n

At\u00a0the end of the third quarter of this year. The Group generated an operating profit of over PLN 109 million, a\u00a0gross profit of PLN 134 million and a\u00a0net profit of nearly PLN 77 million, while in\u00a0the corresponding period of 2011 it was PLN 237 million, PLN 241 million and PLN 194 million, respectively.<\/p>\n

After three quarters of this year. as\u00a0a\u00a0result of PNI\u2019s consolidation, the operating profit, gross profit and net profit of the Budimex Group decreased by\u00a0nearly PLN 137 million. The decrease in\u00a0results compared to\u00a0the corresponding period of 2011 was also influenced by\u00a0losses on\u00a0some of Budimex\u2019s motorway contracts. However, we\u00a0have already created provisions for these losses, and since the implementation of motorway contracts is coming to\u00a0an end, I\u00a0do\u00a0not expect any more cash or\u00a0accounting losses on\u00a0this account.<\/p>\n

Excluding the negative impact of PNI, the results after three quarters of this year. We\u00a0assess it as\u00a0good and comparable at\u00a0all levels with the results obtained in\u00a0the corresponding period of 2011.<\/p>\n

After three quarters of this year. The real estate development segment recorded a\u00a0nearly 40% drop in\u00a0sales compared to\u00a0the same period of 2011, despite the fact that Budimex Nieruchomo\u015bci sold 373 flats by\u00a0notary public this year, while in\u00a0the same period of 2011 it sold 313 flats.<\/p>\n

In\u00a0the first three quarters of this year. Budimex Nieruchomo\u015bci pre-sold 322 apartments (excluding reservations), while in\u00a0the same period last year 550 units. In\u00a0the whole of 2012, I\u00a0expect pre-sales of apartments at\u00a0a\u00a0level up to\u00a030% lower than in\u00a02011, but at\u00a0the same time higher sales revenues than last year. The decline in\u00a0pre-sales is caused by\u00a0the uncertain market situation, the amendment of the Developer Act, the restrictive lending policy of banks and the reduction in\u00a0the offer of ready-made apartments from Budimex Nieruchomo\u015bci.<\/p>\n

Thanks to\u00a0the good results, the activities of Budimex Danwood, a\u00a0100% subsidiary of Budimex SA, which manufactures and assembles timber frame houses, are becoming increasingly important in\u00a0the Budimex Group. The German market is also noteworthy, where Budimex achieves higher margins than on\u00a0the domestic market.<\/p><\/div>\n <\/div>\n

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In the third quarter of this year. The Budimex Group generated sales of PLN 1,697 million, i.e. 8% higher than sales in the corresponding period of 2011, mainly due to the consolidation of PNI’s revenues.<\/p>\n","protected":false},"featured_media":154378,"parent":0,"template":"","press_type":[537,790,859],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board, Dariusz Blocher, on the financial data from the consolidated financial statements of the Budimex Group for the 3. Quarter 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 by the President of the Management Board, Dariusz Blocher, on the financial data from the consolidated financial statements of the Budimex Group for the 3. 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