{"id":156331,"date":"2013-02-18T10:06:01","date_gmt":"2013-02-18T10:06:01","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-of-the-president-of-the-management-board-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2012\/"},"modified":"2024-06-07T12:10:42","modified_gmt":"2024-06-07T12:10:42","slug":"commentary-of-the-president-of-the-management-board-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2012","status":"publish","type":"press","link":"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-of-the-president-of-the-management-board-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-2012\/","title":{"rendered":"Commentary of the President of the Management Board Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for 2012"},"content":{"rendered":"\n
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18.02.2013<\/p>\n

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Commentary of the President of the Management Board Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for 2012<\/h2>\n

\n \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

At the end of 2012, the Group generated an operating profit of over PLN 182 million, a gross profit of PLN 203 million and a net profit of nearly PLN 186 million, while in the corresponding period of 2011 it was PLN 135 million, PLN 142 million and PLN 76 million, respectively (in June 2012 the results of 2011 were adjusted due to the write-off of the value of PNI\u2019s shares).<\/p>\n

The impact of the impairment of the Group\u2019s PNI-related assets on the operating profit and gross profit of the Budimex Group in 2012 amounted to minus PLN 151 million.<\/p>\n

The results of 2012 were also adversely affected by losses on some motorway contracts, resulting from a significant increase in the costs of road investments (an increase in the prices of construction materials by approx. 40%, which was unpredictable at the time of signing the contracts). However, we have already created provisions for these losses, and since the implementation of motorway contracts is coming to an end, I do not expect any more cash or accounting losses on this account.<\/p>\n

Excluding the negative impact of GNI, we assess the results achieved in 2012 as good
comparable at all levels to the results obtained in the corresponding period of 2011.
In addition to development activities, the Group\u2019s results in 2012 were positively influenced by the very good results of Budimex Danwood, a 100% subsidiary of Budimex SA, which manufactures and assembles timber frame houses, and the results of operations on the German market, where Budimex achieves higher margins than on the domestic market.<\/p>\n

In 2012, Budimex Nieruchomo\u015bci sold 740 flats by notary, while in 2011 it sold 388 flats, while recording a nearly 30% increase in the value of sales. The lower dynamics of sales revenues in relation to the dynamics of the number of apartments sold results from a large share of smaller and cheaper apartments in sales in 2012.<\/p>\n

In 2012, Budimex Nieruchomo\u015bci pre-sold 515 flats (excluding reservations), while in the corresponding period of 2011 it sold 682 flats. The decline in pre-sales is caused by the uncertain market situation, the amendment of the Developer Act, the restrictive lending policy of banks and the reduction in the offer of ready-made apartments from Budimex Nieruchomo\u015bci.<\/p>\n

The Group\u2019s order backlog at the end of December 2012 amounted to PLN 4.9 billion, compared to PLN 8.6 billion at the end of 2011 (PLN 7.3 billion excluding PNI).<\/p>\n

In 2012, the Budimex Group signed contracts worth PLN 2.8 billion, while in 2011
PLN 5.3 billion, which results from a clear decline in the value of tenders announced on the market, but also from our care to maintain a \u201chealthy\u201d portfolio and a selective approach to bidding in a very competitive, declining market. In the new year 2013, the Budimex Group has already signed contracts with a total net value of PLN 270 million.<\/p>\n

In 2012, the Budimex Group submitted over 17% more bids than in the corresponding period of 2011, but for contracts of much lower value and shorter implementation period. Thus, we reduce the risk of inflation affecting the results, but we compete with other, smaller companies. The average value of the offer submitted in 2012 amounted to PLN 40 million compared to PLN 70 million in 2011. The average value of a contract signed in 2012 amounted to PLN 39 million compared to PLN 78 million in 2011.<\/p>\n

The net cash position of the Budimex Group, including own cash and short-term securities less external sources of financing, amounted to PLN 1,188 million at the end of December 2012, while at the end of 2011 it was PLN 1,576 million. This decrease is mainly due to the payment of a dividend in the amount of PLN 280 million in 2012 and the investment in PNI.<\/p>\n

\n Results of the reporting segments for 2012<\/strong> (in PLN thousand): <\/span>\n <\/p>\n

\n <\/p>\n

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

\u00a05,605,993<\/p>\n<\/td>\n

\n

322 420<\/p>\n<\/td>\n

\n

314 549<\/p>\n<\/td>\n

\n

-165,302\u00a0<\/p>\n<\/td>\n

\n

\n \u00a06,077,660<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

359 706<\/p>\n<\/td>\n

\n

73 605<\/p>\n<\/td>\n

\n

30 975<\/p>\n<\/td>\n

\n

-4 415<\/p>\n<\/td>\n

\n

\n 459 871<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

111 256<\/p>\n<\/td>\n

\n

36 676<\/p>\n<\/td>\n

\n

25 126<\/p>\n<\/td>\n

\n

9 351<\/p>\n<\/td>\n

\n

\n 182 409<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

126 766<\/p>\n<\/td>\n

\n

42 870<\/p>\n<\/td>\n

\n

23 641<\/p>\n<\/td>\n

\n

9 351<\/p>\n<\/td>\n

\n

\n 202 628<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

128 547<\/p>\n<\/td>\n

\n

34 622<\/p>\n<\/td>\n

\n

15 237<\/p>\n<\/td>\n

\n

7 576<\/p>\n<\/td>\n

\n

\n 185 982<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n <\/p>\n

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

\n Results of the reporting segments for 2011 <\/strong>(in PLN thousand): <\/span>\n <\/p>\n

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

\n

\n Consolidated data\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0**<\/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

\u00a05,192,788<\/p>\n<\/td>\n

\n

248 222<\/p>\n<\/td>\n

\n

261 137<\/p>\n<\/td>\n

\n

\u2013 185 660<\/p>\n<\/td>\n

\n

\n \u00a05,516,487\u00a0<\/strong>\n <\/p>\n<\/td>\n

\n

\n \u00a05,516,675<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

396 651<\/p>\n<\/td>\n

\n

42 245<\/p>\n<\/td>\n

\n

25 717<\/p>\n<\/td>\n

\n

-7 847<\/p>\n<\/td>\n

\n

\n 456 766<\/strong>\n <\/p>\n<\/td>\n

\n

\n 461 534<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

99 330<\/p>\n<\/td>\n

\n

28 486<\/p>\n<\/td>\n

\n

3 673<\/p>\n<\/td>\n

\n

3 162<\/p>\n<\/td>\n

\n

\n 134 651<\/strong>\n <\/p>\n<\/td>\n

\n

\n 319 436<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

106 259<\/p>\n<\/td>\n

\n

32 526<\/p>\n<\/td>\n

\n

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

\n

3 162<\/p>\n<\/td>\n

\n

\n 141 794<\/strong>\n <\/p>\n<\/td>\n

\n

\n 326 579<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

49 574<\/p>\n<\/td>\n

\n

26 532<\/p>\n<\/td>\n

\n

\u2013 3 072<\/p>\n<\/td>\n

\n

2 560<\/p>\n<\/td>\n

\n

\n 75 594<\/strong>\n <\/p>\n<\/td>\n

\n

\n 260 874<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*comparable data for 2011 have changed due to modifications of the provisionally determined fair value of net assets of Przedsi\u0119biorstwo Napraw Infrastruktury Sp.\u00a0 z\u00a0o.o. and the introduced impairment loss on goodwill. The change did not affect previous reporting periods.<\/p>\n

**comparable data for 2011 published in the consolidated financial statements for 2011 (before the above-mentioned amendments)<\/p>\n<\/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":"

“In 2012, the Budimex Group generated record sales of PLN 6,078 million, i.e. by over 10% higher than the sales achieved in the corresponding period of 2011, despite the fact that the construction and assembly production in the analysed period decreased by -1.1%.<\/p>\n","protected":false},"featured_media":154308,"parent":0,"template":"","press_type":[537,790,859],"acf":[],"yoast_head":"\nCommentary of the President of the Management Board Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for 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 of the President of the Management Board Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for 2012 - 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