{"id":156360,"date":"2013-04-24T10:34:19","date_gmt":"2013-04-24T10:34:19","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-of-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-quarter-of-2013\/"},"modified":"2024-06-07T12:10:48","modified_gmt":"2024-06-07T12:10:48","slug":"commentary-of-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-quarter-of-2013","status":"publish","type":"press","link":"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-of-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-quarter-of-2013\/","title":{"rendered":"Commentary of the President of the Management Board Dariusz Blocher on the financial data from the consolidated financial statements of the Budimex Group for the first quarter of 2013"},"content":{"rendered":"\n
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24.04.2013<\/p>\n

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Commentary of the President of the Management Board Dariusz Blocher on\u00a0the financial data from the consolidated financial statements of the Budimex Group for the first quarter of 2013<\/h2>\n

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In\u00a0this quarter, the Group generated an operating profit higher than in\u00a0the corresponding period of the previous year, i.e. in\u00a0the amount of PLN 43 million compared to\u00a0PLN 37 million obtained last year.<\/p>\n

The profits generated at\u00a0the next levels include gross profit of PLN 43 million and net profit
in\u00a0the amount of PLN 35 million, compared to\u00a0PLN 48 million of gross profit and PLN 37 million of net \u00a0profit in\u00a0the corresponding period of 2012, respectively.<\/p>\n

On\u00a0the other hand, the sales generated by\u00a0the Budimex Group in\u00a0the first quarter at\u00a0the level of PLN 853 million were lower by\u00a021% than the sales achieved in\u00a0the corresponding period of 2012. The main reason for this was a\u00a0longer than usual winter, resulting in\u00a0a\u00a0decline in\u00a0sales in\u00a0the construction segment
from PLN 1,044\u00a0million in\u00a0the first quarter of 2012 to\u00a0PLN 694 million in\u00a0the first quarter of this year. i.e. by\u00a034%.<\/p>\n

The decline in\u00a0sales in\u00a0the construction segment determined its results. In\u00a0the first quarter
2013 Operating profit and gross profit in\u00a0this segment amounted to\u00a0PLN 14 million and net profit at\u00a0the level of PLN 10 million, compared to\u00a0profits of PLN 31 million, PLN 38 million and PLN 29 million in\u00a0the corresponding period of 2012, respectively.<\/p>\n

Budimex, on\u00a0the other hand, managed to\u00a0improve profitability in\u00a0this segment at\u00a0the level of gross margin from 6.9%
in\u00a0the first quarter of 2012 to\u00a07.3% in\u00a0the first quarter of this year.<\/p>\n

Due to\u00a0lower sales, the profitability at\u00a0the level of operating profit amounted to\u00a02.0% compared to\u00a0the profitability of 2.9% achieved in\u00a0the corresponding period of 2012, which is a\u00a0consequence of significantly lower sales than in\u00a0the comparable period of the previous year.<\/p>\n

In\u00a0the first quarter of this year. The Budimex Group has signed contracts worth nearly PLN 0.5 billion (PLN 480 million). This is comparable to\u00a0the corresponding period of the previous year (PLN 499 million).
As\u00a0a\u00a0result, the Group\u2019s order book at\u00a0the end of March this year. amounted to\u00a0PLN 4.8 billion, compared to\u00a0PLN 4.9 billion at\u00a0the end of 2012. At\u00a0the same time, we\u00a0are waiting for the signing of further contracts worth PLN 1.4 billion (on\u00a0the basis of tenders in\u00a0which the bids of the Budimex Group companies were awarded 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, remains at\u00a0a\u00a0level similar to\u00a0that of the corresponding period of 2012. At\u00a0the end of March 2013 it amounted to\u00a0PLN 718 million, while at\u00a0the end of the first quarter of 2012 it was PLN 752 million.<\/p>\n

The first quarter of each year in\u00a0the construction segment is the quarter when we\u00a0observe a\u00a0decrease in\u00a0cash compared to\u00a0the end of the year. This is a\u00a0cyclical phenomenon resulting from cash\u00a0 management in\u00a0this segment. The decrease in\u00a0the net cash position in\u00a0the first quarter of 2013 amounted to\u00a040% and was lower than the decrease recorded in\u00a0the corresponding period of the previous year in\u00a0the amount of 52%.<\/p>\n

The amount of gross and net profits in\u00a0the first quarter was positively influenced by\u00a0the results of the real estate development segment, which recorded a\u00a0gross profit of PLN 15 million and a\u00a0net profit of PLN 12 million, respectively
compared to\u00a0PLN 4 million of gross profit and PLN 3 million of net profit generated in\u00a0the 1st quarter of 2012, respectively. The higher profits of the real estate development segment were the result of an almost threefold increase in\u00a0sales of Budimex Nieruchomo\u015bci compared to\u00a0the corresponding period of 2012. In\u00a0the quarter in\u00a0question, Budimex Nieruchomo\u015bci sold 204 flats by\u00a0notary, while in\u00a0the same period of 2012 it sold 75 flats. The sales carried out by\u00a0this Company depend on\u00a0the dates of completion of construction projects and handing over finished apartments to\u00a0customers and is not a\u00a0seasonal phenomenon, therefore comparing sales from the corresponding quarters of individual years is not justified.<\/p>\n

At\u00a0the same time, in\u00a0the first quarter of this year. Budimex Nieruchomo\u015bci pre-sold 121 apartments (excluding reservations), while in\u00a0the same period last year 98 units.<\/p>\n

The Budimex Group\u2019s sales level was also positively affected by\u00a0the segment of other operations. In\u00a0the first quarter of this year. Sales revenues in\u00a0this segment reached PLN 97 million, while in\u00a0the first quarter of last year it was PLN 59 million. The increase in\u00a0these sales is primarily the result of the dynamic development of Budimex Danwood, a\u00a0100% subsidiary of Budimex SA, which manufactures and assembles houses in\u00a0timber frame construction.\u201d<\/p><\/div>\n <\/div>\n

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“Taking into account the situation on the market, including the winter lasting longer than usual, I consider the first quarter of 2013 to be successful for the Budimex Group.<\/p>\n","protected":false},"featured_media":154281,"parent":0,"template":"","press_type":[537,790,859],"acf":[],"yoast_head":"\nCommentary of the President of the Management Board Dariusz Blocher on the financial data from the consolidated financial statements of the Budimex Group for the first quarter of 2013 - 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 the financial data from the consolidated financial statements of the Budimex Group for the first quarter of 2013 - Budimex\" \/>\n<meta property=\"og:description\" content=\""Taking into account the situation on the market, including the winter lasting longer than usual, I consider the first quarter of 2013 to be successful for the Budimex Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-of-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-quarter-of-2013\/\" \/>\n<meta property=\"og:site_name\" content=\"Budimex\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-07T12:10:48+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-of-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-quarter-of-2013\/\",\"url\":\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-of-the-president-of-the-management-board-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-quarter-of-2013\/\",\"name\":\"Commentary of the President of the Management Board Dariusz Blocher on the financial data from the consolidated financial statements of the Budimex Group for the first quarter of 2013 - 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