{"id":156529,"date":"2014-10-29T07:00:46","date_gmt":"2014-10-29T07:00:46","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-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-three-quarters-o\/"},"modified":"2024-06-07T12:11:33","modified_gmt":"2024-06-07T12:11:33","slug":"commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-the-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-three-quarters-o","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-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-three-quarters-o\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial data from the consolidated financial statements of the Budimex Group for the first three quarters of 2014"},"content":{"rendered":"\n
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29.10.2014<\/p>\n

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Commentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial data from the consolidated financial statements of the Budimex Group for the first three quarters of 2014<\/h2>\n

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Share article<\/p>\n

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\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

The third quarter of 2014 is another quarter in which the Budimex Group records an improvement in sales and operating profitability compared to the corresponding period of the previous year. The Group maintains a high level of cash. The positive trend in the housing market made it possible to achieve a high level of pre-sales of apartments, and the contracts signed in the third quarter allowed the order book to be rebuilt.<\/p>\n

The value of the Budimex Group\u2019s order book amounted to PLN 4.7 billion at the end of September 2014 and increased by 20% within three months. This was possible thanks to the signing of contracts
worth PLN 2.3 billion, including for the construction of a power unit in Tur\u00f3w. Since the beginning of the year, the Group has signed contracts worth PLN 3.7 billion. Compared to the same period of the previous year, this is 40% higher.<\/p>\n

We are observing an increase in the pace of settling road contracts, but these contracts are not signed as quickly as we would expect, which may affect sales in 2015.<\/p>\n

So far, 40 tenders have been resolved, of which Budimex SA submitted the most advantageous price offer in eleven of them. Their total value \u2013 attributable to Budimex SA \u2013 is PLN 2.5 billion. On the other hand, the value of contracts currently awaiting signing by the Budimex Group or signed after 30 September is PLN 1.9 billion, 89% of which are road tenders announced by the General Directorate for National Roads and Motorways. If these contracts are signed by the end of this year, it will be a historically high value of orders obtained for the Budimex Group.<\/p>\n

In 2014, the Budimex Group is focusing on acquiring as many contracts as possible from the new EU perspective in order to build a portfolio for the coming years. An important task is to prepare the capital and human resources in connection with the expected accumulation of works in 2016-2018.<\/p>\n

The Budimex Group continues to maintain a high level of net cash position, which at the end of September 2014 amounted to PLN 1,178 million and is higher than at the end of September 2013
by 28%.<\/p>\n<\/p>\n

In the period from January to September, the sales of the Budimex Group increased by 17.8%. In the same period, construction and assembly production in constant prices increased by 5.5% year-on-year.<\/p>\n

In the third quarter of 2014, the Budimex Group achieved sales of PLN 1,560 million, which is higher by PLN 307 million, i.e. by 24.5% compared to the corresponding period of 2013 \u2013 taking into account comparable data, i.e. without taking into account the revenues of Budimex Danwood sold in December 2013. The sales volume in the third quarter of 2014 was mainly influenced by good weather conditions and the schedule of road contracts.<\/p>\n

The operating profit of the Budimex Group generated in the period from January to September increased by 47.2%
compared to the corresponding period of the previous year, compared to the data excluding the results of Budimex Danwood.<\/p>\n

Operating profitability amounted to 4.7% and improved by 25% compared to the Group\u2019s profitability recorded in the corresponding period of the previous year.<\/p>\n

The improvement in the Group\u2019s profitability results from the improvement of profitability in the construction segment and the high profitability of the development segment recorded in the third quarter of 2014, which was influenced by a positive resolution of the long-term administrative process resulting in the release of the provision in the amount of PLN 10.8 million. The improvement in profitability in the construction segment is a consequence of a decrease in the prices of certain construction materials and the cost of subcontracting services.<\/p>\n

In the third quarter of 2014, Budimex Nieruchomo\u015bci pre-sold 478 apartments, and cumulatively
in the year 1,031. The high pre-sales are the result not only of the ongoing good economic situation on the housing market, but above all of the launch of the Nowe Czy\u017cyny project in Krakow, which meets the criteria of the Apartment for the Young program.<\/p>\n

In the period from January to September 2014, Budimex Nieruchomo\u015bci introduced 1,780 flats to its offer, including nearly 900 flats in the third quarter alone. Currently, Budimex Nieruchomo\u015bci has 1,240 apartments in its offer.<\/p>\n

The current structure of pre-sales and its focus on the market other than Warsaw will translate into
in the future, to change the sales structure. In the period from January to September 2014, Budimex Nieruchomo\u015bci sold 592 flats by notary, of which only 39% were in Warsaw, while
In the 344 apartments sold by notaries in the corresponding period of the previous year, 60% were apartments on the Warsaw market. Budimex Nieruchomo\u015bci intensifies its activities
in terms of the purchase of plots in order to ultimately be in the group of the 3 largest developers in the country.<\/p>\n

Other activities of the Budimex Group include Elektromonta\u017c Pozna\u0144 and Budimex Parking Wroc\u0142aw. The sales plan of Elektromonta\u017c Pozna\u0144 adopted at the beginning of the year has not changed.<\/p>\n

Budimex Parking Wroc\u0142aw, established to implement the project of building and then managing a car park in Wroc\u0142aw in the public-private partnership formula, has started
in the third quarter. The Budimex Group gains experience
in contracts implemented in the PPP formula, assuming that in the future it will increase its involvement in this type of activity. <\/p>\n

\n BUDIMEX Group <\/strong>\n <\/p>\n

Selected financial data from the consolidated financial statements of the Budimex Group prepared in accordance with International Financial Reporting Standards (IFRS) for three quarters of 2014 and comparable data for three quarters of 2013.<\/p>\n

\n Results of the reporting segments for the first three quarters of 2014<\/strong> (in PLN thousand): <\/span>\n <\/p>\n

\n <\/span>\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 products, goods and materials<\/p>\n<\/td>\n

\n

3 511 054<\/p>\n<\/td>\n

\n

210 656<\/p>\n<\/td>\n

\n

120 308<\/p>\n<\/td>\n

\n

(129 261)<\/p>\n<\/td>\n

\n

\n 3 712 757<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

256 589<\/p>\n<\/td>\n

\n

43 210<\/p>\n<\/td>\n

\n

11 054<\/p>\n<\/td>\n

\n

1 398<\/p>\n<\/td>\n

\n

\n 312 251<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

130 870<\/p>\n<\/td>\n

\n

35 466<\/p>\n<\/td>\n

\n

3 307<\/p>\n<\/td>\n

\n

6 682<\/p>\n<\/td>\n

\n

\n 176 325<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

122 154<\/p>\n<\/td>\n

\n

41 906<\/p>\n<\/td>\n

\n

1 519<\/p>\n<\/td>\n

\n

6 682<\/p>\n<\/td>\n

\n

\n 172 261<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

95 673<\/p>\n<\/td>\n

\n

33 826<\/p>\n<\/td>\n

\n

1 115<\/p>\n<\/td>\n

\n

5 414<\/p>\n<\/td>\n

\n

\n 136 028<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Profit (loss) attributable to shareholders of the Parent Company<\/p>\n<\/td>\n

\n

95 673<\/p>\n<\/td>\n

\n

33 826<\/p>\n<\/td>\n

\n

(110)<\/p>\n<\/td>\n

\n

5 414<\/p>\n<\/td>\n

\n

\n 134 803<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\n Results of the reporting segments for the first three quarters of 2013<\/strong> (in PLN thousand): <\/span>\n <\/p>\n

\n
\n <\/span>
\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 products, goods and materials<\/p>\n<\/td>\n

\n

2 993 652<\/p>\n<\/td>\n

\n

167 239<\/p>\n<\/td>\n

\n

413 324<\/p>\n<\/td>\n

\n

(118 998)<\/p>\n<\/td>\n

\n

\n 3 455 217<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

212 385<\/p>\n<\/td>\n

\n

35 772<\/p>\n<\/td>\n

\n

40 996<\/p>\n<\/td>\n

\n

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

\n

\n 285 039<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

91 704<\/p>\n<\/td>\n

\n

20 886<\/p>\n<\/td>\n

\n

19 379<\/p>\n<\/td>\n

\n

11 758<\/p>\n<\/td>\n

\n

\n 143 727<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

89 052<\/p>\n<\/td>\n

\n

24 618<\/p>\n<\/td>\n

\n

16 438<\/p>\n<\/td>\n

\n

11 758<\/p>\n<\/td>\n

\n

\n 141 866<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

68 075<\/p>\n<\/td>\n

\n

19 890<\/p>\n<\/td>\n

\n

13 094<\/p>\n<\/td>\n

\n

10 463<\/p>\n<\/td>\n

\n

\n 111 522<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

68 075<\/p>\n<\/td>\n

\n

19 890<\/p>\n<\/td>\n

\n

12 555<\/p>\n<\/td>\n

\n

10 463<\/p>\n<\/td>\n

\n

\n 110 983<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n Additional information:<\/strong>\n <\/p>\n

Results for three quarters <\/strong>(in thousands of zlotys) \u2013 excluding the results of Budimex Danwood:<\/strong><\/p>\n

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

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

\n

\n 2014<\/strong>\n <\/p>\n<\/td>\n

\n

\n 2013<\/strong>\n <\/p>\n<\/td>\n

\n

\n Difference<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

3 712 757<\/p>\n<\/td>\n

\n

3 151 071<\/p>\n<\/td>\n

\n

17,8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

176 325<\/p>\n<\/td>\n

\n

119 797<\/p>\n<\/td>\n

\n

47,2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

136 028<\/p>\n<\/td>\n

\n

93 040<\/p>\n<\/td>\n

\n

46,2%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

The third quarter of 2014 is another quarter in which the Budimex Group records an improvement in sales and operating profitability compared to the corresponding period of the previous year. The Group maintains a high level of cash. …<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","press_type":[537,790],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board of Budimex SA, Dariusz Blocher, on the financial data from the consolidated financial statements of the Budimex Group for the first three quarters of 2014 - 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 from the consolidated financial statements of the Budimex Group for the first three quarters of 2014 - Budimex\" \/>\n<meta property=\"og:description\" content=\"The third quarter of 2014 is another quarter in which the Budimex Group records an improvement in sales and operating profitability compared to the corresponding period of the previous year. 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