{"id":156631,"date":"2015-07-29T09:03:46","date_gmt":"2015-07-29T09:03:46","guid":{"rendered":"https:\/\/bdm-stg.mda.pl\/informacje-prasowe\/commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-half-of-201-3\/"},"modified":"2024-06-07T12:11:57","modified_gmt":"2024-06-07T12:11:57","slug":"commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-half-of-201-3","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-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-half-of-201-3\/","title":{"rendered":"Commentary by the President of the Management Board of Budimex SA – Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2015"},"content":{"rendered":"\n
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29.07.2015<\/p>\n

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Commentary by the President of the Management Board of Budimex SA – Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2015<\/h2>\n

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Share article<\/p>\n

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\n \n <\/span>\n <\/a>\n <\/div>\n
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\n \n <\/span>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n<\/div> <\/p>\n <\/div>\n

In the first half of 2015, the Budimex Group maintained positive trends in the first quarter: high sales, improved profitability, high level of pre-sales of flats and net cash position.<\/p>\n

In particular, attention should be paid to the very good effectiveness of bidding on the road contract market. Budimex submitted the best bids for 30% of the contracts announced by GDDKiA in recent months. The level of the Budimex Group\u2019s order book is also noteworthy, currently reaching PLN 7 billion.<\/p>\n

The sales of the Budimex Group for the first half of 2015 amounted to PLN 2,268 million and were higher by 5.3% than the sales achieved in the corresponding period of 2014. The main driving force of the Group\u2019s sales remains the sales of the construction segment, which in the first half of this year was higher by 10.6% than the sales of the first half of 2014. The dynamics of construction and assembly production in this period increased by 0.8% compared to the same period of the previous year.<\/p>\n

In the second quarter of this year, we started notarial sales of the project in Pozna\u0144 and the first stage of the \u201cWi\u015blany Mokot\u00f3w\u201d project in Warsaw. As a result, the sales of the real estate development segment in the second quarter amounted to PLN 105 million and were 80% higher than the notarial sales in the second quarter of 2014. As a result, sales in the real estate development segment in the first half of 2015 amounted to PLN 139 million. In the entire year 2015, sales in the development segment should be similar to the sales of the previous year.<\/p>\n

In the second quarter of 2015, the Budimex Group improved its results and profitability at all levels of its operations. The operating profit of the Budimex Group generated in this period increased by 42.8% and the result before tax by 55.5% compared to the corresponding period of the previous year. The Budimex Group\u2019s profitability at the level of the pre-tax result amounted to 6.1% in the second quarter.<\/p>\n

As a result, the Group\u2019s results and profitability in the first half of 2015 are better than those generated in the first half of the previous year.<\/p>\n

The improvement in the Group\u2019s profitability is mainly due to the improvement in profitability in the construction segment. In the second quarter of 2015, the segment\u2019s profit before tax was better than the result of the second quarter of 2014 by 51.1%. Profitability at this level increased by 42.5% to reach 5.14% in this period. As a result, the construction segment\u2019s result before tax generated in the entire first half of 2015 exceeded PLN 100 million.<\/p>\n

The improvement in the profitability of construction activities is one of the results of more effective contract management. The level of prices of building materials continues to be positively surprising. The margins generated in the second quarter of this year in the infrastructure segment are therefore higher than last year.<\/p>\n

In the second quarter of this year, the Budimex Group signed contracts with a total value of PLN 1.84 billion, 66% of which in the infrastructure segment. As a result, the value of contracts signed in the first half of 2015 amounted to PLN 2.88 billion. This is more than twice as high as in the first half of the previous year.<\/p>\n

At the same time, the value of contracts for which Budimex submitted the most advantageous price offers reached a historically high level of PLN 3.4 billion, including PLN 2.8 billion for road contracts. If the entire above-mentioned value is contracted in the second half of the year, the contracting of 2015 will exceed the record level achieved last year. We owe this situation to the already mentioned very high efficiency of bidding in the road segment.<\/p>\n

The value of the Budimex Group\u2019s order book at the end of June 2015 changed significantly compared to the value at the end of June 2014 (a recorded increase of 78%). Currently, it amounts to PLN 6,987 million.<\/p>\n

The market continues to maintain the high level of competition observed in the first quarter of this year. In the road segment, in addition to regular competitors, new players have also appeared. However, Budimex focuses not only on the volume, but also on the profitability of the order portfolio being built, especially in the case of design and build contracts. These are more demanding projects, with a longer implementation period. Therefore, it is crucial to carefully analyze each tender and work from the moment the offer is submitted.<\/p>\n

We participate in tenders in the energy segment, especially in the gas construction segment. We are currently working on offers worth several hundred million zlotys.<\/p>\n

In the second quarter of 2015, we started the next stages of the Nowe Czy\u017cyny project in Krak\u00f3w, thanks to which the pre-sales of flats in the development segment remain at a high level.
In the second quarter alone, Budimex Nieruchomo\u015bci pre-sold 580 apartments, which gives a total pre-sale in the first half of the year at the level of 1,079 apartments. This is almost twice as much as in the first half of 2014. This result places Budimex Nieruchomo\u015bci in the top three developers with the highest pre-sales of apartments in Poland in the first half of 2015.<\/p>\n

The number of apartments under construction remains at the same level as in the first quarter of this year \u2013 we have over 3000 apartments under construction, of which only 771 have not been pre-sold.<\/p>\n

In the first half of 2015, Budimex Nieruchomo\u015bci purchased new land worth over PLN 100 million, on which over 2 thousand apartments can be built. We are observing the market of land for residential investments. One of our goals is to diversify and expand our land bank. In the second half of the year, we will work on acquiring more land in attractive locations.<\/p>\n

The Budimex Group maintains a high level of net cash position, which amounted to PLN 1.48 billion at the end of the first half of the year. This is an increase of 62% compared to the same period of the previous year. The Group owes this level of cash to the continuing high pre-sales of apartments and the advances received for the implementation of construction contracts (the current balance is PLN 407 million).<\/p>\n

In the second half of 2015, the Budimex Group will focus on further building a profitable order portfolio. We will strive to achieve its historical level, while working on contracting in other business segments, where the energy segment remains the key segment.<\/p>\n

The task for 2015 is to improve profitability in the construction segment and to achieve the Group\u2019s sales at a level similar to that of the previous year.<\/p>\n

Budimex remains not only the highest-valued construction company on the market, but also a very stable listed company with a good cash position and a predictable plan for the near future.<\/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 the first half of 2015 and comparable data for the first half of 2014.<\/p>\n

\n Results of the reporting segments for the first half of 2015<\/strong> (in PLN thousand):<\/u>\n <\/p>\n

\n <\/u>\n <\/p>\n\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

2 167 328<\/p>\n<\/td>\n

\n

139 158<\/p>\n<\/td>\n

\n

75 313<\/p>\n<\/td>\n

\n

(113 559)<\/p>\n<\/td>\n

\n

\n 2 268 240<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

181 720<\/p>\n<\/td>\n

\n

32 557<\/p>\n<\/td>\n

\n

9 397<\/p>\n<\/td>\n

\n

(9 612)<\/p>\n<\/td>\n

\n

\n 214 062<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

98 916<\/p>\n<\/td>\n

\n

30 741<\/p>\n<\/td>\n

\n

5 229<\/p>\n<\/td>\n

\n

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

\n

\n 128 776<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

103 284<\/p>\n<\/td>\n

\n

33 061<\/p>\n<\/td>\n

\n

4 364<\/p>\n<\/td>\n

\n

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

\n

\n 134 599<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

81 265<\/p>\n<\/td>\n

\n

26 729<\/p>\n<\/td>\n

\n

4 020<\/p>\n<\/td>\n

\n

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

\n

\n 107 065<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

81 265<\/p>\n<\/td>\n

\n

26 729<\/p>\n<\/td>\n

\n

3 550<\/p>\n<\/td>\n

\n

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

\n

\n 106 595<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\n Results of the reporting segments for the first half of 2014<\/strong> (in PLN thousands): <\/u>\n <\/p>\n

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

1 959 824<\/p>\n<\/td>\n

\n

197 119<\/p>\n<\/td>\n

\n

78 785<\/p>\n<\/td>\n

\n

(82 606)<\/p>\n<\/td>\n

\n

\n 2 153 122<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

158 862<\/p>\n<\/td>\n

\n

40 770<\/p>\n<\/td>\n

\n

6 087<\/p>\n<\/td>\n

\n

3 610<\/p>\n<\/td>\n

\n

\n 209 329<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

72 631<\/p>\n<\/td>\n

\n

27 938<\/p>\n<\/td>\n

\n

1 238<\/p>\n<\/td>\n

\n

8 184<\/p>\n<\/td>\n

\n

\n 109 991<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

69 693<\/p>\n<\/td>\n

\n

31 867<\/p>\n<\/td>\n

\n

446<\/p>\n<\/td>\n

\n

8 184<\/p>\n<\/td>\n

\n

\n 110 190<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

54 775<\/p>\n<\/td>\n

\n

25 737<\/p>\n<\/td>\n

\n

301<\/p>\n<\/td>\n

\n

6 627<\/p>\n<\/td>\n

\n

\n 87 440<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

54 775<\/p>\n<\/td>\n

\n

25 737<\/p>\n<\/td>\n

\n

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

\n

6 627<\/p>\n<\/td>\n

\n

\n 86 912<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

In the first half of 2015, the Budimex Group maintained positive trends in the first quarter: high sales, improved profitability, high level of pre-sales of flats and net cash position. …<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","press_type":[537],"acf":[],"yoast_head":"\nCommentary by the President of the Management Board of Budimex SA - Dariusz Blocher on selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2015 - 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 selected financial data from the consolidated financial statements of the Budimex Group for the first half of 2015 - Budimex\" \/>\n<meta property=\"og:description\" content=\"In the first half of 2015, the Budimex Group maintained positive trends in the first quarter: high sales, improved profitability, high level of pre-sales of flats and net cash position. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-half-of-201-3\/\" \/>\n<meta property=\"og:site_name\" content=\"Budimex\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-07T12:11:57+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-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-half-of-201-3\/\",\"url\":\"https:\/\/bdm-stg.mda.pl\/en\/press\/commentary-by-the-president-of-the-management-board-of-budimex-sa-dariusz-blocher-on-selected-financial-data-from-the-consolidated-financial-statements-of-the-budimex-group-for-the-first-half-of-201-3\/\",\"name\":\"Commentary by the President of the Management Board of Budimex SA - 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