{"id":156722,"date":"2016-02-24T08:12:47","date_gmt":"2016-02-24T08:12:47","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-2015\/"},"modified":"2024-06-07T12:12:18","modified_gmt":"2024-06-07T12:12:18","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-2015","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-2015\/","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 2015"},"content":{"rendered":"\n
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24.02.2016<\/p>\n

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Commentary by\u00a0the President of the Management Board of Budimex SA – Dariusz Blocher on\u00a0the financial data from the consolidated financial statements of the Budimex Group for 2015<\/h2>\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

2015 was a\u00a0very good year for the Budimex Group. We\u00a0have achieved all the goals we\u00a0set for ourselves. We\u00a0have employed over 650 people, maintained our leading position in\u00a0the infrastructure market, while diversifying our business.<\/p>\n

In\u00a02015, the Budimex Group signed contracts of a\u00a0record high value: PLN 7.1 billion. We\u00a0are the company that won the most road contracts in\u00a02015 (21% of the market)
and since the beginning of the new EU\u00a0perspective, it has submitted the best offers for almost 1\/4 of the contracts announced by\u00a0GDDKiA. As\u00a0a\u00a0result, the order book of the Budimex Group at\u00a0the end of 2015 amounted to\u00a0PLN 8.4 billion, i.e. 38% more than at\u00a0the end of 2014. Currently, the value of contracts where Budimex\u2019s offer has been selected as\u00a0the most advantageous is PLN 2 billion.<\/p>\n

In\u00a02015, the construction and assembly production increased by\u00a02.3% compared to\u00a0the previous year. At\u00a0the same time, we\u00a0are observing a\u00a0dynamic decline in\u00a0the prices of raw materials, mainly steel and bitumen, which had a\u00a0positive impact on\u00a0the margins of general contractors achieved in\u00a02015. However, this means a\u00a0risk of price increases at\u00a0the time of intensification of construction works in\u00a02017-2018. Then we\u00a0can also expect a\u00a0significant increase in\u00a0construction and assembly production.<\/p>\n

In\u00a02015, the Budimex Group recorded an increase in\u00a0sales by\u00a04% compared to\u00a0the previous year, thus exceeding the value of PLN 5 billion. We\u00a0have improved our financial results at\u00a0every level. The Group\u2019s operating profitability amounted to\u00a05.7% and increased compared to\u00a02014
by\u00a014%. The Group generated nearly PLN 300 million of profit before tax, i.e.: nearly PLN 55 million (22%) more than in\u00a0the previous year.<\/p>\n

The Group\u2019s cash position at\u00a0the end of 2015 amounted to\u00a0PLN 2.3 billion (a\u00a0year-on-year increase of 34%). This is an exceptionally high level, but it is a\u00a0cyclical phenomenon. The advance payments received for the performance of construction contracts had a\u00a0positive impact on\u00a0the Group\u2019s cash level. The balance of advances in\u00a0Budimex SA amounted to\u00a0PLN 460 million at\u00a0the end of 2015. However, this means that
In\u00a0the coming years, during the implementation of contracts, we\u00a0will observe their settlement. In\u00a0addition, PLN 180 million is our clients\u2019 cash blocked in\u00a0the escrow accounts of the development segment.<\/p>\n

The main driver of the Group\u2019s results was the construction segment, in\u00a0which we\u00a0recorded a\u00a05% increase in\u00a0sales and a\u00a025% and 30% increase in\u00a0operating profit and profit before tax, respectively.<\/p>\n

Cost control, strong emphasis on\u00a0effective project management and attention to\u00a0quality, to\u00a0which the company attaches great importance, contribute to\u00a0the continuous, systematic improvement of financial results. In\u00a02015, Budimex expanded and modernised the central laboratory by\u00a0equipping it
modern equipment for the inspection of construction products and pavement diagnostics. Currently, we\u00a0have 20 laboratories throughout Polish, where over 150 people work on\u00a0quality control at\u00a0every stage of the investment. <\/p>\n

Invariably, the energy and railway markets remain key to\u00a0the diversification of the Group\u2019s operations. In\u00a0March, we\u00a0plan to\u00a0submit a\u00a0commercial offer for the construction of a\u00a0CCGT unit in\u00a0\u017bera\u0144
in\u00a0Warsaw.<\/p>\n

In\u00a02015, we\u00a0successfully completed the first large project in\u00a0the industrial segment \u201cConstruction of the Municipal Waste Disposal Plant in\u00a0Bia\u0142ystok\u201d in\u00a0the design and build formula. We\u00a0have also completed two important projects in\u00a0the railway area: \u201cDesign and construction of the Pomeranian Metropolitan Railway Stage I-revitalization\u201d and \u201cModernization of the railway line in\u00a0the area of LCS I\u0142awa\u201d. In\u00a02016, we\u00a0plan to\u00a0invest in\u00a0the machinery necessary for the implementation of further railway contracts, which we\u00a0want to\u00a0win. FBSerwis is also developing its operations intensively, finalizing the purchase of two companies in\u00a0the area of municipal waste management.<\/p>\n<\/p>\n

The development segment also achieved better results at\u00a0each level. In\u00a02015, 908 apartments were sold by\u00a0notaries, i.e.: 30% more than in\u00a0the previous year. As\u00a0a\u00a0result, segment sales increased by\u00a017% year-on-year and operating profit by\u00a020%.<\/p>\n<\/p>\n

The attractiveness of the offer of the Nowe Czy\u017cyny project in\u00a0Krakow has allowed the upward trend in\u00a0pre-sales of apartments to\u00a0be\u00a0maintained. In\u00a02015, Budimex Nieruchomo\u015bci pre-sold 1918 flats (a\u00a0year-on-year increase of 14%), of which 69% were pre-sales of flats on\u00a0this project.
In\u00a02016, we\u00a0will start the last stages of this project. Maintaining pre-sales at\u00a0the level of 1500 apartments per year in\u00a0the coming years will require effort and a\u00a0constant level of about 3500 apartments under construction.<\/p>\n

We\u00a0are currently building over 4000 apartments, of which 1235 are not pre-sold and are an offer for our customers. Most of the offer are apartments in\u00a0Pozna\u0144 and Warsaw.<\/p>\n<\/p>\n

In\u00a02015, Budimex Nieruchomo\u015bci purchased land for the construction of nearly 2,600 flats in\u00a0Warsaw
and in\u00a0Gda\u0144sk. In\u00a02016, we\u00a0will continue the process of searching for attractive locations for new investments.<\/p>\n<\/p>\n

Since 2011, Budimex has been included in\u00a0the RESPECT Index \u2013 a\u00a0stock market index comprising companies conducting business in\u00a0a\u00a0responsible manner. In\u00a02015, the Budimex Group paid a\u00a0total of PLN 570 million in\u00a0taxes to\u00a0the State Treasury and social security contributions. Our activities in\u00a0the area of social policy bring measurable results. Nearly 20 thousand children from 230 Polish schools have been equipped with plastic ICE cards as\u00a0part of our original program \u201cICE Intercom. Budimex for Children\u201d, and almost 25 thousand children benefit from 12 Parent Zones created by\u00a0Budimex operating in\u00a0children\u2019s wards in\u00a0Polish hospitals.<\/p>\n

In\u00a02016, we\u00a0expect a\u00a0further increase in\u00a0sales dynamics, but we\u00a0expect construction works to\u00a0intensify in\u00a02017-2018. This year, we\u00a0will focus on\u00a0maintaining high bidding efficiency and further winning infrastructure contracts so as\u00a0to\u00a0maintain our leading position in\u00a0this area. We\u00a0also plan to\u00a0strengthen our position in\u00a0the general construction segment in\u00a0smaller towns. We\u00a0believe that it is crucial to\u00a0build a\u00a0profitable order book and deliver high-quality facilities to\u00a0investors on\u00a0time. To\u00a0meet this challenge, we\u00a0hired more than 650 new employees in\u00a02015. The policy of strengthening the staff will be\u00a0continued in\u00a02016, when we\u00a0plan to\u00a0employ another 700 people. <\/p>\n<\/p>\n

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

Selected financial data from the consolidated financial statements of the Budimex Group prepared in\u00a0accordance with
with International Financial Reporting Standards (IFRS) for 2015 and comparable data for 2014.<\/p>\n

\n Results of the reporting segments for 2015 <\/strong>(in\u00a0PLN thousand): <\/u>\n <\/p>\n

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

4 936 892<\/p>\n<\/td>\n

\n

292 599<\/p>\n<\/td>\n

\n

186 805<\/p>\n<\/td>\n

\n

(282 302)<\/p>\n<\/td>\n

\n

\n 5 133 994<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit on\u00a0sales<\/p>\n<\/td>\n

\n

426 253<\/p>\n<\/td>\n

\n

65 381<\/p>\n<\/td>\n

\n

19 169<\/p>\n<\/td>\n

\n

(18 089)<\/p>\n<\/td>\n

\n

\n 492 714<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Selling costs<\/p>\n<\/td>\n

\n

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

\n

(14 027)<\/p>\n<\/td>\n

\n

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

\n

45<\/p>\n<\/td>\n

\n

\n (29 742)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

General and administrative expenses<\/p>\n<\/td>\n

\n

(177 090)<\/p>\n<\/td>\n

\n

(15 350)<\/p>\n<\/td>\n

\n

(5 217)<\/p>\n<\/td>\n

\n

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

\n

\n (190 081)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

244 693<\/p>\n<\/td>\n

\n

46 690<\/p>\n<\/td>\n

\n

9 171<\/p>\n<\/td>\n

\n

(8 336)<\/p>\n<\/td>\n

\n

\n 292 218<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

246 355<\/p>\n<\/td>\n

\n

51 801<\/p>\n<\/td>\n

\n

6 981<\/p>\n<\/td>\n

\n

(8 336)<\/p>\n<\/td>\n

\n

\n 296 801<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

194 731<\/p>\n<\/td>\n

\n

41 820<\/p>\n<\/td>\n

\n

6 724<\/p>\n<\/td>\n

\n

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

\n

\n 236 520<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Profit (loss) attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n

\n

194 731<\/p>\n<\/td>\n

\n

41 820<\/p>\n<\/td>\n

\n

6 050<\/p>\n<\/td>\n

\n

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

\n

\n 235 846<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

\n Results of the reporting segments for 2014 <\/strong>(in\u00a0PLN thousand): <\/u>\n <\/p>\n

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

4 717 467<\/p>\n<\/td>\n

\n

250 565<\/p>\n<\/td>\n

\n

159 962<\/p>\n<\/td>\n

\n

(178 055)<\/p>\n<\/td>\n

\n

\n 4 949 939<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit on\u00a0sales<\/p>\n<\/td>\n

\n

362 985<\/p>\n<\/td>\n

\n

53 645<\/p>\n<\/td>\n

\n

14 758<\/p>\n<\/td>\n

\n

1 292<\/p>\n<\/td>\n

\n

\n 432 680<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Selling costs<\/p>\n<\/td>\n

\n

(11 058)<\/p>\n<\/td>\n

\n

(12 083)<\/p>\n<\/td>\n

\n

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

\n

47<\/p>\n<\/td>\n

\n

\n (27 660)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

General and administrative expenses<\/p>\n<\/td>\n

\n

(165 021)<\/p>\n<\/td>\n

\n

(13 859)<\/p>\n<\/td>\n

\n

(5 379)<\/p>\n<\/td>\n

\n

6 516<\/p>\n<\/td>\n

\n

\n (177 743)<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

196 380<\/p>\n<\/td>\n

\n

38 984<\/p>\n<\/td>\n

\n

4 099<\/p>\n<\/td>\n

\n

7 855<\/p>\n<\/td>\n

\n

\n 247 318<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

189 685<\/p>\n<\/td>\n

\n

48 025<\/p>\n<\/td>\n

\n

(2 946)<\/p>\n<\/td>\n

\n

7 855<\/p>\n<\/td>\n

\n

\n 242 619<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

150 851<\/p>\n<\/td>\n

\n

38 725<\/p>\n<\/td>\n

\n

(2 002)<\/p>\n<\/td>\n

\n

6 364<\/p>\n<\/td>\n

\n

\n 193 938<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n

\n

Profit\/(loss) attributable to\u00a0shareholders of the Parent Company<\/p>\n<\/td>\n

\n

150 851<\/p>\n<\/td>\n

\n

38 725<\/p>\n<\/td>\n

\n

(3 967)<\/p>\n<\/td>\n

\n

6 364<\/p>\n<\/td>\n

\n

\n 191 973<\/strong>\n <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

2015 was a very good year for the Budimex Group. We have achieved all the goals we set for ourselves. We have employed over 650 people, maintained our leading position in the infrastructure market, while diversifying our business. …<\/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 the financial data from the consolidated financial statements of the Budimex Group for 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 the financial data from the consolidated financial statements of the Budimex Group for 2015 - Budimex\" \/>\n<meta property=\"og:description\" content=\"2015 was a very good year for the Budimex Group. 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