Consolidated financial statement of the Budimex Group
The main items of the consolidated financial statement of the Budimex Group as of 31 December 2018 compared to the status as of 31 December 2017 are as follows:
| ASSETS | 31 December 2018 | 31 December 2017 | Change | Change % |
|---|---|---|---|---|
| Fixed assets (long-term) | 988 641 | 927 334 | 61 307 | 6,6% |
| Tangible fixed assets | 258 123 | 162 422 | 95 701 | 58,9% |
| Investment properties | 28 365 | 24 623 | 3 742 | 15,2% |
| Intangible assets | 28 389 | 30 163 | (1 774) | (5,9%) |
| Goodwill of subsidiary units | 73 237 | 73 237 | - | 0% |
| Investments in units valuated according to equity method | 37 427 | 39 228 | (1 801) | (4,6%) |
| Financial assets available for sale | 9 778 | 9 501 | 277 | 2,9% |
| Retentions for construction contracts | 49 103 | 30 138 | 18 965 | 62,9% |
| Trade receivables and other receivables | 21 807 | 39 341 | (17 534) | (44,6%) |
| Concession contract receivables | 46 416 | 46 440 | (24) | (0,1%) |
| Other financial assets | 74 145 | 67 033 | 7 112 | 10,6% |
| Deferred income tax assets | 361 851 | 405 208 | (43 357) | (10,7%) |
| Current assets (short-term) | 4 467 710 | 5 070 022 | (602 312) | 11,9% |
| Inventories | 1 611 813 | 1 425 100 | 186 713 | 13,1% |
| Trade receivables and other receivables | 819 300 | 689 939 | 129 361 | 18,7% |
| Retentions for construction contracts | 28 311 | 27 812 | 499 | 1,8% |
| Amounts due from recipients for construction contracts | 561 537 | 483 501 | 78 036 | 16,1% |
| Current income tax assets | 33 102 | 30 298 | 2 804 | 9,3% |
| Other financial assets | 4 495 | 286 533 | (282 038) | (98,4%) |
| Cash and cash equivalents | 1 409 152 | 2 126 839 | (717 687) | (33,7%) |
| TOTAL ASSETS | 5 456 351 | 5 997 356 | (541 005) | (9,0%) |
Fixed assets (long-term):
The following factors mainly affected the change in the value of fixed assets as of 31 December 2018 compared to the status as of 31 December 2017:
- increase in the balance of tangible fixed assets by PLN 95,701 thousand, mainly as a result of purchase and taking on financial lease of fixed assets with the value of PLN 158,147 thousand. In turn, depreciation reduced the balance of tangible fixed assets by PLN 46,186 thousand. Tangible fixed assets with the value of PLN 8,541 thousand were sold,
- increase in the balance of long-term retentions for construction contracts retained by recipients of the Group’s companies by PLN 18,965 thousand, mainly as a result of higher sale,
- reduction of the balance of deferred income tax assets by PLN 43,357 thousand, as a result of reduced balance of deductible temporary differences from items on the liability side,
- granting long-term loans to the affiliated company FBSerwis SA in the amount of PLN 10,780 thousand
| LIABILITIES AND EQUITY | 31 December 2018 | 31 December 2017 | Change | Change % |
|---|---|---|---|---|
| Equity attributable to the shareholders of the parent company | 743 341 | 881 443 | (138 102) | (15,7%) |
| Share capital | 145 848 | 145 848 | - | 0% |
| Surplus from the sale of shares above their nominal value | 87 163 | 87 163 | - | 0% |
| Other reserve capitals | 1 600 | 2 557 | (957) | (37,4%) |
| Foreign exchange differences arising from conversion of branches and foreign entities | 6 947 | 5 342 | 1 605 | 30% |
| Retained profits | 501 783 | 640 533 | (138 750) | (21,7%) |
| Shares not granting control | 7 136 | 685 | 6 451 | 941,8% |
| Total equity | 750 477 | 882 128 | (131 651) | (14,9%) |
| Liabilities | 4 705 874 | 5 115 228 | (409 354) | (8,0%) |
| Long-term liabilities | 788 821 | 614 923 | 173 898 | 28,3% |
| Credits, loans and other external funding sources | 184 110 | 92 086 | 92 024 | 99,9% |
| Retentions from construction contracts | 222 751 | 203 643 | 19 108 | 9,4% |
| Provisions for long-term liabilities and other charges | 367 306 | 305 858 | 61 448 | 20,1% |
| Liabilities for pension payments and similar | 12 639 | 11 086 | 1 553 | 14% |
| Other financial liabilities | 2 015 | 2 250 | (235) | (10,4%) |
| Short-term liabilities | 3 917 053 | 4 500 305 | (583 252) | (13,1%) |
| Credits, loans and other external funding sources | 54 823 | 30 324 | 24 499 | 80,8% |
| Trade liabilities and other liabilities | 1 720 438 | 1 697 984 | 22 454 | 1,3% |
| Retentions from construction contracts | 214 866 | 217 193 | (2 327) | (1,1%) |
| Provisions for loss on construction contracts | 158 035 | 243 829 | (85 794) | (35,2%) |
| Valuation of construction contracts | 575 183 | 783 209 | (208 026) | (26,6%) |
| Deferred income | 996 224 | 1 345 267 | (349 043) | (25,9%) |
| Provisions for short-term liabilities and other charges | 187 938 | 170 762 | 17 176 | 10,1% |
| Current income tax expenses | 6 846 | 3 404 | 3 442 | 101,1% |
| Liabilities for pension payments and similar | 1 412 | 1 537 | (125) | 8,1% |
| Other financial liabilities | 1 288 | 6 796 | (5 508) | (8,1%) |
| TOTAL LIABILITIES AND EQUITY | 5 456 351 | 5 997 356 | (541 005) | (9,0%) |
Liabilities and equity:
On the side of liabilities and equity, changes concerned:
- reduction of the item “retained profits” as a result of dividend payment,
- increase in the value of long-term liabilities by PLN 173,898 thousand, mainly due to:
- Increase in liabilities for long-term credits, loans and other external funding sources by PLN 92,024 thousand (new liabilities for financial lease), and
- Increase in the balance of liabilities for provisions for long-term liabilities by PLN 61,448 thousand, mainly as a result of an increase in the balance of long-term provisions for warranty repairs.
- reduction of the value of short-term liabilities by PLN 583,252 thousand, while the largest changes concerned:
- reduction of the valuation of construction contracts in the amount of PLN 208,026 thousand, mainly due to less intense commitment of investors in current funding of construction projects compared to the previous years,
- reduction of the balance of provisions for losses on contracts in the amount of PLN 85,794 thousand, and
- reduction of the balance of deferred income by PLN 349,043 thousand, mainly as a result of settlement of advance payments for executed construction projects.