Integrated report 2019
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Characteristics of the basic economic and financial figures of the Budimex Group

Consolidated statement of financial position of the Budimex Group

The main items of the consolidated financial statement of the Budimex Group, as of 31 December 2019, in comparison with the status valid as of 31 December 2018:

ASSETS 31.12.2018 31.12.2019 Change Change %
Aktywa trwałe (długoterminowe) 988 641 1 434 542 445 901 45,1%
Tangible fixed assets 258 123 512 921 254 798 98,7%
Investment properties 28 365 7 721 (20 644) (72,8%)
Intangible assets 28 389 168 822 140 433 494,7%
Goodwill of subsidiaries 73 237 168 508 95 271 130,1%
Investments in equity accounted entities 37 427 2 076 (35 351) (94,5%)
Investments in equity instruments 9 778 7 816 (1 962) (20,1%)
Retentions for construction contracts 49 103 59 212 10 109 20,6%
Trade and other receivables 21 807 41 887 20 080 92,1%
Concession agreement receivables 46 416 46 690 274 0,6%
Other financial assets 74 145 (74 145) (100%)
Assets for deferred income tax 361 851 418 889 57 038 15,8%
Current (short-term) assets 4 467 710 5 239 417 771 707 17,3%
Stock 1 611 813 2 013 756 401 943 24,9%
Trade and other receivables 819 300 1 096 157 276 857 33,8%
Retentions for construction contracts 28 311 48 433 20 122 71,1%
Valuation of construction contracts 561 537 444 008 (117 529) (20,9%)
Current tax assets 33 102 108 (32 994) (99,7%)
Other financial assets 4 495 120 978 116 483 2591,4%
Cash and cash equivalents 1 409 152 1 515 977 106 825 7,6%
TOTAL ASSETS 5 456 351 6 673 959 1 217 608 22,3%

As of 31 December 2019, the consolidated value of assets increased by PLN 1,217,608 thousand in relation to the status as of the end of December 2018, as a result of the increase in the value of fixed assets by 45.1% (PLN 445,901 thousand) and increase in the value of current assets by 17.3% (PLN 771,707 thousand).

Non-current (long-term) assets:

The following factors caused the change in the value of fixed assets as of 31 December 2019 in comparison with the value as of 31 December 2018:

  • increase in balance of tangible assets by PLN 254,798 thousand mainly due to the purchase and financial lase of fixed assets worth PLN 133,879 thousand, In turn, depreciation decreased the balance of tangible fixed assets by PLN 94,216 thousand. The tangible fixed assets worth PLN 16,317 thousand gross were sold,
  • increase in the balance of intangible assets by PLN 140,433 thousand, as a result of taking the control over the company FBSerwis and its subsidiaries,
  • increase in the balance of long-term deposits under construction contracts, retained by the recipients of the Group’s companies by PLN 10,109 thousand, mainly as a result of higher sales,
  • increase in the balance of deferred income tax assets by PLN 57,038 thousand, as a result of an increase in the balance of negative temporary differences on the position on the part of liabilities.

Current (short-term) assets:

At the same time, current assets increased by PLN 771,707 thousand, which was mainly the result of an increase in the balance of inventories by PLN 401,943 thousand, as a result of taking over the FBSerwis company and its subsidiaries and in connection with the development activity (e.g. the purchase of new plots for the construction of apartments) and the increased state of materials accumulated on railway contracts.

Other significant changes in current assets concerned:

  • increase in the balance of other financial assets by PLN 116,483 thousand, mainly involving the purchase of corporate bonds issued by Polish banks with a value of PLN 119,588 thousand,
  • increase in the balance of trade and other receivables by PLN 276,857 thousand;
  • decrease in the balance of receivables from current income tax by PLN 32,994 thousand and a decrease in the balance of valuation of construction contracts by PLN 117,529 thousand.
EQUITY AND LIABILITIES 31.12.2018 31.12.2019 Zmiana Zmiana %
Shareholders’ equity attributable to the shareholders of the Parent Company 743 341 808 149 64 808 8,7%
Core capital 145 848 145 848 0,0%
Share premium less treasury shares 87 163 87 163 0,0%
Other reserves 1 600 1 180          (420) (26,3%)
Foreign exchange differences on translation of foreign operations 6 947 7 000 53 0,8%
Retained earnings 501 783 566 958 65 175 13,0%
Non-controlling shares 7 136 28 491 21 355 299,3%
Total equity 750 477 836 640 86 163 11,5%
Liabilities 4 705 874 5 837 319 1 131 445 24,0%
Long-term liabilities 788 821 1 049 392 260 571 33,0%
Loans, borrowings and other external sources of financing 184 110 273 258 89 148 48,4%
Retentions for construction contracts 222 751 229 522 6 771 3,0%
Provisions for long-term liabilities and other charges 367 306 498 422 131 116 35,7%
Retirement benefits and similar obligations 12 639 14 979 2 340 18,5%
Other financial liabilities 2 015 19 807 17 792 883,0%
Provisions for deferred income tax 13 404 13 404 100%
Short-term liabilities 3 917 053 4 787 927  870 874  22,2%
Loans, borrowings and other external sources of financing 54 823 177 108 122 285 223,1%
Trade and other liabilities 1 720 438 1 530 773 (189 665) (11,0%)
Retentions for construction contracts 214 866 215 032 166 0,1%
Provisions for construction contract losses 158 035 240 677 82 642 52,3%
Valuation of construction contracts 575 183 951 448 376 265 65,4%
Deferred income 996 224 1 356 310 360 086 36,1%
Provisions for short-term liabilities and other charges 187 938 216 746 28 808 15,3%
Current tax liability 6 846 96 653 89 807 1311,8%
Retirement benefits and similar obligations 1 412 1 877 465 32,9%
Other financial liabilities 1 288 1 303 15 1,2%
TOTAL EQUITY AND LIABILITIES 5 456 351 6 673 959 1 217 608 22,3%

Equity and liabilities:

On the equity and liabilities side, changes referred to:

  • decrease of “retained earnings” as a result of dividend payment,
  • increase in long-term liabilities by PLN 260,571 thousand, primarily due to:
  • increase in liabilities due to long-term loans, borrowings and other external sources of financing by PLN 89,148 thousand (new financial lease liabilities), and
  • increase in the balance of liabilities due to provisions for long-term liabilities by PLN 131,116 thousand, mainly as a result of an increase in the balance of provisions for guarantee repairs.
  • increase in the value of short-term liabilities by PLN 870,874 thousand, where the main changes referred to:
  • increase in the valuation of construction contracts in the amount of PLN 376,265 thousand, mainly due to greater involvement of investors in current financing of construction projects in comparison with the previous year,
  • increase in the balance of provisions for contract losses in the amount of PLN 82,642 thousand,
  • increase in the balance of deferred income by PLN 360,086 thousand, mainly due to receiving advance payments for implemented construction contracts,
  • and an increase in the balance of loans, borrowings and other external sources of finance by PLN 122,285 thousand.