GRI:

The Budimex Group’s financial situation in 2020 is characterised by selected economic and financial values published in the statement of the financial position and profit and loss account (listed below with comparable data for 2019).

Consolidated statement of financial position of the Budimex Group

See the table below for the main items of the consolidated statement of the financial position of the Budimex Group, as of 31 December 2020, in comparison with the status valid as of 31 December 2019:

Assets 31/12/2020 31/12/2019 Change Change %
Non-current (long-term) assets 1,536,267 1,434,542 101.725 7.09%
tangible fixed assets 548.812 512.921 35.891 7%
investment properties 9.876 7.721 2.155 27.91%
intangible assets 162.03 168.822 -6.792 (4.02%)
goodwill of subsidiaries 168.508 168.508 - 0%
investments in equity accounted entities 2.221 2.076 145 6.98%
investments in equity instruments 6.922 7.816 -894 (11.44%)
retentions for construction contracts 40.843 59.212 -18.369 (31.02%)
trade and other receivables 28.55 41.887 -13.337 (31.84%)
concession agreement receivables 46.654 46.69 -36 (0.08%)
assets for deferred income tax 521.851 418.889 102.962 24.58%
Current (short-term) assets 5,925,973 5,239,417 686.556 13.1%
stocks; 1,998,255 2,013,756 -15.501 (0.77%)
trade and other receivables 918.039 1,096,157 -178.118 (16.25%)
retentions for construction contracts 28.77 48.433 -19.663 (40.60%)
valuation of construction contracts 594.315 444.008 150.307 33.85%
current tax assets 338 108 230 212.96%
other financial assets 1.858 120.978 -119.12 (98.46%)
cash and cash equivalents 2,384,398 1,515,977 868.421 57.28%
Total assets 7,462,240 6,673,959 788.281 11.81%

As of 31 December 2020, the consolidated value of assets increased by PLN 788,281 thousand in relation to the status as of the end of December 2019, as a result of the increase in the value of fixed assets by 7.09% (PLN 101,725 thousand) and increase in the value of current assets by 13.10% (PLN 686,556 thousand).

Non-current (long-term) assets:

The following factors caused the change in the value of fixed assets as of 31 December 2020 in comparison with the value as of 31 December 2019:

  • an increase in the balance of property, plant and equipment by PLN 35,891 thousand, mainly as a result of the purchase and lease of fixed assets of PLN 176,211 thousand; in turn, depreciation decreased the balance of property, plant and equipment by PLN 120,371 thousand,
  • increase in the balance of deferred income tax assets by PLN 102,962 thousand, as a result of an increase in the balance of negative temporary differences on the position on the part of liabilities,
  • a decrease in the balance of deposits under construction contracts by PLN 18,369 thousand.

Current (short-term) assets:

At the same time, current assets increased by PLN 686,556 thousand, mainly as a result of an increase in cash and cash equivalents by PLN 868,421 thousand.

Other significant changes in current assets concerned:

  • decrease in the balance of short-term other financial assets by PLN 119,120 thousand, including mainly the sale of bonds issued by Polish banks,
  • an increase in the balance of valuation of construction contracts by PLN 150,307 thousand, which is related to lower invoicing of works performed in the last quarter of the year,
  • decrease in the balance of trade and other receivables by PLN 178,118 thousand as a result of quicker repayment by investors.
Equity and liabilities 31/12/2020 31/12/2019 Change Change %
shareholders’ equity attributable to the shareholders of the Parent Company 1,149,351 808.149 341.202 42.22%
core capital 145.848 145.848 - 0%
share premium 87.163 87.163 - 0%
other reserves -139 1.18 -1.319 (111.78%)
foreign exchange differences on translation of foreign operations 6.473 7 -527 (7.53%)
retained earnings 910.006 566.958 343.048 60.51%
equity allocated to non-controlling shares 37.92 28.491 9.429 33.09%
Total equity 1,187,271 836.64 350.631 41.91%
Liabilities 6,274,969 5,837,319 437.65 7.5%
long-term liabilities 1,139,735 1,049,392 90.343 8.61%
loans, borrowings and other external sources of financing 261.663 273.258 -11.595 (4.24%)
retentions for construction contracts 240.263 229.522 10.741 4.68%
provisions for long-term liabilities and other charges 593.398 498.422 94.976 19.06%
retirement benefits and similar obligations 18.505 14.979 3.526 23.54%
other financial liabilities 21.264 19.807 1.457 7.36%
provisions for deferred income tax 4.642 13.404 -8.762 (65.37%)
short-term liabilities 5,135,234 4,787,927 347.307 7.25%
loans, borrowings and other external sources of financing 189.067 177.108 11.959 6.75%
trade and other liabilities 1,371,850 1,530,773 -158.923 (10.38%)
retentions for construction contracts 216.458 215.032 1.426 0.66%
provisions for construction contract losses 310.441 240.677 69.764 28.99%
valuation of construction contracts 1,302,164 951.448 350.716 36.86%
deferred income 1,469,626 1,356,310 113.316 8.35%
provisions for short-term liabilities and other charges 227.111 216.746 10.365 4.78%
current tax liability 44.815 96.653 -51.838 (53.63%)
retirement benefits and similar obligations 1.623 1.877 -254 (13.53%)
other financial liabilities 2.079 1.303 776 59.55%
Total equity and liabilities 7,462,240 6,673,959 788.281 11.81%

Equity and liabilities:

On the equity and liabilities side, changes referred to:

  • increase in “retained earnings” as a result of very good net profit for 12 months of 2020,
  • increase in long-term liabilities by PLN 90,343 thousand, primarily due to:
    • increase in the balance of liabilities due to provisions for long-term liabilities by PLN 94,976 thousand, mainly as a result of an increase in the balance of provisions for guarantee repairs and court cases,
    • an increase in the balance of deposits under construction contracts by PLN 10741 thousand,
  • increase in the value of short-term liabilities by PLN 347,307 thousand, where the main changes referred to:
    • an increase in the valuation of construction contracts in the amount of PLN 350,716 thousand, constituting the difference between the revenues invoiced to investors and the revenues recognised in the profit and loss account,
    • increase in the balance of provisions for contract losses in the amount of PLN 69,764 thousand,
    • an increase in the balance of deferred income by PLN 113,316 thousand, mainly as a result of an increase in the balance of advance payments for apartments in the amount of PLN 307,557 thousand, and a decrease in advance payments for construction contracts (decrease by PLN 192,380 thousand),
    • and an increase in the balance of loans, borrowings and other external sources of financing by PLN 11,959 thousand, including primarily an increase in lease liabilities.

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