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.