GRI:
| Consolidated profit and loss account | 01/01 – 31/12/2020 | 01/01 – 31/12/2019 | Change | Change % |
| net revenues from sale of products, services, goods and materials: | 8,382,240 | 7,569,663 | 812.577 | 10.73% |
| costs of products, services, goods and materials sold | (7,445,207) | (7,018,111) | -427.096 | 6.09% |
| Gross profit on sales | 937.033 | 551.552 | 385.481 | 69.89% |
| selling costs | -31.273 | -30.478 | -795 | 2.61% |
| general management costs | -276.966 | -198.992 | -77.974 | 39.18% |
| other operating revenues | 138.737 | 99.453 | 39.284 | 39.5% |
| other operating costs | -128.959 | -103.141 | -25.818 | 25.03% |
| Operating profit | 638.572 | 318.394 | 320.178 | 100.56% |
| financial revenue | 34.708 | 60.127 | -25.419 | (42.28%) |
| financial costs | -51.385 | -50.949 | -436 | 0.86% |
| share in net profits / (loss) of subsidiaries measured by equity method | 145 | 4.785 | -4.64 | (96.97%) |
| Gross profit | 622.04 | 332.357 | 289.683 | 87.16% |
| income tax | -150.646 | -103.506 | -47.14 | 45.54% |
| Net profit for the period | 471.394 | 228.851 | 242.543 | 105.98% |
| of which per: | ||||
| – shareholders of the parent company | 459.465 | 226.014 | 233.451 | 103.29% |
| – non-controlling shares | 11.929 | 2.837 | 9.092 | 320.48% |
In 2020 the Budimex Group realised profit on sales of PLN 8,328,240 thousand, which represents an increase close to 10.73%, in comparison to figures for the corresponding period in 2019.
In 2020, construction and assembly production in Poland, expressed in current prices, increased by 0.4% compared to the same period of the previous year (an increase by 2.2% at constant prices), while sales of the construction sector of the Budimex Group on the domestic market increased by 6.2% in the comparable periods.
In 2020, the gross profit on sales was PLN 937,033 thousand, in comparison with PLN 551,552 thousand in the previous year. Consequently, the gross return on sales in 2020 was 11.2% versus 7.3% in 2019.
According to the accounting rules assumed, in case the budgeted costs for construction contract implementation exceed the total value of expected revenues, when this fact is identified, the companies of the Group create provisions for losses presented in the consolidated financial statement as “Provisions for construction contract losses”. As at 31 December 2020, provisions for contract losses amounted to PLN 310,441 thousand. In 2020, the balance of provisions for contract losses increased by PLN 69,764 thousand.
In the case of construction services, the companies of the Budimex Group are obliged to provide a guarantee for their services. As at 31 December 2020, the value of provisions for guarantee repairs amounted to PLN 591,478 thousand. In the 12-month period, which ended on 31 December 2020, the balance of provisions for guarantee repairs increased by PLN 110,767 thousand.
In comparison with the previous year, the sales costs in the period of 12 months ending on 31 December 2020 increased by PLN 795 thousand, while the general management costs were higher by PLN 77,974 thousand than costs borne in 2019. The ratio of share of the total sales costs and general management costs increased from 3.0% in 2019 to 3.7% in this year.
Other operating revenues in 2020 amounted to PLN 138,737 thousand and other operating costs amounted to PLN 128,959 thousand. A detailed analysis of other revenues and other operating expenses is presented in note 32 to the consolidated financial statements.
In 2020, the Group showed an operating profit in the amount of PLN 638,572 thousand, which was 7.6% of the sales revenue value. In the previous year, the operating profit amounted to PLN 318,394 thousand, which was 4.2% of the sales revenue value.
In the 12 months period ending on 31 December 2020, the Group recorded a loss on financial activity amounting to PLN 16,677 thousand, in comparison to a profit of PLN 9,178 thousand in 2019. A detailed analysis of financial revenues and costs is presented in note 33 to the consolidated financial statements.
The Group closed the year 2020 with a gross profit of PLN 622,040 thousand, in comparison to the gross profit of PLN 332,357 thousand in the previous year.
In 2020, the obligatory charge on the financial result resulting from the income tax amounted to PLN 150,646 thousand, including:
- current part in the amount of PLN 262,024 thousand (including minus 7,391 thousand constituted by adjustments for previous years),
- the deferred part amounting to PLN 111,378 thousand.
As at 31 December 2020, the Group recognised deferred income tax assets in the amount of PLN 521,851 thousand and deferred income tax provisions in the amount of PLN 4,642 thousand, while as at 31 December 2019 the Group showed deferred income tax assets in the amount of PLN 418,889 thousand and a provision in the amount of PLN 13,404 thousand. The items of the financial statement relating to the deferred income tax in the Budimex Group result mostly from the specificity of construction contract settlements in which the moments of classifying costs as incurred and classifying revenues as fulfilled are different in the tax and accounting context.
The net profit assigned to Budimex S.A. shareholders for 2020 amounted to PLN 459,465 thousand, in comparison to PLN 226,014 thousand for 2019, which constitutes an increase by 103.3%.
The net profit assigned to non-controlling interest for 2020 was PLN 11,929 thousand. In the previous year, this value amounted to PLN 2,837 thousand.