Comments on selected financial data for 2011

This increase is the result of increased sales (about 36%) in the construction segment Budimex Group, which offset the decline in sales (almost 50%) in the property development segment, resulting from a significant decrease in 2010, the stock of finished apartments Budimex Real Estate. This company accounts sales revenue only upon the signing of the notarial deed of sale.
In 2011, Budimex Real Estate has sold close to 390 units notarized, while in 2010 nearly 950. However, more than 680 net in the period of pre-housing (excluding booking) and 6 carried the end of 2011 projects in Warsaw, Krakow and Poznan, the total number of 1400 units, the sale of which will be reflected in the financial results next year, the company ranks among the largest residential developers in Poland.
Despite a considerable increase in competition on the rapidly declining market (the value of road tenders published in 2011 compared to 2010 decreased by more than half), and the huge cost pressures arising mainly from drożejącego transport and materials, at all levels of the consolidated profit and loss account Budimex generated profits similar in value to those obtained in a record 2010.
Results purchased in November 2011, infrastructure maintenance company did not have a material impact on the consolidated results of the Group Budimex.
The value of construction contracts signed by Budimex SA in 2011 amounted to 5.3 billion zł, which considering the significant during this period decline in the number and value of infrastructure contracts announced in the previous year, can be considered as a major achievement.
Margin at the net level of construction activity in 2011 decreased to 4.52% compared to 4.83% in 2010, while the property development segment recorded an increase in net profitability from 10.00% in 2010 to 10.69% in 2011 .
Group backlog at the end of 2011 exceeded by more than 1.5 billion zł value from the end of 2010, reaching 8.5 billion zł (including a portfolio of orders PNI 1.3 billion zł).
The Group's net cash position Budimex, including their own cash and short-term securities, net of external funding sources, the end of 2011 decreased by nearly 10% to 1 576 million zł with an impressive level of 1 zł 745 million at the end of 2010 but keep in mind that 2011 Budimex financed from its own funds for the purchase of PNI zł 225 million and paid dividends of 9.08 zł / per share.
The current, sound financial condition of the company allows us to continue realized several years of systematic policy of sharing profits with shareholders, so we recommended the payment of dividend for the year 2011.
 
Selected financial data from the consolidated statements of Budimex Group prepared in accordance with International Financial Reporting Standards (IFRS) for the year 2011 and the comparative figures for the year 2010.

The results of the reportable segments for the year 2011 (in PLN thousands):

The results of the reportable segments for the year 2010 (in PLN thousands):