Comments for the 2012

In 2012, the Group reported record sales realized at the level of 6.078 million zł, more than 10% higher than the sales achieved in the corresponding period of 2011 despite the fact that construction and assembly production in the period fell by -1.1%.
At the end of 2012, the Group generated a profit at the operating level of over 182 million zł, gross profit of 203 million zł and a net profit of nearly 186 million zł, while in the same period of 2011, respectively zł 135 million, 142 million zł and 76 million zł (in June 2012 made ??the correction results of 2011 due to write-off the value of shares PNI).
The impact of the loss of the Group's assets related to the PNI on operating profit and gross profit of the Budimex Group in 2012 amounted to minus 151 million zł.
Negative impact on the results of 2012 were also losses on certain highway contracts, resulting from a significant increase in the cost of road investments (impossible to predict at the time of signing of contracts of construction materials price increases by approx. 40%). Those losses, however, have created a reserve, and because the implementation of highway contracts coming to an end, I do not foresee more of the losses of cash or accountants.
Excluding the negative impact of PNI, the results achieved in 2012, had a good
and at all levels comparable with those obtained in the corresponding period of 2011.
The Group's results in 2012 next to the property development business was boosted by good results Budimex Danwood, a 100% subsidiary of Budimex SA, which is engaged in manufacturing and installation of wooden houses in frame construction and results of operations in the German market, where Budimex achieved higher margins than on the domestic market.
In 2012, Budimex notarized Real Estate sold 740 homes, while in 2011, 388 dwellings, noting at the same time nearly 30% increase in sales. The lower growth rate of sales in relation to the dynamics of the number of homes sold due to the large share of sales 2012 years a smaller and cheaper apartments.
In 2012, Budimex Real Estate pre-sold 515 apartments (without reservation), while in the same period of 2011. 682 units. The decrease is due to the uncertain pre-market situation, change the developer of the Act, a restrictive credit policy of banks and a decrease in finished apartments offer Budimex Real Estate.
Order backlog at the end of December 2012 amounted to 4.9 billion zł, while at the end of 2011, 8.6 billion zł (7.3 without PNI).
In 2012, the Group reported signed contracts worth 2.8 billion zł, while in 2011 it was 5.3 billion zł, due to the sharp drop in the market value of new contracts, but also our commitment to maintain a "healthy" portfolio and a selective approach to bidding in a highly competitive, declining market. In the new 2013 years the Group reported already signed contracts with a total value of 270 million zł net.
In 2012, the Group reported by more than 17% more listings than in the corresponding period of 2011, but contracts with a much lower value and shorter implementation period. Thus reduce the risk of the effects of inflation on the results, but we compete with other, smaller companies. The average value of the bid submitted in 2012 was 40 million to 70 million zł zł in 2011. The average value of the contract signed in 2012 was 39 million to 78 million zł zł in 2011.
The Group's net cash position Budimex, including their own cash and short-term securities, less the external sources of funding at the end of December 2012 amounted to 1,188 million zł, while at the end of 2011 was 1.576 million zł. This decrease is mainly due to the payment of a dividend in 2012 in the amount of 280 million zł, and investment in the PNI.