Current reports
The Management Board of Budimex S.A. announces that on 13.11.2024. The Consortium consisting of Budimex S.A. (Consortium Partner, 50% share), Gülermak Ağir Sanayi Inşaat ve Taahhüt A.Ş. (Consortium Partner, 5% share) and Gülermak S.A. (Consortium Leader, 45% share) signed a contract with the Ordering Party, i.e. the General Directorate for National Roads and Motorways, Branch in Rzeszów, for the implementation of the Contract entitled Design and construction of the S19 expressway on the Jawornik – Lutcza section, approx. 5.25 km long.
The information that the Consortium’s offer was rated the highest in the tender procedure was published on 05.04.2024. in current report No. 29/2024.
The information that the Consortium’s offer was selected as the most advantageous in the tender procedure was published on 19.07.2024. in current report No. 56/2024.
Contract value: PLN 1,552,564,000.00 net
Contract commencement date: the date of conclusion of the contract by the Parties
Contract completion date: 59 months from the date of conclusion of the Agreement
The time of completion of the Works does not include winter periods (i.e. from 1 December to 31 March, counted as four months). Winter periods (i.e. from 1 December to 31 March, counted as four months) are included in the time covered by the design.
Warranty period for major works: up to 15 years
Warranty period: 60 months from the date indicated in the Takeover Certificate
Advance payment: from 1% to 10% of the Accepted Gross Contract Amount
Payment terms: up to 30 days from the date of delivery to the Ordering Party of VAT invoices issued for the amounts certified in the Payment Certificates
Bank guarantee of good performance: 10% of the gross price stated in the offer
Maximum value of contractual penalty paid by the Contractor: 20% of the Accepted Net Contract Amount
The Ordering Party reserves the right to demand supplementary compensation transferring the amount of contractual penalties to the amount of the actual damage suffered, arising or likely to arise in connection with non-performance or improper performance of the contract by the Contractor.
Other contractual conditions do not deviate from market standards.
The value of the Agreement exceeds the threshold of PLN 196,030 thousand. PLN net.
The Management Board of Budimex S.A. announces that on 8 November 2024 an agreement was concluded between the Warmian-Masurian Voivodeship – the Provincial Roads Authority and BUDIMEX S.A. for the task entitled Design and build for the task entitled: “Expansion of the interregional communication route Kętrzyn – eastern border of the voivodeship on the sections DW 592, DW 655, DW 653. Stage II “Extension of the provincial road No. 655 on the Mazuchówka – Olecko section” Information that the bid of Budimex SA was rated the highest and selected as the most advantageous was provided on 9 July 2024 in current report No. 54/2024 and on 26 July 2024 in current report No. 57/2024. Contract value: PLN 193,091,011.01 net
Date of commencement of works: from the date of conclusion of the contract
Date of completion of works: 32 months from the date of conclusion of the contract
Warranty period for main works: 8 years
Warranty period: 8 years from the date of final acceptance
Advance payment: none
Payment terms: up to 30 days from the date of delivery of VAT invoices to the Ordering Party
Bank performance guarantee: 5% of gross contractual remuneration
Maximum value of contractual penalty paid by the Contractor: 20% of the net contractual remuneration
The Ordering Party reserves the right to seek supplementary damages, transferring the amount of stipulated contractual penalties to the amount of the actual damage suffered.
Other contractual conditions do not deviate from market standards.
The total value of the orders signed between Budimex and the Contracting Authority, together with the value of the contract, exceeds the threshold of PLN 196,030 thousand. PLN net.
The Management Board of Budimex SA (“Budimex”, “Management Board”) informs that on November 7, 2024 it decided to start the process of reviewing strategic options in relation to FBSerwis Group.
As part of the review, Budimex together with management board of FBSerwis SA, dominant entity of FBSerwis Group, intends to analyse scenarios covering, among others search for a significant investor or investors for FBSerwis Group (both minority and majority), concluding a strategic alliance with another entity, introducing the selected company to the Warsaw Stock Exchange (IPO). Moreover, Budimex plans to analyse the possibility of FBSerwis Group activity diversification. The above list of scenarios is not exhaustive and other scenarios not listed above can be also considered if they appear as a result of the review.
Budimex has decided to start the process of selecting an external advisor from reputable companies, whose task will be to support the management board in the process of reviewing strategic options.
As part of the strategic options review process, a market analysis and assessment of potential investor interest will be conducted. Based on the results of these activities, Budimex will make a decision on further actions within the process, which should occur by April 30, 2025. In the opinion of the Management Board, the completion of the process of reviewing strategic options should occur by October 31, 2025.
The indicated dates are approximate and have been established under the current market and economic conditions.
The result of the process may also be a decision to adopt a new strategy for FBSerwis Group within Budimex Group.
Budimex has decided to disclose the above information to the public due to its importance for the operations of Budimex SA, in particular in the areas of its operations.
With reference to current report 33/2022 of 26.05.2022, the Management Board of BUDIMEX S.A. informs that on 30 October 2024 it received from PGE Górnictwo i Energetyka Konwencjonalna S.A. (the “Ordering Party”) a debit note in the amount of PLN 356,855,460.67, issued by the Ordering Party for the consortium of Mitsubishi Power Europe GmbH, Tecnicas Reunidas S.A. and Budimex S.A. (the “Consortium”), which implemented the project involving the design and construction of a turnkey power unit in the Contracting Authority’s Branch Turów Power Plant (the “Contract”). The note was issued to the above-mentioned members of the Consortium as joint and several debtors. The basis for the issuance of the above-mentioned debit note by the Contracting Authority is the liability questioned by the Consortium for failure to remove defects in the delivered technological equipment and construction works on time. The Management Board of Budimex S.A. considers the calculation of the above-mentioned penalty by the Contracting Authority to be unjustified, and the above-mentioned debit note will not be included in the books of Budimex S.A. Budimex S.A.’s share in the Consortium is 23.58%. At the same time, the Management Board of Budimex S.A. informs that as part of its participation in the Consortium, it is not responsible for the supply of key technological equipment.
The Management Board of Budimex S.A. announces that on 30.10.2024 a contract was concluded between the General Directorate for National Roads and Motorways, Szczecin Branch and Budimex S.A. for the “Construction of the S10 Szczecin – Piła road on the section from the end of the Stargard bypass to the beginning of the Piła bypass (with the “Koszyce” junction) with the exception of the Wałcz bypass, section 6, Łowicz Wałecki junction (with the junction) – Piecnik junction (without the junction)” The information that our offer was evaluated the highest in the
tender procedure and selected as the most advantageous was published on 19.02.2024 in current report No. 14/2024 and on 13.03.2024 in current report No. 26/2024.
Contract value: PLN 437,439,230.00 net
Date of commencement of works: from the date of conclusion of the contract by both parties
Date of completion of works: 39 months from the date of conclusion of the contract (winter periods are not included in the time of completion of works)
Warranty period for major works: up to 15 years
Warranty period: 60 months from the date indicated in the Takeover Certificate
Advance payment: from 1% to 10% of the Accepted Gross Contract Amount
Payment terms: up to 30 days from the date of delivery to the Ordering Party of VAT invoices issued for the amounts certified in the Payment Certificates
Performance bank guarantee: 10% of the Accepted Gross Contract Amount
Maximum value of contractual penalty paid by the Contractor: 20% of the Accepted Net Contract Amount
The Ordering Party reserves the right to demand supplementary compensation transferring the amount of contractual penalties to the amount of the actual damage suffered, arising or likely to arise in connection with non-performance or improper performance of the contract by the Contractor.
Other contractual conditions do not deviate from market standards.
The value of the contract exceeds the threshold of PLN 196,030 thousand. PLN net.
The Management Board of Budimex S.A. announces that on 10.10.2024 an agreement was concluded between Budimex S.A. and the State Treasury – General Director for National Roads and Motorways (Conducting the proceedings: General Directorate for National Roads and Motorways, Lublin Branch) for the DESIGN AND CONSTRUCTION OF THE S17 PIASKI – HREBENNE EXPRESSWAY, SECTION NO. 3: “KRASNYSTAW PÓŁNOC” JUNCTION (“KRASNYSTAW I”) TOGETHER WITH THE JUNCTION – “IZBICA” JUNCTION (“TARZYMIECHY”) TOGETHER WITH THE JUNCTION. Information that our offer was rated the highest in the tender procedure and selected as the most advantageous was published on 07.05.2024 in current report No. 39/2024 and on 10.07.2024 in current report No. 55/2024
Contract value: PLN 781,745,752.00 net
Date of commencement of works: the next day after the signing of the Agreement by the other Party
Date of completion of works: 41 months from the date of conclusion of the contract (winter periods are not included in the time of completion of works).
Warranty period: 15 years
Warranty period: 60 months from the date indicated in the Takeover Certificate
Advance payment: from 1% to 10% of the Accepted Gross Contract Amount
Payment terms: up to 30 days from the date of delivery to the Ordering Party of VAT invoices issued for the amounts certified in the Payment Certificates
Performance bank guarantee: 10% of the Accepted Gross Contract Amount
Maximum value of contractual penalty paid by the Contractor: 20% of the Accepted Gross Contract Amount
The Ordering Party reserves the right to demand supplementary compensation transferring the amount of contractual penalties to the amount of the actual damage suffered, arising or likely to arise in connection with non-performance or improper performance of the contract by the Contractor.
Other contractual conditions do not deviate from market standards.
The value of the contract exceeds the threshold of PLN 196,030 thousand. PLN net
The Management Board of Budimex S.A. announces that on 2 October 2024, the Consortium composed of Budimex S.A. (Consortium Leader, 50% share), Roverpol Sp.
z o.o. (Consortium Partner, 25% share) and Rover Maritime S.L. (Consortium Partner, 25% share) signed with the Ordering Party, i.e.
Port of Gdynia Authority S.A. and the Director of the Maritime Office in Gdynia, the Agreement for the performance of the Contract in the procedure entitled:
“Construction of protective breakwaters, constituting water access infrastructure to the Outer Port in the Port of Gdynia, in the design and build formula” Information that the Consortium’s offer was rated the highest in the tender procedure was published on 25.03.2024. in current report No. 27/2024. The information that the Consortium’s offer was selected as the most advantageous in the tender procedure was published on 31.05.2024.
in current report No. 46/2024. Contract value: PLN 438,699,534.11 net Contract commencement date: date of conclusion of the contract by the Parties The deadline for the performance of the Subject of the Order is set at: 1) Design works along with obtaining a building permit up to 490 days from the date of signing the Agreement, 2) Construction works with obtaining an occupancy permit up to 819 days from the date of obtaining the building permit. Warranty period: warranty for defects for the Works performed under the Subject of the Order for all defects arising from reasons for which the Contractor is responsible – 10 years Advance payment: 10% of the gross remuneration Payment terms: up to 30 days from the date of delivery to the Ordering Party of VAT invoices issued on the basis of the material and financial advancement of the Works carried out Bank guarantee of good performance: 5% of the gross price Maximum value of contractual penalties paid by the Contractor: 20% of the gross remuneration The Ordering Party has the right to claim damages, the value of which exceeds the amount of stipulated contractual penalties on general terms. Other contractual conditions do not deviate from market standards. The value of the contract exceeds the threshold of PLN 196,030 thousand. PLN net.
With reference to current report No. 51/2024 dated 4 July 2024, current report No. 54/2023 dated 29 August 2023, current report No. 61/2023 dated 5 October 2023, current report No. 7/2024 dated 12 February 2024 and current report No. 50/2024 dated 3 July 2024. The Management Board of Budimex S.A. announces that on 27 September 2024 a contract was concluded between the General Directorate for National Roads and Motorways, Olsztyn Branch and Budimex S.A. for the task: Construction of the S16 Olsztyn (S51) – Ełk (S61) road, Olsztyn – Biskupiec section (construction of the second roadway), Olsztyn East – Barczewo section.
Contract value: PLN 412,530,636.00 net Date of commencement of works: from the date of signing the contract Date of completion of works: 39 months from the Commencement Date, winter periods are not included in the completion time Warranty period for major works: up to 10 years Warranty period: 60 months from the date indicated in the Takeover Certificate Advance payment: maximum 10% of the Accepted Gross Contract Amount Payment terms: 30 days from the date of delivery of a correctly issued VAT invoice by the Contractor to the Employer Bank guarantee of good performance: 10% of the Accepted Gross Contract Amount Maximum value of contractual penalty paid by the Contractor: 20% of the Accepted Contract Amount net The contracting authority has the right to seek compensation on general terms if the amount of damage exceeds the agreed contractual penalty. Other contractual conditions do not deviate from market standards. The value of the contract exceeds the threshold of 196,030 thousand. PLN net.
The Management Board of Budimex S.A. informs that on 06.09.2024.
PKP Polskie Linie Kolejowe S.A. in Warsaw informed the Company that it had selected the bid of Budimex SA as the most advantageous in the tender procedure for the S.A. Implementation of the task entitled: Section A – Construction works on railway lines No. 201 section Kościerzyna – Somonino and No. 214 Somonino – Kartuzy implemented as part of the project “Works on the alternative transport route Bydgoszcz – Tricity, stage I”.
The information that our offer was rated the highest in the tender procedure was published on 28.06.2024.
in current report No. 48/2024
Offer value: PLN 1,284,235,699.12 net Basic order part A: Net price: PLN 1,158,734,402.53 Gross price: PLN 1,425,243,315.11 Basic order part B: Net price: PLN 117,121,919.95 Gross price: PLN 144,059,961.54 Option No. 1: Net price: PLN 5,555,037.24 Gross price: PLN 6,832,695.81 Option No. 2: Net price: 2 824 339,40 PLN Gross price: 3 473 937,46 PLN
Date of commencement of works: the next day after signing the contract
Date of completion of works: 1. Period of Completion of the Basic Order – Time to Completion: 42 months from the Start Date
2. Option 1 exercise period: 108 months from the date of expiry of the Defect Reporting Period for the Basic Scope.
3. Period of Implementation of Option 2: specified by the Ordering Party in the statement on the exercise of Option No. 2, but not later than by the date of expiry of the Defect Reporting Period for the basic Order, and if the Ordering Party exercises Option No. 1 – until the completion of its implementation.
Guarantee period: 72 months Warranty period: 72 months Advance payment: not higher than 10% of the Accepted Contract Amount for the Basic Scope Payment terms: 30 days from the date of delivery of a correctly issued VAT invoice by the Contractor to the Ordering Party Bank guarantee of good performance: 5% of the total gross price for the Basic Scope given in the offer less gross costs of substitute transport, subject to the provisions of point 21 of the IDW.
Maximum value of contractual penalty paid by the Contractor: The total sum of penalties charged in this Sub-Clause will not exceed 20% of the net value of the Works within the scope of Part A of the Basic Scope, with the proviso that if the contractual penalty referred to in item A.
t penalty for withdrawal from the Contract for reasons attributable to the Contractor, the total sum of the penalties charged will not exceed 30% of the net value of the Works within the scope of Part A of the Basic Scope. Other contractual conditions do not deviate from market standards. The value of the offering exceeds the threshold of 196,030 thousand. PLN net.
In connection with providing the financial information to the holding entity of Budimex S.A., i.e. Ferrovial SE, the Management Board of Budimex SA hereby discloses to the general public some selected financial information from the condensed consolidated financial statements of the Budimex Group, prepared in accordance with the International Financial Reporting Standards (IFRS) for the first half of 2024 and the comparable figures for the corresponding period of 2023.
Net revenue from sales of products, services, goods and materials: PLN 4,040,180 thousand as compared to PLN 4,317,944 thousand in the first half of 2023.
Gross profit on sales: PLN 478,933 thousand as compared to PLN 401,393 thousand in the first half of 2023.
Operating profit: PLN 295,837 thousand as compared to PLN 272,635 thousand in the first half of 2023.
Profit before tax: PLN 365,792 thousand as compared to PLN 356,674 thousand in the first half of 2023.
Net profit: PLN 280,752 thousand as compared to PLN 280,781 thousand in the first half of 2023.
Net profit attributable to shareholders of the parent company: PLN 276,778 thousand as compared to PLN 274,671 thousand in the first half of 2023.
Net profit of Budimex SA: PLN 342,093 thousand as compared to PLN 308,211 thousand in the first half of 2023.
The Budimex Group’s order book after the first six months of 2024 was PLN 15.34 billion compared to PLN 12.22 billion at the end of the first half of 2023.
The value of contracts signed by the Budimex Group in the first half of 2024 was PLN 5.66 billion as compared to PLN 2.54 billion in the first half of 2023.
The net cash position of the Budimex Group, including own cash and short-term securities less external financing sources, stood at PLN 2,578 million as at 30 June 2024. As at 30 June 2023, the net cash position of the Budimex Group was PLN 2,731 million.
The attached table presents the results of reporting segments of the Budimex Group for the first half of 2024 and comparable data for the corresponding period of 2023.
The Management Board of Budimex S.A. announces that on 26 July 2024, the Warmian-Masurian Voivodeship – Voivodeship Roads Authority informed the Company that its bid had been selected as the most advantageous in the tender procedure entitled Design and Build for the task entitled: “Expansion of the interregional communication route Kętrzyn – eastern border of the voivodeship on the sections DW 592, DW 655, DW 653. Stage II “Extension of the provincial road No. 655 on the Mazuchówka – Olecko section” The information that the bid of Budimex SA was rated the highest was provided on 9 July 2024 in current report No. 54/2024. The total value of orders with the same Contracting Authority, together with the above-mentioned offer, amounted to PLN 263,612 thousand net. The order with the highest value is the above-mentioned offer. Value of the offer: PLN 193,091,011.01 net Date of commencement of works: from the date of conclusion of the contract Date of completion of works: 32 months from the date of conclusion of the contract Warranty period for the main works: 8 years Warranty period: 8 years from the date of final acceptance Advance payment: none Payment terms: up to 30 days from the date of delivery of VAT invoices to the Ordering Party Bank guarantee of good performance: 5% of gross contractual remuneration Maximum value of contractual penalty paid by the Contractor: 20% of net contractual remuneration The Ordering Party reserves the right to claim supplementary damages, transferring the amount of stipulated contractual penalties to the amount of the actual damage suffered. Other contractual conditions do not deviate from market standards. The total value of the orders signed between Budimex and the Contracting Authority, together with the value of the offer, exceeds the threshold of PLN 196,030 thousand. PLN net.
The Management Board of Budimex S.A. announces that on 19.07.2024. The consortium consisting of Budimex S.A. (Consortium Partner, 50% share), Gülermak Ağir Sanayi Inşaat ve Taahhüt A.Ş. (Consortium Partner, 5% share) and Gulermak Sp. z o.o. (Consortium Leader, 45% share) has been informed by the General Directorate for National Roads and Motorways, Branch in Rzeszów, that its bid has been selected as the most advantageous in the tender procedure entitled Design and construction of the S19 expressway on the Jawornik – Lutcza section, approx. 5.25 km long.
The information that the Consortium’s offer was rated the highest in the tender procedure was published on 05.04.2024. in current report No. 29/2024.
Value of the offer submitted by the Consortium: PLN 1,552,564,000.00 net
Contract commencement date: the date of conclusion of the contract by the Parties
Contract completion date: 59 months from the date of conclusion of the contract
The time of completion of the Works does not include winter periods (i.e. from 1 December to 31 March, counted as four months). Winter periods (i.e. from 1 December to 31 March, counted as four months) are included in the time covered by the design.
Warranty period for major works: up to 15 years
Warranty period: 60 months from the date indicated in the Takeover Certificate
Advance payment: from 1% to 10% of the Accepted Gross Contract Amount
Payment terms: up to 30 days from the date of delivery to the Ordering Party of VAT invoices issued for the amounts certified in the Payment Certificates
Bank guarantee of good performance: 10% of the gross price stated in the offer
Maximum value of contractual penalty paid by the Contractor: 20% of the Accepted Net Contract Amount
The Ordering Party reserves the right to demand supplementary compensation transferring the amount of contractual penalties to the amount of the actual damage suffered, arising or likely to arise in connection with non-performance or improper performance of the contract by the Contractor.
Other contractual conditions do not deviate from market standards.
The value of the offering exceeds the threshold of 196,030 thousand. PLN net.
Budimex in numbers
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Budimex Group’s order backlog at the end of 2023 (PLN billion )
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Budimex Group’s revenues in 2023 (PLN million )
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EBIT of the Budimex Group in 2023 (PLN M )
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completed construction contracts
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Michał Kielin
Head of Affairs Investor Relations and Analysis
Kamil Sochanek
Head of Affairs investor relations