Key results
As at 31 December 2021, the consolidated value of the Unibep Group’s assets increased by PLN 301,013 thousand compared to the end of December 2020. This was due to an increase in the value of fixed assets by approximately 12.3% (PLN 36,187 thousand) and an increase in the value of current assets by 28% (PLN 264,826 thousand).
Fixed assets:
The change in the value of fixed assets as of 31 December 2021 compared to 31 December 2020 was first and foremost due to the following:
- an increase in the value of investment property by PLN 21,027 thousand,
- an increase in the value of fixed assets by PLN 12,787 thousand,
- a decrease in investments in entities measured using the equity method by PLN 6,513 thousand
Current assets:
The increase in current assets was mainly due to:
- a decrease in the value of contractual assets by PLN 142,876 thousand,
- an increase in the value of inventories by PLN 100,072 thousand,
- an increase in the value of current tax receivables by PLN 13,523 thousand,
Liabilities:
The changes in liabilities resulted from:
- an increase in equity by PLN 46,277 thousand,
- an increase in long-term liabilities by PLN 53,951 thousand, where the most significant changes involved:
- an increase in loans, borrowings and other financial liabilities by PLN 30,295 thousand,
- an increase in long-term provisions by PLN 18,194 thousand,
- an increase in lease liabilities by PLN 14,131 thousand,
- a decrease in deferred tax provisions by PLN 8,851 thousand,
- an increase in short-term liabilities by PLN 200,784 thousand, where the most significant changes involved:
- an increase in contractual liabilities by PLN 142,927 thousand,
- an increase in short-term provisions by PLN 26,371 thousand,
- an increase in loans, borrowings and other financial liabilities by PLN 22,737 thousand.
MOST OF THE FINANCIAL INDICATORS OF UNIBEP GROUP WERE AT A SIMILAR OR SLIGHTLY HIGHER LEVEL IN 2021 COMPARED TO THE PREVIOUS YEAR.
Profitability increased, both at the EBIT and net profit levels. The return on equity ratio (ROE) remains at a good level (13.32%), its value increased by 1.99 p.p. compared to the previous year. In 2021, the Group’s sales revenue maintained the previous year’s level (an increase of 2%).
The previous year’s level (an increase of 2%). By segment, revenue growth compared to 2020 was demonstrated by all segments except for a slight decrease in residential and commercial construction. Taking gross profit on sales as a criterion, the performance was improved in comparison with the previous year by property development activity and modular construction.
In 2021, selling costs remained at a similar level (a decrease of 4% compared to 2020), which is related to the expansion of property development activity and the launch of new projects. General administrative costs increased by approximately 8%. Significantly, the level and profitability of EBIT exceeded the ratios of 2020.
At the Parent Company level, net profit was at the previous year’s level, with a slight 1 per cent decrease in sales. Cash at the end of the year at a high level of PLN 107,168 thousand, with negative cash flows from operating activities of minus PLN 60,506 thousand.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| PLN thousand, as of | ||||||
| 31.12.2021 | 31.12.2020 | Change | Change [%] | |||
| ASSETS | ||||||
| Long-term fixed assets | ||||||
| Fixed assets | 141 194 | 128 407 | 12 787 | 10,0% | ||
| Intangible assets | 24 430 | 24 566 | -137 | -0,6% | ||
| Investment property | 24 930 | 3 903 | 21 027 | 538,7% | ||
| Trade and other long-term receivables | 7 077 | 4 713 | 2 364 | 50,1% | ||
| Investments in entities measured using the equity method | 4 708 | 11 221 | -6 513 | -58,0% | ||
| Deposits on contracts with customers | 21 126 | 25 776 | -4 650 | -18,0% | ||
| Loans granted | 62 271 | 52 609 | 9 662 | 18,4% | ||
Derivative financial instrument assets | 168 | 0 | 168 | |||
| Deferred tax assets | 44 689 | 43 209 | 1 480 | 3,4% | ||
| Total (long-term) fixed assets | 330 591 | 294 404 | 36 187 | 12,3% | ||
Short-term current assets | ||||||
| Inventory | 406 648 | 306 576 | 100 072 | 32,6% | ||
| Trade and other short-term receivables | 245 758 | 251 456 | -5 698 | -2,3% | ||
| Deposits on contracts with customers | 19 327 | 17 956 | 1 371 | 7,6% | ||
| Contractual assetsContractual assets | 233 824 | 90 948 | 142 876 | 157,1% | ||
| Current tax receivables | 14 410 | 888 | 13 523 | 1523,4% | ||
Derivative financial instrument assets | 7 | 0 | 7 | |||
| Loans granted | 6 309 | 1 031 | 5 278 | 511,9% | ||
| Cash and cash equivalents | 271 461 | 264 065 | 7 396 | 2,8% | ||
| Current assets other than those held for sale or distribution to owners | 1 197 745 | 932 919 | 264 826 | 28,4% | ||
| Total (short-term) current assets | 1 197 745 | 932 919 | 264 826 | 28,4% | ||
| TOTAL ASSETS | 1 528 336 | 1 227 323 | 301 013 | 24,5% | ||
LIABILITIES | ||||||
Shareholders’ equity | ||||||
| Share capital | 3 507 | 3 507 | 0 | 0,0% | ||
| Share premium account | 62 154 | 62 154 | 0 | 0,0% | ||
| Other reserves | -1 290 | -10 119 | 8 829 | -87,2% | ||
| Retained earnings (losses) | 244 175 | 220 201 | 23 975 | 10,9% | ||
| Equity attributable to shareholders of the parent | 308 546 | 275 742 | 32 803 | 11,9% | ||
| Equity attributable to non-controlling interests | 68 467 | 54 994 | 13 474 | 24,5% | ||
| Total equity | 377 013 | 330 736 | 46 277 | 14,0% | ||
Long-term liabilities | ||||||
| Trade and other long-term liabilities | 2 009 | 815 | 1 194 | 146,6% | ||
| Loans, borrowings and other financial liabilities – long-term | 100 108 | 69 813 | 30 295 | 43,4% | ||
| Long-term lease liabilities | 39 813 | 25 682 | 14 131 | 55,0% | ||
| Derivative financial instrument liabilities | 4 659 | 3 064 | 1 595 | 52,1% | ||
| Long-term provisions | 58 545 | 40 351 | 18 194 | 45,1% | ||
| Deposits on contracts with customers | 51 623 | 54 230 | -2 607 | -4,8% | ||
| Deferred tax provisions | 1 182 | 10 034 | -8 851 | -88,2% | ||
| Total long-term liabilities | 257 940 | 203 988 | 53 951 | 26,4% | ||
Short-term liabilities | ||||||
| Trade and other short-term liabilities | 269 506 | 261 273 | 8 233 | 3,2% | ||
| Contractual liabilities | 295 417 | 152 491 | 142 927 | 93,7% | ||
| Deposits on contracts with customers | 47 561 | 49 462 | -1 902 | -3,8% | ||
| Loans, borrowings and other financial liabilities – short-term | 59 007 | 36 270 | 22 737 | 62,7% | ||
| Short-term lease liabilities | 28 167 | 27 784 | 383 | 1,4% | ||
| Derivative financial instrument liabilities | 7 318 | 9 949 | -2 631 | -26,4% | ||
| Current income tax liabilities | 10 546 | 5 879 | 4 666 | 79,4% | ||
| Short-term provisions | 175 862 | 149 491 | 26 371 | 17,6% | ||
| Short-term liabilities other than those related to assets held for sale | 893 383 | 692 599 | 200 784 | 29,0% | ||
| Total short-term liabilities | 893 383 | 692 599 | 200 784 | 29,0% | ||
| Total liabilities | 1 151 323 | 896 587 | 254 736 | 28,4% | ||
| TOTAL LIABILITIES | 1 528 336 | 1 227 323 | 301 013 | 24,5% | ||
Consolidated income statement
| OPERATING ACTIVITIES | PLN thousand | |||||
| 01.01 – 31.12.2021 | 01.01 – 31.12.2020 | Change | Change [%] | |||
| Revenue from contracts with customers | 1 712 390 | 1 682 337 | 30 053 | 1,8% | ||
| Costs of products, goods and materials sold | 1 578 725 | 1 543 610 | 35 116 | 2,3% | ||
| Gross profit (loss) on sales | 133 665 | 138 727 | -5 063 | -3,6% | ||
| Selling costs | 14 241 | 14 830 | -589 | -4,0% | ||
| General administrative costs | 61 143 | 56 454 | 4 690 | 8,3% | ||
| Other operating revenue | 19 544 | 7 267 | 12 277 | 168,9% | ||
| Other operating expenses | 16 345 | 14 919 | 1 427 | 9,6% | ||
| Profit (loss) on operating activities | 61 480 | 59 792 | 1 687 | 2,8% | ||
| Financial revenue | 7 165 | 6 817 | 348 | 5,1% | ||
| Financial expenses | 12 772 | 14 494 | -1 722 | -11,9% | ||
| Expected credit losses | 2 582 | 13 054 | -10 471 | -80,2% | ||
| Share in net profits (losses) of subsidiaries measured using the equity method | 5 825 | 15 542 | -9 717 | -62,5% | ||
| Profit (loss) before tax | 59 115 | 54 604 | 4 512 | 8,3% | ||
| Income tax | 11 983 | 17 451 | -5 468 | -31,3% | ||
| Net profit (loss) on continued operations | 47 133 | 37 153 | 9 980 | 26,9% | ||
| Net profit (loss) | 47 133 | 37 153 | 9 980 | 26,9% | ||
Consolidated cash flow statement
| PLN thousand | ||
| 01.01 – 31.12.2021 | 01.01 – 31.12.2020 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| I. Gross profit (loss) | 59 115 | 54 604 |
| II. Total adjustments: | -29 357 | 78 563 |
| 1. Amortisation and depreciation | 21 958 | 18 492 |
| 2. Foreign exchange gains (losses) | 155 | -313 |
| 3. Interest and profit sharing (dividend) | 2 592 | 3 396 |
| 4. Profit (loss) on investing activities | -8 646 | -14 758 |
| 5. Change in provisions | 35 784 | 22 089 |
| 6. Change in inventories | -107 428 | 22 167 |
| 7. Change in receivables | -133 802 | 11 229 |
| 8. Change in short-term liabilities excluding financial liabilities | 156 424 | 16 312 |
| 9. Other adjustments | 3 605 | -52 |
| Cash from operating activities | 29 758 | 133 167 |
| 10. Income tax paid/refunded | -32 770 | -11 861 |
| Net cash from operating activities | -3 012 | 121 307 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of fixed assets and intangible assets | -7 986 | -18 680 |
| Proceeds from disposal of fixed assets and intangible assets | 3 975 | 1 466 |
| Proceeds from sales of investments accounted for using the equity method | 4 226 | 7 199 |
| Acquisition of shares in investments accounted for using the equity method | -6 025 | -6 650 |
| Interest received | 2 766 | 2 729 |
| Dividend received | 8 681 | 14 567 |
| Loans repaid by third parties | 0 | 21 |
| Loans granted to third parties | -14 943 | -7 886 |
| Loans granted to related entities | -980 | -211 |
| Other (including exercise of derivative instruments) | -867 | 105 |
| Net cash from investing activities | -11 153 | -7 341 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from loans, borrowings, bonds and bills of exchange | 120 876 | 68 408 |
| Repayment of loans, borrowings, bonds and bills of exchange | -68 433 | -57 307 |
| Acquisition of own shares | 0 | -13 850 |
| Payment of liabilities under lease contracts | -14 104 | -10 839 |
| Interest paid | -7 010 | -7 600 |
| Dividend paid | -9 644 | -7 242 |
| Net cash from financing activities | 21 685 | -28 429 |
| NET CHANGE IN CASH EXCLUDING EXCHANGE RATE DIFFERENCES | 7 519 | 85 536 |
| Exchange rate differences | -123 | 51 |
| Net change in cash | 7 396 | 85 587 |
| OPENING BALANCE OF CASH FLOWS | 264 065 | 178 478 |
| CLOSING BALANCE OF CASH FLOWS | 271 461 | 264 065 |
| including restricted cash | 61 259 | 81 522 |
Consolidated statement of changes in equity
| PLN thousand | Share capital | Other reserves | Share premium account | Retained profit | Equity attributable to owners of the parent | Equity of non-controlling shareholders | Total equity |
| As of 31/12/2021 | 3 507 | 491 | 62 154 | 204 687 | 270 838 | 5 890 | 276 728 |
| Adjustment of an error | -776 | -776 | 49 178 | 48 402 | |||
| As of 01/01/2021 | 3 507 | 491 | 62 154 | 203 911 | 270 062 | 55 068 | 325 130 |
| Dividend recognised as payments to owners | -7 088 | -7 088 | -7 088 | ||||
| Purchase of own shares | -13 850 | -13 850 | -13 850 | ||||
| Profit (loss) | 37 227 | 37 227 | -74 | 37 153 | |||
| Accumulated other comprehensive income | -10 610 | -10 610 | -10 610 | ||||
| Comprehensive income | -10 610 | 37 227 | 26 617 | -74 | 26 543 | ||
| Changes in equity | -10 610 | 16 290 | 5 680 | -74 | 5 606 | ||
| As of 31/12/2021 | 3 507 | -10 119 | 62 154 | 220 201 | 275 742 | 54 994 | 330 736 |
COMPANY STATEMENT OF FINANCIAL POSITION
| PLN thousand, as of | ||||
| 31.12.2021 | 31.12.2020 | Change | Change [%] | |
| ASSETS | ||||
| Long-term fixed assets | ||||
| Fixed assets | 55 375 | 46 178 | 9 197 | 19,9% |
| Intangible assets | 8 750 | 8 720 | 30 | 0,3% |
| Investments in subsidiaries | 159 673 | 159 673 | 0 | 0,0% |
| Investments in jointly controlled entities | 8 | 8 | 0 | 0,0% |
| Deposits on contracts with customers | 26 533 | 29 201 | -2 667 | -9,1% |
| Loans granted | 70 555 | 29 777 | 40 778 | 136,9% |
| Trade and other long-term receivables | 5 621 | 3 779 | 1 842 | 48,7% |
| Deferred tax assets | 28 595 | 30 753 | -2 158 | -7,0% |
| Total (long-term) fixed assets | 355 110 | 308 089 | 47 021 | 15,3% |
| Short-term current assets | ||||
| Inventory | 19 906 | 14 604 | 5 302 | 36,3% |
| Trade and other short-term receivables | 180 162 | 206 817 | -26 655 | -12,9% |
| Deposits on contracts with customers | 24 662 | 20 331 | 4 331 | 21,3% |
| Contractual assets | 90 172 | 47 217 | 42 955 | 91,0% |
| Current tax receivables | 13 124 | 138 | 12 986 | 9380,0% |
| Derivative financial instrument assets | 7 | 0 | 7 | |
| Loans granted | 48 281 | 33 409 | 14 872 | 44,5% |
| Cash and cash equivalents | 107 168 | 182 789 | -75 621 | -41,4% |
| Current assets other than those held for sale or distribution to owners | 483 483 | 505 306 | -21 823 | -4,3% |
| Total (short-term) current assets | 483 483 | 505 306 | -21 823 | -4,3% |
| TOTAL ASSETS | 838 593 | 813 395 | 25 198 | 3,1% |
| LIABILITIES | ||||
| Shareholders’ equity | ||||
| Share capital | 3 507 | 3 507 | 0 | 0,0% |
| Share premium account | 62 154 | 62 154 | 0 | 0,0% |
| Other reserves | 31 738 | 26 479 | 5 258 | 19,9% |
| Retained earnings (losses) | 111 753 | 104 423 | 7 330 | 7,0% |
| Equity attributable to shareholders of the parent | 209 152 | 196 563 | 12 589 | 6,4% |
| Total equity | 209 152 | 196 563 | 12 589 | 6,4% |
| Long-term liabilities | ||||
| Loans, borrowings and other financial liabilities – long-term | 96 297 | 33 047 | 63 250 | 191,4% |
| Long-term lease liabilities | 27 407 | 18 652 | 8 755 | 46,9% |
| Long-term derivative financial instrument liabilities | 0 | 2 321 | -2 321 | -100,0% |
| Long-term provisions | 37 030 | 33 032 | 3 998 | 12,1% |
| Deposits on contracts with customers | 48 459 | 52 171 | -3 712 | -7,1% |
| Total long-term liabilities | 209 193 | 139 223 | 69 971 | 50,3% |
| Short-term liabilities | ||||
| Trade and other short-term liabilities | 193 726 | 191 315 | 2 411 | 1,3% |
| Contractual liabilities | 19 053 | 71 699 | -52 646 | -73,4% |
| Deposits on contracts with customers | 41 112 | 45 728 | -4 616 | -10,1% |
| Loans, borrowings and other financial liabilities – short-term | 23 975 | 31 079 | -7 104 | -22,9% |
| Short-term lease liabilities | 7 878 | 7 264 | 613 | 8,4% |
| Short-term derivative financial instrument liabilities | 2 037 | 1 541 | 496 | 32,2% |
| Current income tax liabilities | 4 | 3 384 | -3 380 | -99,9% |
| Short-term provisions | 132 463 | 125 600 | 6 863 | 5,5% |
| Short-term liabilities other than those related to assets held for sale | 420 248 | 477 609 | -57 361 | -12,0% |
| Total short-term liabilities | 420 248 | 477 609 | -57 361 | -12,0% |
| Total liabilities | 629 441 | 616 832 | 12 609 | 2,0% |
| TOTAL LIABILITIES | 838 593 | 813 395 | 25 198 | 3,1% |
Company income statement
| OPERATING ACTIVITIES | PLN thousand | |||
|---|---|---|---|---|
| 01.01 – 31.12.2021 | 01.01 – 31.12.2021 | Change | Change [%] | |
| Revenue from contracts with customers | 1 254 683 | 1 268 273 | -13 589 | -1,1% |
| Costs of products, goods and materials sold | 1 197 092 | 1 188 038 | 9 054 | 0,8% |
| Gross profit (loss) on sales | 57 591 | 80 235 | -22 644 | -28,2% |
| General administrative costs | 45 301 | 42 207 | 3 094 | 7,3% |
| Other operating revenue | 3 284 | 5 903 | -2 619 | -44,4% |
| Other operating expenses | 4 221 | 7 389 | -3 168 | -42,9% |
| Profit (loss) on operating activities | 11 354 | 36 542 | -25 188 | -68,9% |
| Financial revenue | 17 021 | 12 036 | 4 985 | 41,4% |
| Financial expenses | 6 075 | 12 294 | -6 218 | -50,6% |
| Expected credit losses | 1 988 | 12 992 | -11 004 | -84,7% |
| Profit (loss) before tax | 20 312 | 23 293 | -2 980 | -12,8% |
| Income tax | 3 511 | 6 531 | -3 020 | -46,2% |
| Net profit (loss) on continued operations | 16 802 | 16 762 | 40 | 0,2% |
| Net profit (loss) | 16 802 | 16 762 | 40 | 0,2% |
Company cash flow statement
| PLN thousand | ||
| 01.01 – 31.12.2021 | 01.01 – 31.12.2020 | |
| I. Gross profit (loss) | 20 312 | 23 293 |
| II. Total adjustments: | -62 401 | 62 661 |
| 1. Amortisation and depreciation | 13 772 | 12 008 |
| 2. Foreign exchange gains (losses) | 4 | 79 |
| 3. Interest and profit sharing (dividend) | -9 772 | -4 622 |
| 4. Profit (loss) on investing activities | 15 | 1 450 |
| 5. Change in provisions | 11 584 | 8 133 |
| 6. Change in inventories | -5 302 | 4 080 |
| 7. Change in receivables | -17 491 | 39 910 |
| 8. Change in short-term liabilities excluding financial liabilities | -58 708 | 1 508 |
| 9. Other adjustments | 3 498 | 116 |
| Cash from operating activities | -42 089 | 85 953 |
| 10. Income tax paid/refunded | -18 417 | -5 712 |
| Net cash from operating activities | -60 506 | 80 241 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of fixed assets and intangible assets | -6 236 | -5 567 |
| Proceeds from disposal of fixed assets and intangible assets | 3 870 | 1 181 |
| Interest received | 3 951 | 3 688 |
| Dividend received | 8 787 | 5 858 |
| Loans repaid by related entities | 55 774 | 21 000 |
| Loans granted to related entities | -111 580 | -27 384 |
| Other (including exercise of derivative instruments) | -906 | -187 |
| Net cash from investing activities | -46 339 | -1 411 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from loans, borrowings, bonds and bills of exchange | 100 057 | 2 625 |
| Repayment of loans, borrowings, bonds and bills of exchange | -44 150 | -6 740 |
| Acquisition of own shares | – | -13 850 |
| Payment of liabilities under lease contracts | -10 239 | -8 084 |
| Interest paid | -5 001 | -5 631 |
| Dividend paid | -9 471 | -6 946 |
| Net cash from financing activities | 31 196 | -38 626 |
| NET CHANGE IN CASH EXCLUDING EXCHANGE RATE DIFFERENCES | -75 649 | 40 205 |
| Exchange rate differences | 28 | 63 |
| Net change in cash | -75 621 | 40 267 |
| OPENING BALANCE OF CASH FLOWS | 182 789 | 142 522 |
| CLOSING BALANCE OF CASH FLOWS | 107 168 | 182 789 |
| including restricted cash | 17 949 | 19 810 |
Company statement of changes in equity
| PLN thousand | Share capital | Other reserves | Share premium account | Retained earnings | Total equity |
| FOR THE PERIOD FROM 01/01/2021 TO 31/12/2021 | |||||
| Opening balance of equity | 3 507 | 29 407 | 62 154 | 108 456 | 203 524 |
| Dividend recognised as payments to owners | -6 946 | -6 946 | |||
| Incentive scheme | -13 850 | -13 850 | |||
| Current year earnings (losses) | 16 762 | 16 762 | |||
| Other comprehensive income | -2 928 | -2 928 | |||
| Comprehensive income | -2 928 | 16 762 | 13 834 | ||
| Changes in equity | -2 928 | -4 033 | -6 961 | ||
| Closing balance of equity | 3 507 | 26 479 | 62 154 | 104 423 | 196 563 |
| PLN thousand | Share capital | Other reserves | Share premium account | Retained earnings | Total equity |
| FOR THE PERIOD FROM 01/01/2021 TO 31/12/2021 | |||||
| Opening balance of equityu | 3 507 | 26 479 | 62 154 | 104 423 | 196 563 |
| Dividend recognised as payments to owners | -9 471 | -9 471 | |||
| Incentive scheme | 3 282 | 3 282 | |||
| Current year earnings (losses) | 16 802 | 16 802 | |||
| Other comprehensive income | 1 976 | 1 976 | |||
| Comprehensive income | 1 976 | 16 802 | 18 778 | ||
| Changes in equity | 5 258 | 7 330 | 12 589 | ||
| Closing balance of equity | 3 507 | 31 738 | 62 154 | 111 753 | 209 152 |