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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