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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 assets141 194128 40712 78710,0%
Intangible assets24 43024 566-137-0,6%
Investment property24 9303 90321 027538,7%
Trade and other long-term receivables7 0774 7132 36450,1%
Investments in entities measured using the equity method4 70811 221-6 513-58,0%
Deposits on contracts with customers21 12625 776-4 650-18,0%
Loans granted62 27152 6099 66218,4%

Derivative financial instrument assets

1680168
Deferred tax assets44 68943 2091 4803,4%
Total (long-term) fixed assets330 591 294 404 36 187 12,3%

Short-term current assets

Inventory406 648306 576100 07232,6%
Trade and other short-term receivables245 758251 456-5 698-2,3%
Deposits on contracts with customers19 32717 9561 3717,6%
Contractual assetsContractual assets233 82490 948142 876157,1%
Current tax receivables14 41088813 5231523,4%

Derivative financial instrument assets

707
Loans granted6 3091 0315 278511,9%
Cash and cash equivalents271 461264 0657 3962,8%
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 capital3 5073 50700,0%
Share premium account62 15462 15400,0%
Other reserves-1 290-10 1198 829-87,2%
Retained earnings (losses)244 175220 20123 97510,9%
Equity attributable to shareholders of the parent 308 546 275 742 32 803 11,9%
Equity attributable to non-controlling interests68 46754 99413 47424,5%
Total equity 377 013 330 736 46 277 14,0%

Long-term liabilities

Trade and other long-term liabilities2 0098151 194146,6%
Loans, borrowings and other financial liabilities – long-term100 10869 81330 29543,4%
Long-term lease liabilities39 81325 68214 13155,0%
Derivative financial instrument liabilities4 6593 0641 59552,1%
Long-term provisions58 54540 35118 19445,1%
Deposits on contracts with customers51 62354 230-2 607-4,8%
Deferred tax provisions1 18210 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 liabilities269 506261 2738 2333,2%
Contractual liabilities295 417152 491142 92793,7%
Deposits on contracts with customers47 56149 462-1 902-3,8%
Loans, borrowings and other financial liabilities – short-term59 00736 27022 73762,7%
Short-term lease liabilities28 16727 7843831,4%
Derivative financial instrument liabilities7 3189 949-2 631-26,4%
Current income tax liabilities10 5465 8794 66679,4%
Short-term provisions175 862149 49126 37117,6%
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 – 31.12.202101.01 – 31.12.2020ChangeChange [%]
Revenue from contracts with customers1 712 3901 682 33730 0531,8%
Costs of products, goods and materials sold 1 578 725 1 543 610 35 116 2,3%
Gross profit (loss) on sales133 665138 727-5 063-3,6%
Selling costs14 24114 830-589-4,0%
General administrative costs61 14356 4544 6908,3%
Other operating revenue19 5447 26712 277168,9%
Other operating expenses16 34514 9191 4279,6%
Profit (loss) on operating activities 61 480 59 792 1 687 2,8%
Financial revenue7 1656 8173485,1%
Financial expenses12 77214 494-1 722-11,9%
Expected credit losses2 58213 054-10 471-80,2%
Share in net profits (losses) of subsidiaries measured using the equity method5 82515 542-9 717-62,5%
Profit (loss) before tax 59 115 54 604 4 512 8,3%
Income tax11 98317 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 – 31.12.202101.01 – 31.12.2020
CASH FLOWS FROM OPERATING ACTIVITIES
I. Gross profit (loss)59 11554 604
II. Total adjustments:-29 35778 563
1. Amortisation and depreciation21 95818 492
2. Foreign exchange gains (losses)155-313
3. Interest and profit sharing (dividend)2 5923 396
4. Profit (loss) on investing activities-8 646-14 758
5. Change in provisions35 78422 089
6. Change in inventories-107 42822 167
7. Change in receivables-133 80211 229
8. Change in short-term liabilities excluding financial liabilities156 42416 312
9. Other adjustments3 605-52
Cash from operating activities29 758133 167
10. Income tax paid/refunded-32 770-11 861
Net cash from operating activities-3 012121 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 assets3 9751 466
Proceeds from sales of investments accounted for using the equity method4 2267 199
Acquisition of shares in investments accounted for using the equity method-6 025-6 650
Interest received2 7662 729
Dividend received8 68114 567
Loans repaid by third parties021
Loans granted to third parties-14 943-7 886
Loans granted to related entities-980-211
Other (including exercise of derivative instruments)-867105
Net cash from investing activities-11 153-7 341
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans, borrowings, bonds and bills of exchange120 87668 408
Repayment of loans, borrowings, bonds and bills of exchange-68 433-57 307
Acquisition of own shares0-13 850
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 activities21 685-28 429
NET CHANGE IN CASH EXCLUDING EXCHANGE RATE DIFFERENCES7 51985 536
Exchange rate differences-12351
Net change in cash7 39685 587
OPENING BALANCE OF CASH FLOWS264 065178 478
CLOSING BALANCE OF CASH FLOWS271 461264 065
including restricted cash61 25981 522
Consolidated statement of changes in equity
PLN thousandShare capitalOther reservesShare premium accountRetained profitEquity attributable to owners of the parentEquity of non-controlling shareholdersTotal equity
As of 31/12/20213 50749162 154204 687270 8385 890276 728
Adjustment of an error-776-77649 17848 402
As of 01/01/20213 50749162 154203 911270 06255 068325 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 22737 227-7437 153
Accumulated other comprehensive income-10 610-10 610-10 610
Comprehensive income-10 61037 22726 617-7426 543
Changes in equity-10 61016 2905 680-745 606
As of 31/12/20213 507-10 11962 154220 201275 74254 994330 736

COMPANY STATEMENT OF FINANCIAL POSITION

PLN thousand, as of
31.12.202131.12.2020ChangeChange [%]
ASSETS
Long-term fixed assets
Fixed assets55 37546 1789 19719,9%
Intangible assets8 7508 720300,3%
Investments in subsidiaries159 673159 67300,0%
Investments in jointly controlled entities8800,0%
Deposits on contracts with customers26 53329 201-2 667-9,1%
Loans granted70 55529 77740 778136,9%
Trade and other long-term receivables5 6213 7791 84248,7%
Deferred tax assets28 59530 753-2 158-7,0%
Total (long-term) fixed assets355 110308 08947 02115,3%
Short-term current assets
Inventory19 90614 6045 30236,3%
Trade and other short-term receivables180 162206 817-26 655-12,9%
Deposits on contracts with customers24 66220 3314 33121,3%
Contractual assets90 17247 21742 95591,0%
Current tax receivables13 12413812 9869380,0%
Derivative financial instrument assets707
Loans granted48 28133 40914 87244,5%
Cash and cash equivalents107 168182 789-75 621-41,4%
Current assets other than those held for sale or distribution to owners483 483505 306-21 823-4,3%
Total (short-term) current assets483 483505 306-21 823-4,3%
TOTAL ASSETS838 593813 39525 1983,1%
LIABILITIES
Shareholders’ equity
Share capital3 5073 50700,0%
Share premium account62 15462 15400,0%
Other reserves31 73826 4795 25819,9%
Retained earnings (losses)111 753104 4237 3307,0%
Equity attributable to shareholders of the parent209 152196 56312 5896,4%
Total equity209 152196 56312 5896,4%
Long-term liabilities
Loans, borrowings and other financial liabilities – long-term96 29733 04763 250191,4%
Long-term lease liabilities27 40718 6528 75546,9%
Long-term derivative financial instrument liabilities02 321-2 321-100,0%
Long-term provisions37 03033 0323 99812,1%
Deposits on contracts with customers48 45952 171-3 712-7,1%
Total long-term liabilities209 193139 22369 97150,3%
Short-term liabilities
Trade and other short-term liabilities193 726191 3152 4111,3%
Contractual liabilities19 05371 699-52 646-73,4%
Deposits on contracts with customers41 11245 728-4 616-10,1%
Loans, borrowings and other financial liabilities – short-term23 97531 079-7 104-22,9%
Short-term lease liabilities7 8787 2646138,4%
Short-term derivative financial instrument liabilities2 0371 54149632,2%
Current income tax liabilities43 384-3 380-99,9%
Short-term provisions132 463125 6006 8635,5%
Short-term liabilities other than those related to assets held for sale420 248477 609-57 361-12,0%
Total short-term liabilities420 248477 609-57 361-12,0%
Total liabilities629 441616 83212 6092,0%
TOTAL LIABILITIES838 593813 39525 1983,1%
Company income statement
OPERATING ACTIVITIESPLN thousand
01.01 – 31.12.202101.01 – 31.12.2021ChangeChange [%]
Revenue from contracts with customers1 254 6831 268 273-13 589-1,1%
Costs of products, goods and materials sold1 197 0921 188 0389 0540,8%
Gross profit (loss) on sales57 59180 235-22 644-28,2%
General administrative costs45 30142 2073 0947,3%
Other operating revenue3 2845 903-2 619-44,4%
Other operating expenses4 2217 389-3 168-42,9%
Profit (loss) on operating activities11 35436 542-25 188-68,9%
Financial revenue17 02112 0364 98541,4%
Financial expenses6 07512 294-6 218-50,6%
Expected credit losses1 98812 992-11 004-84,7%
Profit (loss) before tax20 31223 293-2 980-12,8%
Income tax3 5116 531-3 020-46,2%
Net profit (loss) on continued operations16 80216 762400,2%
Net profit (loss) 16 80216 762400,2%
Company cash flow statement
PLN thousand
01.01 – 31.12.202101.01 – 31.12.2020
I. Gross profit (loss)20 31223 293
II. Total adjustments:-62 40162 661
1. Amortisation and depreciation13 77212 008
2. Foreign exchange gains (losses)479
3. Interest and profit sharing (dividend)-9 772-4 622
4. Profit (loss) on investing activities151 450
5. Change in provisions11 5848 133
6. Change in inventories-5 3024 080
7. Change in receivables-17 49139 910
8. Change in short-term liabilities excluding financial liabilities-58 7081 508
9. Other adjustments3 498116
Cash from operating activities-42 08985 953
10. Income tax paid/refunded-18 417-5 712
Net cash from operating activities-60 50680 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 assets3 8701 181
Interest received3 9513 688
Dividend received8 7875 858
Loans repaid by related entities55 77421 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 exchange100 0572 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 activities31 196-38 626
NET CHANGE IN CASH EXCLUDING EXCHANGE RATE DIFFERENCES-75 64940 205
Exchange rate differences2863
Net change in cash-75 62140 267
OPENING BALANCE OF CASH FLOWS182 789142 522
CLOSING BALANCE OF CASH FLOWS107 168182 789
including restricted cash17 94919 810
Company statement of changes in equity
PLN thousandShare capitalOther reservesShare premium accountRetained earningsTotal equity
FOR THE PERIOD FROM 01/01/2021 TO 31/12/2021
Opening balance of equity3 50729 40762 154108 456203 524
Dividend recognised as payments to owners-6 946-6 946
Incentive scheme-13 850-13 850
Current year earnings (losses)16 76216 762
Other comprehensive income-2 928-2 928
Comprehensive income-2 92816 76213 834
Changes in equity-2 928-4 033-6 961
Closing balance of equity3 50726 47962 154104 423196 563
PLN thousandShare capitalOther reservesShare premium accountRetained earningsTotal equity
FOR THE PERIOD FROM 01/01/2021 TO 31/12/2021
Opening balance of equityu3 50726 47962 154104 423196 563
Dividend recognised as payments to owners-9 471-9 471
Incentive scheme3 2823 282
Current year earnings (losses)16 80216 802
Other comprehensive income1 9761 976
Comprehensive income 1 97616 80218 778
Changes in equity5 2587 33012 589
Closing balance of equity3 50731 73862 154111 753209 152
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