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Summary of selected financial data

Definitions of alternative performance measures and methodologies for their calculation are presented below and are consistent with selected alternative performance measures presented historically. Information on the presented indicators is periodically monitored and presented in the next periodical reports.

Items in the income statement and cash flow statement were converted at an exchange rate of EUR 1 = PLN 4.5775 for the period from 01/01/2021 to 31/12/2021 and EUR 1 = PLN 4.4742 for the period from 01/01/2020 to 31/12/2020.

Balance sheet items were converted at an exchange rate of EUR 1 = PLN 4.5994 as at 31 December 2021, EUR 1 = PLN 4.6148 as at 31 December 2020.


PLN thousand, for the period
01.01 – 31.12.202101.01 – 31.12.2020
Net revenue from sales1 712 3901 682 337
(EBIT + depreciation and amortisation)
83 43878 285
EBIT (operating profit/loss)61 48059 792
Net profit47 13337 153
PLN thousand, for the period
01.01 – 31.12.202101.01 – 31.12.2020
Net revenue from sales374 089376 008
(EBIT + depreciation and amortisation)
18 22817 497
EBIT (operating profit/loss)13 43113 364
Net profit10 2978 304


PLN thousand, as ofEUR thousand, as of
Fixed assets330 591294 40471 87763 796
Current assets1 197 745932 919260 413202 158
Assets/Liabilities1 528 3361 227 323332 290265 954
Equity377 013330 73681 97071 669
Debt capital1 151 323896 587250 320194 285
Cash closing balance271 461264 06559 02157 221


PLN thousand, for the period EUR thousand, for the period
01.01 – 31.12.202101. 01 – 31.12.202001.01 – 31.12.202101.01 – 31.12.2020
Cash flows from operating activities-3 012121 307-65827 112
Cash flows from investing activities-11 153-7 341-2 437-1 641
Cash flows from financing activities21 685-28 4294 737-6 354
Total net cash flows7 51985 5361 64319 118


Indicator calculation principles

31.12.2021 31.12.2020
EBIT profitability= EBIT in the period/revenue from sales in the period3,59%3,55%
Return on sales (ROS)= net profit in the period/revenue from sales in the period2,75%2,21%
Return on equity (ROE)= net profit in the period/average equity in the period13,32%11,33%
General administrative costs to revenue ratio= general administrative costs in the period/revenue from sales in the period3,57%3,36%
Overall debt ratio= (long- and short-term liabilities) /total liabilities0,750,73
Current ratio= current assets/current liabilities1,341,35
Cash ratio= cash/current liabilities0,300,38

As expected by the Management Board, 2021 brought an improvement in the UNIBEP Group’s performance compared to 2020. Sales increased, albeit slightly, by around 2%. There was an improvement in net profit of approximately 27%. In terms of segments, nearly every segment recorded a growth in revenue growth compared to 2020. A slight decrease in sales was reported in residential and commercial construction.

The residential and commercial construction segment decreased its revenue compared to 2020 mainly as part of external sales (outside the Unibep Group), including those made as part of the export of services in eastern markets. However, sales to the company’s own developer, namely Unidevelopment Group companies, increased. Gross profit on sales, despite a decline in value and percentage terms, continued to be above 6%.

The infrastructure segment maintained sales relative to the previous year. Gross profit on sales, however, was lower in terms of amount and percentage. Earlier, i.e. in 2020, important contracts signed in earlier periods – highly profitable contracts – were implemented and completed. The current implementation partly illustrates market realities and the lower profitability of the segment. New contracts acquired in the “design and build” formula will affect the profitability of the business in future periods.

Once again, a significant increase in sales and at the same time with a much higher gross profit on sales was recorded by the property development business segment. Gross profitability on sales was at a similar level as in the previous year, i.e. 23%. Some of the projects and their effects are disclosed in financing activities – this applies to projects carried out as joint ventures. The increase in revenue and profit was also due to a change in the presentation of the Fama development project – originally recognised with minority rights. However, once the full voting rights have been identified, we present the project in full.

The efficiency of the modular construction segment in the performance for 2021 is lower than the assumptions and its capabilities. However, with significantly higher sales compared to 2020, a positive gross profit on sales was achieved. Despite the Covid-19 restrictions, the production of modules was not suspended. The company incurred costs related to the pandemic – these related to the factory, construction and logistics (purchasing, transport) areas. In 2021, the company identified constraints in the availability of materials, experienced a very dynamic increase in the prices of strategic materials used during production – structural timber. Recently, it has also had to contend with rising transport prices and closed markets (Norway). The company is happy to have been able to implement its strategy of geographical diversification into theNorwegian, German, Swedish and Polish markets.

Liquidity ratios are at a safe level. The Group’s situation with respect to cash flow is stable.

The 2021 performance shows stability in the Group’s general administrative costs, although they increased year-on-year. The systematic approach to their planning and control makes them predictable. The general administrative costs to revenue ratio is over 3.5%.

The main factors underlying the performance for 2021:

  • building a historic order portfolio in terms of sales for 2022 with potential for 2023 in the field of residential and commercial construction in the domestic market,
  • good relations with Investors based on timeliness and workmanship standard, l
  • imitation of activities on the Belarusian market due to the unstable social and economic situation in that country,
  • settlement of the project implemented on the Ukrainian market in accordance with the assumptions,
  • lack of new contracts on eastern markets,
  • implementation of major infrastructure projects,
  • timely and budget-compliant execution of own development projects and projects carried out in the form of joint ventures,
  • acquisition of land for future development projects and building an offer for new business markets,
  • diversification of activities in the field of modular construction and winning contracts from four markets (Norway, Sweden, Germany, Poland),
  • incomplete utilisation of the production and sales potential of modular construction related to postponements in signing contracts with contractors,
  • disrupted supply chains, significant increases in transport costs resulting in lower productivity and efficiency,
  • budgetary discipline, strict cost and cash control in the execution nesses,
  • consistent supervision of the planning and settlement of the Group’s administrative costs, continuous supervision of fixed costs,
  • continuous improvement of production and organisational processes in all segments of the Group, including the back office,
  • good liquidity, access to external sources of financing,
  • continuous improvement of processes with the use of IT tools.

In addition to the internal factors, external factors were equally important for the company’s performance. The key external factors include:

  • the launch of a very large number of private (development) projects, suspended in previous periods,
  • an increasing number of public sector tenders in residential and commercial and infrastructure construction,
  • continued strong price competition on the domestic market (residential and commercial and infrastructure construction),
  • a huge increase in the prices of subcontractors, materials and labour,
  • an increasing shortage of workers and engineering staff,
  • the persistence of the Covid- 19 pandemic, operating during a period of increased sanitation regime and therefore the uncertainty of the current and future situation,
  • high NOK exchange rates, rising interest rates, record inflation.