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The Management Board and the Supervisory Board recommend to cover the losses brought forward totalling PLN 147,636 thousand from the supplementary capital, generated by the share premium, which as of 31 December 2012 was PLN 225,755 thousand. Once the loss has been covered, the supplementary capital, generated by the share premium will amount to PLN 78,119 thousand.
Sales declines in 2013 are not a surprise to the market. It's the year of the expected slowdown and waiting for a new EU budget for 2014-2020, which was finally approved in November of 2013.
In 2012, the Group reported record sales realized at the level of 6.078 million zł, more than 10% higher than the sales achieved in the corresponding period of 2011 despite the fact that construction and assembly production in the period fell by -1.1%.
In the third quarter of this year Budimex Group realized sales of 1.697 million zł, about 8% higher than the sales achieved in the corresponding period of 2011, mainly due to the consolidation of revenues PNI.
The Budimex Group owes this growth to the construction segment, particularly to the implementation of major road contracts. Sales in this segment increased in the comparable periods of up to over 56%.
This increase is mainly the result of the construction segment, whose sales increased in the comparable period of nearly 34%.
Justification for draft resolution No 168 of the Annual General Meeting on the distribution of profit for 2011.
This increase is the result of increased sales (about 36%) in the construction segment Budimex Group, which offset the decline in sales (almost 50%) in the property development segment, resulting from a significant decrease in 2010, the stock of finished apartments Budimex Real Estate. This company accounts sales revenue only upon the signing of the notarial deed of sale.
In the 9-month period ended 30 September 2011, the Budimex Group earned sales revenue of PLN 3,822.6 million, which represents an increase by 21% compared with the revenue earned in the same period of 2010.
In the first half of 2011, consolidated sales of Budimex amounted to nearly PLN 2,250 million and were nearly 30% higher than the sales earned in the corresponding period of 2010.
In the first quarter of this year. Budimex Group realized sales of nearly 798 million zł, therefore 38.2% higher than the sales achieved in the same period of 2010.
Justification for draft resolution No 161 of the Annual General Meeting on the distribution of profit for 2010 The Management Board and the Supervisory Board recommend allocation of the full amount of profit for 2010, increased by the amount of supplementary capital corresponding to the portion resulting from accumulated profits, for the dividend payment of PLN 9.08 gross per share, on the basis of the following: