02 March 2023

Unibep with sales growth in 2022

According to the estimated, unaudited data, Unibep generated approx. PLN 2 264 million in sales revenue on a consolidated basis in 2022, which indicates an approximate increase by 32% year-to-year. In the analysed period, the estimated net profit of the Group reached approx. PLN 31 million compared to PLN 47 million in the previous year.

The expected decrease in the consolidated net profit is primarily due to the inclusion of the net loss in the amount of PLN 36 million generated by the modular construction segment operating under Unihouse. Last year, this segment faced challenges such as investment slowdown, disrupted supply chains, and rising logistics and materials prices, all of which were consequences of the war in Ukraine. The Management Board of Unibep defines the above events as extraordinary and intermittent.

Business diversification is the strength of the Group

- Despite the demanding economic environment, primarily characterised by a significant inflation surge and geopolitical disturbances caused by the war in Ukraine, we maintained the positive sales trend in 2022. The sales increased by approximately 32% compared to the previous year. This can largely be attributed to excellent performance in the development segment, which took advantage of the favourable economic conditions and recovery observed in 2021. The sale of 635 premises in 2022 provides a solid foundation for achieving good results in the future periods. However, the building construction, power and industry construction, and infrastructure segment also contributed to the result, said Leszek Gołąbiecki, President of the Board of Unibep.

Our strength is business diversification. The Power and Industry segment is developing dynamically, primarily focusing on the energy sector, including the modernisation of boiler houses, power plants, heat plants, waste thermal conversion installations, and cogeneration plants. Currently, it is implementing thirteen projects across the country, and the backlog of orders for this business amounts to PLN 615 million. Recently, we have observed the active involvement of local governments in the modernisation of heat plants, added Leszek Gołąbiecki.

A stable situation also prevails in the remaining business segments of the Group. Currently, Unibep is implementing over 40 residential, office, and industrial investments across the whole country, primarily for private investors. However, the Group has noticed the great potential arising from cooperation with public entities, i.e., army, central authorities and self-government. The backlog of orders for this segment for 2023 and subsequent years is approx. PLN 1.5 billion. The current value of the backlog of orders for the upcoming years in the infrastructure sector is approx. PLN 950 million. And it is the infrastructure segment under which the 80-kilometre fence was constructed on the Polish-Belarussian border in 2022.

A significant increase in costs in Unihouse

The modular construction segment, functioning under Unihouse and concentrating on German and Scandinavian markets (Norway and Sweden), generated a net loss of PLN 36 million in 2022. This loss was a result of the significant increase in logistics and material prices, such as a 300% rise in the sea freight prices, as well as a slowdown in investments and disruptions in supply chains. Unplanned downtimes, in turn, caused a decrease in the utilisation of production capacity of the Unihouse manufacturing plant.

Unihouse is in constant dialogue with partners regarding the valuation of contracts. Initially, the talks with the investors indicated that they fully understood the situation that had occurred and were prepared to compensate Unihouse for the higher costs. However, until today, some of them have not confirmed the initial agreements. In view of the above, the Board of Unihouse has verified the previous assumptions regarding the recognition of additional revenue from agreements implemented in 2022, which was supposed to reflect the return of costs. As a result, the Board decided not to report the revenue in the part in which some investors did nor confirm the earlier arrangements. The non-uniform approach mentioned above, regarding the participation of ordering parties in the increased costs of implementing investments, constitutes, in the company’s view the basis for Unihouse to take action aimed at enforcing additional financial consideration under the concluded agreements, based on tools safeguarding the interests of Unihouse, including legal proceedings, and recognizing this revenue in subsequent periods.

The Company points out that it expects further growth of costs of planned works in this segment in 2023. However, considering the actions taken to secure new contracts in cooperation with longstanding partners and the receipt of additional payments for the aforementioned contracts, the Company does not anticipate a significant decrease in the net result for 2023.

The Management Board of Unibep perceives the situation of the modular construction segment in 2022 as extraordinary and intermittent, recognising at the same time the positive aspects of development of Unihouse.

 - We look at Unihouse with a broader perspective and strategically remain present in several markets, like Scandinavian and German. We are implementing projects with long-standing, reliable partners. Ecological trends in construction and the focus on energy efficiency of buildings, supported by European legislation, should drive the demand for investments in solutions offered by Unihouse, summarized Leszek Gołąbiecki.

The current value of the backlog of orders of Unihouse for implementation in 2023 and subsequent years is approx. PLN 225 million.

Detailed information on preliminary, estimated results of Unibep are available on the website www.unibep.pl in the “Investor Relations” tab.

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