Financial Position of Budimex Group
Contingent liabilities and receivables of the Budimex Group
Guarantees, sureties and other contingent liabilities and receivables:
| (PLN thousand) | 31.12.2014 | 31.12.2013 |
|---|---|---|
| Contingent receivables | 325 382 | 366 233 |
| From related parties, due to: | - | - |
| - guarantees and sureties received | - | - |
| - promissory notes received as security | - | - |
| From other entities, due to: | 325 296 | 366 233 |
| - guarantees and sureties received | 316 777 | 353 159 |
| - promissory notes received as security | 8 519 | 13 074 |
| Other contingent receivables, due to: | 86 | - |
| - other off-balance-sheet receivables | 86 | - |
| Contingent liabilities | 2 182 718 | 1 652 986 |
| To related parties, due to: | 5 456 | 3 566 |
| - guarantees and sureties issued | 5 456 | 3 566 |
| - promissory notes issued as security | - | - |
| To other entities, due to: | 2 041 782 | 1 506 240 |
| - guarantees and sureties issued | 2 035 036 | 1 497 507 |
| - promissory notes issued as security | 6 746 | 8 733 |
| Other contingent liabilities, due to: | 135 480 | 143 180 |
| - other off-balance-sheet liabilities | 135 480 | 143 180 |
| Total contingent liabilities and receivables | (1 857 336) | (1 286 753) |
Contingent receivables arising from guarantees and sureties represent guarantees issued by banks or other entities in favour of Budimex Group companies serving as security for the Group’s claims against business partners in connection with executed construction contracts.
Contingent liabilities arising from guarantees and sureties represent guarantees issued by banks to business partners of Group companies to secure their claims against Group companies that may arise on the grounds of executed construction contracts. The banks are entitled to recourse claims against Group companies under these guarantees.
Other contingent liabilities include among others voluntary acceptance of enforcement constituting a security of payment up to the amount of PLN 135,010 thousand due and payable in the case of improper performance of obligations by Budimex SA under the acquisition agreement concerning shares of Przedsiębiorstwo Napraw Infrastruktury Sp. z o.o.
The table below shows sureties for bank loans and borrowings, as well as guarantees issued by Budimex SA or its subsidiaries as at 31 December 2014:
| Name of the company issuing a surety for a loan or borrowing or issuing a guarantee |
Name of the (company) entity which received sureties or guarantees |
Total value of loans or borrowings for which guarantee or surety was issued for the full amount or a specified part |
Period for which sureties or guarantees were issued |
Financial terms on which sureties or guarantees were issued |
Nature of relationship existing between BUDIMEX SA and the entity that incurred the loan or borrowing |
|---|---|---|---|---|---|
| Budimex SA | Mostostal Kraków SA | 76 273 | 2021-10-21 | against charge | subsidiary |
| Budimex SA | Budimex Nieruchomości Sp. z o.o. | 25 452 | 2017-07-15 | free of charge | subsidiary |
| Budimex SA | Budimex Parking Wrocław Sp. z o.o. | 206 | 2017-08-31 | free of charge | subsidiary |
| Budimex SA | Budimex Bau GmbH | 82 | 2015-06-30 | free of charge | subsidiary |
| Budimex SA | Budimex Budownictwo Sp. z o.o. | 51 747 | 2023-01-31 | free of charge | subsidiary |
| Budimex SA | FBSerwis SA | 4 193 | 2018-11-16 | against charge | associate |
| Budimex Budownictwo Sp. z o.o. | FBSerwis SA | 1 263 | 2018-11-16 | against charge | associate |
| TOTAL | 159 216 | ||||
