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      

 

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