The Group’s organisational structure, consolidated entities and changes in Group organisation

The main area of business activities of the Group are broadly understood construction and assembly services rendered in the system of general contracting at home and abroad, development activities, property management, and, to a limited extent, trading, production and transport.

The main area of business activity of Budimex SA (the “Company”) as the Parent Company is rendering construction and assembly services, development activities and rendering management and advisory services to other companies in the Budimex Group. Execution by Budimex SA of the advisory, management and financial functions serves to:

1. ensure a quick flow of information across the Group,
2. strengthen the efficiency of cash and financial management of individual companies,
3. strengthen the market position of the Group as a whole.

Changes in the Group’s organisation:

On 12 February 2016, the partnership deed of Budimex SA – Ferrovial Agroman SA 2 s.c. was signed. Budimex SA holds 95 per cent of the shares in this partnership, and Ferrovial Agroman SA holds the remaining 5 per cent.

On 25 February 2016, Budimex Inwestycje “Grunwald” SA was entered in the National Court Register. Budimex SA holds 100 per cent of the shares in this company.

On 9 March 2016, the partnership deed of Budimex SA – Cadagua SA III s.c. was signed. Budimex SA holds 60 per cent of the shares in this partnership, and Cadagua SA holds the remaining 40 per cent.

On 13 April 2016, Budimex SA Ferrovial Agroman (UK) Limited – Metro II Sp.j. was dissolved without liquidation and removed from the National Court Register due to the fact that the partnership had not commenced the planned business activities. Budimex SA held 40 per cent of the shares in this partnership.

On 14 April 2016, Poznańskie Przedsiębiorstwo Inwestycyjne Sp. z o.o. merged with Budimex Nieruchomości Sp. z o.o.

On 1 August 2016, the partnership deed of Budimex SA – Cadagua SA IV s.c. was signed. Budimex SA holds 60 per cent of the shares in this company, and Cadagua SA holds the remaining 40 per cent.

On 23 August 2016, Budimex SA – Cadagua SA s.c. was removed from the National Official Business Register. Budimex SA held 50 per cent of shares in this partnership.

On 14 October 2016, a resolution on the final liquidation of the company Tecpresa – Techniki Sprężania i Usługi
Dodatkowe Sp. z o.o. was adopted. The company was removed from the National Court Register on 15 December 2016.

On 7 December 2016, the partnership deed of Budimex SA – Cadagua SA V s.c. was signed. Budimex SA holds 60 per cent of the shares in this company, and Cadagua SA holds the remaining 40 per cent.

On 28 December 2016, the General Meeting of Shareholders of Budimex Autostrada A-1 SA (a subsidiary of Budimex Autostrada SA) adopted a resolution on the liquidation of the company.

In 2016, there were no changes in the management policies at the Budimex Group.

Presented below is a list of the subsidiaries and jointly controlled companies of the Budimex Group:

¹⁾ Poznańskie Przedsiębiorstwo Inwestycyjne Sp. z o.o. merged with Budimex Nieruchomości Sp. z o.o. on 14 April 2016. This transaction had no impact on the consolidated financial statements of the Budimex Group.
²⁾ On 28 December 2016, the General Meeting of Shareholders of Budimex Autostrada A-1 SA adopted a resolution on the liquidation of the company.
³⁾ Budimex Inwestycje “Grunwald” SA was entered in the National Court Register on 25 February 2016.

A list of the jointly controlled companies of the Budimex Group:

¹⁾ The partnership was established on 12 February 2016.
²⁾ The partnership was established on 9 March 2016.
³⁾ The partnership was established on 1 August 2016.
⁴⁾ The partnership was established on 7 December 2016.
⁵⁾ The partnership was liquidated on 23 August 2016.
⁶⁾ The partnership was dissolved without liquidation and removed from the National Court Register on 13 April 2016.
⁷⁾ The company was established on 14 October 2016. It was removed from the National Court Register on 15 December 2016.