Budimex Sa · GPW:BDX

Budimex Sa — FY2017 Earnings Presentation

20 slides from Budimex Sa's earnings presentation, 2018

  1. Slide 1: Investor Presentation FY'17 financial results

    sense of creating Investor Presentation FY’17 financial results

  2. Slide 2: Budimex Group structure

    Budimex Group structure FY’17 results summary FY’17 sales FY’17 EBIT (% Group sales) (% Group EBIT) Internal eliminations -353 M PLN + 5 M PLN 6 369 M PLN 588 M PLN -6% +1% Construction segment Developer segment Other activities 6 070 M PLN 506 M PLN 499 M PLN 65 M PLN 154 M PLN 12 7MM PLN PLN 95% 8

  3. Slide 3: FY'17 at a glance

    FY’17 at a glance FY’17 results summary  Solid net cash reaching 2,2 bn PLN (-0,4 bn y-o-y)  Top line at the level of 6,4 bn PLN (+14% y-o-y)  Excellent EBIT profitability at 9,2% (+0,2 pp. y-o-y)  Contracts signed amounting to impressive 7,3 bn PLN (+28% y-o-y)  1 457 flats presold by Budimex

  4. Slide 4: FY'17: record high sales

    FY’17: record high sales Group performance Sales 6 369 6 078 5 516 5 572 4 950 5 134 4 749 4 430 3 274 3 290 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 EBIT 3,3% 6,1% 7,5% 2,4% 3,0% 7,0% 5,0% 5,7% 9,1% 9,2% 588 505 331 333 292 247 201 182 108 135 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 All figures in M

  5. Slide 5: 4Q'17: strong bottom line driven by construction segment

    4Q’17: strong bottom line driven by construction segment FY’17 results summary 4Q'17 4Q'16 ∆ 4Q 4Q'17 ytd 4Q'16 ytd ∆ 4Q ytd Sales 1 816 1 453 363 6 369 5 572 797 y-o-y dynamics 25,0% 14,3% Gross margin 228 256 -28 810 751 59 % sales 12,6% 17,6% -5,1 pp. 12,7% 13,5% -0,8 pp. EBIT 162 196 -34 588 505

  6. Slide 6: FY'17 key performance indicators

    FY’17 key performance indicators FY’17 results summary Sales EBIT (% sales) Contracts signed Net cash +14% +16% +28% -359 M 7 285 2 596 6 369 5 572 2 237 588 5 691 Annual data 505 9,1% 9,2% '16 '17 '16 '17 '16 '17 12'16 12'17 +25% -17% +81% +52% 1 816 2 808 196 2 237 Quarterly data 1 453 162 13,5% 1

  7. Slide 7: FY'17 sales by segment

    FY’17 sales by segment FY’17 results summary Construction Developer 6 070 499 1 717 1 756 1 607 129 155 991 101 115 7% 11% 4% 29% 13% 29% 164% 88% -19% 43% 1Q'17 2Q'17 3Q'17 4Q'17 FY'17 1Q'17 2Q'17 3Q'17 4Q'17 FY'17 y-o-y dynamics Other activity Budimex Group 6 369 1 832 1 816 1 669 154 1 053 42 36

  8. Slide 8: FY'17 gross margin by segment

    FY’17 gross margin by segment FY’17 results summary Construction Developer 14,1% 9,8% 11,2% 11,4% 11,4% 19,4% 20,6% 20,8% 20,8% 20,5% 689 102 192 200 32 140 157 26 24 20 56% -7% 5% -10% 4% 4% 80% 78% -22% 25% 1Q'17 2Q'17 3Q'17 4Q'17 FY'17 1Q'17 2Q'17 3Q'17 4Q'17 FY'17 % sales Other activity y-o-y dy

  9. Slide 9: FY'17 EBIT by segment

    FY’17 EBIT by segment FY’17 results summary Construction Developer 9,6% 7,2% 8,6% 8,4% 8,3% 11,1% 15,5% 15,3% 8,6% 13,0% 506 65 147 148 95 116 11 20 24 10 116% 8% 15% -15% 12% -1% 171% 157% -48% 38% 1Q'17 2Q'17 3Q'17 4Q'17 FY'17 % sales 1Q'17 2Q'17 3Q'17 4Q'17 FY'17 Other activity y-o-y dynamics Bud

  10. Slide 10: Net cash evolution in Budimex Group

    Net cash evolution in Budimex Group Group results - 208 M dividend - 383 M dividend -156 M +301 M dividend -359 M +578 M 2 596 2 295 2 237 2 127 2 025 2 017 1 810 1 784 1 716 1 761 1 481 1 471 1 288 12'14 03'15 06'15 09'15 12'15 03'16 06'16 09'16 12'16 03'17 06'17 09'17 12'17 All figures in M PLN, u

  11. Slide 11: Construction: growth delivered by general construction

    Construction: growth delivered by general construction Construction segment Construction results (M PLN)  In 2017 construction revenues amounted to 6,1 bn PLN (+13% y-o-y) and gross margin FY'17 y-o-y dynamics profitability remained solid Sales 6 070 13%  Order backlog grew by 1,4 bn PLN mainly du

  12. Slide 12: Material prices evolution

    Material prices evolution Construction segment Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 160 160 140 140 140 125 120 120 100 100 80 80 60 60 4Q'10 4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 4Q'10 4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 1

  13. Slide 13: Contracts signed in Budimex Group

    Contracts signed in Budimex Group Construction segment 7 105 2% 7 285 170 209 3% 6 310 217 3% 12% 1 320 18% 758 5 691 8% 74 1% 2 070 29% 460 73 1% 2 039 32% 2 586 36% 2 766 49% 4 649 65% Share 3 439 55% 3 169 44% 2 392 42% 01-12'14 01-12'15 01-12'16 01-12'17 Infrastructure General construction Railw

  14. Slide 14: Backlog in Budimex Group

    Backlog in Budimex Group Construction segment 10 300 1 014 10% 8 930 8 421 13% 1 223 10% 1 149 12% 849 187 2% 136 2% 26% 6 107 1 894 22% 2 594 29% 2 726 14% 831 7% 442 2 068 34% 5 491 65% 5 051 57% 5 337 52% Share 2 765 45% 12'14 12'15 12'16 12'17 Infrastructure General construction Railway Industri

  15. Slide 15: Developer segment in 2017

    Developer segment in 2017 Developer segment Developer segment results (M PLN)  Strong improvement of top line by 43% y-o-y FY'17 y-o-y dynamics and stable operating profit profitability Sales 499 43%  Presales volume dropped by 10% y-o-y mainly Gross margin 102 25% due to lower contribution of „No

  16. Slide 16: Budimex Nieruchomosci offer

    Budimex Nieruchomosci offer Developer segment presold Offer as at 12’17 (number of flats) not presold 3 453 2 970 Tricity 44 Warsaw 102 483 2 732 Poznan 321 2 257 Cracow 254 475 713 721 8 Finished flats Under Total offer construction Under construction: 2 970 flats Land bank: 7 946 flats All figures

  17. Slide 17: Other activities segment

    Other activities segment Other activities segment Other activities segment results (M PLN) FY'17 y-o-y dynamics  In 2017 noted a y-o-y sales decrease mainly due Sales 154 -6% to lower volumes in Elektromontaz-Poznan Gross margin 21 2%  Gross margin profitability stood at a level of % sales 13,8% 1

  18. Slide 18: Budimex market value

    Budimex market value Budimex on Warsaw Stock Exchange Shareholding structure Ferrovial Group WSE symbol BDX 30,3% Number of shares 25 530 098 Aviva OFE 55,1% 52 week min/max 176 / 284 PLN NN OFE 5,4% 52 week average volume 11,6 ths. shares 9,2% Other Market value as of 31.12’17 7% 194% -22% -49% -7%

  19. Slide 19: Dividend payment history

    Dividend payment history Budimex on Warsaw Stock Exchange Dividends paid by Budimex 1 996 78,2 M PLN PLN per share Dividends per share paid by Budimex (PLN per share & dividend yield) 16,0 15,0 40,0% 14,0 11,9 12,0 11,0 30,0% 10,0 9,1 8,1 20,0% 8,0 6,8 13,5% 6,1 5,8 6,0 9,0% 8,4% 7,8% 6,6% 4,4 4,3%

  20. Slide 20: sense of creating

    budimex sense of creating

Budimex — FY2017 Earnings Presentation on 6ix