Budimex Sa · GPW:BDX
Budimex Sa — Q3 2012 Earnings Presentation
17 slides from Budimex Sa's earnings presentation, 2012
Slide 1: Investor presentation 3Q'12 financial results
Investor presentation 3Q’12 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group Construction segment Developer segment Other activities © Strategic Analyses Office 2
Slide 3: Construction market climate
Construction market climate Further market climate deterioration observed on Construction market climate index (’12 vs. ’11) the market 15 3 4 2 5 1 Dynamics of construction production sold is -1 -4 -5 -5 -9 -8 diminishing (-18% y-o-y drop in September*) -12 -10 -10 -15 -14 -14 -15 -16 -15 -21 -20 -
Slide 4: 3Q'12 ytd results (M PLN)
3Q’12 ytd results (M PLN) Sales Operating profit Net profit +20% y-o-y -54% y-o-y -60% y-o-y Backlog Contracts signed Net cash (as at 30.09’12) (as at 30.09’12) -17% y-o-y -53% y-o-y -19% y-o-y © Strategic Analyses Office 4
Slide 5: Sales by segments, quarterly (M PLN)
Sales by segments, quarterly (M PLN) Construction Developer 1 713 1 599 1 044 56% 23% 5% 52 42 32 -75% 1% 53% 1Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 y-o-y dynamics Other activity Budimex Group 1 800 1 697 1 083 92 82 59 36% 24% 8% 53% 35% 19% 1Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 © Strategic Analyses Off
Slide 6: EBIT by segments, quarterly (M PLN)
EBIT by segments, quarterly (M PLN) Construction Developer 2,9% 0,5% 2,6% 5,9% 14,9% 10,3% 41 31 9 8 4 2 1Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 % sales Other activity Budimex Group 16,4% 3,9% 11,0% 3,4% 1,1% 3,1% 53 37 19 10 10 3 1Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 © Strategic Analyses Office 6
Slide 7: Net cash (M PLN)
Net cash (M PLN) 3Q: +244 M PLN 3Q: +412 M PLN 1 776 1745 1 688 1 576 1 052 1022 964 860 820 889 696 645 752 718 415 305 -31 -30 -51 -75 -112 -108 -110 -102 12 '10 03'11 06'11 09'11 12'11 03'12 06'12 09'12 Cash Debt Net cash © Strategic Analyses Office 7
Slide 8: Construction segment in 3Q'12 ytd
Construction segment in 3Q’12 ytd Construction segment results (M PLN) Despite a 7% q-o-q drop in 3Q’12, core segment 3Q'12 ytd y-o-y dynamics maintained positive y-o-y sales dynamics Sales 4 357 22% Operating profit 80 -62% Gross margin in 3Q’12 was under pressure due % sales 1,8% -4,0 pp. to reali
Slide 9: Backlog (M PLN)
Backlog (M PLN) 8 567 8 109 6 896 2 004 6 934 6 356 39 1% 23% 1 912 24% 166 3% 1 775 1 851 26% 27% 2 435 1 875 28% 2 479 29% 31% 2 090 74% 30% 1 796 28% 5 082 48% 46% Share 4 128 3 717 43% 40% 2 992 2 519 12'10 12'11 03'12 06'12 09'12 Infrastructure General construction Railway Industrial © Strategi
Slide 10: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data 3Q ytd data 5 376 39 1% 5 297 4 501 698 13% 1 876 4 203 35% 1 270 698 28% 2 410 46% 1 962 2 036 168 3 231 3 461 65 Share 852 72% 64% 2 188 41% 1 469 878 01-12'09 01-12'10 01-12'11 01-09'11 01-09'12 Infrastructure General construction Railway Industrial © Strategi
Slide 11: Material prices evolution
Material prices evolution* Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 129 130 130 120 120 120 110 110 100 100 90 90 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 150 150 145 140 140 130 126 130 120
Slide 12: Developer segment in 3Q'12 ytd
Developer segment in 3Q’12 ytd Developer segment results (M PLN) Developer segment performance remained stable 3Q'12 ytd y-o-y dynamics during 3Q’12 Sales 125 -40% Majority of notary sales came from Smolna 13A Operating profit 14 -47% project (stage I) and Mysliwska (stage I) % sales 11,1% -1,6 pp.
Slide 13: Budimex Nieruchomosci projects
Budimex Nieruchomosci projects Flats under construction 11’13 11’12 10’12 12’13 05’13 06’14 Date of notary sales start 5,9-7,9 5,6-7,1 8,7-12,9 5,0-5,9 5,0-5,8 5,2-5,4 Price range (k PLN / sqm)* 1 468 323 320 249 690 113 213 211 164 33 presold 162 205 26 89 778 210 180 37 109 138 73 13 not presold 4
Slide 14: Other activities in 3Q'12 ytd
Other activities in 3Q’12 ytd Other activities (M PLN) 3Q'12 ytd y-o-y dynamics Sales 232 32% Budimex Dandwood noted a very good quarter Operating profit 23 n.a. with record-high sales of 91,5 M PLN % sales 9,8% 11,2 pp. Net profit 18 n.a. Company steadily improves its cash position % sales 7,9% 11,
Slide 15: Construction companies' capitalization
Construction companies’ capitalization Shareholder structure (as of 26.04’12) WSE symbol BDX 33,5% Grupo Ferrovial Number of shares 25 530 098 OFE PZU 52 week min/max 46 / 88 PLN 59,1% 52 week average volume 13,9 ths. shares 7,4% Other Capitalization as of 30.09’12 (M PLN) -23% -51% -11% 29% -4% -11
Slide 16: Performance on WSE
Performance on WSE Budimex vs. market 120 Ex-dividend day 100 86 WIG20 80 59 BDX 60 40 31 WIG-BUDOW 20 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Budimex vs. other construction companies 120 Ex-dividend day BDX 100 80 MSW 59 60 40 PXM 23 20 21 PBG 3 0 31.12’10 = 100
Slide 17: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: relacje.inwestorskie@budimex.pl