Merko Ehitus As · OMXTSE:MRK1T
Merko Ehitus As — AS Merko Ehitus — FY2017 Earnings Presentation
16 slides from Merko Ehitus As's earnings presentation, Feb 8, 2018
Slide 1: AS Merko Ehitus 12 months and Q4 2017 interim report
AS MERKO EHITUS 12 months and Q4 2017 interim report 08 February 2018 Aizkraukle substation in Latvia
Slide 2: Agenda
Agenda 1. Key Highlights 5. Stock Exchange Overview 2. Business Review 6. Market Outlook 3. Financial Position 7. Future Perspectives 4. Dividend Proposal 2
Slide 3: Merko Group Key Highlights
Merko Group Key Highlights The last time sales revenue reached above EUR 300 million was 10 years ago Revenue EUR 103m in Q4 and EUR 318m in 12M, up approx. 26% compared to 12M 2016. Revenue increased on all group’s home markets, supported by large contracts in progress. Profitability from con
Slide 4: Merko Group Key Financial Highlights
Merko Group Key Financial Highlights EUR million 12M 2017 12M 2016 Variance Q4 2017 Q4 2016 Variance Revenue 317.6 252.0 +26.0% 102.8 78.6 +30.8% EBITDA 22.2 11.2 +98.2% 11.2 2.8 +301.6% EBITDA margin (%) 7.0 4.4 10.9 3.6 Operating profit 19.5 7.7 +153.1% 10.7 1.6 +553.8% Operating profit margin (%)
Slide 5: Business Review 12M and Q4 2017
Business Review 12M and Q4 2017 GROUP QUARTERLY REVENUE BY SEGMENTS 2017: EUR 102.8m GROUP REVENUE BY SEGMENTS 2017: EUR 317.6m in million euros 2016: EUR 78.6m in million euros 2016: EUR 252.0m 42,8 135,2 35,7 122,4 34,2 31,9 108,4 24,3 74,0 76,9 52,7 12,5 Estonian Other home markets Real estate de
Slide 6: Real Estate Development – Apartments
BUSINESS REVIEW: Real Estate Development – Apartments Demand for Merko apartments is strong APARTMENTS SOLD AND APARTMENT REVENUE pcs / in million euros 392 apartments (incl. 17 in joint venture) sold for 27,0 EUR 47m in 12M (12M 2016: 493, incl. 21 in joint 225 venture, for EUR 57m). In addition,
Slide 7: Secured Order Book
BUSINESS REVIEW: Secured Order Book SECURED ORDER BOOK in million euros 450 388 396 400 344 350 288 335 279 270 300 247 243 256 250 217 260 194 200 167 150 100 50 31 0 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Secured order book New contracts sig
Slide 8: Financial Position
Financial Position CHANGE IN CASH AND CASH EQUIVALENTS CHANGE IN CASH AND CASH EQUIVALENTS in million euros in million euros 6,1 ( 0,1) ( 12,0) ( 1,3) 1,0 6,2 0,6 39,2 39,9 33,5 33,5 31.12.2016 Operating Investing Financing Currency 31.12.2017 31.12.2015 Operating Investing Financing 31.12.2016 acti
Slide 9: Dividend Proposal
Dividend Proposal DIVIDEND RATE DIVIDEND PER SHARE percentages in euros 119 120 1,00 90 70 58 0,51 0,41 0,41 0,41 2013 2014 2015 2016 2017** 2013 2014 2015 2016 2017** DIVIDEND YIELD * percentages The Management Board proposes to pay a 11,4 total amount of EUR 17.7m as dividends (EUR 1.0 per share)
Slide 10: Stock Exchange Overview
Stock Exchange Overview P/B RATIO 12 600 times 1,31 1,26 1,21 1,07 1,03 9 volume of transactions, thousand EUR Market Cap EUR 156m share price in EUR 6 300 (31.12.2016: EUR 160m) -2.7% during 12M 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.12.2017 3 0 0 P/E RATIO 12/16 01/17 02/17 03/17 04/17 05/
Slide 11: Baltics’ Construction Market
Baltics’ Construction Market BALTIC STATES CONSTRUCTION MARKETS (WITH OWN FORCES) 12 MONTHS CHANGE IN CONSTRUCTION PRICE INDEX ROLLING 12 MONTHS percentages in million euros 3 000 6 2 500 2 455 4 2 195 3,1 2 000 1,9 2 1,5 1 500 1 437 0 1 000 500 -2 30.09.2016 31.12.2016 31.03.2017 30.06.2017 30.09.2
Slide 12: Housing Market in Baltics
Housing Market in Baltics NEW AND ALL (dotted line) DWELLINGS QUARTERLY HOUSE PRICE CONSUMER CONFIDENCE INDICATOR INDEX (2015=100) difference between percentages of pos. and neg. responses 0 115 -4 - 4,5 105 -8 -7,6 95 - 9,5 -12 85 -16 75 -20 65 -24 2013 2014 2015 2016 2017 31.12.2016 31.03.2017 30.
Slide 13: Future Perspectives for 2018+
Future Perspectives for 2018+ Estonian construction service Close cooperation with private customers Road and other infrastructure tenders Internal efficiency Other home markets construction service In Latvia, selective participation in tenders of buildings segment. Risk management of large
Slide 14: AS Merko Ehitus Group in Brief
AS Merko Ehitus Group in Brief AS Merko Ehitus is a construction and real estate development group operating in Estonia, Latvia, Lithuania and Norway BUSINESS SEGMENTS ESTONIA LATVIA LITHUANIA NORWAY • General construction • General construction • General construction • General construction • Civil
Slide 15: Contacts
Contacts Andres Trink Priit Roosimägi Chief Executive Officer Head of Group Finance Unit andres.trink@merko.ee priit.roosimagi@merko.ee AS Merko Ehitus Delta Plaza, 7th floor Pärnu road 141, 11314 Tallinn, Estonia Phone: +372 650 1250 group.merko.ee 15
Slide 16: Disclaimer
Disclaimer ➢ This presentation has been prepared by AS Merko Ehitus (the Company) solely for your use and benefit for information purposes only. By accessing, downloading, reading or otherwise making available to yourself any content of the presentation, in whole or in part, you hereby agree to be b