Budimex Sa · GPW:BDX
Budimex Sa — Q3 2013 Earnings Presentation
17 slides from Budimex Sa's earnings presentation, 2013
Slide 1: Investor presentation 3Q'13 financial results
Investor presentation 3Q’13 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group 1-3Q’13 sales* 1-3Q’13 EBIT* (% Group sales) (% Group EBIT) Construction segment Developer segment Other activities 2 994 M PLN 92 M PLN 167 M PLN 21 M PLN 413 M PLN 19 M PLN 87% 64% 5% 15% 12% 13% Stake: 51% Controlled since: Jan’13 Stake: 49% Established: Mar’12 *numbers do not add u
Slide 3: 3Q'13 at a glance
3Q’13 at a glance Solid cash position at end-September (920 M PLN vs. 718 M PLN at end-September’12) 3Q’13 construction segment sales dropped by 23% (vs. a decline of 34% and 37% in 1Q and 2Q’13) Contracts signed amounting to 2,6 bn PLN (+34% y-o-y); 0,5 bn PLN signed in 3Q’13 (-54% y-o-y) High pres
Slide 4: Material prices evolution
Material prices evolution* Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 130 130 122 119 120 120 110 110 100 100 90 90 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 150 150 141 140 140 130
Slide 5: 1-3Q'13 results (M PLN)
1-3Q’13 results (M PLN) Sales Operating profit Net profit -25% y-o-y +31% y-o-y +45% y-o-y Backlog Contracts signed Net cash (as at 30.09’13) (as at 30.09’13) -24% y-o-y +34% y-o-y +28% y-o-y © Controlling Office 5
Slide 6: 1-3Q'13 sales by segments (M PLN)
1-3Q’13 sales by segments (M PLN) Construction Developer 2 994 1 229 1 071 694 167 -34% -37% -23% -31% 91 53 24 33% 186% 2% -44% 1Q'13 2Q'13 3Q'13 1-3Q'13 1Q'13 2Q'13 3Q'13 1-3Q'13 y-o-y dynamics Other activity Budimex Group 3 455 413 1 368 1 235 155 853 161 97 -21% -31% -19% -25% 65% 97% 70% 78% 1Q
Slide 7: 1-3Q'13 gross margin by segments (M PLN)
1-3Q’13 gross margin by segments (M PLN) Construction Developer 7,3% 7,2% 6,9% 7,1% 21,3% 19,5% 25,9% 21,4% 212 77 85 36 51 19 -29% -43% 60% -18% 10 6 213% -20% -37% 25% 1Q'13 2Q'13 3Q'13 1-3Q'13 1Q'13 2Q'13 3Q'13 1-3Q'13 % sales y-o-y dynamics Other activity Budimex Group 10,3% 9,2% 10,4% 9,9% 9,8%
Slide 8: 1-3Q'13 EBIT by segments (M PLN)
1-3Q’13 EBIT by segments (M PLN) Construction Developer 2,0% 3,5% 3,3% 3,1% 14,3% 9,6% 12,0% 12,5% 92 41 21 37 13 14 5 -55% 331% 0% 15% 591% -34% 3 -35% 50% 1Q'13 2Q'13 3Q'13 1-3Q'13 1Q'13 2Q'13 3Q'13 1-3Q'13 % sales Other activity Budimex Group 4,0% 2,2% 7,7% 4,7% 5,0% 3,7% 4,0% 4,2% 144 55 19 43 4
Slide 9: Net cash (M PLN)
Net cash (M PLN) 3Q: +244 M PLN 3Q: +412 M PLN 3Q: +281 M PLN 1 776 1745 1 688 1 576 1282 1188 1 052 1022 964 972 889 860 820 813 920 696 752 718 742 645 718 640 415 305 -31 -30 -51 -75 -52 -112 -108 -110 -102 -94 -95 -102 12'10 03'11 06'11 09'11 12'11 03'12 06'12 09'12 12'12 03'13 06'13 09'13 Cash
Slide 10: Construction segment in 1-3Q'13
Construction segment in 1-3Q’13 Construction segment results (M PLN) 1-3Q'13 y-o-y dynamics 3Q’13 core segment sales dropped by 23% y-o-y (vs. -34% and -37% y-o-y decline in 1Q’13 Sales 2 994 -31% & 2Q’13 respectively) Gross margin 212 -18% % sales 7,1% 1,2 pp. Increasing value of infrastructure off
Slide 11: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data 3Qytd data 5 376 5 297 39 1% 698 4 501 13% Highly probable contracts pending: 1 876 35% 0,25 bn PLN 1 270 28% 2 410 46% 2 803 168 6% 2 636 181 6% 1 962 582 168 3 461 1 332 65 3 231 48% 72% 64% 852 1 254 2 188 Share 41% 1 123 878 800 40% 01-12'09 01-12'10 01-12'11
Slide 12: Backlog (M PLN)
Backlog (M PLN) 8 567 2 004 6 896 23% 39 1% 1 775 5 267 26% 4 877 4 831 2 435 28% 164 3% 158 3% 1 517 668 14% 29% 1 060 22% 1 812 37% 5 082 1 892 39% 74% 4 128 3 750 71% 48% Share 2 233 46% 1 721 36% 12'09 12'10 12'11 12'12 09'13 Infrastructure General construction Railway Industrial © Controlling O
Slide 13: Developer segment in 1-3Q'13
Developer segment in 1-3Q’13 Developer segment results (M PLN) In 3Q’13 Budimex Nieruchomosci managed to 1-3Q'13 y-o-y dynamics presale 214 flats (+91% y-o-y) Sales 167 33% 4Q’13 & 1Q’14 should see relatively strong notary Gross margin 36 25% sales volume thanks to completion of 2 projects 21,4% -1,
Slide 14: Budimex Nieruchomosci projects
Budimex Nieruchomosci projects Flats under construction 11’13 09’14 04’15 12’13 03’15 06’14 06’15 Date of notary sales start 1 262 323 213 666 220 164 147 152 presold 107 156 14 99 34 8 57 121 22 596 103 91 133 118 99 57 35 not presold 8 43 Goclawska Osiedle Pod Wislany Avia Mysliwska Smolna 13A Rol
Slide 15: Other activities segment in 1-3Q'13
Other activities segment in 1-3Q’13 Other activities (M PLN) 1-3Q'13 y-o-y dynamics Sales 413 78% Budimex Danwood continues its dynamic growth Gross margin 41 62% 9,9% -1,0 pp. increasing revenues in double-digit pace Operating profit 19 -15% % sales 4,7% -5,1 pp. In 3Q’13 alone other activities seg
Slide 16: Construction companies capitalization
Construction companies capitalization Shareholder structure (as at 30.09’13) Ferrovial Group WSE symbol BDX 27,0% OFE PZU "Zlota Jesien" Number of shares 25 530 098 52 week min/max 52 / 108 PLN 5,1% 59,1% Aviva OFE 8,8% 52 week average volume 13,0 ths. shares Other Market value as of 30.09’13 (M PLN
Slide 17: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: relacje.inwestorskie@budimex.pl