Budimex Sa · GPW:BDX
Budimex Sa — H1 2014 Earnings Presentation
18 slides from Budimex Sa's earnings presentation, 2014
Slide 1: Investor presentation 1H'14 financial results
Investor presentation 1H’14 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group 1H’14 sales* 1H’14 EBIT* (% Group sales) (% Group EBIT) Construction segment Developer segment Other activities 1 960 M PLN 73 M PLN 197 M PLN 28 M PLN 79 M PLN 1 M PLN 91% 66% 9% 25% 4% 1% Stake: 51% Controlled since: Jan’13 Stake: 49% Established: Mar’12 *numbers do not add up due to
Slide 3: 1H'14 at a glance
1H’14 at a glance Historical dividend payment amounting to 302,5 M PLN (11,85 PLN per share) Solid cash position at end-June (913 M PLN vs. 640 M PLN in June’13) Contracts signed amounting to 1,4 bn PLN and over 2,0 bn PLN probable contracts pending (excl. Turow) Signing of Turow power plant project
Slide 4: Material prices evolution
Material prices evolution Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 130 130 124 120 120 120 110 110 100 100 90 90 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 2Q'14 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 2Q'14 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100)
Slide 5: 1H'14 results (M PLN)
1H’14 results (M PLN) Sales Operating profit Net profit +3% y-o-y +24% y-o-y +28% y-o-y y-o-y dynamics +13% y-o-y +42% y-o-y +41% y-o-y excl. Danwood* Backlog Contracts signed Net cash (as at 30.06’14) (as at 30.06’14) -27% y-o-y -35% y-o-y +43% y-o-y *dynamics based on pro-forma 2013 results (exclu
Slide 6: 1H'14 sales by segments (M PLN)
1H’14 sales by segments (M PLN) Construction Developer 1 960 1 264 696 197 139 58 0% 18% 11% 53% 11% 37% 1Q'14 2Q'14 1H'14 1Q'14 2Q'14 1H'14 y-o-y dynamics y-o-y dynamics excl. Danwood Other activity Budimex Group 2 153 1 319 834 13% 15% 38 41 79 -2% 7% 3% -61% -75% -69% 1Q'14 2Q'14 1H'14 1Q'14 2Q'1
Slide 7: 1H'14 gross margin by segments (M PLN)
1H’14 gross margin by segments (M PLN) Construction Developer 10,6% 6,8% 8,1% 20,4% 21,3% 20,7% 159 85 73 41 28 12 45% 12% 25% 46% 21% 37% 1Q'14 2Q'14 1H'14 1Q'14 2Q'14 1H'14 % sales y-o-y dynamics Other activity y-o-y dynamics Budimex Group excl. Danwood 8,6% 7,0% 7,7% 13,0% 7,7% 9,7% 209 108 101 3
Slide 8: 1H'14 EBIT by segments (M PLN)
1H’14 EBIT by segments (M PLN) Construction Developer 3,4% 3,8% 3,7% 15,5% 11,0% 14,2% 73 49 28 22 24 6 74% 32% 43% 66% 26% 55% 1Q'14 2Q'14 1H'14 1Q'14 2Q'14 1H'14 % sales y-o-y dynamics Other activity y-o-y dynamics Budimex Group excl. Danwood 2,0% 1,2% 1,6% 6,3% 4,4% 5,1% 110 53 57 42% 825% 23% 25
Slide 9: Net cash (M PLN)
Net cash (M PLN) 1 776 1 745 1 688 1 616 1 576 1 562 1 282 1 076 1 188 976 913 784 742 696 530 645 640 504 415 305 -26 -31 -51 -54 -63 -112 -110 -94 -102 -292 12 '09 06 '10 12'10 06'11 12'11 06'12 12'12 06'13 12'13 06'14 Cash Debt Net cash © Controlling Office 9
Slide 10: Construction segment in 1H'14
Construction segment in 1H’14 Construction segment results (M PLN) y-o-y dynamics In 1H’14 construction segment noted a 11% y-o-y 1H'14 growth (18% increase in 2Q’14) Sales 1 960 11% Gross margin 159 25% Growth in GDDKiA market resulted in strong % sales 8,1% 0,9 pp. tendering and several bids with
Slide 11: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data Half-year data Highly probable contracts* (details on next slide) 5 376 39 5 297 26% 1% 2,8 698 9% bn PLN 13% 65% 1 876 35% 3 266 2 410 2 803 46% 168 6% 627 19% -35% 2 153 181 6% 1 407 3 461 1 332 1 812 582 27% 48% 55% 64% 2 188 833 39% 786 Share 56% 41% 1 123 73
Slide 12: Budimex Group probable contracts pending
Budimex Group probable contracts pending Probable contracts pending (M PLN)* 2 766 1 706 725 243 92 GDDKiA Other Industrial General Total infrastructure construction lowest bid lowest bid lowest bid lowest bid awarded lowest bid lowest bid status 387 293 283 238 234 138 133 S5 Mielno A4 Rzeszow - S7
Slide 13: Backlog (M PLN)
Backlog (M PLN) 8 567 6 896 2 004 23% 1% 39 1 775 -9% 26% 4 877 2 435 4 339 28% 164 3% 3 932 668 14% 155 4% 147 4% 977 23% 1 812 37% 814 21% 5 082 74% 4 128 1 899 1 823 Share 44% 46% 48% 2 233 46% 1 307 30% 1 148 29% 12'10 12'11 12'12 12'13 06'14 Infrastructure General construction Railway Industria
Slide 14: Developer segment in 1H'14
Developer segment in 1H’14 Developer segment results (M PLN) 1H'14 y-o-y dynamics Budimex Nieruchomosci reached historical Sales 197 37% presales level (553 flats) in first half of the year Gross margin 41 37% 20,7% 0,0 pp. Sales revenues grew by 37% y-o-y Operating profit 28 55% % sales 14,2% 1,6 p
Slide 15: Budimex Nieruchomosci projects
Budimex Nieruchomosci projects Flats under construction n/a n/a 6,8–7,5 6,5–7,2 n/a 4,0–4,4 4,4–4,8 n/a 5,4–5,9 5,1–5,2 5,5–5,9 Offer price range* 09'14 11'15 04'15 07'15 12'15 07'16 11'16 01'15 03'16 04'15 07'16 Date of notary sales start 99 141 152 89 123 139 183 107 178 147 159 1 556 20 749 preso
Slide 16: Other activities segment in 1H'14
Other activities segment in 1H’14 Other activities (M PLN) 1H'13 y-o-y dynamics 1H'14 y-o-y dynamics excl. Danw ood excl. Danw ood Sales 78,8 -69% 68,8 15% Gross margin 6,1 -75% 4,3 43% 7,7% -1,9 pp. 6,2% 1,5 pp. Operating profit 1,2 -83% 0,1 825% % sales 1,6% -1,3 pp. 0,2% 1,4 pp. Net profit - 0,2
Slide 17: Construction companies capitalization
Construction companies capitalization Shareholder structure Ferrovial Group WSE symbol BDX 33,8% Number of shares 25 530 098 Aviva OFE 52 week min/max 88 / 148 PLN 59,1% 7,1% 52 week average volume 14,8 ths. shares Other Market value as of 30.06’14 (M PLN) -9% -25% -22% 3% -6% -31% -4% 17% -10% % ch
Slide 18: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: relacje.inwestorskie@budimex.pl