Budimex Sa · GPW:BDX
Budimex Sa — Q1 2013 Earnings Presentation
14 slides from Budimex Sa's earnings presentation, May 2013
Slide 1: Investor presentation 1Q'13 financial results
Investor presentation 1Q’13 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group 1Q’13 sales* 1Q’13 EBIT* (% Group sales) (% Group EBIT) Construction segment Developer segment Other activities 694 M PLN 14 M PLN 91 M PLN 13 M PLN 97 M PLN 4 M PLN 81% 32% 11% 31% 11% 9% Stake: 51% Controlled since: Jan’13 Stake: 49% Established: Mar’12 *percentages do not add up due
Slide 3: 1Q'13 at a glance
1Q’13 at a glance Management Board recommended dividend payout of 112 M PLN (4,39 PLN per share) Budimex improved gross margin profitability in construction segment to 7,3% (vs. 6,9% in 1Q’12) Group signed contracts worth 0,5 bn PLN with additional 1,4 bn PLN awarded but not yet signed High notary s
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 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 150 150 141 140 140 130
Slide 5: 1Q'13 results (M PLN)
1Q’13 results (M PLN) Sales Operating profit Net profit -21% y-o-y +14% y-o-y -6% y-o-y Backlog Contracts signed Net cash (as of 31.03’13) (as of 31.03’13) -41% y-o-y -4% y-o-y -5% y-o-y © Strategic Analyses Office 5
Slide 6: Net cash (M PLN)
Net cash (M PLN) 1Q’11: -723 1Q’12: -824 1Q’13: -470 1 776 1745 1 688 1 576 1282 1188 1 052 1022 964 860 889 752 820 813 696 718 718 645 415 305 -31 -30 -51 -75 -112 -108 -110 -102 -94 -95 12'10 03'11 06'11 09'11 12'11 03'12 06'12 09'12 12'12 03'13 Cash Debt Net cash © Strategic Analyses Office 6
Slide 7: Construction segment in 1Q'13
Construction segment in 1Q’13 Construction segment results (M PLN) y-o-y dynamics Company managed to improve profitability on 1Q'13 gross margin level Sales 694 -34% Gross margin 51 -29% Unfavorable weather and deconsolidation of PNI % sales 7,3% 0,4 pp. resulted in sharp decrease in sales revenues
Slide 8: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data Quarterly data 5 376 5 297 39 1% 698 4 501 13% 1 876 35% 1 270 28% 2 410 46% 2 803 168 6% Highly probable contracts pending: 181 6% 1,4 bn PLN 3 461 1 332 3 231 64% 48% 72% 2 188 499 Share 41% 480 16 1 123 421 296 40% 63 183 01-12'09 01-12'10 01-12'11 01-12'12 01
Slide 9: Backlog (M PLN)
Backlog (M PLN) 8 567 2 004 6 896 23% 39 1% 1 775 5 267 26% 4 877 2 435 4 752 28% 164 3% 161 3% 1 517 668 29% 14% 646 14% 1 812 1 730 37% 36% 5 082 74% 3 750 4 128 48% 71% Share 2 233 2 215 46% 47% 12'09 12'10 12'11 12'12 03'13 Infrastructure General construction Railway Industrial © Strategic Analy
Slide 10: Developer segment in 1Q'13
Developer segment in 1Q’13 Developer segment results (M PLN) Developer segment managed to improve 1Q'13 y-o-y dynamics profitability ratios on all levels (in y-o-y terms) Sales 91 186% Gross margin 213% High volume of notary sales (mainly in Inflancka, 19 21,3% 1,9 pp. Wolczynska & Mysliwska project
Slide 11: Presales and notary sales
Presales and notary sales Net presales (number of flats) Notary sales (number of flats) 946 765 682 740 515 388 204 121 98 75 '10 '11 '12 01-03'12 01-03'13 '10 '11 '12 01-03'12 01-03'13 Land bank: 7 164 flats In construction: 799 flats 2 480 1 132 422 213 Poznan Warsaw Poznan Warsaw 3 552 164 Cracow
Slide 12: Other activities in 1Q'13
Other activities in 1Q’13 Other activities (M PLN) 1Q'13 y-o-y dynamics Sales 97 65% Gross margin 10 45% Soaring revenues of ’other activities’ segment 10,3% -1,4 pp. resulted mainly from dynamic growth of Budimex Operating profit 4 -60% Danwood % sales 4,0% -12,4 pp. Net profit 2 -74% Profitability
Slide 13: Construction companies capitalization
Construction companies capitalization Shareholder structure (as at 24.04’13) Ferrovial Group WSE symbol BDX 25,8% OFE PZU "Złota Jesień" Number of shares 25 530 098 52 week min/max 46 / 86 PLN 5,1% 59,1% Aviva OFE 52 week average volume 12,8 ths. shares 10,0% Other Capitalization as of 31.03’13 (M P
Slide 14: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: relacje.inwestorskie@budimex.pl