Budimex Sa · GPW:BDX
Budimex Sa — FY2013 Earnings Presentation
18 slides from Budimex Sa's earnings presentation, 2014
Slide 1: Investor presentation: 2013 financial results
Investor presentation 2013 financial results www.budimex.com.pl
Slide 2: Budimex Group structure
Group highlight Budimex Group structure FY’13 sales* FY’13 EBIT* (% Group sales) (% Group EBIT) Results quarterly Construction segment Developer segment Other activities 4 141 M PLN 136 M PLN 225 M PLN -34 M PLN 537 M PLN 223 M PLN 87% 41% 5% -10% 11% 67% Construction Stake: 51% Controlled since: Ja
Slide 3: Budimex Group 10Y performance
Group highlight Budimex Group 10Y performance (M PLN) Sales 6 078 5 516 4 749 4 430 Results quarterly 3 274 3 290 3 043 3 076 2 703 2 151 Construction '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 Developer 0,2% 0,1% 0,3% 0,9% 3,3% 6,1% 7,5% 2,4% 3,0% 7,0% EBIT 331 333 Other activities 201 182 135 108 5 2
Slide 4: 4Q'13 at a glance
Group highlight 4Q’13 at a glance Disposal of 100% stake in Budimex Danwood for 240,6 M PLN* Solid cash position at ’13 year-end (1 562 M PLN vs. 1 188 M PLN at ’12 year-end) Results quarterly 4Q’13 construction segment sales dropped by 8% (vs. a decline of 31% y-o-y in 1-3Q’13) Contracts signed in
Slide 5: FY'13 results
Group highlight FY’13 results (M PLN) Sales Operating profit Net profit Results quarterly Construction -22% y-o-y +83% y-o-y +62% y-o-y Developer Backlog Contracts signed Net cash (as at 31.12’13) (as at 31.12’13) Other activities -11% y-o-y +17% y-o-y +31% y-o-y WSE © Controlling Office 5
Slide 6: Budimex Group net cash
Group highlight Budimex Group net cash (M PLN) Results quarterly 1 776 1745 1 688 1616 1 576 1 562 1282 1188 Construction 1 052 1022 964 972 889 860 820 813 920 696 752 718 742 645 718 640 415 Developer 305 -31 -30 -51 -75 -52 -54 -112 -108 -110 -102 -94 -95 -102 Other activities 12'10 03'11 06'11 0
Slide 7: FY'13 sales by segments
FY’13 sales by segments (M PLN) Group highlight Construction 4 141 Developer quarterly Results 1 229 225 1 071 1 147 694 -26% 91 53 24 58 Construction -34% -37% -23% -8% 186% 2% -30% -44% -71% 1Q'13 2Q'13 3Q'13 4Q'13 FY'13 1Q'13 2Q'13 3Q'13 4Q'13 FY'13 y-o-y dynamics Developer Other activity Budimex
Slide 8: FY'13 gross margin by segments
FY’13 gross margin by segments (M PLN) Group highlight Construction Developer 7,3% 7,2% 6,9% 8,0% 7,3% 21,3% 19,5% 25,9% 16,2% 20,0% 304 quarterly Results 45 77 85 92 51 -15% 19 10 9 -39% Construction -29% -43% 60% -10% 213% -20% 6 -37% -79% 1Q'13 2Q'13 3Q'13 4Q'13 FY'13 1Q'13 2Q'13 3Q'13 4Q'13 FY'1
Slide 9: FY'13 EBIT by segments
FY’13 EBIT by segments (M PLN) Construction Developer Group highlight 2,0% 3,5% 3,3% 3,9% 3,3% 14,3% 9,6% 12,0% -93,9% -14,9% 136 13 5 -34% quarterly 3 -35% Results 591% -339% -192% 41 45 37 14 22% Construction -55% 331% 0% 43% -34 -54 1Q'13 2Q'13 3Q'13 4Q'13 FY'13 1Q'13 2Q'13 3Q'13 4Q'13 FY'13 % sa
Slide 10: Construction segment
Construction segment Group highlight Construction segment results (M PLN) 4Q’13 core segment sales dropped by 8% y-o-y FY'13 y-o-y dynamics compared to negative dynamics of 31% y-o-y in Sales 4 141 -26% 1-3Q’13 Results quarterly Gross margin 304 -15% % sales 7,3% 0,9 pp. Contracts signed increased b
Slide 11: Contracts signed
Contracts signed (M PLN) Group highlight Highly probable contracts as at (02’14): Results quarterly 34% 0,7 bn PLN 5 376 5 297 66% 1% 39 698 13% Construction 1 876 35% +17% 3 266 2 410 46% 2 803 168 627 Developer 6% 19% 181 6% 3 461 1 332 1 812 48% Other activities Share 55% 64% 2 188 41% 1 123 40%
Slide 12: Backlog
Backlog (M PLN) Group highlight Current backlog by client: Infrastructure & General constr. & railway industrial 1% Results quarterly public 8 567 55% 45% private 99% 2 004 6 896 23% 39 1% Construction 1 775 -11% 26% 2 435 4 877 4 339 28% 164 3% 668 14% 155 4% Developer ≈3 700 977 23% 1 812 general
Slide 13: Material prices evolution
Material prices evolution* Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) Group highlight 150 150 140 140 128 130 130 Results quarterly 120 120 116 110 110 100 100 Construction 90 90 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 Asphalt (1Q
Slide 14: Developer segment
Developer segment Group highlight Developer segment results (M PLN) Budimex Nieruchomosci has noted the highest FY'13 y-o-y dynamics presales level since 2010 Sales 225 -30% FY’13 gross margin profitability was maintained at Results quarterly Gross margin 45 -39% 20,0% -2,8 pp. a satisfactory level
Slide 15: Budimex Nieruchomosci projects
Budimex Nieruchomosci projects Group highlight Flats under construction Date of notary 09’14 11’15 04’15 07’15 01’15 12’15 01’14 06’15 sales start 1 464 Results quarterly 763 Construction 213 393 presold 152 147 141 123 186 701 99 40 56 107 56 89 23 305 Developer 97 123 not presold 101 96 89 84 91 2
Slide 16: Other activities segment
Other activities segment Group highlight Other activities (M PLN) In 4Q’13 Budimex finalized the disposal of FY'13 y-o-y dynamics Budimex Danwood for 240,6 M PLN* Sales 537 71% Results quarterly Gross margin 52 69% As a result Budimex Danwood has been 9,7% -0,1 pp. deconsolidated from Group accounts
Slide 17: Construction companies market value
Construction companies market value Shareholder structure (as at 31.12’13) Group highlight Ferrovial Group WSE symbol BDX 27,0% OFE PZU "Zlota Jesien" Results quarterly Number of shares 25 530 098 52 week min/max 62 / 138 PLN 5,1% 59,1% Aviva OFE 8,8% 52 week average volume 14,9 ths. shares Other Co
Slide 18: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: relacje.inwestorskie@budimex.pl