Budimex Sa · GPW:BDX
Budimex Sa — H1 2016 Earnings Presentation
19 slides from Budimex Sa's earnings presentation, 2016
Slide 1: Investor Presentation 1H'16 financial results
sense of creating Investor Presentation 1H’16 financial results
Slide 2: Budimex Group structure
Budimex Group structure 1H’16 results summary 1H’16 sales 1H’16 EBIT Internal eliminations (% Group sales) (% Group EBIT) -157 M PLN 0 M PLN -6% 0% 2 430 M PLN 178 M PLN Construction segment Developer segment Other activities 2 372 M PLN 151 M PLN 127 M PLN 19 M PLN 88 M PLN 87M M PLN PLN 98% 85% 5%
Slide 3: 1H'16 at a glance
1H’16 at a glance 1H’16 results summary 208 M PLN dividend paid in May’16 (+33% y-o-y) Historic order backlog of 9,3 bn PLN (+33% y-o-y) Excellent EBIT profitability at 7,3% (+1,7 pp. y-o-y) Contracts signed amounting to 3,1 bn PLN (+6% y-o-y) 712 flats presold by Budimex Nieruchomosci (-34% y-o-y)
Slide 4: 1H'16: strong bottom line driven by construction segment
1H’16: strong bottom line driven by construction segment 1H’16 results summary 2Q'16 2Q'15 ∆ 2Q-2Q 1H'16 1H'15 ∆ 1H-1H Sales 1 442 1 422 20 2 430 2 268 161 y-o-y dynamics 1,4% 7,1% Gross margin 185 133 52 300 214 86 % sales 12,8% 9,4% 3,5 pp. 12,4% 9,4% 2,9 pp. EBIT 115 82 33 178 129 49 % sales 8,0%
Slide 5: 1H'16 sales by segment
1H’16 sales by segment 1H’16 results summary Construction Developer 2 372 1 442 930 127 78 128% 49 13% 8% 9% -54% -9% 1Q'16 2Q'16 1H'16 1Q'16 2Q'16 1H'16 y-o-y dynamics Other activity Budimex Group 2 430 1 442 988 52 36 88 17% 1% 7% 41% -7% 16% 1Q'16 2Q'16 1H'16 1Q'16 2Q'16 1H'16 All figures in M PL
Slide 6: 1H'16 gross margin by segment
1H’16 gross margin by segment 1H’16 results summary Construction Developer 9,7% 11,7% 10,9% 24,0% 30,2% 26,4% 258 168 90 33 19 15 24% 54% 42% 114% -38% 3% 1Q'16 2Q'16 1H'16 % sales 1Q'16 2Q'16 1H'16 Other activity y-o-y dynamics Budimex Group 16,5% 11,2% 14,3% 11,6% 12,8% 12,4% 300 185 115 13 42% 39
Slide 7: 1H'16 EBIT by segment
1H’16 EBIT by segment 1H’16 results summary Construction Developer 4,8% 7,4% 6,4% 14,5% 15,2% 14,7% 151 107 44 19 11 7 35% 62% 53% -22% -54% -39% 1Q'16 2Q'16 1H'16 1Q'16 2Q'16 1H'16 % sales Other activity y-o-y dynamics Budimex Group 14,4% 2,1% 9,4% 6,4% 8,0% 7,3% 178 115 63 7 8 35% 41% 38% 83% 1 -3
Slide 8: Net cash evolution in Budimex Group
Net cash evolution in Budimex Group 1H’16 results summary -241 M 2 295 -280 M 2 025 1 761 1 810 1 784 -381 M 1 716 1 562 1 481 1 293 1 178 913 12'13 03'14 06'14 09'14 12'14 03'15 06'15 09'15 12'15 03'16 06'16 All figures in M PLN, unless stated otherwise 8 © Controlling Office
Slide 9: Construction: historic backlog & strong profitability
Construction: historic backlog & strong profitability Construction segment Construction results (M PLN) In 1H’16 construction segment reached 1H'16 y-o-y dynamics 2 372 M PLN sales (+9% y-o-y) improving gross margin profitability by 2,5 pp. Sales 2 372 9% Backlog grew to historic 9,3 bn PLN mainly G
Slide 10: Material prices evolution
Material prices evolution Construction segment Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 160 160 140 140 115 120 120 110 100 100 80 80 60 60 2Q'10 2Q'11 2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'10 2Q'11 2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 160 160 140 1
Slide 11: Contracts signed in Budimex Group
Contracts signed in Budimex Group Construction segment Annual data Half-year data Additional contracts pending 7 105 (bn PLN) 170 2% 17% 217 6 310 3% 43% +1,0 12% bn PLN 758 74 1% 2 070 29% 40% 2 039 32% 2 880 3 066 3 266 70 5 627 19% 11 4 649 65% 928 1 385 Share 1 812 55% 3 439 55% 1 872 1 676 828
Slide 12: Additional contracts pending - details
Additional contracts pending - details Construction segment Total Budimex 988 Top contracts: Hospital in Torun (275 M PLN) General Office building Wroclaw (90 M PLN) 429 Construction Top contracts: Waste incinerator Vilnius (~375 M PLN) Industrial 391 Top contracts: Street in Olsztyn (84 M PLN) Infr
Slide 13: Order backlog again at a record-high of 9,3 bn PLN
Order backlog again at a record-high of 9,3 bn PLN Construction segment 9 266 9% 8 421 792 10% 131 1% 849 2% 187 2 355 25% 6 107 1 894 22% 14% 831 7% 4 339 442 155 4% 34% 2 068 977 23% 65% 65% 5 988 5 491 44% 1 899 Share 45% 2 765 30% 1 307 12'13 12'14 12'15 06'16 Infrastructure General construction
Slide 14: Developer segment in 1H'16
Developer segment in 1H’16 Developer segment Developer segment results (M PLN) Developer segment improved gross margin 1H'16 y-o-y dynamics profitability by 3,0 pp. Sales 127 -9% Presales volume dropped by 34% y-o-y mainly Gross margin 33 3% due to lower contribution of Cracow projects 26,4% 3,0 pp.
Slide 15: Budimex Nieruchomosci offer
Budimex Nieruchomosci offer Developer segment Offer as at 06’16 (number of flats) presold not presold 4 325 4 161 Poznan Warsaw 3 040 261 302 2 890 Cracow 164 722 1 285 150 1 271 14 Finished flats Under construction Total offer Under construction: 4 161 flats Land bank: 5 448 flats Details on the ne
Slide 16: Projects under construction
Projects under construction Developer segment presold Projects under construction as at 06’16 (number of flats) ∑= 4 161 not presold Date of notary sales start 2Q'17 3Q'17 3Q'16 1Q'18 4Q'16 1Q'17 3Q'17 1Q'18 1Q'18 2Q'18 3Q'16 1Q'17 2Q'17 2Q'17 3Q'17 4Q'17 4Q'17 4Q'18 2Q'18 2Q'17 3Q'17 1Q'18 146 126
Slide 17: Other activities segment in 1H'16
Other activities segment in 1H’16 Other activities segment Other activities segment results (M PLN) After strong 1Q’16 top line performance 1H'16 y-o-y dynamics (+41% y-o-y) second quarter noted a decrease Sales 88 16% of 7% y-o-y due to lower volumes in Elektromontaz-Poznan Gross margin 13 34% 14,3
Slide 18: Budimex market value
Budimex market value Budimex on Warsaw Stock Exchange Shareholding structure Ferrovial Group WSE symbol BDX 34,2% Number of shares 25 530 098 Aviva OFE 59,1% 52 week min/max 160 / 218 PLN Other 6,7% 52 week average volume 11,6 ths. shares Market value as of 30.06’16 -11% -22% -28% -28% -10% -7% -7%
Slide 19: sense of creating
budimex sense of creating