Budimex Sa · GPW:BDX
Budimex Sa — Q3 2009 Earnings Presentation
33 slides from Budimex Sa's earnings presentation, 2009
Slide 1: Presentation for investors for 3Q 2009
budimex budimex Budimex Group Presentation for investors for 3Q 2009
Slide 2: Structure of the Group
Budimex Group Structure of the Group budimex Budimex Group CONSTRUCTION REAL ESTATE OTHER BUSINESS BUSINESS ACTIVITIES Budimex Nieruchomości Budimex DanWood Budimex Dromex S.A. Sp. z o.o. Sp. z o.o. (a joint venture with Mostostal Kraków S.A. Grimaldi Investments BV)* Companies consolidated under eq
Slide 3: Description of the business
Budimex Group Description of the business budimex Budimex Group CONSTRUCTION REAL ESTATE OTHER BUSINESS BUSINESS ACTIVITIES Infrastructure Residential development Timber – frame houses • Construction of roads, • Development of residential • Production and development highways, property (flats). of t
Slide 4: Dynamics of Budimex Group sales vs construction production in Poland
Budimex Group Dynamics of Budimex Group sales (year 2004-2009) vs dynamics of the construction production in Poland budimex Dynamics of Budimex Group construction segment sales in Poland 2004-2009 40,0% 30,0% 30,0% 19,9% 18,2% 20,0% 15,4% 15,7% 6,9% 24,0% 10,0% 4,9% 0,4% 0,9% 0,0% 0,6% -10,0% -5,1%
Slide 5: Budimex price performance 3Q 2009
50,00 55,00 60,00 65,00 70,00 75,00 80,00 85,00 2009-01-05 2009-01-08 2009-01-13 2009-01-16 2009-01-21 2009-01-26 2009-01-29 2009-02-03 2009-02-06 2009-02-11 2009-02-16 2009-02-19 Budimex Group 2009-02-24 2009-02-27 2009-03-04 2009-03-09 2009-03-12 2009-03-17 2009-03-20 2009-03-25 2009-03-30 2009-04
Slide 6: Stock exchange performance 3Q 2009
70,00% 80,00% 90,00% 100,00% 110,00% 120,00% 130,00% 140,00% 150,00% 160,00% 2009-01-05 2009-01-08 2009-01-13 2009-01-16 2009-01-21 2009-01-26 2009-01-29 2009-02-03 2009-02-06 Budimex Group 2009-02-11 2009-02-16 2009-02-19 2009-02-24 2009-02-27 2009-03-04 2009-03-09 2009-03-12 2009-03-17 2009-03-20
Slide 7: Market capitalization as of September 2009
Budimex Group Market capitalization as of 30 September 2009 (m PLN) budimex Capitalization as of 30 September 2009 vs competitors in m PLN (with % changes vs. 31 December 2008) vs. 31 December'08 7,14% 58,32% 27,87% 56,40% 54,32% 46,67% 110,50% 3 000 2 820 2 500 2 065 2 000 1 811 1 539 1 500 1 000 7
Slide 8: Results for 3Q 2009
budimex budimex Budimex Group Results for 3Q 2009
Slide 9: Financial highlights
Budimex Group Financial highlights budimex m PLN 3Q 2009 3Q 2008 ∆ Sales 2 391 2 452 -61 % change 3Q 2009 vs. 3Q 2008 -2,5% Gross margin 306 220 86 as % of sales 12,8% 9,0% Cost of sales and overheads -107 -109 2 as % of sales -4,5% -4,5% Result on sales 199 111 88 Other operating activity -69 -24 -
Slide 10: Result by segments – sales cumulatively
Budimex Group Result by segments – sales cumulatively (m PLN) (3Q 2009 vs 3Q 2008) budimex dynamics of sales vs. PY sales 3Q 2009 -5,1% -8,8% -100% -5,5% -14,9% -0,7% -2,5% cumulatively 113 98 2.391 114 0 2.218 2.104 -38 Poland German Other market countries Construction Real estate Other Elimination
Slide 11: Result by segments – EBIT cumulatively
Budimex Group Result by segments – EBIT cumulatively (m PLN) (3Q 2009 vs 3Q 2008) budimex as % of sales EBIT 3Q 2009 5,1% 17,5% -1,3% 5,5% cumulatively 20 130 113 -1 -2 Construction Real estate Other Elimination of TOTAL business business activities internal transactions * EBIT 3Q 2008** as % of sal
Slide 12: Construction segment
budimex budimex Budimex Group Construction segment
Slide 13: Construction segment financial highlights
Budimex Group Construction segment Financial highlights budimex m PLN 3Q 2009 3Q 2008 ∆ Sales 2 218 2 345 -128 % change 3Q 2009 vs. 3Q 2008 -5,5% EBIT 113 72 41 as % of sales 5,1% 3,1% Profit before tax 148 86 62 Net profit 115 63 52 Construction backlog (as of 30 September) 4 622 3 082 1 540 13
Slide 14: Construction segment sales structure
Budimex Group Construction segment Sales structure budimex Sales structure by type of works 3Q 2008 3Q 2009 5% 5% 8% 22% 18% 46% 27% 69% General construction - residential General construction - residential General construction - non residential General construction - non residential Infrastructure
Slide 15: Construction segment backlog structure
Budimex Group Construction segment Backlog structure budimex Backlog structure by type of works 30 IX 2007 30 IX 2008 30 IX 2009 2% 2% 20% 1% 5% 26% 25% 43% 54% 24% 29% 69% infrastructure general construction: non residential general construction: residential German market Budimex Group backlog (m P
Slide 16: Backlog structure by expected revenue recognition
Budimex Group Construction segment Backlog structure (m PLN) budimex Backlog structure: expected time of revenues recognition (m PLN) ≈2 600 3 000 2 000 ≈1 300 69% Infrastructure construction ≈700 1 000 71% 66% 31% 29% General construction 34% 0 2009 2010 2011+ average period of contract realization
Slide 17: Contracts signed structure
Budimex Group Construction segment Contracts signed structure budimex Contracts signed structure by type of works 3Q 2007 cumul 3Q 2008 cumul 3Q 2009 cumul 5% 3% 16% 2% 3% 27% 25% 41% 49% 32% 70% 27% infrastructure general construction: non residential general construction: residential German market
Slide 18: General Road Administration (GDDKiA) expenses
Poland General Road Administration (GDDKiA) expenses (m PLN) budimex GENERAL ROAD ADMINISTRATION EXPENSES 35 000 31 391 30 000 22 700 23 221 25 000 20 000 13 618 13 225 15 000 11 865 9 244 10 000 7 027 6 026 2 853 3 705 5 000 0 2002 2003 2004 2005 2006 2007 2008 2009* 2010 2011 2012 Current General
Slide 19: GDDKiA budget for 2009: source of financing
Budimex Group Construction segment GDDKiA budget for 2009: source of financing budimex 14 300 Infrastructure bonds 8 400 7 850 emission National Domestic 22 700 Budget Roads Fund Loan from European ≈ 5 200 Investment Bank ≈ 1 250 Engine fuel tax In previous years, financial funds for the constructio
Slide 20: European Union Funds 2007-2013
Poland European Union Funds 2007-2013 (m EUR) budimex The Operational Programme Infrastructure and Environment 2007-2013 including: EU, national and private contribution* 38 908 m EUR 40 000 35 000 14 014 14 000 30 000 Budimex activities 12 000 11 001 25 000 26 076 area: 10 000 32 209 m EUR 8 000 6
Slide 21: Real Estate segment
budimex budimex Budimex Group Real Estate segment
Slide 22: Number of flats permitted, started and completed
Budimex Group Real Estate segment Number of flats permitted, started and completed (k PLN) budimex 300 250 200 150 100 50 0 2002 2003 2004 2005 2006 2007 2008 IX 2009 Permits 86 93 98 116 161 248 230 139 Started 77 82 98 106 138 186 174 110 Completed 98 163 108 114 115 134 166 115 Source: Central St
Slide 23: All active projects and land bank - localization
Budimex Group Real Estate segment All active projects and land bank - localization budimex including 100% company Nieruchomości Sp. z o.o. Project Number of flats Active Korsaka 156 Kocjana 370 Inflancka I 262 Olbrachta II 269 Inflancka II 232 Mołdawska 286 Idzikowskiego 160 Polkowska 49 Poznan Wars
Slide 24: Real Estate segment financial highlights
Budimex Group Real Estate segment Financial highlights budimex Budimex Group Real Estate segment result m PLN 3Q 2009 3Q 2008 ∆ Sales 113 133 -20 % change 3Q 2009 vs. 3Q 2008 -14,9% EBIT 20 34 -14 as % of sales 17,5% 25,7% Profit before tax 8 27 -19 Net profit 6 21 -15 Presales (m PLN)* 49 165 -115
Slide 25: Notary sales and presales structure by city
Budimex Group Real Estate segment Notary sales and presales structure by city budimex Notary sales of flats geographical structure 3Q 2008 122 m PLN 3Q 2009 103 m PLN 3% 4% 35% 48% 17% 93% Warsaw Cracow Poznań Warsaw Cracow Poznań Presales of flats geographical structure 3Q 2008 3Q 2009 2% 165 m PLN
Slide 26: Presales of flats 3Q 2007 – 3Q 2009
Budimex Group Real Estate segment Presales of flats* 3Q 2007 – 3Q 2009 budimex Budimex Group presales - volume of flats cumulatively 300 281 276 250 200 150 105 100 50 0 3Q 2007 3Q 2008 3Q 2009 50 44 40 40 30 21 20 10 0 1Q 2009 2Q 2009 3Q 2009 26 * without flats returned
Slide 27: Notary sales (volume of flats) cumulatively
Budimex Group Real Estate segment Notary sales (volume of flats) budimex Budimex Group cumulatively notary sales - volume of flats cumulatively 400 367 400 350 350 300 300 217 250 250 200 200 150 150 122 100 100 52 43 50 50 0 0 3Q 2008 3Q 2009 1Q 2009 2Q 2009 3Q 2009 Budimex Group notary sales cumul
Slide 28: Projects completed as of September 2009
Budimex Group Real Estate segment Projects completed as of 30 September 2009 budimex Projects completed in 2009 - volume of flats including Total number of flats not yet presold on projects notary act signed already presold (stock) Bx Inwestycje - - - - 50% of Bx Nieruchomości (J.V.) 529 175 148 207
Slide 29: Projects under construction as of September 2009
Budimex Group Real Estate segment Projects under construction as of 30 September 2009 budimex Budimex Group projects under construction - volume of flats Total number of flats Flats already Flats not presold as % on projects under presold as of 30 of total number of flats construction September 2009
Slide 30: Land bank as of September 2009
Budimex Group Real Estate segment Land bank as of 30 September 2009 budimex Budimex Group land bank, average flat is 61 m2 planned planned m2 of projects area land m2 number of flats (PUM) flats Warszawa Śródmieście 3 918 9 431 125 Dolny Mokotów 118 069 69 558 975 Praga Południe 5 410 10 200 159 Bie
Slide 31: Other Activity
budimex budimex Budimex Group Other Activity
Slide 32: Other Activity financial highlights
Budimex Group Other Activity Financial highlights budimex m PLN 3Q 2009 3Q 2008 ∆ Sales 98 99 -1 % change 3Q 2009 vs. 3Q 2008 -0,7% EBIT -1 -3 2 as % of sales -1,3% -3,0% Profit before tax -1 2 -2 Net Profit -1 1 -2 32
Slide 33: Other Activity sales structure
Budimex Group Other Activity Sales structure budimex Sales structure by country 3Q 2008 3Q 2009 13% 2% 5% 2% 8% 13% 72% 85% Germany Poland U.K. Other countries Germany Poland U.K. Other countries Timber-frame houses backlog (volume) as of 30 September 2009 Total backlog Backlog as of 30 September 20