Budimex Sa · GPW:BDX
Budimex Sa — Investor Presentation (2009)
31 slides from Budimex Sa's investor presentation, 2009
Slide 1: Presentation for investors for 1H 2009
budimex budimex Budimex Group Presentation for investors for 1H 2009
Slide 2: Structure of the Group
Budimex Group Structure of the Group budimex Budimex Group CONSTRUCTION REAL ESTATE OTHER BUSINESS BUSINESS ACTIVITIES Budimex Dromex S.A. Budimex Inwestycje Budimex DanWood Sp. z o.o. Sp. z o.o. Mostostal Kraków S.A. Budimex Nieruchomości Companies consolidated Sp. z o.o. under equity method Sprzęt
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% 0,4% 0,9% 2,1% 0,0% 0,6% -10,0% -1,2%
Slide 5: Budimex price performance 1H 2009
45,00 55,00 65,00 75,00 85,00 2009-01-05 2009-01-07 2009-01-09 2009-01-13 2009-01-15 2009-01-19 2009-01-21 2009-01-23 2009-01-27 2009-01-29 2009-02-02 Budimex Group 2009-02-04 2009-02-06 2009-02-10 2009-02-12 2009-02-16 2009-02-18 2009-02-20 2009-02-24 2009-02-26 2009-03-02 2009-03-04 2009-03-06 200
Slide 6: Stock exchange performance 1H 2009
50,00% 60,00% 70,00% 80,00% 90,00% 100,00% 110,00% 120,00% 130,00% 140,00% 150,00% 2009-01-05 2009-01-07 2009-01-09 2009-01-13 2009-01-15 2009-01-19 2009-01-21 2009-01-23 2009-01-27 Budimex Group 2009-01-29 2009-02-02 2009-02-04 2009-02-06 2009-02-10 2009-02-12 2009-02-16 2009-02-18 2009-02-20 2009-
Slide 7: Market capitalization as of June 2009
Budimex Group Market capitalization as of 30 June 2009 budimex Capitalization as of 30 June 2009 against competitors in mio.PLN (with % changes vs. 31 December 2008) vs. 31 December'08 19,90% 40,90% 13,44% 19,11% 61,67% 27,53% 66,74% 3 500 3 156 3 000 2 500 2 000 1 838 1 607 1 500 1 172 1 000 723 60
Slide 8: Results for 1H 2009
budimex budimex Budimex Group Results for 1H 2009
Slide 9: Financial highlights
Budimex Group Financial highlights budimex mio.PLN 1H 2009 1H 2008 ∆ Sales 1 478 1 486 -8 % change 1H 2009 vs. 1H 2008 -0,6% Gross margin 275 94 181 as % of sales 18,6% 6,3% Cost of sales and overheads -72 -73 1 as % of sales -4,8% -4,9% Result on sales 203 21 182 Other operating activity -126 29 -1
Slide 10: Result by segments – sales cumulatively
Budimex Group Result by segments – sales cumulatively (1H 2009 vs 1H 2008) budimex dynamics of sales vs. PY sales 1H 2009 -1,2% -12,0% -100% -2,0% -19,1% -8,6% -0,6% cumulatively 90 56 1.478 1.367 73 0 1.294 -35 Poland German Other Construction Real estate Other Elimination of TOTAL market countries
Slide 11: Result by segments – EBIT cumulatively
Budimex Group Result by segments – EBIT cumulatively (1H 2009 vs 1H 2008) budimex as % of sales EBIT 1H 2009 5,4% 9,5% -12,1% 5,2% cumulatively 9 1 74 77 -7 Construction Real estate Other Elimination of TOTAL business business activities internal transactions * EBIT 1H 2008** as % of sales cumulativ
Slide 12: Construction segment
budimex budimex Budimex Group Construction segment
Slide 13: Construction segment – Financial highlights
Budimex Group Construction segment Financial highlights budimex mio.PLN 1H 2009 1H 2008 ∆ Sales 1 367 1 394 -27 % change 1H 2009 vs. 1H 2008 -2,0% EBIT 74 29 45 as % of sales 5,4% 2,1% Profit before tax 96 42 54 Net profit 72 29 43 Capital Expenditure 4 15 -11 Construction backlog (as of 30 June) 3
Slide 14: Construction segment – Sales structure
Budimex Group Construction segment Sales structure budimex Sales structure by type of works 1H 2008 1H 2009 6% 5% 10% 24% 21% 43% 27% 64% General construction - residential General construction - residential General construction - non residential residential: 1H 2008 1H 2009 General construction - n
Slide 15: Construction segment – Backlog structure
Budimex Group Construction segment Backlog structure budimex Backlog structure by type of works 30 VI 2007 30 VI 2008 30 VI 2009 3% 14% 3% 2% 7% 23% 34% 45% 52% 38% 22% 57% infrastructure general construction: non residential general construction: residential German market Budimex Group backlog (mio
Slide 16: Construction segment – Contracts signed structure
Budimex Group Construction segment Contracts signed structure budimex Contracts signed structure by type of works 1H 2007 1H 2008 1H 2009 6% 4% 17% 4% 2% 17% 37% 42% 50% 29% 57% 35% infrastructure general construction: non residential general construction: residential German market Contracts signed
Slide 17: GDDKiA expenditure for roads
Budimex Group Construction segment GDDKiA expenditure for roads budimex GDDKiA's expenditures for roads: realized and planned for the years 2002-2012 (mio.PLN) 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 200
Slide 18: GDDKiA budget for 2009: source of financing
Budimex Group Construction segment GDDKiA budget for 2009: source of financing budimex 8 400 14 350 Infrastructure bonds 7 850 emission National Domestic Budget Roads Fund Loan from European ≈ 5 200 Investment Bank ≈ 1 300 Engine fuel tax In previous years, financial funds for the construction of ro
Slide 19: Contracts signed by GDDKiA in I-VI.2009
Budimex Group Construction segment Contract signed by GDDKiA in the period I-VI.2009 budimex Contract signed by GDDKiA (mio.PLN) 5 300 12% 4 500 3 700 Contract signed in the period Contract signed in the period I-VI.2008 I-VI.2009 19
Slide 20: Most important agreements signed between GDDKiA and contractors
Budimex Group Construction segment budimex The most important agreements signed between GDDKiA and General Contractor in the period I-VI.2009 (mio.PLN). GDDKiA Contract value Contract signing Project name budget Winner (gross value) date (gross value) S7 section Skarzysko-Kamienna - Wystepa 643 627
Slide 21: Real Estate segment
budimex budimex Budimex Group Real Estate segment
Slide 22: Real Estate segment – Financial highlights
Budimex Group Real Estate segment Financial highlights budimex Budimex Group Real Estate segment result mio.PLN 1H 2009 1H 2008 ∆ Sales 90 111 -22 % change 1H 2009 vs. 1H 2008 -19,1% EBIT 9 32 -23 as % of sales 9,5% 29,0% Profit before tax 0 27 -27 Net profit 0 22 -22 Presales (mio.PLN) 29 140 -111
Slide 23: 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 1H 2008 103 mio.PLN 1H 2009 83 mio.PLN 3% 3% 46% 40% 14% 94% Warsaw Cracow Poznań Warsaw Cracow Poznań Presales of flats geographical structure 1H 2008 1H 2009 140 mio.P
Slide 24: Presales of flats 1H 2007 - 1H 2009
Budimex Group Real Estate segment Presales of flats* 1H 2007 - 1H 2009 budimex Budimex Group presales - volume of flats 250 229 200 160 150 100 61 50 0 1H 2007 1H 2008 1H 2009 50 40 40 30 21 20 10 0 1Q 2009 2Q 2009 24 * without flats returned
Slide 25: Notary sales (volume of flats)
Budimex Group Real Estate segment Notary sales (volume of flats) budimex Budimex Group notary sales - volume of flats 350 325 350 300 300 250 250 174 200 200 150 150 122 100 100 52 50 50 0 0 1H 2008 1H 2009 1Q 2009 2Q 2009 Budimex Group notary sales – geographical structure 1H 2008 1H 2009 4% 4% 47%
Slide 26: Projects completed as of June 2009
Budimex Group Real Estate segment Projects completed as of 30 June 2009 budimex Budimex Group projects completed (flats on stock) - volume of flats incuding: Number of flats Flats not presold as % of completed as of 30 June Flats already presold as Flats not yet presold total number of flats 2009 of
Slide 27: Projects under construction as of June 2009
Budimex Group Real Estate segment Projects under construction as of 30 June 2009 budimex Budimex Group projects under construction - volume of flats Total number of flats on projects under Flats already presold as construction of 30 June 2009 Flats to be presold Bx Inwestycje 160 101 59 50% of Bx Ni
Slide 28: Land bank as of June 2009
Budimex Group Real Estate segment Land bank as of 30 June 2009 budimex Budimex Group land bank* ageing (k m2 of flats), average flat is 58 m2 15 170 180 92 160 140 120 100 57 80 60 40 6 20 0 2005 2006 2007 2008 TOTAL Budimex Group land bank geographical structure 16% 39% 45% Warsaw Cracow Poznań 28
Slide 29: Other Activity
budimex budimex Budimex Group Other Activity
Slide 30: Other Activity – Financial highlights
Budimex Group Other Activity Financial highlights budimex mio.PLN 1H 2009 1H 2008 ∆ Sales 56 61 -5 % change 1H 2009 vs. 1H 2008 -8,6% EBIT -7 -2 -5 as % of sales -12,1% -2,8% Profit before tax -6 1 -7 Net Profit -5 1 -6 30
Slide 31: Other Activity – Sales structure
Budimex Group Other Activity Sales structure budimex Sales structure by country 1H 2008 1H 2009 14% 1% 8% 1% 6% 11% 74% 85% Germany Poland U.K. Other countries Germany Poland U.K. Other countries Timber-frame houses backlog (volume) as of 30 June 2009 Total backlog Backlog as of 30 June 2009 by mark