Budimex Sa · GPW:BDX
Budimex Sa — Q1 2009 Earnings Presentation
28 slides from Budimex Sa's earnings presentation, 2009
Slide 1: Presentation for investors for 1Q 2009
budimex budimex Budimex Group Presentation for investors for 1Q 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. (J.V.) with equity method
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: Shareholding structure
Budimex Group Shareholding structure budimex As of 31.12.2008 As of 28.04.2009 26,78% 25,75% 5,21% 59,06% 59,06% 14,16% 9,98% Ferrovial Group Ferrovial Group BZ WBK AIB Asset Management S.A. BZ WBK AIB Asset Management S.A. PTE PZU S.A. Other shareholders Other shareholders 4
Slide 5: Stock exchange performance 1Q 2009
Budimex Group Stock exchange performance 1Q 2009 budimex Budimex's share value performance vs market January 2009-March 2009 (31 December 2008=100%) 150,00% 140,00% 130,00% 120,00% 110,00% 100,00% 90,00% 80,00% 70,00% 60,00% 50,00% 2009-01-05 2009-01-12 2009-01-19 2009-01-26 2009-02-02 2009-02-09 20
Slide 6: Market capitalization as of March 2009
Budimex Group Market capitalization as of 31 March 2009 budimex Capitalization (mio.PLN) as of 31 March 2009 3 000 vs competitors (companies listed on Warsaw Stock Exchange) 2 565 2 500 2 000 1 754 1 388 1 500 960 1 000 461 500 358 285 0 PBG Budimex Polimex Mostostal Mostostal Polaqua Erbud Mostosta
Slide 7: Dynamics of Budimex Group sales (year 2004-2009)
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% 24,0% 6,9% 10,0% 0,4% 0,9% 0,3% 0,0% 0,6% -10,0% -1,3%
Slide 8: Results for 1Q 2009
budimex budimex Budimex Group Results for 1Q 2009
Slide 9: Financial highlights
Budimex Group Financial highlights budimex mio.PLN 1Q 2009 1Q 2008 ∆ Sales 648 652 -4 % change 1Q 2009 vs. 1Q 2008 -0,7% Gross margin 132 37 95 as % of sales 20,4% 5,7% Cost of sales and overheads -35 -37 2 as % of sales -5,5% -5,6% Result on sales 97 1 96 Other operating activity -71 11 -82 EBIT 25
Slide 10: Result by segments – sales cumulatively
Budimex Group Result by segments – sales cumulatively (1Q 2009 vs 1Q 2008) budimex dynamics of sales vs. PY sales 1Q 2009 -1,3% 0,0% -100% -1,9% -20,0% 8,3% -0,7% cumulatively 57 28 648 581 37 0 544 -18 Poland German Other Construction Real estate Other Elimination of TOTAL market countries business
Slide 11: Result by segments – EBIT cumulatively
Budimex Group Result by segments – EBIT cumulatively (1Q 2009 vs 1Q 2008) budimex as % of sales EBIT 1Q 2009 3,8% 18,3% -36,3% 3,9% cumulatively 10 3 25 22 -10 Construction Real estate Other Elimination of TOTAL business business activities internal EBIT 1Q 2008 transactions * cumulatively as % of s
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 1Q 2009 1Q 2008 ∆ Sales 581 592 -11 % change 1Q 2009 vs. 1Q 2008 -1,9% EBIT 22 0 22 as % of sales 3,8% 0,1% Gross Profit 37 12 25 Net profit 29 10 19 Capital Expenditure 1 8 -7 Construction backlog (as of 31 March) 3 358 3 290 6
Slide 14: Construction segment – Sales structure
Budimex Group Construction segment Sales structure budimex Sales structure by type of works 1Q 2008 1Q 2009 7% 25% 6% 14% 32% 34% 46% 36% General construction - residential General construction - residential residential: 1Q 2008 1Q 2009 General construction - non residential General construction - n
Slide 15: Construction segment – Backlog structure
Budimex Group Construction segment Backlog structure budimex Backlog structure by type of works 31 III 2008 31 III 2009 3% 2% 8% 20% 26% 51% 26% 64% General construction - residential General construction - residential General construction - non residential General construction - non residential Bud
Slide 16: Construction segment – Contracts signed structure
Budimex Group Construction segment Contracts signed structure budimex Contracts signed structure by type of works 1Q 2008 1Q 2009 3% 0% 0% 4% 36% 34% 61% 62% General construction - residential General construction - residential General construction - non residential General construction - non reside
Slide 17: Expenditures for roads for the years 2002-2012
Budimex Group Construction segment Expenditures for roads for the years 2002-2012 (mio.PLN) budimex GDDKiA's expenditures for roads: realized and planned for the years 2002-2012 (mio.PLN) including UE founds and founds from Domestic Found for Roads 29 424 28 337 30 000 25 000 20 029 20 000 16 211 15
Slide 18: Real Estate segment
budimex budimex Budimex Group Real Estate segment
Slide 19: Real Estate segment – Financial highlights
Budimex Group Real Estate segment Financial highlights budimex mio.PLN 1Q 2009 1Q 2008 ∆ Sales 57 72 -15 % change 1Q 2009 vs. 1Q 2008 -20,0% EBIT 10 15 -5 as % of sales 18,3% 21,1% Gross Profit 7 13 -6 Net profit 6 10 -4 Presales (mio.PLN) 8 44 -36 Presales (volume of flats) 21 62 -41 Land Bank (k m
Slide 20: Notary sales and presales structure by city
Budimex Group Real Estate segment Notary sales and presales structure by city budimex Notary sales of flats structure 1Q 2008 1Q 2009 68 mio.PLN 54 mio.PLN 3% 2% 42% 49% 9% 95% Warsaw Cracow Poznań Warsaw Cracow Poznań Presales of flats structure 1Q 2008 1Q 2009 44 mio.PLN 8 mio.PLN 2% 1% 20% 54% 26
Slide 21: Presales of flats 1Q 2007-1Q 2009
Budimex Group Real Estate segment Presales of flats* 1Q 2007- 1Q 2009 budimex Presales volume of flats (incl. 100% of J.V.) 120 110 100 85 80 60 40 31 20 0 -20 -40 1Q 2007 1Q 2008 1Q 2009 Presales volume of flats (incl. 50% of J.V.) 120 100 80 62 60 43 40 21 20 0 -20 -40 21 * without flats returned
Slide 22: Projects completed as of March 2009
Budimex Group Real Estate segment Projects completed as of 31 March 2009 budimex Projects completed: volume of flats (incl. 100% of J.V.) incuding: Number of flats Flats not presold as % of completed as of Flats already presold Flats not yet total number of flats 31 March 2009 as of 31 March 2009 pr
Slide 23: Projects under construction as of March 2009
Budimex Group Real Estate segment Projects under construction as of 31 March 2009 budimex Projects under construction: volume of flats (incl. 100% of J.V.) Flats not presold as % of Total number of flats on Flats already presold as of Flats to be total number of flats under projects under constructi
Slide 24: Land bank as of March 2009
Budimex Group Real Estate segment Land bank as of 31 March 2009 budimex Land bank ageing (k m2 of flats), average flat is 58 m2 (incl. 100% of J.V.) 31 340 184 350 300 250 200 113 150 100 12 50 0 2005 2006 2007 2008 TOTAL Land bank geographical structure (k m2 of flats) (incl. 100% of J.V.) 16% 39%
Slide 25: Land bank as of March 2009 (50% of J.V.)
Budimex Group Real Estate segment Land bank as of 31 March 2009 budimex Land bank ageing (k m2 of flats), average flat is 58 m2 (incl. 50% of J.V.) 15 170 180 92 160 140 120 100 57 80 60 40 6 20 0 2005 2006 2007 2008 TOTAL Land bank geographical structure (k m2 of flats) (incl. 50% of J.V.) 16% 39%
Slide 26: Other Activity
budimex budimex Budimex Group Other Activity
Slide 27: Other Activity – Financial highlights
Budimex Group Other Activity Financial highlights budimex mio.PLN 1Q 2009 1Q 2008 ∆ Sales 28 26 2 % change 1Q 2009 vs. 1Q 2008 8,3% EBIT -10 -1 -9 as % of sales -36,3% -3,3% Gross Profit -8 0 -8 Net Profit -7 0 -7 27
Slide 28: Other Activity – Sales structure
Budimex Group Other Activity Sales structure budimex Sales structure by country 1Q 2008 1Q 2009 7% 8% 1% 7% 19% 10% 64% 84% Germany Poland U.K. Other countries Germany Poland U.K. Other countries Timber-frame houses backlog (volume) as of 31 March 2009 Total backlog Backlog as of 31 March 2009 by ma