Budimex Sa · GPW:BDX
Budimex Sa — FY2015 Earnings Presentation
20 slides from Budimex Sa's earnings presentation, February 2016
Slide 1: Investor Presentation: 2015 financial results
sense of creating Investor Presentation 2015 financial results
Slide 2: Budimex Group structure
Budimex Group structure 2015 results summary FY’15 sales FY’15 EBIT (% Group sales) (% Group EBIT) Internal eliminations -282 M PLN -8 M PLN 5 134 M PLN 292 M PLN -5% -3% Construction segment Developer segment Other activities 4 937 M PLN 245 M PLN 293 M PLN 47 M PLN 187 M PLN 97 M M PLN PLN 96% 84%
Slide 3: FY'15 at a glance
FY’15 at a glance 2015 results summary Historic end-year net cash reaching 2,3 bn PLN (+0,6 bn y-o-y) Top line exceeding 5 bn PLN (+4% y-o-y) Excellent EBIT profitability at 5,7% (+0,7 pp. y-o-y) Contracts signed amounting to historic 7,1 bn PLN (+13% y-o-y) 1 918 flats presold by Budimex Nieruchomo
Slide 4: FY'15 key performance indicators
FY’15 key performance indicators 2015 results summary Sales EBIT (% sales) Contracts signed Net cash +13% +4% +578 M +18% 5 134 7 105 6 310 2 295 4 950 292 Annual data 247 1 716 5,0% 5,7% '14 '15 '14 '15 '14 '15 12'14 12'15 +485 M -12% +12% +31% 2 626 2 295 Quarterly data 1 391 2 317 1 810 1 237 93
Slide 5: Net cash evolution in Budimex Group
Net cash evolution in Budimex Group 2015 results summary -156 M dividend +578 M -303 M 2 295 dividend -112 M dividend +154 M +374 M 1 810 1 716 1 761 1 562 1 481 1 293 1 188 1 178 920 913 718 640 12'12 03'13 06'13 09'13 12'13 03'14 06'14 09'14 12'14 03'15 06'15 09'15 12'15 All figures in M PLN, unle
Slide 6: 1-4Q'15 sales by segments
1-4Q’15 sales by segments 2015 results by quarter Construction Developer 4 937 293 1 341 1 472 1 298 131 826 105 34 23 19% 6% -5% 8% 5% 227% 17% -75% 80% 69% 1Q'15 2Q'15 3Q'15 4Q'15 FY'15 1Q'15 2Q'15 3Q'15 4Q'15 FY'15 y-o-y dynamics Other activity Budimex Group 5 134 187 1 422 1 475 1 391 846 39 54
Slide 7: 1-4Q'15 gross margin by segments
1-4Q’15 gross margin by segments 2015 results by quarter Construction Developer 8,8% 8,1% 9,2% 8,4% 8,6% 25,7% 22,7% 33,4% 19,3% 22,3% 426 65 135 109 109 24 25 73 9 8 -1% 28% 38% 3% 17% -69% 91% 212% 142% 22% 1Q'15 2Q'15 3Q'15 4Q'15 FY'15 1Q'15 2Q'15 3Q'15 4Q'15 FY'15 % sales y-o-y dynamics Other ac
Slide 8: 1-4Q'15 EBIT by segments
1-4Q’15 EBIT by segments 2015 results by quarter Construction Developer 4,0% 4,9% 4,8% 5,8% 5,0% 42,7% 15,4% 7,7% 10,9% 16,0% 245 47 66 71 75 16 14 15 33 37% 36% 21% 15% 25% -32% 152% 2 -77% 303% 20% 1Q'15 2Q'15 3Q'15 4Q'15 FY'15 1Q'15 2Q'15 3Q'15 4Q'15 FY'15 % sales y-o-y dynamics Other activity Bu
Slide 9: Construction: on the growth path
Construction: on the growth path Construction segment Construction results 4Q’15 construction segment sales dynamics FY'15 y-o-y dynamics were positive and amounted to 8% y-o-y Sales 4 937 5% compared to 5% growth in FY’15 Gross margin 426 17% FY’15 contracts signed increased by 13% y-o-y % sales 8,
Slide 10: Material prices: catalyst for '15 construction profitability
Material prices: catalyst for ’15 construction profitability Construction segment Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 130 130 120 120 110 110 100 105 100 92 90 90 80 80 70 70 4Q'10 4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 4Q'10 4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 Asphalt (1Q’10 =
Slide 11: Record high order intake in '14-'15 driven by infrastructure
Record high order intake in ’14-’15 driven by infrastructure Construction segment Additional contracts pending (bn PLN) 19% 7 105 +2,0 bn PLN 170 2% 81% 6 310 217 3% 758 12% 74 2 070 29% 1% 2 039 32% 2 803 3 266 168 6% 627 19% 181 6% 4 649 65% Share 1 332 48% 1 812 55% 3 439 55% 1 123 828 25% 40% 01
Slide 12: Significant portfolio of probable contracts pending
Significant portfolio of probable contracts pending Construction segment General construction GDDKiA pending Total pending* & other pending 1 613 389 2 002 awarded awarded signed 01’16 awarded signed 02’16 status 742 292 236 189 153 Olsztyn S5 Wronczyn- S17 Kolbiel- S5 Leszno- S3 Sulechow- ring-road
Slide 13: Infrastructure is the key backlog growth driver
Infrastructure is the key backlog growth driver Construction segment Backlog by client (% share) GDDKiA 19% 8 421 Other public 16% 64% Private 849 10% 187 2% 6 107 1 894 4 877 14% 22% 831 164 4 339 442 7% 3% 155 3% 668 14% 977 23% 2 068 34% 1 812 37% 5 491 65% 1 899 44% Share 2 765 2 233 45% 46% 1 3
Slide 14: Backlog maturity estimation
Backlog maturity estimation Construction segment Estimated execution of Group order backlog 8 421 4 500 54% 2 600 31% 1 300 15% Backlog 12'15 '16 '17 '18+ All figures in M PLN, unless stated otherwise 14 © Controlling Office
Slide 15: 2015 was another year of strong residential market
2015 was another year of strong residential market Developer segment Developer segment results (M PLN) Developer segment noted record-high presales FY'15 y-o-y dynamics amounting to 1 918 flats (+14% y-o-y) Sales 293 17% Top line has been boosted by strong 4Q’15 Gross margin 65 22% notary sales (453
Slide 16: Budimex Nieruchomosci offers major locations
Budimex Nieruchomosci offers 3 major locations… Developer segment Offer as at 12’15 (number of flats) presold not presold 3 790 3 628 2 762 2 616 162 146 1 028 1 012 16 Finished flats Under construction Total offer 1 362 Gdansk Land bank 502 Offer 448 2 983 361 (number of flats) (number of flats) Po
Slide 17: ...and has flats under construction at the moment
…and has 3 628 flats under construction at the moment Developer segment presold Projects under construction as at 12’15 (number of flats) ∑= 3 628 not presold Date of notary sales start 2Q'17 3Q'17 3Q'16 2Q'16 4Q'16 1Q'17 3Q'17 1Q'18 2Q'16 3Q'16 1Q'17 2Q'17 2Q'17 3Q'17 4Q'17 2Q'17 1Q'16 3Q'17 1Q'18
Slide 18: Other activities segment results
Other activities segment results Other activities segment Other activities segment results (M PLN) Other activities noted a 17% y-o-y top line FY'15 y-o-y dynamics growth fostered by Elektromontaz-Poznan Sales 187 17% EBIT profitability increased by 2,3 pp. reaching Gross margin 19 30% healthy 4,9%
Slide 19: Budimex market value supported by strong performance
Budimex market value supported by strong performance Budimex on Warsaw Stock Exchange Shareholding structure Ferrovial Group WSE symbol BDX 35,9% Number of shares 25 530 098 Aviva OFE 59,1% 52 week min/max 138 / 218 PLN Other 5,0% 52 week average volume 9,2 ths. shares Market value as of 31.12’15 37
Slide 20: sense of creating
budimex sense of creating