Budimex Sa · GPW:BDX
Budimex Sa — Q1 2023 Earnings Presentation
25 slides from Budimex Sa's earnings presentation, Mar 1, 2024
Slide 1: Investor presentation 1Q’2023
Investor presentation 1Q’2023
Slide 2: Agenda
Agenda Macroeconomic background Financial results of Budimex Group FBSerwis & Mostostal Kraków Market and outlook
Slide 3: Macroeconomic background
Macroeconomic background The IMF forecasts sustained inflation at double-digit levels and a GDP dynamics and CPI inflation in Poland (%, y/y) significant weakening of GDP growth to 0.3% y/y in 2023. 14,4 Inflation in 2024 should be characterised by single-digit growth GDP Dynamic Inflation (CPI) 11,
Slide 4: Macroeconomic background
Macroeconomic background PMI indicator for Poland 59,4 The level of the PMI index is inspiring increasing optimism. 54,5 Values are stabilising at their highest levels since May 2022 53,7 53,8 52,7 52,8 51,7 and reached 48.3 points in March (vs 48.5 in February). 50,8 48,2 47,2 48,5 48,5 48,3 44,4 4
Slide 5: Macroeconomic background
Macroeconomic background 12,6% Average monthly salaries in Poland * 7508 6666 Salaries increased by 12.6% y/y in March, a lower reading than inflation. Construction is characterised by wage 5663 5167 growth slightly below average (11.3% y/y) 4918 4585 *Data refers to companies with more than 10 empl
Slide 6: Situation of the construction industry - stabilisation and prospects for improvement
Situation of the construction industry - stabilisation and prospects for improvement Percentage of construction companies considering shortage Percentage of construction companies considering material of materials as a barrier to business (%) costs as a barrier to business (%) 16,9 77,3 75,9 74,9 15
Slide 7: Prices of selected raw materials
Prices of selected raw materials 340 199 200 300 180 260 1Q’10 = 100 1Q’16= 100 184 232 1Q’10 = 100 1Q’16= 100 160 220 140 203 180 120 140 Concrete 100 100 80 Steel 60 60 4Q'10 4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 1Q'23 4Q'10 4Q'11 4Q'12 4Q'13 4Q'14 4Q'15 4Q'16 4Q'17 4Q'
Slide 8: Agenda
Agenda Macroeconomic background Financial results of Budimex Group FBSerwis & Mostostal Kraków Market and outlook
Slide 9: Budimex - key events in Q1 2023
Budimex - key events in Q1 2023 BXF Energia - Budimex and Ferrovial joint venture focused on green energy development Budimex Mobility - Budimex has acquired 109 charging stations for electrics from Enea Operator Management Board dividend proposal of PLN 459 M (PLN 17.99 per share)
Slide 10: Results from continuing operations
Results from continuing operations Revenues EBIT Net profit (m PLN) (m PLN) (m PLN) 3,6% 5,3% 3,5% 5,5% +21,3% 1 939 1 599 +87,1% 102 +88,6% 106 57 56 1Q'22 1Q'23 1Q'22 1Q'23 1Q'22 1Q'23
Slide 11: Financial results by division
Financial results by division Construction In Q1 2023, revenues in the construction segment increased by PLN 288 million year-on-year Revenues (m PLN) EBIT (m PLN) 1 724 (+20.1% year-on-year). 1 436 4,1% 3,0% 4,7% 1 180 The profitability of the construction segment 81 amounted to 4.7%, which was hig
Slide 12: Contracts signed (bn PLN)
Contracts signed (bn PLN) Contracts pending Contracts pending (bn PLN) – as of (bn PLN) – as of 9,0 03’2022 03’2023 0,6 7,9 7,5 7,0 0,2 1,7 0,8 0,0 2,1 0,8 2,9 0,8 Σ1,5 0,7 2,6 Σ5,4 1,6 2,4 1,8 0,3 0,5 0,2 0,4 0,5 0,7 0,0 0,5 0,9 0,7 3,2 4,1 1,4 2,9 3,1 0,0 0,2 0,4 0,6 1,2 0,6 0,0 0,4 0,4 0,2 '19 '2
Slide 13: Backlog (bn PLN)
Backlog (bn PLN) 13,0 13,3 12,7 12,6 2% 0,2 2% 0,3 0,2 10 000,0 0,8 6% 1% 10,8 26% 1,8 14% 2,9 22% 3,5 7% 3,3 26% 0,7 8 000,0 1,1 8% 0,8 6% 0,5 3% 1,6 15% 5% 0,6 0,8 4% 2,4 18% 3,3 25% 2,2 17% 6 000,0 4,0 32% 1,1 9% 3,6 33% 1,0 8% 0,8 6% 4 000,0 0,4 3% 0,5 7% 5,0 39% 5,6 42% 5,3 4,7 42% 2 000,0 37%
Slide 14: Evolution of the net cash position
Evolutionof the net cashposition Net cash position in Budimex Group (bn PLN) 3,3 3,1 3,0 2,8 2,8 2,7 2,3 2,2 2,1 2,0 1,9 2,0 1,8 1,7 1,7 1,6 1,6 1,5 1,4 1,4 1,4 1,3 1,4 1,4 1,2 1,2 1,2 1,2 1,1 1,0 1,0 0,8 0,7 0,6 0,5 0,5 0,5 0,4 0,1 12'13 12'14 12'15 12'16 12'17 12'18 12'19 12'20 12'21 12'22
Slide 15: Budimex Group dividend history
Budimex Group dividend history Budimex has regularly shared profit with shareholders 30.03.2023 Budimex's Management Board recommended to the for 14 years Ordinary General Meeting to pay a dividend of PLN 459 M (PLN 17.99 PLN/akcje per share). In 2021, Budimex paid a dividend from the 2020 profit an
Slide 16: Agenda
Agenda Macroeconomic data Financial results of Budimex Group FBSerwis & Mostostal Kraków Market and outlook
Slide 17: FBSerwis – financial results
FBSerwis – financial results 3,5% 8,0% 9,9% 13,2% 17,4% 19,4% 16,8% 17,9% 16,7% 16,6% 780 818 146 131 610 118 Revenues (m PLN) 498 % EBITDA 86 EBITDA (m PLN) 371 261 49 179 217 36 165 28 126 26 14 4 '15 '16 '17 '18 '19 '20 '21 '22 03'22 03'23 '15 '16 '17 '18 '19 '20 '21 '22 03'22 03'23 -1,3% -0,4% -
Slide 18: Mostostal Kraków – financial results
Mostostal Kraków – financial results 137 Cash Debt NTP 101 53 45 Revenues (m PLN) 39 Net cash (m PLN) 67 59 52 57 45 47 20 10 19 20 -9 -6 -4 Q1'2019 Q1'2020 Q1'2021 Q1'2022 Q1'2023 Q1'2019 Q1'2020 Q1'2021 Q1'2022 Q1'2023 215 7,0 Contracts signed (m PLN) 1,6 2,1 0,1 120 EBIT (m PLN) 68 74 54 Q1'2019
Slide 19: Steel price index (PUDS)
Steel price index (PUDS) 12 000,00 zł 11 500,00 zł With the outbreak of war in 2022, steel supplies from 11 000,00 zł Ukraine, Belarus have been curtailed and from Russia 10 500,00 zł completely closed due to sanctions, a total of around 25% of Polish steel imports in 2021. In the last two 10 000,00
Slide 20: Agenda
Agenda Macroeconomic background Financial results of Budimex Group FBSerwis & Mostostal Kraków Market and outlook
Slide 21: National investment programmes - rail
National investment programmes - rail The Ministry of Infrastructure is launching consultations on the National Railway Programme worth. PLN 80 billion. National Railway Programme New NRP in the proces of being agreed (likely The programme is a direct continuation of the National range of PLN 10 – 1
Slide 22: BXF Energia
BXF Energia Budimex's 51% share and Ferrovial's 49% share in the joint venture. Budimex as the leader of the construction market in Poland, while Ferrovial as a strong international partner with experience and resources in large investment projects in RES. Cel to 500 MW do 2027/2028 roku – rozwój in
Slide 23: Summary of investment programmes
Summary of investment programmes Government Programme for National Railway PSE until 2032 the Construction of National Programme to 2030 Roads to 2033 294 bn PLN >100 bn PLN 32 bn PLN Programme of 100 Bypasses CPK Nuclear power plants by 2030 28 bn PLN ≈140 bn PLN ≈200 bn PLN Programme for Investmen
Slide 24: EU funds
EU funds European Funds for Infrastructure, Climate, Environment 2021-2027 (FENiKS) In December 2022, the European Commission (EC) programme (EUR bn) approved all Polish Cohesion Policy programmes for 26,2 24,1 2021-2027, agreed on the basis of the developed Infrastructure 7,5 Partnership Agreement.
Slide 25: Investor presentation 1Q’2023
Investor presentation 1Q’2023