Budimex Sa · GPW:BDX
Budimex Sa — H1 2012 Earnings Presentation
18 slides from Budimex Sa's earnings presentation, 2012
Slide 1: Investor presentation 1H'12 financial results
Investor presentation 1H’12 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group Construction segment Developer segment Other activities © Strategic Analyses Office 2
Slide 3: Important events
Important events Budimex paid record high dividend of 280 M PLN (10,97 PLN per share) Construction segment delivered record high sales but market slowdown influenced value of contracts signed and backlog negatively Impairment related to arrangement bankruptcy motion filed by PNI (Budimex railway sub
Slide 4: 1H'12 results (M PLN)
1H’12 results (M PLN) Sales Operating profit Net profit +28% y-o-y -61% y-o-y -82% y-o-y Backlog Contracts signed Net cash (as of 30.06’12) (as of 30.06’12) -12% y-o-y -68% y-o-y -53% y-o-y © Strategic Analyses Office 4
Slide 5: 1H'12 sales by segments (M PLN)
1H’12 sales by segments (M PLN) Construction Developer 2 757 1 713 1 044 83 34% 52 56% 23% 32 -75% 1% -54% 1Q'12 2Q'12 1H'12 1Q'12 2Q'12 1H'12 y-o-y dynamics Other activity Budimex Group 2 884 1 800 141 1 083 82 59 36% 24% 28% 53% 35% 42% 1Q'12 2Q'12 1H'12 1Q'12 2Q'12 1H'12 © Strategic Analyses Offi
Slide 6: 1H'12 EBIT by segments (M PLN)
1H’12 EBIT by segments (M PLN) Construction Developer 2,9% 0,5% 1,4% 5,9% 14,9% 11,5% 39 31 10 8 -17% 9 -89% -66% 2 -89% 35% -59% 1Q'12 2Q'12 1H'12 1Q'12 2Q'12 1H'12 % sales y-o-y dynamics Other activity Budimex Group 16,4% 3,9% 9,1% 3,4% 1,1% 2,0% 56 13 37 10 19 3 -36% -78% -61% n.a. 39% 669% 1Q'12
Slide 7: Sales & EBIT evolution excl. PNI (M PLN)
Sales & EBIT evolution excl. PNI (M PLN) Construction segment sales (excl. PNI) Budimex Group sales (excl. PNI) 2 614 2 740 2 249 2 059 1 723 1 358 -0,6% 51,6% 26,9% 13,6% 30,5% 21,9% 1H'10 1H'11 1H'12 1H'10 1H'11 1H'12 % sales y-o-y dynamics Construction segment EBIT (excl. PNI) Budimex Group EBIT
Slide 8: Net cash (M PLN)
Net cash (M PLN) 2Q: -377 M PLN 2Q: -447 M PLN (232 M PLN dividend) (280 M PLN dividend) 1 776 1745 1 688 1 576 1 052 1022 964 860 645 889 752 696 415 305 -31 -30 -51 -75 -112 -108 -110 12 '10 03'11 06'11 09'11 12'11 03'12 06'12 Cash Debt Net cash © Strategic Analyses Office 8
Slide 9: Construction segment in 1H'12
Construction segment in 1H’12 Construction segment results (M PLN) Core segment delivered record high sales due 1H'12 y-o-y dynamics to favorable weather and intensification of works Sales 2 757 34% related to Euro 2012 Operating profit 39 -66% % sales 1,4% -4,3 pp. Cost of restructuring actions in
Slide 10: Backlog (M PLN)
Backlog (M PLN) 8 567 6 896 2 004 23% 6 934 year 39 1% 1 851 15% '14+ 1 775 27% 26% 2 435 28% 2 090 50% '13 30% 5 082 74% 4 128 48% 2 992 '12 43% 36% Share Execution 12'10 12'11 06'12 breakdown Road infrastructure General construction Railway © Strategic Analyses Office 10
Slide 11: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data Semi-annual data 5 376 5 297 39 1% 4 501 698 13% 1 876 35% 1 270 1,3 bn PLN 28% 2 410 2 919 contracts 46% pending 698 64% 72% 3 231 3 461 1 007 41% 921 Share 2 188 59 1 214 690 172 01-12'09 01-12'10 01-12'11 01-06'11 01-06'12 Road infrastructure General construct
Slide 12: Material prices evolution
Material prices evolution* Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 130 130 125 130 120 120 110 110 100 100 90 90 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 Asphalt (1Q’10 = 100) Diesel oil (
Slide 13: Developer segment in 1H'12
Developer segment in 1H’12 Developer segment results (M PLN) Developer segment delivered decent margins 1H'12 y-o-y dynamics Sales -54% Majority of ’12 notary sales will take place in 4Q’12 83 Operating profit 10 -59% Market slowdown influenced presales volume % sales 11,5% -1,6 pp. negatively, valu
Slide 14: Presales and notary sales
Presales and notary sales Net presales (number of flats) Notary sales (number of flats) 946 765 682 405 388 210 267 243 '10 '11 1-6'11 1-6'12 '10 '11 1-6'11 1-6'12 Land bank: 7 006 flats Under construction: 1 431 flats 2 552 902 892 213 Poznan Warsaw Poznan Warsaw 3 552 326 Cracow Cracow © Strategic
Slide 15: Other activities in 1H'12
Other activities in 1H’12 Other activities (M PLN) 1H'12 y-o-y dynamics Sales 141 42% Budimex Danwood delivered healthy sales and Operating profit 13 669% high profit margins although 2Q’12 was not as % sales 9,1% 7,4 pp. good as 1Q’12 Net profit 10 n.a. % sales 6,8% 8,3 pp. Net cash (06'12) 47 128%
Slide 16: Construction companies capitalization
Construction companies capitalization Shareholder structure (as of 26.04’12) WSE symbol BDX 33,5% Grupo Ferrovial Number of shares 25 530 098 OFE PZU 52 week min/max 46 / 88 PLN 59,1% 52 week average volume 13,8 ths. shares 7,4% Other Capitalization as of 31.08’12 (M PLN) -37% -69% -19% -4% -21% -30
Slide 17: WSE performance
WSE performance Budimex vs. market 120 Ex-dividend day 100 BDX 82 80 WIG20 60 48 40 WIG-BUDOW 25 20 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Budimex vs. other construction companies 120 Ex-dividend day BDX 100 80 PXM 60 48 40 PBG 21 20 13 MSW 3 0 Dec-10 Feb-11 Apr
Slide 18: Budimex SA
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: relacje.inwestorskie@budimex.pl