Budimex Sa · GPW:BDX

Budimex Sa — Q1 2011 Earnings Presentation

32 slides from Budimex Sa's earnings presentation, 2011

  1. Slide 1: Presentation for investors: Financial results 1Q 2011

    ethics teamwork responsibility ambition Presentation for investors Financial results 1Q 2011

  2. Slide 2: Agenda

    Agenda I. Important event of the period 3 II. Financial results 9 1. Budimex Group 10 2. Construction segment 14 3. Developer segment 21 4. Other activities 27 5. Internal eliminations 30 © Controlling Office 2

  3. Slide 3: Important events of the period

    Important events of the period

  4. Slide 4: Important events of the period

    Important events of the period Budimex as the most valuable construction company quoted on WSE Increase in construction sales by 83% and in Group sales by 38% Budimex as a leader in GDDKiA infrastructure tenders decided in 1Q’11 Dividend payment for the year 2010 => Management Board decision underta

  5. Slide 5: Budimex: market value as of 01.04'11 (M PLN)

    Budimex: market value as of 01.04’11 (M PLN) % change vs 31.12'10 2,81% -14,27% -12,25% -26,41% -32,20% 0,56% -3,57% 2 612 2 610 1 828 900 504 491 403 Budimex PBG Polimex Mostostal Erbud Polaqua Mostostal Mostostal Warszawa Zabrze Budimex became the most valuable construction company © Controlling O

  6. Slide 6: Budimex on Warsaw Stock Exchange

    85% 90% 95% 100% 105% 110% 10-12-31 11-01-04 11-01-07 11-01-11 11-01-13 © Controlling Office 11-01-17 11-01-19 11-01-21 11-01-25 11-01-27 11-01-31 11-02-02 11-02-04 11-02-08 11-02-10 11-02-14 11-02-16 6 11-02-18 11-02-22 11-02-24 11-02-28 11-03-02 11-03-04 Share value performance (100%=31.12’10) 11-

  7. Slide 7: Budimex & Construction production in Poland

    Budimex & Construction production* in Poland Dynamics** of Budimex construction sales in Poland compared to construction production 85,9% Budimex 66,2% 59,5% 28,4% Construction 13,8% 19,1% production, Poland 5,0% -0,3% -16,0% -36,8% 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 Structure of Budimex construction sal

  8. Slide 8: Shareholders and Group structure today

    Shareholders and Group structure today Shareholders 5,66% Ferrovial Group PZU OFE "Złota Jesień" Other 35,28% 59,06% Budimex Group structure Construction Developer Other activities turnover 1Q’11 79% 16% 5% Budimex SA (inc.) Budimex Nieruchomości Ltd. Budimex DanWood Ltd. Mostostal Kraków SA (inc.)

  9. Slide 9: Financial results 2011

    Financial results 10 2011 budimex

  10. Slide 10: Group information

    1. Group information © Controlling Office 10

  11. Slide 11: Budimex Group 1Q'11 (M PLN)

    Budimex Group 1Q’11 (M PLN) dynamics ’11 vs.… as % of sales 798 Sales Gross margin 148 681 577 94 85 38,2% 17,1% 11,8% 14,8% 21,7% '11 '10 '09 '11 '10 '09 EBIT Net profit 68 53 58 47 40 38 7,3% 11,7% 5,6% 5,8% 9,2% 5,9% '11 '10 '09 '11 '10 '09 © Controlling Office 11

  12. Slide 12: Results by segments 1Q'11 (M PLN)

    Results by segments 1Q’11 (M PLN) Budimex Internal Construction Developer Other activities Group 1Q'11 eliminations Sales 797,8 668,7 129,0 38,2 -38,1 Gross margin 94,4 67,3 23,9 2,6 0,6 as % of sales 11,8% 10,1% 18,5% 6,9% 0,0% Overheads -37,0 -31,8 -5,9 -2,6 3,3 as % of sales -4,6% -4,8% -4,6% -6,

  13. Slide 13: Net treasury position: cash less debt (M PLN)

    Net treasury position: cash* less debt (M PLN) net treasury position cash debt 1 776 1745 1 052 1 076 784 838 1022 692 815 434 530 504 -26 -22 -31 -30 -292 -257 12 '09 03'10 06 '10 09 '10 12 '10 03'11 * on company’s hands © Controlling Office 13

  14. Slide 14: Construction segment

    2. Construction segment © Controlling Office 14

  15. Slide 15: Construction segment 1Q'11 (M PLN)

    Construction segment 1Q’11 (M PLN) dynamics ’11 vs.… as % of sales 669 Sales Gross margin 113 581 67 365 28 83,2% 15,2% 10,1% 7,6% 19,4% '11 '10 '09 '11 '10 '09 37 EBIT Net profit 30 29 22 15 15 5,5% 4,0% 3,8% 4,5% 4,0% 4,9% '11 '10 '09 '11 '10 '09 © Controlling Office 15

  16. Slide 16: Construction sales structure (M PLN)

    Construction sales structure (M PLN) Residential Non-Residential Infrastructure 03'10 03'11 7% 9% 50% 34% 43% 57% 365 M PLN 669 M PLN © Controlling Office 16

  17. Slide 17: Construction backlog (M PLN)

    Construction backlog (M PLN) Contracts realized with backlog value > 1 M PLN: Residential Contracts 03'09 03'10 03'11 Non-Residential Number 61 98 94 Infrastructure 13% Average value 54 63 75 7 109 377 6 284 275 1 377 1 933 3 359 264 900 5 354 4 076 2 195 03'09 03'10 03'11 © Controlling Office 17

  18. Slide 18: Construction contracts signed (M PLN)

    Construction contracts signed (M PLN) Residential Decrease in contracts signed in the period results from general construction Non-Residential Infrastructure 1 404 Number of contracts signed: 20 83 Contracts signed with much higher Number of contracts signed: 10 value => 5 contracts gave 628 M PLN V

  19. Slide 19: Infrastructure contracts signed (M PLN)

    Infrastructure contracts signed (M PLN) Contracts signed Offers identified Offering effectiveness 1Q'11 547 2 928 19% 1Q'10 530 10 269 5% 1Q'09 278 7 690 4% The comparable amount of contracts signed on shrinking market of tenders decided © Controlling Office 19

  20. Slide 20: GDDKiA tenders decided (M PLN)

    GDDKiA tenders decided (M PLN) Value of GDDKIA tenders decided in the period: 1 522 M PLN* Budimex Budimex** Strabag Mota-Egil 536 337 346 273 Sando 30 Augustów S17 Lublin Bypass S3 Gorzów - Międzyrzecz S3 Gorzów - Międzyrzecz DK77 Leżajsk Bypass 2nd Stretch 1st and 3th Stretch 2nd Stretch Bypass Bu

  21. Slide 21: Developer segment

    3. Developer segment © Controlling Office 21

  22. Slide 22: Developer segment 1Q'11 (M PLN)

    Developer segment 1Q’11 (M PLN) dynamics ’11 vs.… as % of sales Sales Gross margin 199 48 129 30 108 24 -35,2% 19,1% 18,5% 23,9% 27,4% '11 '10 '09 '11 '10 '09 EBIT Net profit 36 26 18 20 15 14 13,8% 18,1% 18,9% 11,4% 13,2% 12,8% '11 '10 '09 '11 '10 '09 © Controlling Office 22

  23. Slide 23: Notary sales (number of flats)

    Notary sales (number of flats) Warsaw Cracow Poznan 372 263 239 237 198 371 226 91 262 237 74 72 69 198 83 61 64 74 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10 3Q'10 4Q'10 1Q'11 Potential notary sales in 2011 from projects finished before year 2010: 188 (flats finished on stock as of 31.03’11), includ

  24. Slide 24: Presales (number of flats)

    Presales* (number of flats) Warsaw Cracow Poznan 311 238 245 231 181 129 308 188 164 68 72 81 181 89 31 44 60 69 78 50 16 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10 3Q'10 4Q'10 1Q'11 * flats returned not included © Controlling Office 24

  25. Slide 25: New projects started in 2010

    New projects started in 2010 flats (number) revenue (M PLN) presales already realized 320 249 177 140 162 178 54 44 24 72 22% 41% 76% 88% 28% Wólczyńska Inflancka III Myśliwska Nad Wilgą III Smolna 13A I Warsaw Cracow Poznan presales started 12’10 12’10 07’10 06’10 11’10 © Controlling Office 25

  26. Slide 26: Land bank

    Land bank GDYNIA GDANSK Budimex land bank Warsaw: 24,7 ha POZNAN WARSAW 3,2 ha Dolny 23,6 ha Cracow: 17,4 ha Smolna 724 flats Mokotów 1 949 flats 1,1 ha Praga Pd 317 flats Poznan: 3,2 ha WROCLAW TOTAL: 45,3 ha CRACOW Prądnik 1,8 ha Czerwony 404 flats potential directions of diversification 1,3 ha My

  27. Slide 27: Other activities

    4. Other activities © Controlling Office 27

  28. Slide 28: Other activities 1Q'11 (M PLN)

    Other activities 1Q’11 (M PLN) dynamics ’11 vs.… as % of sales 38 Sales 3 Gross margin 2 28 21 6,9% -2,0% 8,8% 80,1% 36,5% -0,4 '11 '10 '09 '11 '10 '09 EBIT Net profit* 2 -3,7% 0,0% -24,7% 0 -1 -1 -1,6% 7,6% -36,3% -7 -10 '11 '10 '09 '11 '10 '09 * includes Budimex Danwood result and companies consol

  29. Slide 29: Budimex Danwood activity

    Budimex Danwood activity Main activity: timber frame houses production Main market: Germany (86% of sales value), foreign currency exposure hedged Backlog, sales and contracts signed (number of houses) 724 202 71 597 -4 backlog 12'10 sales cancellations signed backlog 03'11 62 -4 196 634 7 5 74 2 1

  30. Slide 30: Internal eliminations

    5. Internal eliminations © Controlling Office 30

  31. Slide 31: Internal eliminations 1Q'11 (M PLN)

    Internal eliminations* 1Q’11 (M PLN) 1Q'11 1Q'10 1Q'09 Sales -38,1 -8,0 -35,5 Gross margin 0,6 10,6 3,1 Overheads 3,3 3,9 2,8 EBIT 3,9 15,4 5,9 Gross result 3,9 15,4 5,8 Net result 3,1 12,5 4,6 * mainly construction segment to developer segment © Controlling Office 31

  32. Slide 32: For further information, please contact

    For further information, please contact: [email protected] www.budimex.com.pl

Budimex — Q1 2011 Earnings Presentation on 6ix