Budimex Sa · GPW:BDX
Budimex Sa — H1 2013 Earnings Presentation
17 slides from Budimex Sa's earnings presentation, 2013
Slide 1: Investor presentation 1H'13 financial results
Investor presentation 1H’13 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group 1H’13 sales* 1H’13 EBIT* (% Group sales) (% Group EBIT) Construction segment Developer segment Other activities 1 765 M PLN 51 M PLN 144 M PLN 18 M PLN 258 M PLN 7 M PLN 85% 57% 7% 20% 12% 8% Stake: 51% Controlled since: Jan’13 Stake: 49% Established: Mar’12 *numbers do not add up due
Slide 3: 1H'13 at a glance
1H’13 at a glance Budimex SA paid a dividend of 112 M PLN (4,39 PLN per share) Solid cash position at end-June (640 M PLN vs. 305 M PLN in June ’12) Contracts signed amounting to 2,2 bn PLN (vs. 0,9 bn PLN signed in 1H’12) Construction segment maintained comparable gross margin profitability (7,2% v
Slide 4: Material prices evolution
Material prices evolution Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 130 130 124 120 120 120 110 110 100 100 90 90 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 150 150 140 140 137 130
Slide 5: 1H'13 results (M PLN)
1H’13 results (M PLN) Sales Operating profit Net profit -28% y-o-y +57% y-o-y +207% y-o-y Backlog Contracts signed Net cash (as at 30.06’13) (as at 30.06’13) -22% y-o-y +134% y-o-y +110% y-o-y © Controlling Office 5
Slide 6: 1H'13 sales by segments (M PLN)
1H’13 sales by segments (M PLN) Construction Developer 1 765 1 071 694 144 91 -34% -37% -36% 53 186% 2% 72% 1Q'13 2Q'13 1H'13 1Q'13 2Q'13 1H'13 y-o-y dynamics Other activity Budimex Group 2 088 1 235 853 258 161 97 -21% -31% -28% 65% 97% 83% 1Q'13 2Q'13 1H'13 1Q'13 2Q'13 1H'13 © Controlling Office 6
Slide 7: 1H'13 gross margin by segments (M PLN)
1H’13 gross margin by segments (M PLN) Construction Developer 7,3% 7,2% 7,2% 21,3% 19,5% 20,7% 127 77 51 30 19 10 -29% -43% -38% 213% -20% 56% 1Q'13 2Q'13 1H'13 1Q'13 2Q'13 1H'13 % sales y-o-y dynamics Other activity Budimex Group 10,3% 9,2% 9,6% 9,8% 7,9% 8,7% 182 98 83 25 10 15 7% -35% -21% 45% 71
Slide 8: 1H'13 EBIT by segments (M PLN)
1H’13 EBIT by segments (M PLN) Construction Developer 2,0% 3,5% 2,9% 14,3% 9,6% 12,6% 51 37 18 13 14 5 -55% 331% 29% 591% -34% 89% 1Q'13 2Q'13 1H'13 1Q'13 2Q'13 1H'13 % sales y-o-y dynamics Other activity Budimex Group 4,0% 2,2% 2,9% 5,0% 3,7% 4,2% 89 43 46 7 4 4 14% 140% 57% -60% 13% -42% 1Q'13 2Q'
Slide 9: Net cash (M PLN)
Net cash (M PLN) 2Q’11: -377 2Q’12: -447 2Q’13: -78 1 776 1745 1 688 1 576 1282 1188 1 052 1022 964 860 889 752 820 813 696 718 742 718 640 645 415 305 -31 -30 -51 -75 -112 -108 -110 -102 -94 -95 -102 12'10 03'11 06'11 09'11 12'11 03'12 06'12 09'12 12'12 03'13 06'13 Cash Debt Net cash © Controlling
Slide 10: Construction segment in 1H'13
Construction segment in 1H’13 Construction segment results (M PLN) 1H'13 y-o-y dynamics In 1H’13 Group managed to acquire contracts Sales 1 765 -36% worth 2,2 bn PLN (+134% y-o-y) Gross margin 127 -38% Unfavorable weather conditions and high % sales 7,2% -0,2 pp. turnover in 1H’12 resulted in signif
Slide 11: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data Half-year data 5 376 5 297 39 1% 698 4 501 13% 1 876 Highly probable contracts pending: 35% 0,3 bn PLN 1 270 28% 2 410 46% 2 803 168 6% 181 6% 2 153 1 332 582 3 231 3 461 64% 48% 72% 921 2 188 833 59 Share 41% 690 1 123 737 40% 172 01-12'09 01-12'10 01-12'11 01-1
Slide 12: Backlog (M PLN)
Backlog (M PLN) ≈2 300 400 800 1 100 8 567 To be carried ≈ 2H'13 out in 2H’13 2 004 6 896 23% 39 1% 5 411 1 775 5 267 26% 4 877 160 2 435 28% 164 3% 3% 1 517 1 160 29% 668 14% 21% 1 812 1 820 37% 5 082 34% Share 74% 4 128 3 750 71% 48% 2 233 2 271 46% 42% 12'09 12'10 12'11 12'12 06'13 Infrastructure
Slide 13: Developer segment in 1H'13
Developer segment in 1H’13 Developer segment results (M PLN) 1H’13 performance of developer segment was 1H'13 y-o-y dynamics significantly better in y-o-y terms thanks to higher Sales 144 72% volume of notary sales (+23%) and different Gross margin 56% portfolio mix 30 20,7% -2,2 pp. Budimex Nieruch
Slide 14: Budimex Nieruchomosci projects
Budimex Nieruchomosci projects Flats under construction 11’13 09’14 04’15 12’13 03’15 06’14 06’15 Date of notary sales start 6,0-7,3 5,9-6,5 6,8-8,0 5,0-5,8 5,0-5,8 5,2-5,4 5,0-5,7 Price range (k PLN / sqm)* new new new 1 307 323 497 163 213 presold 152 107 147 164 5 120 4 102 99 87 4 33 160 810 147
Slide 15: Other activities segment in 1H'13
Other activities segment in 1H’13 Other activities (M PLN) 1H'13 y-o-y dynamics Sales 258 83% Gross margin 25 60% Budimex Danwood continues its dynamic growth 9,6% -1,4 pp. increasing revenues in double-digit pace Operating profit 7 -42% % sales 2,9% -6,2 pp. Bottom line profitability has been influ
Slide 16: Construction companies capitalization
Construction companies capitalization Shareholder structure (as at 27.06’13) Ferrovial Group WSE symbol BDX 27,0% OFE PZU "Zlota Jesien" Number of shares 25 530 098 52 week min/max 46 / 95 PLN 5,1% 59,1% Aviva OFE 8,8% 52 week average volume 12,3 ths. shares Other Market value as of 30.06’13 (M PLN)
Slide 17: Budimex SA
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: [email protected]