Budimex Sa · GPW:BDX
Budimex Sa — Q3 2014 Earnings Presentation
19 slides from Budimex Sa's earnings presentation, October 2014
Slide 1: Investor presentation 3Q'14 financial results
Investor presentation 3Q’14 financial results www.budimex.com.pl
Slide 2: Budimex Group
Budimex Group 1-3Q’14 sales* 1-3Q’14 EBIT* (% Group sales) (% Group EBIT) Construction segment Developer segment Other activities 3 511 M PLN 131 M PLN 211 M PLN 35 M PLN 120 M PLN 3 M PLN 95% 74% 6% 20% 3% 2% Stake: 51% Controlled since: Jan’13 Stake: 49% Established: Mar’12 *numbers do not add up
Slide 3: 3Q'14 at a glance
3Q’14 at a glance Solid cash position at end-September (1 178 M PLN vs. 920 M PLN in September’13) High sales dynamics in construction segment (26% y-o-y) thanks to good weather conditions Strong order intake amounting to 2,3 bn PLN (3,7 bn PLN ytd) & 1,9 bn PLN in contracts pending Backlog rebound
Slide 4: Material prices evolution
Material prices evolution Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 140 140 130 130 118 120 120 116 110 110 100 100 90 90 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 3Q'13 1Q'14 3Q'14 1Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 1Q'13 3Q'13 1Q'14 3Q'14 Asphalt (1Q’10 = 100) Diesel oil (1
Slide 5: 1-3Q'14 results (M PLN)
1-3Q’14 results (M PLN) Sales Operating profit Net profit +7% y-o-y +23% y-o-y +21% y-o-y y-o-y dynamics +18% y-o-y +47% y-o-y +46% y-o-y excl. Danwood* Backlog Contracts signed Net cash (as at 30.09’14) (as at 30.09’14) -3% y-o-y +40% y-o-y +28% y-o-y *dynamics based on pro-forma 2013 results (excl
Slide 6: 1-3Q'14 sales by segments (M PLN)
1-3Q’14 sales by segments (M PLN) Construction 3 511 Developer 1 551 1 264 211 696 139 0% 18% 26% 17% 58 14 53% 11% -43% 26% 1Q'14 2Q'14 3Q'14 1-3Q'14 y-o-y dynamics 1Q'14 2Q'14 3Q'14 1-3Q'14 y-o-y dynamics excl. Danwood Other activity Budimex Group 3 713 1 560 1 319 834 18% 120 10% 38 -61% 41 42 -2
Slide 7: 1-3Q'14 gross margin by segments (M PLN)
1-3Q’14 gross margin by segments (M PLN) Construction Developer 10,6% 6,8% 6,3% 7,3% 20,4% 21,3% 18,0% 20,5% 257 98 43 73 85 28 12 45% 12% 15% 21% 46% 21% 2 -60% 21% 1Q'14 2Q'14 3Q'14 1-3Q'14 1Q'14 2Q'14 3Q'14 1-3Q'14 % sales y-o-y dynamics Other activity y-o-y dynamics Budimex Group excl. Danwood 8
Slide 8: 1-3Q'14 EBIT by segments (M PLN)
1-3Q’14 EBIT by segments (M PLN) Construction Developer 3,4% 3,8% 3,8% 3,7% 15,5% 11,0% 55,6% 16,8% 131 35 58 49 22 24 8 74% 32% 42% 43% 6 167% 70% 66% 26% 1Q'14 2Q'14 3Q'14 1-3Q'14 1Q'14 2Q'14 3Q'14 1-3Q'14 % sales y-o-y dynamics Other activity y-o-y dynamics Budimex Group excl. Danwood 2,0% 1,2% 5
Slide 9: Net cash (M PLN)
Net cash (M PLN) 1 688 1 616 1 576 1 562 1 353 1 282 1 293 1 245 1 188 1 178 972 860 920 976 820 813 752 718 742 913 718 640 415 305 -52 -54 -60 -63 -68 -112 -108 -110 -102 -94 -95 -102 12'11 03'12 06'12 09'12 12'12 03'13 06'13 09'13 12'13 03'14 06'14 09'14 Cash Debt Net cash © Controlling Office 9
Slide 10: Construction segment in 1-3Q'14
Construction segment in 1-3Q’14 Construction segment results (M PLN) 1-3Q'14 y-o-y dynamics In 1-3Q’14 construction segment noted a 17% y-o-y growth (26% y-o-y increase in 3Q’14) Sales 3 511 17% Gross margin 257 21% Growth in GDDKiA market resulted in strong % sales 7,3% 0,2 pp. tendering (infrastru
Slide 11: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data 1-3Q data Highly probable contracts (details on next slide) 9% 5 297 1,9 698 13% bn PLN 91% 3 684 2 410 2 803 3 266 46% 731 20% 168 6% 627 19% 2 636 +40% 70 2% 181 6% 582 22% 1 374 37% 1 332 1 812 48% 55% 1 254 48% Share 2 188 41% 1 508 41% 1 123 40% 828 25% 800
Slide 12: Budimex probable contracts pending (M PLN)
Budimex probable contracts pending (M PLN) 2 486 Signed till 790 09’14 1 905 „pending” 1 696* 43 165 GDDKiA* Other infrastructure General construction Total "pending" Best offers placed by Budimex SA in GDDKiA tenders in 2014 (M PLN; Budimex share in consortium) awarded awarded signed 09’14 signed 1
Slide 13: Backlog (M PLN)
Backlog (M PLN) 8 567 9M +8% 2 004 3M +20% 23% 4 877 2 435 28% 4 339 4 542 164 4 700 3% 155 152 3 932 Share 668 3% 18% 14% 4% 147 861 913 4% 977 23% 20% 625 13% 814 21% 1 812 37% 1 899 1 976 1 858 40% 4 128 48% 44% 44% 1 823 46% 2 233 46% 1 307 30% 1 501 33% 1 148 29% 1 356 29% 12'11 12'12 12'13 03'
Slide 14: Developer segment in 1-3Q'14
Developer segment in 1-3Q’14 Developer segment results (M PLN) Budimex Nieruchomosci reached historical 1-3Q'14 y-o-y dynamics presales level (1 031 flats) in 1-3Q’14 Sales 211 26% Gross margin 43 21% During the last 3 quarters Budimex Nieruchomosci 20,5% -0,9 pp. introduced to offer 1 780 flats. At
Slide 15: Budimex Nieruchomosci offer
Budimex Nieruchomosci offer Budimex Nieruchomosci offer as at 09’14 (number of flats) 2 439 2 425 presold 1 202 not presold 1 197 265 Warsaw 377 Cracow 595 Poznan 14 1 237 1 228 5 9 Finished flats Under construction Total offer Under construction: 2 425 flats Land bank: 5 584 flats Details on the ne
Slide 16: Projects under construction (details)
Projects under construction (details) Date of notary sales start 09'14 09'15 06'16 04'15 08'16 10'15 11'16 06'16 10'16 10'16 12'16 01'15 03'16 03'15 04'16 99 141 124 152 246 89 123 139 183 266 272 107 178 147 159 Number of flats in 6 project 3 94 82 58 23 127 266 138 136 243 96 42 118 98 172 101 75
Slide 17: Other activities segment in 1-3Q'14
Other activities segment in 1-3Q’14 Other activities (M PLN) 1-3Q'14 1-3Q'13 y-o-y dynamics y-o-y dynamics excl. Danwood excl. Danwood Sales 120,3 -71% 109,2 10% Gross margin 11,1 -73% 7,8 41% 9,2% -0,7 pp. 7,2% 2,0 pp. Operating profit 3,3 -83% 2,0 66% % sales 2,7% -1,9 pp. 1,8% 0,9 pp. Net profit
Slide 18: Construction companies capitalization
Construction companies capitalization Shareholder structure Ferrovial Group WSE symbol BDX 33,8% Number of shares 25 530 098 Aviva OFE 52 week min/max 105 / 148 PLN 59,1% 7,1% 52 week average volume 13,8 ths. shares Other Market value as of 30.09’14 (M PLN) 4% -11% -13% 19% -4% 59% -31% 9% % change
Slide 19: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: [email protected]