Budimex Sa · GPW:BDX
Budimex Sa — Q1 2010 Earnings Presentation
27 slides from Budimex Sa's earnings presentation, 2010
Slide 1: Budimex Group
budimex Budimex Group
Slide 2: Budimex Group evolution over the years
Budimex Group Budimex Group evolution over the years budimex 1968 - establishing of Budimex as Foreign Commerce Central 1995 - Budimex on Warsaw Stock Exchange 2000 - Budimex acquired by new strategic investor - Spanish Group Ferrovial Budimex in 2000 and today 2000 2009 employment 8 974 3 903 vo
Slide 3: Current Group structure
Budimex Group Current Group structure budimex Budimex Group CONSTRUCTION DEVELOPER OTHER SEGMENT SEGMENT ACTIVITIES Budimex SA Budimex Nieruchomości Budimex DanWood Sp. z o.o. Sp. z o.o. Budimex SA – developer activity companies consolidated Mostostal Kraków SA (former Budimex Inwestycje) with equit
Slide 4: Budimex Group results' evolution over the years
Budimex Group Budimex Group results’ evolution over the years budimex Budimex Group sales 2003-2009 3 500 3 274 3 290 3 043 3 005 3 000 2 703 value (m PLN) 2 500 2 147 2 151 2 000 1 500 1 000 500 0 2003 2004 2005 2006 2007 2008 2009 Budimex Group PBT 2003-2009 250 223 200 value (m PLN) 150 123 100 7
Slide 5: 1Q 2010 results
budimex Budimex Group 1Q 2010 results
Slide 6: Financial highlights (m PLN)
Budimex Group Financial highlights (m PLN) budimex m PLN 1Q 2010 1Q 2009 ∆ Sales 577 681 -104 % change 2010 vs. 2009 cumulatively -15,3% Gross margin 85 148 -63 as % of sales 14,8% 21,7% Costs of sales and overheads -33 -37 4 as % of sales -5,7% -5,4% Result on sales 53 111 -58 Other operating activ
Slide 7: Result by segments – sales cumulatively
Budimex Group Result by segments – sales cumulatively (1Q 2010 vs 1Q 2009) budimex dynamics of sales vs. PY sales 2010 -36,8% -42,0% -37,1% 83,8% -24,2% -15,3% cumulatively 199 21 577 365 -8 21 344 Construction Real estate Other Elimination of TOTAL Poland German market business business activities
Slide 8: Result by segments – EBIT cumulatively
Budimex Group Result by segments – EBIT cumulatively (1Q 2010 vs 1Q 2009) budimex as % of sales 4,0% 18,1% 7,6% 11,7% EBIT 2010 15 68 cumulatively 2 36 15 Construction Real estate Other Elimination of TOTAL business business activities internal transactions * EBIT 2009 cumulatively as % of sales 3,8
Slide 9: Result by segments – PBT cumulatively
Budimex Group Result by segments – PBT cumulatively (1Q 2010 vs 1Q 2009) budimex as % of sales PBT 2010 4,8% 16,3% 0,9% 11,4% cumulatively 15 66 0 33 18 Construction Real estate Other Elimination of TOTAL business business activities internal transactions * PBT 2009 as % of sales cumulatively 6,4% 1
Slide 10: Budimex sales dynamics vs construction production in Poland
Budimex Group Dynamic of Budimex Group sales (2004-2010) vs dynamics of construction production in Poland (in current prices) budimex Dynamic of Budimex Group sales compared to construction production in 2004-1Q 2010 40,0% 30,0% 30,0% 25,1% 19,9% 20,0% 15,7% 12,6% 6,9% 10,0% 6,4% 3,6% 0,4% 0,0% 0,6%
Slide 11: Stock exchange performance 2010
100,00% 110,00% 120,00% 130,00% 140,00% 90,00% 2009-12-31 2010-01-04 2010-01-05 2010-01-06 2010-01-07 2010-01-08 2010-01-11 Budimex Group 2010-01-12 2010-01-13 2010-01-14 2010-01-15 2010-01-18 2010-01-19 2010-01-20 2010-01-21 2010-01-22 2010-01-25 2010-01-26 2010-01-27 2010-01-28 2010-01-29 2010-02-
Slide 12: Budimex share performance vs. competitors
100,00% 105,00% 110,00% 115,00% 120,00% 125,00% 130,00% 135,00% 140,00% 85,00% 90,00% 95,00% 2010-01-04 2010-01-05 2010-01-06 PBG 2010-01-07 2010-01-08 2010-01-11 Budimex Group 2010-01-12 2010-01-13 2010-01-14 2010-01-15 2010-01-18 2010-01-19 2010-01-20 2010-01-21 Polaqua 2010-01-22 2010-01-25 2010-
Slide 13: Construction segment 1Q 2010
budimex Budimex Group Construction segment 1Q 2010
Slide 14: Sales structure in construction segment
Budimex Group: Construction segment Sales structure in construction segment budimex Sales structure by type of works 1Q 2008 1Q 2009 1Q 2010 14% 7% 34% 25% 51% 50% 43% 35% 41% 592 m PLN 581 m PLN 365 m PLN Infrastructure General construction: non residential General construction: residential Sales s
Slide 15: Backlog structure by type of works
Budimex Group: Construction segment Backlog structure by type of works budimex 31 XII 2009 31 III 2009 31 III 2010 4% 8% 4% 25% 27% 31% 71% 65% 65% Infrastructure General construction: non residential General construction: residential Backlog value (m PLN) 7 000 +87% 6 284 6 000 5 267 including: int
Slide 16: Contracts signed structure by type of works
Budimex Group: Construction segment Contracts signed structure by type of works budimex I-III 2009 I-III 2010 0% 6% 25% 38% 62% 69% Infrastructure General construction: non residential General construction: residential Contracts signed by Budim ex Group 1 500 1 404 +214% 1 000 448 500 0 I-III 2009 I
Slide 17: GDDKiA expenses for roads (m PLN)
Budimex Group: Construction segment GDDKiA expenses for roads (m PLN) budimex 31 300 23 221 18 458 15 821 11 865 13 618 13 225 9 244 7 027 2004 2005 2006 2007 2008 2009 2010 2011 2012 In 2009 General Roads Administration (GDDKiA) spent for roads PLN 18,5 bn. First version of the budget amounted to P
Slide 18: Developer segment 1Q 2010
budimex Budimex Group Developer segment 1Q 2010
Slide 19: Current projects – localization
Budimex Group: Developer segment Current projects – localization budimex Total number Project of flats Opened projects Kocjana 370 Mołdawska 286 Olbrachta II 269 Inflancka I 262 Inflancka II 232 Idzikowskiego 160 Korsaka 156 Total 1 735 Land bank 2 835 details Poznan on next slide Warsaw Total numbe
Slide 20: Finished projects – stock to be sold in next years
Budimex Group: Developer segment Finished projects – stock to be sold in next years (number of flats) budimex As of 31 December 2009 Budimex Group did not have any projects in progress, all project has been finalized (except for Inflancka III – finalization of project was postponed, presales did not
Slide 21: Presales (number of flats)
Budimex Group: Developer segment Presales (number of flats) budimex Quarterly presales of flats 253 250 200 181 150 111 100 83 81 68 72 31 50 20 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 467 flats 252 flats Quarterly presales of flats by localization 1Q 2008 1Q 2009 3
Slide 22: Notary sales (number of flats)
Budimex Group: Developer segment Notary sales (number of flats) budimex Quarterly notary sales of flats 400 372 350 327 300 239 250 200 165 150 72 91 100 72 69 53 50 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 617 flats 471 flats Quarterly notary sales of flats by local
Slide 23: Geographical structure of sales and presales (m PLN)
Budimex Group: Developer segment Geographical structure of sales and presales (m PLN) budimex Notary sales 1Q 2009 105 m PLN 1Q 2010 196 m PLN 3% 1% 0% 0,4% 96% 99,6% Warsaw Cracov Poznan Warsaw Cracov Poznan Presales 1Q 2009 1Q 2010 14 m PLN 0% 0% 87 m PLN 11% 29% 60% 100% Warsaw Cracov Poznan Wars
Slide 24: Land bank for developer projects
Budimex Group: Developer segment Land bank for developer projects budimex As of 31 March 2010 Budimex Group owns 520 k m2 of land, purchased mainly in years 2006-2007, on which plans to build c.a. 509 k m2 of flats. Within nearest future Budimex Group is going to start two projects with c.a. 230 fla
Slide 25: Land bank for developer projects
Budimex Group: Developer segment Land bank for developer projects budimex Land bank geographical structure according to m2 of land owned 11% 52% 37% Warsaw Cracow Poznań Land bank geographical structure according to planned m2 of flats (PUM) 16% 38% 46% Warsaw Cracow Poznań 25
Slide 26: Other activity 1Q 2010
budimex Budimex Group Other activity 1Q 2010
Slide 27: Budimex DanWood: timber-frame houses
Budimex Group: Other activity Budimex DanWood: timber - frame houses Sales and backlog structure budimex Sales structure by country 1Q 2009 28 m PLN 1Q 2010 21 m PLN 8% 1% 47 houses sold 6% 0% 45 houses sold 7% 9% 84% 85% Germany Poland Germany Poland Great Britain Other countries Great Britain Othe