Budimex Sa · GPW:BDX
Budimex Sa — Q1 2012 Earnings Presentation
15 slides from Budimex Sa's earnings presentation, 2012
Slide 1: Investor presentation 1Q'12 financial results
Investor presentation 1Q’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: 1Q'12 at a glance
1Q’12 at a glance Management Board recommended record-high dividend of 280 M PLN (10,97 PLN per share) Thanks to favorable weather and PNI consolidation Group’s sales reached record-high level Competition and growing prices resulted in margins erosion (Group’s EBIT margin dropped to 3,4%) Contracts
Slide 4: Material prices evolution
Material prices evolution* Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 150 150 138 140 140 130 125 130 120 120 110 110 100 100 90 90 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100)
Slide 5: 1Q'12 results (M PLN)
1Q’12 results (M PLN) Sales Operating profit Net profit +36% y-o-y -36% y-o-y -21% y-o-y Backlog Contracts signed Net cash (as of 31.03’12) (as of 31.03’12) +14% y-o-y -36% y-o-y -26% y-o-y © Strategic Analyses Office 5
Slide 6: Net cash (M PLN)
Net cash (M PLN) 1 776 1745 -723 M PLN 1 688 1 576 -824 M PLN 1 052 1022 964 889 860 696 645 752 -31 -30 -51 -75 -112 -108 12 '10 03'11 06'11 09'11 12'11 03'12 Cash Debt Net cash © Strategic Analyses Office 6
Slide 7: Construction segment in 1Q'12
Construction segment in 1Q’12 Construction segment results (M PLN) Maintaining high sales volume may be difficult 1Q'12 y-o-y dynamics as infrastructure market drops drastically Sales 1 044 56% Operating profit 31 -17% Road infrastructure tenders identified (M PLN) % sales 2,9% -2,6 pp. Net profit 2
Slide 8: Backlog (M PLN)
Backlog (M PLN) 8 567 8 109 6 896 2 004 39 1% 23% 1 912 24% 5 267 1 775 26% 2 435 28% 2 479 1 517 29% 31% 74% 71% 5 082 48% 46% 3 750 4 128 3 717 Share 12'09 12'10 12'11 03'12 Road infrastructure General construction Railway © Strategic Analyses Office 8
Slide 9: Contracts signed (M PLN)
Contracts signed (M PLN) Annual data Quarterly data 5 376 5 297 39 1% 4 501 698 13% 1 876 35% 1 270 28% 2 410 46% 64% 72% 3 231 3 461 41% 2 188 785 499 Share 16 238 421 547 63 01-12'09 01-12'10 01-12'11 01-03'11 01-03'12 Road infrastructure General construction Railway © Strategic Analyses Office 9
Slide 10: Developer segment in 1Q'12
Developer segment in 1Q’12 Developer segment results (M PLN) Relatively low notary sales affected revenues and 1Q'12 y-o-y dynamics profit margins Sales 32 -75% Operating profit 2 -89% Budimex Nieruchomosci started notary sales of % sales 5,9% -7,9 pp. Mysliwska I project in Cracow Net profit 3 -81%
Slide 11: Presales and notary sales
Presales and notary sales Net presales (number of flats) Notary sales (number of flats) 946 765 682 388 229 198 98 75 '10 '11 1-3'11 1-3'12 '10 '11 1-3'11 1-3'12 Land bank: 7 219 flats In construction: 1 396 flats 2 552 1 115 892 178 Poznan Warsaw Poznan Warsaw 3 552 326 Cracow Cracow © Strategic An
Slide 12: Other activities in 1Q'12
Other activities in 1Q’12 Other activities (M PLN) 1Q'12 y-o-y dynamics Sales 59 53% 1Q’12 was very good for Budimex Danwood Operating profit 10 n.a. % sales 16,4% +18,0 pp. Company delivered record-high sales with high Net profit 9 n.a. margins and increased its backlog % sales 15,4% +19,1 pp. Budi
Slide 13: Construction companies capitalization
Construction companies capitalization Shareholder structure (as of 31.03’12) WSE symbol BDX 35,3% Grupo Ferrovial Number of shares 25 530 098 OFE PZU 52 week min/max 64 / 109 PLN 59,1% 5,7% Other 52 week average volume 14,2 ths. shares Capitalization as of 31.03’12 (M PLN) 12% -17% -45% -5% 19% 10%
Slide 14: WSE performance
WSE performance Budimex vs. market 120 100 86 WIG20 80 83 Budimex WIG-Bud. 60 44 40 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Budimex vs. biggest construction companies 120 100 86 80 Budimex 60 Polimex-M. 40 34 20 18 PBG 0 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 31.12’10 = 100 © Strategic Analyses
Slide 15: Budimex SA contact details
Budimex SA Stawki 40, 01-040 Warszawa www.budimex.com.pl e-mail: [email protected]