Budimex Sa · GPW:BDX
Budimex Sa — Q1 2016 Earnings Presentation
15 slides from Budimex Sa's earnings presentation, 2016
Slide 1: Investor Presentation 1Q'16 financial results
sense of creating Investor Presentation 1Q’16 financial results
Slide 2: Budimex Group structure
Budimex Group structure 1Q’16 results summary 1Q’16 sales 1Q’16 EBIT Internal eliminations (% Group sales) (% Group EBIT) -72 M PLN 0 M PLN -7% 0% 988 M PLN 63 M PLN Construction segment Developer segment Other activities 930 M PLN 44 M PLN 78 M PLN 11 M PLN 52 M PLN 77M M PLN PLN 94% 70% 8% 18% 5%
Slide 3: 1Q'16 at a glance
1Q’16 at a glance 1Q’16 results summary 208 M PLN dividend to be paid in May’16 (+33% y-o-y) Historic order backlog of 9,1 bn PLN (+42% y-o-y) Excellent EBIT profitability at 6,4% (+0,9 pp. y-o-y) Contracts signed amounting to 1,5 bn PLN (+43% y-o-y) 317 flats presold by Budimex Nieruchomosci (-36%
Slide 4: 1Q'16: strong top-line and healthy 6,4% EBIT
1Q’16: strong top-line and healthy 6,4% EBIT 1Q’16 results summary 1Q'16 1Q'15 ∆ FY'15 FY'14 Sales 988 846 141 5 134 4 950 y-o-y dynamics 16,7% 1,5% 15,2 pp. 3,7% 4,2% Gross margin 115 81 34 493 433 % sales 11,6% 9,5% 2,1 pp. 9,6% 8,7% SG&A -57 -53 -4 -220 -205 % sales -5,7% -6,2% 0,5 pp. -4,3% -4,1
Slide 5: Net cash evolution in Budimex Group
Net cash evolution in Budimex Group 1Q’16 results summary -270 M 2 295 +45 M 2 025 -269 M 1 761 1 810 1 716 1 562 1 481 1 293 1 178 913 12'13 03'14 06'14 09'14 12'14 03'15 06'15 09'15 12'15 03'16 All figures in M PLN, unless stated otherwise 5 © Controlling Office
Slide 6: Construction: historic backlog exceeding 9 bn PLN
Construction: historic backlog exceeding 9 bn PLN Construction segment Construction results (M PLN) 1Q’16 construction segment generated 1Q'16 y-o-y dynamics 930 M PLN sales (+13% y-o-y) improving gross Sales 930 13% margin profitability by 0,9 pp. Gross margin 90 24% Backlog grew to historic 9,1 bn
Slide 7: Material prices evolution
Material prices evolution Construction segment Concrete (1Q’10 = 100) Reinforcement steel (1Q’10 = 100) 160 160 140 140 120 120 109 100 100 87 80 80 60 60 1Q'10 1Q'11 1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 1Q'10 1Q'11 1Q'12 1Q'13 1Q'14 1Q'15 1Q'16 Asphalt (1Q’10 = 100) Diesel oil (1Q’10 = 100) 160 160 140 14
Slide 8: Contracts signed in Budimex Group
Contracts signed in Budimex Group Construction segment Annual data Quarterly data Additional contracts pending 7 105 (bn PLN) 170 2% 217 35% 6 310 3% 53% +1,4 12% bn PLN 758 74 1% 2 070 29% 12% 2 039 32% 3 266 627 19% 4 649 65% 1 485 Share 1 812 55% 3 439 55% 1 041 62 332 313 828 1 152 25% 667 01-12
Slide 9: Infrastructure drives backlog to record-high 9,1 bn PLN
Infrastructure drives backlog to record-high 9,1 bn PLN Construction segment 9 098 8 421 812 9% 849 10% 169 2% 187 2% 1 837 6 107 20% 1 894 22% 831 14% 4 339 442 7% 155 4% 23% 2 068 34% 977 6 281 69% 5 491 65% 1 899 44% Share 2 765 45% 1 307 30% 12'13 12'14 12'15 03'16 Infrastructure General constru
Slide 10: Strong 1Q'16 due to high notary sales
Strong 1Q’16 due to high notary sales Developer segment Developer segment results (M PLN) Developer segment noted strong quarter 1Q'16 y-o-y dynamics handing-over 242 flats to clients Sales 78 128% Presales volume dropped by 36% y-o-y mainly Gross margin 19 114% due to lower offer and therefore cont
Slide 11: Significant q-o-q growth in project portfolio
Significant q-o-q growth in project portfolio… Developer segment Offer as at 03’16 (number of flats) presold not presold 4 206 4 127 2 837 2 769 Poznan Warsaw 386 396 79 Cracow 1 358 587 68 1 369 11 Finished flats Under construction Total offer Under construction: 4 127 flats Land bank: 5 559 flats
Slide 12: …with over 4k flats under construction
…with over 4k flats under construction Developer segment presold Projects under construction as at 03’16 (number of flats) ∑= 4 127 not presold Date of notary sales start 2Q'16 2Q'17 3Q'17 3Q'16 1Q'18 4Q'16 1Q'17 3Q'17 1Q'18 1Q'18 2Q'18 2Q'16 3Q'16 1Q'17 2Q'17 2Q'17 3Q'17 4Q'17 4Q'17 2Q'18 2Q'17 3Q'
Slide 13: Strong performance thanks to Elektromontaz-Poznan
Strong performance thanks to Elektromontaz-Poznan Other activities segment Other activities segment results (M PLN) Other activities noted a 41% y-o-y top line 1Q'16 y-o-y dynamics growth fostered by Elektromontaz-Poznan Sales 52 41% Gross margin 9 72% Gross margin profitability stood at a healthy 1
Slide 14: Budimex market value
Budimex market value Budimex on Warsaw Stock Exchange Shareholding structure Ferrovial Group WSE symbol BDX 34,2% Number of shares 25 530 098 Aviva OFE 59,1% 52 week min/max 160 / 218 PLN Other 6,7% 52 week average volume 9,9 ths. shares Market value as of 31.03’16 0% 5% -15% -10% 7% -2% 13% 31% -11
Slide 15: sense of creating
budimex sense of creating