s e n s e o f c r e a t i n g Investor Presentation

Transcription

1 s e n s e o f c r e a t i n g Investor Presentation 1-3Q 17 financial results

2 Budimex Group structure 1-3Q 17 results summary 1-3Q 17 sales (% Group sales) 1-3Q 17 EBIT (% Group EBIT) M PLN 426 M PLN Internal eliminations -264 M PLN -6% 5 M PLN 1% Construction segment M PLN 95% 358 M PLN 84% Developer segment 384 M PLN 8% 55 M PLN 13% Other activities 120 M PLN 3% 9 M PLN 7 M PLN 4% 2% Controlled since: Jan 13 Stake: 49% Established: Mar 12 2

3 1-3Q 17 at a glance 1-3Q 17 results summary 383 M PLN highest ever dividend paid in June (+84% y-o-y) Strong order backlog of 9,3 bn PLN (+7% y-o-y) Excellent EBIT profitability at 9,4% (+1,9 pp. y-o-y) flats presold by Budimex Nieruchomosci (+9% y-o-y) Construction & assembly production (bn PLN) general constr. -13,6% 2,6% 2,3% -14,4% infrastructure 96,0 43,0 82,9 85,1 87,1 39,7 39,1 40,3 74,5 36,7 48,0 28,6 13,4% 8,0% 54,5 30,9 53,1 43,2 46,0 46,7 37,9 15,8 17,1 25,4 28,8 22,7 12,8 25,7 13,8 '12 '13 '14 '15 '16 Source: Central Statistical Office 3 1-3Q'16 1H'16 1-3Q'17 1H'17

4 3Q 17: strong bottom line driven by construction segment 1-3Q 17 results summary 3Q'17 3Q'16 3Q 3Q'17 ytd 3Q'16 ytd 3Q ytd Sales y-o-y dynamics 8,4% 10,5% Gross margin % sales 12,5% 11,6% 1,0 pp. 12,8% 12,0% 0,8 pp. EBIT % sales 9,7% 7,7% 1,9 pp. 9,4% 7,5% 1,9 pp. PBT % sales 9,7% 7,7% 1,9 pp. 9,2% 7,6% 1,6 pp. Net profit % sales 7,8% 6,2% 1,6 pp. 7,4% 6,1% 1,3 pp. Net cash end-period balance change in period Backlog end-period balance change in period

5 1-3Q 17 sales by segment 1-3Q 17 results summary Construction Developer % 11% 4% 7% % % 88% 84% Other activity y-o-y dynamics Budimex Group % % 15% -4% % 16% 8% 11% 5

6 1-3Q 17 gross margin by segment 1-3Q 17 results summary Construction 14,1% 9,8% 11,2% 11,3% Developer 19,4% 20,6% 20,8% 20,4% % 192-7% 5% 11% % 80% 78% 52% Other activity % sales y-o-y dynamics Budimex Group 12,8% 14,2% 13,2% 13,4% 15,5% 11,3% 12,5% 12,8% % 25% 30% -5% % % 18% 17% 6

7 1-3Q 17 EBIT by segment 1-3Q 17 results summary Construction 9,6% 7,2% 8,6% 8,3% Developer 11,1% 15,5% 15,3% 14,3% % 116 8% % 28% 11-1% % 157% 96% Other activity % sales y-o-y dynamics Budimex Group 7,5% 7,3% 6,8% 7,2% 10,5% 8,3% 9,7% 9,4% % 239% 76% -13% % % 35% 38% 7

8 Net cash evolution in Budimex Group Group results +343 M M M '14 03'15 06'15 09'15 12'15 03'16 06'16 09'16 12'16 03'17 06'17 09'17 8

9 Construction segment Construction segment Construction results (M PLN) 1-3Q'17 y-o-y dynamics Sales % Gross margin % % sales 11,3% 0,4 pp. Operating profit % % sales 8,3% 1,4 pp. Net profit % % sales 6,6% 1,0 pp. Construction segment sales increased by 7% y-o-y fostered by growth in general construction Operating profitability reached 8,3% (improvement of 1,4 pp y-o-y) despite tough market conditions Strong order intake at 4,5 bn PLN with over 1 bn PLN secured in railway segment Offers placed by Budimex SA (by segment, bn PLN) Construction sales by segment average value (M PLN) 39,8 47% 1-3Q 17 53% 40% 1-3Q 16 60% 28,3 2,3 9,9 16,1 4,7 9,7 25,5 24,2 6,6 17,6 3,8 10,3 8,5 7,3 5,3 31,4 9,3 6,6 15,5 General construction & other '14 '15 '16 1-3Q'16 1-3Q'17 Infrastructure Infrastructure General construction Other segments 9

10 Material prices evolution Construction segment Concrete (1Q 10 = 100) Reinforcement steel (1Q 10 = 100) Q'10 3Q'11 3Q'12 3Q'13 3Q'14 3Q'15 3Q'16 3Q' Q'10 3Q'11 3Q'12 3Q'13 3Q'14 3Q'15 3Q'16 3Q'17 Asphalt (1Q 10 = 100) Diesel oil (1Q 10 = 100) Q'10 3Q'11 3Q'12 3Q'13 3Q'14 3Q'15 3Q'16 3Q' Q'10 3Q'11 3Q'12 3Q'13 3Q'14 3Q'15 3Q'16 3Q'17 Source: Budimex internal data & estimations, diesel oil prices according to Lotos SA data 10

11 Contracts signed in Budimex Group Construction segment Annual data 1-3Q data % 1% 32% % 3% 29% % 1% 49% Share % % % ' ' ' ' '17 Infrastructure General construction Railway Industrial 11

12 Backlog in Budimex Group Construction segment % 7% % 2% % % % 29% 12% 11% 31% % Share % % % % 12'14 12'15 12'16 09'17 Infrastructure General construction Railway Industrial 12

13 Developer segment in 1-3Q 17 Developer segment Developer segment results (M PLN) 1-3Q'17 y-o-y dynamics Sales % Gross margin 78 52% 20,4% -4,3 pp. Operating profit 55 96% % sales 14,3% 0,9 pp. Net profit 46 81% % sales 11,9% -0,2 pp. Presales (# flats) Developer segment sales soared by 84% driven by 123% growth in notary sales Presales volume increased by 9% y-o-y Land bank expansion to 8,1 ths flats (vs. 6,4 ths flats as at Dec 16) Budimex Nieruchomosci offer covers 4 locations and amounts to 0,7 ths flats Notary sales (# flats) % % '14 '15 '16 1-3Q'16 1-3Q'17 '14 '15 '16 1-3Q'16 1-3Q'17 13

14 Budimex Nieruchomosci offer Developer segment presold not presold Offer as at (number of flats) Tricity 114 Poznan Warsaw Cracow Finished flats Under construction Total offer Under construction: flats Land bank: flats 14

15 Other activities segment Other activities segment Other activities segment results (M PLN) 1-3Q'17 y-o-y dynamics Sales 120-4% Gross margin 16-5% 13,4% -0,2 pp. Operating profit 9-13% % sales 7,2% -0,8 pp. Net profit 5-35% % sales 3,9% -1,8 pp. Other activities noted a slight 4% y-o-y drop in sales due to lower volumes in Elektromontaż Poznań Segment generated strong 7,2% operating profitability In 3Q 17 standalone FBSerwis Group contributed positively (+0,9 M PLN) to Budimex Group bottom line Group s other activities segment composition market leader in electrical system services manufacturer of switchgears with own design office construction & administration of underground car park in Wroclaw (concession) environmental services infrastructure maintenance facility management energy efficiency services 15

16 Budimex market value Budimex on Warsaw Stock Exchange Shareholding structure WSE symbol BDX Number of shares week min/max 192 / 284 PLN 52 week average volume 10,3 ths. shares 32,7% 5,4% 9,2% 55,1% Ferrovial Group Aviva OFE NN OFE Other Market value as of % 284% -17% -3% 12% -3% 1% -3% -27% 57% % change vs ' Budimex Polimex Mostostal Trakcja PRKiI Elektrobudowa Unibep Erbud Torpol Mostostal Warszawa Mostostal Zabrze Mirbud 16

17 s e n s e o f c r e a t i n g