Investor presentation

Transcription

1 Investor presentation 2013 financial results

2 Budimex Group structure FY 13 sales* (% Group sales) Construction segment M PLN 87% FY 13 EBIT* (% Group EBIT) 136 M PLN 41% Developer segment 225 M PLN 5% -34 M PLN -10% Other activities 537 M PLN 11% 223 M PLN 67% Stake: 51% Controlled since: Jan 13 Stake: 49% Established: Mar 12 *numbers do not add up due to internal eliminations 2

3 Budimex Group 10Y performance (M PLN) Sales '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 0,2% 0,1% 0,3% 0,9% 3,3% 6,1% 7,5% 2,4% 3,0% 7,0% EBIT '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 3

4 4Q 13 at a glance Disposal of 100% stake in Budimex Danwood for 240,6 M PLN* Solid cash position at 13 year-end (1 562 M PLN vs M PLN at 12 year-end) 4Q 13 construction segment sales dropped by 8% (vs. a decline of 31% y-o-y in 1-3Q 13) Contracts signed in 4Q 13 amounting to 0,6 bn PLN (3,3 bn PLN in FY 13) High presales in developer segment (248 flats in 4Q 13 vs. 193 flats in 4Q 12; 742 in FY 13) Construction & assembly production (bn PLN) 17,6% -1,1% 97,1 96,0 82,6 38,8 43,0 33,6 49,0 58,3 53,1-13,6% -7,5% -18,6% '10 '11 '12 '13 general constr. infrastructure 82,9 39,7 43,2 Source: Central Statistical Office *final price as informed in current report 15/2014 4

5 FY 13 results (M PLN) Sales Backlog (as at ) -22% y-o-y -11% y-o-y Operating profit +83% y-o-y Contracts signed +17% y-o-y Net profit Net cash (as at ) +62% y-o-y +31% y-o-y 5

6 Budimex Group net cash (M PLN) '10 03'11 06'11 09'11 12'11 03'12 06'12 09'12 12'12 03'13 06'13 09'13 12'13 Cash Debt Net cash

7 FY 13 sales by segments (M PLN) Results Group highlight quarterly Construction Developer Other activities WSE % Construction Developer % -37% -23% -8% y-o-y dynamics % 2% -44% -71% Other activity Budimex Group % 97% % 70% 50% -21% -31% -19% -14% -30% -22% 7

8 FY 13 gross margin by segments (M PLN) Results Group highlight quarterly Construction Developer Other activities WSE 7,3% 7,2% 6,9% 8,0% 7,3% 21,3% 19,5% 25,9% 16,2% 20,0% % -43% % 60% -10% 213% -20% -37% % Construction Developer Other activity 71% % -79% 10,3% 9,2% 10,4% 9,1% 9,7% 9,8% 7,9% 7,6% 8,5% 8,3% 66% % sales y-o-y dynamics Budimex Group % 99% 7% -35% 54% -32% -14% 8

9 Results Group highlight quarterly Construction Developer Other activities WSE 2,0% 3,5% 3,3% 3,9% 3,3% 14,3% 9,6% 12,0% -93,9% -14,9% 14 FY 13 EBIT by segments (M PLN) % -55% 331% 0% 43% Other activity % Construction Developer 13% % % -35% -339% -192% Budimex Group 4,0% 2,2% 7,7% 164,8 41,5% 5,0% 3,7% 4,0% 14,6% 7,0% % 19% 8694% % sales y-o-y dynamics % 140% 4% 160% 83% 9

10 Construction segment Construction segment results (M PLN) FY'13 y-o-y dynamics Sales % Gross margin % % sales 7,3% 0,9 pp. Operating profit % % sales 3,3% 1,3 pp. Net profit % % sales 2,5% 0,2 pp. Sales in construction segment 41% Infrastructure* 59% General constr. 4Q 13 core segment sales dropped by 8% y-o-y compared to negative dynamics of 31% y-o-y in 1-3Q 13 Contracts signed increased by 17% y-o-y but order backlog dropped by 11% y-o-y Increased tendering expected in Infrastructure Offers placed by Budimex SA (by segment, bn PLN) ,1 3,3 9,7 17,2 23,9 2,7 9,0 12,2 General construction average value (M PLN) 19,7 3,1 21,9 5,0 9,3 10,1 7,3 6,8 12M'10 12M'11 12M'12 12M'13 Other segments *including railway infrastructure 10

11 Contracts signed (M PLN) Share Infrastructure % 35% 64% % 46% 41% General construction Railway Highly probable contracts as at (02 14): +17% 34% ' ' ' '13 6% 6% 48% 40% 0,7 bn PLN 66% 19% 55% 25% Industrial 11

12 Backlog (M PLN) Share % 26% 74% % 28% 48% '10 12'11 12'12 12'13 Infrastructure General construction 3% 14% 37% 46% Current backlog by client: Infrastructure & railway -11% 1% 99% Railway General constr. & industrial 55% 4% 23% 44% 30% 45% public private To be carried out in '14 Industrial general constr. & industrial Infrastructure & railway 12

13 Material prices evolution* Concrete (1Q 10 = 100) Reinforcement steel (1Q 10 = 100) Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 Asphalt (1Q 10 = 100) Diesel oil (1Q 10 = 100) Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 2Q'10 4Q'10 2Q'11 4Q'11 2Q'12 4Q'12 2Q'13 4Q'13 *based on Budimex internal data, diesel oil prices according to Lotos SA data 13

14 Developer segment Developer segment results (M PLN) FY'13 y-o-y dynamics Sales % Gross margin 45-39% 20,0% -2,8 pp. Operating profit % % sales -14,9% -26,3 pp. Net profit % % sales -10,4% -21,1 pp. Net presales (number of flats) '10 '11 '12 '13 Budimex Nieruchomosci has noted the highest presales level since 2010 FY 13 gross margin profitability was maintained at a satisfactory level of 20% Bottom line result has been influenced negatively by stock (land bank plots) impairment amounting to 62 M PLN +44% 946 Notary sales (number of flats) % 495 '10 '11 '12 '13 14

15 Budimex Nieruchomosci projects Osiedle Pod Sloncem I Osiedle Pod Sloncem II 152 Wislany Mokotow Flats under construction Gocławska II 107 Myśliwska III stage Avia II Smolna 13A II stage Warsaw Cracow Poznan Land bank: flats Rolna I stage Date of notary sales start Finished flats presold not presold Under construction: flats Total offer 15

16 Other activities segment Other activities (M PLN) FY'13 y-o-y dynamics Sales % Gross margin 52 69% 9,7% -0,1 pp. Operating profit % % sales 41,5% 33,5 pp. Net profit % % sales 39,9% 35,1 pp. market leader in electrical system services manufacturer of switchgears with own design office Group s other activities segment composition In 4Q 13 Budimex finalized the disposal of Budimex Danwood for 240,6 M PLN* As a result Budimex Danwood has been deconsolidated from Group accounts starting from December Other activities segment include consolidation of 11 months of Budimex Danwood results and disposal gain construction & administration environmental services of underground car park in infrastructure maintenance Wroclaw (concession) facility management energy efficiency services *final price as informed in current report 15/

17 Construction companies market value WSE symbol BDX Number of shares week min/max 62 / 138 PLN 52 week average volume 14,9 ths. shares Market value as of (M PLN) Shareholder structure (as at ) 27,0% 5,1% 8,8% 59,1% Ferrovial Group OFE PZU "Zlota Jesien" Aviva OFE 89% 287% 3% 144% 72% 60% -41% 27% -64% -58% Budimex Trakcja Elektrobudowa Erbud Mostostal Zabrze Other Unibep Polimex Mostostal Mirbud % change vs '12 Mostostal Warszawa PBG 17

18 Budimex SA Stawki 40, Warszawa