Investor presentation

Transcription

1 Investor presentation 3Q 12 financial results

2 Budimex Group Construction segment Developer segment Other activities 2

3 Construction market climate Further market climate deterioration observed on the market Construction market climate index ( 12 vs. 11) 15 Dynamics of construction production sold is diminishing (-18% y-o-y drop in September*) 3Q 12 ytd Budimex construction sales grew by 22% y-o-y outperforming the market '11 '12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -23 Construction market value (bn PLN) infrastructure non residential residential 80,0 82,6 17,6% 97,1 1,8% 46,6 49,0 58,3 63,5 64,6 37,4 35,2 Source: Central Statistical Office *dynamics in constant prices 21,9 23,1 26,7 11,5 10,5 12,0 '09 '10 ' ,0 19,9 8,1 9,5 1-3Q'11 1-3Q'12

4 3Q 12 ytd results (M PLN) Sales Operating profit Net profit +20% y-o-y -54% y-o-y -60% y-o-y Backlog (as at ) Contracts signed Net cash (as at ) -17% y-o-y -53% y-o-y -19% y-o-y 4

5 Sales by segments, quarterly (M PLN) Construction Developer % 5% 56% 32-75% % 53% 1Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 y-o-y dynamics Other activity Budimex Group % % 19% 36% 24% 8% 1Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 5

6 EBIT by segments, quarterly (M PLN) Construction 2,9% 0,5% 2,6% Developer 5,9% 14,9% 10,3% Q'12 2Q'12 3Q'12 Other activity 16,4% 3,9% 11,0% % sales 1Q'12 2Q'12 3Q'12 Budimex Group 3,4% 1,1% 3,1% Q'12 2Q'12 3Q'12 1Q'12 2Q'12 3Q'12 6

7 Net cash (M PLN) 3Q: +244 M PLN 3Q: +412 M PLN '10 03'11 06'11 09'11 12'11 03'12 06'12 09'12 Cash Debt Net cash 7

8 Construction segment in 3Q 12 ytd Construction segment results (M PLN) 3Q'12 ytd y-o-y dynamics Sales % Operating profit 80-62% % sales 1,8% -4,0 pp. Net profit 49-72% % sales 1,1% -3,7 pp. Despite a 7% q-o-q drop in 3Q 12, core segment maintained positive y-o-y sales dynamics Gross margin in 3Q 12 was under pressure due to realization of some loss-generating contracts (recognized with 0% gross margin) and revision of contracts budgets Sales in construction segment In 3Q 12 core segment secured new contracts worth ca. 1 bn PLN 37% 63% Infrastructure* General constr. Results of 3Q 12 were influenced positively by favorable outcome of Augustow bypass lawsuit vs. GDDKiA *including railway infrastructure Stabilization of material prices observed on the market 8

9 Backlog (M PLN) Share % 23% 26% 74% % 48% % 31% 46% % 30% 43% % 29% 28% 40% 12'10 12'11 03'12 06'12 09'12 Infrastructure General construction Railway Industrial 9

10 Contracts signed (M PLN) Annual data 3Q ytd data % % 35% % Share % 64% % 41% ' ' ' ' '12 Infrastructure General construction Railway Industrial 10

11 Material prices evolution* Concrete (1Q 10 = 100) Reinforcement steel (1Q 10 = 100) Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q' Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 Asphalt (1Q 10 = 100) Diesel oil (1Q 10 = 100) Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q' Q'10 3Q'10 1Q'11 3Q'11 1Q'12 3Q'12 *based on Budimex internal data, diesel oil prices according to Lotos SA data 11

12 Developer segment in 3Q 12 ytd Developer segment results (M PLN) 3Q'12 ytd y-o-y dynamics Sales % Operating profit 14-47% % sales 11,1% -1,6 pp. Net profit 15-38% % sales 11,8% 0,2 pp. Presales (no. flats) % Developer segment performance remained stable during 3Q 12 Majority of notary sales came from Smolna 13A project (stage I) and Mysliwska (stage I) Significant increase of 4Q 12 revenues expected due to completion (and therefore start of notary sales) of 2 projects in Warsaw Net presales (number of flats) Notary sales (number of flats) '10 ' ' '12 '10 ' ' '12 12

13 Budimex Nieruchomosci projects Flats under construction Date of notary sales start 5,9-7,9 5,6-7,1 8,7-12,9 5,0-5,9 5,0-5,8 5,2-5,4 Price range (k PLN / sqm)* Goclawska Wolczynska Inflancka III Czyzyny E1a Mysliwska II Smolna 13A II Warsaw Cracow Poznan Finished flats presold not presold Total Under construction: flats Land bank: flats *gross offer prices 13

14 Other activities in 3Q 12 ytd Other activities (M PLN) 3Q'12 ytd y-o-y dynamics Sales % Operating profit 23 n.a. % sales 9,8% 11,2 pp. Net profit 18 n.a. % sales 7,9% 11,5 pp. Net cash (09'12) 54 65% Budimex Dandwood noted a very good quarter with record-high sales of 91,5 M PLN Company steadily improves its cash position Average house price (backlog) Budimex Danwood backlog (number of houses) Local currency (net) 126 k EUR Polish Zloty* (net) 517 k PLN k PLN 188 k GBP 346 k PLN 971 k PLN 12'11 sales cancellations signed 09'12 Estimated net value of backlog: 439 M PLN *NBP exchange as of

15 Construction companies capitalization Shareholder structure (as of ) WSE symbol BDX Number of shares week min/max 46 / 88 PLN 52 week average volume 13,9 ths. shares 33,5% Grupo Ferrovial OFE PZU 59,1% 7,4% Other Capitalization as of (M PLN) -23% -51% -11% 29% -4% -11% -28% -91% -11% dividend adjusted % change vs 31.12' Budimex Polimex Mostostal Mostostal Warszawa Trakcja-Tiltra Mostostal Zabrze Erbud Polaqua PBG 15

16 Performance on WSE Budimex vs. market Ex-dividend day 86 WIG BDX WIG-BUDOW 20 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Budimex vs. other construction companies Ex-dividend day BDX MSW Dec = 100 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug PXM PBG

17 Budimex SA Stawki 40, Warszawa