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1 ethics teamwork responsibility ambition Presentation for investors Financial results 2010
2 Agenda I. Budimex historical outline II. Financial results year Budimex Group 2. Construction segment 3. Developer segment 4. Other activities 5. Internal eliminations
3 Budimex historical outline
4 Budimex over a decade Budimex established listed on Warsaw Stock Exchange (9,50 PLN/share) acquired by Ferrovial (59,06% of shares) 2000 => consolidation process No of companies Employees Backlog (M PLN) % +231% '00 12'10 12'00 12'10 12'00 12'10 4
5 Budimex result evolution (M PLN) Sales '04 '05 '06 '07 '08 '09 '10 Net result '04 '05 '06 '07 '08 '09 '10 5
6 Budimex: the biggest construction company... Sales 2010 (M PLN) Budimex Polimex Mostostal Skanska Polska PBG Mostostal Warszawa with the best result Net result 2010 (M PLN) n/a Budimex Polimex Mostostal Skanska Polska PBG Mostostal Warszawa 6
7 Budimex: market value (M PLN) % change vs 31.12'09 4,3% 39,7% 0,8% 1,8% 24,3% 4,5% -29,5% PBG Budimex Polimex Mostostal Mostostal Warszawa Erbud Polaqua Mostostal Zabrze 7
8 Financial results Year 2010
9 1. Group information 9
10 Shareholders and Group structure today Shareholders 5,66% Ferrovial Group PZU OFE "Złota Jesień" Other 59,06% 35,28% Budimex Group structure Construction Developer Other activities turnover % 11% 4% Budimex SA (inc.) Mostostal Kraków SA (inc.) Budimex Nieruchomości Ltd. Budimex DanWood Ltd. 10
11 Financial highlights 2010 (M PLN) Budimex Group FY'10 4Q'10 PY'09 4Q '09 annual change quartely change Sales 4 430, , ,9 848,0 35% 50% dynamics yoy 34,7% 49,7% Gross margin 484,3 116,8 412,6 86,6 17% 35% as % of sales 10,9% 9,2% 12,5% 10,2% Overheads -146,7-46,2-152,2-41,9-4% 10% as % of sales -3,3% -3,6% -4,6% -4,9% EBIT 331,4 72,0 200,5 57,2 65% 26% as % of sales 7,5% 5,7% 6,1% 6,7% Gross result 331,8 75,9 224,2 58,3 48% 30% as % of sales 7,5% 6,0% 6,8% 6,9% Net result 267,4 60,1 173,7 44,0 54% 37% as % of sales 6,0% 4,7% 5,3% 5,2% 11
12 Financial highlights 2010 by quarters (M PLN) Budimex Group FY'10 1Q 2Q 3Q 4Q Sales 4 430,3 577, , , ,6 dynamics yoy 34,7% -15,3% 37,2% 55,4% 49,7% Gross margin 484,3 85,5 124,1 157,9 116,8 as % of sales 10,9% 14,8% 10,8% 11,0% 9,2% Overheads -146,7-32,6-34,0-33,8-46,2 as % of sales -3,3% -5,7% -3,0% -2,4% -3,6% EBIT 331,4 67,6 95,3 96,5 72,0 as % of sales 7,5% 11,7% 8,3% 6,7% 5,7% Gross result 331,8 65,7 90,5 99,7 75,9 as % of sales 7,5% 11,4% 7,9% 6,9% 6,0% Net result 267,4 53,3 73,2 80,8 60,1 as % of sales 6,0% 9,2% 6,4% 5,6% 4,7% 12
13 Results by segments 2010 (M PLN) Budimex Group '10 Construction Developer Non core Internal eliminations Sales 4 430, ,1 496,2 160,0-40,0 Gross margin 484,3 357,5 90,3 12,5 24,0 as % of sales 10,9% 9,4% 18,2% 7,8% 0,0% Overheads -146,7-124,1-24,8-10,6 12,7 as % of sales -3,3% -3,3% -5,0% -6,6% 0,0% EBIT 331,4 215,7 70,4 7,3 37,9 as % of sales 7,5% 5,7% 14,2% 4,6% 0,0% Gross result 331,8 227,0 61,6 3,9 39,2 as % of sales 7,5% 6,0% 12,4% 0,0% 0,0% Net result 267,4 184,1 49,6 2,0 31,7 as % of sales 6,0% 4,8% 10,0% 1,2% -79,4% details on slides:
14 Net treasury position: cash* less debt (M PLN) net treasury position cash debt '09 03'10 06 '10 09 '10 12 '10 * on company s hands 14
15 2. Construction segment 15
16 Construction production in Poland* (bn. PLN) dynamics yoy infrastructure non residential residential 10,3% 21,2% 31,2% 15,7% 3,6% 3,3% Budimex Group construction segment 28,6% 66,7 77,2 80,0 82,6 3,8 42,0 50,8 34,8 39,6 46,6 49,0 2,3 27,8 22,5 16,2 13,6 5,8 6,8 21,1 24,2 21,8 23,1 10,7 13,4 11,5 10,5 1,3 0,2 '05 '06 '07 '08 '09 '10 * construction production in Poland as the production of the companies with more than 9 employees registered in Central Statistic Office as construction ones 16
17 GDDKiA (main road investor) expenses (bn. PLN) 34,0 26,2 3,7 6,0 7,0 9,2 11,9 13,6 15,8 18,5 19,9 12, Original Revised Final expenses ,4 22,7 18, ,3 20,5 19,9 17
18 Financial highlights 2010 (M PLN) Construction segment FY'10 4Q'10 PY'09 4Q'09 annual change quartely change Sales 3 814, , ,0 749,4 29% 57% dynamics yoy 28,6% 57,5% Gross margin 357,5 105,8 337,0 64,9 6% 63% as % of sales 9,4% 9,0% 11,4% 8,7% Overheads -124,1-39,5-132,4-35,7-6% 11% as % of sales -3,3% -3,3% -4,5% -4,8% EBIT 215,7 73,1 150,6 37,5 43% 95% as % of sales 5,7% 6,2% 5,1% 5,0% Gross result 227,0 77,5 190,0 42,4 19% 83% as % of sales 6,0% 6,6% 6,4% 5,7% Net result 184,1 61,9 148,1 32,9 24% 88% as % of sales 4,8% 5,2% 5,0% 4,4% 18
19 Financial highlights 2010 by quarters (M PLN) Construction segment FY'10 1Q 2Q 3Q 4Q Sales 3 814,1 365,0 993, , ,0 dynamics yoy 28,6% -37,1% 26,4% 49,9% 57,5% Gross margin 357,5 27,6 94,2 129,9 105,8 as % of sales 9,4% 7,6% 9,5% 10,2% 9,0% Overheads -124,1-27,6-28,6-28,5-39,5 as % of sales -3,3% -7,6% -2,9% -2,2% -3,3% EBIT 215,7 14,5 58,0 70,1 73,1 as % of sales 5,7% 4,0% 5,8% 5,5% 6,2% Gross result 227,0 17,6 57,7 74,2 77,5 as % of sales 6,0% 4,8% 5,8% 5,8% 6,6% Net result 184,1 14,6 47,0 60,6 61,9 as % of sales 4,8% 4,0% 4,7% 4,8% 5,2% 19
20 Construction sales structure (M PLN) '09 7% '10 5% Residential Non-Residential Infrastructure 69% 24% 61% 34% M PLN M PLN 20
21 Construction contracts signed (M PLN) Largest contracts signed in the period: A4 Dębica - Rzeszów 1418 S17 Lublin bypass section 5 and 5a 327 S3 Międzyrzecz - Sulechów 275 Modernisation railway station Wrocław 265 A1 Junction Stryków 252 Bridge in Kwidzyń % Residential Non-Residential Infrastructure '08 '09 '10 21
22 Construction backlog (M PLN) 31% Residential Non-Residential Infrastructure '08 12'09 12'10 22
23 Backlog highlights (M PLN) Expected time of backlog realization General Construction* 29% 71% c % 81% Infrastructure '11 '11+ Average period of contract realization: 28 months Contracts realized with backlog value > 1 M PLN: 12'08 12'09 12'10 Number of contracts Average value * residential + non residential 23
24 3. Developer segment 24
25 Developer market features 10,6% ,2% '000 '08 '09 '10 Dwellings completed Dwellings started 25
26 Financial highlights 2010 (M PLN) Developer segment FY'10 4Q'10 PY'09 4Q'09 annual change quartely change Sales 496,2 44,3 257,5 58,7 93% -24% dynamics yoy 92,7% -24,5% Gross margin 90,3 7,1 80,0 23,5 13% -70% as % of sales 18,2% 16,0% 31,1% 40,0% Overheads -24,8-5,5-18,7-5,5 33% -1% as % of sales -5,0% -12,4% -7,3% -9,5% EBIT 70,4-5,1 55,0 19,9 28% -125% as % of sales 14,2% -11,4% 21,3% 33,9% Gross result 61,6-6,7 37,8 15,3 63% -144% as % of sales 12,4% -15,2% 14,7% 26,0% Net result 49,6-5,6 29,0 10,4 71% -154% as % of sales 10,0% -12,7% 11,3% 17,8% 26
27 Financial highlights 2010 by quarters (M PLN) Developer segment FY'10 1Q 2Q 3Q 4Q Sales 496,2 199,0 129,2 123,7 44,3 dynamics yoy 92,7% 83,8% 145,0% 226,5% -24,5% Gross margin 90,3 47,7 21,3 14,3 7,1 as % of sales 18,2% 23,9% 16,5% 11,5% 16,0% Overheads -24,8-6,6-6,3-6,3-5,5 as % of sales -5,0% -3,3% -4,9% -5,1% -12,4% EBIT 70,4 36,1 31,5 7,9-5,1 as % of sales 14,2% 18,1% 24,4% 6,4% -11,4% Gross result 61,6 32,5 27,7 8,1-6,7 as % of sales 12,4% 16,3% 21,5% 6,6% -15,2% Net result 49,6 26,2 22,4 6,6-5,6 as % of sales 10,0% 13,2% 17,4% 5,3% -12,7% 27
28 Flats presales* number of flats M PLN '06 '07 '08 '09 '10 * flats returned not included 28
29 New projects started in 2010 flats (number) revenue (M PLN) presales already realized % 7% 50% 85% 15% Wólczyńska Inflancka III Myśliwska Nad Wilgą III Smolna 13A I Warsaw Cracow Poznan presales started
30 Notary sales in 2010 (number of flats) already presold not yet presold Stock at 12'09 Notary sales Stock at 12'10 Inflancka 310 Olbrachta 234 Mołdawska Idzikowskiego Kocjana 104 Other 23 30
31 Land bank Budimex owns m 2 of land, for more than flats. Transactions were made in years , before economic boom in this segment. Average purchase price per m 2 : 950 PLN projects area planned flats land '000 m 2 Warsaw Dolny Mokotów Praga Południe Cracow Czyżyny Myśliwska II, III Prądnik Czerwony Poznan Smolna TOTAL
32 4. Other activities 32
33 Financial highlights 2010 (M PLN) FY'10 4Q'10 PY'09 4Q'09 annual change quartely change Sales 160,0 65,2 139,6 41,8 15% 56% dynamics yoy 14,6% 56,2% Gross margin 12,5 5,8 13,6 5,4-9% 8% as % of sales 7,8% 8,9% 9,8% 12,9% Overheads -10,6-3,1-10,0-2,9 6% 9% as % of sales -6,6% -4,8% -7,1% -6,9% EBIT 7,3 3,8 3,4 4,7 113% -19% as % of sales 4,6% 5,9% 2,5% 11,3% Companies consolidated with equity method -3,1-0,1 1,7 1,1-287% -112% Gross result 3,9 3,7 5,3 5,5-26% -33% as % of sales 2,4% 5,7% 3,8% 13,3% Net result 2,0 2,8 3,9 4,6-49% -40% as % of sales 1,2% 4,2% 2,8% 11,0% 33
34 Budimex DanWood activity Main activity: timber frame houses production Main market: Germany (86% of sales value), foreign currency exposure hedged New contracts signed in 2010: 634 houses, backlog increased to 597 houses Backlog, sales and contracts signed (number of houses) '09 sales signed cancellations 09'
35 5. Internal eliminations 35
36 Financial highlights 2010 (M PLN) Internal eliminations* FY'10 4Q'10 PY'09 4Q'09 Sales -40,0-20,0-74,3-1,9 Gross margin 24,0-1,9-18,0-7,2 Overheads 12,7 2,0 8,9 2,3 EBIT 37,9 0,1-8,4-4,9 Gross result 39,2 1,4-9,0-4,9 Net result 31,7 1,1-7,3-4,0 * mainly construction segment to developer segment 36
37 For further information, please contact:
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