Budimex Group Presentation for investors for 1Q 2008

Transcription

1 Budimex Group Presentation for investors for 1Q 2008

2 Our strategy 40 years on the market Building long term value backlog value significant growth and structure change solid platform for future growth our goals: high quality service satisfaction of clients comfort of users profitability improvement backlog growth turnover growth shareholders value 2

3 Structure of the Group Budimex Group CONSTRUCTION BUSINESS Budimex Dromex S.A. Mostostal Kraków S.A. Sprzęt Transport Sp. z o.o. (designed for disposal) REAL ESTATE BUSINESS Budimex Inwestycje Sp. z o.o. Budimex Nieruchomości Sp. z o.o. (J.V.) OTHER ACTIVITIES Unibud Sp. z o.o. Companies consolidated with equity method 3

4 Description of the business Budimex Group CONSTRUCTION BUSINESS Infrastructure Construction of roads, highways, Renovations of existing roads, Construction of bridges. REAL ESTATE BUSINESS Residential development Development of residential property (flats). OTHER ACTIVITIES Timber frame houses Production and development of timber frame houses. General construction Residential construction, Non-residential general construction (office buildings, shopping malls, plants), Airports. Ecological Construction of sewage treatment plants, Canalization systems. Rental activity Rental of investment property to external clients. Operating one commercial parking lot. Other services Operating one hotel in Poland. Other activity (equity pick-up) Electro installation company (Elektromontaż Poznań S.A.), Production of switchboards (Elektromontaż Poznań S.A.), Highway licences (Autostrada Południe). 4

5 Stock exchange performance 1Q 2008 Warsaw Stock Exchange performance 1Q ,00% 105,00% 100,00% 95,00% 90,00% 85,00% 80,00% 75,00% WIG - construction WIG Budimex [PLN/share] 5

6 Market capitalization as at 31 March 2008 Capitalization as at vs competitors PBG Polimex Mostostal Siedlce Polaqua Budimex Mostostal Zabrze Mostostal Warszawa Erbud 6

7 Construction market in Poland Dynamics of the production ,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% Dynamics of construction production ,1% 17,5% 15,7% 17,4% 12,6% 5,6% 7,4% 0,6% 1,1% -0,2% ,9% Q ,3% -5,9% -8,0% -8,0% -12,0% Dynamics of construction production Dynamics of Budimex Group sales 7

8 Budimex Group Results 1Q 2008

9 Financial highlights mln PLN 1Q Q 2007 Sales % change 1Q 2008 vs. 1Q ,2% Gross margin as % of sales 5,7% 5,2% Cost of sales and overheads as % of sales -6% -5% Result on sales Other operating activity EBIT Financial activity Gross profit Net profit Capital Expenditure Construction backlog (as at 31 March) Presales of flats value Land Bank (k m2 of flats) (as at 31 March) 255 9

10 Result by segments - sales sales 1Q sales 1Q 2007 Construction business Real estate business Other activities Elimination of internal transactions * TOTAL * mainly Budimex Dromex (Construction segment) sales to Real Estate segment Construction business Real estate business Other activities Elimination of internal transactions * TOTAL 10

11 Result by segments - EBIT EBIT 1Q Construction business Real estate business Other activities Elimination of internal transactions * TOTAL EBIT 1Q * mainly Budimex Dromex (Construction segment) margin on sales to Real Estate segment Construction business Real estate business Other activities Elimination of internal transactions * TOTAL 11

12 Budimex Group Construction segment

13 Construction segment Financial highlights mln PLN 1Q Q 2007 Sales % change 1Q 2008 vs. 1Q % EBITDA as % of sales 0,7% -1,7% EBIT as % of sales 0,1% -2,5% Gross Profit Net profit Capital Expenditure Construction backlog (as at 31 March)

14 Construction segment Sales structure Sales structure by type of works 22% 1Q % 14% 32% 1Q % 25% 60% General construction - residential General construction - non residential Infrastructure construction Other sales residential: 1Q2007 1Q2008 internal: 34% 45% external: 66% 55% Sales structure by markets 41% General construction - residential General construction - non residential Infrastructure construction Other sales 9% 1Q % 1Q % 0% 87% 94% Polish Market German Market Eastern Markets Polish Market German Market Eastern Markets 14

15 Construction segment Backlog structure Backlog structure by type of works 3% 31 III % 31 III % 20% 43% 45% 51% 26% General construction - residential General construction - non residential Infrastructure construction Others (German market) Budimex Group backlog General construction - residential General construction - non residential Infrastructure construction Others (German market) residential including: internal backlog: 21% residential including: internal backlog: 44% external backlog: 79% external backlog: 56% III III 2008 Contracts with value > 1mln PLN III 2007 III 2008 number of contracts average value (mln PLN) Budimex Dromex backlog value to be realized in 2008: mln PLN (including backlog with gross margin 0 : 113 mln PLN) 15

16 Construction segment Contracts signed structure Contracts signed structure by type of works 4% 1Q % 3% 0% 1Q % 50% 37% 61% General construction - residential General construction - non residential Infrastructure construction Others (German market) Contracts signed by Budimex Group General construction - residential General construction - non residential Infrastructure construction Others (German market) residential including: internal contracts signed: 0% Q Q 2008 Budimex Dromex S.A. 1Q Q 2008 number of contracts signed 11 4 average value (mln PLN)

17 Budimex Group Real Estate segment

18 Real Estate segment Financial highlights mln PLN 1Q Q 2007 Sales % change 1Q 2008 vs. 1Q % EBITDA as % of sales 22% 26% EBIT as % of sales 21% 26% Gross Profit Net profit Presales Land Bank (k m2 of flats) (as at 31 March) % of J.V 1Q Q 2007 Sales % change 1Q 2008 vs. 1Q % Presales Presales (volume of flats) Land Bank (k m2 of flats) (as at 31 March)

19 Real Estate segment Notary sales and presales structure by city Notary sales of flats structure 31% 1Q mln PLN 1Q mln PLN 16% 49% 42% 53% Warsaw Cracow Poznań 9% Warsaw Cracow Poznań 22% 1Q % Presales of flats structure 1Q mln PLN 42 mln PLN 0% 1% 77% Warsaw Cracow Poznań 99% Warsaw Cracow Poznań 19

20 Real Estate segment Presales of flats Presales volume of flats (incl. 100% of J.V.) 1Q Q Q Q Q

21 Real Estate segment Land bank Land bank ageing (k m 2 of flats), average flat is 59 m 2 (incl. 50% of J.V.) Land bank geographical structure (k m 2 of flats) (incl. 50% of J.V.) 10% 25% 65% Warsaw Cracow Poznań 21

22 Real Estate segment Land bank Land bank ageing (k m 2 of flats), average flat is 59 m 2 (incl. 100% of J.V.) Land bank geographical structure (k m 2 of flats) (incl. 100% of J.V.) 10% 26% 64% Warsaw Cracow Poznań 22

23 Budimex Group Other Activity

24 Other Activity Financial highlights mln PLN 1Q Q 2007 Sales % change 1Q 2008 vs. 1Q % EBITDA as % of sales -3% -15% EBIT as % of sales -2% -18% Gross Profit Net Profit

25 Other Activity Sales structure Sales structure by country 1Q Q % 19% 7% 10% 4% 68% 10% 64% Germany Poland U.K. Other countries Germany Poland U.K. Other countries Timber-frame houses backlog as at 31 March 2008 volume German British Polish Other market 25