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budimex
budimex
Budimex Group
Presentation for investorsfor 1Q 2008
2
budimex
Budimex GroupOur strategy
40 years on the market
„Building long term value”
backlog value significant growth and structure change
solid platform for future growth
our goals:
profitability improvement backlog growthturnover growth
high quality servicesatisfaction of clientscomfort of users
shareholdersvalue
3
budimex
Budimex GroupStructure of the Group
CONSTRUCTIONBUSINESS
REAL ESTATEBUSINESS
OTHERACTIVITIES
Budimex Dromex S.A.
Mostostal Kraków S.A.
Sprzęt Transport Sp. z o.o.(designed for disposal)
Budimex Inwestycje Sp. z o.o.
Budimex Nieruchomości Sp. z o.o. (J.V.)
Unibud Sp. z o.o.
Companies consolidated with equity method
Budimex Group
4
budimex
Budimex GroupDescription of the business
• Construction of roads, highways,
• Renovations of existing roads,• Construction of bridges.
• Residential construction,• Non-residential general
construction (office buildings, shopping malls, plants),
• Airports.
• Construction of sewage treatment plants,
• Canalization systems.
Infrastructure
General construction
Ecological
• Development of residential property (flats).
Residential development
• Operating one hotel in Poland.Other services
• Rental of investment property to external clients.
• Operating one commercial parking lot.
Rental activity
• Production and developmentof timber – frame houses.
Timber – frame houses
• Electro – installation company(Elektromontaż Poznań S.A.),
• Production of switchboards(Elektromontaż Poznań S.A.),
• Highway licences(Autostrada Południe).
Other activity (equity pick-up)
CONSTRUCTIONBUSINESS
REAL ESTATEBUSINESS
OTHERACTIVITIES
Budimex GroupBudimex Group
5
budimex
Budimex GroupStock exchange performance 1Q 2008
Warsaw Stock Exchange performance 1Q 2008
75,00%80,00%85,00%90,00%95,00%
100,00%105,00%110,00%
2007-12-28 2008-02-11 2008-03-26
WIG - construction WIG Budimex [PLN/share]
6
budimex
Budimex GroupMarket capitalization as at 31 March 2008
Capitalization as at 31.03.2008 vs competitors
4 298
3 715
2 145 2 139
1 379 1 260 1 131
0500
1 0001 5002 0002 5003 0003 5004 0004 5005 000
PBG Polimex MostostalSiedlce
Polaqua Budimex Mostostal Zabrze MostostalWarszawa
Erbud
7
budimex
Budimex GroupConstruction market in PolandDynamics of the production 2001-2008
Dynamics of construction production 2001-2008
-12,0%
25,1%
1,1%
17,4%
7,4%
-5,9%-8,0% -8,0%
-0,9%
15,7%17,5%
-2,3%
5,6%
0,6%
12,6%
-0,2%
-15,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
2001 2002 2003 2004 2005 2006 2007 1Q 2008
Dynamics of construction production Dynamics of Budimex Group sales
budimex
budimex
Budimex Group
Results 1Q 2008
9
budimex
Budimex GroupFinancial highlights
mln PLN 1Q 2008 1Q 2007 ∆
Sales 653 654 -1% change 1Q 2008 vs. 1Q 2007 -0,2%
Gross margin 37 34 3as % of sales 5,7% 5,2%
Cost of sales and overheads -37 -34 -3as % of sales -6% -5%
Result on sales 1 0 1Other operating activity 11 1 10EBIT 12 0 12Financial activity 7 1 6Gross profit 20 1 19
Net profit 16 -1 17
Capital Expenditure -9 -2 -7
Construction backlog (as at 31 March) 3 290 3 312 -22
Presales of flats value 42 19 23
Land Bank (k m2 of flats) (as at 31 March) 255
10
budimex
Budimex GroupResult by segments - sales
sales 1Q 2008
592
71 27
-37
653
Construction business
Real estatebusiness
Otheractivities
Elimination ofinternal
transactions *
TOTAL
sales 1Q 2007
574
73 29
-22
654
Construction business
Real estatebusiness
Otheractivities
Elimination ofinternal
transactions *
TOTAL* mainly Budimex Dromex(Construction segment) sales to Real Estate segment
11
budimex
Budimex GroupResult by segments - EBIT
-14
19
-5
0 0
Construction business
Real estatebusiness
Otheractivities
Elimination ofinternal
transactions *
TOTAL
0
15
-1 -2
12
Construction business
Real estatebusiness
Otheractivities
Elimination ofinternal
transactions *
TOTAL
EBIT 1Q 2008
EBIT 1Q 2007
* mainly Budimex Dromex (Construction segment) margin on sales to Real Estate segment
budimex
budimex
Budimex Group
Construction segment
13
budimex
Budimex Group Construction segment Financial highlights
mln PLN 1Q 2008 1Q 2007 ∆
Sales 592 574 18% change 1Q 2008 vs. 1Q 2007 3%
EBITDA 4 -10 14as % of sales 0,7% -1,7%
EBIT 0 -14 14as % of sales 0,1% -2,5%
Gross Profit 10 -12 22
Net profit 8 -12 20
Capital Expenditure -8 -1 -7
Construction backlog (as at 31 March) 3 290 3 312 -22
14
budimex
Budimex GroupConstruction segment Sales structure
Sales structure by type of works
Sales structure by markets
residential: 1Q2007 1Q2008• internal: 34% 45%• external: 66% 55%
1Q 20074%9%
87%
Polish Market German Market Eastern Markets
1Q 20080%
94%
6%
Polish Market German Market Eastern Markets
1Q 2008
32%
2%
41%
25%
General construction - residentialGeneral construction - non residentialInfrastructure construction Other sales
1Q 200714%
60%
22%4%
General construction - residentialGeneral construction - non residentialInfrastructure construction Other sales
15
budimex
Budimex GroupConstruction segment Backlog structure
Backlog structure by type of works
residential including:
internal backlog: 21%
external backlog: 79%
residential including:
internal backlog: 44%
external backlog: 56%
31 III 2008
20%
26%51%
3%
General construction - residentialGeneral construction - non residentialInfrastructure constructionOthers (German market)Budimex Group backlog
3 312 3 290
1 000
3 000
31 III 2007 31 III 2008
31 III 20079%
45%
43%
3%
General construction - residentialGeneral construction - non residentialInfrastructure constructionOthers (German market)
Contracts with value > 1mln PLN III 2007 III 2008number of contracts 86 59average value (mln PLN) 34 51
Budimex Dromex backlog value to be realized in 2008: 1.913 mln PLN (including backlog with gross margin „0”: 113 mln PLN)
16
budimex
Budimex GroupConstruction segment Contracts signed structure
residential including:
internal contracts signed: 0%
Contracts signed structure by type of works
Budimex Dromex S.A. 1Q 2007 1Q 2008number of contracts signed 11 4average value (mln PLN) 118 164
1Q 20079%
37%50%
4%
General construction - residentialGeneral construction - non residentialInfrastructure constructionOthers (German market)
1Q 2008
36%
3% 0%
61%
General construction - residentialGeneral construction - non residentialInfrastructure constructionOthers (German market)
Contracts signed by Budimex Group
1 345
784
0
500
1 000
1 500
1Q 2007 1Q 2008
budimex
budimex
Budimex Group
Real Estate segment
18
budimex
Budimex Group Real Estate segment Financial highlights
mln PLN 1Q 2008 1Q 2007 ∆
Sales 71 73 -2% change 1Q 2008 vs. 1Q 2007 -2%
EBITDA 16 19 -3as % of sales 22% 26%
EBIT 15 19 -4as % of sales 21% 26%
Gross Profit 13 18 -5
Net profit 10 14 -4
Presales 42 19 23
Land Bank (k m2 of flats) (as at 31 March) 255
100% of J.V 1Q 2008 1Q 2007 ∆
Sales 103 64 39% change 1Q 2008 vs. 1Q 2007 61%
Presales 76 37 39
Presales (volume of flats) 103 85 18
Land Bank (k m2 of flats) (as at 31 March) 497
19
budimex
Budimex GroupReal Estate segment Notary sales and presales structure by city
Presales of flats structure
Notary sales of flats structure
1Q 2007
77%
22%1%
Warsaw Cracow Poznań
1Q 2008
99%
0% 1%
Warsaw Cracow Poznań
1Q 2008
42%49%
9%
Warsaw Cracow Poznań
1Q 2007
16%
53%
31%
Warsaw Cracow Poznań
69 mln PLN 68 mln PLN
19 mln PLN 42 mln PLN
20
budimex
Budimex GroupReal Estate segment Presales of flats
Presales volume of flats (incl. 100% of J.V.)
1Q 2006 - 1Q 2008
0
50
100
150
200
250
300
1Q 2006 1Q 2007 1Q 2008
21
budimex
Budimex GroupReal Estate segment Land bank
Land bank ageing (k m2 of flats), average flat is 59 m2 (incl. 50% of J.V.)
1036
91
103 15 255
0
50
100
150
200
250
300
2004 2005 2006 2007 2008
Land bank geographical structure (k m2 of flats) (incl. 50% of J.V.)
65%
25%
10%
Warsaw Cracow Poznań
22
budimex
Budimex GroupReal Estate segment Land bank
Land bank ageing (k m2 of flats), average flat is 59 m2 (incl. 100% of J.V.)
10
71
182
20331
497
0
100
200
300
400
500
2004 2005 2006 2007 2008
Land bank geographical structure (k m2 of flats) (incl. 100% of J.V.)
64%
26%
10%
Warsaw Cracow Poznań
budimex
budimex
Budimex Group
Other Activity
24
budimex
Budimex Group Other Activity Financial highlights
mln PLN 1Q 2008 1Q 2007 ∆
Sales 27 29 -2% change 1Q 2008 vs. 1Q 2007 -5%
EBITDA -1 -4 3as % of sales -3% -15%
EBIT -1 -5 4as % of sales -2% -18%
Gross Profit -1 -5 4
Net Profit -1 -4 3
25
budimex
Budimex GroupOther Activity Sales structure
Sales structure by country
Timber-frame houses backlog as at 31 March 2008
249
3163
130
50
100
150
200
250
300
German British Polish Other
market
volu
me
1Q 2008
64%10%
19%7%
Germany Poland U.K. Other countries
1Q 2007
68%4%
18%
10%
Germany Poland U.K. Other countries