PXM ENG update 14.09. 2010 - Polimex

Transkrypt

Presentation of
the Polimex-Mostostal Group
September 2010
Table of contents
Activity of the Polimex – Mostostal Group
3
Portfolio of orders
18
Accomplishments and development directions 24
Financial results
2
33
Activity of the Polimex-Mostostal Group
Leading position in the Polish construction and engineering
market
Highest revenues in the industry: 4397 million PLN (2009)
Employment: 13,780 persons
Unique and complementary scope of construction and installation services provided on the
general contractorship basis to the most important sectors of the economy
The largest Polish manufacturer and exporter of steel products
Growth dynamics
The Group's largest companies
2008
2009
Change
Revenues
4061 PLN million
4397 PLN million
+8.3%
Backlog
5 944 PLN million
[August 2009]
6 201 PLN million
[May 2010]
+4.3%
Employment
13,466 persons
13,780 persons
+2.3%
3
Company's background - 65 years of experience
The Company achieved its current shape in 2004 as a result of the merger of PolimexCekop SA and Mostostal Siedlce SA. During the many years of operation, the Company
developed a strong brand and achieved a leading market position as an investment general
contractor and manufacturer of steel products.
Beginnings of
the activity
Polimex-Cekop
1945
1973
Establishment
of Mostostal
Siedlce
Privatisation
of Polimex –
Cekop SA
1997
Mostostal
Siedlce
launches on
Warsaw Stock
Exchange
Polimex-Cekop
acquires a
majority stake in
Mostostal Siedlce
1999
2004
Establishment of
the Road
Construction
Division Z-10
2006
2005
Merger of PolimexCekop i Mostostal
Siedlce – PolimexMostostal Siedlce SA
is established
Change of
Company
name into
PolimexMostostal SA
and
acquisition of
Torpol
2007
Incorporation of the
ZREW subsidiary
company and taking
over the control of
Energomontaż Północ
4
Taking over control
of the Romanian and
Italian Coifer Group
2008
2009
Establishment of the
Polimex-Mostostal
Design Centre, launching
of a new Steel Products
Manufacturing Plant and
a Paint shop in Siedlce
Historical data
2002
2003
2004
Capital Group
Power engineering
Construction
Production
Composition
proceedings,
reorganisation of the
Capital Group,
optimisation of costs
Power Engineering
Division in PxM
Merger with
Mostostal Siedlce S.A.
Chemistry
Roads and railways
Revenues of the Capital
Group [in thousand PLN]
544 788
564 941
1 357 887
Net profit of the Capital
5 930
14 016
37 814
Employment within the
Capital Group
6 427
6 765
7 225
5
Historical data
2005
2006
2007
Capital Group
2 Engineering and
Design Offices
Power engineering
Merger with ZREW S.A.,
Controlling interest in:
EPN,
ZRE Kraków, ZRE Rybnik
Construction
TURBUD, WIBUD
Production
Chemistry
Roads and railways
Road Division PXM
TORPOL
Elmont Kostrzyń
Revenues of the Capital
1 849 903
2 483 405
3 720 486
Net profit of the Capital
42 793
62 637
100 073
Employment within the
Capital Group
7 223
8 607
12 092
6
Historical data
2008
Capital Group
Design Office
Power engineering
EceRemont
Construction
Production
Coifer Capital Group
(Romania)
2009
2010
Organic development,
own expenditures
(approximately 400
million PLN)
Merger with:
Energomontaż-Północ
Naftobudowa
Naftoremont
ZRE Kraków
ZRE Lublin
EPE Rybnik
ECE Remont
4 836 675
ca 10% YoY
156 402
ca 15% YoY
13 780
ca 14 500
Chemistry
Roads and railways
Revenues of the Capital Group
[in thousand PLN]
4 316 673
Net profit of the Capital Group
[in thousand PLN]
120 134
Employment within the Capital
Group
13 464
7
Structure of revenues
Polimex-Mostostal is the largest in Poland
company
of
the
engineering
and
construction profile of sources of
revenues diversified with respect to
sectors and geography.
Revenues: 4397 million PLN (2009)
1026
23%
Poland
abroad
3367
77%
Main markets on which the Polimex - Mostostal
Capital Group conducts its activity
in Europe.
High competences in all the most perspective areas
12%
20%
Chemistry
Power Engineering
17%
Construction
21%
30%
- main activity market
- other markets
Roads & railways
Production
Proportional participation of individual segments in the
revenues generated by the Polimex-Mostostal Group in 2009.
8
Stockholders
The structure of stockholders has an advantageous impact on the high liquidity of stock.
Over half of the Company stock is in free float. The Company has a 2.9 % share in the WIG
20* index.
Polimex-Mostostal S.A. stockholders
10,00%
Pioneer Pekao TFI ( Mutual Fund)
8,70%
63,94%
ING Otwarty Fundusz Emerytalny ( Pension
Fund)
8,61%
Otwarty Fundusz Emertyalny PZU Złota Jesień (
Pension Fund)
5,92%
Aviva Otwarty Fundusz Emerytalny AVIVA BZ
WBK( Pension Fund)
Polimex-Cekop Development sp. z o.o.( Treasury
shares)
2,83%
Others
* Data as in august 2010
Total number of stock amounts to 464,355,625
9
Financial results in IH 2010
Structure of revenues
Capital Group
Polimex-Mostostal
1 806 m PLN
Chemistry
and environmental protection
408 m PLN – 23%
Power engineering
344 m PLN – 19%
Construction
548 m PLN – 30%
Roads and railways
250 m PLN – 14%
Production
256 m PLN – 14%
Polimex-Mostostal
253 m PLN
Polimex-Mostostal
206 m PLN
Polimex-Mostostal
474 m PLN
Polimex-Mostostal
151 m PLN
Polimex-Mostostal
199 m PLN
Naftobudowa
83 m PLN
Sefako
64 m PLN
Torpol
99 m PLN
13 m PLN
Naftoremont
55 m PLN
63 m PLN
10
Segments of activity - Chemistry and environmental protection
I H 2009
I H 2010
Revenues [in million PLN]
403
408
Share in Group's sales
20.9%
22.6%
48
38
Gross margin of profit
11.7%
9.4%
Share in the Group's margin
of profit
19.3%
19.5%
Gross margin of profit[in
million PLN]
Revenues from the chemistry and environment
protection segment
[in million PLN]
408
403
IH 2009
Development perspectives

Extension and modernisation of liquid fuel
warehouse infrastructure - estimated expenditures of
0.5 billion USD

Development of petroleum and gas transmission
infrastructure, construction of terminals

Investment financial support from the EU

Planned expenditures aimed at compliance with EU
standards with respect to drinking water quality and
waste treatment estimated at 20 billion EUR by 2014.

Programme regarding construction of communal
incineration plants in the main cities of Poland
IH 2010
11
Segments of activity – Power engineering
I H 2009
IH
2010
392
344
20.4%
19.1%
54.8
41.8
14.0%
12.1%
Gross margin of profit [in
million PLN]
22.5%
of profit
Revenues
from the power engineering
sector
[in million PLN]

Adjustment of the Polish power engineering to European
standards with respect to CO2 emissions – expenditures
of 25-30 billion PLN by 2017.

Wider utilisation of natural gas and renewable energy
sources

Realisation of an extensive programme of replacement of
obsolete power engineering equipment in the country
(boilers, turbines)

Growth of the IPP (Independent Power Producer) market,
in particular in the industrial power engineering sector

Construction of new high capacity units (min. 500 MW) in
Rybnik, Warsaw, Kozienice, Opole and in Germany

Utilisation of alternative fuels in prototype systems
(carbon slits, biofuels)

Announced construction of nuclear power plants in
Poland
21.2%
392
344
IH 2009
IH 2010
12
Segments of activity – Construction
IH
2009
IH
2010
604
548
31.4%
30.3%
55.3
9.2%
million PLN]
Share in the Group's margin of
22.7%
profit
Revenues
of the construction segment
in million PLN]
604

Continuation of direct foreign investments being the
source of new investments with respect to traffic and
transportation, environmental protection as well as
commerce and service buildings
49.1

Realisation of construction contracts on the territory of
the EU states and the CIS
9.0%

Preparations for Euro 2012: demand for stadiums, hotel
buildings, infrastructure, reconstruction of railway stations
and reloading terminals

Further demand for increased commercial space at
shopping galleries and centres

Expected large infrastructural projects with respect to
extension or construction of airports in relation to a wide
access to the European and global air traffic network.
24.9%
548
IH 2009
IH 2010
13
Segments of activity – Roads and railways
IH
2009
IH
2010
224
250
11.6%
13.8%
15.8
31.3
7.0%
12.5%
Gross margin of profit [in million
PLN]
Share in the Group's margin of
6.5%
15.9%
profit
Revenues of the roads and railways segment
[in million PLN]

Increase of expenditures on the road- and railwayrelated infrastructure in relation to the provision of
regional development funds and the foreseen
increase of resources from the central budget (among
others, the National Road Fund)

Positive impact of the increase of direct foreign
investments on the development of the local roadand railway-related infrastructure

Intensification of the expressway and motorway
construction programme

Railway-related investments related to the
modernisation of the existing railway network and its
adjustment to high speeds.
250
224
IH 2009
IH 2010
14
Segments of activity – Production and galvanising services
I H 2009
I H 2010
302
256
15.7%
14.2%
70
36
23.3%
14.2%
of profit
29.0%
18.5%
million PLN]
Revenues from the production segment
[in million PLN]





302
Development perspectives for the construction sector are
good despite the recent economic slowdown. Further
achievement of high profitability of steel structures
manufacturing and hot-dip zinc galvanising services
expected.
Establishment of the Polimex-Mostostal Design Centre,
launching of a new Steel Products Manufacturing Plant
and a Paint shop in Siedlce.
Expected further increase of demand for steel products
and structures for road- and railway-related investments
as well as for the industry and general construction
Increase of demand for environment-friendly power
engineering equipment
Increased demand for steel structures in relation to
investments in Euro 2012
256
IH 2009
IH 2010
15
Group's key companies
Entity
Share
in capital
Scope of activity
Segment
Production of construction systems and steel structures,
cargo road transportation
Production,
Construction
Power engineering
Chemistry
65.55%
GK Torpol Sp z o.o.
Comprehensive realisation of traffic objects
Roads and railways
100%
GK Naftobudowa SA
Comprehensive realisation of construction and
installation works
Chemistry
49.99%
Naftoremont Sp. z o.o.
Execution of construction works
Chemistry
67.05%
Design, production and sale of boilers
Production
Power engineering
89.20%
Production of steel structures
Construction
Chemistry
100%
Services with respect to installation, repairs and
maintenance of engines, turbines and steam generators
Power engineering
98.17%
Repairs of power equipment
Production
Construction
Power engineering
100%
Services with respect to installation, repairs and
maintenance
Production
Construction
Power engineering
Chemistry
21.64%
PxM Design Centre
Development of analyses, construction, urban planning
and technological designs
Chemistry – Biprokwas
Construction – Energotechnika-Projekt
96.33%
100%
PxM Projekt-Południe Sp. z o.o.
Designs for the construction sector
Construction
100%
WBP Zabrze Sp. z o.o.
Designs
Construction
99.9%
Energomontaż Północ SA
Capital Group
GK Fabryka Kotłów 'Sefako' SA
Coifer
ZRE Kraków Sp. z o.o.
EPE Rybnik Sp. z o.o.
ZRE Lublin SA
16
3
Portfolio of orders
18
Financial results
17
33
Portfolio of orders
The value of the portfolio of orders amounts to 6.2 billion PLN
( 7.5 billion PLN including revenues of consortia partners)
+4.3%
-3%
7 549
6 913
With consortia
partners
Without consortia
partners
-12.5%
5 944
6 201
-39.7%
818
I H 2009
+23.6%
I H 2010
Polimex - Mostostal
I H 2009
493
493
I H 2010
Chemistry
+23.3%
2 626
2 018
818
+33.3%
862
1 026
829
1 025
I H 2009
I H 2010
Power engineering
18
1 762
1 988
1 739
I H 2009
I H 2010
Construction
1 883
1 332
977
1 302
I H 2009
I H 2010
Roads & Railways
1 642
1 332
1 642
I H 2009
I H 2010
Production
Portfolio of orders
Important contracts in the Chemistry and environmental
protection segment
2007
PROJECT
I
II
III
2008
IV
I
II
III
IV
I
Construction of a PTA system
at the Terephthalic Acid
Production Plant
in Włocławek
for PKN Orlen
(550 million PLN)
Project is part of the 10+
programme
for the Lotos Group
(327 million PLN)
Contract for the construction
of a tank terminal at the port
of Rotterdam
(52 million EUR)
Construction and
modernisation of an industrial
water treatment plant for Lotos
SA and ZA Kędzierzyn
(104 million PLN)
19
II
III
2011
2010
2009
IV
I
II
III
IV
I
II
III
IV
Portfolio of orders
Important contracts in the Power Engineering segment
2008
2007
PROJECT
I
II
III
IV
I
II
2009
III
IV
I
Delivery of a turbine set to Żerań Heat
and Power Generating Plant 208.8
million PLN
Construction of a Water Treatment
Plant at the Zakłady Azotowe
Kędzierzyn SA 60.9 million PLN
Construction of a heating unit at
Bielsko-Biała Heat and Power
Generating Plant
(500 million PLN)
Exhaust gas desulphurisation system
at Kozienice Power Plant (77.3 million
EUR)
Installation of parts of two power
units at Hamm-Uentrop (Germany)
31.3 million EUR
Installation of pressure parts of 5
boilers at Neurath, Bełchatów and
Westfalen Power Plants (250 million
PLN)
20
II
III
IV
I
II
2012
2011
2010
III
IV
I
II
III
IV
I
II
III
IV
Portfolio of orders
Important contracts in the Construction segment
2008
PROJECT
I
II
III
2009
IV
I
II
III
IV
Construction of a haulage
system for the Lubelski Węgiel
'Bogdanka' S.A.(121 million PLN)
Reconstruction of the Wisła
Football Stadium in Cracow
(125.6 million PLN)
Construction of the Legia
Football Stadium in Warsaw
(374.1 million PLN)
Construction of the Artistic
Education Centre in Gorzów
Wielkopolski
(106.9 million PLN)
Construction of the Museum of
the History of Polish Jews
in Warsaw
(152 million PLN)
21
I
II
III
2012
2011
2010
IV
I
II
III
IV
I
II
III
IV
Portfolio of orders
Important contracts in the Roads and railways segment
2008
PROJECT
I
II
III
IV
I
II
III
2011
2010
2009
IV
Construction of the S-69
expressway section Mikuszowice
(788.1 million PLN)
Construction of the A4 motorway
section
Szarów-Brzesko
(779 million PLN)
Construction of the A2 motorway
section
Stryków-Konotopa
(884 million PLN)
Construction of the Trasa
Nowohucka national route in
Cracow
(163 million PLN)
Modernisation of the E-65 railway
line section Warsaw-Gdynia
(144.6 million PLN)
Construction of Gostynin
ringroad
(98.9 million PLN)
22
I
II
III
IV
I
II
III
2012
IV
I
II
III
IV
3
Portfolio of orders
18
Financial results
23
33
Accomplishments and development
directions
Company's accomplishments
Extensive portfolio of orders
The value of orders as in August 2010 amounted to 6.2 PLN billion due to
active and effective acquisition of new contracts.
Increase of the scope of activities
Organic development reinforces the Group's own execution and design
capacities in the most perspective industries: power engineering, general
and railway construction as well as steel products manufacturing.
Economic results
The greatest revenues from sales among engineering and construction
companies in Poland worth 4 397 PLN million (2009).
24
directions
Strategic objectives
Directions of strategic activities to be conducted by the Polimex-Mostostal Capital Group in
the coming years:
Organic development
Acquisitions
Optimisation of costs and improvement of contract
profitability thanks to, among other things,
involvement in the realisation of more profitable
contracts
Completion of the investments commenced by the
Group
Continuation of acquisition activities regarding
complementary companies
Sale of assets
Sale of selected assets - mainly real properties and
lands for development
Acceleration of the Group's operation optimisation
process - Group's reorganisation through the
merger of selected companies in the chemical and
power engineering sector as well as consolidation
of small design companies
25
directions
Organic development
New investments within the Group
Development of design
capacities
Development of production capacities
Realisation of the adopted programme
of development of the Group's
production capacities, inclusive of
development of the plant in Siedlce.
result
Doubling production of steel
structures and launching a modern
galvanising line. Investment within the
Tarnobrzeg Special Economic Zone.
The Company is entitled to a tax
abatement in the amount of 40% of
the value of investment in Siedlce.
Realisation of the investment
programme for EnergomontażPółnoc and Sefako - construction
of a new production building.
result
Development of design capacities
of the multiline design studio in
Gliwice - Polimex-Mostostal Design
Centre.
result
The volume of power boilers
manufactured will be doubled.
Investment within the Special
Economic Zone.
The Company is entitled to
significant tax abatements (up to
50% of the value of investment)
arising from the fact of investment
realisation within the Special
Economic Zone.
26
Increase of the Group offer's
competitiveness and efficiency with
respect to realisation of infrastructural
investments realised in the 'design
and construct' formula.
directions
Development through acquisitions
Acquisitions in the years 2008-2009
Acquisition of shares in the Pracownia Wodno – Chemiczna 'EKONOMIA'
Sp. z o.o. specialising in services with respect to water and industrial
sewage treatment (February 2009)
Decision on the merger of Energotechnika and Biprokwas as well as on
locating activity at new headquarters in Gliwice (January 2009)
Acquisition of part of ECE-Remont the activity of which involves repairs and
maintenance as well as installations of power equipment (December 2008)
Acquisition of 36.56 % of shares in Przedsiębiorstwo Robót
Inżynieryjnych 'PRInż-9' providing services with respect to road building
and canalisation infrastructure (September 2008)
Acquisition of the Roman and Italian Coifer Group realising investments in
the general contractorship formula, manufacturing steel structures, designing
and manufacturing pressure equipment (February 2008)
27
Development directions
Macroeconomic environment vs the Group's activity
Threats
Opportunities
Greater supply of projects funded
from public resources.
Results of the economic crisis seen in the global
economy
Realisation of governmental projects within the fields
of road and railway constructions
Weakening of domestic and foreign demand in
certain sectors
Inflow to Poland of financial resources as part of the
EU support
Financial crisis means reduced possibilities of
funding projects due to:
Intensification of works related to the preparations for
the EURO 2012
Higher financial costs
Additional collaterals expected by financial
institutions
Increased investments in the power engineering
sector due to stricter environmental protection
standards
Perspective of the increase of profitability of
infrastructural investments due to the Acts on PublicPrivate Partnership and the Public Procurement Law
28
Development directions
Perspectives of development of the construction and
engineering industry
Forecasts for the construction and installation output for the years 2010-2012:
Increase of the construction and installation output thanks to infrastructural and power engineering
projects
Dynamic increase of expenditures in the power engineering sector
Strong increase in infrastructural construction
Decrease in the residential construction sector
A several-percent increase YoY in th steel structures and products manufacturing sector
Reduced rate of industrial and foreign investments
29
Accomplishments
Awards granted in 2009 and 2010
In the recent period, Polimex-Mostostal S.A. and the President of the Management Board have
been awarded:
An award for Polimex-Mostostal in the 2010 Forbes Diamonds ranking in the category of
companies with revenues of more than PLN 250 M in the Mazowieckie Voivodeship [23.06.2010].
The Crystal Brick awarded to Polimex-Mostostal SA for the construction of the Marshal Office in
Rzeszów in the "Dom 2009" competition for the best construction investment within and beyond
the eastern border of the European Union in the category of Administration Facilities.
Initiator of Changes and Progress - an individual title for the President of the Management Board
Konrad Jaskóła in recognition of his contributions to popularise and promote democratic and
freemarket values, promote innovative solutions and spread the concept of a civil society in 19902010, awarded by the Chamber of Commerce and Industry in Katowice [11.06.2010].
Employee-friendly Company - a title granted to Polimex-Mostostal S.A. by the Union of Warsaw
and Mazovia Employers in the 1st Contest within "Adaptability through the Development of Local
and Regional Instruments of Social Dialogue," an EU co-financed project within the frame of the
European Social Fund [31.03.2010].
Patron of Sport in Siedlce 2009 and Patron of Culture in Siedlce 2009 - titles awarded to PolimexMostostal by the City Council in Siedlce [30.03.2010].
Restructuring Leader - an individual award for the President of the Management Board, Konrad
Jaskóła, granted by the Association of Engineers and Technicians of Chemical Industry for the
skill in creating visions and the professionalism in realising them as well as building effective
relations between science and industry [02.2010].
The Manager of the Year – the title granted to the President of the Management Board, Konrad
Jaskóła, by the economic magazine “Home & Market” [21.01.2010].
30
3
Portfolio of orders
18
Financial results
31
33
Financial results in 2009
Net profit
Incomes from sale
+8.3%
+30.2%
156
4 061
120
4 397
2008
Operating profit
EBITDA
+15.1%
+16.1%
228
2008
2009
265
299
2008
2009
32
344
2009
Wyniki finansowe w 2010 roku
Wyniki po I półroczu
Net profit
Incomes from sale
-40,8%
-6,2%
72
1 925
1 806
I H 2009
I H 2010
Operating profit
43
I H 2009
I H 2010
EBITDA
-20,2%
-33,3%
164
123
131
82
I H2009
I H 2009
I H 2010
33
I H 2010
Selected financial data
Incomes from sale [in PLN million]
EBITDA [in PLN million]
EBITDA margin
Operating profit [in PLN million ]
Operating margin of profit
Net profit [in PLN million ]
Net margin of profit
2008
2009
YoY
4 061
4 397
+8.3%
299
344
+15.1%
7.4%
7.8%
228
265
5.6%
6.0%
120
156
3.0%
3.6%
34
+16.1%
+15.1%
Selected financial results of 1H
Incomes from sale [in PLN million]
EBITDA [in PLN million]
EBITDA margin
Operating profit [in PLN million ]
Operating margin of profit
Net profit [in PLN million ]
Net margin of profit
1H 2009
1H 2010
YoY
1 925
1 806
-6.2%
164
131
-20.2%
8.5 %
7.2%
123
82
6.4 %
4.6 %
72
43
3.7 %
2.4 %
35
-33.3%
-40.8%
Gross margins on sales
In values [in million PLN]
IH 2009 revenues
IH 2009 gross margin
3 000
2 500
2 000
IH 2010 revenues
1 925
1 806
1 500
1 000
500
604
243
196
302
70
256
36
224
16
250
548
55
31
392
55
49
408
403
344
47
42
38
0
Total income
Production
Roads & railways
Construction
Power engineering
Chemistry
In percentage
23,3%
25%
20%
15%
12,6%
14,2%
10,9%
10%
14,0%
12,5%
7,0%
9,2%
12,1%
9,0%
11,7%
9,4%
5%
0%
Total income
Production
Roads & railways
Construction
36
Power engineering
Chemistry
Financial results
Revenues by segments
Value participation of individual segments in the Group's revenues
[in million PLN]
876
518
1134
1057 917
404 408
392344
1342
2008
604 548
516
836
728
534
224 250
2009
256302
IH2009
IH2010
Chemistry
Power Engineering
Construction
Roads & railways
Production
Percentage participation of individual segments in the Group's revenues
13%
15%
20%
20%
Chemistry
Power Engineering
21%
15%
22%
Construction
17%
Roads & railways
Production
29%
IH 2009
28%
37
IH 2010
Financial results
Sales in segments for 4 completed quarters (PLN million)
1 600,0
Chemistry
1 400,0
Power Engineering
Construction
1 200,0
Roads & Railways
Production
1 000,0
800,0
600,0
400,0
200,0
38
10
Q
22
01
0
20
09
Q
1
20
Q
4
20
09
09
Q
3
20
Q
2
20
09
08
Q
1
20
Q
4
20
08
08
Q
3
20
Q
2
20
08
07
Q
1
20
Q
4
20
07
07
Q
3
20
Q
2
20
07
06
Q
1
20
Q
4
20
06
06
Q
3
20
Q
2
Q
1
20
06
0,0
Financial results
Financial results in the years 2006 – 2009
Net profit
Incomes from sale
3 513
4 062
4 397
2 202
CAGR 25.9%
CAGR 35.3%
2006
2007
2008
2009
Operating profit
EBITDA
265
344
228
299
160
205
99
130
CAGR 40.1%
2006
2007
2008
CAGR 39.6%
2009
2006
39
2007
2008
2009

PXM ENG update 14.09. 2010 - Polimex

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