ROBYG Group Financial results 2017

Transcription

1 ROBYG Group Financial results 2017 Warsaw, March 14th 2018

2 HIGHTLIGHTS HIGHLIGHTS 2017 * Including amounts kept on individual escrow accounts and in Mutual Funds. 2

3 Agenda I. Summary II. Presales and revenue recognition III. Financial results IV. Plans of ROBYG Group V. Appendices 3

4 Summary

5 ROBYG Group- material investments and financial activities 2017* Financing NEW PLOTS- Warsaw NEW PLOTS- Gdańsk Bank loans: Total new facilities: PLN million: Nowa Letnica: - investment loan (in the amount of PLN 32.4 million), - construction loan (with the limit of PLN 20 million). Stacja Nowy Ursus: - overdraft loan (with the limit of PLN 20 million). ROBYG Finance: - revolving loan (with the limit of PLN 50 million), - revolving loan (with the limit of PLN 50 million), Share issuance : Raised funds: app. PLN 79M Total investment app. PLN million with the potential for construction of app units. PLN 48.0 million (plot areaapp. 4.6 ha)- preliminary purchase agreement of the plots in Warsaw on Włochy district with the potential for construction of app units. PLN 17.7 million (plot areaapp. 1.3 ha)- preliminary purchase agreement of the plots on Wilanów district in Warsaw with the potential for construction of app. 250 units. PLN 82.0 million (plot areaapp. 6.3 ha)- purchase agreements of the shares in the entity owns the plots on Ursus district in Warsaw with the potential for construction of app units. Total investment app. PLN 42.3 million with the potential for construction of app units. PLN 42.3 million (plot areaapp. 4.6 ha)- purchase of the plots on Śródmieście district in Gdańsk with the potential for construction of app units. * In addition the Group has signed: the purchase agreement of the plots with the total area of app. 2.7 ha located in Gdańsk, Wrzeszcz district- the Group hasn t had defined the investment planes for the plots. ** The specification includes also the transactions performed after 31 December 2017 till the date of the presentation (marked in blue). 5

6 Agenda I. Summary II. Presales and revenue recognition III. Financial results IV. Plans of ROBYG Group V. Appendices 6

7 ROBYG Group number of presold units Presold units in units (+17% Y/Y) 17% 56% 22% 10% 27% 9% 7

8 ROBYG Group Presale structure 2017 Presold units in units (+17% Y/Y) District City % Ursus Warsaw 13% Wilanów Warsaw 9% Wola Warsaw 8% Mokotów Warsaw 8% Bemowo Warsaw 7% Tarchomin Warsaw 1% Piecki-Migowo Gdańsk 16% Jasień Gdańsk 14% Letnica Gdańsk 13% Wrzeszcz Gdańsk 11% 100% 8

9 ROBYG Group units on offer FINISHED GOODS ON OFFER: 4% 9

10 ROBYG Group revenue recognition (as at 31 December 2017) * Takes into account the units recognised for the projects, which are treated as JV projects. The results of these projects in accordance with the terms for the consolidation of results in ROBYG Group are presented in the line Post-tax share of the profit or loss of the joint ventures accounted for using the equity method. Recognition potential of units in revenues Units not presold and not recognised: 2239 Completed: 113* Under construction: 732 Which construction has not started yet, but included in pre-sales process: 1394 Units presold and not recognised: 3953 Completed: 393 Under construction: 2554 Which construction has not started yet, but included in pre-sales process: 1006 * Including 15 commercial units which are rented. 10

11 Number of units to be completed in and also (contracted) / recognised in revenues until 31 December 2017 () number of contracted units Total Green Mokotów, Apartamenty Villa Nobile (all: 51%) - Warsaw 786 (774)/ (181) 131 (80) 397 (261) Młody Wilanów, Osiedle Życzliwa Praga (all: 100%) Warsaw 75 (75)/ (52) 183 (52) Lawendowe Wzgórza/Stacja Nowy Gdańsk (100%)- Gdansk 459 (456)/ (377) 296 (174) 677 (551) Słoneczna Morena, MoreNova (all: 100%) Gdansk 193 (184)/ (585) 115 (92) 851 (677) Zajezdnia Wrzeszcz, Mila Baltica (all 100%)- Gdansk 358 (354)/ (200) 228 (130) 465 (330) Osiedle Kameralne, Osiedle Kameralne II (all: 100%) - Warsaw 40 (33)/ (98) 112 (98) Young City 2, Stacja Nowy Ursus (all:51%)- Warsaw 389 (360)/ (271) 541 (225) (496) Nowa Letnica, Nadmotławie Estates (all: 100%) - Gdansk 586 (519) 336 (63) 922 (582) Forum Wola, Ogrody Wilanów (all: 100%) - Warsaw 160 (101) 292 (213) 452 (314) Percentages in brackets indicate Group s share in the project. * Completed in prior years but not recognised till **In 2018 the Group is planning to start the construction of additional units to be completed in (2 236)/ (2 332) (1 029) (3 361) * +312 (263) /244 - ** (2 499)/ (2 332) (1 029) (3 361) -506 (393) +506 (393) (393) 2 106(2 106)/ (2 725) (1 029) (3 754) 11

12 Number of units to be completed in 2018* Project City Total no. of units to be completed in 2018 On offer or 31 Dec 2017 Out of which: Not introduced to 31 Dec 2017 Osiedle Kameralne II Warsaw Forum Wola Warsaw Green Mokotów Warsaw Stacja Nowy Ursus Warsaw Young City II Warsaw Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk Słoneczna Morena Gdańsk Nowa Letnica Gdańsk MoreNova Gdańsk Zajezdnia Wrzeszcz Gdańsk Total 2,943 2,943 - * Estimation of the planned investments may change. 12

13 Number of units to be completed in 2019* Project City Total no. of units to be completed in 2019 On offer or 31 Dec 2017 Out of which: Not introduced to 31 Dec 2017 Forum Wola Warsaw Green Mokotów Warsaw Ogrody Wilanów Warsaw Osiedle Życzliwa Praga Warsaw Wiktoryn Warsaw Young City 2 Warsaw Young City 3 Warsaw Stacja Nowy Ursus Warsaw Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk MoreNova Gdańsk Nadmotławie Estate Gdańsk Nowa Letnica Gdańsk Zajezdnia Wrzeszcz Gdańsk Jagodno Wrocław Total 3,707 2,122 1,585 * Estimation of the planned investments may change. 13

14 Agenda I. Summary II. Presales and revenue recognition III. Financial results IV. Plans of ROBYG Group V. Appendices 14

15 Financial results Statement of Comprehensive Income (PLN thousands) Change Revenues % Cost of sales ( ) ( ) 35.4% Gross profit on sales % Post-tax share of the profit or loss of JV (89.6%) Selling and marketing expenses (29 352) (21 992) 33.5% Administrative expenses (33 250) (31 368) 6.0% Other (2 519) N/A Operating profit % Finance income (31.4%) Finance costs (10 391) (14 336) (27.5%) Profit before tax % Income tax expense (33 882) (13 219) 156.3% Net profit % Net profit attributable to equity holders of the parent % Gross profit margin on sales 26.5% 22.5% Net profit margin 18.4% 20.1% 15

16 Revenues by projects and activity in 2017 Activity Property development activities (Warsaw, Gdańsk) Total revenues (PLN thousands) TOTAL Projects Sales revenues in the given project (PLN thousands) Margin (%) Gross profit on sales Młody Wilanów % Słoneczna Morena % Lawendowe Wzgórza % Albatross Towers % Modern Żoliborz % Mila Baltica % Osiedle Kameralne II % Stacja Nowy Ursus ,2% Apartamenty Villa Nobile % Osiedle Kameralne % MoreNova % Green Mokotów % Zajezdnia Wrzeszcz % Other projects % TOTAL property development activities % Other revenues Other revenues* TOTAL % Young City % JV projects Osiedle Królewskie jointly with Królewski Park % Park Wola Residence % TOTAL JV % GRAND TOTAL % * Including revenues from car sales, rental income and other income. 16

17 Financial condition Statement of Financial Position (PLN thousands) 2017 Q Change 2016 Total assets, including: % Non-current assets, including: (4.0%) Investment properties and investment properties under construction % Land designated for development (26.4%) Investments in joint ventures % Inventories (6.5%) Trade and other receivables % Amounts kept on individual escrow accounts and Mutual Funds % Cash and cash equivalents % Equity % Total liabilities, including: (0.2%) LT interest bearing liabilities (30.6%) Current interest bearing liabilities % Advances received from clients (22.7%) Net debt ratio** ROE 19.5%* 16.7%* % * Based on last 4 quarters ** Net debt ratio= net debt *** / equity *** Net debt = interest bearing liabilities intercompany loans cash and cash equivalents amounts kept on individual escrow accounts up to PLN thousand 17

18 Statement of cash flow in 2017 Cash flows (PLN thousands) Net cash flows from operating activities, including: ( ) Expenditures for the purchase of new plots ( ) ( ) Net cash flows from investing activities (55 274) (18 563) Net cash flows from financing activities, including: (38 039) Proceeds from issue of bonds Repayment of bonds (10 499) (99 000) Proceeds from loans and borrowings Repayment of bank and other loans ( ) ( ) Proceeds from issue of shares Paid dividend (71 035) (52 618) Interest and commissions paid (30 104) (26 092) Net change in cash and cash equivalents (19 935) 18

19 Debt financing* (nominal value and maturity of bank credit facilities and bonds) as at December 31th, 2017 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* million million million 2.91 million 0.0 million million BONDS million million million 0.00 million 0.00 million million TOTAL million million million 2.91 million 0.00 million million * Including the nominal value of lease payments relating to sale and leaseback transaction of the office building 19

20 Dividend Since its IPO on the Warsaw Stock Exchange in 2010, ROBYG S.A. has been regularly distributing profits among its shareholders. Insofar, the Company has distributed as dividends: Dividend per share in (in PLN) * Management Board recommendation 20

21 Agenda I. Summary II. Presales and revenue recognition III. Financial results IV. Plans of ROBYG Group V. Appendices 21

22 Strategic goals Sales of app units in 2018 Net profit increase in 2018* Start of activities in Wroclaw Maintain the level of the land bank Continuation of dividend policy * Attributable to equity holders of the parent 22

23 Land bank* Total land bank units units on offer = units** ROBYG has also land in WROCŁAW approximately for 300 units (the sale has not started yet) * Units which presale has already begun (as at 31 December 2017) not included. ** In addition, the Group has signed the purchase agreement of the plots with the total area of app. 2.7 ha located in Gdańsk, Wrzeszcz district. The Group hasn t had defined the investment planes for the plots. 23

24 Agenda I. Summary II. Presales and revenue recognition III. Financial results IV. Plans of ROBYG Group V. Appendices 24

25 ROBYG - Team Oscar Kazanelson Chairman of the Supervisory Board Zbigniew Wojciech Okoński President of the Board Eyal Keltsh Vice-President of the Board, COO Artur Ceglarz Vice-President of the Board, CFO 25

26 Description of investments- completed (1) Nowa Rezydencja Królowej Marysieńki City: Warsaw District: Wilanów No. of stages: 10 No. of units: 1350 units thousand sqm Q Completion date: Q Szczęśliwy Dom City: Warsaw District: Ochota No. of stages: 3 No. of units: 304 units 18.1 thousand sqm Q Completion date: Q Osiedle Zdrowa City: Warsaw District: Wilanów No. of stages: 5 No. of units: 865 units 57.0 thousand sqm Q Completion date: Q

27 Description of investments- completed (2) City Apartments City: Warsaw District: Żoliborz No. of stages: 6 No. of units: 1190 units 88.0 thousand sqm Q Completion date: Q Osiedle Królewskie City: Warsaw District: Wilanów No. of stages: 6 No. of units: 640 units 38.0 thousand sqm Q Completion date: Q Park Wola Residence City: Warsaw District: Wola No. of stages: 1 No. of units: 317 units 16.9 thousand sqm Q Completion date: Q

28 Description of investments- completed (3) Modern Żoliborz City: Warsaw District: Żoliborz No. of stages: 1 No. of units: 138 units 7.9 thousand sqm Q Completion date: Q Albatross Towers City: Gdańsk District: Przymorze No. of stages: 5 No. of units: 860 units 42.6 thousand sqm Q Completion date: Q Królewski Park City: Warsaw District: Wilanów No. of stages: 6 No. of units: 528 units 27.6 thousand sqm Q Completion date: Q

29 Description of investments- completed (4) Young City City: Warsaw District: Bemowo No. of stages: 9 No. of units: 1302 units 65.2 thousand sqm Q Completion date: Q Młody Wilanów City: Warsaw District: Wilanów No. of stages: 3 No. of units: 257 units 12.8 thousand sqm Q Completion date: Q Mila Baltica City: Gdańsk District: Zaspa No. of stages: 2 No. of units: 280 units 14.9 thousand sqm Q Completion date: Q

30 Description of investments- completed (5) Apartamenty Villa Nobile City: Warsaw District: Wilanów No. of stages: 3 No. of units: 637 units 39.1 thousand sqm Q Completion date: Q

31 Description of investments- under construction (1) Lawendowe Wzgórza/ Stacja Nowy Gdańsk City: Gdańsk District: Jasień No. of stages: app. 40 Stages completed: 18 Stages under construction*: 6 Słoneczna Morena City: Gdańsk District: Piecki-Migowo No. of stages: app. 23 Stages completed: 18 Stages under construction*: 4 Osiedle Kameralne City: Warsaw District: Bemowo No. of stages: 5 Stages completed: 3 No. of units: app units (completed: 1704 units) app thousand sqm Q Planned completion date: Q No. of units: app units (completed: 1474 units) app thousand sqm Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 31 December 2017). No. of units: app. 550 units (completed: 283 units) app thousand sqm Q Planned completion date: Q

32 Description of investments- under construction (2) Osiedle Kameralne II City: Warsaw District: Bemowo No. of stages: 3 Stages completed: 1 Stages under construction*: 1 No. of units: app. 350 units (completed: 161 units) app thousand sqm Green Mokotów City: Warsaw District: Mokotów No. of stages:11 Stages completed: 2 Stages under construction*: 5 No. of units: app. 745 units (completed: 149 units) app thousand sqm Stacja Nowy Ursus City: Warsaw District: Ursus No. of stages: 5 Stages completed: 2 Stages under construction*: 2 No. of units: app units (completed: 389 units) app thousand sqm Q Planned completion date: Q Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 31 December 2017). Q Planned completion date: Q

33 Description of investments- under construction (3) MoreNova City: Gdańsk District: Piecki-Migowo No. of stages: 3 Stages completed: 1 Stages under construction*: 2 Zajezdnia Wrzeszcz City: Gdańsk District: Wrzeszcz No. of stages: 8 Stages completed: 1 Stages under construction*: 3 Nowa Letnica City: Gdańsk District: Letnica No. of stages: 12 Stages under construction*: 6 No. of units: app. 520 units (completed: 177 units) app thousand sqm Q Planned completion date: Q No. of units: app units (completed: 206 units) app thousand sqm Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 31 December 2017). No. of units: app units app thousand sqm Q Planned completion date: Q

34 Description of investments- under construction (4) Forum Wola City: Warsaw District: Wola No. of stages: 4 Stages under construction*: 3 No. of units: app. 935 units app thousand sqm Young City 2 City: Warsaw District: Bemowo No. of stages: 3 Stages under construction*: 3 No. of units: app. 600 units app thousand sqm Q Planned completion date: Q Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 31 December 2017). 34

35 Description of investmentson offer which construction has not started Ogrody Wilanów City: Warsaw District: Wilanów No. of stages: 3 Stages in presale: 2 No. of units: app. 230 units app thousand sqm Q Planned completion date: Q Osiedle Życzliwa Praga City: Warsaw District: Tarchomin No. of stages: 9 Stages in presale: 2 No. of units: app. 700 units app thousand sqm Q Planned completion date: Q Nadmotławie Estate City: Gdańsk District: Śródmieście No. of stages: 12 Stages in presale: 1 No. of units: app units app thousand sqm Q Planned completion date: Q

36 Presale: Investments under construction on offer - Warsaw (1) Units under construction (Warsaw): 1003 in 8 stages Incl. presold units as at 31 December 2017: 651 (65%) Green Mokotów Stages: 1a, 1b, units Planned completion date: Q1 2018, Q4 2018, Q ,689 sqm Location: Mokotów Osiedle Kameralne II Stage: units Planned completion date: Q ,777 sqm Location: Bemowo Presold: % Presold: 98 88% 36

37 Presale: Investments under construction on offer - Warsaw (2) Units under construction (Warsaw): 1003 in 8 stages Incl. presold units as at 31 December 2017: 651 (65%) Forum Wola Stage: units Planned completion date: Q ,740 sqm Location: Wola Young City II Stage: 1 58 units Planned completion date: Q ,975 sqm Location: Bemowo Presold: % Presold: 50 86% 37

38 Presale: Investments under construction on offer - Warsaw (3) Units under construction (Warsaw): 1003 in 8 stages Incl. presold units as at 31 December 2017: 651 (65%) Stacja Nowy Ursus Stages: 3, units Planned completion date: Q3 2018, Q ,998 sqm Location: Ursus Presold: % 38

39 Presale: Investments under construction on offer - Gdańsk (1) Units under construction (Gdańsk): 2283 in 16 stages Incl. presold units as at 31 December 2017: 1903 (83%) Lawendowe Wzgórze/ Stacja Nowy Gdańsk Stages: 19, 20, units Planned completion date: Q1 2018, Q3 2018, Q ,570 sqm Location: Jasień Słoneczna Morena Stages: 18, 19, 20, units Planned completion date: Q2 2018, Q3 2018, Q1 2018, Q ,290 sqm Location: Piecki-Migowo Presold: % Presold: % 39

40 Presale: Investments under construction on offer - Gdańsk (2) Units under construction (Gdańsk): 2283 in 16 stages Incl. presold units as at 31 December 2017: 1903 (83%) Zajezdnia Wrzeszcz Stages: 2, units Planned completion date: Q4 2018, Q ,804 sqm Location: Wrzeszcz Nowa Letnica Stages: 1, 2, 3, 4, units Planned completion date: Q2 2018, Q3 2018, Q4 2018, Q3 2018, Q ,582 sqm Location: Letnica Presold: % Presold: % 40

41 Presale: Investments under construction on offer - Gdańsk (3) Units under construction (Gdańsk): 2283 in 16 stages Incl. presold units as at 31 December 2017: 1903 (83%) MoreNova Stages: 2, units Planned completion date: Q2 2018, Q ,583 sqm Location: Piecki-Migowo Presold: % 41

42 Presale: Investment on offer which construction has not started yet: Warsaw (1) Units on offer which construction has not started yet (Warsaw): 1514 in 10 stages Forum Wola Stages: 2, units Planned start date: Q1 2018, Q Planned completion date: Q2 2019, Q ,633 sqm Location: Wola Green Mokotów Stages: 6, units Planned start date: Q1 2018, Q Planned completion date: Q2 2019, Q ,626 sqm Location: Mokotów Presold: % Presold: 80 61% 42

43 Presale: Investment on offer which construction has not started yet: Warsaw (2) Units on offer which construction has not started yet (Warsaw): 1514 in 10 stages Ogrody Wilanów Stages: 1, units Planned start date: Q1 2018, Q Planned completion date: Q2 2019, Q ,759 sqm Location: Wilanów Osiedle Życzliwa Praga Stages: 1, units Planned start date: Q2 2018, Q Planned completion date: Q3 2019, Q ,381 sqm Location: Tarchomin Presold: % Presold: 52 28% 43

44 Presale: Investment on offer which construction has not started yet: Warsaw (3) Units on offer which construction has not started yet (Warsaw): 1514 in 10 stages Young City 2 Stages: 2, units Planned start date: Q2 2018, Q Planned completion date: Q4 2019, Q ,979 sqm Location: Bemowo Presold: % 44

45 Presale: Investment on offer which construction has not started yet: Gdańsk (1) Units on offer which construction has not started yet (Gdańsk): 886 in 6 stages Lawendowe Wzgórze/ Stacja Nowy Gdańsk Stages: 22, 23, units Planned start date: Q1 2018, Q2 2018, Q Planned completion date: Q1 2019, Q2 2019, Q ,791 sqm Location: Jasień Presold: % Nowa Letnica Stage: 6a 179 units Planned start date: Q Planned completion date: Q ,699 sqm Location: Letnica Presold: 52 29% 45

46 Presale: Investment on offer which construction has not started yet: Gdańsk (2) Units on offer which construction has not started yet (Gdańsk): 886 in 6 stages Zajezdnia Wrzeszcz Stage: units Planned start date: Q Planned completion date: Q ,462 sqm Location: Wrzeszcz Nadmotławie Estate Stage: units Planned start date: Q Planned completion date: Q ,066 sqm Location: Śródmieście Presold: 61 24% Presold: 11 7% 46

47 Ownership structure Bricks Acquisition Limited 100% As at the date of this presentation, Bricks Acquisition Limited holds 100% of the ROBYG S.A. shares. Bricks Acquisition Limited is an entity indirectly owned by Goldman Sachs Group, Inc. The strategic goal of Bricks Acquisitions Limited is to withdraw the ROBYG S.A. shares from the Warsaw Stock Exchange trading and to operate as a long-term strategic investor. 47

48 HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA tel. (22) * Including amounts kept on individual escrow accounts and in Mutual Funds. 48