ROBYG Group Financial results Q1 2018

Transcription

1 ROBYG Group Financial results Q Warsaw, June 5th 2018

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

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

4 Summary Q

5 ROBYG Group- material investments and financial activities Q1 2018* FINANCING NEW PLOTS Bonds: Redemption of PLN million: - K1 series (PLN 38.9 million), - L series (PLN 1.5 million), - M series (PLN 20 million), - N series (PLN 17.3 million), - O series (PLN 26 million), - P series (PLN 60 million), - R series (PLN 12.9 million), - P series (PLN 46.7 million). Issuance of PLN 300 million: - PA series (PLN 300 million). Bank loans: Total new facilities: PLN 50.0 million: ROBYG Finance: - revolving loan (with the limit of PLN 50 million). Total investment app. PLN million with the potential for construction of app 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. PLN 18.6 million (plot areaapp. 1.4 ha)- purchase agreements of the shares in the entity owns the plots on Wrzeszcz district in Gdańsk with the potential for construction of app. 400 units. * The specification includes also the transactions performed after 31 March 2018 till the date of the presentation (marked in blue). 5

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

7 ROBYG Group number of presold units Presold units in Q units (+19% Q/Q) 17% Target: % 22% 10% 9% 56% 7

8 ROBYG Group Presale structure Q Presold units in Q units (+19% Q/Q) 8

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

10 Number of units to be completed in and also (contracted) until 31 March 2018 () number of contracted units Total Green Mokotów, Apartamenty Villa Nobile (all: 51%) - Warsaw 786 (778) 266 (212) 190 (112) 456 (324) Młody Wilanów, Osiedle Życzliwa Praga (all: 100%) Warsaw 75 (75) 93 (68) 93 (68) Lawendowe Wzgórza/Stacja Nowy Gdańsk (100%)- Gdansk 459 (457) 381 (372) 296 (231) 677 (603) Słoneczna Morena, MoreNova (all: 100%) Gdansk 193 (186) 736 (613) 115 (102) 851 (715) Zajezdnia Wrzeszcz, Mila Baltica (all 100%)- Gdansk 358 (357) 237 (213) 482 (308) 719 (521) Osiedle Kameralne, Osiedle Kameralne II (all: 100%) - Warsaw 40 (35) 112 (106) 112 (106) Young City 2, Stacja Nowy Ursus (all:51%)- Warsaw 389 (374) 465 (359) 558 (237) (596) Nowa Letnica, Nadmotławie Estates (all: 100%) - Gdansk 586 (559) 542 (176) 1128 (735) Forum Wola, Ogrody Wilanów (all: 100%) - Warsaw 161 (128) 298 (243) 459 (371) 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 (2 262) (2 562) (1 477) (4 039) * +312 (266) - ** (2 528) (2 562) (1 477) (4 039) -506 (422) +506 (422) (422) 2 106(2 106) (2 984) (1 477) (4 461) 10

11 Number of units to be completed in 2018* Project City Total no. of units to be completed in 2018 On offer or 31 Mar 2018 Out of which: Not introduced to 31 Mar 2018 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 2,944 2,944 - * Estimation of the planned investments may change. 11

12 Number of units to be completed in 2019* Project City Total no. of units to be completed in 2019 On offer or 31 Mar 2018 Out of which: Not introduced to 31 Mar 2018 Forum Wola Warsaw Green Mokotów Warsaw Ogrody Wilanów Warsaw Osiedle Życzliwa Praga Warsaw City Sfera Warsaw Young City 2 Warsaw Young City 3 Warsaw Stacja Nowy Ursus Warsaw Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk MoreNova Gdańsk Nowa Letnica Gdańsk Zajezdnia Wrzeszcz Gdańsk Nadmotławie Gdańsk Jagodno Wrocław Total 3,123 2, * Estimation of the planned investments may change. 12

13 Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 13

14 LIQUIDITY POSITION Net debt ratio_1* = 0.38 * 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 50 million Net debt ratio_2* = 0.30 * Net debt ratio= net debt ** / equity ** Net debt = interest bearing liabilities intercompany loans cash and cash equivalents amounts kept on individual escrow accounts and mutual funds Amount to be collected from clients* = PLN million * Calculated based on the signed agreements with clients. 14

15 Estimated financial results* (PLN thousands) Q Q Change Revenues % Cost of sales ( ) (56 324) 177.3% Gross profit on sales % Post-tax share of the profit or loss of JV (50) N/A Selling and marketing expenses (8 374) (7 059) 18.6% Administrative expenses (10 187) (7 622) 33.7% Other incl. transaction fee (10 704) 389 N/A Operating profit % Finance income (6.7%) Finance costs (4 488) (3 267) 37.4% Profit before tax % Income tax expense (6 619) (914) 624.2% Net profit % Net profit attributable to equity holders of the parent % Gross profit margin on sales 29.0% 18.9% Net profit margin 11.3% 1.4% * ROBYG S.A. Group has not published financial statements for 3 months ended 31 March Moreover the financial statements were not audited. In addition, the Group has adopted IFRS 15 as of 1 January 2018 using the modified retrospective method with the cumulative effect of initial application of IFRS 15 recognized as at 1 January 2018 without restating the comparatives. 15

16 Historical financial results Statement of Comprehensive Income (PLN thousands) Revenues Cost of sales ( ) ( ) ( ) ( ) Gross profit on sales Post-tax share of the profit or loss of JV Selling and marketing expenses (29 352) (21 992) (16 262) (13 780) Administrative expenses (33 250) (31 368) (28 014) (25 364) Other (2 519) (4 249) 260 Operating profit Finance income Finance costs (10 391) (14 336) (16 169) (17 059) Profit before tax Income tax expense (33 882) (13 219) (5 515) Net profit Net profit attributable to equity holders of the parent Gross profit margin on sales 26.5% 22.5% 16.0% 17.8% Net profit margin 18.4% 20.1% 17.0% 11.4% 16

17 Estimated financial condition* (PLN thousands) Q Change Q Total assets, including: % Non-current assets, including: % Investment properties and investment properties under construction % Land designated for development (7.1%) Investments in joint ventures (0.8%) Inventories % Trade and other receivables (24.9%) Amounts kept on individual escrow accounts and Mutual Funds (1.9%) Cash and cash equivalents % Equity (6.0%) Total liabilities, including: % LT interest bearing liabilities % Current interest bearing liabilities % Advances received from clients % * ROBYG S.A. Group has not published financial statements for 3 months ended 31 March Moreover the financial statements were not audited. In addition, the Group has adopted IFRS 15 as of 1 January 2018 using the modified retrospective method with the cumulative effect of initial application of IFRS 15 recognized as at 1 January 2018 without restating the comparatives. 17

18 Debt financing* (nominal value and maturity of bank credit facilities and bonds) as at March 31th, 2018 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* million million million 0.00 million 0.00 million million BONDS million million million million TOTAL million million million million million million * Including the nominal value of lease payments relating to sale and leaseback transaction of the office building 18

19 Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 19

20 Strategic goals Sales of app units in 2018 Start of activities in Wroclaw Maintain the level of the land bank 20

21 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 March 2018) 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. 21

22 Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 22

23 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 23

24 Description of investments- completed (1) Nowa Rezydencja Królowej Marysieńki District: Wilanów No. of stages: units thousand sqm Q Completion date: Q Szczęśliwy Dom District: Ochota No. of stages: units 18.1 thousand sqm Q Completion date: Q Osiedle Zdrowa District: Wilanów No. of stages: units 57.0 thousand sqm Q Completion date: Q

25 Description of investments- completed (2) City Apartments District: Żoliborz No. of stages: units 88.0 thousand sqm Q Completion date: Q Osiedle Królewskie District: Wilanów No. of stages: units 38.0 thousand sqm Q Completion date: Q Park Wola Residence District: Wola No. of stages: units 16.9 thousand sqm Q Completion date: Q

26 Description of investments- completed (3) Modern Żoliborz District: Żoliborz No. of stages: units 7.9 thousand sqm Q Completion date: Q Albatross Towers City: Gdańsk District: Przymorze No. of stages: units 42.6 thousand sqm Q Completion date: Q Królewski Park District: Wilanów No. of stages: units 27.6 thousand sqm Q Completion date: Q

27 Description of investments- completed (4) Young City District: Bemowo No. of stages: units 65.2 thousand sqm Q Completion date: Q Młody Wilanów District: Wilanów No. of stages: units 12.8 thousand sqm Q Completion date: Q Mila Baltica City: Gdańsk District: Zaspa No. of stages: units 14.9 thousand sqm Q Completion date: Q

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

29 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*: 7 Słoneczna Morena City: Gdańsk District: Piecki-Migowo No. of stages: app. 23 Stages completed: 18 Stages under construction*: 4 Osiedle Kameralne District: Bemowo No. of stages: 5 Stages completed: 3 app units (completed: 1704 units) app thousand sqm Q Planned completion date: Q 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 March 2018). app. 550 units (completed: 283 units) app thousand sqm Q Planned completion date: Q

30 Description of investments- under construction (2) Osiedle Kameralne II District: Bemowo No. of stages: 3 Stages completed: 1 Stages under construction*: 1 app. 350 units (completed: 161 units) app thousand sqm Green Mokotów District: Mokotów No. of stages:10 Stages completed: 2 Stages under construction*: 6 app. 680 units (completed: 149 units) app thousand sqm Stacja Nowy Ursus District: Ursus No. of stages: 5 Stages completed: 2 Stages under construction*: 3 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 March 2018). Q Planned completion date: Q

31 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: 10 Stages completed: 1 Stages under construction*: 3 Nowa Letnica City: Gdańsk District: Letnica No. of stages: 13 Stages under construction*: 7 app. 520 units (completed: 177 units) app thousand sqm Q Planned completion date: Q 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 March 2018). app units app thousand sqm Q Planned completion date: Q

32 Description of investments- under construction (4) Forum Wola District: Wola No. of stages: 4 Stages under construction*: 3 app. 890 units app thousand sqm Young City 2 District: Bemowo No. of stages: 4 Stages under construction*: 4 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 March 2018). 32

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

34 Ownership structure Bricks Acquisition Limited 100% As at the date of this presentation, Bricks Acquisition Limited holds 100% of the ROBYG S.A. shares. Goldman Sachs Group, Inc. is indirectly the majority owner of Bricks Acquisition Limited. 34

35 HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA tel. (22) Q * Including amounts kept on individual escrow accounts and in Mutual Funds. 35