ROBYG Group. Presentation. Warsaw, July16 th 2013

Transcription

1 ROBYG Group Presentation Warsaw, July16 th 2013

2 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 2

3 Summary 1-2Q 2013 Number of units contracted: units under construction and 243 units on offer which construction has not started yet (as at 30 June 2013) Completion of the construction of 7 residential stages and commercial building in 5 projects (751 units) Commencement of the construction of about 560 units (including 290 units in 2Q 2013) Number of units contracted Q Q 2012 Q Q Q

4 Financial results of 1Q 2013 Revenues of PLN million(+186%)* Gross profit on sales PLN 27.35million(+131%)*, economic gross profit on sales PLN million Net profit (consolidated) PLN million (+147%)*, economic net profit of PLN million Net cash flows from operating activities PLN million Strong cash position as at the end of 1Q 2013: PLN million * P&L data compared to 1Q

5 ROBYG Group investments and financial activities in 1-2Q 2013 (1) January 2013 ROBYG S.A. issued G & H series bonds in the total nominal value of PLN 50 million. February 2013 ROBYG S.A concluded redemption of A serie bonds in the total nominal value of PLN 60 million. January 2013 ROBYG S.A. concluded a bank loan agreement with Bank Millennium in amount of PLN million with the purpose of financing current operating activities. In April the Company signed amendment, upon which loan is unsecured, and the amount of loan is PLN 10 million. April 2013 Sales of 49% of shares and signing a JV agreement with a financial investor in ROBYG Osiedle Królewskie- the project has potential for construction of about 700 units. 5

6 ROBYG Group investments and financial activities in 1-2Q 2013 (2) April 2013 ROBYG Young City concluded a bank loan agreement with GETIN Bank for construction loan with the limit up to PLN 26 million with the purpose of Stage II financing. June 2013 ROBYG Osiedle Królewskie concluded a investment loan agreement with BRE Bank in amount of PLN 15 million as well as revolving loan agreement with the limit up to PLN 15 million. June/July 2013 ROBYG S.A. issued I & I2 series bonds in the total nominal value of PLN 90 million. June 2013 ROBYG S.A concluded redemption of B and C series bonds in the total nominal value of PLN million. 6

7 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 7

8 ROBYG Group number of units contracted Number of units contracted (quarterly) after resignations Q Q Q Q Q Q Q Q Q Number of units contracted (annually) after resignations Planning Units contracted 8

9 ROBYG Group units on offer Number of units Q Q Q Q Q Q Q Q Q 2013 Units complited Units under construction* Total number of units * Including residential units in presale which construction has not begun yet (as at 30 June 2013) 9

10 ROBYG Group hand-overs Number of units recognised in revenues (quarterly) * 272* 274* Q Q Q Q Q Q Q Q Q Total 2011: 310 Total 2012: 986 *Takes into account the units recognised in the sales revenues of the Osiedle Kameralne investment. ROBYG Group recognised 50% of the sales revenues related to this investment in accordance with the terms for the consolidation of results in ROBYG Group. Recognition potential of units in revenues Units contracted and not recognised: 1029 Completed: 312 Under construction: 692 Which construction has not started yet, but included in pre-sales process: 25 Units not contracted and not recognised: 909 Completed: 164 Under construction: 655 Which construction has not started yet, but included in pre-sales process: 90 10

11 Number of units to be completed in (and also contracted) until 30 June total number of residential units scheduled for delivery in number of contracted units to be completed in () number of contracted units was provided in parentheses Osiedle Zdrowa (Warszawa) Nowa Rezydencja Królowej Marysieńki (Warszawa) City Apartments(Warszawa) (188) 173 (164) 217 (212) 127 (116) 221 (181) 108 (10) Lawendowe Wzgórza (Gdańsk) 178 (155) 112 (35) Słoneczna Morena(Gdańsk) 297 (173) Albatross Towers (Gdańsk) 154 (128) 174 (41) Osiedle Kameralne (Warszawa) 108 (56) Young City (Warszawa) 148 (118) 163 (84) Osiedle Królewskie (Warszawa) 115 (78) 135 (5) * Units completed and not recognisedtill 2012 FY 1521 (1253) ** Moreover in2013and 2014Group is planning to start the construction of additional units, out of which 270 is to be completed in 2014, while1504 is to be completed in (1138) 846 (550) 417 (56) 160 (115)* 270** 1504** 1116 (550) (56)

12 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 12

13 Financial results Statement of Comprehensive Income (PLN thousands) 1Q Q Revenues Cost of sales ( ) ( ) (64 764) ( ) Gross profit on sales Economic gross profit on sales Selling and marketing expenses (2 706) (12 240) (2 122) (9 507) Administrative expenses (4 807) (19 587) (4 425) (17 394) Finance income Finance costs (5 740) (18 998) (4 752) (16 396) Gross profit Net profit Economic net profit Margins (%) 1H Q H 2011 Gross profit margin on sales 17.2% 24.2% 24.4% 19.3% Economic gross profit margin on sales 28.8% 34.6% 30.3% 26.3% Net profit margin 7.1% 6.2% 9.0% 17.5% Economic net profit margin 18.7% 16.6% 14.9% 24.6% 13

14 Revenues by projects and activity in 1Q 2013 Activity Total revenues (PLN thousands) Projects Sales revenues in the given project (PLN thousands) Gross profit on sales Margin (%) Economic gross profit on sales Nowa Rezydencja Królowej Marysieńki % 20.4% Property development activities (Warsaw, Gdańsk) Osiedle Zdrowa % 28.4% City Apartments % 37.7% Lawendowe Wzgórza % 24.7% Słoneczna Morena % 26.2% Albatross Towers % 20.7% Other revenues Other revenues from related and unrelated parties TOTAL % 28.8% 14

15 Financial condition Statement of Financial Position (PLN thousands) Total assets 1Q Non-current assets, including: Investment properties and investment properties under construction Land designated for development Inventories Trade and other receivables Cash and cash equivalents Equity Total liabilities, including: Current interest liabilities Advances received from clients Net debt ratio* * Net debt ratio= net debt ** / equity ** Net debt = interest bearing liabilities intercompany loans cash and cash equivalents 15

16 Statement of cashflowin 1Q 2013 Cash flows (PLN thousands) 1Q Q 2012 Net cash flows from operating activities Net cash flows from investing activities 387 (128) Net cash flows from financing activities, including (15 426) (52 859) Proceeds from the issue of bonds Repayment of bonds Proceeds from loans and borrowings Repayment of loans and borrowings (60 000) (46 888) (85 664) Commissions and intersts paid (6 632) (6 802) Net change in cash and cash equivalents (4 592) 16

17 Debt financing (nominalvalue and maturity of bank credit facilities and bonds)as at 31March2013 PLN million total value of financing: PLN 67.9 million with maturity falling between one and two years PLN million with maturity of more than two years <1 year 1-2 years 2-3 years 3-4 years Total BANK CREDIT FACILITIES million million 5.03 million 4.08 million million BONDS million million million TOTAL million 67.90million million 4.08 million million 17

18 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 18

19 Plans for 2013 Commencement of construction of about1400 units in 2013 Increasing the number of investment land (attractive locations which will be purchased at sound prices) Contracting of 20-25% of the units on offer in each quarter Sales of over 1200 units in

20 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 20

21 Warsaw description of investments(1) WILANÓW Nowa Rezydencja Królowej Marysieńki An apartment development project being implemented by the Group since 2002, located in Warsaw s Wilanów District, in the so-called Miasteczko Wilanów near Wilanów Palace. The project encompasses the construction of about 1300 units in 9 stages. The last and final stage is under construction. WILANÓW Osiedle Zdrowa The project is located in Miasteczko Wilanów. It is a higher standard residential development. The project encompasses the construction of about 860 units in 5 stages. The project is compleated. ŻOLIBORZ City Apartments This apartment development project is located in Żoliborz Południowy. The project encompasses the construction of about 1200 residential and commercial units in 6 stages Wilanów Osiedle Królewskie The group of a low-rise apartment buildings in the center of Wilanów. On the plot over 5 ha, the Group is planning to construct of about 700 units in several stages. 21

22 Warsaw description of investments(2) BEMOWO Osiedle Kameralne This standard condominium residential development project is located in the Bemowo- Jelonki and allows for the construction of about 600 units. Currently, ROBYG has completed the development of Stage I. Stage II is under construction and in sale. BEMOWO Osiedle Kameralne II The Group acquired a plot of 2.35 ha which is located in Warsaw Bemowo, the close vicinity of Osiedle Kameralne project. It will be a higher standard residential development. BEMOWO Young City The project will be built in several stages and will encompass ca units. Modern architectural form, low, four-storey buildings surrounded by green areas will appeal to young people and to those who like quiet places, but well connected with the city center. 22

23 Warsaw description of investments(3) Contractedtenant: - Alma Market SA Nearly the entire ground floor of the investment - Pharmacy (about 200 sqm) - Kindergarden (about 500 sqm) An office and retail project composed of several stages with a total useable floor space of nearly 35,000 m2. The floor space of Stage I - more than 9,000 m2 designated for : a retail section and offices Dates: Completion of the construction of the Stage 1 is planned for 2Q WILANÓW ROBYG Business Center. 23

24 Gdańsk description of investments JASIEŃ Lawendowe Wzgórza The investment is located in the southern part of Gdańsk and encompasses the construction of more than 2700 units in the popular standard and units in single and multi-family houses as well as several commercial units. The total area of the plot exceeds 41 ha.; more than 15 ha of the plot constitutes investment property which gives a possibility of further development MORENA Słoneczna Morena The project is located in the Piecki-Migowo District and consists of semi-detached houses, urban villas with apartments, and multi-family buildings. The project encompasses the construction of about 2000 units PRZYMORZE Albatross Towers The project encompasses the development of 5 modern 18-storey buildings with about 800 higher standard residential units as well as commercial units will be built 24

25 Investments under construction in Warsaw (1) Total contractationin Warsawas at 30June2013: 797 Units under construction(warsaw): in 7 stages Nowa Rezydencja Królowej Marysieńki Stages: 5, 7 301units Planned completion date: 3Q 2013 and 1Q 2014 Total sellable area: 16,929 sqm Location: Wilanów Contracted: 280 Osiedle Kameralne Stage: 2 108units Planned completion date: 2Q 2014 Total sellable area: 5,608 sqm Location: Bemowo City Apartments Stage: 4 221units Planned completion date: 1Q 2014 Total sellable area: 17,435 sqm Location: Żoliborz Contracted: 56 Contracted:

26 Investments under construction in Warsaw (2) Total contractationin Warsawas at 30June2013: 797 Units under construction(warsaw): in 7 stages Young City Stage:1, 2 311units Planned completion dates: 4Q 2013, 1Q 2014 Total sellable area: 15,996 sqm Location: Warsaw, Bemowo Osiedle Królewskie Stage:1 115units Planned completion date: 4Q 2014 Total sellable area: sqm Location: Warsaw, Wilanów Kontraktacja: 202 Kontraktacja: 78 26

27 Investments under construction in Gdańsk Total contractationin Gdańsk as at 30June2013: 246 Units under construction(gdańsk): 581 in 5 stages Lawendowe Wzgórza Stages: 7, 8 194units Planned completion date: 4Q 2013, 2Q 2014 Total sellable area: 9,278 sqm Location: Jasień Słoneczna Morena Stage: 6, 7 213units Planned completion date: 4Q 2013, 2Q 2014 Total sellable area: sqm Location: Piecki-Migowo Contracted: 102 Contracted:103 Albatross Towers Stage: 2 174units Planned completion date: 1Q 2015 Total sellable area: sqm Location: Przymorze Contracted: 41 27

28 Investments planned in 3-4Q 2013: Warsaw Units planned(warsaw): 579 in 4 stages Osiedle Kameralne II Stage: 1 182units Planned start date: 4Q 2013 Total sellable area: 8,,280 sqm Location: Bemowo Osiedle Królewskie Stage:2 135units Planned start date: 4Q 2013 Total sellable area: 7,438 sqm Location: Wilanów Contracted: 5 City Apartments Stage:5 108units Planned start date: 3Q 2013 Total sellable area: 7,513 sqm Location: Żoliborz Young City Stage:3 154units Planned start date: 3Q 2013 Total sellable area: 6,982 sqm Location: Bemowo Contracted: 10 28

29 Investments planned in 3-4Q 2013: Gdańsk Units planned(gdańsk): 260 in 2 stages Lawendowe Wzgórza Stage: 9 116units Planned start date: 3Q 2013 Total sellable area: 5,604 sqm Location: Jasień Słoneczna Morena Stage: 8 144units Planned start date: 4Q 2013 Total sellable area: 9,353 sqm Location: Piecki-Migowo 29

30 Please contact us: Investor Relations ROBYG SA tel. (22)