ROBYG Group Financial results H1 2016

Transcription

1 ROBYG Group Financial results H Warsaw, August 25th 2016

2 HIGHTLIGHTS HIGHLIGHTS H * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts and in Mutual Funds. *** Including transactions performed after 30 June 2016 till the date of the presentation. 2

3 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 3

4 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 4

5 Summary H

6 Financial results of H Revenues PLN 197 million (PLN 312 million*) Operating profit PLN 42 million Net profit PLN 35 million Net cash flows from operating activities PLN 68 million (excl. purchase of new plots) PLN -126 million (incl. purchase of new plots) Strong cash position**: PLN 210 million * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts and units in Mutual Funds. 6

7 ROBYG Group- investments and financial activities H1 2016* BONDS LOANS NEW PLOTS- Warsaw NEW PLOTS- Gdańsk Redemption of PLN 84 million: - I series (PLN 84 million). Issuance of PLN 120 million: - R series (PLN 20 million), - S series (PLN 100 million). Total new facilities: PLN million: ROBYG Marketing i Sprzedaż - investment loan (PLN 50 million), ROBYG Construction - construction loan (with the limit of PLN 20 million), ROBYG S.A. - investment loan (with the limit of PLN 18.3 million), ROBYG S.A. - revolving loans (with the total limit of PLN 50 million), Apartamenty Villa Nobile: - construction loan (with the limit of PLN 15 million). Zajezdnia Wrzeszcz: - investment loan (with the limit of PLN 22.3 million), - construction loan (with the limit of PLN 15 million). Total investment app. PLN 82.6 million: with the potential for construction of app units. PLN 16 million (plot areaapp. 1.1 ha)- purchase of the plots on Praga district with the potential for construction of app. 260 units. PLN 7 million (plot areaapp. 1.5 ha)- purchase of the shares and loans regarding the plot on Ursynów district with the potential for construction of app. 400 units. PLN 13.6 million (plot areaapp. 1.8 ha)- purchase of the plots on Mokotów district with the potential for construction of app. 300 units. PLN 46 million (plot areaapp. 2.5 ha)- purchase of the shares in the entity owns the plot on Wola district with the potential for construction of app. 800 units. Total investment app. PLN 53.4 million: with the potential for construction of app units. PLN 53.4 million (plot areaapp. 6 ha)- purchase of the plots on Letnica district, has potential for construction of app units. * The specification includes also the transactions performed after 30 June 2016 till the date of the presentation (marked in blue). 7

8 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 8

9 ROBYG Group number of presold units Presold units in H units (+22% Y/Y) 22% 10% 11% 9% 56% 9

10 ROBYG Group Presale structure H Presold units in H units (+22% Y/Y) District City % Wilanów Warsaw 21% Bemowo Warsaw 20% Wola Warsaw 6% Ursus Warsaw 4% Żoliborz Warsaw 1% Mokotów Warsaw 1% Jasień Gdańsk 18% Piecki-Migowo Gdańsk 17% Zaspa Gdańsk 8% Wrzeszcz Gdańsk 3% Przymorze Gdańsk 1% 100% 10

11 ROBYG Group units on offer 11

12 ROBYG Group hand-overs (as at 30 June 2016) * Takes into account the units recognised in Osiedle Kameralne, Osiedle Królewskie, Królewski Park, Park Wola Residence and Young City 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: 1952 Completed: 69 Under construction: 835 Which construction has not started yet, but included in pre-sales process: 1048 Units presold and not recognised: 2672 Completed: 267 Under construction: 2145 Which construction has not started yet, but included in pre-sales process:

13 Number of units to be completed in and also (contracted) / delivered until 30 June 2016 Over 6,350 units potential for delivery for (incl. app units already contracted) () number of contracted units Total Osiedle Królewskie, Królewski Park,Green Mokotów, Villa Nobile (all: 51%) - Warsaw 609 (608)/ (284)/ (221) 912 (505) Młody Wilanów (100%) - Warsaw 182 (163)/85 75 (48) 257 (211) City Apartments (75%) & Modern Żoliborz Residence (100%)- Warsaw 173 (173)/ (136)/ (136) Lawendowe Wzgórza/Stacja Nowy Gdańsk (100%)- Gdansk 409 (408)/ (131) 528 (327) 665 (458) Słoneczna Morena (100%) & MoreNova (100%) Gdansk 601 (595)/ (233) 191 (61) 460 (294) Albatross Towers, Zajezdnia Wrzeszcz, Mila Baltica (All 100%)- Gdansk 352 (352)/ (271) 359 (147) 666 (418) Park Wola Residence (51%) Warsaw 317 (301)/ (301) Osiedle Kameralne (100%)& Osiedle Kameralne II (100%) - Warsaw 161 (127) 40 (3) 201 (130) Young City (51%), Young City 2 (51%) & Stacja Nowy Ursus (51%)- Warsaw 248 (248)/ (256) 501 (247) 795 (503) Percentages in brackets indicate Group s share in the project. The projects marked on blue are accounted in line with the equity method. Presented numbers of units reflect 100% of the potential (regardless of the ownership structure). * Completed in prior years but not delivered till ** In 2016 the Group is planning to start the construction of additional units to be completed in (2 384)/ (1 902)/ (1 054) (2 956) * +505 (464)/ (803)/752 ** (803) (2 848)/ (2 705)/ (1 054) (3 759) -852 (803) (2 045)/ (2 705) / (1 054) (3 759) 13

14 Number of units to be completed in 2017* Project City Total no. of units to be completed in 2017 On 30 June 2016 Out of which: Not on 30 June 2016 Osiedle Kameralne Warsaw Osiedle Kameralne II Warsaw Młody Wilanów Warsaw Green Mokotów Warsaw Stacja Nowy Ursus Warsaw Apartamenty Villa Nobile Warsaw Young City Warsaw Young City II Warsaw Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk Słoneczna Morena Gdańsk Mila Baltica Gdańsk MoreNova Gdańsk Zajezdnia Wrzeszcz Gdańsk Total 3,411 2,305 1,106 * Estimation of the planned investments may change. 14

15 Number of units to be completed in 2018* Project City Total no. of units to be completed in 2018 On 30 June 2016 Out of which: Not on 30 June 2016 Osiedle Kameralne Warsaw Mińska Warsaw Wola new Warsaw Green Mokotów Warsaw Stacja Nowy Ursus Warsaw Young City II Warsaw Young City III Warsaw Stacja Nowy Gdańsk Gdańsk Słoneczna Morena Gdańsk Letnica Gdańsk MoreNova Gdańsk Zajezdnia Wrzeszcz Gdańsk Total 3, ,239 * Estimation of the planned investments may change. 15

16 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 16

17 Financial results Statement of Comprehensive Income (PLN thousands) H H Change Revenues % Cost of sales ( ) ( ) 39.6% Post-tax share of the profit or loss of JV % Selling and marketing expenses (9 856) (7 636) 29.1% Administrative expenses (14 195) (12 395) 14.5% Other (436) (2 031) (78,5%) Operating profit % Finance income % Finance costs (9 700) (8 082) 20.0% Profit before tax % Income tax expense (705) (110.4%) Net profit % Operating profit margin 21.3% 11.6% Net profit margin 17.8% 12.9% 17

18 Gross profit on sales- proforma* Statement of Comprehensive Income (PLN thousands) H H Change Revenues % Cost of sales ( ) ( ) 62.3% Gross profit on sales % Gross profit margin on sales 24.3% 23.7% * The table shows the Group s Financial Results calculated based on the proportional consolidation of JV projects. 18

19 Revenues by projects and activity in H Activity Total revenues (PLN thousands) Projects Sales revenues in the given project (PLN thousands) Margin (%) Gross profit on sales Property development activities (Warsaw, Gdańsk) Młody Wilanów % Słoneczna Morena % Lawendowe Wzgórza % Albatross Towers % Modern Żoliborz % Other projects % TOTAL 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 construction services, management services, sales activities etc. performed for JV projects. 19

20 Financial condition Statement of Financial Position (PLN thousands) H Q Change 2015 Total assets, including: % Non-current assets, including: % Investment properties and investment properties under construction % Land designated for development % Investments in joint ventures (48.2%) Inventories % Trade and other receivables % Amounts kept on individual escrow accounts and Mutual Funds % Cash and cash equivalents (51.8%) Equity (6.2%) Total liabilities, including: % LT interest liabilities % Current interest liabilities (11.1%) Advances received from clients % Net debt ratio** ROE 14.0%* 10.3%* % * Annualized ** 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 20

21 Statement of cash flow in H Cash flows (PLN thousands) H H Net cash flows from operating activities, including: ( ) Expenditures for the purchase of new plots ( ) (72 587) Net cash flows from investing activities (37 157) (2 805) Net cash flows from financing activities, including: (3 202) Proceeds from issue of bonds Repayment of bonds (84 000) (62 000) Proceeds from loans and borrowings Repayment of loans reclassified from non-controlling interest - (20 930) Repayment of bank and other loans ( ) ( ) Interest and commissions paid (13 357) (12 356) Net change in cash and cash equivalents ( )

22 Debt financing* (nominal value and maturity of bank credit facilities and bonds) as at June 30th, 2016 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* million million million million 6.95 million million BONDS million million million million TOTAL million million million million 6.95 million million * Including the nominal value of lease payments relating to sale and leaseback transaction of the office building. 22

23 Dividend Since its IPO on the Warsaw Stock Exchange in 2010, ROBYG SA has been regularly distributing profits among its shareholders. Insofar, the Company has distributed as dividends: Dividend per share in (in PLN) Management Board approved the Dividend Policy, according to which MB intends to recommend the payment of a dividend for the year 2016 and 2017 at the level of 65% to 80% of the consolidated net profit. 23

24 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 24

25 Strategic goals Sales of over 2600 units in 2016 and growth in the following years Construction s start of over 3900 units in 2016 Operating profit of app. 115M in 2016 and further growth in the following years Start of activities in Wroclaw in 2017 Increase in the offer and land bank Continuation of dividend policy 25

26 Investments in 2016* Stages introduced for sale as of 30 June 2016 Introduced for sale in 2016 Construction's start in 2016 Total Total introduced for sale as of 30 June 2016: Construction Project Stage Number of units Start End Green Mokotów Residence (1a) Q Q 2017 Green Mokotów Residence (2) Q Q 2017 Stacja Nowy Ursus Q Q 2017 Młody Wilanów (II) Q Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C6, C7) Q Q 2017 Mila Baltica Q Q 2017 Construction's start in 2016, introduced for sale in Construction Project Stage Number of units Start End Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C15.1) Q Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C10) Q Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C11) Q Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (D1, D2) Q Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C12) Q Q 2018 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (D3, D4) Q Q 2018 Słoneczna Morena (B9-10) Q Q 2017 Słoneczna Morena (A7-8) Q Q 2017 Słoneczna Morena (W1) Q Q 2018 Słoneczna Morena (W2) Q Q 2018 Słoneczna Morena (C) Q Q 2017 Słoneczna Morena (D1D2D3) Q Q 2017 Osiedle Kameralne (4) Q Q 2017 Osiedle Kameralne II (7) Q Q 2017 Green Mokotów Residence 1B Q Q 2018 Green Mokotów Residence Q Q 2017 Green Mokotów Residence Q Q 2018 Morenova Q Q 2017 Morenova Q Q 2017 Stacja Nowy Ursus Q Q 2017 Stacja Nowy Ursus Q Q 2017 Apartamenty Villa Nobile Q Q 2017 Apartamenty Villa Nobile Q Q 2017 Apartamenty Villa Nobile Q Q 2017 Young City II Q Q 2017 Young City II Q Q 2017 Zajezdnia Wrzeszcz Q Q 2017 Construction's start in 2016, introduced for sale in Construction Project Stage Number of units Start End Young City II Q Q 2018 Planned construction's start in 2017, introduction for sale in * Estimation of the planned investments may change. 26

27 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 30 June 2016) not included. 27

28 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 28

29 Description of investments- completed (1) Nowa Rezydencja Królowej Marysieńki City: Warsaw District: Wilanów No. of stages: 10 No. of units: app units Total sellable area: app thousand sqm Start of construction: Q Completion date: Q Szczęśliwy Dom City: Warsaw District: Ochota No. of stages: 3 No. of units: app. 304 units Total sellable area: app thousand sqm Start of construction: Q Completion date: Q Osiedle Zdrowa City: Warsaw District: Wilanów No. of stages: 5 No. of units: app. 865 units Total sellable area: app thousand sqm Start of construction: Q Completion date: Q

30 Description of investments- completed (2) City Apartments City: Warsaw District: Żoliborz No. of stages: 6 No. of units: app units Total sellable area: app thousand sqm Start of construction: Q Completion date: Q Osiedle Królewskie City: Warsaw District: Wilanów No. of stages: 6 No. of units: app. 640 units Total sellable area: app thousand sqm Start of construction: Q Completion date: Q Park Wola Residence City: Warsaw District: Wola No. of stages: 1 No. of units: app. 317 units Total sellable area: app thousand sqm Start of construction: Q Completion date: Q

31 Description of investments- completed (3) Modern Żoliborz City: Warsaw District: Żoliborz No. of stages: 1 No. of units: app. 138 units Total sellable area: app. 7.9 thousand sqm Start of construction: Q Completion date: Q

32 Description of investments- under construction (1) Lawendowe Wzgórza/ Stacja Nowy Gdańsk City: Gdańsk District: Jasień No. of stages: app. 40 Stages completed: 13 Stages under construction*: 6 Słoneczna Morena City: Gdańsk District: Piecki-Migowo No. of stages: app. 23 Stages completed: 15 Stages under construction*: 5 Osiedle Kameralne City: Warsaw District: Bemowo No. of stages: 5 Stages completed: 2 Stages under construction*: 1 No. of units: app units (completed: 1108 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q No. of units: app units (completed: 1189 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 30 June 2016). No. of units: app. 530 units (completed: 243 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

33 Description of investments- under construction (2) Albatorss Towers City: Gdańsk District: Przymorze No. of stages: 5 Stages completed: 4 Stages under construction*: 1 No. of units: app. 860 units (completed: 681 units) Total sellable area: app thousand sqm Young City City: Warsaw District: Bemowo No. of stages: 9 Stages completed: 6 Stages under construction*: 3 No. of units: app units (completed: 856 units) Total sellable area: app thousand sqm Królewski Park City: Warsaw District: Wilanów No. of stages: 6 Stages completed: 3 Stages under construction*: 3 No. of units: app. 530 units (completed: 275 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Start of construction: Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 30 June 2016). Start of construction: Q Planned completion date: Q

34 Description of investments- under construction (3) Młody Wilanów City: Warsaw District: Wilanów No. of stages: 3 Stages completed: 1 Stages under construction*: 2 Osiedle Kameralne II City: Warsaw District: Bemowo No. of stages: 3 Stages under construction*: 1 Mila Baltica City: Gdańsk District: Zaspa No. of stages: 2 Stages under construction*: 2 No. of units: app. 260 units (completed: 113 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q No. of units: app. 390 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 30 June 2016). No. of units: app. 280 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

35 Description of investments- under construction (4) Apartamenty Villa Nobile City: Warsaw District: Wilanów No. of stages: 3 Stages under construction*: 2 MoreNova City: Gdańsk District: Piecki-Migowo No. of stages: 3 Stages under construction*: 1 Stacja Nowy Ursus City: Warsaw District: Ursus No. of stages: 6 Stages under construction*: 1 No. of units: app. 630 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q No. of units: app. 514 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 30 June 2016). No. of units: app units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

36 Description of investmentson offer which construction has not started (1) Green Mokotów City: Warsaw District: Mokotów No. of stages: 8 Stages in presale: 2 No. of units: app. 850 units Total sellable area: app thousand sqm Planned start of construction: Q Planned completion date: Q Young City 2 City: Warsaw District: Bemowo No. of stages: 3 Stages in presale: 1 No. of units: app. 450 units Total sellable area: app thousand sqm Planned start of construction: Q Planned completion date: Q Zajezdnia Wrzeszcz City: Gdańsk District: Wrzeszcz No. of stages: 6 Stages in presale: 1 No. of units: app units Total sellable area: app thousand sqm Planned start of construction: Q Planned completion date: Q

37 Presale: Investments under construction on offer - Warsaw (1) Units under construction on offer (Warsaw): 1353 in 12 stages Incl. presold units as at 30 June 2016: 1022 (76%) Young City Stages: 7, 8, units Planned completion date: Q4 2016, Q4 2016, Q Total sellable area: 23,639 sqm Location: Bemowo Królewski Park Stages: 4, 5, units Planned completion date: Q3 2016, Q4 2016, Q Total sellable area: 14,236 sqm Location: Wilanów Presold: % Presold: % 37

38 Presale: Investments under construction on offer - Warsaw (2) Units under construction on offer (Warsaw): 1353 in 12 stages Incl. presold units as at 30 June 2016: 1022 (76%) Osiedle Kameralne II Stage: units Planned completion date: Q Total sellable area: 8,095 sqm Location: Bemowo Osiedle Kameralne Stage: 3 40 units Planned completion date: Q Total sellable area: 2,273 sqm Location: Bemowo Presold: % Presold: 3 8% 38

39 Presale: Investments under construction on offer - Warsaw (3) Units under construction on offer (Warsaw): 1353 in 12 stages Incl. presold units as at 30 June 2016: 1022 (76%) Młody Wilanów Stages: 2, units Planned completion date: Q4 2016, Q Total sellable area: 7,247 sqm Location: Wilanów Stacja Nowy Ursus Stage: units Planned completion date: Q Total sellable area: 7,034 sqm Location: Ursus Presold: % Presold: 65 47% 39

40 Presale: Investments under construction on offer - Warsaw (4) Units under construction on offer (Warsaw): 1353 in 12 stages Incl. presold units as at 30 June 2016: 1022 (76%) Apartamenty Villa Nobile Stage: units Planned completion date: Q Total sellable area: 10,120 sqm Location: Wilanów Presold: 98 57% 40

41 Presale: Investments under construction on offer - Gdańsk (1) Units under construction on offer (Gdańsk): 1627 in 11 stages Incl. presold units as at 30 June 2016: 1123 (69%) Stacja Nowy Gdańsk Stages: 14, 15, units Planned completion date: Q3 2016, Q1 2017, Q Total sellable area: 19,841 sqm Location: Jasień Słoneczna Morena Stages: 15, 16, 17, units Planned completion date: Q4 2016, Q1 2017, Q1 2017, Q1 2018, Total sellable area: 27,278 sqm Location: Piecki-Migowo Presold: % Presold: % 41

42 Presale: Investments under construction on offer - Gdańsk (2) Units under construction on offer (Gdańsk): 1627 in 11 stages Incl. presold units as at 30 June 2016: 1123 (69%) Mila Baltica Stages: 1, units Planned completion date: Q4 2016, Q Total sellable area: 14,854 sqm Location: Zaspa Albatross Towers Stage: units Planned completion date: Q Total sellable area: 8,874 sqm Location: Przymorze Presold: % Presold: % 42

43 Presale: Investments under construction on offer - Gdańsk (3) Units under construction on offer (Gdańsk): 1627 in 11 stages Incl. presold units as at 30 June 2016: 1123 (69%) MoreNova Stage: units Planned completion date: Q Total sellable area: 8,412 sqm Location: Piecki-Migowo Presold: 52 30% 43

44 Presale: Investment on offer which construction has not started yet: Warsaw (1) Units on offer which construction has not started yet (Warsaw): 650 in 4 stages Apartamenty Villa Nobile Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 16,705 sqm Location: Wilanów Green Mokotów Stages: 1, units Planned start date: Q3 2016, Q Planned completion date: Q4 2017, Q Total sellable area: 8,808 sqm Location: Mokotów Presold: 71 24% Presold: 52 37% 44

45 Presale: Investment on offer which construction has not started yet: Warsaw (2) Units on offer which construction has not started yet (Warsaw): 650 in 4 stages Young City 2 Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 10,285 sqm Location: Bemowo Presold: 44 21% 45

46 Presale: Investment on offer which construction has not started yet: Gdańsk (1) Units on offer which construction has not started yet (Gdańsk): 658 in 5 stages Zajezdnia Wrzeszcz Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 10,053 sqm Location: Wrzeszcz Presold: 35 17% Lawendowe Wzgórze/ Stacja Nowy Gdańsk Stages: 17, 18, units Planned start date: Q3 2016, Q3 2016, Q Planned completion date: Q4 2017, Q4 2017, Q Total sellable area: 9,003 sqm Location: Jasień Presold: 57 27% 46

47 Presale: Investment on offer which construction has not started yet: Gdańsk (2) Units on offer which construction has not started yet (Gdańsk): 658 in 5 stages Słoneczna Morena Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 12,706 sqm Location: Piecki-Migowo Presold: 1 0% 47

48 Ownership structure TFI PZU SA 11.18% Others 28.62% 28,62% 11,18% 9,96% Oscar Kazanelson & Managing Team 9.96% 9,12% PZU OFE 9.12% Nationale- Nederlanden OFE 8.08% 8,08% 8,74% 7,19% 9,51% 7,60% Aegon OFE 7.60% PKO BP Bankowy OFE 8.74% Generali OFE 7.19% Aviva OFE 9.51% *According to Management Board report on the operations of ROBYG S.A. and ROBYG S.A. Group for the period ended 30 June

49 HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA tel. (22) H * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts and in Mutual Funds. *** Including transactions performed after 30 June 2016 till the date of the presentation. 49