ROBYG Group Financial results Q

Transcription

1 ROBYG Group Financial results Q Warsaw, November 16th 2017

2 HIGHTLIGHTS HIGHLIGHTS Q * 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 Q

5 ROBYG Group- investments and financial activities Q * Financing NEW PLOTS- Warsaw NEW PLOTS- Gdańsk Bank loans: Total new facilities: PLN 72.4 million: Nowa Letnica: - investment loan (with the limit 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). Shares: Raised funds: app. 79M PLN New issuance: 10% of share capital, Shares issuance price: 3 PLN per share. Total investment app. PLN 65.7 million with the potential for construction of app units. PLN 48 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. 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 and the purchase agreement of the plots with the total area of app. 1.8 ha located in Warsaw, Tarchomin district- the transaction allowed to increase the land banking for Tarchomin district up to app. 850 units. 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 Q units (+28% Y/Y) 15% 56% 22% 10% 27% 9% 7

8 ROBYG Group Presale structure Q Presold units in Q units (+28% Y/Y) District City % Bemowo Warsaw 11% Ursus Warsaw 11% Wilanów Warsaw 10% Mokotów Warsaw 8% Wola Warsaw 6% Piecki-Migowo Gdańsk 17% Letnica Gdańsk 14% Jasień Gdańsk 13% Wrzeszcz Gdańsk 10% 100% 8

9 ROBYG Group units on offer FINISHED GOODS ON OFFER: 3% 9

10 ROBYG Group revenue recognition (as at 30 September 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: 2422 Completed: 83* Under construction: 1167 Which construction has not started yet, but included in pre-sales process: 1172 Units presold and not recognised: 4172 Completed: 205 Under construction: 3210 Which construction has not started yet, but included in pre-sales process: 757 * Including 15 commercial units which are rented. 10

11 Number of units to be completed in and also (contracted) / recognised in revenues until 30 September 2017 App. 6,000 units potential for recognition in revenues for (incl. over units already contracted) () number of contracted units Total Królewski Park, Park Wola Residence, Green Mokotów, Villa Nobile (all: 51%) - Warsaw 619 (619)/ (802)/ (109) (911) Młody Wilanów, Modern Żoliborz Residence, Osiedle Życzliwa Praga (all: 100%) Warsaw 320 (320)/ (75)/70 75 (75) Lawendowe Wzgórza/Stacja Nowy Gdańsk (100%)- Gdansk 137 (137)/ (456)/ (359) 840 (815) Słoneczna Morena, MoreNova (all: 100%) Gdansk 269 (268)/ (183)/ (539) 929 (722) Albatross Towers, Zajezdnia Wrzeszcz, Mila Baltica (all 100%)- Gdansk 307 (297)/ (348)/ (281) 824 (629) Osiedle Kameralne, Osiedle Kameralne II (100%) - Warsaw 161 (157)/ (32)/ (92) 152 (124) Young City, Young City 2, Stacja Nowy Ursus (all51%)- Warsaw 446 (445)/ (323)/ (145) 854 (468) Nowa Letnica (100%) - Gdansk 586 (484) 586 (484) Forum Wola, Ogrody Wilanów (all: 100%) - Warsaw 379 (240) 379 (240) 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 recognised till ** In 2017 the Group is planning to start the construction of additional units to be completed in (2 243)/ (2 219)/ (2 249) (4 468) * +857 (817) /797 - ** (3 060)/ (2 219)/ (2 249) (4 468) -312 (256) +312 (256)/ (256) (2 804)/ (2 475)/ (2 249) (4 724) 11

12 Number of units to be completed in 2017* Project City Total no. of units to be completed in 2017 On offer or 30 Sep 2017 Out of which: Not introduced to 30 Sep 2017 Osiedle Kameralne Warsaw Młody Wilanów Warsaw Green Mokotów Warsaw Stacja Nowy Ursus Warsaw Apartamenty Villa Nobile Warsaw Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk Słoneczna Morena Gdańsk Mila Baltica Gdańsk MoreNova Gdańsk Zajezdnia Wrzeszcz Gdańsk Total 2,363 2,363 - * Estimation of the planned investments may change. 12

13 Number of units to be completed in 2018* Project City Total no. of units to be completed in 2018 On offer or 30 Sep 2017 Out of which: Not introduced to 30 Sep 2017 Osiedle Kameralne II Warsaw Forum Wola Warsaw Green Mokotów Warsaw Stacja Nowy Ursus Warsaw Young City II Warsaw Ogrody Wilanów Warsaw Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk Słoneczna Morena Gdańsk Nowa Letnica Gdańsk MoreNova Gdańsk Zajezdnia Wrzeszcz Gdańsk Total 3,330 3,329 1 * 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) Q Q Change Revenues % Cost of sales ( ) ( ) 9.6% Gross profit on sales % Post-tax share of the profit or loss of JV (83.5%) Selling and marketing expenses (20 423) (15 876) 28.6% Administrative expenses (23 152) (21 713) 6.6% Other N/A Operating profit % Finance income (18.4%) Finance costs (8 305) (13 202) (37.1%) Profit before tax % Income tax expense (14 854) (3 507) N/A Net profit (0.6%) Net profit attributable to equity holders of the parent (18.1%) Gross margin on sales 25.7% 21.4% Net profit margin 15.3% 17.8% 15

16 Revenues by projects and activity in Q 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 % Mila Baltica % Osiedle Kameralne II % Stacja Nowy Ursus ,1% Apartamenty Villa Nobile % Osiedle Kameralne % MoreNova % 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 car sales, rental income and other income. 16

17 Financial condition Statement of Financial Position (PLN thousands) Q H Change 2016 Total assets, including: (2.4%) Non-current assets, including: (5.1%) Investment properties and investment properties under construction % Land designated for development (20.3%) Investments in joint ventures % Inventories % Trade and other receivables (56.4%) Amounts kept on individual escrow accounts and Mutual Funds (3.0%) Cash and cash equivalents (8.2%) Equity % Total liabilities, including: (4.8%) LT interest bearing liabilities (10.3%) Current interest bearing liabilities % Advances received from clients % Net debt ratio** ROE 16.7%* 17.3%* % * 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 Q Cash flows (PLN thousands) Q Q Net cash flows from operating activities, including: (45 608) Expenditures for the purchase of new plots (56 647) ( ) Net cash flows from investing activities (50 427) (41 989) Net cash flows from financing activities, including: (74 268) Proceeds from issue of bonds Repayment of bonds (10 479) (84 000) 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 (19 541) (18 738) Net change in cash and cash equivalents (50 853) (8 117) 18

19 Debt financing* (nominal value and maturity of bank credit facilities and bonds) as at September 30th, 2017 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* million million million 9.22 million 3.42 million million BONDS million million million million 0.00 million million TOTAL million million million million 3.42 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 approved the Dividend Policy, according to which MB intends to recommend the payment of a dividend for 2017 at the level of 65% to 80% of the consolidated net profit. 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 2017 Launching over 4000 units in 2017 Estimated net profit in 2017*: PLN 105M Significant increase in net profit in 2018 Start of activities in Wroclaw or Cracow Maintain the level of the land bank Continuation of dividend policy * Attributable to equity holders of the parent 22

23 Investments in 2017* Introduced for sale in 2017 Construction's start in 2017 Total Construction Project Stage Number of units Start End Osiedle Kameralne II (7) Q Q 2018 Green Mokotów Residence (1b) 1b Q Q 2018 Stages introduced for sale as of 30 September 2017 Green Mokotów Residence (5) Q Q 2018 Morenova (R2,R3) Q Q 2018 Stacja Nowy Ursus (DE) Q Q 2018 Stacja Nowy Ursus (FGH) Q Q 2017 Young City 2 (AB) Q Q 2019 Zajezdnia Wrzeszcz (C,D) Q Q 2018 Nowa Letnica (A) Q Q 2018 Nowa Letnica (B) Q Q 2018 Forum Wola (2) Q Q 2018 Construction's start in 2017, introduced for sale in Construction Project Stage Number of units Start End Lawendowe Wzgórze/ Stacja Nowy Gdańsk (D3, D4) Q Q 2018 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (D5, D6) Q Q 2019 Słoneczna Morena (C) Q Q 2018 Słoneczna Morena (D1, D2, D3) Q Q 2018 Green Mokotów Residence Q Q 2019 Green Mokotów Residence Q Q 2019 Morenova (R1) Q Q 2019 Stacja Nowy Ursus Q Q 2018 Stacja Nowy Ursus Q Q 2019 Young City Q Q 2018 Young City Q Q 2019 Zajezdnia Wrzeszcz (G) Q Q 2018 Nowa Letnica Q Q 2018 Nowa Letnica Q Q 2018 Nowa Letnica Q Q 2018 Nowa Letnica (Kindrgarden) KG Q Q 2018 Forum Wola (1) Q Q 2018 Ogrody Wilanów Q Q 2018 Osiedle Życzliwa Praga Q Q 2019 Construction's start in 2017, introduced for sale in Construction Project Stage Number of units Start End Green Mokotów Residence Q Q 2019 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (N1) Q Q 2019 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (N2) Q Q 2019 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (D7) Q Q 2019 Young City Q Q 2019 Nowa Letnica 6a Q Q 2019 Nowa Letnica 6b Q Q 2019 Ogrody Wilanów Q Q 2019 Ogrody Wilanów Q Q 2019 Sienna Grobla Q Q 2019 Osiedle Życzliwa Praga Q Q 2019 Forum Wola (3) Q Q 2019 Planned construction's start in 2018, introduction for sale in * Estimation of the planned investments may change. 23

24 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 September 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. 24

25 Agenda I. Summary II. Presales and revenue recognition III. Financial results IV. Plans of ROBYG Group V. Appendices 25

26 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 26

27 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

28 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

29 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

30 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

31 Description of investments- under construction (1) Lawendowe Wzgórza/ Stacja Nowy Gdańsk City: Gdańsk District: Jasień No. of stages: app. 41 Stages completed: 16 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 City: Warsaw District: Bemowo No. of stages: 5 Stages completed: 3 No. of units: app units (completed: 1565 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 30 September 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 Apartamenty Villa Nobile City: Warsaw District: Wilanów No. of stages: 3 Stages completed: 1 Stages under construction*: 2 No. of units: app. 640 units (completed: 170 units) app thousand sqm Stacja Nowy Ursus City: Warsaw District: Ursus No. of stages: 5 Stages completed: 1 Stages under construction*: 3 No. of units: app units (completed: 144 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 30 September 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 Green Mokotów City: Warsaw District: Mokotów No. of stages: 11 Stages under construction*: 6 Zajezdnia Wrzeszcz City: Gdańsk District: Wrzeszcz No. of stages: 8 Stages under construction*: 3 No. of units: app. 520 units (completed: 177 units) app thousand sqm Q Planned completion date: Q No. of units: app. 755 units app thousand sqm Q Planned completion date: Q *Including stages in presale which construction has not begun yet (as at 30 September 2017). No. of units: app units app thousand sqm Q Planned completion date: Q

34 Description of investments- under construction (4) Nowa Letnica City: Gdańsk District: Letnica No. of stages: 10 Stages under construction*: 6 No. of units: app units app thousand sqm Forum Wola City: Warsaw District: Wola No. of stages: 4 Stages under construction*: 3 No. of units: app. 940 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 30 September 2017). Q Planned completion date: Q

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: 1 No. of units: app. 700 units app thousand sqm Q Planned completion date: Q

36 Presale: Investments under construction on offer - Warsaw (1) Units under construction (Warsaw): 1940 in 14 stages Incl. presold units as at 30 September 2017: 1303 (67%) Stacja Nowy Ursus Stages: 2, 3, units Planned completion date: Q4 2017, Q3 2018, Q ,774 sqm Location: Ursus Apartamenty Villa Nobile Stages: 2, units Planned completion date: Q4 2017, Q ,952 sqm Location: Wilanów Presold: % Presold: % 36

37 Presale: Investments under construction on offer - Warsaw (2) Units under construction (Warsaw): 1940 in 14 stages Incl. presold units as at 30 September 2017: 1303 (67%) Green Mokotów Stages: 1a, 1b, 2, 3, 5, units Planned completion date: Q4 2017, Q3 2018, Q4 2017, Q4 2017, Q3 2018, Q ,609 sqm Location: Mokotów Osiedle Kameralne II Stage: units Planned completion date: Q ,777 sqm Location: Bemowo Presold: % Presold: 92 82% 37

38 Presale: Investments under construction on offer - Warsaw (3) Units under construction (Warsaw): 1940 in 14 stages Incl. presold units as at 30 September 2017: 1303 (67%) 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: 91 57% Presold: 43 74% 38

39 Presale: Investments under construction on offer - Gdańsk (1) Units under construction (Gdańsk): 2437 in 18 stages Incl. presold units as at 30 September 2017: 1907 (78%) Lawendowe Wzgórze/ Stacja Nowy Gdańsk Stages: 17, 18, 19, units Planned completion date: Q4 2017, Q4 2017, Q1 2018, Q ,949 sqm Location: Jasień Słoneczna Morena Stages: 18, 19, 20, units Planned completion date: Q1 2018, Q2 2018, Q1 2018, Q ,260 sqm Location: Piecki-Migowo Presold: % Presold: % 39

40 Presale: Investments under construction on offer - Gdańsk (2) Units under construction (Gdańsk): 2437 in 18 stages Incl. presold units as at 30 September 2017: 1907 (78%) Zajezdnia Wrzeszcz Stages: 1, 2, units Planned completion date: Q4 2017, Q4 2018, Q ,857 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): 2437 in 18 stages Incl. presold units as at 30 September 2017: 1907 (78%) MoreNova Stages: 2, units Planned completion date: Q1 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): 1357 in 8 stages Forum Wola Stages: 2, units Planned start date: Q4 2017, Q Planned completion date: Q4 2018, Q ,633 sqm Location: Wola Green Mokotów Stage: 7 56 units Planned start date: Q Planned completion date: Q ,464 sqm Location: Mokotów Presold: % Presold: 5 9% 42

43 Presale: Investment on offer which construction has not started yet: Warsaw (2) Units on offer which construction has not started yet (Warsaw): 1357 in 8 stages Ogrody Wilanów Stages: 1, units Planned start date: Q4 2017, Q Planned completion date: Q4 2018, Q ,759 sqm Location: Wilanów Osiedle Życzliwa Praga Stage: 1 93 units Planned start date: Q Planned completion date: Q ,080 sqm Location: Tarchomin Presold: 85 57% Presold: 13 14% 43

44 Presale: Investment on offer which construction has not started yet: Warsaw (3) Units on offer which construction has not started yet (Warsaw): 1357 in 8 stages Young City 2 Stages: 2, units Planned start date: Q4 2017, Q Planned completion date: Q2 2019, Q ,136 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): 572 in 4 stages Lawendowe Wzgórze/ Stacja Nowy Gdańsk Stages: 21, 22, units Planned start date: Q4 2017, Q4 2017, Q Planned completion date: Q4 2018, Q1 2019, Q ,116 sqm Location: Jasień Presold: % Nowa Letnica Stage: 6a 176 units Planned start date: Q Planned completion date: Q ,109 sqm Location: Letnica Presold: 3 2% 45

46 Ownership structure Oscar Kazanelson & Managing Team 10.18% 10,18% PZU OFE 8.26% Others 38.21% 38,21% 8,26% 7,50% Aegon OFE 7.50% 8,64% Aviva OFE 8.64% BZ WBK TFI S.A. 5.25% 5,25% 7,46% Nationale- Nederlanden OFE 7.46% 7,97% 6,53% PKO BP Bankowy OFE 7.97% Generali OFE 6.53% *According to Interim Condensed Consolidated Financial Statements for 9 months ended 30 September

47 HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA tel. (22) Q * Including amounts kept on individual escrow accounts and in Mutual Funds. 47