ROBYG Group Financial results: Warsaw, March 20th 2014

Transcription

1 ROBYG Group Financial results: 2013 Warsaw, March 20th 2014

2 HIGHTLIGHTS 2013 HIGHLIGHTS 2

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

4 ROBYG - Team Oscar Kazanelson Chairman of the Supervisory Board 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

6 Financial results of 2013 Revenues PLN 486 million (+21%)* Gross economic profit on sales PLN 133 million, Gross profit on sales PLN 91 million Net economic profit PLN 71 million, Net profit PLN 29 million Net cash flows from operating activities PLN 184 million Strong cash position as at the end of 2013: PLN 223 million * P&L data compared to

7 ROBYG Group investments and financial activities* BONDS LOANS OTHER * The specification includes the transactions performed in 2014 till the date of the presentation. ** The bank loan was repaid and closed in March

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

9 ROBYG Group number of units contracted Contracted units in 2013 (+56%)* Total in 2013: 1731 * compared to

10 Sale structure * * The project completed 10

11 ROBYG Group units on offer 11

12 ROBYG Group hand-overs (as at 31 December 2013) *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 not contracted and not recognised: 998 Completed: 74 Under construction: 349 Which construction has not started yet, but included in pre-sales process: 575 Units contracted and not recognised: 1704 Completed: 124 Under construction: 1335 Which construction has not started yet, but included in pre-sales process:

13 Number of units to be completed in (and also contracted) until 31 December total number of residential units scheduled for delivery in () number of contracted units Osiedle Zdrowa (Warsaw) (188) NRKM (Warsaw) 175 (175) 127 (126) City Apartments (Warsaw) 217 (216) 232 (215) 281 (83) Lawendowe Wzgórza (Gdansk) 178 (174) 233 (143) Słoneczna Morena (Gdansk) 297 (264) 138 (46) Albatross Towers (Gdansk) 154 (144) 351 (162) Osiedle Kameralne (Warsaw) 108 (99) Young City (Warsaw) 311 (290) 292 (81) Osiedle Królewskie (Warsaw) 117 (104) 314 (231) (1.161) (1.023) (557) Units completed and not recognised till 2013 FY 198 (124) 654* (1.147) (557) * In 2014 Group is planning to start the construction of additional units, out of which 654 is to be completed in

14 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 14

15 Financial results Statement of Comprehensive Income (PLN thousands) 4Q Change % 2013 vs 2012 Revenues % Cost of sales (92 175) ( ) ( ) 29.5% Gross profit on sales (7.2%) Economic gross profit on sales (4.7%) Selling and marketing expenses (4 166) (14 265) (12 240) 16.5% Administrative expenses (6 572) (20 944) (19 587) 6.9% EBIT % Finance income (1.1%) Finance costs (4 724) (20 165) (18 998) (6.1%) Profit before tax % Income tax expense (975) (15 359) (18 718) (17.9%) Net profit % Economic net profit % Economic gross profit margin on sales 24.0% 27.4% 34.6% Gross profit margin on sales 21.2% 18.6% 24.2% Economic net profit margin 10.1% 14.6% 16.6% Net profit margin 7.3% 5.9% 6.2% 15

16 Revenues by projects and activity in 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 Property development activities (Warsaw, Gdańsk) Nowa Rezydencja Królowej Marysieńki % 25.8% Osiedle Zdrowa % 31.3% City Apartments % 37.5% Lawendowe Wzgórza % 25.6% Słoneczna Morena % 24.5% TOTAL Albatross Towers % 16.6% TOTAL property development activities % 28.7% Other revenues Other revenues* TOTAL % 27.4% * Including revenues from construction services, bookkeeping services, management services, sales activities, rental etc. performed for JV projects. 16

17 Financial condition Statement of Financial Position (PLN thousands) Q Total assets 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: LT interest liabilities 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 17

18 Statement of cash flow in 2013 Cash flows (PLN thousands) Net cash flows from operating activities Net cash flows from investing activities (17 136) (19 980) Net cash flows from financing activities, including (77 898) (79 435) Proceeds from issue of bonds Repayment of bonds ( ) - Proceeds from loans and borrowings Repayment of loans reclassified from non-controlling interest (35 000) - Repayment of other loans and borrowings ( ) ( ) Dividends paid (20 678) (30 953) Interest and commissions paid (26 399) (29 242) Net change in cash and cash equivalents (3 654) 18

19 Debt financing (nominal value and maturity of bank credit facilities and bonds) as at December 31st, 2013 PLN million total value of financing: PLN 77.1 million with maturity up to one year PLN 62.4 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 million million million BONDS million million million million TOTAL million million million million million *After the issuance and redemption of the bonds from the beginning of 2014: Change million million million TOTAL* million million million million million 19

20 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 out of the profit for 2010: PLN 0.07 per share, which amounted to 27% of net economic profit out of the profit for 2011: PLN 0.12 per share, which amounted to over 78% of net economic profit out of the profit for 2012: PLN 0.08 per share, which amounted to nearly 31% of net economic profit Out of the profit for 2013 the Management Board recommends: PLN 0.08 per share, which amounted to over 29% of net economic profit 20

21 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 21

22 Plans Sales of over 1,700 units in 2014 and in the following years Optimizing the structure of financing Achievement of the gross margin of 20% Increase land bank (PLN 150 million for investments in ) 22

23 Investments planned for 2014* 2,533 Units Units planned in offer (Warsaw): 643 in 5 stages Units planned in offer (Gdańsk): 177 in 1 stage Units planned not yet in offer (Warsaw): 1,034 in 6 projects Units planned not yet in offer: 679 in 3 projects Wola City 322 units Osiedle Kameralne 76 units Osiedle Kameralne II 162 units Young City 125 units Lawendowe Wzgórze 137 units Słoneczna Morena 365 units Albatross Tower 177 units Osiedle Królewskie 229 units Królewski Park 120 units Including: planned completion of 363 units in 2015 planned completion of 671 units in 2016 Including: planned completion of 291 units in 2015 planned completion of 388 units in 2016 * Excluding the new projects 23

24 Land bank * Warsaw estimated number of units in the districts Wola 320 Gdańsk estimated number of units in the districts Przymorze 315 Morena 1 50 Bemowo Wilanów 970** Jasień 2 75 ROBYG have also land in Wrocław approximately for 300 units (the sales has not yet started) * Units which construction has already begun (as at 31 December 2013) not included ** The number dose not include the potential of residential units to be constructed on the plot owned by Wilanów Office Center 24

25 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 25

26 Warsaw description of investments (1) 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 650 units in several stages. WILANÓW Królewski Park The investment located in Miasteczko Wilanów which consists of multistorey town houses that will be built in the centre of Wilanów. 750 units in terms of a few stages will be built in the area of 4.7 hectare parcel. 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. 26

27 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 580 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 and allows for the construction of about 350 units. It will be a higher standard residential development. WOLA Wola City The investment placed in Warsaw Wola. It is supposed to consist of about 320 units in terms of one or two phases. The begining of project is planned for

28 Warsaw description of investments (3) 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 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 consists of about 860 units in 5 stages. The project fully completed. 28

29 Warsaw description of investments (4) Contracted tenants: Contactaction app. 60% (about sqm) incl. ROBYG (app sqm) Anchor Tenant: Alma Market SA Nearly the entire ground floor of the investment (about 20% of GLA) Group is considering the change of the zoning plan for the remaining part of the plot for the residential development with the potential of about sqm of sellable area. The floor space of Stage I app. 10,500 sqm designated for : a retail section and offices The construction of the investment has been succesfully completed. WILANÓW ROBYG BUSINESS CENTER. 29

30 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. 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 semidetached 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 750 higher standard residential units as well as commercial units will be built 30

31 Investments under construction in Warsaw (1) Units under construction (Warsaw): 1139 in 8 stages Incl. contracted units as at 31 December 2013: 1015 Nowa Rezydencja Królowej Marysieńki Stage: units Planned completion date: Q Total sellable area: 6,645 sqm Location: Wilanów Osiedle Kameralne Stage: units Planned completion date: Q Total sellable area: 5,609 sqm Location: Bemowo City Apartments Stage: 4, units Planned completion date: Q1 2014, Q Total sellable area: 24,942 sqm Location: Żoliborz Contracted: % Contracted: 99 92% Contracted: % 31

32 Investments under construction in Warsaw (2) Units under construction (Warsaw): 1139 in 8 stages Incl. contracted units as at 31 December 2013: 1015 Young City Stages: 1, units Planned completion dates: Q4 2013, Q Total sellable area: sqm Location: Bemowo Osiedle Królewskie Stage: 1, units Planned completion date: Q4 2014, Q Total sellable area: sqm Location: Wilanów Contracted: % Contracted: % 32

33 Units under construction (Gdańsk): 545 in 4 stages Incl. contracted units as at 31 December 2013: 320 Lawendowe Wzgórza Stages: 9, units Planned completion date: Q2 2014, Q Total sellable area: 10,780 sqm Location: Jasień Słoneczna Morena Stage: units Planned completion date: Q Total sellable area: 6,951 sqm Location: Piecki-Migowo Albatross Towers Stage: units Planned completion date: Q Total sellable area: sqm Location: Przymorze Contracted: 143 Contracted: 46 Contracted: % 33% 75% 33

34 Investments planned for 2014 (in offer): Warsaw Units planned in offer (Warsaw): 643 in 5 stages Osiedle Królewskie City Apartments Young City Stage: 3, units Planned start date: Q1 2014, Q Total sellable area: 9,993 sqm Location: Wilanów Stage: units Planned start date: Q Total sellable area: 10,237 sqm Location:Żoliborz Stage: 3, units Planned start date: Q1 2014, Q Total sellable area: 13,465 sqm Location: Bemowo Contracted : % Contracted : 22 13% Contracted : 81 28% 34

35 Investments planned for 2014 (in offer): Gdańsk Units planned in offfer (Gdańsk): 177 in 1 stage Albatross Towers Stage: units Planned start date: 1Q 2014 Total sellable area: 7,748 sqm Location: Przymorze Contracted: 31 18% 35

36 Ownership structure According to the current report 5/2014, published on January 16th,

37 HIGHTLIGHTS 2013 Please contact us: Investor Relations ROBYG SA tel. (22)