ROBYG Group Financial results Q1 2016

Transcription

1 ROBYG Group Financial results Q Warsaw, May 12th 2016

2 HIGHTLIGHTS HIGHLIGHTS Highlights Q * 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 31 March 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 Q

6 Financial results of Q Revenues PLN 123 million (156 million*) Operating profit PLN 20 million Net profit PLN 14 million Net cash flows from operating activities PLN 50 million (excl. purchase of new plots) PLN 13 million (incl. purchase of new plots) Strong cash position**: PLN 398 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 2015 and Q1 2016* BONDS LOANS NEW PLOTS- Warsaw NEW PLOTS- Gdańsk Redemption of PLN 86 million: - E series (PLN 10 million), - G series (PLN 25 million), - H series (PLN 10 million), - I series (PLN 6 million), - J series (PLN 35 million). Issuance of PLN 170 million: - M series (PLN 20 million), - N series (PLN 60 million), - O series (PLN 30 million), - P series (PLN 60 million). Total new facilities: PLN 318 million: ROBYG S.A. - revolving loans (with the total limit of PLN 71 million), Słoneczna Morena: - construction and investment loans (with the sum of limits of PLN 52 million), Osiedle Kameralna II: - construction loans (with the limit of PLN 15 million), Green Mokotów: - investment loan (PLN million), - construction loan (with the limit of PLN 15 million), Park Wola Residence: - investment loan (PLN 7.6 million), - construction loan (with the limit of PLN 10 million), Villa Nobile: - investment loan (PLN 31.3 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), Villa Nobile: - construction loan (with the limit of PLN 15 million). * The specification includes the transactions performed till the date of the presentation. Total investment app. PLN 248M with the potential for construction of app units. PLN 72.6 million (plot area- app. 7.8 ha)- purchase agreements of the plots and shares in the entity owns the plot on Bemowo district with the potential for construction of app units. PLN 30.5 million (plot area- app. 5.3 ha)- purchase agreement of the plots on Ursus district with the potential for construction of app units. PLN 52.2 million (plot area- app. 3.5 ha)- purchase agreement of the plots on Wilanów district with the potential for construction of app. 650 units. PLN 9.9 million (plot area- app. 0.5 ha)- purchase agreement of the plots on Praga district with the potential for construction of app. 180 units. PLN 16 million (plot area- app. 1.1 ha)- agreement of the plots on Praga district with the potential for construction of app. 260 units. PLN 7 million (plot area- app. 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 area- app. 1.8 ha)- purchase agreement of the plots on Mokotów district with the potential for construction of app. 300 units. PLN 46 million (plot area- app. 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 70M with the potential for construction of app units. PLN 12.9 million (plot area- app. 2 ha)- purchase agreement- the land, on Morena district, has potential for construction of over 530 units. PLN 12.5 million (plot area- app. 1.5 ha)- purchase agreement- the land, on Zaspa district, has potential for construction of app. 280 units. PLN 44,5 million (plot area- app. 3.6 ha)- purchase agreements- the land, on Wrzeszcz district, has potential for construction of app units. 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 Q units (+36% Y/Y) 22% 10% 11% 56% 9% 9

10 ROBYG Group Presale structure Q Presold units in Q units 10

11 ROBYG Group units on offer 11

12 ROBYG Group hand-overs (as at 31 March 2016) * Takes into account the units recognised in Osiedle Kameralne, Osiedle Królewskie, Królewski Park 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 Posttax 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: 1515 Completed: 71 Under construction: 586 Which construction has not started yet, but included in pre-sales process: 858 Units presold and not recognised: 2589 Completed: 212 Under construction: 2102 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 31 March 2016 App. 6,000 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 (604)/ (264) 361 (130) 662 (394) Młody Wilanów (100%) - Warsaw 182 (157) 75 (37) 257 (194) City Apartments (75%) & Modern Żoliborz Residence (100%)- Warsaw 173 (173)/ (134) 138 (134) Lawendowe Wzgórza/Stacja Nowy Gdańsk (100%)- Gdansk 409 (407)/ (263) 223 (78) 527 (341) Słoneczna Morena (100%) & MoreNova (100%) Gdansk 601 (587)/ (196) 447 (38) 716 (234) Albatross Towers (100%) & Mila Baltica (100%)- Gdansk 352 (351)/ (250) 152 (75) 459 (325) Osiedle Kameralne (50%) & Park Wola Residence (51%) - Warsaw 318 (271) 318 (271) Osiedle Kameralne II (100%) - Warsaw 160 (113) 160 (113) Young City (51%) & Stacja Nowy Ursus (51%)- Warsaw Percentages in brackets indicate Group s share in the project. The projects marked on blue are accounted in line with the equity method. Presented umbers 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 (248)/ (339) 138 (32) 584 (371) (2 370)/ (1 987) (390) (2 377) * +505 (456)/ (781)/569 ** (781) (2 826)/ (2 768)/ (390) (3 158) -852 (781) (2 045)/ (2 768) / (390) (3 158) 13

14 Number of units to be completed in 2017 Project City Total no of units to be completed in 2017 On 31 Mar 2016 Out of which: Not on 31 Mar 2016 Osiedle Kameralne Warsaw Osiedle Kameralne II Warsaw Młody Wilanów Warsaw Green Mokotów Warsaw Stacja Nowy Ursus Warsaw Villa Nobile Warsaw Young City II Warsaw Stacja Nowy Gdańsk Gdańsk Słoneczna Morena Gdańsk Mila Baltica Gdańsk Morenova Gdańsk Hallera Gdańsk Total 2,675 1,396 1,279 * Estimation of the planned investments may change. 14

15 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 15

16 Financial results Statement of Comprehensive Income (PLN thousands) Q Q Change Revenues % Cost of sales (99 416) (62 296) 59.6% Post-tax share of the profit or loss of JV (17.8%) Selling and marketing expenses (4 944) (3 305) 49.6% Administrative expenses (6 536) (5 549) 17.8% Other 745 (562) N/A Operating profit % Finance income (17.6%) Finance costs (4 535) (4 882) (7.1%) Profit before tax % Income tax expense (3 134) N/A Net profit (19.2%) Operating profit margin 16.2% 17.2% Net profit margin 11.2% 22.5% 16

17 Gross profit on sales- proforma* Statement of Comprehensive Income (PLN thousands) Q Q Change Revenues % Cost of sales ( ) (84 018) 45.0% Gross profit on sales % Gross profit margin on sales 21.9% 23.8% * The table shows the Group s Financial Results calculated based on the proportional consolidation of JV projects. 17

18 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) Słoneczna Morena % Lawendowe Wzgórza % Albatross Towers % Other projects % TOTAL TOTAL property development activities % Other revenues Other revenues* % TOTAL % Young City % JV projects Osiedle Królewskie jointly with Królewski Park % TOTAL JV % GRAND TOTAL % * Including revenues from construction services, management services, sales activities etc. performed for JV projects. 18

19 Financial condition Statement of Financial Position (PLN thousands) Q Change Q Total assets, including: % Non-current assets, including: % Investment properties and investment properties under construction % Land designated for development (1.3%) Investments in joint ventures % Inventories % Trade and other receivables (13.4%) Amounts kept on individual escrow accounts and Mutual Funds (42.5%) Cash and cash equivalents % Equity % Total liabilities, including: % LT interest liabilities % Current interest liabilities % Advances received from clients (4.3%) Net debt ratio** ROE 10.3%* 15.6% %* * 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 19

20 Statement of cash flow in Q Cash flows (PLN thousands) Q Q Net cash flows from operating activities, including: Expenditures for the purchase of new plots (36 858) (52 000) Net cash flows from investing activities (605) (3 629) Net cash flows from financing activities, including: Proceeds from issue of bonds Repayment of bonds - (35 000) Proceeds from loans and borrowings Repayment of loans reclassified from non-controlling interest - (20 930) Repayment of bank and other loans (61 342) (65 536) Interest and commissions paid (4 091) (4 573) Net change in cash and cash equivalents

21 Debt financing (nominal value and maturity of bank credit facilities and bonds) as at March 31th, 2016 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* million million million million 9.87 million million BONDS million million million million million TOTAL million million million million 9.87 million million JV PROJECTS (proportionally to ownership): BANK CREDIT FACILITIES 3.91 million 2.28 million million GRAND TOTAL million million million million 9.87 million million * Including the value of lease payments relating to the sale and leaseback transaction of the office building 21

22 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) 0,25 0,20 0,20* 0,15 0,12 0,10 0,11 0,07 0,08 0,08 0, * Management Board recommendation approved by Supervisory Board 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. 22

23 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 23

24 Strategic goals Sales of over 2,600 units in 2016 and growth in the following years Construction s start of over 3,500 units in 2016 Operating profit of over 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 24

25 Investments in 2016* Stages on offer as of 31 March 2016 Introduced to the offer in 2016 Construction's start in 2016 Total 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 to the offer 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 Słoneczna Morena (B9-10) Q Q 2017 Słoneczna Morena (A7-8) Q Q 2017 Słoneczna Morena (W1) Q Q 2017 Słoneczna Morena (W2) Q Q 2018 Słoneczna Morena (D1,D2) Q Q 2017 Słoneczna Morena (C1, E1, E2) Q Q 2017 Osiedle Kameralne (4) Q Q 2017 Osiedle Kameralne (3) Q Q 2018 Osiedle Kameralne II (7) Q Q 2017 Green Mokotów Residence 1B Q Q 2018 Green Mokotów Residence Q Q 2018 Green Mokotów Residence Q Q 2018 Morenova Q Q 2017 Morenova Q Q 2018 Stacja Nowy Ursus Q Q 2017 Stacja Nowy Ursus Q Q 2018 Villa Nobile Q Q 2017 Villa Nobile Q Q 2017 Young City II Q Q 2017 Hallera Q Q 2017 Construction's start in 2016, introduced to the offer in Construction Project Stage Number of units Start End Young City II Q Q 2018 Villa Nobile Q Q 2018 Planned construction's start in 2017, introduction to the offer in * Estimation of the planned investments may change. 25

26 Land bank* ROBYG has also land in WROCŁAW approximately for 300 units (the sales has not started yet) * Units which presale has already begun (as at 31 March 2016) not included 26

27 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 27

28 Description of investments- completed (1) 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 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 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

29 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

30 Description of investments- under construction (1) Królewski Park City: Warsaw District: Wilanów No of Stages: 6 No of units: app. 530 units (completed: 228 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Młody Wilanów City: Warsaw District: Wilanów No of Stages: 3 No of units: app. 260 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Apartamenty Villa Nobile City: Warsaw District: Wilanów No of Stages: 3 No of units: app. 625 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

31 Description of investments- under construction (2) Young City City: Warsaw District: Bemowo No of Stages: 9 No of units: app units (completed: 856 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Osiedle Kamerlane City: Warsaw District: Bemowo No of Stages: 5 No of units: app. 560 units (completed: 243 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Osiedle Kamerlane II City: Warsaw District: Bemowo No of Stages: 3 No of units: app. 390 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

32 Description of investments- under construction (3) Park Wola Residence City: Warsaw District: Wola No of Stages: 1 No of units: app. 318 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q 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 Planned completion date: Q Mila Baltica City: Gdańsk District: Zaspa No of Stages: 2 No of units: app. 280 units Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

33 Description of investments- under construction (4) Lawendowe Wzgórza/ Stacja Nowy Gdańsk City: Gdańsk District: Jasień No of Stages: app. 40 No of units: app units (completed: 1108 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Słoneczna Morena City: Gdańsk District: Piecki-Migowo No of Stages: app. 23 No of units: app units (completed: 1189 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q Albatorss Towers City: Gdańsk District: Przymorze No of Stages: 5 No of units: app. 860 units (completed: 681 units) Total sellable area: app thousand sqm Start of construction: Q Planned completion date: Q

34 Description of investmentson offer which construction has not started (1) Green Mokotów City: Warsaw District: Mokotów No of Stages: 8 No of units: app. 900 units Total sellable area: app thousand sqm Planned start of construction: Q Planned completion date: Q Stacja Nowy Ursus City: Warsaw District: Ursus No of Stages: 6 No of units: app units Total sellable area: app thousand sqm Planned start of construction: Q Planned completion date: Q MoreNova City: Gdańsk District: Piecki-Migowo No of Stages: 3 No of units: app. 534 units Total sellable area: app thousand sqm Planned start of construction: Q Planned completion date: Q

35 Presale: Investments under construction on offer- Warsaw (1) Units under construction on offer (Warsaw): 1792 in 14 stages Incl. presold units as at 31 March 2016: 1388 (78%) Young City Stages: 7, 8, units Planned completion date: Q4 2016, Q4 2016, Q Total sellable area: 23,639 sqm Location: Bemowo Modern Żoliborz Stage: units Planned completion date: Q Total sellable area: 7,906 sqm Location: Żoliborz Presold: % Presold: % 35

36 Presale: Investments under construction on offer- Warsaw (2) Units under construction on offer (Warsaw): 1792 in 14 stages Incl. presold units as at 31 March 2016: 1388 (78%) Osiedle Kameralne II Stage: units Planned completion date: Q Total sellable area: 8,137 sqm Location: Bemowo Królewski Park Stages: 3, 4, 5, units Planned completion date: Q4 2016, Q4 2016, Q4 2016, Q Total sellable area: 16,644 sqm Location: Wilanów Presold: % Presold: % 36

37 Presale: Investments under construction on offer- Warsaw (3) Units under construction on offer (Warsaw): 1792 in 14 stages Incl. presold units as at 31 March 2016: 1388 (78%) Młody Wilanów Stages: 1, 2, units Planned completion date: Q2 2016, Q4 2016, Q Total sellable area: 12,799 sqm Location: Wilanów Park Wola Residence Stage: units Planned completion date: Q Total sellable area: 16,915 sqm Location: Wola Presold: % Presold: % 37

38 Presale: Investments under construction on offer- Warsaw (4) Units under construction on offer (Warsaw): 1792 in 14 stages Incl. presold units as at 31 March 2016: 1388 (78%) Villa Nobile Stage: units Planned completion date: Q Total sellable area: 10,120 sqm Location: Wilanów Presold: 73 42% 38

39 Presale: Investments under construction on offer- Gdańsk (1) Units under construction on offer (Gdańsk): 896 in 7 stages Incl. presold units as at 31 March 2016: 714 (80%) Stacja Nowy Gdańsk Stages: 14, units Planned completion date: Q3 2016, Q Total sellable area: 13,160 sqm Location: Jasień Słoneczna Morena Stage: 15, 16, units Planned completion date: Q4 2016, Q1 2017, Q Total sellable area: 14,401 sqm Location: Piecki-Migowo Presold: % Presold: % 39

40 Presale: Investments under construction on offer- Gdańsk (2) Units under construction on offer (Gdańsk): 896 in 7 stages Incl. presold units as at 31 March 2016: 714 (80%) Mila Baltica Stage: units Planned completion date: Q Total sellable area: 6,966 sqm Location: Zaspa Albatross Towers Stage: units Planned completion date: Q Total sellable area: 8,719 sqm Location: Przymorze Presold: 89 70% Presold: % 40

41 Presale: Investment on offer which construction has not started: Warsaw Units on offer which construction has not started (Warsaw): 327 in 3 stages Stacja Nowy Ursus Stage: units Planned start date: Q Planned completion date Q Total sellable area: 7,034 sqm Location: Ursus Green Mokotów Stages: 1, units Planned start date: Q3 2016, Q Planned completion date Q4 2017, Q Total sellable area: 13,036 sqm Location: Mokotów Presold: 32 23% Presold: 57 30% 41

42 Presale: Investment on offer which construction has not started: Gdańsk (1) Units on offer which construction has not started (Gdańsk): 806 in 5 stages Mila Baltica Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 7,889 sqm Location: Zaspa Presold: 75 49% Stacja Nowy Gdańsk Stages: 16, units Planned start date: Q2 2016, Q Planned completion date: Q2 2017, Q Total sellable area: 9,554 sqm Location: Jasień Presold: 78 35% 42

43 Presale: Investment on offer which construction has not started: Gdańsk (2) Units on offer which construction has not started (Gdańsk): 806 in 5 stages MoreNova Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 8,413 sqm Location: Piecki-Migowo Słoneczna Morena Stage: units Planned start date: Q Planned completion date: Q Total sellable area: 12,877 sqm Location: Piecki-Migowo Presold: 27 15% Presold: 6 2% 43

44 Ownership structure TFI PZU SA 11.18% Others 28.74% 28,74% 11,18% 9,96% Oscar Kazanelson & Managing Team 9.96% 7,96% 9,12% PZU OFE 9.12% Nationale- Nederlanden OFE 7.96% 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 the current reports no.122/2015 and no.20/

45 HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA tel. (22) Highlights Q * 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 31 March 2016 till the date of the presentation 45