ROBYG Group Financial and presale results H Warsaw, August 21st 2014

Transcription

1 ROBYG Group Financial and presale results H Warsaw, August 21st 2014

2 HIGHTLIGHTS HIGHLIGHTS H * Including the transactions performed till the date of the presentation ** Including revenues from JV projects 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 298 million* Economic operating profit PLN 61 million, Operating profit PLN 36 million Net economic profit PLN 47 million, Net profit PLN 22 million Net cash flows from operating activities PLN 51 million Strong cash position as at the end of H1 2014: PLN 206 million * Including revenues from JV projects 6

7 ROBYG Group- investments and financial activities * BONDS LOANS NEW PLOTS OTHER Redemption of PLN 55 million: - D series (PLN 40 million), - G series (PLN 15 million). Issuance of PLN 60 million: - K1 & K2 series (PLN 60 million). Total new facilities: PLN 51 million: Słoneczna Morena: - development loan (PLN 15 million), Young City: - construction loan (with the limit of PLN 28 million), Osiedle Królewskie: - Investment loan (increased by PLN 8 million). Żoliborz district for PLN 9.9 million (plot areaapp sqm) the land has potential for construction of about 150 units. Mokotów district for PLN 68.5 million (plot areaapp. 85.5k sqm) the land has potential for construction of about 1000 units. - Purchase of remaining 49% shares in WilanówOffice Center. The company owns the office building withgla app. 10,600 sqm ( ROBYG Business Center ) and the land plot with the potential of residential sellable areaabout 13,500 sqm. (app. 255 units), - In order to hedge the interest rate risk, the Supervisory Board approved the entering into IRS ( Interest Rate SWAP ) transactions up to PLN 100 million. * The specification includes the transactions performed till the date of the presentation. 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 (+50%)* * compared to H

10 ROBYG Group Presale structure H Projekt City Number of units Osiedle Królewskie Warsaw 212 Young City Warsaw 224 City Apartments Warsaw 114 Królewski Park Warsaw 21 Other Warsaw 23 Albatross Towers Gdańsk 168 Lawendowe Wzgórze Gdańsk 155 Słoneczna Morena Gdańsk 139 Total

11 ROBYG Group units on offer 11

12 ROBYG Group hand-overs (as at 30 June 2014) *Takes into account the units recognised in the sales revenues of the Osiedle Kameralne ( OK ) and Young City ( YC ) investments. ROBYG Group recognised 50% (OK) and 51% (YC) of the sales revenues related to these investments in accordance with the terms for the consolidation of results in ROBYG Group. Recognition potential of units in revenues Units not presold and not recognised: 1352 Completed: 61 Under construction: 680 Which construction has not started yet, but included in pre-sales process: 611 Units presold and not recognised: 1880 Completed: 147 Under construction: 1591 Which construction has not started yet, but included in pre-sales process:

13 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 Królewski Park (Warsaw) NRKM (Warsaw) (127) 228 (21) City Apartments (Warsaw) 231 (221) 281 (191) Lawendowe Wzgórza (Gdansk) 233 (211) 272 (85) Słoneczna Morena (Gdansk) 260 (159) Albatross Towers (Gdansk) 174 (157) 177 (124) 176 (47) Osiedle Kameralne I i II (Warsaw) Young City (Warsaw) Osiedle Królewskie (Warsaw) 108 (107) 311 (307) 254 (246) 160 (15)* 540 (288) 385 (301) (1.376) (1.163) 404 (68) 198(153) 255** 2.337** 1.636(1.529) (1.163) (68) Units completed and not recognised till * Applies to Osiedle Kameralne II 2013 FY project ** In 2014 and 2015 Group is planning to start the construction of additional units, out of which 255 is to be completed in 2015, while in

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

15 Financial results* Statement of Comprehensive Income (PLN thousands) H H (restated) Change Revenues (13.6%) Cost of sales ( ) ( ) (13.5%) * The table shows the Group s Financial Result calculated based on the new accounting principles regarding JV projects presentation. Selling and marketing expenses (7 259) (6 085) 19.3% Administrative expenses (10 236) (9 682) 5.7% Other (1 131) Post-tax share of the profit or loss of JV (1 499) - Operating profit % Economic operating profit (11.6%) Finance income % Finance costs (9 613) (9 766) (1.6%) Profit before tax % Income tax expense (8 941) (13 407) (33.3%) Net profit % Economic net profit (5.7%) Economic operating profit margin 25.3% 24.7% Operating profit margin 14.9% 12.4% Economic net profit margin 19.4% 17.8% Net profit margin 9.0% 5.5% 15

16 Financial results- proforma* Statement of Comprehensive Income (PLN thousands) H H Change 2013 Revenues % Cost of sales ( ) ( ) 3.8% ( ) Gross profit on sales % Economic gross profit on sales % Selling and marketing expenses (7 946) (6 469) 22.8% (14 265) Administrative expenses (10 450) (9 778) 6.9% (20 944) EBIT % Finance income % Finance costs (9 931) (10 221) (2.8%) (20 165) Profit before tax % Income tax expense (12 244) (13 157) (6.9%) (15 359) Net profit % Economic net profit (5.7%) Economic gross profit margin on sales 28.1% 29,4% 27.4% Gross profit margin on sales 19.7% 17,1% 18.6% Economic net profit margin 15.6% 17,8% 14.6% Net profit margin 7.2% 5,5% 5.9% * The table shows the Group s Financial Result calculated based on the continuation of the proportional consolidation of JV projects. 16

17 Revenues by projects and activity in H Activity Property development activities (Warsaw, Gdańsk) Total revenues (PLN thousands) TOTAL Other revenues Projects Nowa Rezydencja Królowej Marysieńki Sales revenues in the given project (PLN thousands) Gross profit on sales Margin (%) Economic gross profit on sales % 19.9% Osiedle Zdrowa % 41.5% City Apartments % 37.6% Słoneczna Morena % 23.3% Lawendowe Wzgórza % 19.2% Albatross Towers % 28.6% TOTAL property development activities % 30.3% Other revenues* % 12.6% TOTAL % 27.7% JV projects Osiedle Kameralne % 24.5% Young City % 32.3% GRAND TOTAL % 28.1% * Including revenues from construction services, bookkeeping services, management services, sales activities, rental etc. performed for JV projects. 17

18 Financial condition Statement of Financial Position (PLN thousands) H Q Change 2013 (restated) Total assets, including: (0.9%) Non-current assets, including: (13.1%) Investment properties and investment properties under construction % Land designated for development (36.2%) Investments accounted for using the equity method (7.6%) Inventories % Trade and other receivables % Cash and cash equivalents (1.0%) Equity (2.0%) Total liabilities, including: (0.1%) LT interest liabilities (12.1%) Current interest liabilities % Advances received from clients (8.6%) Net debt ratio* * Net debt ratio= net debt ** / equity ** Net debt = interest bearing liabilities intercompany loans cash and cash equivalents 18

19 Statement of cash flow in H Cash flows (PLN thousands) H H (restated) Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities, including (54 477) (11 609) Proceeds from issue of bonds Repayment of bonds (48 000) (60 000) Proceeds from loans and borrowings Repayment of loans reclassified from non-controlling interest (34 964) (10 900) Repayment of bank and other loans (83 758) ( ) Paid dividend (20 967) (20 678) Interest and commissions paid (10 935) (11 967) Net change in cash and cash equivalents

20 Debt financing (nominal value and maturity of bank credit facilities and bonds) as at June 30th, 2014 <1 year 1-2 years 2-3 years 3-4 years Total BANK CREDIT FACILITIES million 8.37 million million million BONDS million million million million million TOTAL million million million million million JV PROJECTS (proportionally to ownership): BANK CREDIT FACILITIES million million million million GRAND TOTAL million million million million million 20

21 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: PLN 0.08 per share, which amounted to over 29% of net economic profit Supervisory Board approved the Dividend Policy, according to which Management Board intends to recommend the payment of a dividend for the year 2014 and 2015 at the level of 75% to 80% of the consolidated net profit. 21

22 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 22

23 Plans Sales of over 2,000 units in 2014 and in the following years Optimizing the structure of financing Achievement of the net profit margin of 10% Increase land bank (PLN 150 million for investments in ) Payments of a dividend for the year 2014 and 2015 at the level of 75% to 80% of the consolidated net profit 23

24 Investments planned for 2014* Introduced to the offer in 2014 Construction's start in 2014 Total Construction Project Stage Number of units Start End City Apartments Q Q 2015 Osiedle Królewskie Q Q 2015 Osiedle Królewskie Q Q 2015 Young City Q Q 2015 Young City Q Q 2015 Albatross Towers Q Q 2015 Planned construction's start in 2014, introduced to the offer in Construction Project Stage Number of units Start End Osiedle Królewskie Q Q 2015 Osiedle Królewskie Q Q 2015 Królewski Park Q Q 2016 Królewski Park Q Q 2016 Young City Q Q 2015 Young City Q Q 2015 Osiedle Kameralne II Q Q 2015 Albatross Towers Q Q 2016 Słoneczna Morena Q Q 2015 Lawendowe Wzgórze Q Q 2015 Lawendowe Wzgórze Q Q 2015 Introduced to the offer in 1-2Q Construction Project Stage Number of units Start End Park Wola Residence Q Q 2016 Lawendowe Wzgórze Q Q 2016 Słoneczna Morena Q Q 2015 Słoneczna Morena Q Q 2015 Słoneczna Morena Q Q 2015 Słoneczna Morena Q Q 2015 Albatross Towers Q Q 2016 Planned construction's start in 2014, not introduced to the offer in 1-2Q Construction Project Stage Number of units Start End Osiedle Kameralne Q Q 2016 Young City Q Q 2016 Young City Q Q 2016 Królewski Park Q Q 2016 Królewski Park Q Q 2016 Modern Żoliborz (previous name Small City) Q Q 2016 Słoneczna Morena Q Q 2016 Lawendowe Wzgórze Q Q 2016 Planned construction's start in 2015, introduction to the offer in * Estimation of the planned investments may change 24

25 Land bank * ROBYG has also land in Wrocław approximately for 300 units (the sales has not yet started) * Units which presale has already begun (as at 30 June 2014) not included 25

26 Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 26

27 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 640 units in several stages. WILANÓW Królewski Park The investment located in Miasteczko Wilanów which consists of multi-storey town houses that will be built in the centre of Wilanów. 720 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. 27

28 Warsaw description of investments (2) BEMOWO Osiedle Kameralne This standard condominium residential development project is located in the Bemowo 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 380 units. It will be a higher standard residential development. WOLA Park Wola Residence With Park Wola Residence, we bring modern residential project to the urban cityscape of Warsaw. A state-of-the-art apartment building with 320 units is to be developed in the popular Wola district. The close proximity to the city centre is an added benefit of the project's location. 28

29 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 project fully completed. 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. 29

30 Warsaw description of investments (4) ŻOLIBORZ Modern Żoliborz A modern mid-rise building, perfectly in line with the architecture of the Żoliborz district. Incorporating the latest design trends, the project will include 150 apartments. The project's distinguishing features include the high standard of finish, the use of the best materials and a perfect location near the very centre of Warsaw. Mokotów Green Mokotów Residence A unique and cosy residential complex situated in a prestigious location in the Mokotów district, often dubbed the "green heart of Warsaw". The 8.5 hectare plot is to be developed in six stages with a residential estate of 1,000 apartments, offering view on green areas. The project will also include ample retail space of up to 6,000 sq m. 30

31 Warsaw description of investments (5) Preleased area: Contactaction app. 80% (app sqm) incl. ROBYG (app sqm) Anchor Tenant: Alma Market SA Nearly the entire ground floor of the investment (app. 20% of GLA) Group is considering the change of the development plan for the remaining part of the plot for residential with the potential of about sqm of sellable area. GLA of Office Investment app. 10,600 sqm designated for : a retail section and offices. WILANÓW ROBYG BUSINESS CENTER. 31

32 Gdańsk description of investments JASIEŃ Lawendowe Wzgórza The investment is located in the southern part of Gdańsk and encompasses the construction of more than 2800 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 820 higher standard residential units as well as commercial units will be built 32

33 Investments under construction in Warsaw (1) Units under construction (Warsaw): 1091 in 9 stages Incl. presold units as at 30 June 2014: 920 (84%) Young City Stage: 3, units Planned completion date: Q1 2015, Q Total sellable area: 13,466 sqm Location: Bemowo Osiedle Królewskie Stage: 1, 2, 3, 4, units Planned completion date: Q4 2014, Q4 2014, Q2 2015, Q2 2015, Q Total sellable area: 30,515 sqm Location: Wilanów Presold: % Presold: % 33

34 Investments under construction in Warsaw (2) Units under construction (Warsaw): 1091 in 9 stages Incl. presold units as at 30 June 2014: 920 (84%) City Apartments Stages: 5, units Planned completion dates: Q2 2015, Q Total sellable area: sqm Location: Żoliborz Presold: % 34

35 Units under construction (Gdańsk): in 8 stages Incl. presold units as at 30 June 2014: 671 (57%) Lawendowe Wzgórza Słoneczna Morena Albatross Towers Stages: 9, 10, units Planned completion date: Q4 2014, Q3 2015, Q Total sellable area: 11,814 sqm Location: Jasień Stage: 8, units Planned completion date: Q1 2015, Q Total sellable area: 13,130 sqm Location: Piecki-Migowo Stage: 2, 3, units Planned completion date: Q4 2014, Q4 2015, Q Total sellable area: sqm Location: Przymorze Presold: % Presold: % Presold: % 35

36 Investments planned for 2014 (in offer): Warsaw (1) Liczba planowanych lokali- wprowadzonych do oferty (Warszawa): 757 w 6 etapach Osiedle Królewskie Stage: units Planned start date: Q Planned completion date Q Total sellable area: 7,297 sqm Location: Wilanów Królewski Park Stage: 1, units Planned start date: Q3 2014, Q Planned completion date Q1 2016, Q Total sellable area: 10,848 sqm Location: Wilanów Presold : 71 59% Presold : 21 9% 36

37 Investments planned for 2014 (in offer): Warsaw (2) Liczba planowanych lokali- wprowadzonych do oferty (Warszawa): 757 w 6 etapach Young City Stage: 5, units Planned start date: Q3 2014, Q Planned completion date Q4 2015, Q Total sellable area: 11,983 sqm Location: Bemowo Osiedle Kameralne II Stage: units Planned start date: Q Planned completion date Q Total sellable area: 7,702 sqm Location: Bemowo Presold : 35 14% Presold : 15 9% 37

38 Ownership structure According to the current report 59/2014, published on August 6th,

39 HIGHTLIGHTS H Please contact us: Investor Relations ROBYG SA tel. (22) * Including the transactions performed till the date of the presentation ** Including revenues from JV projects 39