ROBYG Group Presale results Q Financial results Q

Transcription

1 ROBYG Group Presale results Q Financial results Q Warsaw, October 13th 2015

2 HIGHTLIGHTS HIGHLIGHTS Sale results Q Highlights Q * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts. 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 141 million (191 million*) Economic operating profit PLN 22 million, Operating profit PLN 16 million Net economic profit PLN 24 million, Net profit PLN 18 million Net cash flows from operating activities PLN 31 million Strong cash position**: PLN 270 million * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts. 6

7 ROBYG Group- investments and financial activities Q * BONDS Redemption of PLN 62 million: - E series (PLN 10 million), - G series (PLN 25 million), - H series (PLN 10 million), - J series (PLN 17 million). Issuance of PLN 110 million: - M series (PLN 20 million), - N series (PLN 60 million), - O series (PLN 30 million). LOANS Total new facilities: PLN million: ROBYG S.A. - revolving loan (with the limit of PLN 50 million), Słoneczna Morena: - construction and investment loans (with the limit of PLN 36 million), Park Wola Residence: - investment loan (PLN 7.6 million), - construction loan (with the limit of PLN 10 million). NEW PLOTS Total investment app. PLN 180M with the potential for construction of app units. Warsaw: PLN 72.6 million (plot areaapp. 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 areaapp. 5,3 ha)- preliminary agreement of the plots on Ursus district with the potential for construction of app units. PLN 52.2 million (plot areaapp. 5,1 ha)- purchase agreement of the plots on Wilanów district with the potential for construction of app. 700 units. Gdańsk: PLN 12.9 million (plot areaapp. 2 ha)- preliminary agreement- the land, on Morena district, has potential for construction of app. 500 units and app sqm of commercial space. PLN 12.5 million (plot areaapp. 1,5 ha)- preliminary agreement- the land, on Zaspa district, has potential for construction of app. 270 units. * The specification includes also the transactions performed after 30 September 2015 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 Q units Net number of presold units (annually) 2118 > Units presold 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 30 September 2015) * Takes into account the units recognised in Osiedle Kameralne ( OK ), Osiedle Królewskie ( OKr ) and Young City ( YC ) projects, which are treated as JV projects and in accordance with the terms for the consolidation of results in ROBYG Group. The results of these projects 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*: 1449 Completed: 98 Under construction: 1058 Which construction has not started yet, but included in pre-sales process: 293 Units presold and not recognised: 2641 Completed: 318 Under construction: 2259 Which construction has not started yet, but included in pre-sales process: 64 12

13 Number of units to be completed in and also (contracted) / delivered until 30 September 2015 Over 4,900 units potential for delivery for (incl. app units already contracted) () number of contracted units Osiedle Królewskie (51%) & Królewski Park (51%) - Warsaw Total (255)/ (382)/ (371) 914 (753)/152 NRKM & Młody Wilanów - Warsaw 127 (127)/ (128) 182 (128) City Apartments & Modern Żoliborz Residence - Warsaw 339 (322)/ (170)/ (118) 311 (288)/101 Lawendowe Wzgórza - Gdansk 233 (229)/ (403)/ (63) 546 (466)/239 Słoneczna Morena - Gdansk 138 (135)/ (352)/ (250) 870 (602)/303 Albatross Towers & Mila Baltica - Gdansk 174 (172)/ (346)/ (220) 657 (566)/67 Osiedle Kameralne (50%) & Park Wola Residence (51%) - Warsaw 108 (108)/ (167) 318 (167) Osiedle Kameralne II - Warsaw 159 (52) 159 (52) Young City (51%) - Warsaw 608 (603)/ (244) 142 (79) 390 (323) Percentages in brackets indicate Group s share in the joint venture. Presented the numbers of units reflect 100% of the potential (regardless of the ownership structure). * Not recognized till2013 FY ** Not recognized till 2014 FY (1 951)/ (1 897)/ (1 448) (3 345)/862 * 196 (174)/ (2 125)/ (1 897)/ (1 448) (3 345)/862 ** -505 (452) +505 (452)/ (452)/ (1 673) (2 349)/ (1 448) (3 797)/

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) Q Q Change Revenues (41.6%) Cost of sales ( ) ( ) (42.6%) Post-tax share of the profit or loss of JV (6.9%) Selling and marketing expenses (7 636) (7 259) 5.2% Administrative expenses (12 395) (10 236) 21.1% Other (2 031) (1 131) 79.6% Operating profit (54.5%) Economic operating profit (63.9%) Finance income (27.0%) Finance costs (8 082) (9 613) (15.9%) Profit before tax (62.8%) Income tax expense (8 941) - Net profit (15.9%) Economic net profit (48.9%) Economic operating profit margin 15.6% 25.3% Operating profit margin 11.6% 14.9% Economic net profit margin 17.0% 19.4% Net profit margin 12.9% 9.0% 15

16 Gross profit on sales- proforma* Statement of Comprehensive Income (PLN thousands) Q Q Change 2014 Revenues (35.9%) Cost of sales ( ) ( ) (39.1%) ( ) Gross profit on sales (22.8%) Economic gross profit on sales (39.2%) Economic gross profit margin on sales 26.6% 28.1% 27.2% Gross profit margin on sales 23.7% 19.7% 21.2% * The table shows the Group s Financial Result calculated based on the proportional consolidation of JV projects. 16

17 Revenues by projects and activity in Q 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 % 41.5% City Apartments % 39.0% Słoneczna Morena % 26.8% Lawendowe Wzgórza % 22.4% Albatross Towers % 20.1% Other projects % 55.9% TOTAL TOTAL property development activities % 29.7% Other revenues Other revenues* % 8.4% TOTAL % 22.7% JV projects Young City % 35.6% Osiedle Królewskie % 38.6% GRAND TOTAL % 26.6% * Including revenues from construction services, management services, sales activities etc. performed for JV projects. 17

18 Financial condition Statement of Financial Position (PLN thousands) Q Q Change 2014 Total assets, including: % Non-current assets, including: % Investment properties and investment properties under construction (43.3%) Land designated for development % Investments in joint ventures (16.8%) Inventories % Trade and other receivables % Amounts kept on individual escrow accounts % Cash and cash equivalents (12.6%) Equity (5.3%) Total liabilities, including: % LT interest liabilities (10.9%) Current interest liabilities % Advances received from clients % Net debt ratio** ROE 7.8%* 13.8%* - 9.8% * 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 18

19 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 (72 587) (12 166) Net cash flows from investing activities (2 805) (5 279) Net cash flows from financing activities, including: (54 477) Proceeds from issue of bonds Repayment of bonds (62 000) (48 000) Proceeds from loans and borrowings Repayment of loans reclassified from non-controlling interest (20 930) (34 964) Repayment of bank and other loans ( ) (83 758) Interest and commissions paid (12 356) (10 935) Net change in cash and cash equivalents

20 Debt financing (nominal value and maturity of bank credit facilities and bonds) as at June 30th, 2015 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* 7.11 million million million 1.82 million million million BONDS million million million million million TOTAL million million million million million million JV PROJECTS (proportionally to ownership): BANK CREDIT FACILITIES million 2.28 million million GRAND TOTAL million million million million million million * Including the nominal value of lease payments relating to sale and leaseback transaction of the office building 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 Dividend per share in (in PLN) 21

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

23 Strategic goals Sales of over 2,200 units in 2015 and over 2,500 units in the following years Over 4,000 units for delivery in 2015 and 2016 Achievement of the net profit margin and ROE above 10% Increase in the offer and land bank Continuation of dividend policy 23

24 Investments in 2015* * Estimation of the planned investments may change Stages on offer as of 30 September 2015 Introduced to the offer in 2015 Construction's start in 2015 Total Construction Project Stage Number of units Start End Osiedle Kameralne II Q Q 2016 Modern Żoliborz Residence Q Q 2016 Young City (9) Q Q 2016 Albatross Towers Q Q 2016 Construction's start in 2015, introduced to the offer in Construction Project Stage Number of units Start End Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C15/2, C16) Q Q 2016 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C8,C9) Q Q 2017 Słoneczna Morena (S4S5) Q Q 2016 MoreNova Q Q 2017 Young City (7) Q Q 2017 Young City (8) Q Q 2017 Królewski Park (H) Q Q 2016 Królewski Park (I, J) Q Q 2016 Królewski Park (E) Q Q 2016 Królewski Park (C, D) Q Q 2016 Młody Wilanów (III) Q Q 2016 Młody Wilanów (II) Q Q 2017 Green Mokotów Residence Q Q 2017 Mila Baltica Q Q 2016 Construction's start in 2015, introduced to the offer in Construction Project Stage Number of units Start End Osiedle Kameralne (IV) Q Q 2017 Green Mokotów Residence (1B, 3) Q Q 2017 Stacja Nowy Ursus Q Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C6,C7) Q Q 2017 Słoneczna Morena (B 9-10) Q Q 2017 Słoneczna Morena (W1) Q Q 2017 Mila Baltica Q Q 2017 Planned construction's start in 2016, introduction to the offer in

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 September 2015) 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. 530 units in terms of a few stages will be built in the area of 3.6 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-Jelonki and allows for the construction of about 570 units. Currently, ROBYG has completed the development of Stage I and II. 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 320 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 one phase. The project started in

29 Warsaw description of investments (3) 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 140 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. Presold started in September Wilanów Młody Wilanów The investment located in Miasteczko Wilanów in Warsaw, which consists of multi-storey town houses. The project involves the construction of app. 260 units in 3 stages. Presold started in September

30 Warsaw description of investments (4) Mokotów Green Mokotów Residence Ursus Stacja Nowy Ursus 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 the ample retail space, consists of app. 900 units. The investment located in Ursus district in Warsaw. The project involves the construction of approximately 1000 units in a few stages. Presold is starting in

31 Warsaw description of investments (5) 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. 31

32 Gdańsk description of investments (1) JASIEŃ Lawendowe Wzgórza The investment is located in the southern part of Gdańsk and encompasses the construction of more than 3500 units in the popular standard and units in single and multi-family houses as well as several commercial units. MORENA Słoneczna Morena The project is located in the Piecki-Migowo District, consists of semi-detached houses, urban villas with apartments, and multifamily 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 860 higher standard residential units as well as commercial units will be built. 32

33 Gdańsk description of investments (2) MORENA MoreNova The project is located in the Piecki-Migowo District consists of a several multi-family buildings, located close to Słoneczna Morena project. The project encompasses the construction of about 500 residencial units with app sqm of commercial area. ZASPA Mila Baltica The project is located on the border of the districts: Zaspa, Wrzeszcz and Brzeźno. The project with a very attractive location with quick access to Gdansk s city center and Sopot and close proximity to the sea and green spaces. The project involves the construction of several multi-family buildings with a total of app. 270 units. Presold started in June

34 Investments under construction on offer- Warsaw (1) Units under construction on offer (Warsaw): 2076 in 17 stages Incl. presold units as at 30 September 2015: 1420 (68%) Young City Stages: 5, 6, 7, units Planned completion date: Q4 2015, Q Q4 2016, Q Total sellable area: 27,707 sqm Location: Bemowo Osiedle Królewskie Stages: 5, units Planned completion date: Q4 2015, Q Total sellable area: 13,529 sqm Location: Wilanów Presold: % Presold: % 34

35 Investments under construction on offer- Warsaw (2) Units under construction on offer (Warsaw): 2076 in 17 stages Incl. presold units as at 30 September 2015: 1420 (68%) Osiedle Kameralne II Stage: units Planned completion date: Q Total sellable area: 8,091 sqm Location: Bemowo Królewski Park Stages: 1, 2, 3, 4, 5, units Planned completion date: Q1 2016, Q1 2016, Q Q4 2016, Q4 2016, Q Total sellable area: 27,521 m 2 Location: Wilanów Presold: 52 33% Presold: % 35

36 Investments under construction on offer- Warsaw (3) Units under construction on offer (Warsaw): 2076 in 17 stages Incl. presold units as at 30 September 2015: 1420 (68%) Młody Wilanów Stages: 1, units Planned completion date: Q1 2016, Q Total sellable area: 9,053 sqm Location: Wilanów Park Wola Residence Stage: units Planned completion date: Q Total sellable area: 16,916 m 2 Location: Wola Modern Żoliborz Residence Stage: units Planned completion date: Q Total sellable area: 7,906 m 2 Location: Żoliborz Presold: % Presold: % Presold: % 36

37 on offer Units under construction on offer (Gdańsk): 1241 in 7 stages Incl. presold units as at 30 September 2015: 839 (68%) Lawendowe Wzgórza/ Stacja Nowy Gdańsk Stages: 13, units Planned completion date: Q4 2015, Q Total sellable area: 11,199 sqm Location: Jasień Słoneczna Morena Stages: 14, units Planned completion date: Q1 2016, Q Total sellable area: 22,355 sqm Location: Piecki-Migowo Presold: % Presold: % 37

38 on offer Units under construction on offer (Gdańsk): 1241 in 7 stages Incl. presold units as at 30 September 2015: 839 (68%) Mila Baltica Stage: units Planned completion date: Q Total sellable area: 6,966 sqm Location: Zaspa Albatross Towers Stages: 4, units Planned completion date: Q4 2015, Q Total sellable area: sqm Location: Przymorze Presold: 66 52% Presold: % 38

39 Investment on offer which construction has not started: Warsaw Units on offer which construction has not started (Warsaw): 190 in 2 stages Młody Wilanów Stage: 3 75 units Planned start date: Q Planned completion date Q Total sellable area: 3,746 sqm Location: Wilanów Green Mokotów Stage: units Planned start date: Q Planned completion date Q Total sellable area: 8,176 sqm Location: Wilanów Presold : 8 11% Presold : 8 7% 39

40 Investment on offer which construction has not started: Gdańsk Units on offer which construction has not started (Gdańsk): 167 in 1 stage Lawendowe Wzgórza/ Stacja Nowy Gdańsk Stage: units Planned start date: Q Planned completion date Q Total sellable area: 7,273 sqm Location: Jasień Presold : 48 29% 40

41 Ownership structure According to the current report 87/2015, published on September 17th,

42 HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA tel. (22) Sale results Q Highlights Q * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts. 42