GRUPA ROBYG. Presentation. Warsaw, April 16 th 2013

Transcription

1 GRUPA ROBYG Presentation Warsaw, April 16 th 2013

2 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 2

3 Summary Number of units contracted in 1Q 2013: 303 Number of units contracted in 2012: units under construction and 115 units on offer which construction has not started yet (as at 31 March 2013) Completion of the construction of 7 residential stages and commercial building in 5 projects (745 units) Commencement of the construction of 386 units Number of units contracted Q Q Q 2012 Q Q

4 ROBYG Group investments in 2012 and 1Q 2013 Additionally in 2013: Acquisition of a 51% stake in FORT Property, the owner of a real property in Warsaw s Bemowo District (Young City project). Acquisition of a 15% stake in ROBYG Wilanów II, a company implementing an investment in Warsaw s Wilanów District (Osiedle Zdrowa project). Currently, ROBYG holds 100% of shares in the company. Signing of an agreement by one of the Group s companies for the purchase of a real property in Warsaw s Bemowo District with the potential for construction of about 300 units (Osiedle Kameralne II project). Signing of an agreement to sell a 49% stake in ROBYG Young City and a JV agreement with a financial investor- with the potential for construction of about 1300 units Signing of an agreement by one of the Group s companies for the purchase of a real property in Warsaw s Wilanów District with the potential for construction of about 600 units (Osiedle Królewskie project). Signing of a letter of intent related to sell a 49% stake in ROBYG Osiedle Królewskie and a JV agreement with a financial investor 4

5 Financial results of 2012* Revenues of PLN 402,89 million (+151%) Gross profit on sales PLN million (+216%), economic gross profit on sales PLN million Net profit (consolidated) PLN 24.99million **, economic net profit of PLN million Net cash flows from operating activities PLN million Strong cash position as at the end of 2012: PLN million * P&L and balance-sheet data compared to ** Including impairment write-off on long-term land designated for development (PLN million). 5

6 Financial activities in 2012 and 1Q 2013 June 2012 issue of 300,000 series E and F bearer bonds with a nominal value of PLN 100 each. In total PLN 30 million. June 2012 payment of the dividend for the 2011 financial year in the amount of PLN 0.12 per share. In total ca. PLN 31 million. Additionally: Conclusion of a bank loan facility agreement with BZ WBK in amount of PLN 8.4 million (LTV=60%) with the purpose of partial refinancing of the acquisition costs of the land plot in Warsaw s Bemowo District (Osiedle Kameralne II), which was acquired in 2Q January 2013 ROBYG S.A. issued of bearer E & F series bonds each having the nominal value of PLN 100 in the total amount of 50 million PLN. February 2013 ROBYG S.A concluded redemption of of bearer A serie bonds each having the nominal value of PLN 100 in the total amount of 60 million. January 2013 ROBYG S.A. concluded a bank loan agreement with Bank Millennium in amount of PLN million with the purpose of financing current operating activities. 6

7 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 7

8 ROBYG Group number of units contracted 292 Number of units contracted (quarterly) after resignations Q Q Q Q Q Q Q Q Q Number of units contracted (annually) after resignations Planning 1113 units contracted in 2012 (111% of the annual goal) Units contracted 8

9 ROBYG Group units on offer Number of units Q Q Q Q Q Q Q Q Q 2013 Units complited Units under construction* Total number of units * Including residential units in presale which construction has not begun yet (as at 31 March 2013) 9

10 ROBYG Group hand-overs Number of units recognised in revenues (quarterly) 232* * 274* 208* Q Q Q Q Q Q Q Q Q Total 2011: 310 Total 2012: 986 *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 contracted and not recognised: 1154 Completed: 51 Under construction: 1094 Which construction has not started yet, but included in pre-sales process: 9 Units not contracted and not recognised: 984 Completed: 109 Under construction: 715 Which construction has not started yet, but included in pre-sales process:

11 Number of units to be completed in (and also contracted) until 31 March total number of residential units scheduled for delivery in number of contracted units to be completed in () number of contracted units was provided in parentheses Osiedle Zdrowa (Warszawa) * (160) 174 (169) 194 (185) Nowa Rezydencja Królowej Marysieńki (Warszawa) City Apartments (Warszawa) 229 (214) 173 (160) 228 (213) 217 (202) 127 (100) 221 (142) Lawendowe Wzgórza (Gdańsk) 58 (58) 126 (116) 178 (139) 112 (13) Słoneczna Morena (Gdańsk) 72 (67) 73 (66) 202 (112) 95 (20) Albatross Towers (Gdańsk) 154 (113) Osiedle Kameralne (Warszawa) 135 (133) 108 (17) Young City (Warszawa) 148 (103) 163 (36) Osiedle Królewskie (Warszawa) 115 (25) * In 2012 the Group recognised 986 units 520 (499) 736 (697) (1 014) 941 (353) Units not recognised for the 2012 FY 160 (90) 1426 (1 104) 11

12 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 12

13 Financial results Statement of Comprehensive Income (PLN thousands) 2012 Q Q Revenues Cost of sales ( ) (68 268) ( ) (56 356) Gross profit on sales Economic gross profit on sales Selling expenses (12 240) (4 198) (9 507) (2 726) Administrative expenses (19 587) (5 586) (17 394) (5 988) Finance income Finance costs (18 998) (4 951) (16 396) (8 609) Gross profit (9 664) (3 909) Net profit (13 714) Economic net profit (2 343) Margins (%) 1H Q H Q 2011 Gross profit margin on sales 24,2% 18,7% 19,3% 22,3% Economic gross profit margin on sales 34,6% 32,2% 26,3% 26,9% Net profit margin 6,2% N/A 17,5% 33,2% Economic net profit margin 16,6% N/A 24,6% 37,8% 13

14 Revenues by projects and activity in 2012 Activity Total revenues (PLN thousands) Projects Sales revenues in the given project (PLN thousands) Gross profit on sales Margin (%) Economic gross profit on sales Nowa Rezydencja Królowej Marysieńki ,0% 32,0% Property development activities (Warsaw, Gdańsk) Szczęśliwy Dom ,5% 13,5% Osiedle Zdrowa ,0% 34,6% City Apartments ,5% 47,4% Osiedle Kameralne ,3% 22,3% Lawendowe Wzgórza ,8% 22,8% Słoneczna Morena ,4% 31,8% Other revenues Other revenues from related and unrelated parties TOTAL ,2% 34,6% 14

15 Financial condition Statement of Financial Position (PLN thousands) Total assets 2012 Q 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: Current interest liabilities Advances received from clients Leverage ratio* 0,38 0,34 0,36 * Leverage ratio= net debt / (equity + net debt**) ** Net debt = interest bearing credit facilities and loans + trade and other (current and non-current) liabilities cash and cash equivalents 15

16 Statement of cash flow in 2012 Cash flows (PLN thousands) Net cash flows from operating activities Net cash flows from investing activities (19 980) (53 173) Net cash flows from financing activities, including (79 435) ( ) Proceeds from the issue of bonds Proceeds from loans and borrowings Net repayment from credit facilities and loans ( ) ( ) Dividends paid (30 953) (18 017) Commissions and intersts paid (29 242) (73 019) Net change in cash and cash equivalents (3 654) (61 014) 16

17 Debt financing (value and maturity of bank credit facilities and bonds)as at 31 December 2012 PLN million total value of financing: PLN million with maturity falling between one and two years PLN 78.2 million with maturity of more than two years In million PLN <1 year 1-2 years 2-3 years 3-4 years Total BANK CREDIT FACILITIES 52,66 111,57 10,32-174,55 BONDS* 102,75* - 29,13 38,80 170,67 TOTAL 155,41 111,57 39,45 38,80 345,22 After taking into account the issuing of G & H series bonds and redemption of A serie bonds: Change -60,00 mln ,00 mln -10,00 mln Total* 90,41 mln 111,57 mln 39,45 mln 88,80 mln 335,22 mln * In January 2013 ROBYG S.A. issued of bearer E & F series bonds each having the nominal value of PLN 100 in the total amount of 50 million PLN. February 2013 ROBYG S.A concluded redemption of of bearer A serie bonds each having the nominal value of PLN 100 in the total amount of 60 million 17

18 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 18

19 Plans for 2013 Commencement of construction of about 1345 units in 2013 Increasing the number of investment land (attractive locations which will be purchased at sound prices) Contracting of 20-25% of the units on offer in each quarter Sales of about 1000 units in

20 Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 20

21 Warsaw description of investments (1) 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. As of 14 March, 2013 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 encompasses the construction of about 860 units in 5 stages. As of 14 March, 2013 the project is compleated. 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 Osiedle Królewskie The group of a low-rise apartment buildings in the center of Wilanów. On the plot over 4 ha, the Group is planning to construct of about 700 units in several stages. 21

22 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 600 units. Currently, ROBYG has completed the development of Stage I. As of 14 March 2013 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. It will be a higher standard residential development. 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. 22

23 Warsaw description of investments (3) An office and retail project composed of several stages with a total useable floor space of nearly 35,000 m2. The floor space of Stage I - more than 9,000 m2 designated for : a retail section and offices The first big tenant: Nearly the entire ground floor of the investment will be occupied by Alma Market SA Dates: Completion of the construction of the Stage 1 is planned for 2Q WILANÓW ROBYG Business Center. 23

24 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. The total area of the plot exceeds 41 ha.; 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 semi-detached houses, urban villas with apartments, and multi-family buildings. The project encompasses the construction of about 1700 units PRZYMORZE Albatross Towers The project encompasses the development of 5 modern 18-storey buildings with about 720 higher standard residential units as well as commercial units will be built 24

25 Investments under construction in Warsaw Total contractation in Warsaw as at 31 March 2013: 558 Units under construction (Warsaw): 940 in 6 stages Nowa Rezydencja Królowej Marysieńki Stages: 5, units Planned completion date: 3Q 2013 and 1Q 2014 Total sellable area: 16,929 sqm Location: Wilanów City Apartments Contracted: 260 Stage: units Planned completion date: 1Q 2014 Total sellable area: 17,435 sqm Location: Żoliborz Osiedle Kameralne Stage: units Planned completion date: 3Q 2014 Total sellable area: 5,608 sqm Location: Bemowo Young City Stage: 1, units Planned completion dates: 4Q 2013, 1Q 2014 Total sellable area: 15,996 sqm Location Warsaw, Bemowo Contracted: 17 Contracted: 142 Contracted:

26 Investments under construction in Gdańsk Total contractation in Gdańsk as at 31 March 2013: 134 Units under construction (Gdańsk): 407 in 4 stages Lawendowe Wzgórza Stages: 7, units Planned completion date: 4Q 2013, 2Q 2014 Total sellable area: 9,278 sqm Location Gdańsk, Jasień Słoneczna Morena Stages: 6, units Planned completion date: 4Q 2013, 2Q 2014 Total sellable area: 12,516 sqm Location Gdańsk, Piecki-Migowo Contracted: 66 Contracted: 68 26

27 Investments planned for 2013: Warsaw Units planned (Warsaw): 594 in 5 stages Osiedle Kameralne Stage: 3 85 units Planned start date: 4Q 2013 Total sellable area: 4,650 sqm Location: Bemowo Osiedle Królewskie Stages: 1, units Planned start date: 2Q 2013, 4Q 2013 Total sellable area: 12,800 sqm Location: Wilanów Contracted : 25 City Apartments Stage:5 121 lokali Planned start date: 2Q 2013 Total sellable area: 7,720 sqm Location: Żoliborz Young City Stage: units Planned start date: 3Q 2013 Total sellable area: 7,000 sqm Location: Bemowo 27

28 Investments planned for 2013: Gdańsk Units planned (Gdańsk): 393 in 3 stages Lawendowe Wzgórza Stage: units Planned start date: 4Q 2013 Total sellable area: 5,422 sqm Location: Jasień Słoneczna Morena Stage: units Planned start date: 4Q 2013 Total sellable area: 6,652 sqm Location: Piecki-Migowo Albatross Towers Stage: units Planned start date: 3Q 2013 Total sellable area: 7,424 sqm Location: Przymorze 28

29 Please contact us: Investor Relations ROBYG SA tel. (22)