ROBYG Group Financial results Q1 2018 Warsaw, June 5th 2018
HIGHTLIGHTS HIGHLIGHTS Q1 2018 * Including amounts kept on individual escrow accounts and in Mutual Funds. 2
Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 3
Summary Q1 2018 4
ROBYG Group- material investments and financial activities Q1 2018* FINANCING NEW PLOTS Bonds: Redemption of PLN 223.3 million: - K1 series (PLN 38.9 million), - L series (PLN 1.5 million), - M series (PLN 20 million), - N series (PLN 17.3 million), - O series (PLN 26 million), - P series (PLN 60 million), - R series (PLN 12.9 million), - P series (PLN 46.7 million). Issuance of PLN 300 million: - PA series (PLN 300 million). Bank loans: Total new facilities: PLN 50.0 million: ROBYG Finance: - revolving loan (with the limit of PLN 50 million). Total investment app. PLN 100.6 million with the potential for construction of app. 2200 units. PLN 82.0 million (plot areaapp. 6.3 ha)- purchase agreements of the shares in the entity owns the plots on Ursus district in Warsaw with the potential for construction of app. 1800 units. PLN 18.6 million (plot areaapp. 1.4 ha)- purchase agreements of the shares in the entity owns the plots on Wrzeszcz district in Gdańsk with the potential for construction of app. 400 units. * The specification includes also the transactions performed after 31 March 2018 till the date of the presentation (marked in blue). 5
Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 6
ROBYG Group number of presold units Presold units in Q1 2018-914 units (+19% Q/Q) 17% Target: 3300 27% 22% 10% 9% 56% 7
ROBYG Group Presale structure Q1 2018 Presold units in Q1 2018-914 units (+19% Q/Q) 8
ROBYG Group units on offer FINISHED GOODS ON OFFER: 4% 9
Number of units to be completed in 2018-2019 and also (contracted) until 31 March 2018 () number of contracted units 2017 2018 2019 Total 2018+2019 Green Mokotów, Apartamenty Villa Nobile (all: 51%) - Warsaw 786 (778) 266 (212) 190 (112) 456 (324) Młody Wilanów, Osiedle Życzliwa Praga (all: 100%) Warsaw 75 (75) 93 (68) 93 (68) Lawendowe Wzgórza/Stacja Nowy Gdańsk (100%)- Gdansk 459 (457) 381 (372) 296 (231) 677 (603) Słoneczna Morena, MoreNova (all: 100%) Gdansk 193 (186) 736 (613) 115 (102) 851 (715) Zajezdnia Wrzeszcz, Mila Baltica (all 100%)- Gdansk 358 (357) 237 (213) 482 (308) 719 (521) Osiedle Kameralne, Osiedle Kameralne II (all: 100%) - Warsaw 40 (35) 112 (106) 112 (106) Young City 2, Stacja Nowy Ursus (all:51%)- Warsaw 389 (374) 465 (359) 558 (237) 1 023 (596) Nowa Letnica, Nadmotławie Estates (all: 100%) - Gdansk 586 (559) 542 (176) 1128 (735) Forum Wola, Ogrody Wilanów (all: 100%) - Warsaw 161 (128) 298 (243) 459 (371) Percentages in brackets indicate Group s share in the project. * Completed in prior years but not recognised till 2016. **In 2018 the Group is planning to start the construction of additional units to be completed in 2019. 2 300 (2 262) 2 944 (2 562) 2 574 (1 477) 5 518 (4 039) * +312 (266) - ** +549 +549 2 612 (2 528) 2 944 (2 562) 3 123 (1 477) 6 067 (4 039) -506 (422) +506 (422) - +506 (422) 2 106(2 106) 3 450 (2 984) 3 123 (1 477) 6 573 (4 461) 10
Number of units to be completed in 2018* Project City Total no. of units to be completed in 2018 On offer or sold @ 31 Mar 2018 Out of which: Not introduced to offer @ 31 Mar 2018 Osiedle Kameralne II Warsaw 112 112 - Forum Wola Warsaw 161 161 - Green Mokotów Warsaw 266 266 - Stacja Nowy Ursus Warsaw 407 407 - Young City II Warsaw 58 58 - Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk 381 381 - Słoneczna Morena Gdańsk 509 509 - Nowa Letnica Gdańsk 586 586 - MoreNova Gdańsk 227 227 - Zajezdnia Wrzeszcz Gdańsk 237 237 - Total 2,944 2,944 - * Estimation of the planned investments may change. 11
Number of units to be completed in 2019* Project City Total no. of units to be completed in 2019 On offer or sold @ 31 Mar 2018 Out of which: Not introduced to offer @ 31 Mar 2018 Forum Wola Warsaw 148 148 - Green Mokotów Warsaw 190 190 - Ogrody Wilanów Warsaw 227 150 77 Osiedle Życzliwa Praga Warsaw 93 93 - City Sfera Warsaw 173-173 Young City 2 Warsaw 300 300 - Young City 3 Warsaw 155-155 Stacja Nowy Ursus Warsaw 258 258 - Lawendowe Wzgórze/ Stacja Nowy Gdańsk Gdańsk 296 296 - MoreNova Gdańsk 115 115 - Nowa Letnica Gdańsk 339 338 1 Zajezdnia Wrzeszcz Gdańsk 482 482 - Nadmotławie Gdańsk 247 204 43 Jagodno Wrocław 100-100 Total 3,123 2,574 549 * Estimation of the planned investments may change. 12
Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 13
LIQUIDITY POSITION Net debt ratio_1* = 0.38 * 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 50 million Net debt ratio_2* = 0.30 * Net debt ratio= net debt ** / equity ** Net debt = interest bearing liabilities intercompany loans cash and cash equivalents amounts kept on individual escrow accounts and mutual funds Amount to be collected from clients* = PLN 1 072 million * Calculated based on the signed agreements with clients. 14
Estimated financial results* (PLN thousands) Q1 2018 Q1 2017 Change Revenues 219 925 69 491 216.5% Cost of sales (156 196) (56 324) 177.3% Gross profit on sales 63 729 13 167 384.0% Post-tax share of the profit or loss of JV (50) 4 624 N/A Selling and marketing expenses (8 374) (7 059) 18.6% Administrative expenses (10 187) (7 622) 33.7% Other incl. transaction fee (10 704) 389 N/A Operating profit 34 414 3 499 883.5% Finance income 1 529 1 639 (6.7%) Finance costs (4 488) (3 267) 37.4% Profit before tax 31 455 1 871 1581.2% Income tax expense (6 619) (914) 624.2% Net profit 24 836 957 2495.2% Net profit attributable to equity holders of the parent 10 845 2 469 339.2% Gross profit margin on sales 29.0% 18.9% Net profit margin 11.3% 1.4% * ROBYG S.A. Group has not published financial statements for 3 months ended 31 March 2018. Moreover the financial statements were not audited. In addition, the Group has adopted IFRS 15 as of 1 January 2018 using the modified retrospective method with the cumulative effect of initial application of IFRS 15 recognized as at 1 January 2018 without restating the comparatives. 15
Historical financial results Statement of Comprehensive Income (PLN thousands) 2017 2016 2015 2014 Revenues 737 944 517 081 480 375 409 325 Cost of sales (542 715) (400 947) (403 358) (336 335) Gross profit on sales 195 229 116 134 77 017 72 990 Post-tax share of the profit or loss of JV 6 494 62 639 30 554 26 354 Selling and marketing expenses (29 352) (21 992) (16 262) (13 780) Administrative expenses (33 250) (31 368) (28 014) (25 364) Other 34 683 (2 519) (4 249) 260 Operating profit 173 804 122 894 59 046 60 460 Finance income 5 962 8 691 6 701 8 641 Finance costs (10 391) (14 336) (16 169) (17 059) Profit before tax 169 375 117 249 49 578 52 042 Income tax expense (33 882) (13 219) 31 986 (5 515) Net profit 135 493 104 030 81 564 46 527 Net profit attributable to equity holders of the parent 109 924 108 672 79 744 44 084 Gross profit margin on sales 26.5% 22.5% 16.0% 17.8% Net profit margin 18.4% 20.1% 17.0% 11.4% 16
Estimated financial condition* (PLN thousands) Q1 2018 2017 Change Q1 2017 Total assets, including: 2 283 856 1 989 339 14.8% 1 708 488 Non-current assets, including: 423 440 420 275 0.8% 418 440 Investment properties and investment properties under construction 221 728 220 490 0.6% 140 361 Land designated for development 73 116 78 684 (7.1%) 151 687 Investments in joint ventures 6 991 7 044 (0.8%) 21 725 Inventories 1 181 472 969 237 21.9% 882 242 Trade and other receivables 89 591 119 367 (24.9%) 65 461 Amounts kept on individual escrow accounts and Mutual Funds 96 431 98 288 (1.9%) 63 236 Cash and cash equivalents 489 191 379 326 29.0% 275 917 Equity 653 407 694 791 (6.0%) 562 196 Total liabilities, including: 1 630 449 1 294 548 25.9% 1 146 292 LT interest bearing liabilities 496 694 414 510 19.8% 596 008 Current interest bearing liabilities 329 793 312 188 5.6% 103 846 Advances received from clients 503 696 328 037 53.5% 304 118 * ROBYG S.A. Group has not published financial statements for 3 months ended 31 March 2018. Moreover the financial statements were not audited. In addition, the Group has adopted IFRS 15 as of 1 January 2018 using the modified retrospective method with the cumulative effect of initial application of IFRS 15 recognized as at 1 January 2018 without restating the comparatives. 17
Debt financing* (nominal value and maturity of bank credit facilities and bonds) as at March 31th, 2018 <1 year 1-2 years 2-3 years 3-4 years 4-5 years Total BANK CREDIT FACILITIES* 90.64 million 98.25 million 22.90 million 0.00 million 0.00 million 211.79 million BONDS 217.75 million - - 53.30 million 300.00 million 571.05 million TOTAL 308.39 million 98.25 million 22.90 million 53.30 million 300.00 million 782.84 million * Including the nominal value of lease payments relating to sale and leaseback transaction of the office building 18
Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 19
Strategic goals Sales of app. 3.300 units in 2018 Start of activities in Wroclaw Maintain the level of the land bank 20
Land bank* Total land bank 12 610 units + 1 874 units on offer = 14 484 units ROBYG has also land in WROCŁAW approximately for 300 units (the sale has not started yet) * Units which presale has already begun (as at 31 March 2018) not included. In addition, the Group has signed the purchase agreement of the plots with the total area of app. 2.7 ha located in Gdańsk, Wrzeszcz district. The Group hasn t had defined the investment planes for the plots. 21
Agenda I. Summary II. Presales and revenue s perspective III. Financial results IV. Plans of ROBYG Group V. Appendices 22
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 23
Description of investments- completed (1) Nowa Rezydencja Królowej Marysieńki District: Wilanów No. of stages: 10 1350 units 108.7 thousand sqm Q4 2001 Completion date: Q2 2014 Szczęśliwy Dom District: Ochota No. of stages: 3 304 units 18.1 thousand sqm Q4 2005 Completion date: Q2 2008 Osiedle Zdrowa District: Wilanów No. of stages: 5 865 units 57.0 thousand sqm Q1 2007 Completion date: Q1 2013 24
Description of investments- completed (2) City Apartments District: Żoliborz No. of stages: 6 1190 units 88.0 thousand sqm Q1 2008 Completion date: Q3 2015 Osiedle Królewskie District: Wilanów No. of stages: 6 640 units 38.0 thousand sqm Q2 2013 Completion date: Q4 2015 Park Wola Residence District: Wola No. of stages: 1 317 units 16.9 thousand sqm Q4 2014 Completion date: Q2 2016 25
Description of investments- completed (3) Modern Żoliborz District: Żoliborz No. of stages: 1 138 units 7.9 thousand sqm Q1 2015 Completion date: Q2 2016 Albatross Towers City: Gdańsk District: Przymorze No. of stages: 5 860 units 42.6 thousand sqm Q2 2011 Completion date: Q3 2016 Królewski Park District: Wilanów No. of stages: 6 528 units 27.6 thousand sqm Q3 2014 Completion date: Q3 2016 26
Description of investments- completed (4) Young City District: Bemowo No. of stages: 9 1302 units 65.2 thousand sqm Q3 2012 Completion date: Q4 2016 Młody Wilanów District: Wilanów No. of stages: 3 257 units 12.8 thousand sqm Q4 2014 Completion date: Q2 2017 Mila Baltica City: Gdańsk District: Zaspa No. of stages: 2 280 units 14.9 thousand sqm Q3 2015 Completion date: Q3 2017 27
Description of investments- completed (5) Apartamenty Villa Nobile District: Wilanów No. of stages: 3 637 units 39.1 thousand sqm Q1 2016 Completion date: Q4 2017 28
Description of investments- under construction (1) Lawendowe Wzgórza/ Stacja Nowy Gdańsk City: Gdańsk District: Jasień No. of stages: app. 40 Stages completed: 18 Stages under construction*: 7 Słoneczna Morena City: Gdańsk District: Piecki-Migowo No. of stages: app. 23 Stages completed: 18 Stages under construction*: 4 Osiedle Kameralne District: Bemowo No. of stages: 5 Stages completed: 3 app. 3800 units (completed: 1704 units) app. 175.0 thousand sqm Q3 2009 Planned completion date: Q2 2023 app. 2015 units (completed: 1474 units) app. 109.8 thousand sqm Q4 2009 Planned completion date: Q2 2020 *Including stages in presale which construction has not begun yet (as at 31 March 2018). app. 550 units (completed: 283 units) app. 31.5 thousand sqm Q4 2010 Planned completion date: Q2 2020 29
Description of investments- under construction (2) Osiedle Kameralne II District: Bemowo No. of stages: 3 Stages completed: 1 Stages under construction*: 1 app. 350 units (completed: 161 units) app. 17.6 thousand sqm Green Mokotów District: Mokotów No. of stages:10 Stages completed: 2 Stages under construction*: 6 app. 680 units (completed: 149 units) app. 43.3 thousand sqm Stacja Nowy Ursus District: Ursus No. of stages: 5 Stages completed: 2 Stages under construction*: 3 app. 1060 units (completed: 389 units) app. 51.6 thousand sqm Q3 2015 Planned completion date: Q1 2020 Q2 2016 Planned completion date: Q2 2020 *Including stages in presale which construction has not begun yet (as at 31 March 2018). Q2 2016 Planned completion date: Q4 2019 30
Description of investments- under construction (3) MoreNova City: Gdańsk District: Piecki-Migowo No. of stages: 3 Stages completed: 1 Stages under construction*: 2 Zajezdnia Wrzeszcz City: Gdańsk District: Wrzeszcz No. of stages: 10 Stages completed: 1 Stages under construction*: 3 Nowa Letnica City: Gdańsk District: Letnica No. of stages: 13 Stages under construction*: 7 app. 520 units (completed: 177 units) app. 25.0 thousand sqm Q2 2016 Planned completion date: Q1 2019 app. 1820 units (completed: 206 units) app. 90.3 thousand sqm Q4 2016 Planned completion date: Q4 2022 *Including stages in presale which construction has not begun yet (as at 31 March 2018). app. 2550 units app. 126.1 thousand sqm Q1 2017 Planned completion date: Q3 2022 31
Description of investments- under construction (4) Forum Wola District: Wola No. of stages: 4 Stages under construction*: 3 app. 890 units app. 45.5 thousand sqm Young City 2 District: Bemowo No. of stages: 4 Stages under construction*: 4 app. 600 units app. 30.0 thousand sqm Q3 2017 Planned completion date: Q4 2020 Q3 2017 Planned completion date: Q1 2020 *Including stages in presale which construction has not begun yet (as at 31 March 2018). 32
Description of investmentson offer which construction has not started Ogrody Wilanów District: Wilanów No. of stages: 3 Stages in presale: 2 app. 230 units app. 11.8 thousand sqm Q3 2018 Planned completion date: Q4 2019 Osiedle Życzliwa Praga District: Tarchomin No. of stages: 9 Stages in presale: 2 app. 700 units app. 35.2 thousand sqm Q3 2018 Planned completion date: Q4 2020 Nadmotławie Estate City: Gdańsk District: Śródmieście No. of stages: 12 Stages in presale: 2 app. 1720 units app. 69.8 thousand sqm Q3 2018 Planned completion date: Q3 2022 33
Ownership structure Bricks Acquisition Limited 100% As at the date of this presentation, Bricks Acquisition Limited holds 100% of the ROBYG S.A. shares. Goldman Sachs Group, Inc. is indirectly the majority owner of Bricks Acquisition Limited. 34
HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA e-mail: ri@robyg.com.pl tel. (22) 419 11 00 Q1 2018 * Including amounts kept on individual escrow accounts and in Mutual Funds. 35