ROBYG Group Presale results Q1-3 2015 Financial results Q1-2 2015 Warsaw, October 13th 2015
HIGHTLIGHTS HIGHLIGHTS Sale results Q1-3 2015 Highlights Q1-2 2015 * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts. 2
Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 3
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
Summary Q1-3 2015 5
Financial results of Q1-2 2015 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
ROBYG Group- investments and financial activities Q1-3 2015 * 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 103.6 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. 4100 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. 1 600 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. 1000 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. 2000 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
Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 8
ROBYG Group number of presold units Presold units in Q1-3 2015-1769 units Net number of presold units (annually) 2118 >2200 2000 1731 1500 1000 1019 1113 1769 500 0 2011 2012 2013 2014 2015 Units presold 9
ROBYG Group Presale structure Q1-3 2015 Presold units in Q1-3 2015-1769 units 10
ROBYG Group units on offer 11
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
Number of units to be completed in 2015-2016 and also (contracted) / delivered until 30 September 2015 Over 4,900 units potential for delivery for 2015-2016 (incl. app. 3 800 units already contracted) () number of contracted units Osiedle Królewskie (51%) & Królewski Park (51%) - Warsaw 2014 2015 2016 Total 2015 + 2016 255 (255)/141 384 (382)/152 530 (371) 914 (753)/152 NRKM & Młody Wilanów - Warsaw 127 (127)/120 182 (128) 182 (128) City Apartments & Modern Żoliborz Residence - Warsaw 339 (322)/261 173 (170)/101 138 (118) 311 (288)/101 Lawendowe Wzgórza - Gdansk 233 (229)/211 409 (403)/239 137 (63) 546 (466)/239 Słoneczna Morena - Gdansk 138 (135)/87 384 (352)/303 486 (250) 870 (602)/303 Albatross Towers & Mila Baltica - Gdansk 174 (172)/116 352 (346)/67 305 (220) 657 (566)/67 Osiedle Kameralne (50%) & Park Wola Residence (51%) - Warsaw 108 (108)/106 318 (167) 318 (167) Osiedle Kameralne II - Warsaw 159 (52) 159 (52) Young City (51%) - Warsaw 608 (603)/480 248 (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 1 982 (1 951)/1 522 1 950 (1 897)/862 2 397 (1 448) 4 347 (3 345)/862 * 196 (174)/ 151 - - - 2 178 (2 125)/1 673 1 950 (1 897)/862 2 397 (1 448) 4 347 (3 345)/862 ** -505 (452) +505 (452)/412 - +505 (452)/412 1 673 (1 673) 2 455 (2 349)/1274 2 397 (1 448) 4 852 (3 797)/1274 13
Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 14
Financial results Statement of Comprehensive Income (PLN thousands) Q1-2 2015 Q1-2 2014 Change Revenues 140 588 240 635 (41.6%) Cost of sales (114 278) (199 102) (42.6%) Post-tax share of the profit or loss of JV 12 077 12 969 (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 16 325 35 876 (54.5%) Economic operating profit 21 977 60 896 (63.9%) Finance income 3 127 4 285 (27.0%) Finance costs (8 082) (9 613) (15.9%) Profit before tax 11 370 30 548 (62.8%) Income tax expense 6 808 (8 941) - Net profit 18 178 21 607 (15.9%) Economic net profit 23 830 46 627 (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
Gross profit on sales- proforma* Statement of Comprehensive Income (PLN thousands) Q1-2 2015 Q1-2 2014 Change 2014 Revenues 191 022 298 128 (35.9%) 528 971 Cost of sales (145 780) (239 491) (39.1%) (416 616) Gross profit on sales 45 242 58 637 (22.8%) 112 355 Economic gross profit on sales 50 894 83 657 (39.2%) 143 658 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
Revenues by projects and activity in Q1-2 2015 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) 93 953 Nowa Rezydencja Królowej Marysieńki 4 737 41.5% 41.5% City Apartments 25 968 18.4% 39.0% Słoneczna Morena 44 787 26.5% 26.8% Lawendowe Wzgórza 3 359 18.0% 22.4% Albatross Towers 14 543 20.1% 20.1% Other projects 559 43.1% 55.9% TOTAL 93 953 TOTAL property development activities 93 953 21.6% 29.7% Other revenues 46 635 Other revenues* 46 635 8.4% 8.4% TOTAL 140 588 140 588 18.7% 22.7% JV projects 50 434 Young City 17 763 35.6% 35.6% Osiedle Królewskie 32 671 38.6% 38.6% GRAND TOTAL 191 022 191 022 23.7% 26.6% * Including revenues from construction services, management services, sales activities etc. performed for JV projects. 17
Financial condition Statement of Financial Position (PLN thousands) Q2 2015 Q1 2015 Change 2014 Total assets, including: 1 260 280 1 225 387 2.8% 1 141 208 Non-current assets, including: 322 665 317 033 1.8% 306 013 Investment properties and investment properties under construction 67 562 119 187 (43.3%) 121 550 Land designated for development 132 375 67 944 94.8% 57 921 Investments in joint ventures 44 791 53 848 (16.8%) 52 809 Inventories 591 410 539 062 9.7% 522 596 Trade and other receivables 69 322 61 587 12.6% 63 952 Amounts kept on individual escrow accounts 33 145 32 942 0.6% 58 012 Cash and cash equivalents 237 109 271 169 (12.6%) 185 807 Equity 466 698 493 027 (5.3%) 476 795 Total liabilities, including: 793 582 732 360 8.4% 664 413 LT interest liabilities 355 426 398 915 (10.9%) 309 864 Current interest liabilities 98 588 21 067 368.0% 82 970 Advances received from clients 223 281 170 432 31.0% 141 367 Net debt ratio** 0.35 0.19-0.24 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 50 000 thousand 18
Statement of cash flow in Q1-2 2015 Cash flows (PLN thousands) Q1-2 2015 Q1-2 2014 Net cash flows from operating activities, including: 31 402 69 720 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: 23 155 (54 477) Proceeds from issue of bonds 80 000 60 000 Repayment of bonds (62 000) (48 000) Proceeds from loans and borrowings 171 269 71 503 Repayment of loans reclassified from non-controlling interest (20 930) (34 964) Repayment of bank and other loans (102 093) (83 758) Interest and commissions paid (12 356) (10 935) Net change in cash and cash equivalents 51 752 9 964 19
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 39.68 million 24.19 million 1.82 million 52.61 million 125.41 million BONDS 90.00 million 18.00 million 60.00 million 140.00 million - 308.00 million TOTAL 97.11 million 57.68 million 84.19 million 141.82 million 52.61 million 433.41 million JV PROJECTS (proportionally to ownership): BANK CREDIT FACILITIES - 14.55 million 2.28 million - - 16.83 million GRAND TOTAL 97.11 million 72.23 million 86.47 million 141.82 million 52.61 million 450.24 million * Including the nominal value of lease payments relating to sale and leaseback transaction of the office building 20
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 2010-2014 (in PLN) 21
Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 22
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
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 2 532 2 360 Construction Project Stage Number of units Start End Osiedle Kameralne II 1 159 0 159 3Q 2015 4Q 2016 Modern Żoliborz Residence 1 138 0 138 1Q 2015 2Q 2016 Young City (9) 7 142 0 142 3Q 2015 4Q 2016 Albatross Towers 5 177 0 177 1Q 2015 3Q 2016 Construction's start in 2015, introduced to the offer in 2014 616 0 616 Construction Project Stage Number of units Start End Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C15/2, C16) 14 137 137 137 2Q 2015 3Q 2016 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C8,C9) 15 167 167 167 4Q 2015 1Q 2017 Słoneczna Morena (S4S5) 15 269 269 269 2Q 2015 4Q 2016 MoreNova 1 178 178 178 4Q 2015 2Q 2017 Young City (7) 8 152 152 152 3Q 2015 1Q 2017 Young City (8) 9 152 152 152 4Q 2015 1Q 2017 Królewski Park (H) 3 49 49 49 2Q 2015 4Q 2016 Królewski Park (I, J) 4 102 102 102 3Q 2015 4Q 2016 Królewski Park (E) 5 51 51 51 3Q 2015 4Q 2016 Królewski Park (C, D) 6 100 100 100 3Q 2015 4Q 2016 Młody Wilanów (III) 2 69 69 69 3Q 2015 4Q 2016 Młody Wilanów (II) 3 75 75 75 4Q 2015 1Q 2017 Green Mokotów Residence 1 115 115 115 4Q 2015 1Q 2017 Mila Baltica 1 128 128 128 3Q 2015 4Q 2016 Construction's start in 2015, introduced to the offer in 2015 1 744 1 744 1 744 Construction Project Stage Number of units Start End Osiedle Kameralne (IV) 3 43 43 0 1Q 2016 2Q 2017 Green Mokotów Residence (1B, 3) 2 91 91 0 1Q 2016 2Q 2017 Stacja Nowy Ursus 1 142 142 0 1Q 2016 2Q 2017 Lawendowe Wzgórze/ Stacja Nowy Gdańsk (C6,C7) 16 124 124 0 2Q 2016 3Q 2017 Słoneczna Morena (B 9-10) 16 4 4 0 1Q 2016 1Q 2017 Słoneczna Morena (W1) 17 241 241 0 1Q 2016 3Q 2017 Mila Baltica 2 143 143 0 1Q 2016 2Q 2017 Planned construction's start in 2016, introduction to the offer in 2015 788 788 0 24
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
Agenda I. Summary II. Presales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 26
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. 1300 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
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 2014. 28
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 2014. 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 2014. 29
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 2015. 30
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
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
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. 2000 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 2015. 33
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, 8 542 units Planned completion date: Q4 2015, Q4 2015 Q4 2016, Q1 2017 Total sellable area: 27,707 sqm Location: Bemowo Osiedle Królewskie Stages: 5, 6 207 units Planned completion date: Q4 2015, Q4 2015 Total sellable area: 13,529 sqm Location: Wilanów Presold: 379 70% Presold: 205 99% 34
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: 1 159 units Planned completion date: Q4 2016 Total sellable area: 8,091 sqm Location: Bemowo Królewski Park Stages: 1, 2, 3, 4, 5, 6 530 units Planned completion date: Q1 2016, Q1 2016, Q4 2016 Q4 2016, Q4 2016, Q4 2016 Total sellable area: 27,521 m 2 Location: Wilanów Presold: 52 33% Presold: 371 70% 35
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, 2 182 units Planned completion date: Q1 2016, Q4 2016 Total sellable area: 9,053 sqm Location: Wilanów Park Wola Residence Stage: 1 318 units Planned completion date: Q2 2016 Total sellable area: 16,916 m 2 Location: Wola Modern Żoliborz Residence Stage: 1 138 units Planned completion date: Q2 2016 Total sellable area: 7,906 m 2 Location: Żoliborz Presold: 128 70% Presold: 167 53% Presold: 118 86% 36
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, 14 274 units Planned completion date: Q4 2015, Q3 2016 Total sellable area: 11,199 sqm Location: Jasień Słoneczna Morena Stages: 14, 15 486 units Planned completion date: Q1 2016, Q4 2016 Total sellable area: 22,355 sqm Location: Piecki-Migowo Presold: 197 72% Presold: 250 51% 37
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: 1 128 units Planned completion date: Q4 2016 Total sellable area: 6,966 sqm Location: Zaspa Albatross Towers Stages: 4, 5 353 units Planned completion date: Q4 2015, Q3 2016 Total sellable area: 16.411 sqm Location: Przymorze Presold: 66 52% Presold: 326 92% 38
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: Q4 2015 Planned completion date Q1 2017 Total sellable area: 3,746 sqm Location: Wilanów Green Mokotów Stage: 1 115 units Planned start date: Q4 2015 Planned completion date Q1 2016 Total sellable area: 8,176 sqm Location: Wilanów Presold : 8 11% Presold : 8 7% 39
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: 15 167 units Planned start date: Q4 2015 Planned completion date Q1 2017 Total sellable area: 7,273 sqm Location: Jasień Presold : 48 29% 40
Ownership structure According to the current report 87/2015, published on September 17th, 2015 41
HIGHTLIGHTS Please contact us: Investor Relations ROBYG SA e-mail: ri@robyg.com.pl tel. (22) 419 11 00 Sale results Q1-3 2015 Highlights Q1-2 2015 * Assuming the continuation of the proportional consolidation for JV projects, ** Including amounts kept on individual escrow accounts. 42