GRUPA ROBYG Presentation Warsaw, April 16 th 2013
Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 2
Summary Number of units contracted in 1Q 2013: 303 Number of units contracted in 2012: 1113 1347 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 400 300 200 100 301 Number of units contracted 251 264 297 303 0 1Q 2012 2Q 2012 3Q 2012 Q4 2012 Q1 2013 3
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
Financial results of 2012* Revenues of PLN 402,89 million (+151%) Gross profit on sales PLN 97.60 million (+216%), economic gross profit on sales PLN 139.50 million Net profit (consolidated) PLN 24.99million **, economic net profit of PLN 66.88 million Net cash flows from operating activities PLN 95.76 million Strong cash position as at the end of 2012: PLN 124.08 million * P&L and balance-sheet data compared to 2011. ** Including impairment write-off on long-term land designated for development (PLN 13.50 million). 5
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 2012. January 2013 ROBYG S.A. issued 500.000 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 600.000 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 14.95 million with the purpose of financing current operating activities. 6
Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 7
ROBYG Group number of units contracted 292 Number of units contracted (quarterly) after resignations 301 243 249 235 251 264 297 303 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Number of units contracted (annually) after resignations 542 1019 1113 Planning 1113 units contracted in 2012 (111% of the annual goal) 2010 2011 2012 2013 Units contracted 8
ROBYG Group units on offer Number of units 1200 1000 800 953 101 1108 1084 78 48 949 147 1033 132 1133 1123 111 125 984 109 909 164 600 400 852 1030 1036 802 901 1022 998 875 745 200 0 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 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
ROBYG Group hand-overs Number of units recognised in revenues (quarterly) 232* 204 177 272* 274* 208* 47 46 40 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 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: 160 10
Number of units to be completed in 2013-2014 (and also contracted) until 31 March 2013 2207 total number of residential units scheduled for delivery in 2013-2014 1367 number of contracted units to be completed in 2013-2014 () number of contracted units was provided in parentheses Osiedle Zdrowa (Warszawa) 2010 2011 2012* 2013 2014 161 (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) 1 266 (1 014) 941 (353) Units not recognised for the 2012 FY 160 (90) 1426 (1 104) 11
Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 12
Financial results Statement of Comprehensive Income (PLN thousands) 2012 Q4 2012 2011 Q4 2011 Revenues 402 891 83 928 160 470 72 569 Cost of sales (305 287) (68 268) (129 568) (56 356) Gross profit on sales 97 604 15 660 30 902 16 213 Economic gross profit on sales 139 500 27 031 42 199 19 557 Selling expenses (12 240) (4 198) (9 507) (2 726) Administrative expenses (19 587) (5 586) (17 394) (5 988) Finance income 7 630 2 528 7 068 1 984 Finance costs (18 998) (4 951) (16 396) (8 609) Gross profit 43 703 (9 664) 1 362 (3 909) Net profit 24 985 (13 714) 28 146 24 097 Economic net profit 66 881 (2 343) 39 443 27 441 Margins (%) 1H 2012 2Q 2012 1H 2011 2Q 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
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 87 124 32,0% 32,0% Property development activities (Warsaw, Gdańsk) 394 606 Szczęśliwy Dom 879 13,5% 13,5% Osiedle Zdrowa 110 075 15,0% 34,6% City Apartments 109 718 30,5% 47,4% Osiedle Kameralne 26 091 22,3% 22,3% Lawendowe Wzgórza 30 507 17,8% 22,8% Słoneczna Morena 30 212 31,4% 31,8% Other revenues 8 285 Other revenues from related and unrelated parties 8 285 - - TOTAL 402 891 402 891 24,2% 34,6% 14
Financial condition Statement of Financial Position (PLN thousands) Total assets 2012 Q3 2012 2011 1 210 835 1 208 908 1 216 465 Non-current assets, including: 382 838 370 026 338 388 Investment properties and investment properties under construction 132 886 124 776 141 626 Land designated for development 167 113 164 895 131 070 Inventories 658 276 647 159 687 580 Trade and other receivables Cash and cash equivalents 26 299 24 119 12 565 124 080 149 580 128 551 Equity 522 092 550 289 545 245 Total liabilities, including: 687 933 658 619 671 220 Current interest liabilities 179 468 70 180 103 498 Advances received from clients 192 658 176 073 194 191 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
Statement of cash flow in 2012 Cash flows (PLN thousands) 2012 2011 Net cash flows from operating activities 95 761 112 397 Net cash flows from investing activities (19 980) (53 173) Net cash flows from financing activities, including (79 435) (120 238) Proceeds from the issue of bonds 30 000 40 000 Proceeds from loans and borrowings Net repayment from credit facilities and loans 196 987 252 857 (241 762) (316 552) 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
Debt financing (value and maturity of bank credit facilities and bonds)as at 31 December 2012 PLN 345.2 million total value of financing: PLN 267.0 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 - - +50,00 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 500.000 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 600.000 of bearer A serie bonds each having the nominal value of PLN 100 in the total amount of 60 million 17
Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 18
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 2013 19
Agenda I. Summary II. Sales and hand-overs III. Financial results IV. Plans of ROBYG Group V. Appendices 20
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
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. 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. 22
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 2013. WILANÓW ROBYG Business Center. 23
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
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, 7 300 units Planned completion date: 3Q 2013 and 1Q 2014 Total sellable area: 16,929 sqm Location: Wilanów City Apartments Contracted: 260 Stage: 4 221 units Planned completion date: 1Q 2014 Total sellable area: 17,435 sqm Location: Żoliborz Osiedle Kameralne Stage: 2 108 units Planned completion date: 3Q 2014 Total sellable area: 5,608 sqm Location: Bemowo Young City Stage: 1, 2 311 units Planned completion dates: 4Q 2013, 1Q 2014 Total sellable area: 15,996 sqm Location Warsaw, Bemowo Contracted: 17 Contracted: 142 Contracted: 139 25
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, 8 194 units Planned completion date: 4Q 2013, 2Q 2014 Total sellable area: 9,278 sqm Location Gdańsk, Jasień Słoneczna Morena Stages: 6, 7 213 units Planned completion date: 4Q 2013, 2Q 2014 Total sellable area: 12,516 sqm Location Gdańsk, Piecki-Migowo Contracted: 66 Contracted: 68 26
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, 2 234 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: 3 154 units Planned start date: 3Q 2013 Total sellable area: 7,000 sqm Location: Bemowo 27
Investments planned for 2013: Gdańsk Units planned (Gdańsk): 393 in 3 stages Lawendowe Wzgórza Stage: 9 116 units Planned start date: 4Q 2013 Total sellable area: 5,422 sqm Location: Jasień Słoneczna Morena Stage: 8 141 units Planned start date: 4Q 2013 Total sellable area: 6,652 sqm Location: Piecki-Migowo Albatross Towers Stage: 2 136 units Planned start date: 3Q 2013 Total sellable area: 7,424 sqm Location: Przymorze 28
Please contact us: Investor Relations ROBYG SA e-mail: ri@robyg.com.pl tel. (22) 419 11 00