ROBYG GROUP 2011 Financial results Warsaw, March 15th, 2012

Transkrypt

1 ROBYG GROUP 2011 Financial results Warsaw, March 15th, 2012 Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 1

2 Agenda I. Company overview II an overview III. Plans for the upcoming quarters IV. Appendix Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 2

3 ROBYG Group company overview Excellent sales results in units sold (3rd place among residential developers) Approx units under construction (at year end) and approx to be launched in 2012 About 950 units on offer (as of ) Strong cash position at the end of 2011 (PLN 128,5 mln); high net operating cash flow (PLN 112,4 mln) Acquisition of projects in 2011: 51% in office and commercial project in Wilanów with area of sq.m to develop (Q1); 50% in ROBYG Ogród Jelonki project located in Bemowo with potential to build approx. 600 apartments (Q1) Signing of a preliminary conditional agreement to purchase a plot in Bemowo district with potential to build approx. 300 units (Q2) Signing of an agreement concerning the acquisition of 49% stake in FORT Property, which purchased a property in Bemowo district in Warsaw for approx. PLN 43 mln. (Q3) As of reporting date ROBYG holds 100% stake in FORT Property Signing in Q4 a loan agreement with Getin Noble Bank amounting to PLN 24 mln with purpose to finance the residential project of FORT Property Wrocław Plots Gdańsk 4 stages under construction and plots Warszawa 5 stages under construction Units sold* * Presale Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 3

4 an overview Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 4

5 2011: an overview (I) ROBYG GROUP FINANCIALS Revenues at PLN 160,5 mln Gross profit from sales at PLN 30,9 mln and economic gross profit on sales at PLN 42,2 mln Net profit at PLN 28,1 mln and economic net profit at PLN 39,4 mln Operating cash flow of PLN 112,4 mln ROBYG STANDALONE FINANCIALS Net profit at PLN 27,4 mln SALES PERFORMANCE 1019 units sold (542 in 1-4Q of 2010) IMPLEMENTED RESIDENTIAL PROJECTS Construction launch of approx. 950 units in 2011 Completion of construction of 5 stages of projects in 2011 RESIDENTIAL PROJECTS DEVELOPMENT Acquisition of a 50% stake in ROBYG Ogród Jelonki Sp. z o.o. (approx. 600 units) Signing of a preliminary conditional agreement to purchase a plot in Bemowo district (approx. 300 units) Signing of an agreement concerning the acquisition of 49% stake in Fort Property, which has signed a preliminary conditional agreement to purchase a property in Bemowo district in Warsaw (aggregate area: approx. 6.6 ha) for approx. PLN 43 mln (as of reporting date ROBYG holds 100% stake in FORT Property) Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 5

6 2011: an overview (II) OFFICE AND COMMERCIAL MARKET Acquisition of 51% stake in Wilanów Office Center Sp. z o.o., which has signed a rental agreement with Alma S.A. concerning commercial space in the 1st stage of the project for which the company obtained the building permit in January Construction has started in February 2012 CAPITAL MARKET 4th bond issue (series: D). Series D bonds value PLN 40 mln Purpose financing of the project carried out by Willanów Office Center and other financial needs of the Group First public listing of ROBYG corporate bonds (A, B, C) on ASO Catalyst was held on 17th March. Series D bonds have been listed since 7th October. On 20th September the court registered the conditional increase of the share capital of the Company achieved by means of issuance of subscription warrants with the exclusion of the preemptive rights of the existing shareholders. ROBYG share capital was conditionally increased by up to PLN by way of issuing up to ordinary bearer series G shares with the nominal value of PLN 0.10 each. DIVIDEND Dividend payment for 2010 amounting to PLN 18 mln (PLN 0.07 per share) on 29th July 2011 Dividend payment for 2011: the Supervisory Board has approved recommendation of Management Board to propose to the Annual General Meeting that a dividend of PLN 0.12 per share be paid for the 2011 financial year Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 6

7 ROBYG GROUP Number of units sold Number of units sold (quarterly) +88% YOY +68% 4Q11/ 4Q2010 3rd place among developers in 2011 Number of units sold (annually) Target to sell 1000 units in 2011 achieved 1019 units sold in 2011 (102% of the predicted annual sales) Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 7

8 ROBYG GROUP Units on offer * Including units which construction has not started (as of ) Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 8

9 ROBYG GROUP Units recognized in the revenues Number of units recognized in revenues (quarterly) POTENTIAL FOR REVENUE RECOGNITION Units contracted but not recognized: I. Completed: 261 units II. Under construction: 744 units III. Available in a presale, although their construction has not started yet: 22 units Units not contracted and not recognized: I. Completed: 147 units II. Under construction: 557 units III. Available in a presale, although their construction has not started yet: 244 units Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 9

10 ROBYG GROUP Key financial data P&L (PLN thousand) Revenues Cost of sales ( ) ( ) (84 853) Gross profit Economic gross profit on sales Other income Administrative expenses (17 394) (15 133) (9 792) Other expenses (including write-down of inventories) (6 972) (372) (276) Finance income Finance costs (16 396) (6 542) (10 077) Profit before tax Net profit Economic net profit Margins (%) Gross profit margin on sales 19.3% 22.5% 16.8% Economic gross profit margin on sales 26.3% 33.3% 22.8% Net profit margin 17.5% 12.5% 6.1% Economic net profit margin 24.6% 23.4% 12.0% Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 10

11 ROBYG GROUP Key financial data Balance (PLN thousand) Q Total assets Non-current assets, including: Investment property Land designated for development Inventories Trade and other receivables Cash and cash equivalents Total equity Total liabilities Leverage ratio* * - Leverage ratio = net debt/ (total equity + net debt) Net debt = total interest bearing loans and borrowings + other liabilities + trade and other payables + accruals - cash and cash equivalents Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 11

12 ROBYG GROUP Revenues by projects and activity in 2011 Activity Total revenues (PLN thousand) Projects Sales revenues recognized in relation to particular project (PLN thousand) Margins (%) Sales Economic gross profit on sales Nowa Rezydencja Królowej Marysieńki % 24.5% Residential property development (Warsaw, Gdańsk) Osiedle Zdrowa % 38.2% City Apartments % 28.6% Lawendowe Wzgórza % 25.7% Słoneczna Morena % 25.8% Szczęśliwy Dom % 7.3% Other revenues Construction services provided to related party ROBYG Ogród Jelonki Revenues from related and third parties % 9.4% TOTAL % 26.3% Margin from development activity 20.8% 28.6% Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 12

13 Debt financing (amount and maturity of bank loans and bonds) as of Total value of external financing: mln PLN, of which mln PLN has a maturity of more than 2 years and 40.0 mln PLN has a maturity of more than 3 years <1 year 1-2 years 2-3 years 3-4 years Total BANK LOANS mln mln mln mln BONDS mln mln mln TOTAL mln mln mln 40.0 mln mln Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 13

14 14 Plans for the upcoming quarters Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 14

15 Plans for the upcoming quarters MAJOR GOALS To maintain sales growth and sales at the level of approx units in 2012 To sale in each quarter about 20% - 25% of units on offer To launch the construction of approx new units in 2012 To complete the construction of the 1st stage of the commercial project in Wilanów and to launch construction of individual commercial buildings in Gdańsk To complete the construction of approx. 930 units in 2012 OTHER GOALS To increase the amount of investment land (attractive locations to be purchased for a good price) Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 15

16 Number of units to be completed in years (as well as contracted) as of Total number of units scheduled for completion in years : 1568 Number of contracted units to be completed in years : Osiedle Zdrowa (Warsaw) 161 (140) 368 (207) Nowa Rezydencja Królowej Marysieńki (Warsaw) 229 (161) 173 (9) City Apartments (Warsaw) 228 (193) 218 (86) Lawendowe Wzgórza (Gdańsk) 58 (55) 126 (75) 81 (11) Słoneczna Morena (Gdańsk) 72 (50) 73 (36) 12 (2) Albatross Towers (Gdańsk) 154 (23) Osiedle Kameralne (Warsaw) 135 (124) 520 (406)* 930 (635) 638 (131) () in brackets number of pre-sold units is presented * - from 406 units only 169 were recognized in FY2011 revenues Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 16

17 17 Appendix Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 17

18 Projects under construction - Warsaw WILANÓW Nowa Rezydencja Królowej Marysieńki A high quality housing estate project implemented by the Group since Located in Wilanów district of Warsaw, in the so-called Miasteczko Wilanów, near Wilanów Palace. The project involves building a total number of approx units in 9 stages. WILANÓW Osiedle Zdrowa A good-quality flats project implemented in Miasteczko Wilanów. The project involves building a total number of approx. 860 units in 5 stages. ŻOLIBORZ City Apartments A high quality housing estate located in southern Żoliborz. The project involves building a total number of approx apartments and commercial units in 6 stages. BEMOWO Osiedle Kameralne A good quality flats project located in Bemowo-Jelonki district of Warsaw. It is possible to build approx. 600 units on the plot of land owned by the company. ROBYG is finishing the 1st stage of the project and plans to launch next ones. Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 18

19 Projects under construction Warsaw (2) WILANÓW ROBYG Business Center A commercial and office space project comprised of several stages. Aggreagate floor area: m2. In January 2012 ROBYG obtained a building permit for the first of the buildings, whose aggregate floor area will amount to over m2, consisting of: commercial space office space First major tenant: Almost the whole ground floor will be occupied by Alma Market SA Expected completion date: half of 2013 Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 19

20 Projects under construction - Gdańsk JASIEŃ Lawendowe Wzgórza The project is located in the south of Gdańsk. It involves building about 1200 standard flats and commercial units in stages consisting of houses and apartments buildings. The aggregate land area exceeds 41 ha. 2/3 of the project area is an investment property with potential to build approx flats. MORENA Słoneczna Morena Project located in Piecki-Migowo district. It consists of semidetached houses, villas and apartments buildings. The project involves building a total number of approx units. PRZYMORZE Albatross Towers The project will consist of 5 modern 18 storey buildings, approx. 720 higher standard flats and commercial units. Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 20

21 Projects completed in 2011 Projects completed in units, Sellable area: over 35,6 thousand sq. m, 5 stages in 4 projects Nowa Rezydencja Królowej Marysieńki Stages: 8& units Completion date : 4Q 2011 Aggregate area : 17,517 m2 Location : Warsaw, Wilanów Osiedle Zdrowa Stage units Completion date : 4Q 2012, Aggregate area : m2 Location : Warsaw, Wilanów Presale: 161 Presale: 140 Słoneczna Morena Stage 2 59 units Completion date : 4Q 2011 Aggregate area : 3,350 m2 Location : Gdańsk, Piecki-Migowo Presale: 39 Słoneczna Morena Stage 1b 13 units Completion date : 2Q 2011 Aggregate area: 1,368 m2 Location: Gdańsk, Piecki-Migowo Presale: 11 Lawendowe Wzgórza Stage 2 58 units Completion date : 4Q 2011 Aggregate area : m2 Location : Gdańsk, Południe Presale: 55 Total presale as of : 406 Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 21

22 Projects under construction Projects under construction 1301 units, Sellable area: over 81,9 thousand sq. m, 9 stages in 6 projects Osiedle Zdrowa Stages: 2, units Expected completion date : 2Q 2012 and 1Q 2013, Aggregate area : 21,880 m2 Location : Warsaw, Wilanów Osiedle Kameralne Stage units Expected completion date : 1Q 2012 Aggregate area : 7,868 m2 Location : Warsaw, Bemowo Presale: 207 City Apartments Stages: 2, units Expected completion date : 1Q 2012 and Q Aggregate area : 31,226 m2 Location : Warsaw, Żoliborz Presale: 279 Presale: 124 Słoneczna Morena Stage 3 73 units Expected Completion date : 3Q 2012 Aggregate area : 4,391 m2 Location : Gdańsk, Piecki-Migowo Presale: 36 Lawendowe Wzgórza Stages: 3, units Expected completion date: 2Q 2012, 4Q 2012 Aggregate area : 6,475 m2 Location : Gdańsk, Południe Presale: 75 Presale: Albatross Towers Stage units Expected completion date : 1Q 2013 Aggregate area : 10,049 m2 Location : Gdańsk, Przymorze 23 Total presale as of : 744 Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 22

23 To be launched in 2012 To be launched in units, Sellable area: approx thousand sq. m, 11 stages in 6 projects Nowa Rezydencja Królowej Marysieńki Stage units Expected completion date: 2Q 2013 Aggregate area: 10,327 m2 Location: Warsaw, Wilanów Presale: 9 City Apartments Stage units Expected completion date : 4Q 2013 Aggregate area: 17,481 m 2 Location: Warsaw, Żoliborz Osiedle Kameralne Stage 2 98 units Expected completion date : 4Q 2013 Aggregate area: 5,700 m2 Location: Warsaw, Bemowo Young City Stages: 1, units Expected completion date : 3Q-4Q 2013 Aggregate area: 16,800 m2 Location: Warszawa, Bemowo Słoneczna Morena Stages: 4, 5, 6 92 units Expected completion date : 1Q Q 2013 Aggregate area: 6,639 m2 Location: Gdańsk, Piecki-Migowo Lawendowe Wzgórza Stages: 5, 6, lokale Expected completion date : 1Q Q2013 Aggregate area: 13,260 m2 Location: Gdańsk, Południe Presale: 2 Presale: 11 In February 2012 the Group has launched the 1st stage of a commercial project in Wilanów district of Warsaw ROBYG Business Center Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 23

24 Thank you! AIM HIGH Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii. 24