ROBYG GROUP Presentation for investors

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ROBYG GROUP
Presentation for investors
Warsaw, 19th October, 2011
Niniejsza prezentacja nie podlega rozpowszechnianiu, bezpośrednio czy pośrednio, na terytorium albo do Stanów Zjednoczonych Ameryki, Australii, Kanady oraz Japonii.
1
Agenda
I.
Company overview
II.
1Q-3Q 2011
III. Plans for the upcoming quarters
IV. Appendix
2
ROBYG Group – company overview

Sales results after the first 3 quarters of 2011– 783 units sold (3rd place among
5 stages under
construction and
plots
developers)

Approx. 1,400 units under construction and nearly 700 to be launched by the end of 2011
Currently about 1,100 units on offer (as of 30.09.2011)
Acquisitions of two projects in 1Q of 2011:

Gdańsk
Strong cash position (PLN 191,4 mln at the end of 1H 2011) allows for plot acquisition
51% in office and commercial project in Wilanów (35,000- 40,000 sq.m to develop);
50% in ROBYG Ogród Jelonki project located in Bemowo (approx. 600 apartments)
Wrocław
Plots
2Q: Signing of a preliminary conditional agreement to purchase a plot in Bemowo district
Warszawa
5 stages
under
construction
(approx. 300 units)

3Q: Signing of an agreement concerning the acquisition of 49% stake in Fort Property, which
had signed a preliminary conditional agreement to purchase a property in Warsaw (aggregate
area: approx. 6.6 ha). A PLN 45 mln loan was given to Fort Property.
Units sold*
400
300
292
200
100
0
190
97
1q2010
2q2010
115
140
3q2010
4q2010
1q2011
242
249
2q2011
3q2011
* Presale
3
4
1Q – 3Q 2011
- an overview
4
1Q-3Q 2011: an overview
SALES PERFORMANCE
783 units sold (402 in 1-3Q of 2010)
IMPLEMENTED RESIDENTIAL PROJECTS
Launch of construction of 500 units
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 Warsaw (aggregate area: approx. 6.6 ha)
OFFICE AND COMMERCIAL MARKET
Acquisition of 51% stake in Wilanów Office Center Sp. z o.o.
CAPITAL MARKET
Another (4th) bond issue (series: D).
„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.
Dividend payment for 2010 amounting to PLN 18 mln (PLN 0.07 per share) on 29th July 2011

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 pre-emptive rights of the
existing shareholders. The Company’s share capital was conditionally increased by not more than PLN
571.000 and not less than 0.10 by way of issuing not less than 1 and not more than 5.710.000 ordinary
bearer series G shares with the nominal value of PLN 0.10 each.
5
ROBYG GROUP – Number of units sold
Number of units sold (quarterly)
net sales
+116.5% YOY
292
242
190
115
97
249
+94.8% 1Q-3Q11/
1Q-3Q10
140
3rd place among
developers after 9
months of 2011
1q2010
2q2010
3q2010
4q2010
1q2011
2q2011
3q2011
Number of units sold (annually)
net sales
1000
Target: 1000
units to be sold
in 2011
542
87
2008
783
290
2009
2010
E2011
783 units sold
during first 9
months of 2011
(78.3% of the
predicted annual
sales)
6
ROBYG GROUP – Units on offer
Number of units
1200
1000
78
48
1030
1036*
2q2011
3q2011
101
800
125
96
126
600
400
200
0
184
852
699
671
676
2q2010
3q2010
4q2010
373
1q2010
Units in projects under construction
1q2011
Units in completed projects
* Including units whose construction has not started (as of 30.09.2011)
7
ROBYG GROUP – Units recognized in the revenues (as of 30.06.2011)
Number of units recognized in revenues (quarterly)
units recognized in the revenues
204
117
1q2010
103
2q2010
69
3q2010
4q2010
47
46
1q2011
2q2011
POTENTIAL FOR REVENUE RECOGNITION

Units contracted but not recognized:
I. Completed: 43 units
II. Under construction: 679 units
III. Available in a presale, although their construction has not started yet: 40
units
Units not contracted and not recognized:
I. Completed: 78 units
II. Under construction: 655 units
III. Available in a presale, although their construction has not started yet: 375
units
8
ROBYG GROUP – Key financial data
P&L (PLN thousand)
1H2011
1H2010
2Q2011
2Q2010
62 621
141 068
27 794
65 790
Cost of sales
(51 300)
(109 823)
(22 416)
(51 161)
Gross profit
11 321
31 245
5 378
14 629
Economic gross profit on
sales
17 586
43 294
7 782
19 460
Selling and distribution
expenses
(4 368)
(2 547)
(1 897)
(1 227)
Administrative expenses
(6 765)
(4 559)
(3 909)
(2 371)
Profit before tax
6 048
26 677
4 245
11 725
Net profit
3 324
19 427
2 687
8 698
Economic net profit
9 589
31 476
5 091
13 529
1H2011
1H2010
2Q2011
2Q2010
Gross profit margin on sales
18.1%
22.1%
19.3%
22.2%
Economic gross profit margin
on sales
28.1%
30.7%
28.0%
29.6%
Net profit margin
5.3%
13.8%
9.7%
13.2%
Economic profit margin
15.3%
22.3%
18.3%
20.6%
Revenues
Margins (%)
9
ROBYG GROUP – Key financial data
Balance (PLN thousand)
1H2011
1H2010
2010
Total assets
1 153 817
935 026
1 046 466
Non-current assets, including:
327 063
388 477
342 477
Investment property
136 076
91 027
93 440
Land designated for
development
149 008
263 627
208 375
619 491
503 735
505 130
Trade and other receivables
9 492
5 872
6 243
Cash and cash equivalents
191 404
34 020
190 063
Total equity
535 322
455 521
549 042
Total liabilities
618 495
479 505
497 424
0.35
0.44
0.31
Inventories
Leverage ratio*
* - Leverage ratio = net debt/ (total equity + net debt)
Net debt = total interest bearing loans and borrowings + other liabilities + trade and other payables - cash and cash equivalents
10
ROBYG GROUP – Revenues by projects and activity in 1H 2011
Activity
Residential
property
development
(Warsaw,
Gdańsk)
Other
revenues
TOTAL
Total
revenues
(PLN
thousand)
54 298
8 323
62 621
Margins (%)
Sales revenues
recognized in relation
to particular project
(PLN thousand)
Sales
Economic
gross profit on
sales
Nowa Rezydencja
Królowej Marysieńki
11 537
25.5%
25.5%
Osiedle Zdrowa
16 423
20.2%
38.6%
City Apartments
18 308
11.9%
28.3%
Lawendowe
Wzgórza
5 636
34.2%
38.3%
Słoneczna Morena
2 394
23.9%
23.9%
Construction
services provided to
related party
ROBYG Ogród
Jelonki
7 333
8.3%
8.3%
Revenues from
related and third
parties
990
-
-
62 621
18.1%
28.1%
Projects
11
Debt financing (amount and maturity of bank loans and bonds) as for 30.06.2011
Total value of external financing: 334.46 mln PLN,
of which over 188.2 mln PLN has a maturity of 3 years and 70.4 mln PLN has a maturity of 4 years
1 year
2 years
3 years
4 years
18.2 mln
57.7 mln
85.4 mln
30.4 mln
191.7 mln
BONDS
-
-
102.75 mln
40 mln
142.75 mln
TOTAL
18.2 mln
57.7 mln
188.15 mln
70.4 mln
334.46 mln
BANK LOANS
Total
12
13
Plans for the upcoming
quarters
13
Plans for the upcoming quarters
Major goals

To maintain sales growth and sales at the level of approx. 1000 units in 2011

To launch the construction of approx. 700 new units in 4Q 2011

To launch the construction of over 400 new units in Gdańsk in 2012 (currently
Gdańsk market has the highest potential for growth in Poland)

To complete the construction of approx. 1500 units in 2011 and 2012
Other goals

To increase the amount of investment land (attractive locations to be purchased
for a good price)

To take further significant steps towards expansion of the operations in the
commercial and office market

To start the first residential project in Wrocław
14
Number of units to be completed in years 2011-2012 (contracted)
as of 30.09.2011
Total number of units scheduled for completion in years 2011-2012: 1,487
Number of contracted units to be completed in years 2011-2012: 862
2009
2010
2011
Osiedle Zdrowa
(Warsaw)
161 (137)*
Nowa Rezydencja
Królowej Marysieńki
(Warsaw)
229 (138)*
City Apartments
(Warsaw)
2012
174 (119)
196 (36)
173 (2)
228 (169)
Lawendowe Wzgórza
(Gdańsk)
58 (53)
207 (53)
Słoneczna Morena
(Gdańsk)
73 (45)*
73 (26)
Albatross Towers
(Gdańsk)
149 (19)
Osiedle Kameralne
(Warsaw)
135 (103)
521 (373)
2013
966 (489)
219 (50)
588 (88)
() – in brackets number of pre-sold units is presented
*- possible change of completion date to 1Q 2012
15
16
Appendix
16
Projects under construction
Projects under construction
1,393 units, GFA: over 90,4 thousand sq.m, 11 stages in 7
projects
Nowa Rezydencja Królowej Marysieńki
Stages: 8&10
• 229 units
• Expected completion date: 4Q 2011/ 1Q
2012
• Aggregate area : 17,517 m2
• Location : Warsaw, Wilanów
Osiedle Zdrowa
Stages: 2, 5
• 335 units
• Expected completion date : 4Q 2011 and
3Q 2012,
• Location : Warsaw, Wilanów
Słoneczna Morena
Stages: 2, 3
• 133 units
• Expected completion date: 4Q
2011/1Q2012 and 2Q 2012
• Location : Gdańsk, Piecki-Migowo
Lawendowe Wzgórza
Stages: 2, 3, 4
• 184 units
• Expected completion date: 4Q 2011, 2Q
2012, 4Q 2012
• Location : Gdańsk, Południe
Presale: 138
units
Presale: 256
units
Presale: 60
units
City Apartments – Stage 2
• 228 units
• Expected completion date:
2012
• Location : Warsaw Żoliborz
Presale: 169
1Q units
Osiedle Kameralne – Stage 1
• 135 units
• Expected completion date:
2012
• Location : Warsaw, Bemowo
Presale: 103
1Q units
Albatross Towers
Stage 1
• 149 units
• Expected completion date: 4Q 2012
• Location : Gdańsk, Przymorze
Presale: 19
units
Presale: 106
units
Total presale at the end of September 2011: 851
17
Projects to be launched in 4Q 2011
To be launched in 4Q 2011
681 units, GFA: ca. 41,6 thousand sq.m, 5 stages in 5 projects
Nowa Rezydencja Królowej
Marysieńki Stage 7
• 173 units
• Location: Warsaw, Wilanów
Osiedle Zdrowa Stage 3
• 194 units
2013
• Location: Warsaw, Wilanów
Presale: 2
units
City Apartments Stage 3
• 219 units
2013
• Location: Warsaw, Żoliborz
Presale: 50
units
Presale: 36
units
Słoneczna Morena Stage 4
• 12 units
• Location: Gdańsk, Piecki-Migowo
Lawendowe Wzgórza Stage 5
81 units
Expected completion date: Q4 2012
Aggregate area : 4,318 m2
Location: Gdańsk, Południe
•
•
•
•
18
Thank you!
AIM HIGH
19

ROBYG GROUP Presentation for investors

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