Dom Development S.A. H1 2015 Results Presentation
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Dom Development S.A. H1 2015 Results Presentation 26 August 2015
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Transcript of Dom Development S.A. H1 2015 Results Presentation
Dom Development S.A.
H1 2015 Results Presentation 26 August 2015
Presentation Plan
2
Highlights 3 Residential Market in Q2 2015 4 Operations: Quarterly Net Sales 5 Dom’s Offer 6 New construction starts 7 Units under construction and in preparation 8 Handovers 9 Finance: Profit & Loss Account 10 Balance Sheet 11 Interest-bearing debt – maturity dates 12 Summary 13 Appendices Appendix 1: Commencement of Handovers in 2015 15 Appendix 2: Dom’s Projects under Construction and in Land Bank 16-17
Gaining altitude
• Q2 2015 record sales of 598 units (24% rise YoY)
• Offer further widened with new projects on left bank of Vistula
• Attractive land plots acquired in Mokotów and Ochota districts of Warsaw
• Safe cash levels(PLN 300m) and low gearing of 9%
3
Highlights
• Strong Q2 sales are a good leading indicator for H2 2015
• Homes for the Young still clearly supports Warsaw market
• Continuing, positive influence of record-low interest rates
• Strong demand in all primary market segments
4
Residential Market in Q2 2015
5
347
399427
479
407
483509
545
467
598
0
100
200
300
400
500
600
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
No. of units
Quarterly Net Sales
Dom’s Offer
6
1 535 1 679 1 288
2 163 2 268 2 022
2 292 2 364
341 261
473
391 334
312
212 294
-
500
1 000
1 500
2 000
2 500
30/09/2013 1 876
31/12/2013 1 940
31/03/2014 1 761
30/06/2014 2 554
30/09/2014 2 602
31/12/2014 2 334
31/03/2015 2 504
30/06/2015 2 658
Units under construction Units on finished projects
No. of units
7
234
728
297
1 055
345263
637
752
0
200
400
600
800
1 000
1 200
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
2 projects 2 projects 4 projects 4 projects 1 project 7 projects 1 project 3 projects
No. of units
New Construction Starts
3 029 2 601
3 259 3 242 2 927 3 564 3 727
6 360 6 349
5 278 4 937 4 672
6 276 5 762
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
31/12/2013 31/03/2014 30/06/2014 30/09/2014 31/12/2014 31/03/2015 30/06/2015
Under construction In preparation
8
No. of units
Units under construction and in preparation
Handovers
9
Units sold but not delivered
31.03.2015 30.06.2015
1 384 units
1 607 units, including:
• 244 units on finished projects • 1 363 units under construction
260
508 520457
383
636
190
375
0
100
200
300
400
500
600
700
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
No. of units
Financial Results
Q2 2015 Q2 2014 Change H1 2015 H1 2014 Change
Sales Revenues 157.8 163.0 (3.2)% 230.3 361.6 (36.3)%
Revenue per 1 Unit Delivered (PLNk) 420.7 356.6 18.0% 407.6 370.1 10.1%
Gross Profit on Sales 38.2 21.1 81.0% 56.5 53.7 5.2%
Gross Profit Margin 24.2% 12.9% 11.2 pp 24.5% 14.8% 9.7 p.p.
EBITDA 14.2 3.7 279.5% 9.5 13.3 (28.4)%
EBITDA Margin 9.0% 2.3% 6.7 pp 4.1% 3.7% 0.5 p.p.
Net Profit 10.6 1.7 518.4% 5.1 10.9 (53.1)%
EPS (PLN) 0.43 0.07 540.7% 0.21 0.44 (52.3)%
10 IAS 18, PLN m
Maintaining Strong Balance Sheet
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Consolidated Balance Sheet IAS 18, PLN m 30.06.2015 30.06.2014 Change
Cash 300.2 294.6 1.9%
Work in Progress 1,300.2 1,043.8 24.6%
Units sold and not delivered 1,607 1,072 49.9%
Net Debt 69.8 119.4 (41.5)%
Equity 807.7 813.3 (0.7)%
Gearing (Net Debt/Equity) 8.6% 14.7% (6.0) pp
Net Assets per Share (PLN) 32.61 32.83 (0.7)%
Comfortable, Much Improved Debt Maturity Structure
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0
120
50
100
50
50
0
20
40
60
80
100
120
140
160
180
by 30.06.2016 by 30.06.2017 by 30.06.2018 by 30.06.2019 by 30.06.2020
Unsecured Bonds Bank Loans
PLN m
Cash as of 30/06/2015 – PLN 300m
H1 2015
13
Summary:
Seven plots added to Warsaw land bank with a total development potential of over
2,600 units, including approx. 1,900 units on the left-bank of the Vistula
Four new locations on the left-bank in our offer
3,727 units under construction and 2,658 units in our offer at the end of Q2 2015
Homes for the Young: approx. 30% of Dom’s offer was eligible for the programme as at
the end of Q2 2015
Cash levels still high (PLN 300m) and gearing low (9%) – high potential for land
purchases and new project starts.
Net profit of PLN 10.6m in Q2 2015, giving PLN 5.1m net profit for H1 2015
Appendices
15
Project No. of units in project Commencement of
handovers
Q2
Oaza ph 3 (Wrocław) 234 June 2015
Saska Apartamenty n. Jeziorem ph 1 172 June 2015
Wilno II ph 1 183 June 2015
Q3
Palladium ph 2 245 July 2015
Żoliborz Artystyczny ph 3 228 August 2015
Q4
Aura 1a (Wrocław) 124 October 2015
Wilno 2a ph 2 156 October 2015
Willa Lindego 129 November 2015
Saska Apartamenty n. Jeziorem ph 2 240 November 2015
Rezydencja Mokotów 142 December 2015
Osiedle Pod Różami 110 December 2015
Al. Piastów (Wrocław) 177 December 2015
Żoliborz Artystyczny ph 4 225 December 2015
Appendix 1:
Commencement of handovers in 2015
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PROJECT UNDER
CONSTRUCTION IN PREPARATION
WILLA LINDEGO 129 ---
PEŁCZYŃSKIEGO --- 921
ŻOLIBORZ ARTYSTYCZNY 671 565
OSIEDLE PRZYJACIÓŁ 205 101
WILLE LAZUROWA 166 ---
REZYDENCJA MOKOTÓW 142 ---
OSIEDLE POD RÓŻAMI 110 ---
NOWOSOLIPSOWSKA (NEW)
--- 114
STUDIO MOKOTÓW (GARAŻOWA)
329 ---
DOM POD ZEGAREM (BUKOWIŃSKA)
235 ---
BUKOWIŃSKA NAD SKARPĄ
--- 211
BUKOWIŃSKA III (NEW) --- 181
ANODY --- 207
TOTAL LEFT BANK
1 987 2 300
PROJECT UNDER
CONSTRUCTION IN PREPARATION
REGATY ---- 217
PALLADIUM (AKACJE) 245 780
KLASYKÓW 235 204
MALBORSKA --- 790
WILNO 419 933
APARTAMENTY SASKA NAD JEZIOREM
476 ---
SASKA III --- 383
TOTAL RIGHT BANK
1 375 3 307
Warsaw
Appendix 2:
Projects Under Construction and in Preparation no. of units, as of 30/06/2015
PROJECT IN PREPARATION
PROJECT UNDER CONSTRUCTION
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TOTAL UNDER
CONSTRUCTION IN PREPARATION FINISHED
WARSAW 3 362 5 607 22 338
WROCLAW 365 155 480
DOM 3 727 5 762 22 818
PROJECT UNDER
CONSTRUCTION IN PREPARATION
AL. PIASTÓW 177 ----
AURA 188 155
WROCŁAW 365 155
Wroclaw
Appendix 2, p.2:
Projects Under Construction and in Preparation no. of units, as of 30/06/2015
PROJECT IN PREPARATION
PROJECT UNDER CONSTRUCTION
Dom Development S.A. endeavours to ensure that the information in the presentation is complete. up-to-date and accurate. However. we do not make any guarantees in this respect. Dom Development S.A. connot accept responsibilty for the consequences of using such information. and in particular any loss caused by reliance thereon for the purpose of investment decisions. The material contained in the presentation originates from reliable public sources and to the best knowledge of Dom Development S.A. may be considered reliable.
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For further information, please contact: Magdalena Kempa Investor Relations Specialist
tel. +48 22 351 68 49 e-mail: [email protected] www.inwestor.domdevelopment.com.pl
