Presentation FY 2015
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Transcript of Presentation FY 2015
Dom Development S.A.
2015 Results Presentation 29 February 2016
2015
Vigorous growth to record-high levels
• Net profit of PLN 80.8m (+44% YoY)
• Record-high sales of 2 383 units (+23% YoY)
• Record land purchases (12 projects for 4.5k units)
• Safe cash levels (PLN 225m) and low gearing of 16%
2
Residential Market
• Record-high sales with stable prices
• Market supply and demand balanced
• Record-low interest rates underpin demand
• Homes for the Young programme supported Warsaw market
• High share of cash buyers
3
4
820
1 4681 801
1 4781 699
1 944
2 383
0
500
1 000
1 500
2 000
2009 2010 2011 2012 2013 2014 2015
Annual Net Sales
No. of units (flats and shops)
5
347
399427
479
407
483509
545
467
598640
678
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 Q3 2015 Q4 2015
Quarterly Net Sales
No. of units
6
Sales segmentation based on transaction value
* Transaction value includes price of a flat with fit-out (if purchased), storage room (if purchased) and parking place (if purchased).
37% 30% 28% 25%
32% 38%
37% 32%
17% 16% 18%
22%
14% 16% 18% 21%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015
up to PLN 350k 350-450k 450-550k over PLN 550k
452
1 621 1 555 1 545 1 679 2 022
1 696 592
219 242 496 261
312 557
-
500
1 000
1 500
2 000
2 500
31/12/2009 1 044
31/12/2010 1 840
31/12/2011 1 797
31/12/2012 2 041
31/12/2013 1 940
31/12/2014 2 334
31/12/2015 2 253
Units under construction Finished units
7
As of 31/12/2015 Dom’s offer includes units in 13 Warsaw sites and in 3 Wroclaw sites.
Dom’s Offer
No. of units
8
604
2 199
1 716 1 7211 892 1 960
Q1: 637
Q2: 752
Q3: 735
Q4: 279
0
500
1 000
1 500
2 000
2 500
2009 2010 2011 2012 2013 2014 2015
10 projects
10 projects
2 projects
12 projects
11 projects
13 projects
2 403
7 out of 13 projects commenced in 2015 are new locations.
12 projects
New Construction Starts
No. of units
2 824 2 989 2 153
3 029 2 927 2 958
6 973
8 190
7 152 6 360
4 672
6 504
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
31/12/2010 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015
Under construction In preparation
9
Units under construction and in preparation
No. of units
10
1 2
4 3
5 6
7 8 11
12 13
9 10
14
15
17
16
19
21
18
20 22
NO PROJECT UNDER
CONTRUCTION IN
PREPARATION
1 ŻOLIBORZ ARTYSTYCZNY 380 403
2 PREMIUM 206 708
3 OSIEDLE PRZYJACIÓŁ 300 ---
4 WILLE LAZUROWA 166 ---
5 NOWOSOLIPSOWSKA --- 114
6 OS. POD RÓŻAMI III (NEW) --- 50
7 STUDIO MOKOTÓW 329 ---
8 DOM POD ZEGAREM 235 ---
9 APARTAMENTY MOKOTOW NAD SKARPĄ (BUKOWIŃSKA II)
184 ---
10 CYBERNETYKI (NEW) --- 600
11 BUKOWIŃSKA III --- 181
12 TANECZNA (NEW) --- 115
13 ANODY --- 207
TOTAL LEFT BANK 1 800 2 378
NO PROJECT UNDER
CONTRUCTION IN
PREPARATION
14 REGATY --- 217
15 PALLADIUM (AKACJE) --- 780
16 KLASYKÓW 235 204
17 MODERNA 171 593
18 SAMARYTANKA (NEW) --- 581
19 WILNO 452 744
20 MOTOROWA (NEW) --- 493
21 APARTAMENTY SASKA NAD JEZIOREM
236 ---
22 SASKA III --- 359
TOTAL RIGHT BANK 1 094 3 971
Warsaw
TOTAL UNDER
CONSTRUCTION IN PREPARATION FINISHED
WARSAW 2 894 6 349 23 938
WROCLAW (AURA PROJECT)
64 155 657
DOM 2 958 6 504 24 595
Projects Under Construction and in Preparation as of 31/12/2015
PROJECT IN PREPARATION
PROJECT UNDER CONSTRUCTION
Handovers
11
Units sold but not delivered (presales)
31.12.2014 31.12.2015
1 107 units
1 427 units, including
• 260 finished units • 1 167 units under construction
1 567
707
1 313
2 0111 594
1 996 2 062
0
500
1 000
1 500
2 000
2009 2010 2011 2012 2013 2014 2015
No. of units
12
Net sales to be recognized in P&L
PLN m
0
100
200
300
400
500
600
700
800
900
I II III
IV V VI
VII
VIII IX X X
I
XII I II III
IV V VI
VII
VIII IX X X
I
XII I II III
IV V VI
VII
VIII IX X X
I
XII I II III
IV V VI
VII
VIII IX X X
I
XII I II III
IV V VI
VII
VIII IX X X
I
XII
2011 2012 2013 2014 2015
Financial Results Summary
2015 2014 Change Q4 2015 Q4 2014 Change
Sales Revenues 904.2 784.3 15% 480.0 262.8 83%
Gross Profit on Sales 203.9 152.0 34% 110.1 58.2 89%
Gross Profit Margin 22.6% 19.4% 3.2 pp 22.9% 22.2% 0.8 pp
Operating Profit 102.5 69.0 48% 81.8 36.9 122%
Operating Profit Margin 11.3% 8.8% 2.5 pp 17.0% 14.0% 3.0 pp
Profit Before Tax 100.6 69.4 45% 81.8 36.6 123%
Net Profit 80.8 55.9 44% 66.1 29.7 122%
EPS (PLN) 3.26 2.25 45% 2.67 1.19 124%
13 IAS 18, PLN m
Summary of Financial Position
14
Consolidated Balance Sheet IAS 18, PLN m
31.12.2015 31.12.2014 Change
Shareholders’ funds (equity) 883.4 858.3 3%
Net debt* 144.6 41.2 251%
Capital Employed 1,028.0 899.5 14%
Gearing (net debt/equity) 16.4% 4.8% 12 pp
Net asset value per share (PLN) 35.66 34.65 3%
Shares in issue (m) 24.8 24.8 0%
Land Bank
Plots (units) 6,504 4,672 +39%
Gross Margin (PLN m) 515.2 339.7 +52%
*loans and bonds less cash (incl. escrow accounts and bank deposits maturing in over 3M)
Dividends
15
0,15
2,04
0,80 0,80 0,90
1,50
3,68
2,20 2,25
3,25*
0,00
1,00
2,00
3,00
4,00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
3% 25% 14% 23% 56% 45% 100% 100% 100% 100%
% of net profit
Dividend per share (PLN)
New Dividend Policy from 03.04.2013
(…)It is the intention of the Management Board to procure, in the future, the highest dividend yield for the Company
shareholders, while maintaining a satisfactory balance sheet for the Company and having [sufficient] funds available (…).
*Management Board’s Recommendation for dividend payment from 2015 profit; dividends are always paid in the subsequent year following AGM approval.
Debt Maturity Structure
16
0
120
50
100
30
70
0
20
40
60
80
100
120
140
160
by 31.12.2016 by 31.12.2017 by 31.12.2018 by 31.12.2019 by 31.12.2020
Unsecured Bonds Bank Loans
PLN m
Cash as of 31/12/2015 – PLN 225m
2015
17
Summary:
Net profit of PLN 80.8m (+44% YoY)
Record-high sales of 2 383 units (+23% YoY)
Commencement of 13 new projects with 2,403 units
Record-high number of locations in the offer (Warsaw - 13, Wroclaw - 3)
Large, diversified land purchases (12 locations, approx. 4 500 units)
Land bank diversification by project location, scale and segment
Newly purchased land more quickly introduced to production
Strong balance sheet - PLN 225m of cash and gearing of only 16%
Consistent dividend policy – recommendation of 100% of net profit payment
18
For further information, please contact: Magdalena Cumanis Investor Relations
tel. +48 22 351 68 49 e-mail: [email protected] www.inwestor.domdevelopment.com.pl
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.