PRESENTATION FOR INVESTORS · 2020. 4. 21. · 2 DEVELIA GROUP –SUMMARY Residential sector •...
38
PRESENTATION FOR INVESTORS MARCH 2020
Transcript of PRESENTATION FOR INVESTORS · 2020. 4. 21. · 2 DEVELIA GROUP –SUMMARY Residential sector •...
PRESENTATION
FOR INVESTORS
MARCH 2020
2
DEVELIA GROUP – SUMMARY
Residential sector
• 1510 units sold
• 1964 units delivered
• 1941 units added to offer
• 227 reservation agreements at the end of 2019
Commercial sector
• The sale of the Silesia Star and Retro Office House office buildings under a single portfolio transaction for a
total price of EUR 113,175,000
• The sale of the Wola Center office building for a total price of EUR 101,900,000 (in January 2020)
• Leasing of the Wola Retro office building at the level of 64.3 %
• Development of Kolejowa project with the planned GLA 33,000 sq.m.
Develia Group – 2019 results
• Record gross margins on sales in the development segment of 33.2%
• Consolidated net profit PLN 117.4 mln vs PLN 160.4 mln (2018)
• Adjusted consolidated net profit, adjusted by the sum of net revaluations (by income tax) settled by the
financial results PLN 193.3 mln 2019 vs PLN 165.8 mln (2018)
• Separate net profit of Develia S.A. PLN 176.3 mln vs PLN 117.9 mln (2018)
3
TARGETS OF DEVELIA S.A.’S MANAGEMENT BOARD
About usDevelia is one of Poland’s
biggest developers, engaged
in the implementation of
residential and retail projects
in Warsaw, Wrocław,
Gdańsk, Łódź and Katowice.
Since 2007, Develia (at that
time LC Corp) has been a
company listed on the
Warsaw Stock Exchange. In
Q1-Q3 2019, Develia made
a consolidated net profit of
PLN 158.6 million, with sales
revenues of PLN 714.2
million.
Sale of “Wola Retro”
office building
Processing of new
business model for “Sky
Tower”, which now will be
used for office, services
and entertainment
purposes, and the
evaluation of its
investment potential
Development of the
Kolejowa Project in
Wrocław to be start in
2020, development of at
least one office projects
per year
Amendment of the
business model for the
Malin Project near
Wrocław before the end
of 2021, which will be
used for commercial and
residential purposes
Commercial segment
Financial
Residential segment
Targets for 2020
Units to be sold (development
agreements or preliminary
sales agreements) Units to be added to offer
Residential units delivered
between 2020 and 2021,
including 1,000-1,100
residential units in 2020
2000 – 2200 1900 - 2200 2900 - 3300
Reduction of bond debt at least Net debt/equity ratio not greater
thanConsolidated equity of at least
PLN 60 mln 60% PLN 1.25 billion
4
AGENDA
Financials
Residential real property
Commercial real property
Attachments
5
HOUSING MARKET
Flats for sale and sold
Number of building permits granted, constructions started and flats delivered by developers
on a quarterly basis
Source: GUS
Source: JLL, aggregate for main biggest markets (Warsaw, Crakow, Wrocław, Gdańsk, Sopot, Gdynia, Poznań, Łódź)
20
45
0
22
39
8
23
19
1
30
59
5
25
77
0
25
84
5
30
73
2
35
63
1
33
98
1
31
28
3
33
38
5
33
18
4
35
71
0
39
74
3
18
57
1
25
83
4
18
95
4
18
54
6
23
48
0
32
98
6
25
68
4
22
46
1
29
64
4
33
76
1
28
64
8
30
11
7
32
03
3
40
13
7
26 464
30 91433 165
37 977
27 07430 268
43 917
38 33835 286
42 382
34 869
42 86345 502 44 112
-
5 000
10 000 15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
3Q'2016 4Q'2016 1Q'2017 2Q'2017 3Q'2017 4Q'2017 1Q'2018 2Q'2018 3Q'2018 4Q'2018 1Q'2019 2Q'2019 3Q'2019 4Q'2019
Construction started Flats delivered Building permits granted
Offer at the end of quarter
Source: Amron - Sarfin
6
Time of selling flats on offer – trend
Source: Emmerson
Housing Availability Index
The current level of Index IDM Index cut-off line = 100
Source: JLL, aggregate for main biggest markets (Warsaw, Wrocław, Gdańsk, Sopot, Gdynia, Cracow, Poznań,
Łódź)
Main Actions on local housing market
HOUSING MARKET
Key drivers of high demand – continuing good economic
situation – a relatively high economic growth, the National
Bank of Poland interest rates remaining low, a gradual rise in
salaries and a drop in the unemployment rate, and
consequently – high spending power
An increase in project construction costs - stemming
mainly from low supply of land designated for housing
development, minimum pay rise and plans to implement the
nZEB (nearly zero energy building) building standard in 2021
Investment product – the purchase of flats perceived as
investment and allocation of capital
2,4
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
5,5
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV
2014 2015 2016 2017 2018 2019
Nu
mbe
r of
qua
rrte
rs
Cracow Wrocław Warsaw Gdańsk Average
Change
3Q'2019 of
4Q'2019
Change
4Q'2019 of
4Q'2018
Sales 9,1% ↑ 6,6% ↑
Placed on the market for sa le 21,2% ↑ -8,9% ↓
Sales in the previous four quarters 1,7% ↑ 0,8% ↑
Placed on the market in the previous four quarters -2,6% ↓ -2,9% ↓
Offer at the end of the quarter 0,1% ↑ -1,1% ↓
Including ready, but not sold 14,5% ↑ -4,4% ↓
An average price of flats placed on the market in the quarter [gross ] 1,7% ↑ 1,6% ↑
An average price of flats sold in the quarter [gross ] 1,5% ↑ 7,6% ↑
An average price of flats in offer [gross ] 2,7% ↑ 8,7% ↑
7
DEVELOPMENT INDUSTRY 2019 vs 2018(development agreements or preliminary sales agreements)companies listed on the WSE and Catalyst
Source: www.rynekpierwotny.pl (as at 14/01/2020)
(*) development agreements, preliminary sales agreements and non-refundable reservations in total
(**) sales weighted by Polnord’s share in subsidiaries
(***) company listed on the Catalyst
2019 2018 y/y
Murapol (***) 3 674 3 560 3,2%
Dom Development 3 661 3 602 1,6%
Atal 3 196 2 420 32,1%
Robyg (***) 2 570 2 520 2,0%
Budimex Nieruchomości 1 655 1 208 37,0%
Victoria Dom (***) 1 570 1 055 48,8%
DEVELIA 1 510 1 710 -11,7%
Archicom 1 462 1 370 6,7%
Echo Investment 1 357 986 37,6%
J.W. Construction (*) 1 026 1 248 -17,8%
Marvipol 942 843 11,7%
Vantage Development 941 824 14,2%
Inpro 769 801 -4,0%
Ronson 761 773 -1,6%
Polnord (**) 323 836 -61,4%
CNT 296 582 -49,1%
Wikana 283 238 18,9%
Lokum Deweloper 268 1 011 -73,5%
Total 26 264 25 587 2,6%
Should the target of 2,000-2,200 premises be accomplished, this would translate into:
(a) Record-breaking sales of the Group in 2020 or at least one of the best results ever;
(b) The company being placed in the top five of Poland’s biggest developers.
8
HOUSING UNITS SOLD IN 2019residential sector as of 31/12/2019
1,979 premises sold and not delivered, including 383 ready premises
227 reservation agreements at the end of 2019 vs 89 at the end of 2018
CITY 1Q 2Q 3Q 4Q 2018 1Q 2Q 3Q 4Q 2019
SALES 649 341 407 313 1710 331 287 310 582 1510
WARSAW 320 142 147 125 734 163 105 91 183 542
WROCŁAW 76 33 140 40 289 34 86 62 131 313
CRACOW 175 79 69 91 414 71 31 73 84 259
GDAŃSK 78 86 51 57 272 59 65 67 154 345
ŁÓDŹ 1 1 4 4
KATOWICE 17 30 47
cumulatively in the year 649 990 1397 1710 331 618 928 1510quarter cumulatively year to year -49% -38% -34% -12%
9
SEGMENTATION OF RESIDENTIAL PREMISES SALES
2015 - 2019
The transactions include the price of a residential unit along with cubby-holes and parking spaces
Transaction
value2015 2016 2017 2018 2019
up to 350 kpln 78% 71% 69% 52% 31%
up to 450 kpln 18% 21% 22% 29% 30%
up to 550 kpln 3% 6% 5% 13% 23%
up to 650 kpln 1% 1% 2% 5% 11%
above 650 kpln 0% 0% 1% 1% 5%
10
HOUSING UNITS DELIVERED IN 2019residential sector as of 31/12/2019
CITY 1Q 2Q 3Q 4Q 2018 1Q 2Q 3Q 4Q 2019
DELIVERY 702 610 341 383 2036 1163 510 105 186 1964
WARSAW 198 313 322 184 1017 442 424 96 124 1086
WROCŁAW 153 232 9 2 396 151 11 2 164
CRACOW 83 44 2 127 256 351 4 2 357
GDAŃSK 267 21 7 70 365 219 67 5 62 353
ŁÓDŹ 1 1 2 4 4
KATOWICE
cumulatively in the year 702 1312 1653 2036 1163 1673 1778 1964quarter cumulatively year to year +66% +28% +8% -4%
11
DELIVERY OF RESIDENTIAL UNITS IN 2020 AND 2021
Target: 2,900-3,300 premises, including 1,000-1,100 in 2020
In 2020, a considerable drop in the number of residential units delivered is expected –result of a low number of units added to
offer in 2018 and 1H of 2019
In 2021, we plan a significant increase in the number of deliveries, it should be a record-breaking year in the Group’s history or
at least one of the best years
12
HOUSING UNITS IN OFFERresidential sector as of 31/12/2019
The Management Board assumed that delays beyond the Company’s control may occur at the project preparation stage,
therefore the Management Board’s objective is to include 1,900-2,200 premises in the offer
CITYon of f er
as of 31/12/2019
added
in 2018
added
in 2019
to be added
in 2020
to be added
af ter 2020
OFFER 1554 827 1941 2304 5441
WARSAW 427 177 576 361 1478
WROCŁAW 396 180 417 195 329
CRACOW 417 108 565 857 1352
GDAŃSK 275 362 297 712 1051
ŁÓDŹ 275
KATOWICE 39 86 179 956
13
UNITS TO BE ADDED IN 2020residential sector as of 31/12/2019
WarsawGdańsk
Świętokrzyska Park EVIII - 111 units
Toruńska- 196 units
Trzcinowa EI - 117 unitsBraci Majewskich - 48 units
Cracow
Centralna Park EVII- 224 units
Przy Mogilskiej EII- 273 units
Katowice
2304 units to be added in 2020, of
which 325 already realised
Mała Praga EV - 48 units
Ceglana Park EII - 179 units
Słoneczne Miasteczko EXI - 108 units
Warsaw
Wrocław
Katowice
Cracow
Gdańsk
712 units
361 units
857 units
179 units
195 units
Wrocław
Między Parkami EII - 86 units
Mglista - 48 units
1941 units added in 2019
Reja - 61 units
Baltea - 239 units
Marinus - 87 units
Latarników EII - 227 units
Grzegórzecka 77 EV i EVI- 252 lokale
14
LAND BANK IN 2019as of 31/12/2019; (*) events after the balance sheet date
acquired / tender won
Housing unit usable floor
area (sq.m.)
Estimated
number of
units
acquired / tender won
Housing unit usable floor
area (sq.m.)
Estimated
number of
units
GDAŃSK 9 050 169 20 252 404
CRACOW 5 000 89 61 000 1 170
WROCŁAW 12 274 235 26 604 475
WROCŁAW* 23 642 441
WARSAW 89 076 1 653 (1) 16 848 328
TOTAL 139 042 2 587 124 704 2 377
(*) event after the balance sheet date(1)
quantitative parameters not included for a part of parcel without a zonning permit
Location
2019 (*) 2018
2019
GDAŃSK9 050
CRACOW5 000
WROCŁAW35 916
WARSAW89 076
acquired / tender won(sq.m.)
GDAŃSK CRACOW WROCŁAW WARSAW
2018
GDAŃSK20 252
CRACOW61 000
WROCŁAW26 604
WARSAW16 848
acquired / tender won(sq.m.)
GDAŃSK CRACOW WROCŁAW WARSAW
15
AGENDA
Financials
Attachments
Residential real property
Commercial real property
16
50%
Offices
25%
Trade 20%
Warehouses
5%
Hotels
INVESTMENT REAL PROPERTY MARKET
Breakdown of investment real property market in Poland 4Q 2019
Division of demand (Poland’s largest office markets, excluding
Warsaw, 4Q 2019)
Source: JLL
Source: Avison Young Polska
Supply vs. Vacancy Rate in 4Q 2019
Source:JLL
Total Ofiices
Rates of return from the best real estate 2019
Office - Warsaw 4,30%
Office - regional cities 6%
Commercial buildings 5%
Warehouses 5,60%
Source :Colliers
PU[sq.m.]: 25 954
Occupancy: 64,3 %
17
Wrocław
PU[sq.m.]: 53 685
Occupancy: 87,9%
PU[sq.m.]: 38 640
Occupancy: 97,3%
PU[sq.m.]: 33 283
Occupancy : 99,7 %
[sold in January 2020]
PLN 1.51
billionof carrying
amount
PLN 0.92
billionNAV
PLN 77.3
millionNOI for 2019
7completed
projects
202,000
sq.m.
Usable Floor Area
Warsaw
Focusing the commercial real property strategy on construction, leasing and sales
Reduction in the number of properties having own land and mortgage registers with a smaller portfolio and retained
scale of operations for new facilities
Change in the structure of cash flow – sales revenue instead of lease revenue
INVESTMENT PORTFOLIOas of 31/12/2019
KOLEJOWA
PU[sq.m.]: 33 000
[in preparation]
18
INVESTMENT PORTFOLIOas of 31/12/2019
The sale of the Silesia Star and Retro Office House office buildings under a single portfolio transaction for a total price of
EUR 113,175,000
Final Sales and Purchase Agreement for the Wola Center office building concluded with a total selling price for the deal
amounting to EUR 101,900,000 in January 2020
Progress of works for Wola Retro in Warsaw according to schedule – leasing at the level of 64.3%.
The conversion of Sky Tower – 12,400 sq.m. under conversion, the final date of conversion into office space: 4Q of 2020
The Kolejowa project in preparation with the planned Usable Floor Area of 33,000 sq.m
CITY PROJECT STATUSYield
[%]
GAV
[mPLN]
NAV
[mPLN]
NOI
[mPLN]
NOI
[mEUR]
Usable
Floor Area [sq.m.]
Office
Usable
Floor Area
[sq.m.]
Retail
Usable
Floor Area
[sq.m.]
WROCŁAW ARKADY WROCŁAWSKIE center COMPLETEDretail: 7,80
office: 7,80230,0 163,2 18,1 4,2 38 640 9 509 29 131
WROCŁAW SKY TOWER office building COMPLETED
retail: 6,75
office B1 & B3: 6,50
office B2: 6,50
515,2 325,2 26,9 6,3 53 685 (*) 29 979 23 705
745,1 488,4 44,9 10,4 92 325 39 488 52 836
assets with a real sale perspective
WARSAW WOLA RETRO office building COMPLETED 5,70 302,4 198,2 n/d n/d 25 954 24 889 1 065
assets sold after the balance-sheet date
WARSAW WOLA CENTER office building COMPLETED ok. 5,90 429,5 238,1 32,4 7,5 33 283 31 448 1 835
IFRS 16 31,9
TOTAL 1 509,0 924,7 77,3 18,0 151 562 95 825 55 737
(*) in reconstruction
19
OUR TARGETS – OFFICE SEGMENT
Progress of works for Wola Retro in Warsaw
according to schedule - 64.3% leased.
Target of Management Board – sale of Wola Retro in
2020
The Kolejowa project in preparation with the planned
Usable Floor Area of 33,000 sq.m.
Start of construction of the office building planned in
December 2020
Acquisition of land for the purpose of implementation of further office projects in Warsaw and Wrocław
Securing land so as to make a schedule of construction, commercialisation and sale of at least one building per year
20
AGENDA
Attachments
Residential real property
Financials
Commercial real property
21
EBITDA1
(mPLN)
FINANCIAL PERFORMANCES
Income from sales(mPLN)
Gross margin on sales(mPLN)
Net profit and adjusted net profit2
(mPLN)
1EBITDA adjusted for result of property revaluation, 2Net profit adjusted for result of the revaluation of property and foreign currency loans,
3%
22
ASSETS
Investment real property (mPLN)
NOI of investment real property (mPLN)
- inventories include land, projects under construction and
ready housing units, but not sold yet
Inventory value(mPLN)
(*) GAV including Kolejowa inwestment and excluding IFRS16 – PLN 36.8 mln
Equity(mPLN)
Target min
23
FINANCIAL SITUATION
Debt1 - ratios
1Financial liabilities under bond issue conditions (i.e. along with liabilities arising from the purchase
of Sky Tower and defined in IFRS 16 – charges for perpetual usufruct).
(*) Escrow Accounts
Bank loans commercial sector
(mPLN)
Maturity structure of bonds (mPLN)
Total bonds PLN 460 mln
No Project
Total
repayment
date
Balance as of
31/12/2019GAV LTV
1 Arkady Wrocław skie 31.12.2022 66,7 230,0 29,0%
2 Wola Center 30.06.2026 191,4 429,5 44,6%
3 Sky Tow er 20.12.2022 190,0 515,2 36,9%
4 Wola Retro - k. inw est. 28.11.2027 104,2 302,4 34,5%
IFRS 16 31,9
TOTAL 552,3 1 509,0 36,6%
24
DIVIDEND POLICY
89.3%
Dividend yield
Dividend payout
ratio
DPS (PLN) 0.18
26.6%
0.07
73.8%
0.24
72.9%
0.27
Dividend paid vs adjusted net consolidated profit (PLNm)
90.3
118.0
145.5
165.8
193.3
75.0%
0.32
7,96% 3,50% 9,68% 10,04% 14,5%
The 2015-2018 dividend rate corresponding with the price of shares cum dividend listed recently
The 2019 dividend rate corresponding with the share price of 12 Mar 2020
25
AGENDA
Residential real property
Commercial real property
Financials
Attachments
26
DEVELIA GROUP – CONSOLIDATED P&L
PLN'000 2019 2018
Sales revenue 819 264 796 734Revenue from sales of services 140 850 147 582
Revenue from sales of goods and products 678 414 649 152
Cost of sales (499 152) (496 158)
Gross profit on sales 320 112 300 576
Gain/(loss) on disposal of non-financial fixed assets 221 60
Revaluation of investment property (91 234) 12 510
Write-downs of inventories (394) (1 327)
Selling and distribution cost (16 419) (17 631)
General administrative expenses (38 308) (34 690)
Other operating income (expenses) (1 296) (5 151)
Operating profit 172 682 254 347
Financial income 15 948 6 159
Financial expenses (37 584) (58 773)
Gross profit 151 046 201 733
Income tax (tax burden) (33 664) (41 353)
Net profit 117 382 160 380
27
DEVELIA GROUP – BALANCE SHEET ASSETS
PLN'000 2019 2018
A. Fixed assets 1 234 709 2 046 472
1. Intangible assets 334 382
2. Property, plant and equipment 5 897 5 632
3. Non-current receivables 8 699 12 749
4. Land classified as fixed asset 86 603 86 400
5. Investment property 1 096 679 1 929 475
6. Long-term prepayments 1 089 659
7. Deferred tax assets 35 408 11 175
B. Current assets 1 562 934 1 528 196
1. Inventory 1 062 028 979 083
2. Trade and other receivables 123 356 52 767
3. Income tax receivable 8 296 3 030
4. Short-term financial assets 25 815 20 290
5. Cash and other cash equivalents 340 890 467 698
6. Short-term prepayments 2 549 5 328
C. Fixed assets held for sale 446 282 -
Total assets 3 243 925 3 574 668
28
DEVELIA GROUP – BALANCE SHEET LIABILITIES
PLN'000 2019 2018
A. Equity 1 492 111 1 497 799
I. Equity attributable to shareholders of the parent 1 492 111 1 497 799
1. Share capital 447 558 447 558
2. Other capital 927 171 889 861
3. Net profits / losses 117 382 160 380
II. Minority interest - -
B. Non-current liabilities 1 028 223 1 207 757
1. Non-current financial liabilities 898 717 1 092 854
2. Non-current lease liability 18 769 n/d
3. Non-current liabilities on account of the acquisition of a subsidiary 0 0
4. Provisions 5 319 22
5. Deferred income tax reserve 105 418 114 881
C. Current liabilities 706 818 869 112
1. Current financial liabilities 128 727 121 611
2. Current lease liability 41 512 n/d
3. Current liabilities on account of the acquisition of a subsidiary 0 38 996
4. Current trade and other payables 127 117 142 049
5. Income tax liabilities 39 319 13 022
6. Provisions 8 831 3 060
7. Accrued expenses and revenue 361 312 550 374
D. Liabilities associated with non-current assets
classified as held for sale16 773 -
Total liabilities 3 243 925 3 574 668
29
DEVELIA GROUP – P&Lrevaluation of non-financial fixed assets
Transaction costs arising from the sale of the Wola Center real estate does not include the cost of closing transactions
hedging against interest rate risk for the PLN 14,485,000 loan for Wola Center . The transaction concerns a financial
instrument, it cannot be considered a transaction costs and will be recognised in 2020
Year ended 31 December 2019Arkady
Wrocławskie
Wola
Center
Sky
Tower
Silesia
Star
Retro
Office
House
Wola
RetroTOTAL
Revenue from sales of real estate - - - 231 828 250 694 - 482 522
Value of real estate sold - - - (231 828) (250 694) - (482 522)
Changes in real estate value within the period (65 325) (1 703) (1 831) - - 52 963 (15 896)
Change in real estate valuation in respect of
altered EUR to PLN exchange rate within the
period
(2 878) (4 245) (5 038) (1 985) (2 146) (1 764) (18 056)
Change in real estate valuation in respect of
expenditures incurred within the period(4 330) (766) (9 059) (1 255) (2 204) - (17 614)
Costs of sales transaction (net of costs relating
to the repayment of financial liabilities)- (4 784) - (15 179) (10 523) - (30 486)
Costs of sales transaction (costs relating to the
repayment of financial liabilities)- (30) - (2 370) (1 040) - (3 440)
Adjustment for linearisation of revenues from
lease- 6 (1 126) (778) (1 555) (2 289) (5 742)
Total (72 533) (11 522) (17 054) (21 567) (17 468) 48 910 (91 234)
30
DEVELIA S.A. – SEPARATE P&L
PLN'000 20192018
(converted)
Operating income 303 880 222 885
Revenue from sale of services, products and goods 53 646 64 630
Revenue from interest and discounts 10 931 18 143
Revenue from dividend 234 596 136 899
Other financial income 4 499 2 634
Other operating income 208 579
Operating expenses (100 305) (103 708)
Operating expenses value of goods sold (78 442) (72 623)
Costs of interest and discounts (18 136) (25 076)
Other financial expenses (2 841) (4 139)
Other operating expenses (886) (1 870)
Gross profit 203 575 119 177
Income tax (27 307) (1 287)
Net profit / (loss) 176 268 117 890
31
DEVELIA S.A. – P&LAnalysis of net profit per unit
kPLN2019
realised
2020
realisable
NET PROFIT PER UNIT
including dividends on commercial investment projects:176 268 155 607
SILESIA STAR 55 000 -
RETRO OFFICE HOUSE 36 607 36 607
WOLA CENTER - 119 000
32
DEVELIA S.A. – BALANCE SHEET ASSETS
PLN'000 20192018
(converted)
A. Fixed assets 1 029 519 1 062 903
1. Intangible assets 282 304
2. Property, plant and equipment 6 145 765
3. Non-current investments 947 499 929 057
4. Non-current loans and receivables 75 177 127 902
5. Long-term prepayments 416 83
6. Deferred tax assets 0 4 792
B. Current assets 699 019 451 018
1. Inventory 542 904 212 400
2. Trade and other receivables 98 504 26 821
3. Income tax receivable 3 719 240
4. Short-term financial assets 24 157 90 724
5. Cash and other cash equivalents 28 821 120 119
6. Short-term prepayments 914 714
C. Fixed assets held for sale - -
Total assets 1 728 538 1 513 921
33
DEVELIA S.A. – BALANCE SHEET LIABILITIES
PLN'000 20192018
(converted)
A. Equity 948 279 892 888
1. Share capital 447 558 447 558
2. Balance of called-up share capital not paid 0 0
3. Reserve funds 322 216 324 396
4. Other reserve funds 0 0
2. Other capital 2 237 2 273
6. Retained profit/(Loss carried forward) 176 268 118 661
B. Non-current liabilities 534 361 398 114
1. Non-current financial liabilities 514 149 398 095
2. Non-current lease liability 2 744 0
3. Non-current liabilities on account of the acquisition of a subsidiary 0 0
4. Provisions 19 19
5. Deferred income tax reserve 17 448 0
C. Current liabilities 245 898 222 919
1. Current financial liabilities 103 221 136 574
2. Current lease liability 11 061 0
3. Current liabilities on account of the acquisition of a subsidiary 0 38 996
4. Current trade and other payables 34 996 28 781
5. Income tax liabilities 0 0
6. Provisions 0 0
7. Accrued expenses and revenue 96 620 18 568
Total liabilities 1 728 538 1 513 921
34
HOUSING PROJECTS UNDER CONSTRUCTION
As at 31 December 2019, the Company had sold 1,596 premises which were under construction at that time
Name of Project City District Segment
Planned
Construction
Completion Date
Number of
Apartments and
Commercial
Premises
Area (sq m)
Q4 2020 177 9 573
Q1 2022 305 15 873
Q1 2021 105 5 338
Q1 2021 137 7 014
Q1 2021 253 13 082
Q1 2021 186 9 761
Q3.2020 108 5 797
Q1 2021 102 5 865
Q3 2021 128 8 650
Q2. 2020 108 5 258
Q3 2020 54 2 629
Q2 2021 108 5 146
Q1. 2021 139 7 183
Q1 2021 115 4 068
Total 2 939 159 880 (*)
7 677
Ceglana Park
(stage 1)Katowice Brynów
Apartments,
serv ices Q4 2020 86 5 305
Osiedle Latarników
(stage 1)Gdańsk Letnica
Apartments,
serv ices Q4. 2021 135
Świętokrzyska Park
(stage 5-7)Gdańsk Łostowice Apartments
Wałowa
(stage 3-4)Gdańsk Śródmieście Apartments
65 3 031
Centralna Park
(stage 5)Cracow Czyżyny Apartments Q1 2020 103 5 170
Przy Mogilskiej
(stage 1)Cracow
Prądnik
CzerwonyApartments Q2 2021
12 972
Słoneczne Miasteczko
(stage 8-10)Cracow
Bieżanów-
ProkocimApartments
Między Parkami
(stage 2)Wrocław Klecina Apartments Q4 2021 202
63 3 644
Nowa Racławicka Wrocław Krzyki Apartments Q1 2021 231 13 297
Małe Wojszyce Wrocław Wojszyce Apartments Q2 2020
3 548
Kamienna
(stage 1-2)Wrocław Huby
Apartments,
serv ices
Rokokowa Residence Warsaw Bielany
Apartments,
houses Q1 2021 29
Na Woli
(stage 8- 9)Warsaw Wola
Apartments,
serv ices
Mały Grochów
(stage 1-2)Warsaw Grochów
Apartments,
serv ices
(*) including 86 premises located in the Między Parkami II investment project currently under construction, but not available on the offer as at 31 Dec 2019
35
MANAGEMENT BOARD
ACTING PRESIDENT OF MANAGEMENT BOARDMichał Hulbój
Administration – HR – IT – Legal – Marketing – Internal Audit
MEMBER OF MANAGEMENT
BOARD
Mirosław Kujawski
Residential Division
Purchase of land – Project
preparation, coordination and
implementation – Sale of
premises
MEMBER OF MANAGEMENT
BOARD
Paweł Ruszczak
Finance Division
Finances – Accounting –
Reporting – Controlling
MEMBER OF MANAGEMENT
BOARD
Tomasz Wróbel
Retail Division
Purchase of land – Project
preparation, coordination and
implementation –– Rental –
Sale of retail premises
36
SHAREHOLDING STRUCTURE
18,22%
17,25%
12,22%7,71%
6,83%
37,77%
SHARES COUNT
NAME % QTY.
Nationale-Nederlanden Otwarty Fundusz Emerytalny 18,22 81 545 000
OFE PZU „Złota Jesień” 17,25 77 195 000
Aviva OFE AVIVA Santander 12,22 54 707 246
MetLife Otwarty Fundusz Emerytalny 7,71 34 528 295
Aegon Otwarty Fundusz Emerytalny 6,83 30 546 601
Remaining shareholders 37,77 169 036 169
100% 447 558 311
Shareholders of Develia S.A. having more than 5% of shares.
The information dated 3th of March 2020.
37
THANK YOU
38
DISCLAIMER
By taking part in a meeting during which this Presentation will be displayed and by reading slides presented you undertake to comply with the below restrictions. The foregoing
applies to the Presentation, information contained herein presented orally by the Company or any person acting on behalf of the Company and any answers to questions
relating both to the Presentation and information presented orally.
The Presentation does not constitute, or form part of or be treated as proposing to any person, inducing or inviting any person to subscribe for, ensuring or otherwise purchasing
any securities of the Company or any of its subsidiaries belonging to its group (“the Group”). Neither this Presentation, nor any part hereof should be a basis for any contract for
purchasing or taking up securities of the Company or any member of the Group, nor may this Presentation be relied on in relation to any contract for purchasing or taking up
securities of the Company or any member of the Group. Neither this Presentation, nor any part hereof is a basis for any contract or obligation, nor may it be relied on in relation
to any contract or obligation. This Presentation does not constitute any recommendation as to any securities of the Company or the Group.
This Presentation contains certain statistical and market-related information. The said market-related information has been obtained from sources and/or has been produced on
the basis of data provided by third parties referred to herein or – where such data has not been linked exclusively to third party sources – originating from the Company. Due to
the fact that the aforementioned market-related information has been partially prepared on the basis of estimates, assessments, adjustments and opinions which are based on
the Company's experience or third party sources, as well as on their knowledge of the sector of economy in which the Company is engaged, and that such estimates,
assessments, adjustments and opinions have not been verified by an independent third party, this market-related information is to a certain extent subjective in its nature.
Despite the fact that the foregoing estimates, assessments, adjustments and opinions shall be deemed to be reasonable and well-founded, and the market-related information
prepared to properly reflect the sector of economy and market in which the Company is engaged, it cannot be ensured that such estimates, assessments, adjustments and
opinions are the most suitable for arrangements concerning market-related information or that market-related information prepared by other sources will not be considerably
different from the market-related information contained herein.
Any issues which will be both discussed in this Presentation and presented orally may include forward-looking statements. These statements are other than those related to
historical facts. Any statements that contain such words as “expects”, “intends”, “plans”, “believes”, “foresees”, “anticipates”, “will be”, “tends towards”, “is aimed at”, “may be”,
“would be”, “could be”, “continues” or any other similar declarations concerning the future or relating to plans shall be construed as declarations referring to the future. The
declarations referring to the future include declarations pertaining to the Company's future financial results, business strategy, plans and goals concerning its future activity
(including the Company's development plans). Any forward-looking statements contained in this Presentation and presented orally refer to issues associated both with known
and unknown risks, uncertainties and other factors which may have an impact on the actual performance or results of the Company, and which can be therefore considerably
different from those presented in the forward-looking statements and from the past performance and results of the Company. The aforementioned forward-looking statements
are based on various assumptions about future events, including a variety of assumptions about the Company's current or future business strategies and the future operating
environment. Although the Company believes that the foregoing estimates and assumptions are well-founded, they may prove to be incorrect. The Company and its relevant
representatives, employees or advisers do not intend and expressly declare that they are not obliged to make or distribute any supplements, amendments, revisions or
corrections to any information, opinions or forward-looking statements contained in this Presentation to the extent in which they reflect the change of events, conditions or
circumstances.
Neither this Presentation, nor information presented orally constitutes any offer to dispose of securities, nor an invitation to subscribe for or acquire securities of the Company in
the United States of America. Neither any Shares, nor any other securities of the Company have been nor will they be registered under the American Securities Act of 1933
(“the American Securities Act”), or by any securities regulatory authority in any state or other jurisdiction of the United States. Neither any Shares, nor any other securities of the
Company may be offered or disposed of in the United States of America (subject to specific exceptions) unless registered in accordance with the American Securities Act and
applicable state law, or exempted from registration requirements, or traded in a transaction not subject to such registration. The Company does not intend to register either
Shares or other securities under the American Securities Act, nor offer its Shares or other securities in the United States. Offers presented outside the United States will be in
accordance with the Regulation S issued pursuant to the American Securities Act.
The Company's current and periodic reports are the only legally binding documents containing information about the Company and they may contain information other than
those presented herein.
www.develia.pl
