Marvipol Development Sa · GPW:MVP
Marvipol Development Sa — Marvipol — Debt Investor Presentation (September 2011)
36 slides from Marvipol Development Sa's debt investor presentation, September 2011
Slide 1: Marvipol S.A. Convertible Bonds
Marvipol S.A. Convertible Bonds Warsaw, September 2011 1
Slide 2: Agenda
Agenda 1. Issue Parameters 2. Information on Issuer 3. Developing Activity 4. Automotive Segment 5. Carwash Segment 6. Selected Financial Data 7. Market Environment 8. Issue Goal 9. Convertible Bonds 10. Methodology of Analysis 11. Competitive Advantages 12. Risk Factors 13. Contact .2
Slide 3: Issue Parameters
Issue Parameters Interest WIBOR3M + 4.29 p.p. Interest type Floating Interest payment Quarterly Redemption period 3 years Acquisition of construction land lots in Warsaw in order to execute new Issue goal development projects and increase the working capital Possible conversion dates Conversion pric
Slide 4: Information on Issuer
Information on Issuer Establishing Marvipol Sp. z o.o., initially providing services connected with the early 1996 stages of the developing process Expanding business activity by the carwash segment through creating the first 1997 location under the name of Robo Wash Center 2000 Commencing independe
Slide 5: Group Structure
Group Structure Marvipol S.A.* Developing activity Car sales Other 100% 100% 100% 100% 100% 100% 100% 100% 100% Zielona Italia P.Z-BUD Mokotów Prosta 32 JLR Polska JLR Gdańsk Caterham M Marvipol TM Sp. z o. o. Sp. z o. o. Park Sp. z o. o. Sp. z o. o. Sp. z o. o. Polska Automotive Sp. z o. o. Sp. z o
Slide 6: Shareholding Structure
Shareholding Structure Other entities Own shares 3,68% 1,71% Andrzej Nizio 4,32% Mariusz Wojciech Książek – Company founder, from Cosinda Holdings the beginning of its operation (May 1996) President Limited of the Management Board, since April 2010 Chairman 10,06% of the Supervisory Board; throughou
Slide 7: Developing Activity
Developing Activity At the early stage of its operations (from 1996) the issuer focused solely on services related to the initial stage of the developing process. Since 2000 the Company has been executing its own comprehensive investment projects, encompassing the whole developing process. The Compa
Slide 8: Completed, Pending and Planned Projects
Completed, Pending and Planned Projects Completed Projects 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Stawki Residence Dom pod Klonem Międzynarodowa Residence Bielański Dom Dom Przy Agorze Kazimierzowska Residence Villa Marina Villa Cameratta Mokotów Residence Wiatraczna Reside
Slide 9: Completed Projects
Completed Projects Międzynarodowa Residence Dom pod Klonem Praga Południe 5 651 m² usable Bielany 5 018 m² usable residential space residential space Bielański Dom Stawki Residence Bielany 7 436 m² usable Centrum 4 307 m² usable residential space residential space Dom przy Agorze Villa Marina Bielan
Slide 10: Completed Projects
Completed Projects Villa Cameratta Wiatraczna Residence Bemowo 3 353 m² usable Praga Południe 10 515 m² residential space usable residential space Osiedle Platany Kazimierzowska Residence Ursus 18 451m² usable Mokotów 10 982 m² usable residential space residential space Mokotów Residence Villa Caval
Slide 11: Completed Projects during Sales and Pending Projects
Complered Projects during Sales and Pending Projects Prosta Tower - offices Villa Avanti Wola 5 309 m² Praga Południe 2 914 m² usable residential space Zielona Italia Melody Park Włochy 55 726 m² usable Mokotów 22 575 m² usable residential space residential space 11
Slide 12: Prepared or Pending Projects
Prepared or Pending Projects Bielany Residence Hill Park Apartments 2 stages Bielany 23 500 m² usable Bielany 16 300 m² usable residential space residential space Powązkowska Żoliborz 19 200 m² usable residential space Mokotów Park 3 stages Mokotów 29 900 m² usable residential space Kłobucka Border
Slide 13: Kazimierzowska Residence and Mokotów Residence
Kazimierzowska Residence and Mokotów Residence Luxury apartment building in Kazimierzowska 43, Mokotów – transferred for use in 2006 (usable residential space: 10 982 m²). In the 10-floor modern building there are several dozen apartments and flats with the surface of up to over 200 m². Some are equ
Slide 14: Mokotów Park and Zielona Italia apartments
Mokotów Park and Zielona Italia apartments In the Lower Mokotów district, in the buffer zone of the Czerniakowskie Lake Reserve, three luxurious apartment buildings are planned (usable residential space: 29,900 m², 3 stages). Stage 1 encompasses 123 apartments, their surface ranging from 36.9 m² to
Slide 15: Hill Park Apartments and Bielany Residence
Hill Park Apartments and Bielany Residence Hill Park Apartments project encompasses luxurious four- apartment buildings at a spacious green land lot (usable residential space: 16 300 m² - 2 stages). The land lot is located in close vicinity of the Młociński Forest, Młociński Park and the New Warsaw
Slide 16: Automotive Segment
Automotive Segment Through 100%-controlled companies Marvipol S.A. conducts business activity in the field of imports, sales, service and repair of the following brands: Jaguar, Land Rover, Range Rover, Aston Martin and Caterham. The Group is planning to launch the sales of the Lotus brand vehicles
Slide 17: Automotive Segment
Automotive Segment Land Rover is a brand of all-terrain vehicles manufactured in Great Britain since 1948. Originally the cars were produced for the army; at present, however, Land Rover focuses on affluent individual customers, offering them luxurious all-terrain vehicles. The company specialises i
Slide 18: Automotive Segment
Automotive Segment Jaguar: British brand of luxury cars boasting a 75-year long tradition. At present, three Jaguar models are on offer: XK, XJ and XF. The brand’s philosophy assumes creating beautiful and fast vehicles. Caterham: a niche British brand of light sports cars. The company offers now it
Slide 19: Automotive Segment
Automotive Segment Aston Martin: a British brand of luxurious sports cars. It belongs to the highest segment of luxurious supercars. Since the beginnings of the company, its models are the essence of prestige, technological advancement and sports records. Unique design and manual production make Ast
Slide 20: Carwash Segment
Carwash Segment Marvipol holds currently 6 carwash locations in Warsaw. They are associated in the Robo Wash Center chain. In the nearest future it is planned to open one carwash per year on the Warsaw market. The operating profitability of this segment amounted to 16% in 2009. In 2010, a drop in th
Slide 21: Consolidated Financial Data
Consolidated Financial Data Figures in PLN thousand Balance Sheet 2009 2010 1H 2011 converted1 Equity 109 864 147 124 177 805 Long-term liabilities, of which: 42 182 118 523 272 853 - Bank loans 30 191 17 908 104 706 -Bonds 0 87 588 147 547 Short-term liabilities, of which 206 156 200 928 205 632 -
Slide 22: Consolidated Financial Data
Consolidated Financial Data Figures in PLN thousand Profit and Loss Accounts 2009 2010 1H 2010 1H 2011 converted1 Revenues from recipients, of which: 414 978 350 154 177 963 193 266 - Developing activity 259 617 100 629 56 987 72 533 - Car sales 145 355 241 100 116 162 115 864 - Carwash activity 10
Slide 23: Consolidated Financial Data
Consolidated Financial Data Figures in PLN thousand Cash Flow Statement 2009 2010 1H 2010 1H 2011 converted1 Cash from operating activity 78 514 (53 246) 4 508 (145 177)² Cash from investment activity (1 709) 86 (393) (7 942) Net cash from financial activity (70 144) 63 593 20 048 139 280 Net change
Slide 24: Developing Industry Environment
Developing Industry Environment Supply on the primary market: according to the report for Q2 2011 prepared by REAS, the primary market offer in the largest cities (Warsaw, Kraków, Wrocław, Tri-City, Poznań, Łódź) has been increasing 7th quarter in a row, reaching the level of 46 thousand flats, an
Slide 25: Developing Industry Environment
Developing Industry Environment 40 30 20 10 0 200 200 200 200 200 200 200 200 200 200 201 201 -10 0 1 2 3 4 5 6 7 8 9 0 1 -20 -30 -40 -50 [12-month rolling average] [General economic climate indicator] 12-miesięczna średnia krocząca wskaźnik ogólnego klimatu koniunktury Source: http://www.stat.gov.p
Slide 26: Car Sales Environment
Car Sales Environment As the Polish society gets richer, the number of people grows who can afford to buy cars which are generally considered luxurious. The perception of luxury is to a large extent a subjective issue as regards the automotive sector. /KPMG RESEARCH in Poland, Luxury goods market, I
Slide 27: Issue Goal
Issue Goal Funds obtained from the issue will be allocated to the purchase of land lots in Warsaw in order to execute new developing projects and to increasing the working capital. In June 2011, the Issuer finalised purchase transactions for 100% shares in Przedsiębiorstwo Zaopatrzenia Budownictwa P
Slide 28: Convertible Bond
Convertible Bond A convertible bond is a hybrid instrument, i.e. It combines the features od debt and capital instruments. A convertible bond possesses all the features of ordinary bonds, but at the same time provides its Holder with an additional right, but not an obligation, to convert the held bo
Slide 29: Cash Flow from Bonds and Option of Conversion to Shares
Cash Flow from Bonds and Option of Conversion to Shares 13 zł 13 zł 1500 12 zł 12 zł 11 zł 11 zł 1000 500 0 0 3 6 9 12 15 18 21 24 27 30 33 36 months -500 -1000 Purchase rate payment/ possible conversion Redemption -1500 29
Slide 30: Option of Converting Bonds to Shares
Option of Converting Bonds to Shares 25 Share Price and Conversion Price 20 15 [Share price] Kurs akcji 11 10 12 13 5 0 P/E 5.51 Upon analysing the current developing project portfolio of the Group and the growing earnings on car sales while at the same time taking into consideration the P/BV 1.66 b
Slide 31: Analysis Methodology
Analysis Methodology NOBLE Securities analysts conducted an analysis of the financial standing of the Issuer from the point of view of servicing the bond rate as well as the future bond redemption at the maturity date. On the one hand, the hitherto operations of the Issuer were analysed together wit
Slide 32: Analysis Methodology
Analysis Methodology The model has been tested in many variants. Depending on the assumptions, cash flows of the Issuer differ to a large extent. However, both in the basis variant and in the alternative variant assuming price drops (in investments, which according to Noble Securities Analysts are t
Slide 33: Competitive Advantages of Marvipol S.A.
Competitive Advantages of Marvipol S.A. Known and recognisable brand Diversified operations encompassing revenues on the sales of residential premises, cars and carwash services Stable financial situation of the Company and ever improving financial performance Year-long experience on the dev
Slide 34: Risk Factors
Risk Factors Risk arising from sales drop on the automotive market. The crisis on the financial markets might result in a drop in demand for luxury goods, and also have an adverse effect on the automotive market. Risk arising from delays in car deliveries from the manufacturer. Delays in the del
Slide 35: Contact
Contact Should you wish to obtain further information on the bond issue of Marvipol S.A. please contact: Investment Banking Office NOBLE Securities SA bbi@noblesecurities.pl 30-081 Kraków ul. Królewska 57 35
Slide 36: Disclaimer
Diclaimer The present material is related to the planned issue of bearer convertible bonds by Marvipol S.A. with its registered seat in Warsaw by way of a public offering („Issuer”, „Bonds”). The Bond Offer will be conducted in the mode stipulated under Article 9 item 1 of the Act dated 29 June 1995
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