Polski Holding Nieruchomosci Sa · GPW:PHN
Polski Holding Nieruchomosci Sa — Q1 2013 Earnings Presentation
31 slides from Polski Holding Nieruchomosci Sa's earnings presentation, May 16, 2013
Slide 1: Consolidated financial results for the first quarter of 2013
Prestigious locations on the commercial map of Warsaw Consolidated financial results for the first quarter of 2013 Presentation 16 May 2013 Strictly confidential. Material distributed solely to its addressees. 1
Slide 2: The participants of today's meeting
The participants of today’s meeting: Nie można obecnie wy świetlić tego obrazu. Wojciech Papierak Włodzimierz Stasiak CEO CFO President of the Management Member of the Management Board Board on Financial Affairs 2
Slide 3: Agenda
• Main achievements in the first quarter of 2013 • Market overview • Financial results • Additional information 3
Slide 4: PHN Group – statistical data as at March 2013
PHN Group – statistical data as at 31 March 2013 16 150 76 % 305.605 m 2 PHN S.A. constitutes a holding The real estate portfolio in the A significant number of properties of the Group The Group has at its disposal a total area of company with 16 entities Group’s assets embraces 150 accounting for a
Slide 5: PHN Group achievements in the first quarter of 2013
PHN Group achievements in the first quarter of 2013 Polski Holding Nieruchomości S.A. was successfully listed on the Warsaw Stock Exchange. There was a marked interest in the offer among investors. The Group continued to implement restructuring in accordance with the objectives of the strategy. Oper
Slide 6: PHN S.A. listed on the Warsaw Stock Exchange
PHN S.A. listed on the Warsaw Stock Exchange Polski Holding Nieruchomości S.A. was listed on the stock market 13 February 2013. In the Initial Public Offering the State Treasury sold 10.846.000 shares (25%) The opening price amounted to 22,75 PLN for one share. The reduction rate as regards the subs
Slide 7: Market overview
• Main achievements in the first quarter of 2013 • Market overview • Financial results • Additional information 7
Slide 8: Market overview and growth prospects
Market overview and growth prospects The Polish economy, in spite of the deterioration of the economic growth within the several last quarters, continues to show a considerably better performance than the majority of the European countries. The economic slowdown influences the decrease of private in
Slide 9: Macroeconomic situation in Poland
+ 17,9 Macroeconomic situation in Poland Economic Forecasts Envisaged Economic Growth According to the new update of the Convergence Programme the government lowered the GDP growth forecast for 2013 to 1,5 % against 2,2 % stipulated in this year’s budget act. Data in the charts presented according t
Slide 10: Office property market - Poland
+ 17,9 Office property market - Poland Commercial office property Investment office property • The ratio of vacancies for all office property markets rose in the first quarter of 2013 to 10,2 %. This resulted from the • Office property market is undeniably favoured by investors. growth of supply as
Slide 11: Commercial property market – Warsaw
Commercial property market – Warsaw The first quarter of 2013 marked a continuation of the The supply of office property and the ratio of downward trend noted all previous year. At the end of March the vacancies (Warsaw) ratio of vacancies for Warsaw accounted for 9,8%. The level of unoccupied space
Slide 12: Financial results
• Main achievements in the first quarter of 2013 • Market overview • Financial results • Additional information 12
Slide 13: Further growth of results from sales
+ 17,9 Further growth of results from sales [mln PLN] Result on lease +5,3 mln 18,6 16,9 + 17,9 With the insignificantly lower level of revenues the annualized 13,3 result on lease was higher by 5,3 m PLN (40%), mainly as a result of the reduction in the cost of remuneration and lower costs of renov
Slide 14: Reduction in administrative costs
+ 17,9 Reduction in administrative costs [mln PLN] Administrative costs -0,6 mln 13,8 14,2 13,2 The reduction of administrative costs in the year by 0,6 m PLN + 17,9 (following the adjustment with the creating and restructuring of the group and IPO reduction in the year by 1,7 m PLN) occurred as a r
Slide 15: Steady reduction in the remuneration costs
+ 17,9 Steady reduction in the remuneration costs [mln PLN] Employment 744 -447 550 331 297 The reduction of employment by 447 workers (60%) within the period of five quarters to 297 workers as at 31 March 2013. 31.12.2011 31.03.2012 31.12.2012 31.03.2013 Remuneration and benefits -7,3 mln 16,2 11,0
Slide 16: EBITDA growth
+ 17,9 EBITDA growth [mln PLN] EBITDA Annualized EBITDA growth by 10,6 m PLN, weaker dynamics as compared to the change in the net profit on sales by 1,6 m PLN is the net 6,6 effect of: +10,6 mln • correction by 1,5 m PLN of the deduction of the value of land in inventories, • 1,1 m PLN in severance
Slide 17: Improvement of the profit and loss account and positive net result
Improvement the whole structure of the profit and loss account and the positive net result 1Q2012 [m PLN] 1Q2013 [m PLN] 13,3 Result on lease 18,6 -2,7 Result on developer activities +2,5 -1,1 Result on other activities 0,0 -13,8 Administrative costs -13,2 -4,4 Net result on sales 7,9 -58,4 Change i
Slide 18: The growth of own equity
The growth of own equity [m PLN] 1 885,7 +1,6 1 893,5 +10,1 +9,4 -3,6 -0,6 -5,4 -3,6 -0,1 175,2 176,2 1 710,5 1 717,3 Total assets Adjusted EBITDA adjustment Depreciation Revaluation of Change of fair Revenues Income tax Net result on Total own equity as at EBITDA with the costs of inventories value
Slide 19: The structure of assets and liabilities
The structure of assets and liabilities [m PLN] Assets Liabilities 2 297,6 2 288,9 2 297,6 2 288,9 Others (51,5m): 2,2% 2,5% Others (57,7m): receivables (34,9 m), 6,6% 5,9% trade receivables (26,9 m), 7,8% 7,3% investments in JV (17,9 m), investments in JV (17,9 m), Others (152m): 3,7% 2,6% financia
Slide 20: The growth of the status of investment property
The growth of the status of investment property [mln PLN] +21,8 +5,0 -5,4 -1,8 1 911,5 1 931,1 Investment Outlays Change of fair value Transfer to assets ransfer from inventories Investment property as at classified as property as at 31.12.2012 earmarked for sale 31.03.2013 • The value of investment
Slide 21: Reducing developer inventories
Reducing developer inventories [mln PLN] +0,3 -11,8 -1,9 -10,9 84,3 60,0 Inventories connected Construction outlays Transfer Revaluation impairment Transfer to Inventories connected with developer losses investment property with developer activities activities 31.12.2012 31.03.2013 • The value of in
Slide 22: Negative flows as a result of one-off events
Negative flows as a result of one-off events [mln PLN] Flows on operational activity: -8,7 Flows on investment activity: -2,8 178,6 10,0 +3,5 166,9 -3,5 -1,9 +1,8 4,7 -6,6 -6,4 -2,4 -1,4 4,6 -4,6 -0,1 173,9 162,3 Środki pieniężne i Skorygowana Wypływy Outflowsz on z tytułu Wypływy tytułu Zapłacone C
Slide 23: Additional financial information
Additional financial information 23
Slide 24: Lease – segment results
+ 17,9 Lease – segment results [mln PLN] + 17,9 +5,3 +4,9 +2,3 +2,5 Costs of Gross result on Administrative Net result on Other revenues Depreciation Revenues from Costs of creating property sale costs sales and net costs and impairment Adjusted sale and restructuring maintenance losses of EBIDTA th
Slide 25: Developer activities – sector outcome
Developer activities – sector outcome [mln PLN] +5,2 +6,5 +7,8 +0,9 Revenues from Costs of Gross result Administrative Net result Other revenues Depreciation Reserve, costs Adjusted developer developer activities on sales costs on sales and and of creating EBIDTA activities net costs Impairment loss
Slide 26: Other activities – result
Other activities – result [m PLN] +1,1 +1,5 +1,2 +1,2 Revenues from Costs of other Gross result on Administrative Net result on Other revenues Depreciation Costs of Adjusted other activities activities sales costs sales and net costs and impairment creating and EBIDTA losses of restructuring of tang
Slide 27: Nonallocated items in the consolidated statement on total income
Nonallocated items in the consolidated statement on total income [m PLN] -0,7 -0,7 +0,6 Administrative costs Depreciation Costs of creating and restructuring Adjusted EBIDTA of the Group, IPO change w mln PLN Nonallocated administrative costs are the costs of the The increase in administrative costs
Slide 28: Additional information
• Main achievements in the first quarter of 2013 • Market overview • Financial results • Additional information 28
Slide 29: Quotation analysis
Quotation analysis PHN basic information Shareholders’ structure NUMBER OF ISSUED SHARES 43 384 003 number of % votes naAGM shares Market value (mln PLN) 1 097,62 State Treasury 32.538.003 75,0% Book value (mln PLN) 1 885,7 Aviva OFE 2.188.915 5,05% Ratio price / book value 0,58 Others 8.657.085 19,
Slide 30: Market quotations
Market quotations: Source: onet.pl 30
Slide 31: Thank you for your attention
Thank you for your attention Polski Holding Nieruchomości S.A. 00-116 Warszawa, ul. Świętokrzyska 36 lok. 30/27 tel. +48 22 52 63 107, fax. +48 22 620 99 60 www.GrupaPHNSA.pl NIP 525-250-49-78, KRS 0000383595, REGON 142900541
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