DLF Limited · NSE:DLF
DLF — Q4 FY2012 Earnings Presentation
19 slides from DLF's earnings presentation, May 30, 2012
Slide 1: Q4 & FY12 Analyst Presentation
Q4 & FY12 Analyst Presentation May 30, 2012 1
Slide 2: Safe Harbour
SAFE HARBOUR This presentation contains certain forward looking statements concerning DLF’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The
Slide 3: FY 2012…Economic Outlook
FY 2012…Economic Outlook ECONOMY Weak macro environment and global uncertainties to continue: De-acceleration of GDP growth; real GDP to grow between 6.5%-7%; High interest rates & tight liquidity regime Depreciating rupee Inflation to be sticky Weak investor sentiment thereby affectin
Slide 4: FY 2012…Sectoral Outlook – Real Estate
FY 2012…Sectoral Outlook – Real Estate REAL ESTATE Real Estate sector to be adversely impacted: Tough funding environment for the corporate sector High interest rates shall impact demand Inflationary pressures shall impact margins Appropriate resource capacity constraints to continue S
Slide 5: Company Performance – FY 12
Company Performance – FY 12 Despite tough market conditions, the Company has broadly met with its business plan targets for FY 12: Gross Sales bookings of 13.5 msf against 10 msf in FY11 Net Leasing of 1.41 msf against 4.38 msf in FY11 Completed projects of approx. 13 msf; delivery underway
Slide 6: Business Strategy – FY13
Business Strategy – FY13 In tough economic conditions, the Company continues to remain focussed on the existing business strategy: Conserve cash with moderate capex and land acquisition Focus on fresh launches with the improvement in the approval cycle Focus on high margin projects (Luxury/P
Slide 7: Development Company “DevCo” FY12
Development Company “DevCo” FY12 13.5 msf sales achieved in FY 12 vs 10 msf in FY 11 Q4FY12 sales booking at 6.75 msf versus 3.8 msf in Q4 FY 11 and 3.3 msf in Q3 FY 12 Projects launched in FY12 :12 msf , of which 9.50 msf sold Input inflation has led to moderation in launch of construction
Slide 8: DevCo Q4 FY12
DevCo Q4 FY12 Total msf Development Potential (Msf) Particulars Q4-12 Q3- 12 Q4– 11 300 250 Sales Status 200 Opening Balance 43.50 49.70 44.80 150 Series1 Add:- Sale Booked During the Qty 6.75 3.30 3.80 100 50 Less : Handed over / Suspended (0.54) (9.50) (2.20) 0 Closing Balance 49.70 43.50 46.40 Q4
Slide 9: Rent Company “RentCo” FY12
Rent Company “RentCo” FY12 Offices Net leasing 1.41 msf in FY12 vs 4.38 msf in FY11 Total leased area as on date 21.28 msf Net leasing of 0.25 msf in Q4 FY 12 Annualized Rental income increased to Rs 1350 Crs ( Q4 FY12 – Rs 337 Crs) Retail Malls Vacancies have reduced from 7% in FY 11 to 4
Slide 10: RentCo Q4 FY12
RentCo Q4 FY12 Total msf Development Potential (Msf) Particulars Q4-12 Q3- 12 Q4 - 11 74 Lease Status 72 Opening Balance 22.54 24.72 23.73 70 Add:- Lease Booked During the Qty 0.64 0.42 1.38 68 Series1 66 Less :- Cancellation (0.39) (0.20) (1.34) 64 68 68 Less :- Sold / Adjustment (0.13) (2.39) - 62
Slide 11: Profit & Loss Summary – Q4 FY12
Profit & Loss Summary – Q4 FY12 Q4 FY 12 vs Q3 FY 12 Sales (incl Other Income) at Rs 2747 Cr, compared to Rs 2,396 Cr. Net profit at Rs 212 Cr, as against Rs 258 Cr EBIDTA margins at 34% ( after netting one time cost of Rs 300 crs ) versus 49% Profitability Q4 12 Q3 12 % Change Q4 11 % Change
Slide 12: Consolidated P&L – Q4 & FY12
Consolidated P&L – Q4 & FY12 Q4 FY12 (Audited) Q3 FY12 (Reviewed) Q4 FY11 (Audited) Year ended FY12 (Audited) Year ended FY11 (Audited) Percentage Percentage of Percentage of Percentage of Percentage of Sl.No. Consolidated Financials Rs. Crs. Rs. Crs. Rs. Crs. Rs. Crs. Rs. Crs. of Total Total Revenu
Slide 13: Consolidated Balance Sheet – FY12
Consolidated Balance Sheet – FY12 Rs Crore Particulars As on As on March 31, March 31, 2011 2012 A. Equity and Liabilities (Audited) (Audited) 1 Shareholders’ funds (a) Share capital 2,138.88 2,149.78 (b) Reserves and surplus 25,097.04 24,182.32 Sub-total - Shareholders' funds 27,235.92 26,332.10 2.
Slide 14: Consolidated Cashflow – FY12
Consolidated Cashflow – FY12 Rs Crore Particulars 31-M ar-12 31-Mar-11 A. CASH FLOW FROM OPERATING ACTIVITIES Ne t profit be fore taxation and minority inte re s t 1,547.50 2,000.20 Adjus tme nts for: Depreciation, amortisation and impairment 688.83 630.72 (Profit) /Loss on sale of fixed assets, net
Slide 15: Consolidated Cashflow – FY12 Contd….
Consolidated Cashflow – FY12 Contd…. Rs crore Particulars 31-Mar-12 31-Mar-11 C. CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of debentures (net) - 500.00 Proceeds from long-term borrowings 1,021.00 9,138.49 Repayment of long-term borrowings - (7,468.19) Proceeds from (redemption) / issu
Slide 16: Debt Position – FY12
Debt Position – FY12 Net Net Debt Position Q2 Q3 Q4 Reduction Rs Crs Rs Crs Rs Crs Rs Crs Gross Debt as per Balance Sheet 25450 25026 25066 Less : Equity shown aas Debt / JV Co Debt 962 1013 1030 Gross Debt ( Net of Equity shown as Debt / JV Co Debt ) 24488 24013 24036 Pref. Shares 202 202 202 Gross
Slide 17: Execution
Execution Project Under Construction (msf) Area in msf Region Q4 12 Q3 12 Q4 11 55 Gurgaon 13 13 21 Super Metro 7 8 7 50 Rest of India 21 15 10 54 50 2 For Rent Co 9 9 15 45 45 50 45 53 40 Completed projects of approx 13 msf in FY 12; delivery Q4 12 Q3 12 Q4 11 Construction Suspended Ongoing Const
Slide 18: Our Development Potential
Our Development Potential Area ( msf ) Other Land Hotel Land G.Total Gross Area – as on 1st Jan-12 341 8 349 Less : Projects Disposed off ( Net ) 0 0 0 Less : Handed over 0.54 0 0.54 Net Land Bank - as on 31st Mar-12 340 8 348 - Dev. Co 272 8 348 - Rent. Co 68 Notes 1. High potential & short / mediu
Slide 19: Thank You
Thank You 19