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S t r i c t l y P r i v a t e & C o n f i d e n t i a l J.W. CONSTRUCTION HOLDING S.A. PRESENTATION RESULTS OF OPERATIONS FOR THE THIRD QUARTER OF 2008.

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Presentation on theme: "S t r i c t l y P r i v a t e & C o n f i d e n t i a l J.W. CONSTRUCTION HOLDING S.A. PRESENTATION RESULTS OF OPERATIONS FOR THE THIRD QUARTER OF 2008."— Presentation transcript:

1 S t r i c t l y P r i v a t e & C o n f i d e n t i a l J.W. CONSTRUCTION HOLDING S.A. PRESENTATION RESULTS OF OPERATIONS FOR THE THIRD QUARTER OF 2008 J.W. CONSTRUCTION HOLDING S.A. PRESENTATION RESULTS OF OPERATIONS FOR THE THIRD QUARTER OF November 2008

2 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Presentation Agenda J.W. Construction Holding S.A. PRESENTATION – November Results of operations for the nine months ended 30 September Gross Sales Profit for the nine months ended 30 September Q Highlights 6 Strategy Implementation - Major Projects in Projects in Progress 17 Projects in the Sales Stage 19 Planned Projects 20 Industry Development Prospects in the Companys View 23 The Companys sales policy in

3 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Results of operations for the nine months ended 30 September 2008 sales revenue for the nine months ended 30 September an increase by 34,45% (by PLN million in absolute terms) compared to the same period of the previous year 3 * with the exception of projects recognized with zero margin J.W. Construction Holding S.A. PRESENTATION – November 2008

4 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Results of operations for the nine months ended 30 September 2008 Operating profit for the nine months ended 30 September an increase by 27.06% (by PLN 24.8 million in absolute terms) compared to the same period of the previous year Net profit - an increase by 32,38% (by PLN 20.7 million in absolute terms) compared to the same period of the previous year 4 J.W. Construction Holding S.A. PRESENTATION – November 2008

5 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Gross Sales Profit for the nine months ended 30 September Górczewska Park, Warsaw, Górczewska/Olbrachta Streets - 44% Osiedle Lazurowa, Warsaw, Lazurowa Street - 20% Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 12% Rezydencja Quatro, Warsaw, Łukowska Street - 11% Osiedle Leśne, Gdynia, Parkowa Street - 11% The total gross sales profit for the nine months ended 30 September 2008 came to PLN million. The following projects contributed the most to this figure: J.W. Construction Holding S.A. PRESENTATION – November 2008

6 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Q Highlights 6 In July 2008, the Company signed an agreement with an investment company relating to the purchase of the Companys treasury shares for redemption. The purchase programme will be completed by the earlier of 30 June 2009 or the use of all the funds earmarked for the programme. The minimum number of shares to be purchased under the programme was set at 1,500,000. The maximum amount earmarked for the purchase programme is PLN 55m, to be funded with the Companys supplementary capital. The signing of chief contractor service agreements relating to the Osiedle Lazurowa, Rezydencja Quatro, Aleja Wiślana and Osada Wiślana commenced construction projects with J.W.Construction S.A. J.W. Construction Holding S.A. PRESENTATION – November 2008

7 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Strategy Implementation - Major Projects in 2008 The company is developing the projects that were announced in the prospectus. The most important projects which will have impact on financial results are: in the Tri-City (Gdańsk, Gdynia, Sopot) market - Osiedle Leśne in the Russian market - Victoria Park 7 in the Warsaw market - Górczewska Park, Osiedle Lazurowa, Osada Wiślana, Lewandów Park II, Rezydencja Quatro, Osiedle Bursztynowe J.W. Construction Holding S.A. PRESENTATION – November 2008

8 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market 8 Osiedle Lazurowa Warsaw, Bemowo District, Lazurowa Street A housing estate at Lazurowa Street in Warsaw, close to the projected subway station. The project consists of four stages, on completion it will include 669 high- standard apartments. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Lazurowa33,727254,539 J.W. Construction Holding S.A. PRESENTATION – November 2008

9 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market 9 Górczewska Park (Górczewska II) Warsaw, Wola District, Górczewska/Olbrachta Streets The Górczewska Park project includes 12 apartment buildings situated at Górczewska/Olbrachta Streets apartments and 4 commercial premises. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Górczewska Park 44,929435,575 J.W. Construction Holding S.A. PRESENTATION – November 2008

10 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market 10 Osiedle Lewandów Park Warsaw, Lewandów Street A gated housing compound consisting of over 1,900 apartments. Construction in two stages - Lewandów Park I and Lewandów Park II. Attractive location, good connection to the city center. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Lewandów Park 81,191436,012 J.W. Construction Holding S.A. PRESENTATION – November 2008

11 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market 11 Osiedle Bursztynowe Warsaw, Korkowa Street A small, cozy housing estate consisting of four-story houses. Very good connection to the city center. Gated and guarded estate. 322 apartments are planned. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Bursztynowe17,402120,740 J.W. Construction Holding S.A. PRESENTATION – November 2008

12 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Warsaw Market 12 Wiślana Aleja Warsaw, Odkryta Street A housing estate consisting of modern six-story houses. The estate includes 200 apartments with underground garages. Fast and easy access to schools, kindergartens and shopping malls. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Wiślana Aleja9,77071,754 J.W. Construction Holding S.A. PRESENTATION – November 2008

13 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Outside Warsaw 13 Osiedle Leśne Gdynia, Parkowa Street This is the second project developed in Gdynia at Parkowa Street and surrounded by the forests of the Tri-City Landscape Park. The guarded housing estate consists of nine four-story houses with 202 apartments. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Osiedle Leśne12,87191,232 J.W. Construction Holding S.A. PRESENTATION – November 2008

14 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects - Outside Warsaw 14 Lazurowe Ustronie I - stage I Kręczki-Kaputy, Ożarów Mazowiecki municipality A compound consisting of 11 residential buildings with underground garages. The project will include 376 apartments. Service facilities as well as a school and kindergarten are also planned. On completion of all stages, the project should include around 4,000 apartments. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Lazurowe Ustronie I Stage I 17,902104,550 J.W. Construction Holding S.A. PRESENTATION – November 2008

15 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects Abroad 15 Victoria Park Kolomna, Russia A guarded housing estate consisting of six apartment blocks in the town of Kolomna near Moscow. The project includes over 1,100 apartments and the planned completion date for the entire estate is Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Victoria Park58,196366,074 J.W. Construction Holding S.A. PRESENTATION – November 2008

16 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects Abroad 16 Osiedle Jakornaja Szczel Sochi (Russia) A housing estate consisting of seven 16-story apartment blocks (1,200 apartments in total), complete with a swimming pool, fitness center, tennis courts, cafés and shopping facilities. Project Usable apartment floor space (sq. m) Revenue (PLN thousand) Sochi62,000350,900 J.W. Construction Holding S.A. PRESENTATION – November 2008

17 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects in Progress Projects under construction and in the sales stage (data as at the end of September 2008) 17 Project Total No. of apartments No. of apartments sold Planned project completion date Osiedle Centrum Łódź, Tymienieckiego Street Q flats are being handed over Aleja Ludwinowska Warsaw, Ludwinowska Street 68 Q flats are being handed over Osiedle Leśne Gdynia, Parkowa Street Q flats are being handed over Osiedle Lazurowa Warsaw, Lazurowa Street Q Osada Wiślana Warsaw, Marcina z Wrocimowic Street stage I– Q stages II and III – Q2/Q Rezydencja Quatro Warsaw, Łukowska Street 243 1st half 2009 Górczewska Park Warsaw, Górczewska/Olbrachta Streets Q2/Q J.W. Construction Holding S.A. PRESENTATION – November 2008

18 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects in Progress 18 *Apartments available for sale Project Total No. of apartments No. of apartments sold Planned project completion date Victoria Park II (Russia) A1 block158116Q Lewandów Park I and II Warsaw, Lewandów Street 1,9051,5651st half 2010 Wiślana Aleja Warsaw, Odkryta Street Q Osiedle Bursztynowe, Warsaw, Korkowa Street st half 2010 Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue 2413Q I stage Lazurowe Ustronie I, Ożarów Mazowiecki 376*98Q Projects under construction and in the sales stage (data as at the end of September 2008) J.W. Construction Holding S.A. PRESENTATION – November 2008

19 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Projects in the Sales Stage, Projected Construction Start 1st Half 2009 *Apartments available for sale 19 Project Estimated revenue, PLN thousand No. of apartments No. of apartments sold Zielona Dolina Warsaw, Zdziarska/Ostródzka Streets 455,085633*284 No. of apartmentsNo. of apartments sold Apartments under construction and in the sales stage, total 6,4174,974 J.W. Construction Holding S.A. PRESENTATION – November 2008

20 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Planned Projects (data as at the end of October 2008) 20 ProjectCity / districtMarket segment No. of apartments / houses Estimated usable apartment floor space, sq. m Lewandów Park III, Lewandów Street Warsaw / Białołęka District Standard apartments78733,179 Zielona Dolina, Zdziarska/Ostródzka Streets Warsaw / Białołęka District Standard apartments87243,350 Światowida Warsaw / Białołęka District Standard apartments23713,035 Osiedle Centrum IIŁódźStandard apartments43223,760 PogonowskiegoŁódźStandard apartments1095,995 UroczyskoKatowiceStandard apartments56324,616 Szczecin, Wyzwolenia Avenue Szczecin Luxury apartments / service facilities 40032,000 Szczecin Porta Transport plot SzczecinStandard apartments5,400297,000 Lazurowe Ustronie IOżarów MazowieckiStandard apartments1,53074,688 Lazurowe Ustronie IIOżarów MazowieckiStandard apartments76236,338 Lazurowe Ustronie IIIOżarów MazowieckiStandard apartments1,01661,610 Łeba Standard apartments49029,055 Berensona Warsaw / Białołęka District Standard apartments1709,350 J.W. Construction Holding S.A. PRESENTATION – November 2008

21 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Planned Projects (data as at the end of October 2008) 21 ProjectCity / districtMarket segment No. of apartments / houses Estimated usable apartment floor space, sq. m Victoria Park IIKolomna / RussiaStandard apartments78243,010 Aluzyjna I Warsaw / Tarchomin District Standard apartments462,530 Aluzyjna II Warsaw / Tarchomin District Standard apartments1207,000 Konstancin IIKonstancinStandard apartments1368,800 Sopot, Parkowa StreetSopotArrangements pending172,500 Badylarska – Office Building WarsawServices-4,500 Pileckiego – Offices / Hotel WarsawServices / hotel services-17,500 Głogoczów – Hotel GłogoczówHotel services-3,000 Juszkowo IGdańskArrangements pending-7,000 Krynica – Czarny Potok KrynicaHotel services-20,882 SochiRussiaStandard apartmentsca. 1,20082,000 Złote PiaskiBulgariaHoliday apartments18017,700 TOTAL15,249900,398 * the investment also includes the plot purchased in July 2008 by way of a conditional agreement J.W. Construction Holding S.A. PRESENTATION – November 2008

22 S t r i c t l y P r i v a t e & C o n f i d e n t i a l 30 September December 2007 Projected revenue from projects in progress4,353.04,874.5 Projected cost of projects in progress3,091.33,334.0 Projected margin for projects in progress1,261.71,540.5 Accumulated revenue recognized in profit and loss Accumulated cost recognized in profit and loss Accumulated margin recognized in profit and loss Deferred margin1,137.51,300.2 Projected margin for projects in progress 29.2%31.1% Projects in Progress Will Yield over PLN 1 Billion in Margins Projects in progress will yield over PLN 1 billion in margins, which will be recognized in future financial results. 22 J.W. Construction Holding S.A. PRESENTATION – November 2008

23 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Industry Development Prospects in the Companys View Regardless of the stagnation in the housing market, which has been felt for several months now, supply is still outstripped by demand the shortfall amounts to over 1.5 million apartments (Central Statistical Office figures as of December 2007) There is an active group of customers in the real estate market who were born during the 1980s baby boom and whose housing needs still have not been met Increasing urbanization contributes to rising demand for real estate in large cities A high GDP compared to Euroland and falling unemployment 23 J.W. Construction Holding S.A. PRESENTATION – November 2008

24 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Stabilization of real estate prices in the near future and a gradual increase in prices beginning in fall 2008 or spring 2009 at the latest (according to real estate market experts) Stable pricing situation in the construction materials market In the longer term, demand will be boosted again from 2010 onwards due to the Euro 2012 effect and Polands probable entry into the euro area 24 Industry Development Prospects in the Companys View J.W. Construction Holding S.A. PRESENTATION – November 2008

25 S t r i c t l y P r i v a t e & C o n f i d e n t i a l Offer of financing programmes for Customers Packages offering special conditions, dedicated to employees of institutions co-operating with J.W. Construction Interior finishing programmes for Customers Implementation of alternative sales channels Continuous marketing activities An employee sales programme involving employees of J.W. Construction in the sales activities 25 The Companys sales policy in 2008 J.W. Construction Holding S.A. PRESENTATION – November 2008

26 S t r i c t l y P r i v a t e & C o n f i d e n t i a l INVESTOR RELATIONS OFFICE: Małgorzata Szwarc-Sroka Head of Financial Liquidity Management and Head of the Investor Relations Office Phone: / or


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