MONDAY DEVELOPMENT SA CONSOLIDATED QUARTERLY REPORT. for the first quarter of 2013 from 1 January to 31 March 2013

Transcription

1 CONSOLIDATED QUARTERLY REPORT for the first quarter of 2013 from 1 January to 31 March 2013

2 1. INTRODUCTION The Issuer is the parent company of a real estate development group with investments in the following market sectors: - residential, - commercial, - land. The Issuer operates through special purpose vehicles. The direct owner of the Issuer s shares in SPVs is Fundusz Inwestycyjny Zamknięty Monday (Monday FIZ), a closed-ended fund acting pursuant to Poland s investment funds act. With regard to the structure of the Monday Development Group, the Issuer s Management Board has recognised that, in parts of the separate and consolidated reports relating to factors and events affecting the financial result (point 6 below) and corporate development (point 7 below), it is also necessary to present circumstances and events relating to projects implemented by specific SPVs, despite the fact that formally these are not the Issuer s subsidiaries and are not subject to consolidation. 2. BASIC INFORMATION ON THE ISSUER 2.1. Monday Development S.A. is registered in the Register of Companies under entry number KRS The entry was made by the District Court for Poznań Nowe Miasto i Wilda in Poznań, 8th Commercial Division of the National Court Register. The Company s registered office is in Poznań at ul. Piątkowska The Company holds the following identification numbers: REGON NIP Contact details MONDAY DEVELOPMENT SA ul. Piątkowska Poznań tel. (+48) fax (+48) biuro@mondaydevelopment.pl 2.4. Management Board Kurt Montgomery - President Monika Owerko - Member Piotr Łopatka - Member 2

3 3. ISSUER S SUBSIDIARIES COMPANY NAME COMPANY PROFILE ISSUER S STAKE MONDAY SP. Z O.O. general partner in real estate development entities % MONDAY MANAGEMENT SP. Z O.O. general partner in a management entity 100.0% INTERNAL FINANCE SP. Z O.O. general partner in a financing entity 100.0% LUNEDI SP. Z O.O. general partner in a development entity 100.0% The Issuer is the sole owner of investment certificates in Monday FIZ which, with regard to the fact that it is not defined as a subsidiary, is not subject to consolidation. 4. ISSUER S SHAREHOLDING STRUCTURE 3

4 5. SELECTED SEPARATE FINANCIAL DATA DESCRIPTION Q Q Q Q NON-CURRENT RECEIVABLES NON-CURRENT INVESTMENTS CURRENT RECEIVABLES CURRENT INVESTMENTS CASH AND CASH EQUIVALENTS EQUITY NON-CURRENT PAYABLES CURRENT PAYABLES DEPRECIATION in PLN thousands NET REVENUE FROM SALES PROFIT (LOSS) ON SALES OPERATING PROFIT (LOSS) GROSS PROFIT (LOSS) NET PROFIT (LOSS) in PLN thousands 4

5 6. SELECTED CONSOLIDATED FINANCIAL DATA DESCRIPTION Q Q Q Q NON-CURRENT RECEIVABLES NON-CURRENT INVESTMENTS CURRENT RECEIVABLES CURRENT INVESTMENTS CASH AND CASH EQUIVALENTS EQUITY NON-CURRENT PAYABLES CURRENT PAYABLES DEPRECIATION in PLN thousands NET REVENUE FROM SALES PROFIT (LOSS) ON SALES OPERATING PROFIT (LOSS) GROSS PROFIT (LOSS) NET PROFIT (LOSS) in PLN thousands 5

6 7. FACTORS AND EVENTS AFFECTING THE FINANCIAL RESULT 7.1. The Issuer recognised a revaluation of Monday FIZ certificates in its accounts, reducing the total value by PLN In December, the Issuer submitted a request to redeem certificates which was completed in January The transaction resulted in a PLN decrease in the value of Monday FIZ. A further PLN reduction resulted from revaluation of a plot of land at Botaniczna street to the amount of a bid the Company received and subsequently accepted. The remaining amount concerns mostly a decrease in residual value (PLN ) resulting from a delay in revenue recognition, which increases the Company s financing costs and thus lowers its earnings The Company did not publish forecasts. 6

7 8. CORPORATE DEVELOPMENT 8.1. PIĄTKOWSKA PROJECT PROJECT COMMERCIALISATION The Piątkowska 116 project comprises an office building with premises designated for sale. It was delivered in December Commercialisation of the facility continued in Q A single 83m 2 office premise remains to be sold. The premise is covered by a booking agreement. Revenue from the investment is estimated at approx. PLN 14.0 million. The revenue estimate was lowered by PLN 0.3 million in line with the Company s changing expectations regarding commercial property market conditions CHWIAŁKOWSKIEGO PROJECT PROJECT COMMERCIALISATION The Chwiałkowskiego project provided for the construction of a six-storey tenement building with garage and commercial premises with total usable area of 1 900m 2. The investment is located in the north of Poznań s Wilda district, immediately neighbouring the city centre. The location provides ease of access to popular leisure, entertainment and shopping attractions and welldeveloped transport and service infrastructure. Construction was completed in Q Project commercialisation continued throughout Q By the end of the quarter, sales agreements covered nearly 60% of residential and all of service premises, or 63% of the building s gross usable area. Revenue from the investment is estimated at PLN 11.9 million SOKOŁA I PROJECT CONTINUATION OF CONSTRUCTION WORKS AND APARTMENT SALES This project covers the construction of a modern residential building with underground car park at ul. Sokoła in Poznań. The investment is located in the quiet district of Sołacz not far from Sołacki park and close to recreational areas surrounding Lake Rusałka. The development provides for construction of a four-storey building and the repair and renovation of an existing residential building. In Q the Company continued construction works and apartment sales. Construction completion is planned for Q Revenue from the investment is estimated at PLN 15.3 million HEVELIA PROJECT CONTINUATION OF CONSTRUCTION WORKS AND APARTMENT SALES This investment is located on m 2 of land at the junction of Heweliusza and Palacza streets in Poznań s Grunwald district. A complex of four-storey residential buildings with usable area of approx m 2 is planned for construction. This quiet residential area stands out through its proximity to a municipal park and its contemporary architecture. The project is being implemented jointly with Warsaw-based Unidevelopment Sp. z o.o., a member of the Unibep Group. In Q the Company continued project construction, commenced in Q4 2012, and began apartment sales. Construction is expected to be completed by the end of Q

8 Total revenue from the investment is estimated at PLN 66.2 million. Managing the investment through an SPV, Monday FIZ owns a 25% interest in the project SOKOŁA II PROJECT INVESTMENT PREPARATION This project covers the construction of a second tranquil residential building at ul. Sokoła. Usable living area is approx m2. In Q the Company continued investment preparations. Construction is expected to commence in Q and will last 12 months RATAJE PROJECT INVESTMENT PREPARATION This project provides for the construction of a complex of residential and office buildings in the Rataje district with total usable area of m 2. In Q the Company continued preparatory work on the investment s architectural concept. The project will be delivered in four stages. Revenue from the investment is estimated at approx. PLN 135 million. The q/q increase in estimated revenue results from a change in office/residential proportions within the project STRZESZYN PROJECT SERVICE INFRASTRUCTURE DEVELOPMENT AND PROJECT COMMERCIALISATION The Strzeszyn project covers the development of 2.17ha of land. In Q the Company obtained the last permit required for land development. Project commercialisation and service infrastructure development are on-going. Revenue from the investment is estimated at approx. PLN 5.0 million MAŁE GARBARY PROJECT INVESTMENT PREPARATION This project covers the construction of an office building of approx m 2 in area on a 340m 2 plot in the very centre of Poznań. The planned office building will be similar in standard and function to the completed Piątkowska 116 project. In Q the Company completed the building s architectural concept. Work on design of technical infrastructure solutions is on-going. Construction is expected to commence in Q Revenue from the investment is estimated at PLN 7.8 million. 8