MONDAY DEVELOPMENT SA CONSOLIDATED QUARTERLY REPORT. for the fourth quarter of 2012 from 1 October to 31 December 2012

Transcription

1 MONDAYDEVELOPMENTSA CONSOLIDATEDQUARTERLYREPORT forthefourthquarterof2012 from1octoberto31december2012

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3 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER INTRODUCTION TheIssueristheparentcompanyofarealestatedevelopmentgroupwithinvestmentsinthefollowing marketsectors: - residential, - commercial, - land. TheIssueroperatesthroughspecialpurposevehicles.ThedirectowneroftheIssuer ssharesinspvsis Fundusz Inwestycyjny Zamknięty Monday (Monday FIZ), a closed ended fund acting pursuant to Poland sinvestmentfundsact. WithregardtothestructureoftheMondayDevelopmentGroup,theIssuer smanagementboardhas 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. BASICINFORMATIONONTHEISSUER 2.1. Monday Development S.A. is registered in the Register of Companies under entry number KRS TheentrywasmadebytheDistrictCourtforPoznańNoweMiastoiWildainPoznań, 8thCommercialDivisionoftheNationalCourtRegister. TheCompany sregisteredofficeisinpoznańatul.piątkowska TheCompanyholdsthefollowingidentificationnumbers: REGON NIP Contactdetails MONDAYDEVELOPMENTSA ul.piątkowska Poznań tel.(+48) fax(+48) biuro@mondaydevelopment.pl 2.4. ManagementBoard KurtMontgomery President MonikaOwerko Member PiotrŁopatka Member 2

4 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER ISSUER SSUBSIDIARIES 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 thatitisnotdefinedasasubsidiary,isnotsubjecttoconsolidation. 4. ISSUER SSHAREHOLDINGSTRUCTURE 3

5 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER SELECTEDSEPARATEFINANCIALDATA DESCRIPTION Q42012 Q Q1 Q Q1 Q NON CURRENTRECEIVABLES NON CURRENTINVESTMENTS CURRENTRECEIVABLES CURRENTINVESTMENTS CASHANDCASHEQUIVALENTS EQUITY NON CURRENTPAYABLES CURRENTPAYABLES DEPRECIATION inplnthousands NETREVENUEFROMSALES PROFIT(LOSS)ONSALES OPERATINGPROFIT(LOSS) GROSSPROFIT(LOSS) NETPROFIT(LOSS) inplnthousands 4

6 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER SELECTEDCONSOLIDATEDFINANCIALDATA DESCRIPTION Q42012 Q42011 Q1 Q42012 Q1 Q NON CURRENTRECEIVABLES NON CURRENTINVESTMENTS CURRENTRECEIVABLES CURRENTINVESTMENTS CASHANDCASHEQUIVALENTS EQUITY NON CURRENTPAYABLES CURRENTPAYABLES DEPRECIATION inplnthousands NETREVENUEFROMSALES PROFIT(LOSS)ONSALES OPERATINGPROFIT(LOSS) GROSSPROFIT(LOSS) NETPROFIT(LOSS) inplnthousands 5

7 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER FACTORSANDEVENTSAFFECTINGTHEFINANCIALRESULT 7.1. TheIssuerhasrevaluedtheMondayFIZportfoliocompanies,increasingtheirvaluationbyPLN This was the first time the valuation included the Małe Garbary project, the discounted value of which was PLN The remaining amount by which FIZ certificates increasedinvalueisderivativeofprojectupdatesandchangesintheirresidualvalues TheIssuerhassolditsinterestintheBotanicznaprojecttoacompanyfromtheNICKELgroup. As at the end of Q3 2012, the value of this interest, taking into consideration guarantees arisingfromtheinvestmentagreement,wasvaluedatpln theissuerreceivedpln fromthetransaction.Thesaleagreementprovidesforaconsiderationconsistingof cash, real estate and receivables. The funds obtained from the sale will be used in the Company sotherprojects InthefourthquartertheCompanycoveredlossesfrompreviousquartersusingproceedsfrom redemptionofmondayfizcertificates.mondayfizredeemed615000certificateswithavalue ofpln ,whichtranslatedintoagainontheredemptionofpln During the audit of Monday Development SA s annual report, the auditor recommended an adjustment to the value of Monday FIZ investment certificates. This was connected with changesinvaluationassumptionsfortheratajeprojectwhichhadnotyetbeenineffectwhen auditingthemondayfizfinancialstatements. Thefirstchangeconcernssaleofapartofthe project slandforaconveniencestore,whichlowerssellableapartmentandofficespaceand decreasesestimatedprojectincome.adecisionwasmadetointroducethischangeinorderto raisetheinvestment soverallattractiveness. Thesecondchangeconcernscommencementof cooperationwithapartnerprovidinginvestmentfinancingonsimilartermstothoseappliedin the Group s other projects. As a result of these two changes, the project s share in the FIZ valuationdecreasedbypln changestoprojectassumptions adecreaseinvalue and change to timing of cash flows decreased the Monday Management Sp. z o.o. SKA valuationbypln throughadecreaseinresidualvalueandestimatedincomeafter the forecast period. Change of Rataje project assumptions increased the planned development s appeal for prospective customers and enabled the Group to raise financing (PLN in addition to its own contribution), both for Rataje and other projects, throughanequityinvestmentbytheproperty sformerowners TheCompanydidnotpublishforecasts. 6

8 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER CORPORATEDEVELOPMENT 8.1. PIĄTKOWSKAPROJECT PROJECTCOMMERCIALISATION ThePiątkowska116projectcomprisesanofficebuildingwithpremisesdesignatedforsale.Itwas delivered in December Commercialisation of the facility continued in Q A single 83m 2 officepremiseremainstobesold.thepremiseiscoveredbyabookingagreement. Revenuefromtheinvestmentisestimatedatapprox.PLN14.3million CHWIAŁKOWSKIEGOPROJECT COMPLETIONOFCONSTRUCTION The Chwiałkowskiego project concerns the construction of a six storey tenement building with garageandcommercialpremiseswithtotalusableareaof1900m 2.Theinvestmentislocatedin 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 welldevelopedtransportandserviceinfrastructure. InaccordancewiththeinformationprovidedintheQ32012report,inOctober2012theCompany completed construction and in November received a permit of use. Sales of the remaining apartmentsareon going. RevenuefromtheinvestmentisestimatedatPLN11.9million SOKOŁAIPROJECT CONTINUATIONOFCONSTRUCTIONWORKSANDAPARTMENTPRE SALES Thisprojectcoverstheconstructionofamodernresidentialbuildingwithundergroundcarparkat ul.sokołainpoznań.theinvestmentislocatedinthequietdistrictofsołacznotfarfromsołacki 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 completionisplannedforq RevenuefromtheinvestmentisestimatedatPLN15.3million HEVELIAPROJECT COMMENCEMENTOFCONSTRUCTION Thisinvestmentislocatedon12500m 2 oflandatthejunctionofheweliuszaandpalaczastreets inpoznań sgrunwalddistrict.acomplexoffour storeyresidentialbuildingswithusableareaof approx.10000m 2 isplannedforconstruction.thisquietresidentialareastandsoutthroughits 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 signed an agreement with the general contractor and commenced constructionofthebuildings.constructionisexpectedtobecompletedinq

9 MONDAYDEVELOPMENTSA ISSUER'SCONSOLIDATEDQUARTERLYREPORTFORTHEPERIOD1OCTOBER 31DECEMBER2012 RevenuefromtheinvestmentisestimatedatPLN66.2million SOKOŁAIIPROJECT INVESTMENTPREPARATION Thisprojectcoverstheconstructionofasecondtranquilresidentialbuildingatul.Sokoła.Usable livingareaisapprox.3300m2. In Q the Company continued investment preparations. Construction is expected to commenceinq32013andwilllast12months BOTANICZNAPROJECT EXITFROMTHEINVESTMENT InDecember2012theCompanysolditsinterestintheBotanicznaprojecttoitspartner,aNICKEL group company holding a controlling stake in the special purpose vehicle established for this venture. The consideration consisted of cash, premises and receivables. Information on the sale waspublishedbythecompanyincurrentreport13/2012dated22december RATAJEPROJECT INVESTMENTPREPARATION This project provides for the construction of a complex of residential and office buildings in the Ratajedistrictwithtotalusableareaof27000m 2. InQ42012theCompanycontinuedpreparatoryworkontheinvestment sarchitecturalconcept. Theprojectwillbedeliveredinthreestages.Revenuefromtheinvestmentisestimatedatapprox. PLN133.8million STRZESZYN PROJECT SERVICE INFRASTRUCTURE AND ACQUISITION OF CONSTRUCTION PERMITS TheStrzeszynprojectcoversthedevelopmentof2.17haofland.TheCompanyisintheprocessof obtaining permits for all three plots and is continuing work on land development for the investment. Revenuefromtheinvestmentisestimatedatapprox.PLN5.0million MAŁEGARBARYPROJECT INVESTMENTPREPARATION Thisprojectcoverstheconstructionofanofficebuildingofapprox.1100m 2 inareaona340m 2 plot in the very centre of Poznań. The planned office building will be similar in standard and functiontothecompletedpiątkowska116project. InQ42012theCompanycontinueddraftingthebuilding sarchitecturalconcept.constructionis expectedtocommenceinq RevenuefromtheinvestmentisestimatedatPLN7.8million. 8