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J.W. CONSTRUCTION HOLDING S.A. PRESENTATION
RESULTS FOR THE FIRST SIX MONTHS OF 2008
J.W. CONSTRUCTION HOLDING S.A. PRESENTATION
RESULTS FOR THE FIRST SIX MONTHS OF 2008
30 September 2008
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Presentation Agenda
2
Mission of J.W. Construction Holding S.A. …….………………………………………..3
Strategy of J.W. Construction Holding S.A. ….………………………………………….4
Results for the first six months of 2008 ………………………………………………….7
Gross profit on sales for the 1st half - year of 2008 ……….……..…………………….9
1st half - year of 2008 highlights …………….……………………………………………10
Significant events after the 1st half - year of 2008 …..……..………………………...14
Projected profit to be recognized in 2008 ………………………………………..……15
Projected share of selected projects in total revenue in 2008 ……..……….……..16
Strategy implementation - major projects in 2008 ……………….…..……....………17
Projects in progress ……….…………..…………………………………………………..27
Projects in the sales stage .….……….…………………………………………………..29
Planned projects ……….…….………………………………………………………........30
Industry development prospects in the company’s view …………………………..32
Sales policy in 2008 ……….………………………………………….…………………...34
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Mission of J.W. Construction Holding S.A.
3
The mission of the Company is to satisfy the housing needs of all those who value comfort and safety at an affordable price. Thanks
to this business philosophy the Company is the largest Polish developer specialising in the segment of flats accessible to a wide
group of Customers. It incorporates a strategy consisting in continuously increasing the functionality and high quality of the flats
offered by the Company, while maintaining competitive prices.
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Strategy of J.W. Construction Holding S.A.
4
strengthening the leading position among developers
diversifying the sources of revenues and profits by separating construction and designing activities from the existing structures, and also by launching building production
reducing and rationalising costs at each and every stage of production and service provision
implementing new housing, office and infrastructure projects in Poland and abroad
The strategic objectives of the Company are:
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Strategy of J.W. Construction Holding S.A.
5
preparing new housing offers
introducing new products for Customers in co-operation with banks and leading manufacturers of finishing materials
executing a holiday apartments complex project in Bulgaria and high standard flats in Sochi
executing projects in the commercial spaces building sector – office blocks in Warsaw and Szczecin and the expansion of the Hotel 500 chain
The Company attains its strategic objectives by:
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Strategy of J.W. Construction Holding S.A.
6
implementing a modern, cost-effective ceramic walls building technology accelerating the construction process by a subsidiary
outsourcing of services (legal and advisory services, strategic consulting, IT)
purchasing modern and efficient plant and machinery used in construction
The Company attains its strategic objectives by:
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Results for the first six months of 2008
1st half-year of 2008 sales revenue - an increase by 69,7% (by PLN 158.7 million
in absolute terms) compared to the same period of the previous year
7
Sales revenue, PLN million:
386,1
227,5
0
50
100
150
200
250
300
350
400
450
1st half-year of 2007 1st half-year of 2008
Gross margin, %
30,0
27,0
26
26
27
27
28
28
29
29
30
30
31
1st half-year of 2007 1st half-year of 2008*
* with the exception of projects recognized with zero margin
PRESENTATION J.W. Construction Holding S.A. – September 2008
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1st half-year of 2008 operating profit - an increase by 76.6% (by PLN 31.2 million
in absolute terms) compared to 1st half-year of 2007
Net profit - an increase by 98.7% (by PLN 25.3 million in absolute terms) compared to 1st half-year of 2007
8
Operating profit, PLN million:
71,9
40,7
0
10
20
30
40
50
60
70
80
1st half-year of 2007 1st half-year of 2008
Net profit, PLN million:
50,9
25,6
0
10
20
30
40
50
60
1st half-year of 2007 1st half-year of 2008
Results for the first six months of 2008
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Gross profit on sales for the 1st half - year of 2008
9
Górczewska Park, Warsaw, Górczewska/Olbrachta Streets - 39%
Osiedle Lazurowa, Warsaw, Lazurowa Street - 23%
Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 12%
Rezydencja Quatro, Warsaw, Łukowska Street - 12%
Osiedle Leśne, Gdynia, Parkowa Street - 10%
The total gross sales profit in 1st half-year of 2008 came to PLN 101.4 million.
The following projects contributed the most to this figure:
Other projects also contributed to the profits, including:
Osiedle Centrum, Łódź, Tymienieckiego Street
Victoria Park II, Kolomna, Russia
PRESENTATION J.W. Construction Holding S.A. – September 2008
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The most important event taking place in the first half of 2008 was the separation from J.W. Construction Holding S.A. of its three Branches and their contribution as organised parts of the enterprise to subsidiary companies
1st half - year of 2008 highlights
On 30 April 2008, three Extraordinary General Meetings took place at J.W. Construction Holding S.A. subsidiaries, as a result of which agreements concerning the transfer of organized parts of the company (branches) were concluded:
- to J.W. Construction S.A. - a branch under the name of J.W. Construction Holding S.A. “Budownictwo”
- to JW Projekt Sp. z o. o. — a branch under the name of J.W. Construction Holding S.A. „Pracownia Projektowa”
- to JWCH Produkcja Budowlana Sp. z o. o. — a branch under the name of J.W. Construction Holding S.A. „Zakład Prefabrykacji Budowlanej”
PRESENTATION J.W. Construction Holding S.A. – September 2008
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-
- Lewandów Park I, Warsaw, Lewandów Street
- Aleja Ludwinowska II, Warsaw, Ludwinowska Avenue
- Lewandów Park II, Warsaw, Lewandów Street
- I stage Lazurowe Ustronie I (Ożarów Mazowiecki)
- Bursztynowe Osiedle, Warsaw, Korkowa Street
In June 2008, the Company celebrated the 15th anniversary of its operations
Further extension of the “land bank” through the purchase by the J.W. Construction Bułgaria EOOD, a subsidiary with its registered office in Sofia, of a property with an area of over 1.4 hectares in the Bulgarian Golden Sands resort
Valid construction permit obtained for the Wiślana Aleja project at Odkryta Street in Warsaw
Obtaining valid construction permits and starting the construction of the projects as listed below:
1st half - year of 2008 highlights
PRESENTATION J.W. Construction Holding S.A. – September 2008
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“Company of the Year 2007” award for notable achievements in the field of residential construction and for the successful first listing on the Warsaw Stock Exchange - granted by the Polish Business Club
Inclusion in the “Forbes Diamond 2008” list of companies that increased their value most rapidly between 2004 and 2006, leveraging the favorable economic climate in the most effective way
JWCH ranked first in the “2008 Developer Ranking List” drawn up by the editors of the Gazeta Prawna Business Forum; the list includes the largest and most dynamic companies in the development industry
1st half - year of 2008 highlights
PRESENTATION J.W. Construction Holding S.A. – September 2008
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The fifth diamond added to the Polish Business Leader statuette awarded by the Business Centre Club
J.W. Construction was included in the “500 Largest Polish Companies” list compiled by the Polityka weekly
The company was included in the “List of 500” which lists top Polish companies, compiled by the editors of the Rzeczpospolita daily
The company was nominated for the “Construction Master” award granted by the editors of the Home&Market monthly in the Best Building Contractor category
“Benefactor of the Year 2007” title in a competition held by the Academy for the Development of Philanthropy in Poland
1st half - year of 2008 highlights
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Significant events after 1st half - year of 2008
In July 2008, the Company concluded an agreement with an investment firm within the meaning of Article 6, para. 3, point b) of Commission Regulation (EC) No. 2273/2003 of December 22, 2003 concerning the implementation of a share buy-back program in order to redeem the shares purchased. The program shall be implemented until June 30, 2009 or until the funds allocated to its implementation are exhausted; the number of shares purchased shall be no fewer than 1,500,000. The maximum amount of funds allocated to program implementation shall be PLN 55,000,000; the funds shall come from the Company’s supplementary capital.
Another purchase of land (conditional agreement) situated in Warsaw (Mokotów district), Antoniewska Street
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projected profit to be recognized in 2008
15
Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets - 35%
Osiedle Lewandów II, Warsaw, Lewandów Street - 17%
Osiedle Lazurowa, Warsaw, Lazurowa Street - 13%
Osada Wiślana, Warsaw, Marcina z Wrocimowic Street - 11%
Osiedle Leśne, Gdynia, Parkowa Street - 7%
Rezydencja Quatro, Warsaw, Łukowska Street - 7%
The projected 2008 gross sales profit level is PLN 256.5 million. The following
projects will contribute the most to this figure (according to estimates):
The following projects, inter alia, will also contribute to sales profits:
Victoria Park II, Russia, Kolomna
Osiedle Bursztynowe, Warsaw, Korkowa Street
Wiślana Aleja, Warsaw, Odkryta Street
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projected share of selected projectsin total revenue in 2008
16
Project Projected revenue to
be recognized in 2008, PLN thousand
Percentage of projected 2008
revenue
Górczewska Park II, Warsaw,
Górczewska/Olbrachta Streets 195,317 24%
Osiedle Lazurowa, Warsaw, Lazurowa Street 120,984 15%
Lewandów Park II, Warsaw, Lewandów Street 110,596 13%
Osada Wiślana, Warsaw, Marcina z Wrocimowic Street 78,320 10%
Rezydencja Quatro, Warsaw, Łukowska Street 49,347 6%
Victoria Park II, Kolomna, Russia 44,965 5%
Lewandów Park I, Warsaw, Lewandów Street 41,419 5%
Other 178,929 22%
TOTAL 819,877 100%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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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
17
in the Warsaw market - Górczewska Park, Osiedle Lazurowa, Osada Wiślana, Lewandów Park II, Rezydencja Quatro, Osiedle Bursztynowe, Wiślana Aleja
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - Warsaw market
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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)
Progress (average for all stages) in terms of cost and revenue - 31 December 2008
projection
Osiedle Lazurowa 33,727 253,827 Cost: 96%
Revenue: 97%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - Warsaw market
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Górczewska Park(Górczewska II)
Warsaw, Wola District,
Górczewska/Olbrachta Streets
The Górczewska Park project includes 12 apartment buildings situated at Górczewska/Olbrachta Streets - 886 apartments and 4 commercial premises.
Project Usable
apartment floor space (sq. m)
Revenue (PLN thousand)
Progress in terms of cost and revenue - 31 December
2008 projection
Osiedle
Górczewska Park44,929 434,107
Cost: 95%
Revenue: 83%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - Warsaw market
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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)
Progress in terms of cost and revenue - 31 December
2008 projection
Osiedle
Lewandów Park81,191 420,808
Stage I cost: 29%
Stage I revenue: 98%
Stage II cost: 40%
Stage II revenue: 85%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - Warsaw market
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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)
Progress in terms of cost and revenue - 31 December
2008 projection
Osiedle Bursztynowe 17,402 119,823 Cost: 40%
Revenue: 85%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - Warsaw market
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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)
Progress in terms of cost and revenue - 31 December
2008 projection
Wiślana Aleja 9,770 71,917 Cost: 40%
Revenue: 93%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - outside Warsaw
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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)
Progress in terms of cost and revenue - 31 December
2008 projection
Osiedle Leśne 12,871 90,928 Cost: 100%
Revenue: 89%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects - outside Warsaw
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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)
Progress in terms of cost and revenue - 31 December
2008 projection
Lazurowe Ustronie I
Stage I 17,902 104,550
Cost: 40%
Revenue: 30%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects abroad
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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 2012.
Project Usable
apartment floor space (sq. m)
Revenue (PLN thousand)
Progress in terms of cost and revenue, A1 block –
31 December 2008 projection
Victoria Park 58,196 366,074 Cost A1: 80%
Revenue A1: 80%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects abroad
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Osiedle Jakornaja Szczel
Sochi (Russia) - construction
starts in Q4 2008
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)
Progress in terms of cost and revenue -
31 December 2008 projection Sochi 62,000 350,900
Cost: 5%
Revenue: 0%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects in progressProjects under construction and in the sales stage (figures as at the end of June 2008)
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ProjectTotal No. of apartments
No. of apartments sold
Planned project completion date
% included in 2008 results
Osiedle Górczewska
Warsaw, Górczewska Street1,410 1,409
1st half of 2008 – flats are being handed over 100%
Osiedle Centrum
Łódź, Tymienieckiego Street324 305
1st half of 2008 – flats are being handed over 97%
Rezydencja na Skarpie IV
Warsaw, Bukowińska Street261 261
1st half of 2008 – flats are being handed over 100%
Willa Konstancin
Konstancin, Bielawska/Paproci
Streets
177 1651st half of 2008 – flats are
being handed over 96%
Aleja Ludwinowska
Warsaw, Ludwinowska Street68 68 Q3 2008 100%
Osiedle Leśne
Gdynia, Parkowa Street202 167 Q4 2008 89%
Osiedle Lazurowa
Warsaw, Lazurowa Street669 636 Q4 2008 93%
Osada Wiślana
Warsaw, Marcina z Wrocimowic
Street
404 371stage I– Q3/Q4 2008
stages II and III – Q2/Q3 200984%
Rezydencja Quatro
Warsaw, Łukowska Street243 242 1st half 2009 74%
Górczewska Park
Warsaw, Górczewska/Olbrachta
Streets
890 702 Q2/Q3 2009 79%
Osiedle Uroczysko, Katowice,
Bałtycka Street24 2 Q3 2008 0%
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects in progressProjects under construction and in the sales stage (figures as at the end of June 2008)
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ProjectTotal No. of apartments
No. of apartments sold
Planned project completion date
% included in 2008 results
Victoria Park II (Russia) A1 block 158 104 Q1 2009 64%
Lewandów Park I and II
Warsaw, Lewandów Street1,905 1,577 1st half 2010 32%
Wiślana Aleja
Warsaw, Odkryta Street200 176 Q1 2010 37%
Osiedle Bursztynowe,
Warsaw, Korkowa Street 322 250 1st half 2010 34%
Aleja Ludwinowska II,
Warsaw, Ludwinowska Avenue24 8 Q3 2009 20%
I stage Lazurowe Ustronie I,
Ożarów Mazowiecki376* 39 Q4 2009 0%
*Apartments available for sale
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Projects in the sales stage, projected construction start 2nd half 2008
*Apartments available for sale
29
ProjectEstimated revenue,
PLN thousandNo. of apartments
No. of apartments sold
Zielona DolinaWarsaw, Zdziarska/Ostródzka Streets
455,085 633* 355
No. of apartments No. of apartments sold
Apartments under construction and in the sales stage, total
8,290 6,837
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Planned projects (status as at the end of June 2008)
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Project City / district Market segmentNo. of apartments /
houses
Estimated usable apartment floor
space, sq. m
Lewandów Park III, Lewandów Street
Warsaw / Białołęka District
Standard apartments 787 33,179
Zielona Dolina, Zdziarska/Ostródzka
Streets
Warsaw / Białołęka District
Standard apartments 872 43,350
ŚwiatowidaWarsaw / Białołęka
DistrictStandard apartments 237 13,035
Osiedle Centrum II Łódź Standard apartments 432 23,760
Pogonowskiego Łódź Standard apartments 109 5,995
Uroczysko Katowice Standard apartments 563 24,616
Szczecin, Wyzwolenia Avenue
SzczecinLuxury apartments /
service facilities400 32,000
Szczecin — Porta Transport plot
Szczecin Standard apartments 5,400 297,000
Lazurowe Ustronie IOżarów
MazowieckiStandard apartments 1,530 74,688
Lazurowe Ustronie IIOżarów
MazowieckiStandard apartments 762 36,338
Lazurowe Ustronie IIIOżarów
MazowieckiStandard apartments 1,016 61,610
Łeba Łeba Standard apartments 490 29,055
BerensonaWarsaw / Białołęka
DistrictStandard apartments 170 9,350
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Planned projects (status as at the end of June 2008)
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Project City / district Market segmentNo. of apartments
/ houses
Estimated usable apartment floor space,
sq. m
Victoria Park II Kolomna / Russia Standard apartments 782 43,010
Aluzyjna IWarsaw / Tarchomin
DistrictStandard apartments 46 2,530
Aluzyjna IIWarsaw / Tarchomin
DistrictStandard apartments 120 7,000
Konstancin II Konstancin Standard apartments 136 8,800
Sopot, Parkowa Street Sopot Arrangements pending 17 2,500
Badylarska – Office Building
Warsaw Services - 4,500
Pileckiego – Offices / Hotel
Warsaw Services / hotel services - 17,500
Głogoczów – Hotel Głogoczów Hotel services - 3,000
Juszkowo I Gdańsk Arrangements pending - 7,000
Krynica – Czarny Potok Krynica Hotel services - 20,882
Sochi Russia Standard apartments ca. 1,200 82,000
Złote Piaski Bulgaria Holiday apartments 180 17,700
Warsaw, Antoniewska Street*
Warsaw/MokotówDistrict
Standard apartments 550 28,834
TOTAL 15,779 929,232
* the investment also includes the plot purchased in July 2008 by way of a conditional agreement
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Industry development prospects in the company’s 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
Steady GDP growth, decreasing unemployment and rising salaries
The range of mortgage loans on offer remains broad and widely available despite the banks’ announcements concerning the tightening of lending criteria
32PRESENTATION J.W. Construction Holding S.A. – September 2008
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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 Poland’s probable entry into the euro area
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Industry development prospects in the company’s view
PRESENTATION J.W. Construction Holding S.A. – September 2008
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Wide 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
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Sales policy in 2008
PRESENTATION J.W. Construction Holding S.A. – September 2008
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INVESTOR RELATIONS OFFICE:
Małgorzata Szwarc-Sroka
Head of Financial Liquidity Managementand Head of the Investor Relations Office
Phone: +48 022 771 77 85 / +48 0 22 771 78 10or +48 022 771 75 10
e-mail: [email protected]