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S t
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February 2008
J.W. CONSTRUCTION HOLDING S.A.Largest Polish Residential Real Estate Developer
PRESENTATION
J.W. CONSTRUCTION HOLDING S.A.Largest Polish Residential Real Estate Developer
PRESENTATION
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Presentation Agenda
J.W. Construction Holding S.A. PRESENTATION – February 2008 2
Q4 2007 Results ………………………………………………………….…….… 3
Increase in Sales Value …………….…………………………………….…...… 5
Profits in Q1-Q4 2007 ………….………………….…………………….…..…… 6
Financial Forecasts vs. Performance in 2007..…………….………………… 7
Financial Results, 2004–2007 …………………………………………….…….. 8
Q4 2007 Highlights …………………………………………………..…………… 9
Land Bank Development in Q4 2007 …..……………………………………… 11
Important Developments After Q4 2007 ……. ……………….…….…..……. 12
Industry Development Prospects in the Company’s View ……….………. 13
Financial Forecasts for 2008 .…….………………….………………………… 15
Projected Profit to be Recognized in 2008 …..……………………….…..…. 16
Projected Share of Selected Projects in Total Revenue in 2008 …...….… 17
Strategy Implementation — Major Projects in 2008 …..…………………… 18
Projects in Progress ……………………………………………….…….……… 28
Projects in the Sales Stage ……………………………………………..………. 29
Planned Projects ……………………………………………………………….… 30
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Q4 2007 Results
Q4 2007 sales revenue - an increase by 84% (by PLN 194.3 million in absolute terms) compared to the same period of the previous year
2007 sales revenue - an increase by 7.8% compared to 2006
2007 gross margin - an increase by 1.5 percentage points compared to 2006
Sales revenue (PLN million)
782.7
425.2
726.3
230.9
0
100
200
300
400
500
600
700
800
900
Q4 2006 Q4 2007 2006 2007
Gross margin (% )
46.753.2
62.9
45.2
0
10
20
30
40
50
60
70
Q4 2006 Q4 2007 2006 2007
J.W. Construction Holding S.A. PRESENTATION – February 2008 3
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Q4 2007 Results
Q4 2007 operating profit - an increase by 66.4% (by PLN 53.7 million in absolute terms) compared to the same period of the previous year 2007 operating profit - an increase by 11.8% compared to 2006
Net profit - an increase by 75.2% (by PLN 45.1 million in absolute terms) compared to Q4 2006
2007 net profit - an increase by 12.4% compared to 2006
Operating profit (PLN million)
201.4
134.6
80.9
180.1
0
50
100
150
200
250
Q4 2006 Q4 2007 2006 2007
Net profit (PLN million)
148.4
105.1
60.0
132.0
0
20
40
60
80
100
120
140
160
Q4 2006 Q4 2007 2006 2007
J.W. Construction Holding S.A. PRESENTATION – February 2008 4
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Increase in Sales Value (PLN million)
The value of contracts signed with customers in 2007 was 10.2% higher than in the previous year
1,165.7
1,057.9
1000
1020
1040
1060
1080
1100
1120
1140
1160
1180
2006 2007
J.W. Construction Holding S.A. PRESENTATION – February 2008 5
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Gross Sales Profit, Q1–Q4 2007
Górczewska Park, Warsaw, Górczewska/Olbrachta Streets
Osiedle Lazurowa, Warsaw, Lazurowa Street
Rezydencja na Skarpie, Warsaw, Bukowińska Street
Aleja Ludwinowska, Warsaw, Ludwinowska Street
Osiedle Leśne, Gdynia, Parkowa Street
Willa Konstancin, Konstancin, Bielawska/Paproci Streets
Osada Wiślana, Warsaw, Marcina z Wrocimowic Street
Osiedle Centrum, Łódź, Tymienieckiego Street
Victoria Park II, Kolomna, Russia
J.W. Construction Holding S.A. PRESENTATION – February 2008 6
The total gross sales profit in the four quarters of 2007 came to PLN 249.3 million. The following projects contributed the most to this figure:
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The company performed as forecasted in 2007, in fact outperforming the forecast with respect to most parameters:
Sales revenue was 96% of the projected figure Gross sales profit was higher than projected by PLN 4.7 million Operating profit was higher than projected by PLN 1.9 million Net profit was higher than projected by PLN 1.9 million
Financial Forecasts vs. Performance in 2007 (PLN million)
146.5199.5
244.6
813.1
148.4201.4
249.3
782.7
0
100
200
300
400
500
600
700
800
900
Sales revenue Gross salesprofit
EBIT Net profit
2007 forecast
2007 performance(before audit)
J.W. Construction Holding S.A. PRESENTATION – February 2008 7
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Financial Results, 2004 - 2007
Sales revenue (PLN million)
782.7726.3
414.6413.9
0
100
200
300
400
500
600
700
800
900
2004 2005 2006 2007 beforeaudit
Gross sales profit (PLN million)
249.3226.0
72.463.5
0
50
100
150
200
250
300
2004 2005 2006 2007 beforeaudit
Operating profit (PLN million)
201.4180.1
33.517.1
0
50
100
150
200
250
2004 2005 2006 2007 beforeaudit
Net profit (PLN million)
148.4132.0
12.34.3
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40
60
80
100
120
140
160
2004 2005 2006 2007 beforeaudit
J.W. Construction Holding S.A. PRESENTATION – February 2008 8
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Q4 2007 Highlights Registration of the J.W. Construction S.A. construction company, which will engage in construction activities and accept commissions also from
customers other than J.W. Construction Holding S.A.
Registration of changes regarding Dremet-Projekt Sp. z o. o. - transfer of
design activities to this company
Establishment of a subsidiary in Bulgaria - engaging in development
activities in Bulgaria
Purchase of shares in Porta Transport Sp. z o. o. with registered office in
Szczecin - the company will engage in development activities
Purchase of shares in the “Ogonyok Leisure Resort” Russian limited liability company with registered office in Sochi, Russia. The company owns real estate and intends to build a residential compound with sports,
commercial and service facilities
J.W. Construction Holding S.A. PRESENTATION – February 2008 9
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Signing of a letter of intent with Shanghai Construction General Company, which has immense experience and an impressive construction record. The collaboration will consist in project support through the supply of technological solutions and manpower
Land bank development - the purchase of land for new investment
projects in Warsaw and Szczecin
The company was awarded the “Pearl of the Polish Economy” title in the Large Pearl category and also won the Great Prize of the President of
the Construction Chamber
Q4 2007 Highlights
J.W. Construction Holding S.A. PRESENTATION – February 2008 10
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Land Bank Development, Q4 2007
The company continues to purchase land. From January 2007 to December 31, 2007, the company spent over PLN 167 million on land purchases, of which more than PLN 123 million had been raised by issuing stock.
ProjectLand
purchase datePlot area Plot legal status
Number of apartments planned
Aluzyjna I Street Warsaw – Białołęka
November 2007 0.6 hectares Final contracts 46
Aluzyjna II Street Warsaw – Białołęka
November 2007 1.4 hectares Preliminary contracts 120
Odkryta Street Warsaw – Tarchomin
October 2007 0.9 hectares Preliminary contracts 150
Szczecin – Porta Transport plot
November 2007 20 hectares Final contracts 5,400
Sochi - Russia December 2007 4.8 hectares Final contracts 1,000
J.W. Construction Holding S.A. PRESENTATION – February 2008 11
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Securing a valid construction permit for the Lewandów project - stage I
Establishment of JWCH Budownictwo Drogowe Sp. z o. o.
The “Company of the Year 2007” award granted by the Polish Business Club - January 2008
The “Forbes Diamond 2008” award granted by the editors of the Polish Forbes monthly - January 2008
Important Developments After Q4 2007
J.W. Construction Holding S.A. PRESENTATION – February 2008 12
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Industry Development Prospects in the Company’s View
Supply in the residential market 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
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 forecasted interest rate increases
The upward trend in prices will be sustained until housing prices in Poland reach European levels (the only exception here are unattractive apartments whose prices may fall)
J.W. Construction Holding S.A. PRESENTATION – February 2008 13
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The company estimates that average real estate prices will remain steady in the first months of 2008, and rise by around 5% at the end of the year. The exceptional increases from previous years will not return, but from 2009 onwards real estate prices will continue to rise
Stable pricing situation in the construction materials market
Sustained interest in real estate investment on the part of institutional investors
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
Still considerable potential for real estate price increases in certain conurbations, e.g. Katowice and Szczecin, where the company plans future projects
Industry Development Prospectsin the Company’s View
J.W. Construction Holding S.A. PRESENTATION – February 2008 14
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The company has published 2008 forecasts, according to which the following figures will increase as follows compared to 2007:
sales revenue by 39% (PLN 1,085.4 million)gross sales profit by more than 38% (PLN 345.7 million)
operating profit by almost 47% net profit by 48%
Financial Forecasts for 2008 Sales revenue (PLN million)
1,085.4
726.3 782.7
0
200
400
600
800
1000
1200
2006 2007 before audit 2008 forecast
Gross sales profit (PLN milion)
345.7
226.0249.3
0
50
100
150
200
250
300
350
400
2006 2007 before audit 2008 forecast
Operating profit (PLN milion)
295.5
180.1201.4
0
50
100
150
200
250
300
350
2006 2007 before audit 2008 forecast
Net profit (PLN milion)
219.7
132.0148.4
0
50
100
150
200
250
2006 2007 before audit 2008 forecast
J.W. Construction Holding S.A. PRESENTATION – February 2008 15
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Projected Profit to be Recognized in 2008
Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets
Osiedle Lazurowa, Warsaw, Lazurowa Street
Osiedle Lewandów II, Warsaw, Lewandów Street
Osada Wiślana, Warsaw, Marcina z Wrocimowic Street
Zielona Dolina I, Warsaw, Zdziarska/Ostródzka Streets
Osiedle Leśne, Gdynia, Parkowa Street
Rezydencja Quatro, Warsaw, Łukowska Street
Victoria Park II, Russia, Kolomna
Osiedle Bursztynowe, Warsaw, Korkowa Street
Wiślana Aleja, Warsaw, Odkryta Street
Ożarów Mazowiecki, Kaputy stage I (18 720 sq. m floor space)
Osiedle Kaskada, Łódź, Tymienieckiego Street
J.W. Construction Holding S.A. PRESENTATION – February 2008 16
The projected 2008 sales profit level is PLN 345.8 million. The following projects will contribute the most to this figure:
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Projected Share of Selected Projectsin Total Revenue in 2008
Project Projected revenue to
be recognized in 2008 (PLN thousand)
Percentage of projected 2008
rewenue
Górczewska Park II, Warsaw, Górczewska/Olbrachta Streets
249,518 23%
Osiedle Lazurowa, Warsaw, Lazurowa Street 131,312 12%
Lewandów Park II, Warsaw, Lewandów Street 120,955 11%
Osada Wiślana, Warsaw, Marcina z Wrocimowic Street 74,110 7%
Zielona Dolina I, Warsaw, Zdziarska Street (27 700 sq. m floor space)
67,776 6%
Rezydencja Quatro, Warsaw, Łukowska Street 54,083 5%
Osiedle Bursztynowe, Warsaw, Korkowa Street 52,563 5%
Victoria Park II, Russia, Kolomna 49,776 4%
Osiedle Leśne, Gdynia, Parkowa Street 43,184 4%
Ożarów Maz. - Kaputy stage I (18 720 sq. m floor space)
41,820 4%
Wiślana Aleja, Warsaw, Odkryta Street 41,753 4%
Osiedle Kaskada, Łódź, Tymienieckiego Street 30,245 3%
Other 128,347 12%
TOTAL 1,085,442 100%
J.W. Construction Holding S.A. PRESENTATION – February 2008 17
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Strategy Implementation - Major Projects in 2008
The company is developing projects that were announced in the issue prospectus. The most important projects which will have impact on financial results are:
in the Warsaw market - Osiedle Górczewska Park, Osiedle Lazurowa,Osiedle Osada Wiślana, Osiedle Lewandów II, Osiedle Zdziarska I,Rezydencja Quatro, Osiedle Bursztynowe
in the Łódź market - Osiedle Kaskada
in the Tri-City (Gdańsk, Gdynia, Sopot) market - Osiedle Leśne
in the Russian market - Victoria Park
The company uses the “zero” method [Polish Accounting Act, Article 34a, para. 4] when accounting for the first stage of projects in progress.
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Projects - Warsaw Market
Osiedle Lazurowa
Warsaw, Bemowo
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.
ProjectFloor space
(sq. m)Revenue
Progress (average for all stages) in terms of cost and revenue - December 31, 2008
projection
Osiedle Lazurowa 33,727 245,276 Cost: 95%
Revenue: 100%
J.W. Construction Holding S.A. PRESENTATION – February 2008 19
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Projects - Warsaw Market
Górczewska Park
(Górczewska II)
Warsaw - Wola,
Górczewska/Olbrachta Streets
The Górczewska Park project
includes 12 apartment buildings
situated at Górczewska/Olbrachta
Streets - 886 apartments and 4
commercial premises.
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection
Górczewska Park 44,929 427,357Cost: 90%
Revenue: 100%
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Osiedle Lewandów Park
Warsaw, Lewandów Street
- construction starts in 2008
A gated housing compound
consisting of over 1,900 apartments.
Construction in two stages -
Lewandów I and Lewandów II.
Attractive location, good connection
to the city center.
Projects - Warsaw Market
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection*
Lewandów Park 81,191 410,522Cost: 40%*
Revenue: 100%*
* For the Lewandów II stage
J.W. Construction Holding S.A. PRESENTATION – February 2008 21
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Projects - Warsaw Market
Osiedle Zielona Dolina – stage I
Warsaw, Zdziarska/Ostródzka Streets
- construction starts in 2008
A modern housing estate in the
Białołęka district of Warsaw. Located
close to shopping malls and service
facilities, very good connection to the city
centre. Consists of 596 apartments.
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection
Zielona Dolina 27,792 169,439Cost: 40%
Revenue: 100%
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Projects - Warsaw Market
Osiedle Bursztynowe
Warsaw, Korkowa Street
- construction starts in 2008
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.
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection
Osiedle Bursztynowe
17,402 116,807Cost: 60%
Rewenue: 100%
J.W. Construction Holding S.A. PRESENTATION – February 2008 23
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Projects - Warsaw Market
Wiślana Aleja
Warsaw, Odkryta Street
- construction starts in 2008
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..
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection
Wiślana Aleja 9,770 69,589Cost: 60%
Revenue: 100%
J.W. Construction Holding S.A. PRESENTATION – February 2008 24
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Projects - Outside Warsaw
Osiedle LeśneGdynia, 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.
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection
Osiedle Leśne 12,871 90,549Cost: 100 %
Revenue: 100 %
J.W. Construction Holding S.A. PRESENTATION – February 2008 25
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Projects - Outside Warsaw
Osiedle KaskadaŁódź, Tymienieckiego Street
- construction starts in 2008
A compound consisting of nine
residential buildings with service
facilities and underground garages.
The project will include more than 400
apartments as well as commercial
premises on the first floors of the
buildings. Excellent location in
downtown Łódź.
ProjectFloor space
(sq. m)Revenue
Progress in terms of cost and revenue - December 31,
2008 projection
Osiedle Kaskada 24,157 151,226Cost: 40%
Revenue: 50%
J.W. Construction Holding S.A. PRESENTATION – February 2008 26
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Projects Abroad
Osiedle Victoria ParkKolomna, 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.
ProjectFloor space (sq.
m, complete project)
Revenue (complete project)
Progress in terms of cost and revenue, A1 and A3
blocks - December 31, 2008 projection
Osiedle Victoria Park
58,196 443,967
Cost A1: 100%Revenue A1: 100%
Cost A3: 41%Revenue A3: 52%
J.W. Construction Holding S.A. PRESENTATION – February 2008 27
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Projects in Progress
Project Total No. of apartments
No. of apartments sold
Planned project completion date
% included in 2007 results
Osiedle GórczewskaWarsaw, Górczewska Street
1,410 1,410 1st half 2008 99%
Osiedle Centrum Łódź, Tymienieckiego Street
324 322 1st half 2008 90%
Rezydencja na Skarpie IV Warsaw, Bukowińska Street
261 260 1st half 2008 99%
Willa Konstancin Konstancin, Bielawska/Paproci Streets
178 168 1st half 2008 90%
Aleja Ludwinowska Warsaw, Ludwinowska Street
68 68 1st half 2008 85%
Osiedle LeśneGdynia, Parkowa Street
202 163 Q4 2008 48%
Osiedle LazurowaWarsaw, Lazurowa Street 669 645
stage I – Q2 2008
stage II – Q3 2008
stage III – Q4 2008
stages IV and V – Q1 2009
47%
Osada WiślanaWarsaw, Marcina z Wrocimowic Street
404 353stage I – Q2 2008
stages II and III – Q2 200927%
Rezydencja QuatroWarsaw, Łukowska Street
243 243 Q1/Q2 2009 0%
Górczewska ParkWarsaw, Górczewska/Olbrachta Streets
890 706 Q2/Q3 2009 35%
Katowice, Bałtycka Street 25 0 1st half 2008 0%
Victoria Park II (Russia) A1 block 158 80 Q4 2008 21%
Projects under construction and in the sales stage (end December 2007 data)
J.W. Construction Holding S.A. PRESENTATION – February 2008 28
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Projects in the Sales Stage, Projected Construction Start 1st half 2008
Project
Estimated revenue
(PLN thousand)
No. of apartments
No. of apartments
sold
Construction permit to be obtained in
% included in 2007 results
Zielona DolinaWarsaw, Zdziarska/Ostródzka Streets
432,326 594 * 498 1st half 2008 0%
Wiślana AlejaWarsaw, Odkryta Street
69,589 200 157 Q1 2008 0%
Lewandów Park I i II Warsaw, Lewandów Street
410,522 1,905 1,681Q1 2008 -
Lewandów I and Lewandów II
0%
Osiedle BursztynoweWarsaw, Korkowa Street
116,807 322 255 1st half 2008 0%
* Apartments available for sale
No. of apartments No. of apartments sold
Apartments under construction and in the sales stage, total
7,853 7,009
J.W. Construction Holding S.A. PRESENTATION – February 2008 29
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Planned Projects (as of end December 2007)
Project City/district Market segmentNo. of
apartments / houses
Estimated floor space, sq. m
Lewandów Park III, Lewandów Street Warsaw / Białołęka Standard apartments 787 33,179
Zielona Dolina, Zdziarska/Ostródzka Streets Warsaw / Białołęka Standard apartments 911 45,000
Światowida Warsaw / Białołęka Standard 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
Ożarów Mazowiecki I Ożarów Mazowiecki Standard apartments 1,973 96,000
Ożarów Mazowiecki II Ożarów Mazowiecki Standard apartments 816 40,000
Ożarów Mazowiecki III Ożarów Mazowiecki Standard apartments 1,300 71,500
Łeba Łeba Standard apartments 490 29,055
Berensona Warsaw / Białołęka Standard apartments 170 9,350
Marymoncka II Warsaw / Bielany High-standard apartments 23 1,265
J.W. Construction Holding S.A. PRESENTATION – February 2008 30
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Planned Projects (as of end December 2007)
Project City/district Market segmentNo. of
apartments / houses
Estimated floor space, sq. m
Aleja Ludwinowska II Warsaw / Ursynów High-standard apartments 24 2,400
Victoria Park II Kolomna/ Russia Standard apartments 782 43,010
Aluzyjna I Warsaw / Tarchomin Standard apartments 46 2,530
Aluzyjna II Warsaw / Tarchomin Standard 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 Hotelservices - 20,882
Sochi Russia Standard apartments ca. 1,000 82,000
TOTAL 15,736 922,877
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31 grudnia 2007 r.
31 grudnia 2006 r.
Projected revenue from projects in progress 4,874.5 3,567.8
Projected cost of projects in progress 3,334.0 2,337.0
Projected margin for projects in progress 1,540.5 1,230.8
Accumulated revenue recognized in profit and loss 695.8 665.6
Accumulated cost recognized in profit and loss 455.5 454.0
Accumulated margin recognized in profit and loss 240.2 211.6
Deferred margin 1,300.2 1,019.2
Projected margin for projects in progress 31.1% 35.1%
Percentage of deferred margin 84.4% 82.8%
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.
J.W. Construction Holding S.A. PRESENTATION – February 2008 32
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INVESTOR RELATIONS OFFICE:
Małgorzata Szwarc-Sroka
Head of Financial Liquidity Management
and 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]