Dlf Limited · NSE:DLF
Dlf — Q2 FY2011 Earnings Presentation
33 slides from Dlf's earnings presentation, Nov 10, 2010
Slide 1: Q2 FY11 Analyst Presentation
Q2 FY11 Analyst Presentation 10th Nov 2010 1
Slide 2: Safe Harbour
SAFE HARBOUR This presentation contains certain forward looking statements concerning DLF’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The
Slide 3: Q2 FY11 update
Q2 FY 11 …….. update The year 2010 started on an optimistic note with a gradually stabilizing global economy. Robust economic growth, measured polic y actions and global liquidity flows continue to provide strong visibility for the India growth story through H1 FY 11. Real estate market remains
Slide 4: Performance of Company – Q2 FY11
Performance of Company – Q2 FY11 Dev Co: 2.08 msf gross sales booked vs 1.9 msf in Q1 11. In Q2 10, the sales booking amounted to 2.74 msf Phase V – 0.50 msf Panchkula, Chandigarh – 0.51 msf New Gurgaon, OMR Chennai, Begur Bangalore, MICO Chennai homes and commercial complexes – 1.07 msf
Slide 5: Profit & Loss Summary – Q2 FY11
Profit & Loss Summary – Q2 FY11 Q2 FY 11 vs Q1 FY 11 Sales(incl Other Income) at Rs 2520 Cr, compared to Rs 2161 Cr. Net profit at Rs 418 Cr , as against Rs 411 Cr EBIDTA margins at 42% versus 51% Profitability All figures in Rs. Crs Particulars Q2 11 Q1 11 Change Q2 11 Q2 10 Change Sales 2520
Slide 6: Consolidated P&L – Q2 FY11
Consolidated P&L – Q2 FY11 Q2 FY11 (reviewed) Q2 FY10 (review ed) Q1 FY11 (reviewed) Half year FY 11 Perce ntage Percentage of Pe rc entage of Percentage of Sl.No. Consolidated Financ ials Rs. Crs. Rs. Crs. Rs. Crs. Rs. Crs . of Total Tota l Revenue Total Reve nue Tota l Revenue Revenue A) 1 Sales a
Slide 7: Consolidated Balance Sheet – Q2 FY11
Consolidated Balance Sheet – Q2 FY11 As a t Pa rticular s Sche dule 30-Se p-10 30-Se p-09 30-Jun-10 31-Ma r-10 (Re vie w ed) (Una udited) (Una udited) (Audite d) SOURCES OF FUNDS Sha re holde rs' funds Capital 1 2,423 1,735 3,361 6,259 Res erves and s urplus 2 24,232 23,269 23,736 24,173 26,656 25,0
Slide 8: Consolidated Cash Flow – Q2 FY11
Consolidated Cash Flow – Q2 FY11 For Period ended Particulars Q2 30-Sep-10 30-Jun-10 31-Mar-10 30-Sep-09 A. Cash flow from operating activities: Net profit before tax 492 1,065 573 2,505 1,123 Adjustments for: Depreciation 154 304 150 325 152 Loss/(profit) on sale of fixed assets, net 11 12 1 (58) -
Slide 9: Cashflow Statement Summary
Cashflow Statement Summary Net Investable surplus during Q2 FY 11 is Rs 516 Crs Cashflow to strengthen further with the scale up of execution & new launches (plotted developments and high end projects .i.e. Mumbai, Cochin, Gurgaon,etc) Cost efficiencies planned last year beginning to see resul
Slide 10: Debt Position – Q2 FY11
Debt Position – Q2 FY11 All figures in Rs. Crs Debt Pref Cap. Consol. Gross Opening Bal ( as on 1st July-10 ) 23375 1643 25,018 Less / Add : Repaid during Q2-11 (2,229) (2229) : New loan availed 2,033 2033 : Repayment of Pref. Shares (1169) (1169) : Debt Increase due to Consolidation 60 60 Gross Deb
Slide 11: Debt De-Leveraging Plan
Debt De-Leveraging Plan Continued Focus on de-leveraging continues with monies from operational cash flows & non core asset divestments On target with divestment plans of non core assets / businesses over the medium term Slew of launches in H2 11 to substantially improve cashflow from Operatio
Slide 12: Divestments Plans of Non-core assets / businesses
Divestments Plans of Non-core assets / businesses Since, the start against medium term target of Rs. 5500 Crs achieved Rs. 2507 Crs in 18 months Achieved in H1 FY11 Rs. 707 Crs Divestment of the non core retail brands business Non core / non strategic land sales in select cities Total expe
Slide 13: Business Operations
Business Operations 13
Slide 14: Execution Capability
Execution Capability Area in msf Region Q2 11 Q1 11 Q2 10 Gurgaon 22 21 19 Super Metro 7 5 3 Rest of India 12 12 9 For Rent Co 16 17 17 57 55 49 Handed over 1.32 msf of office space Added 3.22 msf of Homes & office space 14
Slide 15: Dev Co. – Homes
Dev Co. Homes Q2-FY 11 witnessed sales booking of 2.08 msf, comprising 1.57 msf of existing stock & 0.51 msf of new sales from new launches in Panchkula and Shimla New launches in H1 low as approvals are awaited Launch of plotted development in Gurgaon in Nov-2010 Expected launches in – H211
Slide 16: Dev Co.
Dev CO. Total Mn sqft Particulars Q2-11 Q2- 10 Q1 - 11 Sales Status Opening Balance 40.24 30.09 38.85 Add:- Sale Booked During the Qty 2.08 2.74 1.90 Less : Handed over 0.00 0.00 0.51 Closing Balance 41.95 32.82 40.24 Under Construction Opening Balance 38.32 25.01 38.83 New Launches / Additions 2.37
Slide 17: Rent Co. – Offices
Rent Co. Offices Total Lease portfolio of 20.76 msf Q2 11 – Rs. 266 Crs & H1 2011 – Rs 521 Crs of rental income Strong momentum in leasing 1.56 msf done during Q2 and 2.54 msf done in H1 2011. Initial target for FY 11 was at 3-4 msf Average rentals across locations at Rs.43 psf pm for curren
Slide 18: Rent Co. – Retail Malls
Rent Co. Retail Malls Total Lease portfolio of 1.29 msf Q2 11 – Rs. 48 Crs & H1 2011 – Rs 88 Crs of rental income Mall rentals remained stable over the last quarter across most micro markets With rising consumers spending retailers showing visible signs of business confidence to further expa
Slide 19: Rent Co.
RENT CO. Total Mn sqft Particulars Q2-11 Q2- 10 Q1 - 11 Lease Status Opening Balance 20.38 16.95 19.40 Add:- Lease Booked During the Qty 2.01 0.09 1.17 Less :- Cancellation / Adjustment (0.33) (0.53) (0.18) Closing Balance 22.06 16.51 20.38 Under Construction Opening Balance 16.27 17.13 17.13 New La
Slide 20: Our Land Resources
Our Land Resources Area ( msf ) Other Land Hotel Land G.Total Gross Area – as on 1st July-10 402 11 413 Less : Projects Disposed off ( Net ) 7 0 7 Net Land Bank - as on 30th Sept-10 395 11 406 Cost ( Rs \ Crs ) Total Payable – as on 30th Sept-10 1584 2 1586 Amt payable includes Rs.1533 crs outstandi
Slide 21: Going Forward
Going Forward Maintain EBIDTA at stable levels in the near term with further strengthening of cash flows. However, increased commodity prices may have an adverse impact in the medium term Increase pace of launches in ensuing quarters while ensuring appropriate pricing and demand parameters Foc
Slide 22: Execution Update: Delhi Projects
EXECUTION UPDATE DELHI PROJECTS 22
Slide 23: Capital Greens ~ New Delhi
CAPITAL GREENS ~ NEW DELHI CAPITAL GREENS – PHASE –I, NEW DELHI OKHLA COMMERCIAL COMPLEX SIEL – COMMERCIAL COMPLEX, NEW DELHI SIEL – COMMERCIAL COMPLEX 23
Slide 24: MLCP Projects ~ New Delhi
MLCP PROJECTS ~ NEW DELHI SNM – MLCP, New Delhi BKS – MLCP, New Delhi 24
Slide 25: Execution Update: Phase V Projects
EXECUTION UPDATE PHASE V PROJECTS 25
Slide 26: Phase V - DLF City, Gurgaon
PHASE V- DLF CITY , GURGAON Park Place – DLF Phase V, Gurgaon Magnolias – DLF Phase V, Gugaon Belaire – DLF Phase V, Gurgaon Star Tower - Gurgaon 26
Slide 27: Execution Update: New Gurgaon Projects
EXECUTION UPDATE NEW GURGAON PROJECTS 27
Slide 28: New Town Heights – New Gurgaon
NEW TOWN HEIGHTS – NEW GURGAON NTH – Sector 91, New Gurgaon NTH – Sector 86, New Gurgaon NTH - Sector 90, New Gurgaon NTH – Sector -90, New Gurgaon 28
Slide 29: Express Greens & Corporate Greens – New Gurgaon
EXPRESS GREENS & CORPORATE GREENS – NEW GURGAON EXPRESS GREENS – M1A, NEW GURGAON CORPORATE GREEN – SECTOR -74A, NEW GURGAON 29
Slide 30: Execution Update: Rest of India Projects
EXECUTION UPDATE REST OF INDIA PROJECTS 30
Slide 31: Rest of India Projects
REST OF INDIA PROJECTS BEGUR – BANGLORE DLF GARDEN CITY INDORE MALL OF INDIA - NOIDA KAKANAD HOMES 31
Slide 32: Rest of India Projects
REST OF INDIA PROJECTS GARDEN CITY, OMR CHENNAI – HOMES DLF RIVER SIDE, VYTILLA KOCHI - HOMES 32
Slide 33: Thank You
Thank You 33