Instone Real Estate Group SE · XETR:INS
Instone Real Estate — 9M 2018 Earnings Presentation
24 slides from Instone Real Estate's earnings presentation, Nov 27, 2018
Slide 1: 9M 2018 Results Presentation
9M 2018 RESULTS PRESENTATION NOVEMBER 27, 2018
Slide 2: Disclaimer
INSTONE REAL ESTATE Disclaimer BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS REGARDING THE INFORMATION DISCLOSED IN THIS PRESENTATION. THIS PRESENTATION HAS BEEN PREPARED BY INSTONE REAL ESTATE GROUP N.V. (THE "COMPANY", TOGETHER WITH ITS SUBSIDIARIES, "IN
Slide 3: 9M 2018 wrap-up
9M 2018 wrap-up Positive business development continues Outlook for financial year 2018 confirmed Strong project portfolio and acquisition pipeline 3 |
Slide 4: Positive business development continues
Positive business development continues In € thousands 9M 2017 9M 2018 IFRS 15 9M 2018 PPA effect 9M 2018 9M 2018 (reported) (reported) effect (pre IFRS 15) (pre PPA) (pre IFRS 15 + PPA) Revenues 123,835 223,524 -92,315 131,209 223,524 131,209 Operating performance 154,243 236,428 -11,109 225,319 13
Slide 5: Project portfolio key figures
Project portfolio key figures In € million Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Volume of sales contracts 90.8 120.4 88.5 58.4 30.0 120.0 104.3 Volume of new permits 0.0 174.2 203.9 128.0 0.0 173.2 17.8 Handovers 17.9 25.8 82.5 75.6 30.3 36.5 70.8 Project Portfolio (as of) na 3,039.8 3,374.8 3,
Slide 6: 9M 2018 wrap-up
9M 2018 wrap-up Positive business development continues Outlook for financial year 2018 confirmed Strong project portfolio and acquisition pipeline 6 |
Slide 7: Positive FY 2018 outlook confirmed
Positive FY 2018 outlook confirmed FY18 outlook FY18 outlook (August 2018) (November 2018) Revenues €370-400m €370-400m Operating performance >€500m >€500m Volume of concluded sales contracts >€500m ~€500m Gross profit margin1 ~24% ~24% Adj.2 EBIT €48-54m €48-54m Adj2. EBT €32-37m €32-37m
Slide 8: Revenue ramp-up well on track
Revenue ramp-up well on track • Main contribution from following projects in Q4 2018: Outlook: €370-400m Project Location Revenue Stallschreiber Strasse / Berlin ~€30m Luisenpark Heeresbäckerei Leipzig ~€25m Marienkrankenhaus Frankfurt ~€25m Wilhelm IX Wiesbaden ~€10m 8 |
Slide 9: Ramp-up of volume of concluded sales contracts towards Q4
Ramp-up of volume of concluded sales contracts towards Q4 • Main contribution from following projects Outlook: ~€500m in Q4 2018: Project Location Sales volume City-Prag Stuttgart ~€110m Marienkrankenhaus Frankfurt ~€25m Stallschreiber Berlin ~€25m Strasse/Luisenpark 9 |
Slide 10: 9M 2018 wrap-up
9M 2018 wrap-up Positive business development continues Outlook for financial year 2018 confirmed Strong project portfolio and aquisition pipeline 10 |
Slide 11: Strong project portfolio being basis for sustainable profitable growth
Strong project portfolio being basis for sustainable profitable growth • 45 projects with 8,924 units pointing to an overall expected sales volume of €3.6bn • 92% of sales volume located in key metropolitan regions • 27% of sales volume already sold • 28% of sales volume already under construction L
Slide 12: Increased project portfolio driven by new approvals
Increased project portfolio driven by new approvals • New approvals include: • Neckartalterassen, Rottenburg (expected sales volume: ~€105m) • Semmelweisstrasse, Leipzig (expected sales volume: ~€66m) • Completed projects: • Freiburg and Leipzig • Increased expected sales volume: • Marienkrankenhaus
Slide 13: More than €1.3bn GDV in 2018 purchased or agreed exclusivity
More than € 1.3bn GDV in 2018 purchased or agreed exclusivity Approved and secured (y-t-d): Approved (y-t-d): In the approval process: Project Exp. sales Residential Project Exp. sales Residential Project Exp. sales Residential volume (€) units volume (€) units volume (€) units Beethovenpark, 135m 3
Slide 14: Medium-term revenue guidance confirmed
Medium-term revenue guidance confirmed Revenues €900m - €1,000m €600m - €700m €500m - €600m €370m - €400m 2018 2019 2020 2021 14 |
Slide 15: Appendix
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Slide 16: Project portfolio (projects >€30m sales volume)
Project portfolio (projects >€30m sales volume, representing total: >€3.5bn) Building Sales volume Land plot right Sales Construction Project Location (expected) acquired started started obtained Hamburg NMA Hamburg 145 Mio. € Essener Straße Hamburg 89 Mio. € Construction launched for Schulterblatt
Slide 17: Project portfolio (projects >€30m sales volume)
Project portfolio (projects >€30m sales volume, representing total: >€3.5bn) Building Sales volume Land plot right Sales Construction Project Location (expected) acquired started started obtained Rhine Main Wiesbaden-Delkenheim, Lange Seegewann Wiesbaden 89 Mio. € Schönfeld Areal Frankfurt am Main 4
Slide 18: Project portfolio (projects >€30m sales volume)
Project portfolio (projects >€30m sales volume, representing total: >€3.5bn) Building Sales volume Land plot right Sales Construction Project Location (expected) acquired started started obtained Baden-Wurttemberg City-Prag - Wohnen im Theaterviertel Stuttgart 115 Mio. € Wohnen am Safranberg Ulm 49
Slide 19: Income statement and commentary
Income statement Commentary In €m Q3 2017 Q3 2018 1 Operating performance consists of booked revenues from realized projects as well as change Total revenue 123.8 223.5 in inventories due to projects currently ramping up. Due to the first-time adoption of IFRS 15 Changes in inventories 30.4 12.9 in
Slide 20: Balance sheet (1/2)
Balance sheet (1/2) Commentary In €m 5 The decrease in inventories is essentially the result of the first-time adoption of FY 2017 Q3 2018 IFRS 15 for the reporting period from 1 January 2018 to 30 September 2018. Taking this Intangible assets 0.0 0.1 new standard into account, the previously as inv
Slide 21: Balance sheet (2/2)
Balance sheet (2/2) Commentary In €m FY 2017 Q3 2018 7 Non-current and current financial liabilities increased to €284.4 million in the period under Share capital 0.0 37.0 review (31 December 2017: €375.7 million). As planned, we paid €57.8 million in liabilities Capital reserve 85.4 198.9 owed to t
Slide 22: Cash flow
Cash flow Commentary In €m FY 2017 Q3 2018 10 The net cash flow from operating activities of Instone Real Estate of €37 million in the Consolidated earnings -31.0 -10.4 Depreciation and amortization 0.4 0.4 period under review (2017: €-34.5 million) has a positive impact on the financial position of
Slide 23: Net financial debt
Net financial debt In €m 31 December 2017 30 September 2018 Source: Company information based on balance sheet as of 31 March 2018. 23 |
Slide 24: Investor Relations contact / Financial calendar
Investor Relations contact: Financial calendar / Events: Thomas Eisenlohr 28 Nov 18 Exane BNP Paribas MidCap CEO Conference, Paris Head of Investor Relations 21 Jan 19 UniCredit Kepler Cheuvreux German Corporate Conference, Frankfurt Instone Real Estate Group AG 28 Mar 19 Publication of Annual Finan
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