Actuals vs. estimates
No consensus comparison available for this event.
Verdict
- No consensus estimate was published for this event, so there is no beat or miss to record. Half-year revenue was PLN 816.5m against PLN 464.9m a year earlier, and earnings per share were PLN 0.05 against a PLN 0.48 loss.
- Gross profit on sales reached PLN 247.1m from PLN 162.3m, and the investment-property line turned positive at PLN 3.8m after a PLN 149.5m charge in the comparable period.
- Residential did the work: 1,320 apartments sold, up 14% year on year, and 1,137 handed over, with liabilities from contracts with clients building to PLN 1,459.0m from PLN 1,084.1m.
- Disposals rebuilt liquidity - PLN 2.4bn for 18 Resi4Rent projects and EUR 74.3m for the two Brain Park offices - leaving cash at PLN 419.5m after PLN 165.1m of dividends paid.
- The one thing that matters: the swing from a PLN 199.1m attributable loss to a PLN 20.7m profit is mostly the absence of last year's PLN 149.5m property revaluation charge, and second-quarter revenue of PLN 347.5m came in below last year's PLN 370.3m.
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Apartments sold (Echo and Archicom) | 1,320 | — | +14% year-on-year |
| Apartments handed over to customers | 1,137 | — | — |
| Gross sales profit | 247 079 | 162 315 | — |
| Profit (loss) attributable to equity holders of the parent company | 20 721 | (199 056) | — |
| Cash and cash equivalents | 419 484 | 377 452 | — |
| Brain Park A and B office disposals | EUR 74.3 million | — | — |
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- The profit swing is revaluation arithmetic more than operating momentum. Pre-tax result moved PLN 272.4m to a PLN 65.3m profit, and the investment-property line accounts for PLN 153.4m of that alone - PLN 3.8m against negative PLN 149.5m - with equity-accounted joint ventures adding a further PLN 35.0m swing to PLN 34.1m.
- The cash behind the earnings is real. Operating cash flow was PLN 275.4m against PLN 110.4m, and cash ended at PLN 419.5m from PLN 377.5m even after PLN 165.1m of dividends and PLN 130.0m of bond redemptions.
- Shareholders' equity still shrank. Equity attributable to the parent fell to PLN 1,174.2m from PLN 1,316.4m, because the PLN 165.1m dividend outweighed the PLN 20.7m attributable profit.
Gotchas & watch items
- Second-quarter revenue fell: PLN 347.5m against PLN 370.3m a year earlier, so the entire half-year revenue increase sat in the first quarter.
- Only PLN 20.7m of the PLN 41.9m net profit belongs to the parent's shareholders; PLN 21.2m went to non-controlling interests.
- Debt shortened as it shrank. Short-term loans, borrowings and bonds rose to PLN 1,086.6m from PLN 944.8m while the long-term portion fell to PLN 1,448.9m from PLN 1,826.1m.
- The commercial property segment lost money: a PLN 24.4m pre-tax loss on PLN 91.9m of revenue, against PLN 84.1m of pre-tax profit in residential.