Slide 1: FY 2018 Results
Kane Málaga FY 2018 Results February 2019 1 2018 CORPORATE FYPRESENTATION 2018 RESULTS
Slide 2: Disclaimer
Disclaimer This document has been prepared by Aedas Homes, S.A. (the “Company”) and comprises slides for a Corporate Presentation to the market of the Company and its subsidiaries (the “Group”). For the purposes of this disclaimer, “Presentation” means this document, its contents or any part of it.
Slide 3: Key Highlights FY 2018
Key Highlights FY 2018 ✓ 2,265 Launched Units. Ramp-up accelerating. ✓ 3,050 Units Under Construction. 01 2018 Operational targets achieved successfully & on ✓ 231 Delivered Units. BP target achieved. track to meet 2019/2020 targets ✓ HPA vs CCI:+200bps / +€40.1 MN over expected BP Gross Margin, pro
Slide 4: Agenda
Agenda Nou Eixample Mar, Vilanova i la Geltru 1 Business Update 2 FY 2018 Financial Results 3 Valuation Performance 4 FY 2018 RESULTS
Slide 5: Business Plan 2017-2023: Successful Execution to Date
Business Plan 2017-2023: Successful Execution to Date 01 BUSINESS UPDATE Sustainable Housing Development Plan (IPO Business Plan) # Units Target Launches Target Deliveries 1,773 launched 2,265 launched 3.326 3.000 3.000 3.000 3.063 3.000 2.580 2.438 2.042 1.986 1.748 1.055 231 0 2017 2018 2019 2020
Slide 6: Projects Launched
Projects Launched 01 BUSINESS UPDATE 2,265 units launched1 in 2018 (GDV: €708 Mn) 4,038 accumulated units launched1 (GDV: €1,485 Mn) Ramp-up activity of projects launched2 (by # units) Regional breakdown of total launches as of 31 Dec 2018 % units #projects 35 7 13 11 10 76 Andalusia 531 1,773units
Slide 7: Marketing Activity
Marketing Activity 01 BUSINESS UPDATE 1,240 units sold in 2018 (GDV: €447 Mn) 1,908 units in order book (GDV: €703 Mn) Sales1 Evolution in # units & €Mn Order Book Regional breakdown as of 31 Dec 2018 % units €310 Mn €75 Mn €135 Mn €91 Mn €146 Mn €757 Mn €54 Mn €703 Mn 915 units 220 units 365 units
Slide 8: Construction and Permits
Construction and Permits 01 BUSINESS UPDATE 2,532 units started construction in 2018/ 3,050 total units under construction 2,311 units w/ permit granted in 2018/ 3,090 total units w/ permit granted Under Construction # units Permits Granted in 2018 by regions 763 units 1 2,532 units 245 units % unit
Slide 9: Deliveries
Deliveries 01 BUSINESS UPDATE 2018 Target Deliveries 2019 Target Deliveries 2020 Target Deliveries % of target % of target % of target 231 1,055 1,986 units units units Delivered 100% Under construction 100% Under construction 98% 77% Sold 47% Sold Please refer to Appendix 1 for further detail on De
Slide 10: Land acquisitions in 2018
Land acquisitions in 2018 01 BUSINESS UPDATE Acquisitions in 2018 / Total figures 100%2 Fully permitted land acquired in 2018 % Units Land bank Ready 2,6161 replenishment €129.4 Total land to Build Fully Permitted Land Units through selective Mn investment cost purchases 30% 70% + 407 units In outst
Slide 11: Land Bank
Land Bank 01 BUSINESS UPDATE Current Total Land Bank1: 14,892 units (as of 31 Dec 2018) Land Acquisitions & Divestments in 2018 (# Units) % Regional Breakdown of units Province HPA as per Tinsa (YoY Q4 2018) + 407 units 2,616 Units In outstanding purchase options H2 2018 711 Catalonia 15% Tarragona
Slide 12: Margin outlook above forecast, despite construction cost inflation
01 BUSINESS UPDATE Margin outlook above forecast, despite construction cost inflation HPA and CCI margin impact on projects under construction (as of 31 Dec18): GDV 3,344 units €1.246 Mn Including all units which are delivered, completed or under construction as of Dec18. ASP €372 k/unit IPO Busines
Slide 13: Agenda
Agenda Nou Eixample Mar, Vilanova i la Geltru 1 Business Update 2 FY 2018 Financial Results 3 Valuation Performance 13 FY 2018 RESULTS
Slide 14: Consolidated P&L
Consolidated P&L 02 FY 2018 FINANCIAL RESULTS AEDAS HOMES Variation Variation 2018 2017 A In € Mn1 € Mn1 % Revenue derived from delivery of houses and sale of land A REVENUE 79.8 38.6 41.2 106% Deliveries 231 Units Land Disposals 5 Plots Cost of Goods Sold (56.0) (23.3) (32.7) 140% 82% 18% GROSS MAR
Slide 15: Balance Sheet Structure
Balance Sheet Structure 02 FY 2018 FINANCIAL RESULTS Main Balance Sheet Changes AEDAS Homes Variation Variation 31/12/2018 31/12/2017 A In € Mn1 € Mn1 % €12.0 Mn in tax credits for tax-loss carryforwards from previous years A NON- CURRENT ASSETS 27 14 13 93% Advances to B suppliers Finished B Invent
Slide 16: Net Debt
Net Debt 02 FY 2018 FINANCIAL RESULTS Total Net Debt of €95.7 Mn Diversified sources of funding at competitive cost Net Debt Position (€ Mn) Financial Debt Structure (€ Mn) Dec Dec 2018 2017 Unsecured Debt Secured Debt Secured Financial Debt 57.1 61.5 2.17% €482 Mn €637 Mn Unsecured Financial Debt 9
Slide 17: Agenda
Agenda Nou Eixample Mar, Vilanova i la Geltru 1 Business Update 2 FY 2018 Financial Results 3 Valuation Performance 17 FY 2018 RESULTS
Slide 18: GAV and NAV Bridge
GAV and NAV Bridge 03 VALUATION PERFORMANCE GAV Revaluation LfL GAV1 Bridge from Dec 2017 to Dec 2018 € Mn € Mn +20,4% 1.768 GAV Growth 148,4 1,768 LFL +7.5% 1.475 88,8 16,1 71,2 1,475 Dec 2017 Dec 2018 GAV 2017 Revaluation LfL WIP & Deliveries Disposals Acqusitions 2018 GAV 2018 2018 NAV: €1,616 Mn
Slide 19: Savills Appraisal Drivers
Savills Appraisal Drivers 03 VALUATION PERFORMANCE GAV GDV €1,768 Mn €5,092 Mn Valuation drivers Dec 17 Dec 18 Chg % Chg LfL Growth Rate since Dec 2017 GDV € / sqm Total 2,635 2,816 181 6.9 25,5% 16,3% ASP Total € thousands / unit 317 342 25 7.9 LfL 14,1% 7,5% GAV € / sqm1 952 978 26 2.7 IRR weighte
Slide 20: Closing remarks & 2019 Outlook
Closing remarks & 2019 Outlook 01 AEDAS Homes on track to meet Business Plan Targets, as to date 02 Enhancing company long-term scope, by achieving landbank replenishment 03 This investment policy has proven its worth given the appraisal revaluation impact this year 20 20 FY 2018 RESULTS
Slide 21: Appendix 1: Deliveries visibility
Appendix 1: Deliveries visibility
Slide 22: 2018 Deliveries
Target 231 2018 Deliveries Completed 100% Sold2 100% Project1 Regional Office Municipality # Units Construction Status Occupancy Permit Sold2 Delivered Brisas del Arenal East & Mallorca Jávea 53 Completed Granted 53 53 Galera Sun Costa del Sol Estepona 273 Completed Granted 27 27 Hacienda del Mar II
Slide 23: 2019 Expected Deliveries
Target 1,055 2019 Expected Deliveries Under construction 100% Sold2 77% Current expected Project1 Regional Office Municipality Total Units Deliveries Construction Progress Sold2 deliveries Terraza Los Fresnos Boadilla del Monte 30 30 H1 Ulloa I Alcorcón 54 54 H2 Escalonia Las Rozas 60 59 H2 Altos de
Slide 24: 2020 Expected Deliveries
Target 1,986 Permit granted 100% 2020 Expected Deliveries Under construction 98% Permit requested 0% Sold2 47% Permit to be requested 0% Construction Project1 Regional Office Municipality Total Units Deliveries Status Sold2 Permit Altos del Pilar3 Centre Madrid 40 Granted Construction 38 Ulloa II Ce
Slide 25: 2020 Expected Deliveries
Target 1,986 Permit granted 100% 2020 Expected Deliveries Under construction 98% Permit requested 0% Sold2 47% Permit to be requested 0% Construction Project1 Regional Office Municipality Total Units Deliveries Status Sold2 Permit Hevia F2 East & Mallorca Valencia 73 Granted Construction 32 Lángara
Slide 26: Appendix 2: Cash Flow Statement & Appraisal detail
Appendix 2: Cash Flow Statement & Appraisal detail
Slide 27: Cash Flow Statement Summary
Cash Flow Statement Summary Summary Cash Flow Statement AEDAS HOMES Dec 2018 Dec 2017 (In € Mn1) EBT (8.1) (45.9) Change in Trade Provisions 3.0 0.1 Change in Investment properties (0.5) 2.5 Financial cost / (income) 9.6 8.5 Other Income / (expense) (6.4) 5.6 Change in working capital (142.9) (130.6
Slide 28: NAV & NNAV Calculation details as of December 2018 - Savills
NAV & NNAV Calculation details as of 31 December 2018 - Savills In € Mn € Mn Current Contingent Adjusted Per Share Perimeter Acquisitions perimeter Inventory Carrying Cost net of deposits 1,064.1 17.1 1,081.3 LCG 687.3 687.3 Appraised MV 1,751.4 17.1 1,768.5 GAV 1,751.4 17.1 1,768.5 Gross debt (153,
Slide 29: Appendix 3: Land Investment
Appendix 3: Land Investment
Slide 30: Land acquisitions breakdown 2018
Land acquisitions1 breakdown 2018 2018 Acquisitions Detail Acquisition Cost per unit Expected Capex to reach Total Land Investment per unit Regional Office Potential Housing Units (#) Acquisition Cost (€Mn) (€/unit) Ready to Build Status (€Mn) (€/unit) Centre 1,010 46.0 45,544 10.3 55,743 Andalucía
Slide 31: Appendix 4: Macro Outlook
Appendix 4: Macro Outlook
Slide 32: Market Overview
Market Overview Positive Outlook for Spanish Economy (GDP %) Spanish Unemployment Rate (%) 28% 3,40% 3,30% 3,00% 26% 2,50% 24% 2,20% 22% 1,40% 20% 18% 16% 2019E 2013 2014 2015 2016 2017 2018 14% 12% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E -1,70% Source: Bank of Spain and Datos Macro Sourc
Slide 33: Llul, Palma de Mallorca
Llul, Palma de Mallorca 33 FY 2018 RESULTS H1