Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — Q1 2021/22 Earnings Presentation
26 slides from Aedas Homes Sa's earnings presentation, Jul 21, 2021
Slide 1: Q1 2021/22 Results Presentation
Q1 2021/22 Results Presentation 1 April – 30 June 2021 21 July 2021
Slide 2: Disclaimer
Disclaimer By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. This presentation (the “Presentation”) has been prepared by AEDAS Homes, S.A. (
Slide 3: 01 Highlights
Qian (Majadahonda, Madrid) 01 Highlights
Slide 4: Overview
Overview I 816 net retail sales in Q1 2021/22 - breaking company records II €102m in new investments for a total of 1,340 units1 III New Dividend Policy: 50% of net income + potential extraordinary dividends up to 20% net LTV limit IV 5-year Business Plan approved (1) Completed transactions and tran
Slide 5: Executive Summary Q1 2021/22
Executive Summary Q1 2021/22 • Monthly sales reaching historic highs four months in a row Sales • 3,976 units in Order Book, valued at €1.2 bn, 65% under private contract • Strong levels of customer interest across all regions • 268 retail units delivered to customers; ASP: €400K Operations • Strong
Slide 6: 02 Business Update
Elara (Dos Hermanas, Sevilla) 02 Business Update
Slide 7: Sales and Operating Activity
Sales and Operating Activity Sales Activity Construction and Operations • Monthly sales record hit in • Building permits granted for 632 units, Q1 2021/22 permit applications filed for 703 units • 816 net retail sales in Q1 2021/22, above • Broke ground on 920 units quarterly threshold to achieve 3,
Slide 8: Retail sales absorption rate
Retail sales absorption rate Improvement in absorption Costa del Sol experiencing an Sales absorption rate steadily happening across all AEDAS improvement close to 80% improving since November 2020 regions compared to last quarter AverageTasa monthly media absorption de absorción rate (rolling 12-mo
Slide 9: On track to meet business plan goals
On track to meet business plan goals Delivered BTS + BTR activity update as of 30 June 2021 Launched Sold Under construction Completed Launches1 Sales1 Construction1 8% 12% 53% 100% 100% 92% 75% 2% 60% 51% 47% 30% 18% 2021/22 2022/23 2023/24 2021/22 2022/23 2023/24 2021/22 2022/23 2023/24 (1) Covera
Slide 10: Good pace of investment – seizing the opportunity
Good pace of investment – seizing the opportunity Completed transactions East and Mallorca Excellent investment opportunity in the market materializing for AEDAS North 51 units 69 units 14% €102m 10% since July 2020 494 units invested in 1,340 total €20m units (completed and Andalusia & Catalonia &
Slide 11: 03 Q1 2021/22 Financial Results
Luzzerna (Alicante) 03 Q1 2021/22 Financial Results
Slide 12: P&L Q1 2021/22 (1 April – 30 June 2021)
P&L Q1 2021/22 (1 April – 30 June 2021) Q1 Q1 Change Change (€m) 2021/22 2020/21 (€m) (%) REVENUE 107.5 27.2 80.3 295% • Delivery of 268 units to retail Cost of goods sold (73.1) (20.3) (52.8) 260% customers at an ASP of €400K. GROSS MARGIN 34.4 6.9 27.5 399% % Gross Margin 32.0% 25.3% - 660 bps • G
Slide 13: Balance Sheet Summary as of 30 June 2021
Balance Sheet Summary as of 30 June 2021 30 June 31 March Change Comments 2021 2021 Inventories €1,395m €44m • Land €1,439m Significant increase in works in €550m €582m €-32m progress, in line with increase in • Works in progress • Completed €716m €581m €135m construction and investment product €162
Slide 14: Evolution of Net Financial Debt
Evolution of Net Financial Debt (€m) 30 June 2021 31 March 2021 Change (A) Project debt (Secured) 189.6 169.4 20.2 (B) Corporate debt 378.4 182.9 190.2 Syndicated facility - 100.0 (100.0) Commercial paper programme (MARF) 53.4 56.7 (3.3) Other corporate debt - 31.5 (31.5) HY Bond (Secured) 325.0 - 3
Slide 15: Financial Leverage
Financial Leverage 30 June 2021 31 March 2021 LTC1 19.5% 16.4% LTV2 14.5% 12.0% Net financial debt / EBITDA (LTM) 1.8x 1.7x Average cost of debt 3.20% 2.83% Interest coverage 11.3x 9.4x • Slight increase in financial leverage, from 1.7x to 1.8x Net Debt/EBITDA, due to advances in construction works
Slide 16: 04 Key Takeaways
Casanate (Zaragoza) 04 Key Takeaways
Slide 17: Key Takeaways
Key Takeaways 1 AEDAS has delivered a robust Q1 2021/22 on all fronts: sales, EBITDA and margins Leveraging on its strong balance sheet, AEDAS has continued 2 to invest in land over the quarter in top-quality locations at the right economic terms 3 The newly approved Dividend Policy underscores tota
Slide 18: 05 Appendix
Eris (Dos Hermanas, Sevilla) 05 Appendix
Slide 19: P&L: 1 April – 30 June 2021
P&L: 1 April – 30 June 2021 (€m) Q1 2021/22 Q1 2020/21 Change Change (April-June) (April-June) (€m) (%) Revenue from the sale of housing units 107.5 27.2 80.3 295% Revenue from land sales - - - - REVENUE 107.5 27.2 80.3 295% Cost of goods sold (73.1) (20.3) (52.8) 260% GROSS MARGIN 34.4 6.8 27.6 406
Slide 20: Balance Sheet
Balance Sheet (€m) June 2021 March 2021 Change Change (€m) (%) Other assets 20.7 19.0 1.7 9% Deferred tax assets 12.8 13.8 (1.0) -7% NON-CURRENT ASSETS 33.5 32.8 0.8 2% Inventories 1,439.6 1,394.5 45.1 3% Trade and Other Receivables 41.1 46.0 (4.9) -11% Other Current Assets 47.1 27.6 19.5 71% Availa
Slide 21: On the market: 7,228 units
On the market1: 7,228 units As of 30 June 2021 9,903 units 803 units 3,478 units 7,228 units Accumulated launches Launches Q1 2021/22 Accumulated deliveries On the market through 2020/21 through Q1 2021/22 as of 30 June 2021 (1) Units on the market figure includes total product available (launches)
Slide 22: Order Book: 3,976 units (€1,150m)
Order Book: 3,976 units (€1,150m) As of 30 June 2021 €1.2 bn €268m 3,478 units €2,091m 816 units €347K/unit 2,942 retail units 6,638 units €329K/unit 1,034 BTR units €315K/unit €1,150m 3,976 units €289K/unit Accumulated sales Sales Q1 2021/22 Accumulated deliveries Order Book through 2021/22 through
Slide 23: Construction Starts and Building Permits
Construction Starts and Building Permits As of 30 June 2021 Units under construction (BTS+BTR) 920 units 661 units 4,586 units 4,845 units As of 31 March 2021 Construction starts 2021/22 Completed units Under construction as of 30 June 2021 Building permits in hand, pending construction start (BTS)
Slide 24: Regional Breakdown
Regional Breakdown As of 30 June 2021 Units on the Market1 Permits granted in Q1 2021/22 Order Book North North North 486 units 105 units 177 units 4% Madrid 7% Madrid 17% 744 units Madrid Andalusia and Andalusia and 1,677 units Andalucía 19% 224 units Canary Islands Canary Islands 23% 19 units 35%
Slide 25: Active Units and Permit Request Status
Active Units and Permit Request Status As of 30 June 2021 Active Units1 Permit Request Status Completed product Design <4 months2 1,220 units 2,190 units 1,254 units >12 months3 13% 23% 54% 649 units 28% 9,663 2,336 active units units 9-12 months 237 units Under 10% Marketing construction 1,408 unit
Slide 26: Soul Marbella Sunshine (Marbella)
Soul Marbella Sunshine (Marbella)