Abitare In Spa · MIL:ABT
Abitare In Spa — Investor Presentation (September 2023)
34 slides from Abitare In Spa's investor presentation, Sep 27, 2023
Slide 1: AbitareIn – Eccellenze del Made in Italy
AbitareIn ECCELLENZE DEL MADE IN ITALY 27 SETTEMBRE 2023
Slide 2: Table of contents
Table of contents Agenda 1 Group Overview 2 Market Opportunity 3 Projects Pipeline 4 Corporate Financial Performance 2
Slide 3: Group Overview
awe Group Overview
Slide 4: AbitareIn at a glance
AbitareIn at a glance LEADING PLAYER IN URBAN REGENERATION INITIATIVES 19 € 1,1 BN • AbitareIn specializes in the development of residential PROJECTS TOTAL PIPELINE IN PIPELINE REVENUES property projects which meet modern needs of households in terms of lifestyle, spaces and green areas. +930% • Fou
Slide 5: Investment thesis
Investment thesis ABITAREIN AS THE ETF OF RESIDENTIAL DEVELOPMENT IN MILAN Investing in AbitareIn means investing in a basket of carefully selected, high-quality residential real estate projects and in a proven platform capable of delivering them. Compared to investing in a single project, investing
Slide 6: ESG value beyond urban regeneration
ESG value beyond urban regeneration The aim of AbitareIn is to satisfy the housing demand of today’s families by adopting an innovative and scalable industrial business model. As a developer dealing with urban regeneration projects, AbitareIn’s business is intrinsically linked to sustainability. ESG
Slide 7: Business diversification
Business diversification AbitareIn core business is residential property development in Milan. Nevertheless, the company is establishing new strategic lines of business to create value by exploiting market opportunities. BUILD TO RENT: HOMIZY PARTNERSHIP WITH OTHER DEVELOPERS ROME RESIDENTIAL MARKET
Slide 8: Market Opportunity
Market Opportunity
Slide 9: Italian real estate market
Italian real estate market % of households living in self-owned Households' gross debt-to-income House price index (2011=100) N° of transactions in Italy (thousands) homes ratio 80 110 190 800 700 70 160 600 60 80 500 130 400 50 300 40 50 100 200 100 30 70 0 2011 2012 2013 2014 2015 2016 2017 2018 2
Slide 10: Need for new housing
Need for new housing SHORTAGE OF NEW CONSTRUCTION... …BOOST PRODUCTION AND RENOVATION RATE Number of building permits (thousands) ENERGY EFFICIENCY DRIVES BOTH EUROPEAN LEGISLATION AND CONSUMER CHOICES1 600 500 ENERGY PERFORMANCE BUILDING DIRECTIVE GOALS FOR RESIDENTIAL BUILDINGS, BASED ON HARMONIZE
Slide 11: Milan: steadily growing market
Milan: steadily growing market CONSTANT GROWTH… ...LED BY THE PERIPHERY Number of Transactions and Transaction Volumes (€ Mln) - Milan city N° of transactions variation by macro area - 2022 vs 2019 N° of transactions Transaction Volumes (€ Mln) CENTRE SEMICENTRE PERIPHERY 15,0% 35.000 12.000 € 30.00
Slide 12: Milan: dynamic market
Milan: dynamic market LIQUID MARKET... ...WITH RISING PRICES Market liquidity expressed as transactions/global stock ratio - Italy v/s Milan House price index (2012 = 100) - Italy v/s Milan Italy Milan Milan Italy 3,50% 130,0 3,00% 120,0 2,50% 110,0 2,00% 100,0 1,50% 90,0 1,00% 80,0 2012 2013 2014 2
Slide 13: Milan: strong fundamentals…
Milan: strong fundamentals… MILAN AS THE ECONOMIC POWERHOUSE OF ITALY % POPULATION % GDP % NTN 5% 10% 10% Over the past decade, Milan has experienced strong population and Metropolitan City of Milan Rest of Italy economic growth, which has supported housing demand Fonte: Istat, OMI POPULATION AND AV
Slide 14: …drive sustainable growth
…drive sustainable growth FEASIBLE PRICE-TO-INCOME RATIO N° of years a skilled service worker needs to work to be able to buy a 60 sqm flat near the city center 5 10 15 Paris London Munich Zurich Despite price growth, an apartment Amsterdam in Milan is more affordable than in Stockholm other Europea
Slide 15: Projects Pipeline
Projects Pipeline
Slide 16: Click the link to watch the multimedia content
Click the link to watch the multimedia content: watch the video 16
Slide 17: Pipeline at a glance
Pipeline at a glance BEST AND LARGEST PIPELINE OF PROJECTS IN MILAN PIPELINE KEY HIGHLIGHTS 19 PROJECTS 247,000 SQM NET SALEABLE AREA 2,675 APARTMENTS € 1.1 BN TOTAL REVENUES 580 €/SQM NET SALEABLE AREA PURCHASE COST 812 DELIVERED APARTMENTS 17
Slide 18: Projects
Projects PROJECT CONSTRUCTION STATUS COMMERCIALISATION STD UNITS DELIVERIES NOTES Abitare In Poste Completed Sold Out 80 100% Abitare In Maggiolina Completed Sold Out 158 100% Olimpia Garden Completed Sold Out 161 100% Milano City Village Completed Sold Out 223 96% Palazzo Naviglio Completed Sold Ou
Slide 19: Completed
Completed 2008 2014 2017 2016 2018 2020 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Key highlights Authorisation Authorisation Total commercial area 7,500 sqm Authorised Total commercial area 14,500 sqm Authorised Apartments 80 Apartments 158
Slide 20: Completed
Completed 2020 2020 2021 2018 2020 2022 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Key highlights Authorisation Authorisation Total commercial area 12,750 sqm Authorised Total commercial area 20,500 sqm Authorised Apartments 161 Apartments 22
Slide 21: Completed
Completed 2019 2020 2022 2018 2021 2023 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Key highlights Authorisation Authorisation Total commercial area 6,800 sqm Authorised Total commercial area 13,000 sqm Authorised Apartments 74 Apartments 142
Slide 22: Commercialised
Commercialised 2021 2022 2024 2020 2023 2025 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Key highlights Authorisation Authorisation Total area 6,900 sqm Authorised Total commercial area 1,132 sqm Authorised Appartements 75 Apartments 11 Constr
Slide 23: Commercialised
Commercialised 2020 2023 2026 2019 2023 2025 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Key highlights Authorisation Authorisation Preliminary Total area 18,500 sqm Under Authorisation Total area 6,750 sqm authorisation (art. 40) Appartements
Slide 24: Commercialised
Commercialised 2020 2023 2025 2021 2023 2025 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Key highlights Authorisation Authorisation Total area 9,300 sqm Authorised Total area 12,500 sqm Authorised Appartements 85 Appartements 158 Construction
Slide 25: Commercialised
Commercialised 2024 2024 2026 2020 2024 2026 Land acquisition Start of work End of work Land acquisition Start of work End of work Key highlights Authorisation Key highlights Authorisation Preliminary Preliminary Total area 7,800 sqm authorisation (art. 40) Total area 13,000 sqm authorisation (art.
Slide 26: Commercialised
Commercialised 2022 2024 2026 Land acquisition Start of work End of work Key highlights Authorisation Preliminary Total area 2,850 sqm authorisation (art. 40) Appartements 31 Construction Green area 2,800 sqm Demolished Porta Area Romana Commercialization Under commercialisation 26
Slide 27: Divested projects
Divested projects CADOLINI EX PLASMON The via Cadolini operation was sold through a share deal before construction. Prior to the sale AbitareIn carried out a significant 2018 2022 development activity both from the urban planning point of view and from the environmental remediation one. Land acquisi
Slide 28: Projects under development
Projects under development Projects STD Units Purchasing status Authorisation Construction Tacito 8 83 Final deed Under design Demolished Vigentino 489 Registered prelminary Under design Greenfield Preliminary Accursio 138 Final deed Brownfield Authorisation (art. 40) Bisceglie 149 Final deed Under
Slide 29: Corporate Financial Performance
Corporate Financial Performance
Slide 30: Key accounting numbers
Key accounting numbers FY1 2021 FY1 2022 YtoQ31 22 YtoQ31 23 Revenues from Sales 50,4 MLN€ 20,6 MLN€ 19.3 MLN€ 198.9 MLN€ Total revenues from 124,8 MLN€ 122,2 MLN€ 103.7 MLN€ 99.6 MLN€ operating activities2 P&L EBITDA 18,3 MLN€ 16,1 MLN€ 12.9 MLN€ 33.6 MLN€ EBT 16,7 MLN€ 11,2 MLN€ 9.7 MLN€ 25.2 MLN€
Slide 31: Revenues
Revenues 250 YtoQ3 ‘23 200 Revenues from Sales 198.9 MLN€ 150 Changes in inventory of work in progress (117.1) MLN€ 100 Change in inventory of new areas 2,5 MLN€ purchased 50 Other revenues 15.1 MLN€ 0 Total revenues from operating FY 20 FY 21 FY 22 Q3 22 Q3 23 99.6 MLN€ activities Revenues from sal
Slide 32: EBITDA and Net Profit
EBITDA and Net Profit EBITDA Net profit 40 40% 25 25% 35 35% 20 20% 30 30% 25 25% 15 15% 20 20% 15 15% 10 10% 10 10% 5 5% 5 5% 0 0% 0 0% FY 20 FY 21 FY 22 Q3 22 Q3 23 FY 20 FY 21 FY 22 Q3 22 Q3 23 EBITDA % on total revenues Net profit % on total revenues COMMENTS YTOQ3 ‘23 • Both EBITDA and Net prof
Slide 33: Financial debt
Financial debt YtoQ3 2023 FY 2022 Delta NET FINANCIAL POSITION 140 A. Cash and cash equivalents 28,309,617 32,365,487 (4,055,870) B. Means equivalent to cash and cash equivalents - - - 120 C. Other current financial assets 20,200,000 - 20,200,000 100 D. Liquidity (A) + (B) + (C) 48,509,617 32,365,48
Slide 34: Slide 34