Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — H1 2023 Earnings Presentation
32 slides from Aedas Homes Sa's earnings presentation, Nov 28, 2023
Slide 1: H1 2023 Results Presentation
H1 2023 Results Presentation 1 April — 30 September 2023 28 November 2023 Mara Views (Alicante) AEDAS Homes | H1 2023 Results 1
Slide 2: Legal Disclaimer
Legal Disclaimer By attending this presentation (the “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 has been prepared by AEDAS Homes,
Slide 3: Volatile macroeconomic context, but with good indicators
Volatile macroeconomic context, but with good indicators Economy still showing positive signs Spanish households showing financial resilience Competitive mortgage market Positive growth outlook for Spain… Stability in households’ savings capacity Progressive reduction in outstanding mortgage balance
Slide 4: Resilient dynamics underpin Spain's residential sector
Resilient dynamics underpin Spain’s residential sector Demand trends in line with 2019 levels New-build construction production levels tight, with stabilization in construction costs Demand softening Relajación somewhat, de la demanda, perobut en still at solid niveles levels sólidos… Limited new-bu
Slide 5: Business update
Valme (Dos Hermanas, Sevilla) 01 Business update AEDAS Homes | H1 2023 Results 5
Slide 6: Net sales +7% in H1 2023: €451m in new revenues
Net sales +7% in H1 2023: €451m in new revenues Temporary reactivation of BTR, improvement in ASP of BTS (+12%) Absorption rate around 3.5% Evolution of sales in units (BTS + BTR1) and ASP (BTS) BTS absorption rate (rolling quarterly average) 10% Increase in commercial 5.000 5,000 388 405 371 375 46
Slide 7: Achieving delivery plan: 637 BTS units (+22%)
Achieving delivery plan: 637 BTS units (+22%) Units (#) ASP (€k) Revenues (€m) Customers with solvent credit profile … with capacity (expressed as house price / gross household income) to access housing 637 402 well above the 7.6 7,6 years años +8% 228 +22% 385 2 211 Spanish average… (7%) 358 524 4.
Slide 8: Quality Order Book valued at €1.45 billion, driven by BTS product
Quality Order Book valued at €1.45 billion, driven by BTS product (~90%) Units (#) ASP (€k) Order Book (€m) High-quality, diversified Order Book BTS +8% 3.386 +6% 382 1,294 80%+ of Order +15% 1.294 360 Book under 19% 3.136 3,136 1,129 1.129 private sales Pre-sales contract 4,280 units Private contra
Slide 9: Operational efficiency with optimized use of resources
Operational efficiency with optimized use of resources Evolution of Active Units over half-year period Under Total Active 1▪ Progress in operational In design Marketing Completed activity maintaining stable (in units, #) construction Units volumes Starting point as of ▪ 11,406 active units 2,366 2,1
Slide 10: Elevated visibility on achieving delivery targets
Elevated visibility on achieving delivery targets On track towards goal of surpassing €1 billion in annual revenue, FY 2023 – FY 2025 On the market Net sales levels Construction progress (calculated based on the total number of BTS + BTR units slated for delivery ) (calculated based on the total num
Slide 11: Dynamic landbank with selective investments
Dynamic landbank with selective investments €51m4 in new investments, identified and/or executed, resulting in a total landbank of 15,333 units… …well diversified and liquid Committed Adjustments Landbank Landbank breakdown by Regional Branch Executed investments Deliveries (in units, #) investments
Slide 12: Recognition of continual improvement on the ESG front
Recognition of continual improvement on the ESG front Sustainalytics MSCI ESG Ongoing progress ▪ The Sustainalytics ESG Risk Rating ▪ The MSCI ESG Rating seeks to measure measures a company's exposure to how a company manages financial risks Of the developments completed industry-specific material E
Slide 13: Progress on our collaboration with Plan VIVE affordable rental housing scheme
Progress on our collaboration with Plan VIVE affordable rental housing scheme: first deliveries slated in FY24 As of 30 September 2023 FY 2024 FY 2025 ▪ Nearly 3,600 affordable rental units Slated deliveries Slated deliveries across 23 developments ▪ Awarded in July 2021 33% ▪ 22 developments curren
Slide 14: H1 2023 financial results
02 H1 2023 financial results Arana AEDAS (Villanueva Homes del Pardillo, | H1 2023 Results 14 Madrid)
Slide 15: Development revenues up +8.2%, hitting €229m
Development revenues up +8.2%, hitting €229m TOTAL REVENUE FROM DELIVERED HOMES GEOGRAPHIC BREAKDOWN ASP DEVELOPMENTS1 10% 32% H1 2023 637 17% €358k €229 units 6% per unit million 16% 20% 1% 8% 23% - 524 27% €385k2 €211 H1 2022 units 16% per unit million 24% ▪ Improvement in delivery rates ▪ Lower c
Slide 16: €3.6m in attributable net profit, with ROE of 11%
€3.6m in attributable net profit, with ROE of 11% GROSS MARGIN NET MARGIN EBITDA NET FINANCE COST (expressed in millions of euro and margin %) (expressed in millions of euro and margin %) (expressed in millions of euro and margin %) (expressed in millions of euro and should be interpreted as negativ
Slide 17: Balance sheet summary, at 30 September 2023
Balance sheet summary, at 30 September 2023 30 September 2023 31 March 2023 Change ▪ Increase in inventories due to advanced degree of construction progress on WIPs INVENTORIES1 €1,858m €1,611m €247m ▪ Nearly 5,900 units under construction ▪ Land €569m €567m €2m ▪ Value of WIPs up +40% vs. March 202
Slide 18: Solvent position driven by efficient treasury management and long-term financing
Solvent position driven by efficient treasury management and long-term financing locked in at optimal conditions €662m1 in gross financial debt as of 30 September 2023… … and €176m in available liquidity with potential to reach ~ €630m Diversified capital sources Average nominal cost of debt: 4.9% (
Slide 19: Negative cash flow in line with construction activity progress
Negative cash flow in line with construction activity progress and current delivery levels... (€m) H1 2023 H1 2022 1 Over 90% of the increase is attributed to an increase in the payment of corporate tax for EBITDA 17.8 21.0 FY22, which in turn is the main reason for the deterioration in Funds from O
Slide 20: Impact on net debt, but expected LTV of <20% by end of FY 2023
…with an impact on net debt, but expected LTV of <20% by end of FY 2023 Solvent credit profile with solid debt ratios Net financial debt trend in H1 2023 (expressed in millions of euro) (€m) 30/09/23 30/09/22 30/09/21 14 576 Gross financial 50 4 1 652 563 554 debt 210 1 Available cash 76 61 70 Net f
Slide 21: Takeaways
03 Takeaways Tinné| (Boadilla AEDAS Homes 21 Madrid) del Monte, H1 2023 Results
Slide 22: On track towards annual goals
On track towards annual goals Stabilization in Operational Selective Financial sales progress investments stability ✓ +7% in sales revenue ✓ 77% of land bank active ✓ €51m in new investment ✓ +8% in revenue: 637 (€451m and 1,214 units) units delivered ✓ 11,406 active units, ✓ Efficient deployment of
Slide 23: Appendices
04 Appendices Noray (Laredo, Cantabria) AEDAS Homes | H1 2023 Results 23
Slide 24: H1 2023 Consolidated P&L
H1 2023 Consolidated P&L (€m) H1 2023 H1 2022 Δ (€m) Δ (%) 1 Increase in total revenue driven by an increase in Revenue derived from housing units delivered 228.6 211.2 17.4 8.2% delivery volume (+22%), although with a lower ASP Revenue derived from land sales - - - - due to product mix and geograph
Slide 25: Consolidated balance sheet at 30 September 2023
Consolidated balance sheet at 30 September 2023 (€m) 30 September 2023 31 March 2023 Δ (€m) Δ (%) Other fixed assets 35.1 37.4 (2.2) (6.0%) Deferred tax assets 7.3 5.3 2.0 37.5% NON-CURRENT ASSETS 42.4 42.7 (0.2) (0.6%) Inventories 1,857.7 1,610.7 247.1 15.3% Trade receivables 41.2 42.9 (1.6) (3.8%)
Slide 26: Financial leverage at 30 September 2023
Financial leverage at 30 September 2023 Financial debt in line with the operational activity of H1 2023 AEDAS Homes debt ratios Bond covenants Ratio 30 Sep 2023 30 Sep 2022 30 Sep 2021 Ratio 30 Sep 2023 30 Sep 2022 30 Sep 2021 LTC1 31.0% 29.2% 30.3% Net Total LTV 25.8% 23.6% 24.3% Net Secured Total
Slide 27: Accumulated operating data
At 30 September 2023 Accumulated operating data 9,074 9.074 units 9,074units unitson onmarket onthe the the market 1 1 market 1 Order Cartera Book: de 4,280 ventas: Order Book: 4,280 units,units, 4.280 with unidades con with total total un value valor value total deof of €1.45bn €1.45 bn €1,451M (ex
Slide 28: Accumulated construction data
At 30 September 2023 Accumulated construction data ~~5.900 5,900unidades en construcción units under construction 1.209 1,209unidades pendientes units pending de iniciar construction construcción start (expresseden (expresado in unidades, units, #) #) (expresseden (expresado in unidades, units, #) #
Slide 29: Accumulated permit data
At 30 September 2023 Accumulated permit data Status of outstanding requested permits (expresseden (expresado inunidades, units, #) #) Antigüedad Requested del permit stock de status licencias pendientes de obtener 887 887 2,792 2.792 (1,580) 1.580 19% 27% 2,099 2.099 11% 42% << 44 meses months 5-8 m
Slide 30: Regional Breakdown
At 30 September 2023 Regional Breakdown Active units Units on the market Order Book 4% 4% 4% 11% 11% 9% 25% 25% 31% 15% 4.280 11,406 11.406 9.074 9,074 4,280 19% 19% unidades unidades unidades units units units 14% 16% 12% 25% 28% 26% Permits granted Licencias inobtenidas de obra H1 2023 en 1S 2023
Slide 31: Corporate calendar
Linneo (Mislata, Valencia) At 30 September 2023 Corporate calendar 15 February 9M 2023 Trading Date TBC 2024 Update published 30 May FY 2023 Results Date TBC 2024 published AEDAS Homes | H1 2023 Results 31
Slide 32: Back cover
Leblich (Barcelona) Back cover AEDAS Homes | H1 2023 Results 32