Slide 1: 9 months 2019 Results
Terrazas de los Fresnos I, Boadilla del Monte 9 months 2019 Results November 2019 1 9M 2019 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
Key Highlights Hitting 2019 operational targets successfully: over 1,000 units completed, 95% sold and delivery phase as expected Sales provide ample visibility over deliveries → 2019: 95% ∕ 2020: 65% ∕ 2021: 23% Reiterating L/T forecasts, financial and operational figures withstanding - generating
Slide 4: Agenda
Agenda Acosta, Bormujos 1 Business Update 2 9M 2019 Financial Results 4 9M 2019 RESULTS
Slide 5: Business Plan 2017-2023
Business Plan 2017-2023 01 BUSINESS UPDATE Sustainable Housing Development Plan (IPO Business Plan) Target Launches Target Deliveries # Units 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 2021 2022 2023 As of 30 Septem
Slide 6: Projects Launched
Projects Launched 01 BUSINESS UPDATE 656 units launched1 in Q3 2019 (GDV: €237 Mn). 550 units to be launched in Q4 2019 5,521 units on the market net of deliveries with €368 th ASP (GDV: €2,030 Mn) Coverage of deliveries: 2019:100% ∕ 2020:100% ∕ 2021: 92%2 Ramp-up activity of projects launched3 (by
Slide 7: Marketing Activity
Marketing Activity 01 BUSINESS UPDATE 452 units sold in Q3 2019 (GDV: €143 Mn) 2,871 units in order book (GDV: €1,018 Mn) Coverage of deliveries: 2019: 95% ∕ 2020:65% ∕ 2021: 23%1 Sales2 Evolution in # units & €Mn Order Book Regional breakdown as of 30 Sep 2019 €310 Mn €447 Mn €100 Mn €146 Mn €143 M
Slide 8: Construction and Permits
Construction and Permits 01 BUSINESS UPDATE 308 units started construction in Q3 2019/ 3,752 total units under construction 403 units w/ permit granted in Q3 2019/ 4,056 total units w/ permit granted Coverage of deliveries: 2019:100% ∕ 2020:100% ∕ 2021: 57% Under Construction # units Permits Granted
Slide 9: 2019 Deliveries Focus (30.09.19)
2019 Deliveries Focus (30.09.19) 01 BUSINESS UPDATE PROJECTS CONSTRUCTION SALES2 DELIVERY Total Project 2019 Target Delivery 2019 Target Development Municipality FCC1 Nº FCC FOP1,4 Delivered Units sales coverage Delivery Jardines Hacienda Rosario I Sevilla 78 ✓ 78 77 ✓ 77 70 Nou Eixample Mar Vilanov
Slide 10: Land acquisitions 9M 2019
Land acquisitions 9M 2019 01 BUSINESS UPDATE Seville Zaragoza Acquisition cost AEDAS Homes 20% 22% €70.3 Mn Valencia Vigo Q3 2019 Landbank1 897 units + 4% Breakdown 4% in units Expected CAPEX 15,545 units + 673 units in Alicante Pamplona outstanding purchase €1.8 Mn 18% 9% options Granada 23% Acquis
Slide 11: Agenda
Agenda Acosta, Bormujos 1 Business Update 2 9M 2019 Financial Results 11 9M 2019 RESULTS
Slide 12: Consolidated P&L
Consolidated P&L 02 9M 2019 FINANCIAL RESULTS AEDAS HOMES Variation Variation A 30/09/2019 30/09/2018 In € Mn1 € Mn1 % Revenue derived solely from the delivery of 261 units while in 2018 €8M came from land A REVENUE 60.8 55.4 5.4 10% sales. Agreed land sales expected to be executed in Q4 2019 for c.
Slide 13: Balance Sheet Structure
Balance Sheet Structure 02 9M 2019 FINANCIAL RESULTS Main Balance Sheet Changes AEDAS Homes Variation Variation 30/09/2019 31/12/2018 A In € Mn1 € Mn1 % Growth in inventories due to increase in construction activity and completed housing units soon to be delivered. NON- CURRENT ASSETS 45 27 18 67% C
Slide 14: Net Debt
Net Debt 02 9M 2019 FINANCIAL RESULTS Total Net Debt of €297.9 Mn Efficient and diversified funding ramp-up process – facility term loan fully – increasing as we reach operational target levels disposed increasing average cost of debt Net Debt Position (€ Mn) Financial Debt Structure3 (€ Mn) Sep Dec
Slide 15: Cash Flow Statement Summary
Cash Flow Statement Summary 02 9M 2019 FINANCIAL RESULTS A Summary Cash Flow Statement AEDAS HOMES (In € Working capital variation has continued to peak, as it reflects company’s 30/09/2019 31/12/2018 Mn1) proximity to run rate operational status: EBT (18.6) (8.1) - Inventories breakdown Change in T
Slide 16: Margin outlook positive
Margin outlook positive HPA and CCI margin impact on projects under construction (all data as of Sep19): 5,032 units IPO Business Including all units which are delivered, completed or under Sep 2019 Plan construction as of September 2019. Gross 27.3% 28.8% + 150 bps GDV: €1,708 Mn ASP: €339 k/unit M
Slide 17: Reiterating long-term forecasts
Reiterating long-term forecasts Operational targets Revenues Strong visibility over long-term Deliveries on track, gaining targets 01 02 visibility on revenues for following +1,000 units completed years: +3,700 units under construction c. €1.9 Bn up to 2021 +2,800 units in orderbook (+ €1.0 Bn) 03 C
Slide 18: Appendix 1: 2020 Deliveries visibility
Appendix 1: 2020 Deliveries visibility
Slide 19: 2020 Expected Deliveries
2020 Expected Deliveries PROJECTS CONSTRUCTION SALES2 DELIVERY Total Project 2020 Target Delivery 2020 Target Development Municipality Construction progress1 Units sales coverage Delivery Completed Product 20193 - 51 100% 0 51 South Bay Las Mesas Estepona 37 87% 28 37 Vanian Gardens Estepona 54 86%
Slide 20: 2020 Expected Deliveries
2020 Expected Deliveries PROJECTS CONSTRUCTION SALES2 DELIVERY Total Project 2020 Target Delivery sales 2020 Target Development Municipality Construction progress1 Units coverage Delivery Tasman II Sant Just Desvern 35 49% 19 35 Vanian Gardens II Estepona 92 49% 11 25 Ulloa II Alcorcón 54 48% 48 54
Slide 21: Appendix 2: Macro Outlook
Appendix 2: Macro Outlook
Slide 22: Market Overview
Market Overview Positive Outlook for Spanish Economy (GDP %) Spanish Unemployment Rate (%) 4% 28,0% 3,6% 3,2% 3,0% 26,0% 3% 2,60% 2,3% 24,0% 2% 1,4% 22,0% 1% 20,0% 18,0% 0% 2013 2014 2015 2016 2017 2018 2019E 16,0% -1% 14,0% -2% -1,7% 12,0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E Source:
Slide 23: Piteas, Pozuelo de Alarcón
Piteas, Pozuelo de Alarcón 23 9M 2019 RESULTS