Slide 1: Full Year 2019 Results Presentation
Full Year 2019 Results Presentation 26 February 2020
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: Key highlights
Key highlights I II Operational ramp-up Landbank of 15,426 units 833 units delivered (80% of annual target) in 2019. Successful ongoing replenishment Remaining built and sold units now have First with new locations where demand and pricing Occupancy Permit and are currently being dynamics are attrac
Slide 4: Business update
01 Business update Business as usual, strong operational profile
Slide 5: Business plan on track: Coverage ratios provide strong visibility
Business plan on track: Coverage ratios provide strong visibility 100% 100% 100% (1) 91% 77% 35% 30% 10% 6% 2020 2021 2022 Launches Sales Construction (1) As of February 2020, 78% by 2019 year-end AEDAS Homes FY 2019 Results 26 February 2020 5
Slide 6: 100% of 2019 target deliveries have First Occupancy Permits, all final units sold
100% of 2019 target deliveries have First Occupancy Permits, all final units sold and currently being delivered PROJECTS CONSTRUCTION DELIVERY Total Project 2019 Target Delivered Forecast Development Municipality FCC1 # FCC FOP1 Units Delivery 31 Dec 2019 29 Feb 2020 Nou Eixample Mar Vilanova i la G
Slide 7: Landbank & land acquisitions: 1,767 units acquired and access up to 1,465 units
Landbank & land acquisitions: 1,767 units acquired and access up to 1,465 units Landbank1 = 15,426 units (5,592 units launched + 9,834 units in future developments) CATALONIA 13% Barcelona - 1,567 units Tarragona - 108 units LAND INVESTMENT IN 2019 Zaragoza - 198 units (1) FULLY PERMITTED LAND Close
Slide 8: NAV per share: 3.3% increase in 2019
NAV per share1: 3.3% increase in 2019 NAV per share GAV €34.8 €1,962m €33.7 per share €1,768m per share +11% +3.3% Dec 2018 Dec 2019 Dec 2018 Dec 2019 €219m €146m €17m €18m €104m €1,962m €1,768m €17m LfL GAV Bridge GAV Dec 2018 LfL revaluation WIP Deliveries 2019 acquisitions Land feeder Disposals G
Slide 9: Gross Development Value Savills appraisal
Gross Development Value Savills appraisal Aggregate LfL growth, since Dec 2018 Valuation drivers Dec 2018 Dec 2019 Variation % according to Savills 5.4% GDV €/sqm 2,816 2,888 65 2.3% 3.4% ASP € thousands/unit 342 345 3 0.9% 2.0% 1.9% GAV €/sqm 978 1,035 54 5.5% IRR weighted by GDV 11.85% 11.39% (46
Slide 10: Full Year 2019 Financial Results
02 Full Year 2019 Financial Results Robust results highlighting profitability and cash generation capacity
Slide 11: Consolidated P&L: sound EBITDA margin driven by tight cost control
Consolidated P&L: sound EBITDA margin driven by tight cost control and high-end product mix Variation Variation (€m) 2019 2018 (€ m1) (%) Home development revenues 295.6 65.6 230.0 351% Land sales 15.9 14.2 1.7 - REVENUES 311.5 79.8 231.7 290% Cost of Goods Sold (209.7) (56.0) 153.7 274% GROSS MARGI
Slide 12: Consolidated pro-forma P&L (January to December 2019 with 1,055 deliveries)
Consolidated pro-forma P&L (January to December 2019 with 1,055 deliveries) (€m) 2019 Pro-Forma1 20192 REVENUES 406.5 311.5 Cost of Goods Sold (278.6) (209.7) GROSS MARGIN 127.9 101.8 % Gross margin 31.5% 32.7% Marketing and Sales commissions (20.6) (18.3) Other expenses related to developments & Ta
Slide 13: Balance sheet
Balance sheet Variation Variation (€m) 31/12/2019 31/12/2018 (€m) (%) NON- CURRENT ASSETS 37 27 10 37% 19% increase in inventories Inventories 1,276 1,076 200 19% due to increase in construction activity and Trade and Other Receivables 49 42 7 17% completed housing units Short Term Accruals 18 14 4
Slide 14: Net financial debt amounted to €214.5m by 2019 year-end
Net financial debt amounted to €214.5m by 2019 year-end (€m) December 2019 December 2018 (A) Developer secured loans 79.3 57.1 Secured Debt (€m) (B) Unsecured debt 230.6 97.3 Unsecured Debt (€m) Corporate facility term loan 150.0 61.6 Commercial paper 78.0 34.0 Other financial debt 2.6 1.7 230 Gross
Slide 15: 2019 Pro-Forma cash-flow generation
2019 Pro-Forma1 cash-flow generation (€m) 2019 Pro-Forma1 EBITDA 78.9 (+) Cash recovered from land bank 86.2 (-) Land investments paid (109.2) (-) Financials costs paid (6.0) (-) Cash tax (2.0) FUNDS FROM OPERATIONS 47.8 (-) Net WIP investments and developer loans disposals (91.5) (-) Shares repurch
Slide 16: Relevant corporate announcements
03 Relevant corporate announcements
Slide 17: Changing fiscal year: Now running from 1st April to 31st March
Changing fiscal year: Now running from 1st April to 31st March Adapting fiscal year to business plan seasonality to maximize customer satisfaction New Q1 2020 New 9M 2020 1 April 2020 – 31 December 2020 FY 2019 1 April 2020 – 30 June 2020 1 January 2019 – 31 December 2019 Presentation: Presentation:
Slide 18: Shareholder Remuneration Policy
Shareholder Remuneration Policy The Company’s current share buy-back program is being scaled up from €50m to €150m. The Company will pay a dividend of €1.00/per share out of 2020 results. Dividends are to be paid semi-annually following the market presentations of first-half and full-year results (5
Slide 19: Disciplined Financial and Investment Policy
Disciplined Financial and Investment Policy Forecasted Net Financial Debt to EBITDA ≤ 3x Financial leverage is estimated to stand below 3x Net Financial Debt to EBITDA ratio. The company plans to invest more than €700m in land acquisitions between 2020 and 2023. AEDAS Homes FY 2019 Results 26 Februa
Slide 20: Closing remarks
04 Closing remarks
Slide 21: 2020 Prospects
2020 Prospects Solid progress on sales and coverage ratios provide us with excellent visibility on the future performance of AEDAS Homes. Competitive Shareholder Remuneration Policy, fully compatible with future business plans and corporate development. Drivers of our business: • Demand: strong oper
Slide 22: Appendix
Appendix
Slide 23: On track to deliver 2017-2023 Business Plan
On track to deliver 2017-2023 Business Plan Target Launches Target Deliveries 3,326 3,000 3,000 3,000 3,063 3,000 2,580 2,438 2,042 1,986 1,748 1,055 0 231 2017 2018 2019 2020 2021 2022 2023 Annual 4,057 2,998 1,710 Active1 Aggregated 4,057 7,055 8,765 Annual 1,772 2,265 2,635 Launches Aggregated 1,
Slide 24: 5,592 units on market at 2019 year end
5,592 units on market at 2019 year end 1,2 100% 9 coverage of 2020 and 2021 deliveries, and 30% 9 coverage of 2022 deliveries 643 units 1,080 units 656 units 5,592 units 838 units 498 units 2,265 units 1,772 units 2017 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Deliveries to Launches as of date FY 2019 (1
Slide 25: Strong evolution of sales; 2,738 units in orderbook (€925m)
Strong evolution of sales; 2,738 units in orderbook (€925m) 77% coverage of 2020 deliveries and 35% coverage of 2021 deliveries €142m €363m 439 units 1,080 units €143m 452 units €146m €925m 472 units 2,738 units €100m €477m 300 units 1,240 units €310m 915 units 2017 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2
Slide 26: High visibility, with 91% of 2021 deliveries under construction
High visibility, with 91% of 2021 deliveries under construction1 Units under construction 537 units 1,079 units 863 units 308 units 4,198 units 520 units 3,049 units As of Dec 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Units completed Total units under construction as of Dec 2019 Construction permits 724
Slide 27: Regional breakdown
Regional breakdown Permits granted Andalusia Launches Orderbook 524 units 20% Centre 758 units 28% Catalonia 483 units 2,679 units Andalusia Andalusia 18% Centre 906 units 338 units 1,106 units 16% Centre 12% 40% 1,696 units East 30% Costa del Sol 646 units 268 units 24% 10% Catalonia 5,592 units Ca
Slide 28: Cash-Flow Statement
Cash-Flow Statement (€m) 31/12/2019 31/12/2018 (A) Earnings Before Taxes 44.5 -8.1 (B) Adjustment to Profit/Losses 5.8 -6.2 (B1) Change in Trade Provisions 1.1 3.0 (B2) Change in Investment properties 1.6 -0.5 (B3) Financial cost / (income) 9.4 3.2 (B4) Other Income / (expense) -6.2 -11.9 (C) Change
Slide 29: New Folies Andratx, Mallorca
New Folies Andratx, Mallorca