Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — Q1 2020-21 Earnings Presentation
23 slides from Aedas Homes Sa's earnings presentation, Jul 29, 2020
Slide 1: Q1 2020-21 Results Presentation
Q1 2020-21 Results Presentation 1 April – 30 June 2020 29 July 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: Overview
Overview I Solid sales recovery Significant upturn in customer interest and sales over the course of the quarter II High visibility on revenues Strong sales coverage ratios and steady construction progress give excellent visibility on expected revenues in 2020-21 and 2021-22 III Strengthened financi
Slide 4: Executive Summary Q1 2020-21
Executive Summary Q1 2020-21 • 127 total sales, with 106 in June • 2,976 units in Order Book, totalling €984m (79% under private contract) Sales • 81% of 2020-21 deliveries sold and 3% already delivered • 49% of 2021-22 deliveries sold • 62 units delivered; 286 completed units pending delivery • 192
Slide 5: 01 Business Update
Doria 6 Palma de Mallorca 01 Business Update
Slide 6: Sales and operating activity
Sales and operating activity Monthly Sales in 2020 (Units) 169 1) Sales activity: 123 • Significant rebound in customer interest 106 after sales offices reopened on 6 May 48 • Strong sales recovery in June 12 9 • 167 reservations converted to private Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun
Slide 7: Financial situation
Financial situation Secured debt (€m) Unsecured debt (€m) • €150m Commercial Paper Programme (MARF) renewed on 12 June • Extension of the €150m syndicated loan formalized on 1 July. Term of 1 + 1 year, 232 extendable at company's discretion. Conditions 534 similar to those agreed in 2018 • The react
Slide 8: Activity Update
Activity Update1 Launches Sales Delivered Under construction 100% 100% Completed 3% 1% 15% 99% 81% 49% 45% 85% 16% 8% Deliveries 2020-21 Deliveries 2021-22 Deliveries 2022-23 (1) Ratios calculated over expected number of deliveries AEDAS Homes Q1 2020-21 Results 8
Slide 9: Actions since State of Emergency was declared
Actions since State of Emergency was declared March April May June July Offices closed, Deferment of April and Sales office reopen on 6 Sales recovery takes Approximately 100 sales teleworking since 14 May payments offered to May hold, with 106 units sold expected in July Sales March customers; 18%
Slide 10: 02 Financial Results Q1 2020-21
Qian Majadahonda, Madrid 02 Financial Results Q1 2020-21
Slide 11: Results Summary Q1 2020-21
Results Summary Q1 2020-21 Q1 2020-21 Q2 2019 Change (%) Comments (Apr-Jun 2020) (Apr-Jun 2019) • 62 units delivered Revenues €27.2m €8.8m +208% • No land sales Gross Margin €6.9m €2.4m +191% • Gross margin of quarter not representative of FY 2020-21 Margin (%) 25.3% 26.7% -148 bp • Penalized for re
Slide 12: Balance Sheet summary as of 30 June 2020
Balance Sheet summary as of 30 June 2020 30 June 2020 31 March 2020 Change (%) Comments Inventories €1.44bn €1.34bn €94m • Significant increase in Works in Progress Land €619m €617m €2m Works in progress €727m €627m €100m Completed product €70m €80m €-10m • Solid cash position Cash €135m €136m €-1m
Slide 13: Evolution of net financial debt
Evolution of net financial debt (€m) 30 June 2020 31 March 2020 Change (€m) (A) Developer loans 199.0 135.3 63.7 (B) Corporate debt 231.9 211.1 20.7 Syndicated loan 149.7 149.1 0.7 Commercial paper (MARF programme) 44.3 62.1 (17.8) Other corporate debt 37.8 - 37.8 Gross Financial Debt1 (A+B) 430.8 3
Slide 14: Financial leverage
Financial leverage 30 June 2020 31 March 2020 LTC1 24.4% 19.9% LTV2 17.0% 13.3% LTV3 including restricted cash 14.9% 13.1% Net financial debt / EBITDA (LTM) 5.5x 4.0x Average cost of debt 2.85% 2.87% Interest coverage 5.5x 5.4x • Increase in debt in line with increased levels of construction works p
Slide 15: 03 Market Outlook
Ulloa II Alcorcón, Madrid 03 Market Outlook
Slide 16: Market Outlook
Market Outlook 1 Steady growth in sales over the past two months confirms that underlying structural demand remains, especially in the mid to mid-high segment of the market. The residential development sector will continue to provide a refuge for 2 investment, as well as offer protection from inflat
Slide 17: 04 Appendix
Terraza de los Fresnos II Boadilla del Monte, Madrid 04 Appendix
Slide 18: Landbank: 15,595 units
Landbank: 15,595 units CATALONIA 12% Barcelona – 1,433 units Tarragona - 221 units Zaragoza - 198 units Units launched = 5,755 + Future developments = 9,840 CENTRE 33% Madrid – 4,742 units Valladolid - 270 units Landbank1,2 = 15,595 units Navarra (Pamplona) - 80 units Pontevedra (Vigo) - 48 units La
Slide 19: 5,755 units on the market as of June 2020
5,755 units on the market as of 30 June 20201,2 200 units 192 units 1,309 units 2,635 units 5,755 units 2,265 units 1,772 units 2017 2018 2019 2020 Q1 2020-21 Accumulated Units on the deliveries market as of 30 June 2020 (1) A project is considered launched when marketing kicks off. (2) 7,064 total
Slide 20: Order Book: 2,976 units (€984m)
Order Book1,2 : 2,976 units (€984m) 84% of 2020-21 deliveries and 49% of 2021-22 deliveries sold €47m €460m €109m 127 units €532m 1,309 units 340 units 1,663 units €321K/unit €370K/unit €351K/unit €984m €320K/unit 2,976 units €331K/unit €447m 1,240 units €361K/unit €310m 915 units €339K/unit 2017 20
Slide 21: Construction and permits
Construction and permits Units under construction 4,627 units 211 units 198 units 4,640 units As of 31 March 2020 Construction starts Q1 2020-21 Completed units Under construction as of 30 June 2020 Building permits 420 units 198 units 5,809 units 5,587 units As of 31 March 2020 Permits granted in Q
Slide 22: Regional Breakdown
Regional Breakdown Permits granted Catalonia Aggregated Order Book 106 units 25% Launches Centre 101 units Andalucía 24 % Andalucía 342 units 420 units Centre Centre 1,192 units 11% 2,085 units 1,136 units 17% 29% East and Mallorca 38% 213 units Catalonia 51% 585 units 20% Catalonia 7,064 units 2,97
Slide 23: Marina Real Denia, Alicante
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