Metrovacesa Sa · BME:MVC
Metrovacesa Sa — Q1 2023 Earnings Presentation
21 slides from Metrovacesa Sa's earnings presentation, Apr 26, 2023
Slide 1: Results 1Q2023
Edificio Betancuria (Las Palmas de Gran Canaria) Results 1Q2023 April 26th, 2023
Slide 2: Disclaimer
Disclaimer This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA (“Metrovacesa”). This Presentation, as well as the information included th
Slide 3: Agenda
Agenda Table of Contents 1. Highlights 2. Business Update 3. Financial Overview 4. Closing remarks Appendices Today’s Presenters Jorge Pérez de Leza Borja Tejada Juan Carlos Calvo CEO CFO Strategy & IR 3.
Slide 4: 1. Highlights
Serene Atalaya (Estepona, Málaga) 1. Highlights
Slide 5: Highlights
Highlights Positive start of the year • Housing demand holding up • Good pre-sales performance: pick-up in 1Q vs previous quarters Strong visibility for next few years • Confirmation of high activity volumes: +2,000 units in the last 12M in construction • Sales backlog: starts and commercial launche
Slide 6: 2. Business Update
Atrio Lezkairu (Pamplona) 2. Business Update
Slide 7: Key operational data
Key operational data as of March 31st 2023 Active Deliveries / Land Construction Financials projects Sales portfolio Sales Backlog (1) 3,265 €1.04bn 4,239 units under construction (3) 331 units delivered in the period €2.9m €279.6m Sold units €319 k/unit ASP (2) Land Sales Net debt €239 k/unit ASP (
Slide 8: Spanish sector dynamics
Spanish sector dynamics A promising start of the year Housing transactions: holding up Housing supply: remains very limited Supportive macro: positive job creation k units per month (source: INE) Housing starts and completions monthly, k units (source: MITMA) Total number of workers, millions (sourc
Slide 9: Pre-sales
Pre-sales Recovery of demand compared to previous quarters Uptick in demand 1Q23 net pre-sales: 425 units # units • The number of visits has increased throughout the 1Q 178 BTR BTS presales: above previous three Client visits 568 3-month rolling average quarters 412 425 361 318 BTS ASP 1Q23: € 302 k
Slide 10: Operational activity
Operational activity Presales backlog over €1bn, plus activity consistent with +2,000 units in medium term • Average unit price (ASP): €319k Units in construction (1) Pre-sales 4,239 4,007 4,101 • Construction starts: backlog • 80% contracts, 20% reservations 3,550 468 units in 1Q23 and 2,006 units
Slide 11: Residential deliveries
Residential deliveries 1Q23 according to plan 1Q23 deliveries # units, € m Volume: 331 units € 137.1 m 134 BTS and 197 BTR 600 One BTR project in Valencia 540 and another in Madrid 500 € 79.2 m In line with • Expecting higher volume Avg.price: 400 € 239 k/unit internal plans and higher ASP in 2H 331
Slide 12: Land activity
Land activity Progress on land management Tres Ximeneies (Barcelona): final approval of the masterplan Land sales ✓ A strategic location in the coastal line, just North of ✓ A JV called FMB, controlled between MVC 38.6% and ✓ Sales activity in 1Q23: Barcelona city, with strong potential demand Endes
Slide 13: 3. Financial Overview
Residencial Hespérides II (Sevilla) 3. Financial Overview
Slide 14: Profit and Loss
Profit and Loss Summary €m 1Q 2022 1Q 2023 Revenues 141.1 79.5 Revenues Residential Development 137.1 79.2 residential development: Land sales 4.0 0.3 €79.2m Gross Profit 27.9 16.9 Residential Development 27.8 17.0 % gross margin 20.2% 21.5% Residential development gross Land sales 0.1 (0.1) margin
Slide 15: Net debt
Net debt Strong financial structure Net debt details Evolution of net debt and LTV ratio €m Dec. 2022 Mar. 2023 300 14% Developer loans 35.2 49.9 11.5% 250 12% Corporate debt 315.7 342.3 9.4% 10% 200 Gross Financial Debt 350.9 392.1 8% 150 6.2% Unrestricted cash 124.1 112.6 6% 100 4% S/T investment
Slide 16: 4. Closing Remarks
Terrases de Llevant (Palma de Mallorca) 4. Closing Remarks
Slide 17: Closing remarks
Closing remarks ✓ Resilient housing demand Encouraging market in early 2023 ✓ Increased interest in land assets ✓ We focus on flexibility to adapt to market changes as uncertainties are not over yet ✓ €100-150m cashflow generation in FY2023 Outlook reiterated ✓ Project launches and construction star
Slide 18: Appendices
Aire 9 (Sabadell, Barcelona) Appendices
Slide 19: Profit and Loss
Profit and Loss (€m) 1Q 2022 1Q 2023 YoY Total Revenues 141.1 79.5 -43.6% Residential Development 137.1 79.2 Land Sales 4.0 0.3 Total COGs (113.2) (62.6) Residential Development (109.3) (62.2) Land Sales (3.9) (0.4) Gross Margin 27.9 16.9 -40.2% Gross Margin Development 27.8 17.0 % Gross margin Deve
Slide 20: Balance Sheet
Balance Sheet (€m) Dec.22 Mar.23 Investment Property 240.4 240.4 Other non-current assets 167.1 166.4 Total non-current assets 407.5 406.9 Inventory 1,842.9 1,889.0 Land 883.6 896.6 WIP & finished product 959.3 992.2 Cash 202.0 197.4 Other current assets 61.5 49.2 Total current assets 2,106.4 2,135.
Slide 21: Q & A
Nieremberg, show flat (Madrid) Q &A