Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — H1 2020-21 Earnings Presentation
30 slides from Aedas Homes Sa's earnings presentation, Nov 25, 2020
Slide 1: H1 2020-21 Results
H1 2020-21 Results 1 April – 30 September 2020 25 November 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 Strong rebound in sales and return to normal operations, reinforcing the Company’s visibility II Stability in sales prices and asset valuation • Sales prices unchanged; supply of new-build housing available in the market decreasing • Updated NAV of €1.54bn (€33.7 per share) III Business p
Slide 4: Executive Summary H1 2020-21
Executive Summary H1 2020-21 As of 30 September 2020 • Healthy Order Book: 3,263 units, totalling €1.09bn Sales • 523 net units sold (€187m), with 396 units sold in Q2 • 95% of 2020-21 deliveries sold; 56% of 2021-22 deliveries sold • 6,106 units on the market; 652 units launched in period • 4,164 u
Slide 5: Business update
Vasco de Gama Palma de Mallorca 01 Business update
Slide 6: Sales and Operating Activity update
Sales and Operating Activity update As of 30 September 2020 Sales Activity H1 2020-21 Construction and Operations H1 2020-21 • 396 sales in Q2, 10% more than in the same period • Building permits for 678 units secured in 2019 (523 total in H1 2020-21) • 59 developments under construction • 33% incre
Slide 7: Strong customer interest driving increase in sales visits
Strong customer interest driving increase in sales visits Customer Sales Visits 800 Weekly totals, 2019 vs 2020 +33% since June 2020 700 600 500 400 300 200 2019 100 2020 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 4
Slide 8: Financial Position
Financial Position As of 30 September 2020 Secured debt (€m) • Extension of the €150m syndicated loan formalized on 1 July. Unsecured debt (€m) Term of 1 + 1 year, extendable at company's discretion; conditions similar to those agreed in 2018 • Financing through MARF open for AEDAS Homes: the 352 24
Slide 9: Activity update
Activity update 1 As of 30 September 2020 Launches Sales Under construction Completed Launches Sales2 Under construction 10% 49% 100% 100% 95% 90% 71% 56% 51% 33% 11% 2020-21 2021-22 2022-23 2020-21 2021-22 2022-23 2020-21 2021-22 2022-23 (1) Coverage ratios calculated over expected number of delive
Slide 10: Actions taken since State of Emergency was declared (1/2)
Actions taken since State of Emergency was declared (1/2) March 2020 Q1 2020-21 (April – June 2020) • Offices closed as of 14 • 18% of customers requested deferment of monthly payments Sales March • Sales offices reopened on 6 May; strong levels of customer interest • 120 reservations • Sales reboun
Slide 11: Actions taken since State of Emergency was declared (2/2)
Actions taken since State of Emergency was declared (2/2) Q2 2020-21 (July-September 2020) October 2020 Sales • Net sales of 396 units (€187m) • 129 net sales • Since 1st June, 33% increase in the number of sales visits vs same period in 2019 Operations • Final Construction Certificates (FCC) in han
Slide 12: Landbank: 15,722 units
Landbank: 15,722 units1 As of 30 September 2020 Land transactions Navarra in H1 2020-21 (Pamplona) Pontevedra <1% • Acquired land for 567 units (€56.6m) (Vigo) <1% • Acquired land for 52 units (€2.4m) Barcelona through Project LAND2 Valladolid Zaragoza <2% 1% 9% • Land disposals: 135 units (€4.3m) T
Slide 13: NAV at €33.7 per share
NAV at €33.7 per share1 As of 30 September 2020 GAV NAV per share1 €2.16bn €1.96bn +10% €34.8/share €33.7/share -3% December 2019 September 2020 December 2019 September 2020 • NAV reached €1.54bn at the end of September, compared to €1.62bn in December 2019. • At the end of September, AEDAS Homes sh
Slide 14: Financial Results H1 20-21
Orellana Alcalá de Henares Madrid 02 Financial Results H1 2020-21
Slide 15: P&L: H1 2020-21 (1 April – 30 September 2020)
P&L: H1 2020-21 (1 April – 30 September 2020) (€m) H1 2020-21 Apr-Sep 2019 Change (€m) Change (%) Revenue from the sale of housing units 61.9 46.8 15.1 32.3% Revenue from land sales 4.3 - 4.3 - REVENUE 66.2 46.8 19.4 41.6% Cost of goods sold (50.1) (35.6) (14.4) 40.4% GROSS MARGIN 16.2 11.1 5.0 45.1
Slide 16: Balance sheet
Balance sheet 30 September 31 March Change Change (€m) 2020 2020 (€m) (%) Intangible assets 1.2 1.2 (0.0) -2.6% Property, plant and equipment 2.8 3.4 (0.5) -16.0% 14.3% increase in Other non-current fixed assets 38.0 33.6 4.3 12.9% inventories due to NON-CURRENT ASSETS 42.0 38.2 3.8 9.9% advanced le
Slide 17: Evolution of Net Financial Debt
Evolution of Net Financial Debt1 30 September 31 March (€m) Change 2020 2020 (A) Secured debt 283.9 135.3 148.6 (B) Corporate debt 244.2 211.1 33.1 Syndicated facility 150.0 149.1 0.9 Commercial paper programme (MARF-listed) 56.2 62.1 (5.9) Other corporate debt 38.0 - 38.0 Gross debt (A+B) 528.1 346
Slide 18: Financial Leverage
Financial Leverage 30 September 2020 30 June 2020 31 March 2020 LTC1 29.3% 24.4% 19.9% LTV2 21.8% 17.0% 13.3% Net financial debt / EBITDA (LTM) 6.2x 5.5x 4.0x Average cost of debt 2.85% 2.85% 2.87% Interest coverage 6.1x 5.5x 5.4x • Increase in debt in line with increased levels of construction work
Slide 19: Outlook
Mara Views Alicante 03 Outlook
Slide 20: Outlook
Outlook 1 AEDAS Homes continues to operate at full-speed in the Covid environment 2 Land bank: active management with selective investments 3 Ramp-up schedule continues to be on track AEDAS Homes H1 2020-21 Results 20
Slide 21: Appendix
Mendoza Colmenar Viejo Madrid 04 Appendix
Slide 22: On the market: 6,106 units
On the market1: 6,106 units As of 30 September 2020 652 units 1,418 units 200 units 6,106 2,635 units units 2,265 units 1,772 units 2 2017 2018 2019 2020 H1 2020-21 Total deliveries to date Launches as of 30 Sep 2020 (1) A project is considered launched once marketing has kicked off. (2) 2020 refers
Slide 23: Order book: 3,263 units (€1.09bn)
Order book: 3,263 units (€1.09bn) As of 30 September 2020 95% of 2020-21 deliveries and 56% of 2021-22 deliveries sold €187m €495m €109m 523 units €532m 1,418 units 340 units 1,663 units €321K/unit €357K/unit €349K/unit €1.09bn €320K/unit 3,263 units €334K/unit €447m 1,240 units €361K/unit €310m 915
Slide 24: Construction and Building Permits
Construction and Building Permits As of 30 September 2020 Units under construction 615 units 1,078 units 4,627 units 4,164 units As of 31 Mar 2020 Starts in H1 2020-21 Completed units Under construction as of 30 Sep 2020 Building permits 678 units 1,078 units 5,587 units 5,187 units As of 31 Mar 202
Slide 25: Regional breakdown
Regional breakdown As of 30 September 2020 Launches Order Book Permits granted Andalusia Andalusia 1,192 units Centre 344 units Andalusia Centre 17% 2,085 units 11% 213 units 1,294 units 29% 31% 40% Catalonia Centre 632 units 359 units Catalonia 6,106 units 19% 3,263 units 678 53% 1,313 units 19% €2
Slide 26: Active Units breakdown and Permit Request status
Active Units breakdown and Permit Request status As of 30 September 2020 Active Units1 Permit Request Maturity Completed Product Design 1,057 units <4 months 3,351 units 11% 441 units >12 months 35% 17% 826 units 33% 9,538 Permits requested for active 2,539 units units Under construction 4,164 units
Slide 27: Change in net financial debt
Change in net financial debt (€m) H1 2020-21 EBITDA -2.3 Cash recovered from landbank (delivered units) 11.1 Payment for net financial costs -8.8 Payment of income tax -8.6 GROSS OPERATING CASHFLOW -8.7 Net payments for land investments 2.7 FREE FUNDS FROM OPERATIONS -6.0 Net investment in Working C
Slide 28: Cash Flow statement
Cash Flow statement (€m) H1 2020-21 Apr-Sep 2019 Change (€m) Group profit before tax (11.0) (14.0) 2.9 Adjustments for finance income/costs 5.9 4.8 1.1 Net finance cost 12.4 10.0 2.4 Borrowing costs capitalized in inventories (6.2) (5.4) -0.8 Change in fair value of financial instruments and exchang
Slide 29: P&L: Q2 2020-21 (1 July – 30 September 2020)
P&L: Q2 2020-21 (1 July – 30 September 2020) (€m) Q2 2020-21 Jul-Sep 2019 Change (€m) Change (%) Revenue from the sale of housing units 34.7 37.9 (3.2) -8.6% Revenue from land sales 4.3 - 4.3 REVENUE 39.0 37.9 1.1 2.9% Cost of goods sold (29.7) (29.2) (0.6) 2.0% GROSS MARGIN 9.3 8.8 0.5 5.9% % Gross
Slide 30: Carreres 10 Valencia
Carreres 10 Valencia