Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — 9M 2020-21 Earnings Presentation
27 slides from Aedas Homes Sa's earnings presentation, Feb 4, 2021
Slide 1: 9M 2020-21 Results Presentation
9M 2020-21 Results Presentation 1 April – 31 December 2020 4 February 2021
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 • 778 homes delivered by end of December 2020 • 2020-21 delivery target of more than 1,900 units on track II • Sales rebound sustained: 397 net sales in Q3 • 150 net sales in December – best December on record III • Selective investment policy on track: acquired land for 777 units in high
Slide 4: Executive Summary 9M 2020-21
Executive Summary 9M 2020-21 As of 31 December 2020 • Healthy Order Book: 3,053 units, totalling €1,010m (84% under private contract) Sales • 920 net sales since April 2020, 397 net sales in Q3 2020-21 (Oct-Dec 2020) • Strong sales coverage: 99% of 2020-21 deliveries and 63% of 2021-22 deliveries so
Slide 5: 01 Business Update
Carreres 10 Valencia 01 Business Update
Slide 6: Sales and Operating Activity Update
Sales and Operating Activity Update ▪ Sales Activity 9M 2020-21 ▪ Construction and Operations 9M 2020-21 • 397 net sales in Q3, 920 net sales in 9M 2020-21; • In 9M 2020-21, 1,214 construction permits were Record December – 150 units sold in Dec 2020 requested and 1,352 were granted • Excluding Marc
Slide 7: Activity Update
Activity Update 1 As of 31 December 2020 Launches Sales2 Under construction Completed Launches Sales2 Construction 24% 3% 100% 100% 99% 96% 82% 76% 63% 54% 16% 4% 2020-21 2021-22 2022-23 2020-21 2021-22 2022-23 2020-21 2021-22 2022-23 (1) Coverage ratios calculated over expected target of deliveries
Slide 8: Landbank: 15,477 units
Landbank: 15,477 units Navarra (Pamplona) Pontevedra <1% (Vigo) <1% Barcelona Valladolid Zaragoza 2% 1% 9% Tarragona 1% Madrid 29% Valencia Mallorca 7% 2% Alicante Murcia 1% 13% Sevilla Granada 11% 5% Málaga capital Costa del Sol 3% 13% (1) Landbank 2020 (15,542) + Acquisitions (+777) – Divestitures
Slide 9: Land for 777 units acquired as of December 2020
Land for 777 units acquired as of December 2020 AEDAS Homes is maintaining the high quality of its landbank by investing in cherry-picked land selected according to strict, demand-driven criteria • The company’s differential know-how in its investment process delivered the acquisition of 777 units o
Slide 10: 02 Financial Results 9M 2020-21
Escalonia II Las Rozas, Madrid 02 Financial Results 9M 2020-21
Slide 11: Results Summary 9M 2020-21
Results Summary 9M 2020-21 9M Comments 2020-21 • 778 units delivered Revenues €277.2m • €4.3m in land sales Gross margin €76.2m • Consistently returning best-in-class margins Margin (%) 27.5% • Overheads continue to be under tight control EBITDA €44.1m • On track to meet year-end EBITDA target • Sli
Slide 12: Balance Sheet Summary as of December 2020
Balance Sheet Summary as of 31 December 2020 31 December 31 March Change Comments 2020 2020 Inventories • Significant number of €1,512m €1,344m €168m completed units, • Land €593m €617m €-24m • Works in progress matching deliveries €661m €627m €34m scheduled for the • Completed €258m €80m €178m comi
Slide 13: Evolution of net financial debt
Evolution of net financial debt1 (€m) 31 Dec 2020 31 Mar 2020 Change (A) Secured debt 270.7 135.3 135.4 (B) Corporate debt 217.3 211.1 6.2 Syndicated facility 130.0 149.1 (19.1) Commercial paper programme (MARF-listed) 49.3 62.1 (12.8) Other corporate debt 38.0 - 38.0 Gross debt (A+B) 488.0 346.5 14
Slide 14: Financial leverage
Financial leverage 31 Dec 2020 31 Mar 2020 LTC1 27.3% 19.9% LTV2 19.4% 13.3% Net financial debt / EBITDA (LTM) 7.9x 4.0x Average cost of debt 2.71% 2.87% Interest coverage 4.1x 5.4x • High volume of scheduled deliveries in Q4 2020-21 will reduce net financial debt and leverage ratios materially. (1)
Slide 15: 03 Outlook
Herrera Bormujos, Seville 03 Outlook
Slide 16: Outlook
Outlook 1 Strong sales coverage ratios confirm the company’s continued solid performance, despite the current economic context. 2 Agreements to deliver turnkey developments to the Private Rented Sector will further strengthen the healthy Order Book and increase visibility on annual delivery targets.
Slide 17: 04 Appendix
Orpi El Masnou, Barcelona 04 Appendix
Slide 18: P&L: 1 April – 31 December 2020
P&L: 1 April – 31 December 2020 9 months April–December Change Change (€m) 2020-21 2019 (€m) (%) Revenue from the sale of housing units 272.8 281.5 (8.7) -3.1% Revenue from land sales 4.3 15.9 (11.6) - REVENUE 277.2 297.4 (20.3) -6.8% Cost of goods sold (201.0) (199.6) (1.4) 0.7% GROSS MARGIN 76.2 9
Slide 19: On the market: 6,424 units
On the market : 6,424 units 1 As of 31 December 2020 1,586 units3 2,034 units 6,424 200 units2 2,635 units units 2,265 units 1,772 units 2017 2018 2019 2020 9M 2020-21 Total deliveries On the market as of 31 Dec 2020 (1) A project is considered launched once marketing has kicked off (2) 2020 refers
Slide 20: Order Book: 3,053 units (€1,010m)
Order Book1: 3,053 units (€1,010m) As of 31 December 2020 99% of 2020-21 deliveries and 63% of 2021-22 deliveries sold €318m €724m 920 units 2,034 units €109m €346K/unit €358K/unit €532m 1,663 units 340 units €1,010m €321K/unit €320K/unit 3,053 units €447m €331K/unit 1,240 units €361K/unit €310m 915
Slide 21: Construction and Building Permits
Construction and Building Permits As of 31 December 2020 Units under construction 11 projects (632 units) to break ground 1,445 units 2,338 units before April 2021 4,627 units 3,734 units As of 31 March 2020 Starts in 9M 2020-21 Completed units Under construction as of 31 Dec 2020 Building permits g
Slide 22: Regional Breakdown
Regional Breakdown As of 31 December 2020 On the Market Order Book Permits Granted Andalusia Andalusia 247 units Andalusia 777 units Centre 8% Centre 146 units 12% Centre 2,169 units 1,270 units 17% 215 units 34% Catalonia 42% 25% 592 units 19% Catalonia 1,224 units 6,424 units 3,053 units 19% €2,18
Slide 23: Active Units Breakdown and Permit Request Status
Active Units Breakdown and Permit Request Status Active units1 Permit Request Status Completed Design Product <4 months 2,649 units 1,710 units 496 units 18% 21% >12 months 28% 770 units 32% 9,426 2,370 active units units 4-8 months Marketing 493 units 1,333 units Under construction 21% 14% 3,734 un
Slide 24: Operations: Q3 2020-21
Actions taken since the State of Emergency was declared Q3 2020-21 (October to December 2020) Sales • Net sales of 397 units (€132m) • In Q3, the number of sales visits was up 39% over the same period in 2019 Operations • 607 units delivered in Q3 (€210.9m) • 51 developments under construction at th
Slide 25: Operations: Q2 2020-21
Actions taken since the State of Emergency was declared Q2 2020-21 (July to September 2020) Sales • Net sales of 396 units (€140m) • Since 1st June, 33% increase in the number of sales visits vs same period in 2019 Operations • Final Construction Certificates (FCC) in hand for 1,057 units for delive
Slide 26: Operations: March 2020 and Q1 2020-21
Actions taken since the State of Emergency was declared March 2020 Q1 2020-21 (April to 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 rebound
Slide 27: Azara Alicante
Azara Alicante