Cairn Homes Plc · LSE:CRN
Cairn Homes — FY2023 Earnings Presentation
35 slides from Cairn Homes's earnings presentation, 2024
Slide 1: Cairn Homes plc 2023 Preliminary Results Presentation
Cairn Homes plc 2023 Preliminary Results Presentation
Slide 2: Contents
Michael Stanley Contents Chief Executive Officer 01. FY 2023 Highlights Shane Doherty Chief Financial Officer 02. FY 2023 Financial Results Stephen Kane 03. Sustainability Update Director of Corporate Finance & Investor Relations 04. Outlook Declan Murray Head of Finance & Treasury 05. Appendices 2
Slide 3: FY 2023 Highlights
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices 01. FY 2023 Highlights
Slide 4: Key Financial Highlights FY 2023 KPIs
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Key Financial Highlights FY 2023 KPIs Exceptional Market Mature Scaled Delivery Leading to Consistent Growing Profits and Demand for Cairn Platform with Significant and Attractive Progressing Balance
Slide 5: Key Financial Highlights FY 2023 KPIs
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Key Financial Highlights FY 2023 KPIs Operating Market Demand Asset Backed Delivering for Platform Growing Underpinning Our Balance Sheet Shareholders Capacity Continued Investment 2,100 2.8x €1,039.9
Slide 6: Exceptional Demand and Momentum for Cairn New Homes
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Exceptional Demand and Momentum for Cairn New Homes Growth in our Closed and Forward Order Book Our pipeline has increased by c. 1,000 new homes (c. €400m) in the last 12 months New Homes 3000 €’m 120
Slide 7: Supportive Environment for Increased Housing Output
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Supportive Environment for Increased Housing Output New Home Completions 53% Growth c.50,000 50,000 Target 2023 - 2030 40,000 32,695 30,000 20,000 10,000 2018 2019 2020 2021 2022 2023 2024 2030 Target
Slide 8: Sales Pricing in FY 2023
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Sales Pricing in FY 2023 New Homes Average Selling Prices ASPs €’k (Net of VAT) Period Closed Sales Starter Homes Trade Up/Down Apartments Overall 2023 1,741 344 461 377 389 2022 1,526 327 469 431 402
Slide 9: Supply Chain, Innovation and Planning
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Supply Chain, Innovation and Planning Mature Scale Delivery Forward Procurement - Established Platform Margin protection Subcontractor Base €440m 75%+ Average spend of c.€15m+ WIP spend in 2023 growin
Slide 10: Leveraging our Proven Apartment Delivery Capability
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Leveraging our Proven Apartment Delivery Capability 4,500 apartments delivered or under construction Apartment Commencements* 1800 Strong demand for large, well located new 1500 apartment developments
Slide 11: Progressing Delivery of Our €2bn GDV Seven Mills Development
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Progressing Delivery of Our €2bn GDV* Seven Mills Development Seven Mills Overview 25,000 9,000 Residents to Mixed tenure be housed homes 10,000 13km Jobs in commercial From Dublin and retail City Cen
Slide 12: Built For Good in Communities
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Built For Good in Communities The Cairn Academy Home Together Cairn Community Games A Cairn initiative to address the labour A community creation initiative within A new headline sponsorship agreement
Slide 13: FY 2023 Financial Results
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices 02. FY 2023 Financial Results
Slide 14: FY2023 Financial Performance
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices FY2023 Financial Performance 2023 Unaudited 2022 Audited Movement The Company delivered our €m €m strongest ever financial and Revenue 666.8 617.4 +8% operational performance in 2023 Cost of Sales (51
Slide 15: Revenue and Sales Performance KPIs
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Revenue and Sales Performance KPIs Closed and Forward Sales Pipeline (as at 28 February 2024) Units Revenue (Net) Multi-year closed and forward 2024 – closed and forward sales 1,685 €635m order book m
Slide 16: Balance Sheet as at 31 December 2023
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Balance Sheet as at 31 December 2023 31 December 2023 31 December 2022 Change Unaudited Audited Asset backed balance sheet €m €m underpinned by committed and Land held for development 609.2 628.3 (€19
Slide 17: Key Cash Flow Movements
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Key Cash Flow Movements Net debt was relatively flat year on year at €148.3m, resulting in Dec-23 Dec-22 Movement available liquidity of €200.6m at year end. €m €m €m Land reduced by €19.2m following
Slide 18: Capital Allocation: Delivering Significant Value For All Stakeholders
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Capital Allocation: Delivering Significant Value For All Stakeholders Sustained positive Balance Sheet Shareholder FY24 Guidance momentum Discipline Returns Continued annual growth Focus on balance sh
Slide 19: Sustainability Update
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices 03. Sustainability Update
Slide 20: ESG – Tracking Progress
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices ESG – Tracking Progress Environmental Social Governance Retained CDP Grade A- Cairn Apprenticeship Scheme announced - Alignment with UN Sustainable €10 million funding Development Goals in 2023 Scope
Slide 21: The next phase of Passivhaus standard implementation
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices The next phase of Passivhaus standard implementation The most sustainable scaled apartment developments in Ireland Utility Bills Greenhouse gas emissions by households 80 sqm Apartment for heating and
Slide 22: 2024 Green Construction Award Winners
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices 2024 Green Construction Award Winners We are extremely proud to have won the prestigious 2024 Green Construction Awards The Green Awards recognise the extraordinary contribution and commitment that co
Slide 23: Outlook
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices 04. Outlook
Slide 24: Outlook
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Outlook Our Business Supportive State Policies FY24 Guidance Recap Mature and sustainable business Policy backdrop now delivering tangible results c.30% c.2,200 platform with significant momentum Shar
Slide 25: Appendices
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices 05. Appendices
Slide 26: Strong Macroeconomic Backdrop
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Strong Macroeconomic Backdrop Ireland is forecast to outpace other European economies in 2024 Continued Steady Growth 2.5 Growth in the Irish domestic economy is expected to pick up to 2.0% in 2024, a
Slide 27: Employment and Population Growth are Driving Housing Demand
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Employment and Population Growth are Driving Housing Demand Record levels of employment with 2.71 million in employment Strong population growth driven by net inward migration The labour market was at
Slide 28: Supply is Still Significantly Below Structural Demand
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Supply is Still Significantly Below Structural Demand New home commencements have rebounded (excl. one-off) Significant increase needed to achieve HFA target by 2030 29,093 30,000 28,249 70,000 12m ro
Slide 29: Leading indicators point to supply growth into 2024
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Leading indicators point to supply growth into 2024 Nearly 33,000 units completed in 2023 Strong momentum sees 22% growth in annual commencements 32,695 new homes were completed last year – the highes
Slide 30: Supportive Government Policies and Initiatives Delivering for FTBs
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Supportive Government Policies and Initiatives Delivering for FTBs Volume of FTB mortgage approvals up 9% Green mortgages continue to offer large discounts 150 5.0 Record applications 140 Jan. 2020 =
Slide 31: Housing for All: Plan to Deliver 140,000+ Social & Affordable New Homes
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Housing for All Ambitious Plan to Deliver 140,000+ Social & Affordable New Homes Historic delivery of social housing in Ireland highlights the ambitions of Housing for All 18,000 16,000 14,000 12,000
Slide 32: Balance Sheet Discipline Generating Shareholder Value
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Balance Sheet Discipline Generating Shareholder Value €’m 15.0% 16% 160 €145m 14% 140 11.3% 10.8% €113m 12% 120 €103m 10% 100 8% 5.6% 80 €58m 6% 60 4% 40 2021 2022 2023 2024F Operating Profit ROE Impr
Slide 33: Supporting Calculation to Passive House Savings
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Supporting Calculation to Passive House Savings This table breaks down the calculation of the Development 1 Development 2 energy savings for a scheme designed to the 80 sqm apartment nZEB Passive Hous
Slide 34: Cairn Brands
Cairn Homes plc | FY 2023 Results Presentation Highlights Finance Sustainability Outlook Appendices Cairn Brands 34
Slide 35: Cairn Homes plc contact details
Cairn Homes plc | FY 2023 Results Presentation 35 Cairn Homes plc. 45 Mespil Road, Dublin, D04 W2F1 01 696 400 www.cairnhomes.com