Metrovacesa Sa · BME:MVC
Metrovacesa Sa — Q1 2021 Earnings Presentation
23 slides from Metrovacesa Sa's earnings presentation, May 6, 2021
Slide 1: Results 1Q2021
Results 1Q2021 May 6th, 2021 Residencial Hespérides (Sevilla) 1.
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
Le Mirage III & IV (Estepona, Málaga) 1. Highlights 4.
Slide 5: Highlights
Highlights The housing market is improving Acceleration in sales demand with stable prices On track to meet our full year 2021 targets Improved visibility on deliveries, land sales and cashflow Dividend of €0.40 p.s. on May 20th 5.1% yield at current prices 5.
Slide 6: 2. Business Update
Imspira (Lleida) 2. Business Update
Slide 7: Key operational data as of March 2021
Key operational data as of March 2021 Active projects Construction Deliveries / Sales Land portfolio Financials Sales Backlog (1) 2,678 €798m 3,481 units in 296 units €10.1m €311m Sold units €298 k/unit ASP (2) delivered Total cash construction Land Sales or completed €229 k/unit ASP (2) 5,100 units
Slide 8: Market Dynamics in Spanish residential
Market Dynamics in Spanish residential Total housing transactions in Spain (# units monthly) House prices: change yoy % • Healthy recovery in • House prices stabilising 60,000 housing transactions 8 post pandemic 6 • More evident in new • Better performance in 50,000 4 housing, which still well new
Slide 9: Residential pre-sales: acceleration in sales activity
Residential pre-sales: acceleration in sales activity Pre-sales in the period Project highlights # units 407 units net pre-sales in 203 1Q2021 • Acceleration in sales 407 302 activity: 407 units in 1Q21 263 242 27 is record high ex BTR • Absorption ratio improved 1Q20 2Q20 3Q20 4Q20 1Q21 to 2.5% mon
Slide 10: Operational activity: units in commercialization and in construction
Operational activity: units in commercialization and in construction Units under commercialization: 5,100 units (ASP of €306k), 53% is already pre-sold Project highlights 5,100 units 5,378 5,440 in commercialisation 5,100 3,840 • 91 projects in commercialization • 53% of the units are already pre-so
Slide 11: Deliveries: on track to reach full-year guidance
Deliveries: on track to reach full-year guidance Deliveries Delivery highlights # of units 296 Balcón de Europa 296 units (Arganda, Madrid) delivered • First Build-to-Rent 146 project fully delivered 1Q 20 1Q 21 • 120 units between 4Q20 and 1Q21 1Q 2021 deliveries: • 296 units delivered: +103% vs 1Q
Slide 12: Land activity and commercial segment
Land activity and commercial segment Land activity Commercial segment €10.1m + plus €6m = 32% • Gradual recovery in investors’ interest in the commercial land sales in 1Q in private contracts of FY target segment, particularly on alternative uses. • Also, increased interest from prospective tenants
Slide 13: 3. Financial Overview
Novolérez (Pontevedra) 3. Financial Overview
Slide 14: Financial accounts: 1Q21 highlights
Financial accounts: 1Q21 highlights Profit & Loss Financials as of March 2021 €m 1Q 2020 (1) 1Q 2021 Total revenues 33.7 77.9 LTV ratio 8.1% Residential deliveries 32.6 67.8 Land sales 1.1 10.1 Gross Profit 5.1 9.5 Net debt €217m Residential deliveries 5.1 9.2 Land sales (0.1) 0.3 Total cash €311m E
Slide 15: Net Debt in March 2021
Net Debt in March 2021 Net debt evolution Net debt details Eur m Dec. 2020 Mar. 2021 %LTV 2% 3% 5% 9% 8% Developer loans 178.8 149.9 LTV ratio €m 42 78 141 228 217 Corporate debt 257.1 261.2 8.1% Gross Financial Debt 435.9 411.1 Unrestricted cash 203.9 192.5 S/T investments 3.5 1.1 Total cash Net Fi
Slide 16: 4. Closing Remarks
Llull 495 (Barcelona) 4. Closing Remarks
Slide 17: Closing remarks
Closing remarks On track to meet our FY 2021 targets Residential deliveries: Land sales: Free cashflow: 1,300 – 1,700 units >€50m >€100m ▪ 23% delivered in 1Q ▪ 32% achieved, ▪ >25% achieved in 1Q ▪ >85% pre-sold at March including private contracts ▪ 100% construction completed by August Shareholde
Slide 18: Appendices
Punta Terraces (Rota, Cádiz) Appendices
Slide 19: Profit and Loss Account
Profit and Loss Account (€m) 1Q 2020 (1) 1Q 2021 A Revenues 33.7 77.9 Key considerations Residential Development 32.6 67.8 Land Sales 1.1 10.1 COGS (28.7) (68.4) COGs Developments (27.5) (58.6) A -Total revenues of €77.9m (up 131% YoY) COGs Land Sales (1.2) (9.7) • Residential revenues of €67.8m Oth
Slide 20: Balance Sheet
Balance Sheet (€m) Dec. 2020 Mar. 2021 Investment Property 321.3 321.0 Key considerations Other non-current assets 154.0 154.3 Total non-current assets 475.3 475.3 Inventory 1,982.6 1,993.4 Land 1,097.7 1,084.1 WIP & finished product 884.9 909.3 A Cash 334.0 310.9 A - Cash balance of €311m Other cur
Slide 21: MVC project examples I
MVC project examples I Illa Natura (Tarrasa, Barcelona) Link to project website Jardins de Llevant (Palma de Mallorca) Link to project website Villas de la Vega (Villaviciosa Odón, Madrid) Link to project website Terrazas Poniente Sur (Córdoba) Link to project website 21.
Slide 22: MVC project examples II
MVC project examples II Nereidas (Torremolinos, Málaga) Link to project website Tamabada (Canarias) Link to project website Halia (Málaga) Link to project website Mozart (Sagunto, Valencia) Link to project website 22.
Slide 23: Q&A
Ópera (Sagunto, Valencia) Q&A 23