Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — FY2021/22 Earnings Presentation
37 slides from Aedas Homes Sa's earnings presentation, May 26, 2022
Slide 1: FY 2021/22 Results
2021 Presentation FY 2021/22 Results 26 May 2022 2022 AEDAS Homes FY 2021/22 Results
Slide 2: Legal Disclaimer
Legal Disclaimer By attending this presentation (the “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 has been prepared by AEDAS Homes,
Slide 3: Highlights
Monier (Madrid) 01 Highlights AEDAS Homes FY 2021/22 Results
Slide 4: Overview
Overview Outstanding deliveries execution in FY 2021/22 Hitting ESG milestones 2,2981 homes delivered • 56% of FY 2021/22 completed developments obtained “A” energy rating 1 • 69% of developments Results have beaten activated in past year both Business Plan targeting “A” rating 5 2 and market consen
Slide 5: FY 2021/22 Operating Results
FY 2021/22 Operating Results Homes delivered 2,2981 Revenue €766m EBITDA margin 19.5% Net financial debt €273m Financial leverage 1.8x Net debt/EBITDA - 13.2% LTV Land investment €303m ROE2 10% (1) Including 41 units attributed to Aurea Homes (2) Measured as the quotient of attributable net income i
Slide 6: Executive Summary FY 2021/22
Executive Summary FY 2021/22 Sales Operations 1 • 3,084 units net sales (2,885 BTS and 199 BTR), valued at €1,037m 2 • 3,682 units launched, 2,940 building permits granted (789 units in Q4) • 2,853 construction starts • BTS ASP: €346k ASP and BTR • At year end, 5,337 units under ASP: €200k construct
Slide 7: Business Update
Llull (Palma de Mallorca) 02 Business Update AEDAS Homes FY 2021/22 Results
Slide 8: Keeping on a growth path in sales and operations
Keeping on a growth path in sales and operations Sales Solid demand • Net sales of 2,885 BTS units and 199 BTR units, hitting 3,000-unit run rate • Total annual sales valued at over one billion euro 9431 Net sales • 789 units sold in Q4 2021/22 (units) 731 Construction and Operations 816 1261 711 Dy
Slide 9: Absorption rate confirms robust demand in regions where AEDAS Homes operates
Absorption rate confirms robust demand in regions where AEDAS Homes operates Average monthly sales absorption rate (BTS) (# net sales/available product, rolling 12-month average) Observing stabilisation in the 10% sales absorption ratio 9% 8% 7% 6% 5% 4% 3% Madrid, East and Costa del Sol 2% regions
Slide 10: Strong visibility on Business Plan achievement with growing delivery goals
BTS + BTR as of 31 March 2022 Strong visibility on Business Plan achievement with growing delivery goals Launches Sales Under construction 20% 2% 100% 100% 82% 80% 86% 52% 45% 2% 6% 10% 2022/23 2023/24 2024/25 2022/23 2023/24 2024/25 2022/23 2023/24 2024/25 Launched Sold Completed Under construction
Slide 11: Disciplined, selective land investment strategy
Disciplined, selective land investment strategy that maximises opportunities and ensures Business Plan profitability 2021/22 Land investment €303m Andalusia & Canary Islands invested in RTB land for North €29m (10%) 4,101 additional units €41m (13%) 750 units Costa del Sol 522 units €10m (3%) 204 un
Slide 12: 17,000 units in landbank
17,000 units in landbank North The AEDAS Homes 1,029 units 6% landbank has an estimated net development margin above 20% Madrid Catalonia & Aragon 4,601 units 2,125 units 27% 13% Andalusia & Canaries East & Mallorca 3,333 units 3,488 units 20% 21% Costa del Sol 2,424 units 14% Landbank at FY 2020/21
Slide 13: Valuation metrics evolving very favourably
Valuation metrics evolving very favourably GDV GAV (€m) (€m) 5.594 5.097 5.340 5.248 2.158 2.075 5.075 1.962 1.907 1.768 Dec-2018 Dec-2019 Sep-2020 Mar-2021 Mar-2022 Dec-2018 Dec-2019 Sep-2020 Mar-2021 Mar-2022 NAV NAV per share (€m) (€) 1.625 1.622 1.545 1.5282 34,78 € 34,64 € 1.506 33,70 € 33,73 €
Slide 14: FY 2021/22 Financial Results
Tabíes (Granada) ) 03 FY 2021/22 Financial Results AEDAS Homes FY 2021/22 Results
Slide 15: Outstanding set of financial results in FY 2021/22
Outstanding set of financial results in FY 2021/22 • €766m in revenue, in line with 2021/22 2020/21 Change committed target • €15m in land sales, with 30% gross margin; €4m coming from newly- Revenue €766m €672m €94m (+14%) launched Services line • Homes delivered €747m €668m €79m (+12%) • Land sale
Slide 16: Balance sheet structure adjusted to high activity volume and maturity
Balance sheet structure adjusted to high activity volume and maturity 31 March 2022 31 March 2021 Change • Increase in inventories due to Inventories €1,520m €1,395m €125m increase in landbank and • Land €644m €582m €62m volume of active units. • Works in progress €672m €581m €91m Decrease in value
Slide 17: Cash Flow
Cash Flow 31 March 31 March Change Change (€m) 2022 2021 (€m) (%) • Cash generation from EBITDA 148.9 133.2 15.7 11.8% working capital excluding Other adjustments to profit 3.5 -22.5 26.0 -116% land transactions reflects Other cash used in operating activities -28.2 -13.7 -14.5 106% the company’s ex
Slide 18: €273m in net debt and €240m in total cash
€273m in net debt and €240m in total cash 31 March 31 March 31 March Change vs Change vs • Net financial debt stood at (€m) 2022 2021 2020 Mar 2021 Dec 2020 €273m, up €45m vs March 2021, due to increased investment in (A) Secured debt 106.3 169.4 139.1 (63.1) (32.8) land, number of units under (B) C
Slide 19: Credit rating reflects low level of financial leverage
Credit rating reflects low level of financial leverage 31 March 31 March 31 March 2022 2021 2020 • Slight increase in leverage in terms of NFD/EBITDA and LTV LTC1 18.0% 16.4% 19.9% ratio due to significant land investment, growing volume of LTV2 13.2% 12.0% 13.3% activity and dividend payment Net fi
Slide 20: Shareholder remuneration
Torres (Valencia) 04 Shareholder remuneration AEDAS Homes FY 2021/22 Results
Slide 21: Shareholder remuneration: 10% dividend yield
Bonpland (Vilanova i la Geltru, Barcelona) Shareholder remuneration: 10% dividend yield1 • The Board of Directors has agreed to propose to the I AEDAS Homes Annual General Meeting a dividend distribution of €101m, equivalent to €2.16 per share. • The proposed schedule for distributing these dividend
Slide 22: ESG
05 ESG Escalonia III (Las Rozas, Madrid) AEDAS Homes FY 2021/22 Results
Slide 23: Achieving targets set out in ESG Strategic Plan for 2021-2023
Achieving targets set out in ESG Strategic Plan for 2021-2023 Environment Social Corporate Governance • 56% of developments • AEDAS Homes has • ESG objective added to completed in 2021/22 have been certified as a Annual Variable obtained an “A” rating; 69% of Great Place to Work®, Remuneration model
Slide 24: Full Year 2021/22 Takeaways
Anza (Torrejón de Ardoz, Madrid) 06 Full Year 2021/22 Takeaways AEDAS Homes FY 2021/22 Results
Slide 25: Full Year 2021/22 Takeaways
Tegea (Vilanova i la Geltru, Barcelona) Full Year 2021/22 Takeaways Solid performance: laying the foundation and 1 providing visibility for the future Continuing to leverage on our strengths: platform at 2 cruising speed, proven business model and strategy Maximising value for shareholders: focusing
Slide 26: Corporate calendar
Forneri (Cambrils, Tarragona) Corporate calendar 29 June Annual General Confirmed 2022 Meeting 8 July Dividend Date TBC 2022 distribution 15 July Q1 2022/23 Date TBC 2022 Results 30 November H1 2022/23 Date TBC 2022 Results 15 February 9M 2022/23 Date TBC 2023 Results AEDAS Homes FY 2021/22 Results
Slide 27: Appendix
Gaetana (Madrid) 07 Appendix AEDAS Homes FY 2021/22 Results
Slide 28: P&L FY 2021/22
P&L FY 2021/22 (€m) 2021/22 2020/21 Var (€m) Var (%) Revenue derived from delivery of housing units 746.7 667.6 79.1 11.9% Revenue derived from land sales 14.7 4.3 10.4 239% Revenue derived from services 4.2 - 4.2 - TOTAL REVENUE 765.6 671.9 93.7 13.9% Cost of goods sold (542.6) (482.9) (59.6) 12.4%
Slide 29: Balance sheet as of 31 March 2022
Balance sheet as of 31 March 2022 (€m) Marzo 2022 Marzo 2021 Var. (€m) Var. (%) Other assets 37.8 19.0 18.8 99% Deferred tax assets 7.0 13.8 (6.8) -49% NON-CURRENT ASSETS 44.8 32.8 12.0 37% Inventories 1.520.3 1.394.5 125.8 9% Trade and Other Receivables 64.5 46.0 18.5 40% Other current assets 29.0
Slide 30: 8,118 units on the market
As of 31 March 2022 8,118 units on the market1 3,682 units 5,467 units 9,903 units 8,118 units Accumulated launches Launches in Deliveries in Units on the market as of FY 2020/21 FY 2021/22 FY 2021/22 as of 31 March 2022 (1) “Units on the markets includes all united available for sale, include those
Slide 31: Order Book: 4,255 units (€1,281m)
As of 31 March 2022 Order Book: 4,255 units (€1,281m) €1,038m 3,084 units €1,848m €336K/unit 5,467 units €338K/unit 3,113 units BTS (ASP €346K) €2,091m 1,142 units BTR 6,638 units (ASP €179K) €315K/unit €1,281m 4,255 units €301K/unit Accumulated sales Sales Accumulated deliveries Order Book as of FY
Slide 32: Construction and permitting
As of 31 March 2022 Construction and permitting Units under construction (BTR+BTS) 2,853 units 2,102 units 5,337 units 4,586 units As of 31 March 2021 Construction starts Completed units 2021/22 Under construction as of 31 2021/22 March 2022 Building permits in hand, pending construction start (BTS+
Slide 33: Regional breakdown
As of 31 March 2022 Regional breakdown On the market1 Permits granted in FY 2021/22 Order Book North North 616 units North 295 units 8% 315 units Andalusia & 7% 11% Madrid Canaries Madrid 725 units 639 units Andalusia & 2,191 units Madrid 25% 15% Canaries 27% 1,232 units 1,558 units 29% 19% 8,118 un
Slide 34: Active Units and Permit Request Status
As of 31 March 2022 Active Units and Permit Request Status Active units1 Permit Request Status Completed product (pending delivery) >12 months 672 units 384 units 5% 11% Design phase 4,228 units 9-12 months 3 292 units 34% 8% <4 12,4732 months3 3,574 active units 2,403 units units 5-8 months4 67% 49
Slide 35: Customer Profile (1/2)
Customer Profile (1/2) Order Book by province 2021/22 customers by nationality Baleares; Others; 9% International; 21% Granada; 4% 4% Málaga; 7% Madrid; 26% Valencia; 8% Sevilla; 12% Barcelona; Spain; 79% Alicante; 16% 14% Reason for buying Number of bedrooms Investment for 3rd 4 bedrooms; party; 9%
Slide 36: Customer Profile (2/2)
Customer Profile (2/2) Sales breakdown by price Customer age (€/unit before tax) (# years) 36% 30% 30% 19% 21% 17% 10% 9% 3% 11% 11% 4% < 150k 150-200k 200-300k 300-400k 400-600k > 600k Number of members per household Household income (€) 30% 31% 20% 19% 20% 17% 23% 14% 5% 4% 8% 6% 2% 1 2 3 4 5 6+ A
Slide 37: Escalonia III and AEDAS IV (Las Rozas,
IV (Las Escalonia III andAEDAS Rozas, Homes Madrid) FY 2021/22 Results