Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — H1 2022 Earnings Presentation
28 slides from Aedas Homes Sa's earnings presentation, Nov 30, 2022
Slide 1: H1 2022 Results Presentation
1 April — 30 September 2022 Presentation H1 2022 Results 30 November 2022 Maranta (Boadilla del Monte, Madrid) H1 2022 Results Presentation | AEDAS Homes
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
01 Highlights Estronci 71H1(L'Hospitalet de Llobregat, 2022 Results Presentation Barcelona) | AEDAS Homes
Slide 4: Overview
Overview Demand remains Strong visibility on 1 resilient 2 goals • ASP is up significantly • Strong coverage levels • Absorption rates at ensure achievement of optimal levels business plan Exercising prudence High solvency 3 in land investment 4 • Majority of debt is long- • Opportunistic term and a
Slide 5: Executive Summary H1 2022
Idilia (Rincón de la Victoria, Málaga) Executive Summary H1 2022 1 Sales • Very high sales coverage level: 2 Operations • 5,926 units currently under 96% of 2022 deliveries and construction, 625 units 66% of 2023 deliveries completed and pending delivery guaranteed • Landbank secures deliveries • Or
Slide 6: Business Update
Soul Marbella 02 Business Update H1 2022 Results Presentation | AEDAS Homes
Slide 7: Demand is shifting towards high, resilient segment
Demand is shifting towards high, resilient SALES segment Demand remains solid for AEDAS Homes product • Positioning in high tickets: ASP €396k, up 20% vs. same period in 2021 • Focusing on most resilient segment Net sales ASP €328K +20% ASP €396K €495m CONSTRUCTION AND OPERATIONS €419m Construction
Slide 8: Sales absorption rate
Sales absorption rate Sales absorption rate is Average monthly sales absorption rate (BTS) (net sales / available producto, rolling 12-month average) converging on its historic 10% average (5.8%) 9% 8% 7% 6% 5% Average over the period: 5.8% 4% 3% In Q2 2022, Costa del Sol (+159%), 2% East & Mallorca
Slide 9: Strong coverage levels on Business Plan goals
BTS + BTR as of 30 September 2022 Strong coverage levels on Business Plan goals: targeting revenues of €900m-€925m in FY 2022 and €1 bn - €1.15bn in FY 2023 On the market Sales Construction 3% 20% 38% 100% 100% 97% 75% 76% 2% 66% 62% 27%1 13% 2022 2023 2024 2022 2023 2024 2022 2023 2024 Launched Del
Slide 10: Land investment: opportunistic focus, prioritizing optionality
Land investment: opportunistic focus, prioritizing optionality Current land bank covers deliveries through FY 2026 North 1,123 units; 6% €105m in purchase options for 898 units €29m Madrid 4,554 units Catalonia & Aragon 2,483 units invested in 311 units of RTB land 26% 14% Size: 17,6531 units 86% re
Slide 11: Optimizing capital in the investment process
Optimizing capital in the investment process c. 90% of landbank to be delivered in the next 4.5 years Business Plan 2021 - 2025 2021 2022 2023 2024 2025 2026 2027 2028 Landbank delivery 75% 14%1 11% High capacity for asset turnover makes for efficient use of capital resources. (1) This landbank volu
Slide 12: Strong momentum on sustainable development commitments in line with ESG Strategic Plan
Strong momentum on sustainable development commitments in line with ESG Strategic Plan 2021-2023 Estronci 71 (L'Hospitalet de Llobregat, Barcelona) Environment Achievement in H1 2022 Energy efficient buildings: • 86% of developments finalized in H1 To achieve an “A” energy 2022 obtained an “AA” rati
Slide 13: H1 2022 Results
Mourelle (Calvia, Mallorca) 03 H1 2022 Results H1 2022 Results Presentation | AEDAS Homes
Slide 14: H1 2022 Results
H1 2022 Results FY 2022E H1 2022 H1 2021 ASP Sales €396k €328k ASP Deliveries €402k €332k • ASP is up 20% and gross Units delivered c. 2,600 524 712 margin on delivered Gross Margin per unit delivered €111k €102k product is up 9% Net revenues €215m €236m • Gross margin (28.1%) • Units delivered €900
Slide 15: Balance sheet at 30 September 2022
Balance sheet at 30 September 2022 30 September 31 March 2022 2022 Inventories €1,721m €1,520m • Increase in inventories due to • Land €659m €644m elevated levels of construction • Works in progress €924m €672m progress • Completed product €115m €183m • Optimal cash position (with Cash €120m €240m €
Slide 16: Cash flow in the period
Cash flow in the period (€m) H1 2022 EBITDA 21.0 • Elevated levels of Other adjustments to profit 1.8 construction progress Other cash used in operating activities (27.1) demonstrate strong visibility Change in Working Capital excluding land purchases/sales (107.1) on business plan achievement Net c
Slide 17: Evolution of net financial debt
Evolution of net financial debt (€m) 30 Sep 2022 31 Mar 2022 30 Sep 2021 (A) Project debt (secured) 174.4 106.3 188.4 • Stability in volume of Working Capital (B) Project debt (unsecured) 18.4 - - (C) Corporate debt 382.5 363.1 366.0 • Financing structure with long- term debt (92%) and fixed Commerc
Slide 18: Financial leverage
Financial leverage 30 September 31 March 30 September AEDAS Homes 2022 2022 2021 LTC1 29.2% 17.9% 30.3% LTV2 22.7% 13.2% 23.9% Net financial debt / EBITDA 4.0x 1.8x 2.7x • Leverage in line with Interest coverage 6.3x 7.6x 10.1x cyclicality of business Average cost of debt 3.96% 3.61% 3.22% • Average
Slide 19: Takeaways
04 Takeaways Bassi (El Masnou, Barcelona) H1 2022 Results Presentation | AEDAS Homes
Slide 20: H1 2022 Takeaways
H1 2022 Takeaways Current landbank largely covers delivery needs 1 through FY 2026, providing security on future delivery goals Forecasting resilience in demand in mid-high 2 tickets Strategically timing our investment across the 3 cycle, thus optimising use of capital Despite the backdrop of uncert
Slide 21: Appendices
Bassi (El Masnou, Barcelona) 05 Appendices H1 2022 Results Presentation | AEDAS Homes
Slide 22: 9,264 units on the market
As of 30 September 2022 9,264 units on the market1 Starting point 5,991 units 13,585 units 9,264 units 1,670 units Accumulated launches through Accumulated deliverieres Launches Units on the market March 2022 through September 2022 H1 2022 as of 30 Sep 2022 (1) “Units on the market” includes all uni
Slide 23: Order Book: 4,789 units (€1,490m)
As of 30 September 2022 Order Book: 4,789 units (€1,490m) Starting point €2,057m 5,991 units €343K/unit 3,647 units BTS (ASP €353K) €3,129m 1,142 units BTR 9,722 units (ASP €179K) €322K/unit €419m 1,058 units €1,490m €396K unit 4,789 units €311K/unit Accumulated sales through Accumulated deliveries
Slide 24: Construction and permitting
As of 30 September 2022 Construction and permitting Units under construction (BTR+BTS) 1,066 units 477 units 5,926 units 5,337 units1 As of 31 March 2022 Started H1 2022 Completed units Under construction as of 30 Sep 2022 Building permits in hand, pending construction start (BTS+BTR) 1,373 units 1,
Slide 25: Regional Breakdown
As of 30 September 2022 Regional Breakdown On the market1 Permits granted in H1 2022 Order Book North North 700 units Andalusia & Canary Islands 382 units 7% 167 units Andalusia & 8% 12% Madrid Canary Madrid 381 units Islands Andalusia & 2,311 units Madrid 28% 731 units Canary Islands 25% Catalonia
Slide 26: Active Units and Construction Permit Request Status
As of 30 September 2022 Active Units and Construction Permit Request Status Active units1 Permit request status Finished product >12 months4 pending delivery 327 units 625 units 9% Design phase 4,534 units 4% 9-12 months 33% 915 units 25% <4 months 13,8902 721 units 3,650 active units 20% units 5-8
Slide 27: Corporate Calendar
As of 30 November 2022 Corporate Calendar 15 February 9M 2022 Confirmed 2023 Results 31 May FY 2022 TBC 2023 Results 20 July Annual General TBC 2023 Meeting 21 July Q1 2023 TBC 2023 Results Estronci 71 (L'Hospitalet de Llobregat, Barcelona) H1 2022 Results Presentation | AEDAS Homes 27
Slide 28: Back cover
Veranda (Las Rozas, Madrid) Back cover H1 2022 Results Presentation | AEDAS Homes