Neinor Homes SA · BME:HOME
Neinor Homes SA — Q1 2021 Earnings Presentation
19 slides from Neinor Homes SA's earnings presentation, May 2021
Slide 1: 1Q21 Results Presentation
1Q21 RESULTS PRESENTATION May 2021 IBEX MID CAP®
Slide 2: Disclaimer
DISCLAIMER This Presentation has been prepared by Neinor Homes, S.A. (“Neinor”) for information purposes only and it is not regulated information or other companies operating in the same sector and industry. This information has been derived from publicly-available sources and Neinor information whi
Slide 3: Agenda
01 02 03 04 1Q21 RESULTS: OPERATIONAL 1Q21 RESULTS: APPENDIX KEY HIGHLIGHTS AND FINANCIAL KEY TAKEAWAYS REVIEW 3
Slide 4: 1Q21 Results: Key Highlights
01 1Q21 RESULTS: KEY HIGHLIGHTS BOREAL HOMES I
Slide 5: 1Q21 Results: Key Highlights - A Record Quarter for Neinor Homes
1Q21 RESULTS: KEY HIGHLIGHTS A RECORD QUARTER FOR NEINOR HOMES Land Acquisitions Operational Activity Financial Results ▪ Doubled land bank size with ▪ Record Pre-sales in 1Q21 (710 ▪ Double financial results on c10,000 units1 acquired YTD and units3; +30% YoY) and strong deliveries growth c€600mn i
Slide 6: Land Sales and Land Acquisition
1Q21 RESULTS: KEY HIGHLIGHTS A RECORD QUARTER FOR NEINOR HOMES HIGHLY DISCIPLINED INVESTMENT STRATEGY THROUGHOUT THE LAST CYCLE CHERRY-PICKED LAND ACQUISITIONS BUYERS’ SELLERS’ BUYERS’ MARKET MARKET MARKET 89% c2,500 units c€235mn Exposure to c€600mn Acquired in cherry (~€750/sqm) LTV (c10,000UNITS)
Slide 7: Cherry-Picked Land Acquisitions and Quabit Merger
1Q21 RESULTS: KEY HIGHLIGHTS A RECORD QUARTER FOR NEINOR HOMES CHERRY-PICKED LAND ACQUISITIONS OVERVIEW 2021 LAND ACQUISITION TARGET ▪ 8 land plots cherry picked with c800 housing units ▪ Already committed to €235mn in land investment with further FULLY €100mn under offer PERMITTED ▪ Attractive cost
Slide 8: Operational and Financial Review
02 OPERATIONAL AND FINANCIAL REVIEW URBAN HOMES III I
Slide 9: Operational Snapshot
OPERATIONAL AND FINANCIAL REVIEW OPERATIONAL SNAPSHOT1 7,800 #15,300 #3,891 (€1.08bn) #345 6,000 LAND BANK ORDERBOOK DELIVERIES DEVELOPMENT ACTIVITY 1,500 #10,000 277€k/unit #710 4 LAND ACQUISITIONS3 IMPLICIT ASP GROSS PRE-SALES2 Land Bank WIP & FP Launched 1750 #3,500 70% +19% LAND BANK OCCUPANCY R
Slide 10: Financial Snapshot
OPERATIONAL AND FINANCIAL REVIEW FINANCIAL SNAPSHOT1 MAIN FINANCIAL KPI’S YOY CHANGE TOTAL REVENUES (+103%) €95mn 103 CONSOLIDATED #246 18% 51 DEVELOPMENT ACTIVITY P&L DELIVERIES ADJ. EBITDA MARGIN REVENUES 1Q20 1Q21 ADJ. EBITDA (+95%) BALANCE €1.2bn €271mn €191mn 9 18 SHEET INVENTORIES ADJ. NET DEB
Slide 11: Financial Snapshot: Liabilities Management and Green Bond
OPERATIONAL AND FINANCIAL REVIEW FINANCIAL SNAPSHOT ACTIVE LIABILITIES MANAGEMENT AHEAD OF MERGER FINAL APPROVAL DEBT POSITION FULLY REFINANCED 300 ▪ Refinance Quabit Sareb debt of €56mn No relevant corporate debt ACTIONS maturities until 2026 ▪ €300mn bond issuance at competitive cost of 4.5% ▪ Abl
Slide 12: 1Q21 Results: Key Takeaways
03 1Q21 RESULTS: KEY TAKEAWAYS SALER HOMES I
Slide 13: Start the New Housing Cycle in a Much Stronger Competitive Position
1Q21 RESULTS: KEY TAKEAWAYS START THE NEW HOUSING CYCLE IN A MUCH STRONGER COMPETITIVE POSITION Land Acquisitions Operational Activity Financial Results ▪ Opportunistic land bank ▪ New launches/WIPs to increase ▪ Healthy Orderbook covering replenishment in quality after Quabit integration +85%/+55%
Slide 14: Appendix
APPENDIX AURA HOMES | Delivery 4920
Slide 15: 1Q21 Financials: P&L Statement
APPENDIX 1Q21 FINANCIALS1 P&L STATEMENT KEY CONSIDERATIONS (€mn, unless stated otherwise) 1Q20 1Q21 YoY Revenues 50.5 102.7 103.2% A – REVENUES BREAKDOWN A Gross Profit 17.9 30.5 70.1% ▪ Development Activity: €95.3mn B Gross Margin (%) 35% 30% -5pp ▪ Residential Services: €5.8mn2 OpEx & Other (8.6)
Slide 16: 1Q21 Financials: Cash Flow Statement
APPENDIX 1Q21 FINANCIALS1 CASH FLOW STATEMENT KEY CONSIDERATIONS (€mn, unless stated otherwise) 1Q20 1Q21 YoY Profit (Loss) before Tax 5.3 13.5 155.1% A – LAND ACQUISITION Adjustments 1.1 3.0 159.3% ▪ Land acquisitions associated with deferred payments CF from Operating Activities 6.4 16.5 155.9% on
Slide 17: 1Q21 Financials: Net Debt Position
APPENDIX 1Q21 FINANCIALS1 NET DEBT POSITION KEY CONSIDERATIONS (€mn, unless stated otherwise) FY20 1Q21 QoQ A – CORPORATE FINANCING Gross Debt 335.6 405.0 20.7% ▪ Increase due to the acquisition of Sardes portfolio A Non-Current Bank Borrowing 70.7 102.6 45.1% Corporate Financing 70.7 102.6 45.1% B
Slide 18: 1Q21 Financials: Balance Sheet
APPENDIX 1Q21 FINANCIALS1 BALANCE SHEET KEY CONSIDERATIONS (€mn, unless stated otherwise) FY20 1Q21 QoQ A – INVESTMENT PROPERTY A Investment Property 0.2 58.3 n.s. Other Non-Current Assets 22.2 15.8 -28.9% ▪ Increase due to the acquisition of Sardes portfolio for Deferred Tax assets 25.4 24.3 -4.2%
Slide 19: The Leading Residential Group
THE LEADING RESIDENTIAL GROUP VIDEO ENG / ESP