Neinor Homes Sa · BME:HOME
Neinor Homes Sa — Q1 2022 Earnings Presentation
21 slides from Neinor Homes Sa's earnings presentation, May 2022
Slide 1: 1Q22 Results Presentation
1Q22 RESULTS PRESENTATION MAY 2022 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 Certain financial and statistical information contained in this Presentation is subject to rounding adjustments. Accordingly, any discrepancies informa
Slide 3: Agenda
01 02 03 04 A 1Q22 RESULTS: BUSINESS FINANCIAL 1Q22 RESULTS: APPENDIX KEY HIGHLIGHTS PERFORMANCE PERFORMANCE KEY TAKEAWAYS REVIEW REVIEW 3
Slide 4: 1Q22 Results: Key Highlights
01 1Q22 RESULTS: KEY HIGHLIGHTS BULEVAR (CENTER) I
Slide 5: 1Q22 Results: Key Highlights
1Q22 RESULTS: KEY HIGHLIGHTS 01 NAVIGATING MACRO UNCERTAINTY WITH STRONG RESI FUNDAMENTALS AND UNIQUE PLATFORM ▪ Excellent financial results with €284mn Revenues (+177% YoY) and €50mn EBITDA (+172% YoY) 1 ▪ Strong cash flow generation and Adj. net debt reduction to €256mn (15% LTV) ▪ Fully on track
Slide 6: Key Highlights: Development, Rental Platform, Financials
1Q22 RESULTS: KEY HIGHLIGHTS 01 NAVIGATING MACRO UNCERTAINTY WITH STRONG RESI FUNDAMENTALS AND UNIQUE PLATFORM DEVELOPMENT ACTIVITY RENTAL PLATFORM FINANCIALS c12,400# 0# C3,500# 1,125# €284mn €50mn LAND BANK LAND ACQUISITIONS LAND BANK HMB3 TOTAL REVENUES EBITDA 5,876# 4,205# 2,655# 542# €35mn 14%
Slide 7: Business Performance Review
02 BUSINESS PERFORMANCE REVIEW ALMENARA HOMES (SOUTH-EAST) I
Slide 8: Development Activity: Managing Sales Velocity Through Higher Selling Prices
02 BUSINESS PERFORMANCE REVIEW: DEVELOPMENT ACTIVITY SUCCESSFULLY MANAGING SALES VELOCITY THROUGH HIGHER SELLING PRICES COMMERCIAL ACTIVITY MONTHLY NET ABSORPTION RATE1 (%) ▪ Orderbook: 88% and 44% of FY22-23 delivery 6.6% target already pre-sold ▪ Commercial strategy: Accelerate HPA (6%) in order t
Slide 9: Land Acquisition: Disciplined Investment Approach
02 BUSINESS PERFORMANCE REVIEW: DEVELOPMENT ACTIVITY PROVEN CAPACITY TO READ INVESTMENT CYCLE TOGETHER W/ HIGHLY DISCIPLINED APPROACH 1 LAND ACQUISITIONS ACTIVITY HIGHLYLAND DISCIPLINED INVESTMENT INVESTMENT STRATEGY COMMITTED TOTAL LAND BANK ▪ Land bank: Sitting on one of the biggest land c12,500#
Slide 10: Rental Platform: High Ramp-Up Visibility
02 BUSINESS PERFORMANCE REVIEW: RENTAL PLATFORM HIGH RAMP-UP VISIBILITY TOWARDS C4,600#, C€48MN GRI AND POTENTIAL C€1BN GAV OPERATING: 542# (17%) TOTAL: 3,197#1 NORTH: 278# SARDES HACIENDA GRI: C€36MN3 LAUNCHED - 278# 9% 19% EAST: 611# CENTRE: 1,399# WIP1: 1,324# (41%) LAUNCHED2: 1,331# (42%) OPERAT
Slide 11: Financial Performance Review
03 FINANCIAL PERFORMANCE REVIEW CAÑAVERAL HOMES (CENTRE) I
Slide 12: Financial Results Review: Segment Results
FINANCIAL RESULTS REVIEW 03 SOLID PERFORMANCE OF BOTH DEVELOPMENT AND RENTAL SEGMENTS SEGMENT RESULTS (€mn) 1Q21 2Q21 3Q21 4Q21 1Q22 YoY (%) Development ▪ Development business: Deliveries (#)1 246 646 580 1,234 866 252% ASP (€k/#) 383 329 290 327 314 -18% ▪ Development revenues: 866# notarized in 1Q
Slide 13: Financial Results Review: Exceptional LTM Results
FINANCIAL RESULTS REVIEW 03 EXCEPTIONAL LTM FINANCIAL RESULTS WITH C3,500# DELIVERIES AND €190MN EBITDA 1Q22 RESULTS (€mn) 1Q21 2Q21 3Q21 4Q21 1Q22 LTM YoY (%) ▪ EBITDA: Stable margin (-0.3pp YoY) thanks to tight opex Revenues 102.7 223.9 172.4 417.1 284.1 1,097.4 177% control and higher number of d
Slide 14: 1Q22 Results: Key Takeaways
04 1Q22 RESULTS: KEY TAKEAWAYS RIBERA HOMES (NORTH) I
Slide 15: Key Takeaways: Reiterate FY22 Guidance
04 1Q22 RESULTS: KEY TAKEAWAYS REITERATE FY22 GUIDANCE WHILE MULLING STRATEGIC OPTIONS ON RENTAL PLATFORM ▪ FY22: Reiterate targets with 88%% of deliveries pre-sold and +30% EBITDA recorded during 1Q22 1 ▪ Deliveries: 2,500-3,000#1; EBITDA2: €140-160mn; Net Income2: €90-110mn; Adj. Net Debt: €400-50
Slide 16: Appendix
A APPENDIX BULEVAR (CENTRE) I
Slide 17: Income Statement
A APPENDIX INCOME STATEMENT 1 (€mn, unless stated otherwise) 1Q21 1Q22 Change (%) 1Q22 REVENUE BRIDGE Revenues 102.7 284.1 177% Gross profit 30.5 71.4 134% Margin (%) 29.7% 25.1% -4.6 pp 284 Operating expenses -5.4 -14.2 163% Overheads -6.8 -7.5 10% 1 Adj. EBITDA 18.3 49.6 172% -0.3 0.4 6 BTR develo
Slide 18: Balance Sheet
A APPENDIX BALANCE SHEET (€mn, unless stated otherwise) FY21 1Q22 Change (%) CHANGES IN BALANCE SHEET Investment property 105.6 103.3 -2% Other non-current assets 36.7 37.0 1% Deferred tax assets 98.3 97.0 -1% Non-current assets 240.7 237.3 -1% €1,967MN €1,893MN Inventories 1,322.7 1,182.2 -11% Othe
Slide 19: Cash Flow Statement
A APPENDIX CASH FLOW STATEMENT (€mn, unless stated otherwise) 1Q21 1Q22 Change (%) CASH FLOW BRIDGE YTD EBT 13.5 41.2 205% Adjustments 3.0 5.9 101% CF from operating activities 16.5 47.1 186% Working capital change -73.6 86.4 N.M. Change in inventories -42.6 140.5 N.M. Book value sold 72.2 212.8 195
Slide 20: Net Debt Position
A APPENDIX NET DEBT POSITION (€mn, unless stated otherwise) FY21 1Q22 Change (%) LTV (%) LTC (%)1 Gross debt 558.6 499.4 -11% Non-current liabilities 342.5 339.3 -1% Bank borrowing 44.8 41.3 -8% Corporate financing 0.0 0.0 -11% 16% 21% 20% 15% Real Estate financing 44.8 41.2 -8% Financial liabilitie
Slide 21: The Leading Residential Group
THE LEADING RESIDENTIAL GROUP VIDEO ENG / ESP