Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — 9M 2021/22 Earnings Presentation
26 slides from Aedas Homes Sa's earnings presentation, Feb 9, 2022
Slide 1: 9M 2021/22 Results Presentation
9M 2021/22 Results Presentation 1 April – 31 December 2021 9 February 2022
Slide 2: Disclaimer
Disclaimer By attending this 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 (the “Presentation”) has been prepared by AEDAS Homes, S.A. (
Slide 3: 01 Highlights
Llull (Palma de Mallorca) 01 Highlights
Slide 4: Overview
Overview Delivering another standout quarter - on track to hit all I annual goals • • Robust BTS demand, complemented by strong investor appetite for BTR Disciplined, selective land investment strategy II Organization with proven execution capacity - ready to achieve ambitious growth goals III Accel
Slide 5: 9M 2021/22 Executive Summary
9M 2021/22 Executive Summary • In the last 12 months, AEDAS has brought in €798m in revenue, delivering Results €162m in EBITDA (20.3% margin) • ROE in LTM hit 16.9% • 2,295 net sales (2,222 BTS and 73 BTR) in 9M 2021/22 Sales • Order Book: 4,438 units (3,422 BTS + 1,016 BTR), valued at €1.4bn at en
Slide 6: 02 Business Update
Jardins de Castellarnau (Sabadell, Cataluña) 02 Business Update
Slide 7: Firing on all cylinders: another quarter of healthy sales while keeping deliveries on schedule
Firing on all cylinders: another quarter of healthy sales while keeping deliveries on schedule Sales: driven by unflagging demand Construction and Operations: executing the plan and primed to deliver bigger volumes • 711 net retail sales in Q3; annual sales goal of 3,000 units now • 2,608 permits re
Slide 8: Absorption rate underscores strength of housing market in regions where AEDAS Homes operates
Absorption rate underscores strength of housing market in regions where AEDAS Homes operates Improvement in sales All AEDAS Homes regions … with Costa del Sol and East absorption rate showing signs continue to show improvement showing greatest increase in of normalization in absorption rate… recent
Slide 9: Current execution levels confirm strong visibility on Business Plan goals
Current execution levels confirm strong visibility on Business Plan goals BTS + BTR as of 31 December 2021 Delivered Under construction Launched Completed Sold Launches 1 Sales 1 Under construction 1 17% 56% 3% 100% 100% 97% 83% 83% 71% 57% 41% 32% 3% 2021/22 2022/23 2023/24 2021/22 2022/23 2023/24
Slide 10: Disciplined, flexible and selective land investment strategy
Disciplined, flexible and selective land Investment strategy: maximizing current market opportunities and securing future business performance Land Investment 9M 2021/22 (€m) €267m Catalonia & Aragon €54m North €20m The AEDAS Homes landbank Invested in 20% 7% has an implicit net (686 units) (239 uni
Slide 11: Growing landbank under optimal conditions in key locations: up 14% to 17,703 units
Growing landbank under optimal conditions in key locations: up 14% to 17,703 units1,2 North 745 units 4% Catalonia & Aragon 2,322 units 13% Madrid 4,839 units 27% Andalusia & Canary Islands East & Mallorca 3,757 units 3,637 units 21% 21% Costa del Sol 2,403 units 14% (1) Landbank 2020-21 (15,484) +
Slide 12: 03 9M 2021/22 Results
Baret (Vilanova i la Geltrú, Barcelona) 03 9M 2021/22 Results
Slide 13: P&L 9M 2021/22 (1 April – 31 December 2021)
P&L 9M 2021/22 (1 April – 31 December 2021) 9M Last 12 9M Change vs 9M Change vs 9M (€m) 2021/22 months 2020/21 2020/21 (€m) 2020/21 (%) REVENUE 403.8 798.5 277.2 126.6 45.7% Cost of goods sold (284.8) (566.7) (201.0) (83.8) 41.7% GROSS MARGIN 119.0 231.7 76.2 42.8 56.1% % Gross Margin 29.5% 29.0% 2
Slide 14: Balance Sheet Summary as of 31 December 2021
Balance Sheet Summary as of 31 December 2021 31 December 31 March Change Observations 2021 2021 Inventories €227m • Land €1,622m €1,395m • Increase in inventories in line with increase in number of • Works in progress €666m €582m €84m units activated and brisk pace • Completed €747m €581m €166m in l
Slide 15: Evolution of net financial debt
Evolution of net financial debt 31 Dec 31 Mar 31 Dec Var vs Var vs (€m) 2021 2021 2020 Mar 2021 Dec 2020 (A) Secured debt 175.4 169.4 270.7 6.0 (95.3) (B) Corporate debt 370.3 182.9 217.3 187.4 153.0 Syndicated facility - 100.0 130.0 (100.0) (130.0) Commercial paper programme (MARF-listed) 56.1 56.7
Slide 16: Financial leverage
Financial leverage 31 December 31 March 31 December 2021 2021 2020 LTC1 28.7% 16.4% 27.3% LTV2 23.2% 12.0% 19.4% Net financial debt / EBITDA (LTM) 2.9x 1.7x 7.9x Average cost of debt 3.16% 2.83% 2.71% Interest coverage 8.4x 9.4x 4.1x • Increase in financial leverage, in terms of NFD / EBITDA and Net
Slide 17: 04 Key Takeaways
Vasco de Gama (Palma de Mallorca) 04 Key Takeaways
Slide 18: Key Takeaways and Outlook
Key Takeaways and Outlook 1 Outstanding evolution of operations - well on track to achieve 2021/22 delivery and results targets 2 Demonstrated capacity to replenish and increase landbank under optimal conditions 3 Extraordinary visibility over next three years points to successful execution of the B
Slide 19: 05 Appendix
Berganza (Valladolid) 05 Appendix
Slide 20: On the market: 7,806 units
On the market: 7,806 units1 As of 31 December 2021 2,398 1,285 units units 7,806 units 6,693 units Units on the market as of 31 Launches in 9M 2021/22 Deliveries in 9M 2021/22 Units on the market as of 31 March 2021 December 2021 (1) "Units on the market” includes all units available for sale, inclu
Slide 21: Order Book: 4,438 units (€1,361m)
Order Book: 4,438 units (€1,361m) As of 31 December 2021 €774m €1,504m 3,422 retail units 2,295 units 4,495 units (ASP: €344K) €337K/unit €335K/unit 1,016 BTR units €2,091m (ASP: €181K) 6,638 units €315K/unit €1,361m 4,438 units €307K/unit Accumulated sales to March 2021 Total sales Accumulated deli
Slide 22: Construction Starts and Building Permits
Construction Starts and Building Permits As of 31 December 2021 Units under construction (BTR+BTS) 2,021 units 1,984 units 4,586 units 4,623 units Under construction Construction starts Completed units Under construction as of 31 March 2021 in 9M 2021/22 as of 31 December 2021 Building permits in ha
Slide 23: Regional Breakdown
Regional Breakdown As of 31 December 2021 Permits granted On the market1 Order Book in 9M 2021/22 North North 616 units 221 units North Andalusia & 8% 5% 260 units Madrid Canary Islands Madrid 13% 617 units 531 units Andalusia & 2,002 units 31% 12% Madrid Canary Islands 26% 1,443 units 1,439 units 4
Slide 24: Active Units and Permit Request Status
Active Units and Permit Request Status As of 31 December 2021 Active units1 Permit Request Status Completed >12 months Design phase product <4 months 422 units 3,807 units 1,526 units 1,209 units 15% 33% 13% 42% 9-12 months 2 11,653 2,853 361 units 13% units units Marketing 1,697 units 15% Under 5-8
Slide 25: Corporate Calendar
Corporate Calendar 26 May FY 2021/22 Results Confirmed 2022 29 June Annual General Meeting TBC 2022 28 July Q1 2022/23 Results TBC 2022 30 November H1 2022/23 Results TBC 2022 AEDAS Homes - 9M 2021/22 Results 25
Slide 26: Qian (Majadahonda, Madrid)
ian (Majadahonda, Madrid) | => Sy