Cairn Homes Plc · LSE:CRN
Cairn Homes — H1 2024 Earnings Presentation
31 slides from Cairn Homes's earnings presentation, September 2024
Slide 1: Cairn Homes plc 2024 Interim Results Presentation
Cairn Homes plc 2024 Interim Results Presentation
Slide 2: Contents
Michael Stanley Contents Chief Executive Officer 01. H1 2024 Highlights Richard Ball 02. H1 2024 Financial Results Chief Financial Officer 03. Sustainability Update Stephen Kane Director of Corporate Finance & Investor Relations 04. Outlook 05. Appendices 2
Slide 3: H1 2024 Highlights
O1. H1 2024 Highlights ee §Built ForGood
Slide 4: Key Financial & Operational Highlights H1 2024 KPIs
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Key Financial & Operational Highlights H1 2024 KPIs Exceptional Market Mature Scaled Leading to Growing Profits and Demand for Cairn Delivery Platform Consistent Margins Progressing Balance Homes
Slide 5: Key Financial & Operational Highlights H1 2024 KPIs
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Key Financial & Operational Highlights H1 2024 KPIs Market Demand Operating Asset Backed Consistently Underpinning Platform Growing Balance Sheet Delivering for our Continued Capacity Shareholder
Slide 6: Exceptional Demand and Momentum for Cairn New Homes
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Exceptional Demand and Momentum for Cairn New Homes Demand for our energy efficient A rated homes across all buyer profiles is very strong New Homes €’m Multi-year order book 3,450 / +1,100 new h
Slide 7: Sales Pricing in H1 2024
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Sales Pricing in H1 2024 New Homes Average Selling Prices ASPs €’k (Net of VAT) Period Unit Closings Starter Homes Trade Up/Down Apartments Overall H1 2024 894 346 630 390 388 H1 2023 535 342 458
Slide 8: Supply Chain Strategy, Innovation and Planning Progress
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Supply Chain Strategy, Innovation and Planning Progress Leveraging our Scaled Established Forward Procurement Leading Sustainable Platform Subcontractor Base - Margin protection(1) Innovation Und
Slide 9: Cairn Apprenticeship Programme: Supporting Our Supply Chain & Our Industry
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Cairn Apprenticeship Programme: Supporting Our Supply Chain & Our Industry Leading the industry through the Cairn Apprenticeship Programme Enhancing the long-term health and viability of the cons
Slide 10: Supportive Environment for Increased Housing Output
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Supportive Environment for Increased Housing Output New Home Completions Strong Demographics Employment Near-record levels of net migration Nearly 2.8 million people were in c.50k-80k(1) have hel
Slide 11: Progressing Delivery of Our €2bn GDV Seven Mills Development
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Progressing Delivery of Our €2bn GDV(1) Seven Mills Development One of the largest housing developments in Europe Mar 2023 Sept 2024 Seven Mills Since January 2023 Planning: 2,395 units granted f
Slide 12: H1 2024 Financial Results
02. H1 2024 Financial Results
Slide 13: H1 24 Financial Performance
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices H1 2024 Financial Performance H1 2024 Unaudited H1 2023 Unaudited Movement Delivered a record first half year performance €m €m Revenue 366.1 219.5 67% Significant growth across all key metrics w
Slide 14: Revenue and Sales Performance KPIs
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Revenue and Sales Performance KPIs Nearly €975m of forward sales Closed and Forward Sales Pipeline (as at 3 September 2024) Units Revenue (Net) into H2 2024 and beyond H1 2024 – unit closings 894
Slide 15: Balance Sheet as at 30 June 2024
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Balance Sheet as at 30 June 2024 30 June 2024 31 December 2023 Asset backed balance sheet with €922m Change Unaudited Audited investment in land and WIP €m €m Non-current assets 16.1 16.6 (€0.5m)
Slide 16: Key Cash Flow Movements
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Key Cash Flow Movements Generated €49.5m in operational cash flow, a significant Jun-24 Jun-23 Movement improvement from the €30.7m used in H1 2023 (net positive €m €m €80.2m) EBITDA 65.0 32.9 De
Slide 17: Capital Allocation Policy: Consistent Shareholder Value Creation
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Capital Allocation Policy: Consistent Shareholder Value Creation Continued annual growth in volumes, Shareholder returns (€m) 2021(a) 2022(a) 2023(a) 2024(f) revenue and profitability supported b
Slide 18: Sustainability Update
03. Sustainability Update Built ForGood
Slide 19: ESG – Tracking Progress
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices ESG – Tracking Progress Environmental Social Governance Four Passive House developments under Cairn Representative nominated to Appointed a Director responsible for construction – c.1,750 units d
Slide 20: Leveraging our Proven Apartment Delivery Capability
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Leveraging our Proven Apartment Delivery Capability Delivering apartments at pace, Transitioning to Passive Benefits of Passive scale and value for money House standard to meet our House standard
Slide 21: Outlook
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices 04. Outlook
Slide 22: A Sustainable Business Delivering Value For All Stakeholders
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices A Sustainable Business Delivering Value For All Stakeholders Operating Profit and ROE Trajectory ROE % Op. Profit €’m 15.0% Mature and Exceptional Market leading c.€145m sustainable business dema
Slide 23: Appendices
05. Appendices Built ForGood
Slide 24: Strong Macroeconomic Backdrop
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Strong Macroeconomic Backdrop Ireland’s forecast growth continues to outpace peers Accelerating Economic Growth Mortgage Backdrop 2.5% Growth in the Irish domestic economy is FTB mortgage market
Slide 25: Growing population & employment driving strong personal finances
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Growing population & employment driving strong personal finances Ireland’s projected population growth among fastest in the EU Record 2.8 million people in employment in Q2 24 2.5% 3,000 Projecte
Slide 26: Government Incentives Continue to Support FTB Demand
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Government Incentives Continue to Support FTB Demand FTB mortgage approvals steadily increase Help to Buy Applicants at record high in H1 10,000 €9.10bn 35,000 30,000 30,000 8,000 25,000 # of app
Slide 27: Annual Housing Need Far Exceeds Current 50,000 Target
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Annual Housing Need Far Exceeds Current 50,000 Target Sustained Population Growth Actual population growth well in excess of the CSO’s highest-growth projection Ireland’s population reached 5.38
Slide 28: Supply is Still Significantly Below Structural Demand
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Supply is Still Significantly Below Structural Demand Spike in commencements driven by Annual completions still significantly extension of development levy waiver below revised demand estimates A
Slide 29: Housing for All: Plan to Deliver 140,000+ Social & Affordable New Homes
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Housing for All Ambitious Plan to Deliver 140,000+ Social & Affordable New Homes Historic delivery of social housing in Ireland highlights the ambitions of Housing for All 18,000 16,000 14,000 12
Slide 30: Seven Mills
Cairn Homes plc | 2024 Interim Results Presentation Highlights Finance Sustainability Outlook Appendices Seven Mills 25,000 9,000 10,000 13km Residents to Mixed tenure Jobs in From Dublin be housed homes commercial City Centre and retail Seven Mills in Context Building a new suburb in Dublin which w
Slide 31: Cairn Homes plc contact details
Cairn Homes plc | H1 2024 Results Presentation 31 Cairn Homes plc. 45 Mespil Road, Dublin, D04 W2F1 01 696 400 www.cairnhomes.com