Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — FY2023/24 Earnings Presentation
40 slides from Aedas Homes Sa's earnings presentation, May 29, 2024
Slide 1: FY 2023/24 Results Presentation
FY 2023/24 Results 1 April 2023 — 31 March 2024 Presentation 29 May 2024 Guiomar (Bormujos, Sevilla) AEDAS Homes | FY 2023/24 Results presentation 1
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: Positive outlook in a context marked by volatility
Positive outlook in a context marked by volatility Positive trend in the Spanish economy Spanish households: good solvency Resilience in the residential market Positive growth outlook for Spain… Progressive reduction in outstanding mortgage balance… Supply of new-build housing still below 90,000 (IM
Slide 4: Focusing on sustained growth and efficiency in our residential development business
Focusing on sustained growth and efficiency in our residential development business Activity Product Capital & Returns Residential ▪ Complete real estate ▪ Market-rate housing for ▪ 100% equity from AEDAS development cycle private customers (BTS) ▪ Revenue from deliveries SCALABILITY development and
Slide 5: Diversified, liquid land bank with potential to generate ~€6.0 billion in future revenues
Diversified, liquid land bank with potential to generate ~€6.0 billion in future revenues Landbank with significant capacity to develop 14,200+ units1, estimated to generate c.€6.0 billion2 in attributable revenue3 PRESENT IN SPAIN’S MOST DYNAMIC MARKETS North Units: 4% Catalonia & Aragon GDV2: 5% U
Slide 6: Cementing our leadership position in FY 2023 and respecting our commitment to long-term value creation
Cementing our leadership position in FY 2023 and respecting our commitment to long-term value creation 2,839 €950m 24.3% Units delivered land1 Revenues from Gross development Residential residential development margin (BTS) development €222m €290m €233m Real Estate Services Capital invested Equity f
Slide 7: Business performance
01 Business performance Middel AEDAS Homes ViewsResults | FY 2023/24 III (Fuengirola, presentation Málaga) 7
Slide 8: Net sales up 16% in FY 2023: €962m in new revenues
Net sales up 16% in FY 2023: €962m in new revenues Dynamic sales activity: 2,503 units pre-sold (+15%) Absorption rating increasing, climbing to above 5% Half-year sales evolution in units (BTS y BTR1) and Average Sales Price (ASP) BTS absorption rate (rolling quarterly average)2 for BTS product 10%
Slide 9: €950m in revenues from BTS+BTR deliveries, up +7.3%
€950m in revenues from BTS+BTR deliveries, up +7.3% Revenues (€m) Units (#) ASP (€k) Customers with solvent credit profile… … with capacity (expressed as house price / gross 950 household income) +7,3% +4.0% to access housing +7.3% +3.2% 2,839 2.839 well above the 7,4 7.4 años years 885 2.730 2,730
Slide 10: Quality Order Book valued at €1.24 billion
Quality Order Book valued at €1.24 billion Order Book1 (€m) Units1 (#) ASP1 (€k) High-quality, diversified Order Book +2% 1,153 3,136 3.136 404 1.153 (9%) 70%+ of Order BTS 1,129 1.129 +12% 2.856 2,856 360 Book under 29% private sales Pre-sales contract – in line 3,367 with FY 2022 units Private (73
Slide 11: Operational efficiency driven by optimized use of resources
Operational efficiency driven by optimized use of resources Evolution of active units over full-year period Under Completed Total active 1▪ Stability in BTS operating (expressed in units) In design Marketing construction product units volumes ▪ 9,888 active units Start of period: 2,366 2,187 5,7403
Slide 12: Elevated visibility on the next two years
Elevated visibility on the next two years Year-end pre-sales levels and progress on construction in line with March 2023 coverage ratios On the market Net sales levels Construction progress (calculated based on the total number of BTS + BTR units slated for delivery) (calculated based on the total n
Slide 13: Selectively invested over €220 million in new land, under optimal conditions
Selectively invested over €220 million in new land, under optimal conditions Total investment volume Proven capacity to identify new Focused on optimizing the up 12% in FY 2023 investment opportunities use of capital ▪ €222M1 IN NEW INVESTMENT LIQUID PLOTS OF LAND COMMITTED INVESTMENTS ▪ Estimated d
Slide 14: Committed to sustainable development and facilitating access to affordable housing
Committed to sustainable development and facilitating access to affordable housing Strong sustainability criteria focused Commitment to affordable New ESG Strategic on reducing our carbon footprint housing access Plan 2024-2026 ▪ 100% of projects finalized in FY 2023 were developed according ▪ ~ 3,6
Slide 15: Financial Results
Sunset, Soul Marbella (Málaga) 02 Financial Results AEDAS Homes | FY 2023/24 Results presentation 15
Slide 16: Solid financial results with EPS of €2.53 (+4.5%)
Solid financial results with EPS of €2.53 (+4.5%) TOTAL REVENUE GROSS MARGIN EBITDA ATTRIBUTABLE NET PROFIT (expressed in millions of euros) (expressed in millions of euros and margin %) (expressed in millions of euros and margin %) (expressed in millions of euros and €/share 1,145 1.145 +24% +6% 25
Slide 17: BTS revenues up +14%, with potential for further growth
Residential Development Real Estate Services Land development and sales BTS revenues up +14%, with potential for further growth 1 KPI FY 2022 FY 2023 Change FY23 on balance Details 1▪ Increase in revenue due to higher number of deliveries Revenues (€m) 1 773 879 +13.8% 879 ▪ Slight fall in ASP due t
Slide 18: Uptick in BTR sales activity
Residential Development Real Estate Services Land development and sales Uptick in BTR sales activity KPI FY 2022 FY 2023 Change Details Revenues (€m) 2 112 71 (37.0%) 1▪ Sale of two BTR projects to two institutional investors for a total of €57 million for the development of 327 homes in Madrid and
Slide 19: Access to new capital sourcing driving business growth, with improvement in ROE
Residential Development Real Estate Services Land development and sales Access to new capital sourcing driving business growth, with improvement in ROE KPI FY 2022 FY 2023 Change Details Revenues (€m) 1 5.1 9.4 +84.9% 1▪ Significant increase in revenue from two new co-investment projects closed in Q
Slide 20: Boosting divestment of non-core assets, with improved margins
Residential development Real Estate Services Land development and sales Boosting divestment of non-core assets, with improved margins KPI FY 2022 FY 2023 Change Details Revenues (€m) 30.2 58.1 +92.6% 1 Non-core assets: Planned rotation according to forecasts + moving up Non-core assets land sales sl
Slide 21: Balance sheet at March 2024
Balance sheet at 31 March 2024 ▪ Optimizing use of capital through a 31 March 2024 31 March 2023 Change reduction in value of land and of works in progress through rotation of non-core INVENTORIES1 €1,487m €1,611m (€124m) assets and transfer of assets to co- investment vehicles ▪ Land €479m €567m (€
Slide 22: Solvent financial position underpinned by efficient treasury management
Solvent financial position underpinned by efficient treasury management and long-term financing under optimal conditions €487m1 in gross PF financial debt at 31 March 2024… … and €286m in availability PF liquidity with potential to reach ~ €730m Diversified capital sources Average nominal cost of de
Slide 23: Solid cash generation, enhanced by co-investment
Solid cash generation, enhanced by co-investment… (€m) FY 2023 FY 2022 1 The increase is attributed to a rise in corporate tax payments for FY 2022 EBITDA 172.9 164.21 2 Capex (capital expenditure) increased by 12%, Adjustments (4.5) 1.5 reaching €635 million, with a 15% increase in the activation o
Slide 24: Net debt below 20% LTV and 2x EBITDA
…with an impact on net debt, which was at year-end was below 20% LTV and 2x EBITDA Solvent credit profile with solid debt ratios Net financial debt trend in FY 2023 (€m) 31/03/24 31/03/23 31/03/22 (expresado (expressed en millonesofdeeuro) in millions euros) 6 4 Gross financial 147 1 549.1 495.3 459
Slide 25: Shareholder Remuneration
Eida (Córdoba) 03 Shareholder Remuneration AEDAS Homes | FY 2023/24 Results presentation 25
Slide 26: Committed to attractive shareholder remuneration: ~€194m in dividends to distribute
Committed to attractive shareholder remuneration: ~€194m in dividends to distribute ▪ The Board of Directors has agreed to propose the distribution of a Upward trend in ROE (%) total dividend against the FY 2023/24 profit of €107m1 (€2.49 per share1) at the upcoming Annual General Meeting in July. 1
Slide 27: Takeaways
Pignatelli (Zaragoza) 04 Takeaways AEDAS Homes | FY 2023/24 Results presentation 27
Slide 28: Consolidating our leading position: targeting annual revenues over €1 billion and EBITDA above €160m
Consolidating our leading position: targeting annual revenues over €1 billion and EBITDA above €160m Sales pace Operational Dynamic Financial acceleration progress investment stability activity ✓ +16% in net pre-sales ✓ 77% of landbank is active ✓ €222m of new investment ✓ +7% in development (€962m
Slide 29: Appendices
05 Appendices Nerva (Denia, Alicante) AEDAS Homes | FY 2023/24 Results presentation 29
Slide 30: FY 2023 Consolidated P&L
FY 2023 Consolidated P&L (€m) FY 2023 FY 2022 Δ (€m) Δ (%) Revenue derived from housing units delivered 949.5 884.6 65.0 7.3% 1 Significant increase in revenue: higher volume of BTS deliveries (+16%), increased rotation of non-core Revenue derived from land sales 185.7 30.2 155.6 515.4% assets, and
Slide 31: Consolidated balance sheet at March 2024
Consolidated balance sheet at 31 March 2024 (€m) 31 March 2024 31 March 2023 Δ (€m) Δ (%) Other fixed assets 121.7 37.4 84.3 225.5% Deferred tax assets 6.9 5.3 1.6 30.5% NON-CURRENT ASSETS 128.6 42.7 85.9 201.3% Inventories 1,487.0 1,610.7 (123.7) (7.7%) Trade receivables 60.9 42.9 18.1 42.2% Other
Slide 32: Financial leverage at March 2024
Financial leverage at at 31 March 2024 Financial debt in line with the operational activity of FY2023 AEDAS Homes debt ratios Bond covenants Ratio 31 Mar-2024 31 Mar-2023 31 Mar-2022 Ratio 31 Mar-2024 31 Mar-2023 31 Mar-2022 LTC1 20.8% 18.4% 18.0% Net total LTV 17.6% 15.1% 13.8% Net secured total LT
Slide 33: Valuation metrics performance
Valuation metrics performance GDV (€m) GAV (€m) 5,810 5,594 2,075 2,088 5,075 5,024 1,907 1,895 FY2020 FY2021 FY2022 FY20231 FY2020 FY2021 FY2022 FY2023 NAV (€m) NAV per share2 (€/share) 33.68 34.64 33.48 1,503 1,527 32.63 1,456 1,407 FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 Notes: (1
Slide 34: Accumulated operating data, including 100% of co-investment projects
At 31 March 2024 Accumulated operating data, including 100% of co-investment projects Order Book: 3,367 units with a total value of €1,242 million 7,574 units on the market1 (expressed in units, #) (expressed in units, #) €3,960m 11,900 units (11,036) €333k/unit 16,820 €3,679m 11,036 units €333k/uni
Slide 35: Accumulated construction data
At 31 March 2024 Accumulated construction data, including 100% of co-investment projects ~ 5,000 units under construction 893 units ready to break ground (expressed in units, #) (expressed in units, #) 2,357 (3,059) (2,357) 2,633 5,740 5,038 893 617 As of March 2023 Broken ground Construction As of
Slide 36: Accumulated permit data, including 100% of co-investment projects
At 31 March 2024 Accumulated permit data, including 100% of co-investment projects Status of pending permits (expressed in units, #) Requested permit status 1,665 (2,633) 2,792 35% 38% 1,824 12% 15% < 4 meses 5-8 meses < 4 months 5-8 months 9-12 meses 9-12 months meses > 12> 12 months Permits pendin
Slide 37: Regional breakdown, including 100% of co-investment projects
At 31 March 2024 Regional breakdown, including 100% of co-investment projects Active units at March 2024 Units on the market at March 2024 Order Book at March 2024 4% 3% 2% 12% 13% 13% 24% 24% 29% 9,888 7,574 15% 3,367 19% 17% units units units 14% 16% 12% 27% 27% 29% Building permits secured in FY
Slide 38: Regional breakdown of co-investment portfolio
At 31 March 2024 Regional breakdown of co-investment portfolio Active units at March 2024 Units on the market at March 2024 Order Book at March 2024 8% 12% 15% 14% 17% 16% 17% 18% 14% 880 756 350 units 27% units units 27% 31% 24% 31% 28% Sales FY 2023 GAV1 at March 2024 GDV1 at March 2024 8% 13% 16%
Slide 39: Key dates on our corporate calendar
Fioresta (San Juan de Alicante) At 30 May 2024 Key dates on our corporate calendar 23 July 2024 Q1 2024/25 Results Confirmed 24 July 2024 Annual General Meeting Confirmed Post AGM Dividend distribution TBC 6 November 2024 H1 2024/25 Results TBC AEDAS Homes | FY 2023/24 Results presentation 39
Slide 40: Back cover
Nerva (Denia) Back cover AEDAS Homes | FY 2023/24 Results presentation 40