Neinor Homes SA · BME:HOME
Neinor Homes SA — Q1 2019 Earnings Presentation
15 slides from Neinor Homes SA's earnings presentation, May 8, 2019
Slide 1: Q1 2019 Results Presentation
Q1 2019 ATRIA HOMES – ALCOBENDAS (CENTER REGION) Actual picture (March 2019) RESULTS PRESENTATION 8th MAY 2019
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 information which has been subject to prior registration or control by the Spanish Securities Market Commission. “Presentation” means this document, it
Slide 3: Presenters and agenda
Borja García Jordi Argemí Juan Gómez Vega Egotxeaga García Chief Investor Deputy CEO / CFO Relations Officer Chief Executive Officer 1 2 A Business & Q&A Appendix Financial Review Member of: IBEX MEDIUM CAP® 3
Slide 4: Business & Financials Review
Business & 1 Financials Review ATRIA HOMES – MADRID (CENTER REGION) Actual picture (March 2019)
Slide 5: Q1 2019 Results Key Highlights
Q1 2019 RESULTS KEY HIGHLIGHTS €10m Operating EBITDA – Steady pre-sales, progress in licenses and WIP starts Q1 SNAPSHOT Q1 PROGRESS Licenses Development c.13,000 units c.5,000 units 450+ obtained 1,400+ 147 Activity LandBank WIP & FP WIP Starts Deliveries 2,500+ acc. submitted1 Pre-Sales Activity 2
Slide 6: 147 Units Delivered in Q1
147 UNITS DELIVERED IN Q1 1 FOTOGRAFÍA Y TEXTO | Opción 1 Good performance in the first quarter, as Atria Homes (Madrid) and Medina Homes (Cordoba) started delivery and remaining units from 2018 were notarized as well, with development gross margin of 30%. Atria Homes Medina Homes (1) As of closing
Slide 7: Business Plan 2019-2021: Progress in Pre-sales and Deliveries, WIP Starts and Licenses
BUSINESS PLAN 2019-2021: PROGRESS IN PRE-SALES AND DELIVERIES, WIP STARTS AND LICENSES LICENSE STATUS WIP STATUS REVENUE VISIBILITY3 100% WIP 20% LPO 100% LICENSES 47% CFO1 CURRENT PRE-SALES 33% FAÇADE WORKS 85%+ • 20% of the units to be delivered already 33% 20% 2019 with first occupancy license EX
Slide 8: Strong Revenues with Positive EBITDA
STRONG REVENUES WITH POSITIVE EBITDA Revenues and profit reflecting the 147 units notarized (vs 14 units Q1 2018) Financial KPIs Year on Year Progress c.12x Development Revenues 50 P&L €61m €10m €2m 4 Revenues Operating EBITDA Net Income Q1 2019 Q1 2018 Operating EBITDA 10 -3 €1.2bn 80%+ Balance She
Slide 9: Q&A
2 Q&A MEDINA HOMES – CÓRDOBA (SOUTH WEST REGION) Actual picture (March 2019)
Slide 10: Appendix
A APPENDIX RESIDENCIAL LA MARINA – BADALONA (EAST REGION)
Slide 11: Pre-sales at Steady Pace with 7% Observed HPA
PRE-SALES AT STEADY PACE WITH 7% OBSERVED HPA Protecting margins for 2019-2021 deliveries with good visibility on deliveries 7% ANNUAL OBSERVED HPA (1) IN Q1 0% 2% 4% 6% 7.0% 8% 10% 12% Center HPA Q1 '19 East HPA Q4 '18 HPA Q3 '18 HPA Q2 '18 North HPA Q1 '18 South PRE-SALES RHYTHM IN LINE TO SECURE
Slide 12: Development Revenues of c. EUR 50m
DEVELOPMENT REVENUES OF C.EUR 50M EUR 10m Operating EBITDA as the delivered units so far carry a 30% gross margin Summary P&L (in €M) €M Q1 2019 Q1 2018 Change Q1'19 vs Q1'18 Revenues 60.6 19.1 41.5 217.3% € 60.6 M REVENUES (3x Q1’18) Gross Margin 21.4 9.7 11.7 119.8% Development Legacy Servicing Gr
Slide 13: CF | Corporate Debt Repayment Before Refinancing
CF I CORPORATE DEBT REPAYMENT BEFORE REFINANCING FOTOGRAFÍA Y TEXTO Positive | OpciónCash operating 1 Flow: >9M Summary Cash Flow (in €M) €M Q1 2019 Q1 2018 Change Q1'19 vs Q1'18 Profit (Loss) before Tax1 3.8 (7.9) 11.7 -148.9% +€9.2M OPERATING CASH FLOW VS -€3.2M IN Q1’18 Adjustments 5.3 4.7 0.7 14
Slide 14: BS | Growing Inventories
BS I GROWING INVENTORIES Further growth of inventory expected as the year progresses Summary Balance Sheet (in EUR m) €M Q1 2019 FY 2018 Change Q1 '19 vs FY'18 PPE 7.8 7.7 0.1 1.1% Right of use assets 4.0 - 4.0 100.0% Investment Property 0.9 1.0 (0.1) -12.6% Other Non-Current Assets 2.8 2.7 0.1 2.5%
Slide 15: Corporate Debt Repayment Ahead of Capex Debt Growth
CORPORATE DEBT REPAYMENT AHEAD OF CAPEX DEBT GROWTH Gross debt reduction and conservative debt ratios (LTV 20%) CONSERVATIVE DEBT RATIOS LTV AT 19.7% Net Debt (in EUR m) €M Q1 2019 FY 2018 Change Q1 '19 vs FY'18 GROSS DEBT REDUCTION Gross Debt 357.3 380.5 (23.2) -6.1% € 3 5 7 . 3 M vs € 3 8 0 .5M in