Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — Q1 2019 Earnings Presentation
26 slides from Aedas Homes Sa's earnings presentation, April 2019
Slide 1: Q1 2019 Results
Cabot, Madrid Q1 2019 Results April 2019 1 2018 CORPORATE Q1PRESENTATION 2019 RESULTS
Slide 2: Disclaimer
Disclaimer This document has been prepared by Aedas Homes, S.A. (the “Company”) and comprises slides for a presentation to the market of the results of the Company and its subsidiaries (the “Group”) during the three month-period ended on 31 March 2019. For the purposes of this disclaimer, “Presentat
Slide 3: Key Highlights Q1 2019
Key Highlights Q1 2019 ✓ 498 new Launched Units. Ramp-up, on track. 01 Operational activity, a step ✓ 520 new Units Under Construction. closer to run-rate ✓ 57 Delivered Units. In line with Business Plan ramp-up targets. ✓ HPA vs CCI: +140 bps / +€39.7 MN ✓ €14.0 Mn Revenue. 02 Financial foundations
Slide 4: Agenda
Agenda Marina Real, Denia 1 Business Update 2 Q1 2019 Financial Results 4 Q1 2019 RESULTS
Slide 5: Business Plan 2017-2023
Business Plan 2017-2023 01 BUSINESS UPDATE Sustainable Housing Development Plan (IPO Business Plan) Target Launches Target Deliveries # Units 1,773 launched 2,265 launched 3.326 3.000 3.000 3.000 3.063 3.000 2.580 2.438 2.042 1.986 1.748 1.055 231 0 2017 2018 2019 2020 2021 2022 2023 As of 31 Mar 20
Slide 6: Projects Launched
Projects Launched 01 BUSINESS UPDATE 498 units launched1 in Q1 2019 (GDV: €183 Mn) 4,232 accumulated units launched net of deliveries (GDV: €1,590 Mn) Ramp-up activity of projects launched2 (by # units) Launches Regional Breakdown as of 31 Mar 2019 % units #projects 35 7 13 11 10 10 4 86 Andalusia 1
Slide 7: Marketing Activity
Marketing Activity 01 BUSINESS UPDATE 300 units sold in Q1 2019 (GDV: €100 Mn) 2,151 units in order book (GDV: €777 Mn) Sales1 Evolution in # units & €Mn Order Book Regional breakdown as of 31 Mar 2019 €310 Mn €75 Mn €135 Mn €91 Mn €146 Mn €100 Mn €80 Mn €777 Mn % units 915 units 220 units 365 units
Slide 8: Construction and Permits
Construction and Permits 01 BUSINESS UPDATE 520 units started construction in Q1 2019/ 3,407 total units under construction 904 units w/ permit granted in Q1 2019/ 3,831 total units w/ permit granted Under Construction # units Permits Granted in Q1 2019 by regions 520 units 163 units % units 3,050 u
Slide 9: 2019 Deliveries Focus (31.03.19)
FCC Final Construction Certificate 2019 Deliveries Focus (31.03.19) FOP First Occupancy Permit 01 BUSINESS UPDATE Construction Target Deliveries Current expected Project Regional Office FCC FOP Deliveries Q1 2019 Progress1 2019 delivery date Galera Sun Bay Costa del sol 100% Granted Granted 5 5 H1 B
Slide 10: Margin outlook positive due to proactive management
01 BUSINESS UPDATE Margin outlook positive due to proactive management HPA and CCI margin impact on projects under construction (all data as of Mar19): 3,862 units IPO Business Including all units which are delivered, completed or under Mar 2019 Plan construction as of March 2019. Gross 27.8% 29.2%
Slide 11: Strong relationships with construction companies
01 BUSINESS UPDATE Strong relationships with construction companies Concentration of plots in certain locations ensures long-term continuity in these relationships Decentralized execution with experienced in-house regional teams – allowing for close monitoring Current committed order book for projec
Slide 12: Land acquisitions in Q1 2019
Land acquisitions in Q1 2019 01 BUSINESS UPDATE Acquisitions in Q1 2019 Landbank1 All Fully Permitted # units Land bank 2251 replenishment Total land FY 18 + Q1 2019 - Q1 2019 Q1 2019 €15.1Mn Landbank Acquisitions Deliveries Landbank Units through selective investment cost purchases 14,892 225 57 15
Slide 13: Turn-key rental projects
01 BUSINESS UPDATE Turn-key rental projects MoU signed with funds managed by an affiliate of ARES Management Corporation (NYSE: ARES): +20% launches on top of target launches expected for 2019 Forward purchase agreement Rental business: Torrejón de Ardoz Non-competing 1st Development (103 units) MoU
Slide 14: Agenda
Agenda Marina Real, Denia 1 Business Update 2 Q1 2019 Financial Results 14 Q1 2019 RESULTS
Slide 15: Consolidated P&L
Consolidated P&L 02 Q1 2019 FINANCIAL RESULTS AEDAS HOMES Variation Variation Q1 2019 Q1 2018 In € Mn1 € Mn1 % A REVENUE 14.0 9.0 5.0 55% Revenue derived solely from the delivery of residential units Cost of Goods Sold (10.1) (6.1) (4.0) 66% 34% Gross Margin growth Q-o-Q A GROSS MARGIN 3.9 2.9 1.0 3
Slide 16: Balance Sheet Structure
Balance Sheet Structure 02 Q1 2019 FINANCIAL RESULTS Main Balance Sheet Changes AEDAS Homes Variation Variation 31/03/2019 31/12/2018 A In € Mn1 € Mn1 % Increase of works in progress reflecting construction activity ramp up NON- CURRENT ASSETS 31 27 4 15% Works in A Inventories 1,152 1,076 76 7% Pro
Slide 17: Net Debt
Net Debt 02 Q1 2019 FINANCIAL RESULTS Total Net Debt of €134 Mn Diversified sources of funding at competitive cost Net Debt Position (€ Mn) Financial Debt Structure (€ Mn) Mar Dec 2019 2018 Unsecured Debt Secured Debt Secured Financial Debt 64.0 57.1 €573 Mn €746 Mn 2.13% Unsecured Financial Debt 10
Slide 18: Appendix 1: Deliveries visibility
Appendix 1: Deliveries visibility
Slide 19: 2019 Expected Deliveries
Target 1,055 2019 Expected Deliveries Under construction 100% Sold2 83% Deliveries Q1 Current expected Project1 Regional Office Municipality Total Units Construction Progress2 Sold3 2019 delivery date Terraza Los Fresnos Boadilla del Monte 30 95% 30 H2 Ulloa I Alcorcón 54 72% 54 H2 Escalonia Las Roz
Slide 20: 2020 Expected Deliveries
Target 1,986 Permit granted 100% 2020 Expected Deliveries Under construction 100% Permit requested 0% Sold2 55% Permit to be requested 0% Construction Project1 Regional Office Municipality Total Units Deliveries Status Sold2 Permit Altos del Pilar3 Madrid 40 Granted Construction 36 Cabot Madrid 28 G
Slide 21: 2020 Expected Deliveries
Target 1,986 Permit granted 100% 2020 Expected Deliveries Under construction 100% Permit requested 0% Sold2 55% Permit to be requested 0% Construction Project1 Regional Office Municipality Total Units Deliveries Status Sold2 Permit South Bay Estepona 47 Granted Construction 36 Middel Views Fuengirol
Slide 22: Appendix 2: Cash Flow Statement
Appendix 2: Cash Flow Statement
Slide 23: Cash Flow Statement Summary
Cash Flow Statement Summary Summary Cash Flow Statement AEDAS HOMES Mar 2019 Dec 2018 (In € Mn1) EBT (4.6) (8.1) Change in Trade Provisions 2.0 3.0 Change in Investment properties (0.3) (0.5) Financial cost / (income) 4.4 9.6 Other Income / (expense) (3.3) (6.4) Change in working capital (32.6) (142
Slide 24: Appendix 3: Macro Outlook
Appendix 3: Macro Outlook | AEDAS HOMES
Slide 25: Market Overview
Market Overview Positive Outlook for Spanish Economy (GDP %) Spanish Unemployment Rate (%) 3,6% 28,0% 3,2% 3,0% 26,0% 2,6% 2,2% 24,0% 22,0% 1,4% 20,0% 18,0% 16,0% 14,0% 2013 2014 2015 2016 2017 2018 2019E 12,0% *2019E 2010 2011 2012 2013 2014 2015 2016 2017 2018 -1,7% Source: Datos Macro & Bank of S
Slide 26: Merian I (Offsite), Torrejón de Ardoz
Merian I (Offsite), Torrejón de Ardoz 26 Q1 H1 2019 2018 RESULTS