Neinor Homes SA · BME:HOME
Neinor Homes SA — FY2018 Earnings Presentation
19 slides from Neinor Homes SA's earnings presentation, Feb 27, 2019
Slide 1: FY 2018 Results Presentation
FY 2018 RESULTS PRESENTATION 27th FEBRUARY 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
Juan Velayos Jordi Argemí Juan Gómez Vega Lluis García Chief Investor Chief Financial Officer Relations Officer Chief Executive Officer 1 2 3 4 5 Business Financial Review Non-Financial Q&A Appendix Review Reporting Member of: IBEX MEDIUM CAP® 3
Slide 4: Business Review
1 Business Review ATRIA HOMES – MADRID (CENTER REGION)
Slide 5: FY2018 Results Key Highlights
FY2018 RESULTS KEY HIGHLIGHTS FY2017 Strong results in a year with 1,036 deliveries FY2018 VARIATION Land Bank 13,000+ €56m (1,000+) €194m (1,400+) 12,500 units Units of strategic land secured Units Land Bank Units fully permitted land acquired €39m downpayment +500 units1 2018 DELIVERIES 2019 DELIV
Slide 6: Land Bank Secures Deliveries Through 2021
LAND BANK SECURES DELIVERIES THROUGH 2021 FOTOGRAFÍA Y TEXTO |focus Disciplined Opciónon 1 acquisitions for 2022 Summary Q4 acquisitions Current Land Bank for c.13,000 units A Bilbao NORTH 20% c.2,500 units EAST A CENTER 16% c.2,050 Latest acquisitions units B A + B 21% 2,750+ units LEVANTE Bilbao 1
Slide 7: Disciplined Pre-Sales Continue
DISCIPLINED PRE-SALES CONTINUE Strong visibility on 2019 and 2020 revenues 8.1% ANNUAL OBSERVED HPA (1) IN Q4 HPA 8.1% Center HPA Q4 ’18 HPA Q3 ’18 HPA Q2 ’18 East HPA Q1 '18 North South 0% 2% 4% 6% 8% 10% 12% STEADY PRE-SALES IN SECOND HALF OF THE YEAR Monthly Pre-Sales 275 220 219 187 157 161 165
Slide 8: 1,000+ Units Delivered During 2018
1,000+ UNITS DELIVERED DURING 2018 FOTOGRAFÍA Y TEXTO | Opción 1 Diagonal 119 Homes Strong delivery results in Q4 2018 with over 650+ deliveries in 8 different sites, more than 10 deliveries a day. Astrabudua Homes Ikasle Homes Torresolo Homes Plaza Homes Marina Badalona Sitges Homes 8
Slide 9: Financial Review
2 Financial Review RIVERSIDE HOMES – MADRID (CENTER REGION)
Slide 10: Strong Earnings with €56M EBITDA
STRONG EARNINGS WITH €56M EBITDA Revenues and profit reflecting the 1,000+ units notarized Financial KPIs Year on Year Progress Development revenues 313 P&L €382m €56m €50m 156 77 Revenues1 EBITDA adjusted2 Net Income FY2018 Q3 2018 FY 2017 c.14x EBITDA adjusted €1.2bn 80%+ 56 Balance Sheet Developm
Slide 11: NAV Increased by 7% YoY
NAV INCREASED BY 7% YoY During FY2018 NAV increased to 17.55 € per share to a total €1,386m and a 7% appreciation during the fiscal year, according to appraiser Savills. 7% Servicing business not included in GAV NAV PER SHARE (€) 16.38 17.55 233 (50) 1,823 1,610 (302) 100 232 1,294 1,3862 NAV GAV 20
Slide 12: Non-Financial Reporting
3 Non-Financial Reporting ATRIA HOMES – MADRID (CENTER REGION)
Slide 13: Non Financial Reporting
NON FINANCIAL REPORTING FOTOGRAFÍA Y TEXTO | Opción 1 Sustainability, innovation and digital transformation at the center of a transformative year High Quality Digital Governance Sustainability Innovation Product Transformation Approved today by the Board “Green loan” with 60 BREEAM Neinor Next Nein
Slide 14: Q&A
4 Q&A LIMONAR HOMES – MÁLAGA (SOUTH EAST REGION)
Slide 15: Appendix
5 Appendix SITGES HOMES – SITGES (EAST REGION)
Slide 16: Deliveries Boosting 70% Y-o-Y Revenues Growth
DELIVERIES BOOSTING 70% Y-O-Y REVENUES GROWTH Significant positive EBITDA and Net Profit Summary P&L (in €M)1 € 381.8M REVENUES (+70%vs FY17) €M FY 2018 FY 2017 Change FY '18 vs. FY '17 Revenues 381.8 225.1 156.7 70% Development Legacy Servicing €313.0m €37.5m €31.3m Gross Margin 121.7 61.3 60.4 99%
Slide 17: Strong Deliveries Boosting Cash Position
STRONG DELIVERIES BOOSTING CASH POSITION FOTOGRAFÍA Y TEXTO Balanced | Opción to approach 1 growth Summary Cash Flow (in €M) +€67.9 OPERATING CASH FLOW VS +€4.5M IN FY17 €M FY2018 FY2017 Change FY '18 vs. FY '17 Profit (Loss) before Tax1 44.2 (4.7) 48.9 n.s. Adjustments 23.7 9.1 14.6 160 % EQUITY EF
Slide 18: Growing Inventories
BS I GROWING INVENTORIES Focus on development (96% of total stocks) while selling down legacy Summary Balance Sheet (in EUR m) €M FY2018 FY 2017 Change FY '18 vs. FY '17 PPE 7.7 1.9 5.8 309 % Investment Property 1.0 1.6 (0.6) (39 %) Other Non-Current Assets 2.7 1.6 1.1 71 % Deferred Tax Assets 22.3
Slide 19: Prudent Debt Ratios
PRUDENT DEBT RATIOS FOTOGRAFÍA Y TEXTO | Opción 1 Net debt reduction and conservative debt ratios (LTV <19%) CONSERVATIVE DEBT RATIOS LTV AT 18.9% vs 22.3% in FY 2017 Net Debt (in EUR m) €M FY2018 FY 2017 Change GROSS DEBT REDUCTION Gross Debt 380.5 417.7 (37.1) (8.9%) € 3 80.5M vs € 4 17.7M in FY 2