Neinor Homes Sa · BME:HOME
Neinor Homes Sa — Q1 2020 Earnings Presentation
16 slides from Neinor Homes Sa's earnings presentation, May 7, 2020
Slide 1: Q1 2020 Results Presentation
VOLPALLERES HOMES – BARCELONA DELIVERED Q4 2019 Q1 2020 RESULTS PRESENTATION 7th MAY 2020
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 Chief Executive Officer Relations Officer Deputy CEO / CFO 1 2 A Business & Q&A Appendix Financial Review Member of: IBEX MID CAP® 3
Slide 4: Solid start in Q1 2020
SOLID START IN Q1 2020 A profitable first quarter: €7.9m EBITDA and 28% gross development margin Strong Order Book: 353 pre-sales in Q1 for a cumulative total of 2,834 units (c.€930m) 2,120 contracted (714 reservations) – 16% of price paid up-front 60% of order book with Family Homes Protection insu
Slide 5: End of April update
END OF APRIL UPDATE Financial Strength: Signed €40m corporate loan in April to further strengthen cash position. Pro-forma cash end of April €130m+(1) No need to refinance corporate loans for 12+ months c.€850m of developer loans committed COVID-19 Situation and Status: Construction: all sites open
Slide 6: Business & Financial Review
Business & Financial 1 Review CAN MATES II – BARCELONA Delivered Q4 2019
Slide 7: Q1 2020 Operating Highlights
Q1 2020 OPERATING HIGHLIGHTS MARCH 2020 SNAPSHOT Q1 2020 PROGRESS Licenses Development c. 11,000 units c. 5,000 units 400+ obtained 500+ 126 Activity LandBank WIP & FP 800+ acc. submitted(1) WIP Starts Deliveries Pre-Sales Activity 2,834 (c. €930m) 353 units 64 units Orderbook units Pre-sold in Q1 P
Slide 8: Q1 2020 Financial Highlights
Q1 2020 FINANCIAL HIGHLIGHTS EBITDA of €7.9m and Net Income of €4m Financial KPIs Year on Year Progress P&L €51m €7.9m €4m +10% EBITDA Revenues EBITDA Net Income 7 8 Q12019 Q12020 €1.3bn 81% Balance Sheet Development €91m Of Development +74% Net Income Cash(1) Stock Stock is Active 4 2 Q12019 Q12020
Slide 9: Closing Remarks
CLOSING REMARKS There is no fundamental change in housing needs Exploring public-private collaboration projects Looking at angles to grow our residential platform 9
Slide 10: Q&A
2 Q&A VOLPALLERES II HOMES –BARCELONA Delivered Q4 2019
Slide 11: Appendix
A Appendix RIVERSIDE HOMES – MADRID Delivered Q4 2019
Slide 12: EBITDA of €7.9M, 10% over Q1 2019
EBITDA OF €7.9M, 10% OVER Q1 2019 28% development gross margin Summary P&L (in €M) €M Q1 2020 Q1 2019 Q1'20 vs Q1'19 € 51 M REVENUES Revenues 50.5 60.6 -10.1 -17% Development Legacy Servicing Gross Margin 17.9 21.4 (3.5) -16% €43.6m €1.1m €5.8m Gross Margin (%) 35.5% 35.3% 0.2% 1% OpEx & Other (8.6)
Slide 13: CF | Accelerating Capex
CF I ACCELERATING CAPEX Repayment and extension of corporate debt resulted in negative net cash flow Summary Cash Flow (in €M) €M Q1 2020 Q1 2019 Q1'20 vs Q1'19 Profit (Loss) before Tax Adjustments 5.3 1.1 3.8 5.3 1.4 (4.2) 37.4% -78.6% +€6M OPERATING CASH FLOW Amortization 0.9 1.0 (0.0) -3.5% Finan
Slide 14: BS | €1.42BN Asset Base
BS I €1.42BN ASSET BASE Focus on development (99% of total inventories) Summary Balance Sheet (in € m) €M Q1 2020 FY 2019 Q1'20 vs FY'19 PPE 6.9 7.2 (0.4) -4.9% Right of use assets 3.0 3.3 (0.3) 100.0% Investment Property 0.2 0.2 (0.0) -1.4% Other Non-Current Assets 2.1 2.3 (0.2) -10.8% Deferred Tax
Slide 15: Conservative Leverage: LTV at 18%
CONSERVATIVE LEVERAGE: LTV AT 18% Pay-down of DB debt (€25m) and refinancing until 2022 of final maturity Cancellation of GS swap in Q1 – No corporate finance maturity in over 12 months Net debt (in € m) €M Q1 2020 FY 2019 Q1'20 vs FY'19 Gross Debt 316.6 365.7 (49.1) -13.4% CONSERVATIVE DEBT RATIOS
Slide 16: The Leading Residential Group
The Leading Residential Group Video ENG / ESP