Slide 1: H1 2021/22 Results Presentation
H1 2021/22 Results Presentation 1 April – 30 September 2021 24 November 2021
Slide 2: Disclaimer
Disclaimer By attending this 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 (the “Presentation”) has been prepared by AEDAS Homes, S.A. (
Slide 3: 01 Highlights
Jardins de Castellarnau (Sabadell, Barcelona) 01 Highlights
Slide 4: Overview
Overview I Sales continue to break new records in H1 2021/22 Operational performance in H1 2021/22 has put AEDAS on II track to achieve delivery targets Land investment plan for the year completed in H1 III following the AEDAS cherry-picking approach Aurea Homes integration completed in two months,
Slide 5: Executive Summary H1 2021/22
Executive Summary H1 2021/22 • 1,511 net retail sales in H1 2021/22 Sales • 4,227 units in Order Book, valued at c. €1.3bn, 70% under private contract • 712 units delivered, at ASP €332K (621 retail units at ASP €354K and 91 BTR Operations units at ASP €179K) • €217m(1) in committed investments for
Slide 6: 02 Business Update
Baret (Vilanova i la Geltrú, Barcelona) 02 Business Update
Slide 7: Successfully managing growth: record sales, deliveries on track
Successfully managing growth: record sales, deliveries on track Sales Activity Construction and Operations: securing deliveries • Hitting record sales in H1 2021/22: • 1,549 permits requested in H1 2021/22 1,511 net retail units sold • Broke ground on 1,019 units in H1 2021/22; • Robust underlying d
Slide 8: Retail sales (BTS) absorption rate: the new housing market confirming its strength
Retail sales (BTS) absorption rate: the new housing market confirming its strength Sustained rise in the retail Absorption rate has shown Costa del Sol: region with sales absorption ratio since improvement across all greatest increase in Nov 2020 AEDAS Homes regions absorption rate Average monthly a
Slide 9: Strong visibility on Business Plan goals
Strong visibility on Business Plan goals BTS + BTR activity update as of 30 September 2021 Delivered Under construction Launched Completed Sold Launches 1 Sales 1 Construction 1,2 9% 31% 65% Breaking ground Q3 2021/22 100% 100% 39% 80% 90% 62% 63% 2% 35% 30% 24% 2021/22 2022/23 2023/24 2021/22 2022/
Slide 10: Exceptional investment pace, making the most of market opportunities
Exceptional investment pace, making the most of market opportunities Land Investment H1 2021/22 (€m) €217m AEDAS Homes has invested in Catalonia & Aragon invested sticking to its 2,906 RTB units €31m, 14% North disciplined approach (323 units) €17m, 8% (149 units) East & Mallorca €51m, 23% (773 unit
Slide 11: AEDAS organization: demonstrated capacity to scale up
AEDAS organization: demonstrated capacity to scale up SCOPE OF AUREA HOMES ACQUISITION AUREA HOMES • 7 RTB plots in consolidated urban areas (512 units) CASH FLOW GENERATION (€m) • Stakes in 8 Works in Progress (167 units) • 30 FTEs 30 SUCCESSFUL INTEGRATION IN JUST 2 MONTHS 20 • All 7 plots now act
Slide 12: Significant landbank growth in H1 - now stands at 17,626 units
Significant landbank growth in H1 - now stands at 17,626 units1 North 600 units 3% The AEDAS Homes landbank has an implicit net development margin above 20% Catalonia & Aragon Madrid 2,240 units 4.766 units 13% 27% Andalusia & Canary Islands East & Mallorca 3,825 units 3,758 units 22% 21% Costa del
Slide 13: On track to achieve 2023/24 goals in three-year ESG Strategic Plan
On track to achieve 2023/24 goals in three-year ESG Strategic Plan Environmental Social Governance 57% of developments delivered ESG targets now in H1 2021/22 have achieved an Achieved “Great Place to incorporated into variable “A” energy rating Work” Certification, with remuneration and Long-Term 7
Slide 14: 03 H1 2021/22 Financial Results
Tegea (Vilanova i la Geltrú, Barcelona) 03 H1 2021/22 Financial Results
Slide 15: P&L H1 2021/22 (1 April – 30 September 2021)
P&L H1 2021/22 (1 April – 30 September 2021) Change vs Change vs H1 Last 12 H1 (€m) H1 2020/21 H1 2020/21 2021/22 months 2020/21 (€m) (%) REVENUE 236.4 842.1 66.2 170.2 257% Cost of goods sold (163.9) (596.9) (50.1) (113.8) 227% GROSS MARGIN 72.4 245.2 16.2 56.2 347% % Gross Margin 30.6% 29.1% 24.4%
Slide 16: Balance Sheet Summary as of 30 September 2021
Balance Sheet Summary as of 30 September 2021 30 September 31 March Change Observations 2021 2021 Inventories €1,601m €1,395m €206m • Land Increase in inventories in line with €670m €582m €88m stepped up land investment pace • Works in progress €736m €581m €155m and rapid rotation of assets • Comple
Slide 17: Cash Flow H1 2021/22
Cash Flow H1 2021/22 (€m) H1 2021/22 EBITDA 44.6 Other adjustments to profit 0.4 Other cash used in operating activities (21.9) Change in Working Capital excluding land purchases/sales (42.3) Net cash change from land investments (115.5) (A) Net cash used in operating activities (134.7) Investments
Slide 18: Evolution of net financial debt
Evolution of net financial debt 30 Sep 31 Mar 30 Sep Var vs Var vs (€m) 2021 2021 2020 Mar 2021 Sep 2021 (A) Secured debt 188.4 169.4 283.9 19.0 (95.5) (B) Corporate debt 366.0 182.9 235.4 183.1 130.6 Syndicated facility - 100.0 150.0 (100.0) (150.0) Commercial paper programme (MARF-listed) 52.6 56.
Slide 19: Financial leverage
Financial leverage 30 Sep 2021 31 March 2021 30 Sep 2020 LTC1 30.3% 16.4% 29.3% LTV2 23.9% 12.0% 21.8% Net financial debt / EBITDA (LTM) 2.7x 1.7x 6.2x Average cost of debt 3.22% 2.83% 2.85% Interest coverage 10.1x 9.4x 6.1x • Increase in financial leverage, in terms of NFD / EBITDA and Net LTV rati
Slide 20: 04 Key Takeaways
Llobet (Valencia) 04 Key Takeaways
Slide 21: Key Takeaways and Outlook
Key Takeaways and Outlook 1 AEDAS Homes continues to perform, delivering solid H1 2021/22 results 2 Current visibility provides comfort on delivery of business plan goals 3 Seizing the opportunity: AEDAS Homes has increased its landbank at the right terms and conditions in H1 2021/22 4 Protecting ma
Slide 22: 05 Appendix
Viria (Valencia) 05 Appendix
Slide 23: P&L: 1 April – 30 September 2021
P&L: 1 April – 30 September 2021 H1 2021/22 H1 2020/21 Change Change (€m) (Apr-Sep) (Apr-Sep) (€m) (%) Revenue from the sale of housing units 236.4 61.9 174.5 282% Revenue from land sales - 4.3 (4.3) - REVENUE 236.4 66.2 170.2 257% Cost of goods sold (163.9) (50.1) (113.9) 228% Revenues derived from
Slide 24: Balance Sheet
Balance Sheet September March Change Change (€m) 2021 2021 (€m) (%) Other assets 33.3 19.0 14.3 76% Deferred tax assets 12.0 13.8 (1.8) -13% NON-CURRENT ASSETS 45.3 32.8 12.6 38% Inventories 1,601.1 1,394.5 206.6 15% Trade and Other Receivables 54.5 46.0 8.5 18% Other Current Assets 64.3 27.6 36.7 1
Slide 25: 7,668 units on the market
7,668 units on the market1 As of 30 September 2021 1,687 units 3,922 units 9,903 units 7,668 units Accumulated launches H1 2021/22 launches Accumulated deliveries Units on the market as of 2020/21 as of H1 2021/22 as of 30 September 2021 (1) “Units on the market” includes all units available for sal
Slide 26: Order Book: 4,227 units (€1,250m)
Order Book: 4,227 units (€1,250m) As of 30 September 2021 €495m €1,3bn 3,284 BTS units (ASP €330K) 1,511 units 3,922 units €2,091m €328K/unit €341K/unit 943 BTR units 6,638 units (ASP €173K) €315K/unit €1,250m 4,227 units €295K/unit Accumulated sales H1 2021/22 sales Accumulated deliveries Order Boo
Slide 27: Construction Starts and Building Permits
Construction Starts and Building Permits As of 30 September 2021 Units under construction (BTR+BTS) 1,019 units 1,007 units 4,586 units 4,598 units As of 31 March 2021 H1 2021/22 construction starts Completed units Under construction as of 30 September 2021 Building permits in hand, pending construc
Slide 28: Regional Breakdown
Regional Breakdown As of 30 September 2021 Permits granted On the market1 H1 2021-22 Order Book North North 198 units 564 units North Andalusia & 5% 7% 203 units Canary Islands Madrid Madrid 1,617 units 23% 297 units 508 units Madrid Andalusia & 21% 33% 12% 1,286 units Canary Islands 30% 1,556 units
Slide 29: Active Units and Permit Request Status
Active Units and Permit Request Status As of 30 September 2021 Active Units1 Permit Request Status Completed Product Design phase 1,122 units 2,974 units 10% <4 months >12 months 3 28% 1,020 units 737 units 35% 25% 10,697 2,915 active units units 9-12 months 228 units 8% Marketing 2,003 units 19% Un
Slide 30: Corporate Calendar
Corporate Calendar 9 February 9M 2021/22 Results Confirmed 2022 26 May FY 2021/22 Results TBC 2022 29 June Annual General Meeting TBC 2022 28 July Q1 2022/23 Results TBC 2022 30 November H1 2022/23 Results TBC 2022 AEDAS Homes – H1 2021/22 Results 30
Slide 31: Acea en Las Sedas (Alcalá de Henares, Madrid)
Acea en Las Sedas (Alcalá de Henares, Madrid)