Slide 1: Results 3Q2021
Moreras (Valencia) Results 3Q2021 October 27th, 2021
Slide 2: Disclaimer
Disclaimer This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA (“Metrovacesa”). This Presentation, as well as the information included th
Slide 3: Agenda
Agenda Table of Contents 1. Highlights 2. Business Update 3. Financial Overview 4. Closing Remarks Appendices Today’s Presenters Jorge Pérez de Leza Borja Tejada Juan Carlos Calvo CEO CFO Strategy & IR 3.
Slide 4: 1. Highlights
Luz Lezkairu (Pamplona) 1. Highlights
Slide 5: Highlights
Highlights Capturing the recovery in demand Record-high units sold in 3Q; accelerating new launches and construction starts Full-year cashflow target will be exceeded Target of €100m already met in 9M, underpinned by increase in deliveries, with improving margins, as well as land sales Interim divid
Slide 6: 2. Business Update
Nereidas (Torremolinos, Málaga) 2. Business Update
Slide 7: Key operational data as of September 2021
Key operational data as of September 2021 Active projects Construction Deliveries / Sales Land portfolio Financials Sales Backlog (1) 3,034 €860m 3,698 units in 1,079 units €33.7m €306m Sold units €284 k/unit ASP (2) delivered Total cash construction Land Sales or completed €293 k/unit ASP (2) 5,177
Slide 8: Residential pre-sales: keeping up on good housing demand
Residential pre-sales: keeping up on good housing demand 9M pre-sales: up 95% YoY (1) # units 1,546 1,546 units Breaking record sales sold in 9M each quarter in 2021 795 • 9M21 net pre-sales of 1.546 units is +95% YoY and already higher than our internal budget for the full-year 2021. 9M20 9M21 • 3Q
Slide 9: Deliveries: 1,079 units in 9M21
Deliveries: 1,079 units in 9M21 9M deliveries: up 273% YoY # of units More deliveries and with a higher gross margin 1,079 • 1,079 units delivered in 9M: +273% yoy, including 434 units in 3Q • ASP of €292k/unit in 9M (€324k/unit in 3Q) • €316m revenues in 9M: +400% yoy 289 • 22%% gross margin in 9M
Slide 10: Operational activity: backlog, in construction, in commercialization
Operational activity: backlog, in construction, in commercialization Backlog of pre-sales: evolution # units sales value €746m €429m (€316m) €860m • Backlog of 3,034 units, +18% YtD • Avg unit price of €284k 1,546 • 70%+ coverage of potential 2022 (1,079) deliveries 2,567 3,034 • 79% contracts, 21%
Slide 11: Land & Commercial: demand for residential land remains solid
Land & Commercial: demand for residential land remains solid Land sales Land management milestones Vinival (Alboraya, Valencia) €33.7m • Initial approval of sector reform plan in Sept starting up sales signed • 540 residential units €19.1m €14.6m recorded in P&L in private contract Commercial portfo
Slide 12: Other achievements
Other achievements One of the best 100 companies to work in Spain ESG award by the Cádiz Employers’ Association • Selected for MVC’s commitment • Ranking by Actualidad Económica magazine to the sustainable development • For a second year, the only residential developer goals integrated in the United
Slide 13: 3. Financial Overview
Terrazas de Poniente Sur (Córdoba) 3. Financial Overview
Slide 14: Financial accounts: P&L highlights
Financial accounts: P&L highlights Profit & Loss +423% rise in total €m 9M 2020 (1) 9M 2021 % Change revenues Revenues 64.1 335.2 423% Development 62.3 316.0 Land sales 1.8 19.1 22% gross margin Gross Profit 11.2 66.9 497% in development Development 11.2 68.2 % gross margin dev`t 18% 22% Land sales
Slide 15: Financial Debt: Corporate debt extended and with greater flexibility
Financial Debt: Corporate debt extended and with greater flexibility Refinancing of syndicated bank loan Net Debt detail Eur m Dec 2020 Sept 2021 • Signed in July, well in ahead of its scheduled maturity Developer loans 178.8 85.7 • Maturity: 5-year extension, now June 2026 Corporate debt 257.1 350.
Slide 16: 4. Closing Remarks
Jardins de Can Gambús (Sabadell, Barcelona) 4. Closing Remarks
Slide 17: Closing remarks
Closing remarks Stepping-up • We expect to reach ~2,000 units in FY2021 in most activity metrics: pre-sales, constrution starts and new launches on activity • Efficient developer platform already fully operational volumes • Focused on cashflow generation as a management priority Rich in cashflow • H
Slide 18: Appendices
Halia (Málaga) Appendices
Slide 19: Profit and Loss Account
Profit and Loss Account (€m) 9M 2020 (1) 9M 2021 A Total Revenues 64.1 335.2 Residential Development 62.3 316.0 Land Sales 1.8 19.1 Key comments Total COGS (52.9) (268.3) Residential Development (51.2) (247.9) Land Sales (1.8) (20.5) B Gross margin 11.2 66.9 A -Total revenues of €335.2m (up 423% YoY
Slide 20: Balance Sheet
Balance Sheet (€m) Dec. 2020 Sept. 2021 Investment Property 321.3 413.5 Key comments Other non-current assets 154.0 158.4 Total non-current assets 475.3 571.9 Inventory 1,982.6 1,933.8 Land 1,097.7 1,055.5 A - Cash balance of €306m WIP & finished product 884.9 878.3 • Includes €81m restricted cash (
Slide 21: MVC project examples I
MVC project examples I Residencial Q fase I (Valencia) Link to project website Alamar (Torremolinos, Málaga) Link to project website Residencial Citrea (Málaga) Link to project website Mirades (Terrasa, Barcelona) Link to project website 21.
Slide 22: MVC project examples II
MVC project examples II Mirador de la Albaida (Córdoba) Link to project website Aida F1 (Sagunto, Valencia) Link to project website Oceana Views (Estepona, Málaga) Link to project website Dora Maar (Marbella, Málaga) Link to project website 22.
Slide 23: Q&A
Aqualina (Benahavís, Málaga) Q&A 23