Neinor Homes Sa · BME:HOME

Neinor Homes Sa — Goldman Sachs European Financials Conference 2017

13 slides from Neinor Homes Sa's conference presentation, Jun 7, 2017

  1. Slide 1: Business Update

    Madrid - June 7th, 2017 Business Update Goldman Sachs European Financials Conference 2017

  2. Slide 2: Contents

    CONTENTS 1 Investment Thesis 2 Strong Tailwinds from the Macroeconomic Environment 3 Executing the Business Plan: Key Focus Areas for Timely Deliveries 4 Non-Financial Reporting: Leading the Sector Transformation 2

  3. Slide 3: The Investment Thesis

    Neinor Homes – Corporate Presentation 1 The Investment Thesis Leading Pure Residential Homebuilder in Spain with ~30 years of track-record Targeting multi-family residential units Medium to medium-high-end client base with access to bank mortgages 75% / 25% first vs. second residence Three Pillars t

  4. Slide 4: Unemployment Rate

    Unemployment Rate 2 Source: 220.000 230.000 250.000 260.000 270.000 280.000 290.000 300.000 240.000 0% 5% 10% 15% 20% 25% 30% 2007 Q1 2007 Q1 2007 Q2 2007 Q2 2007 Q3 2007 Q3 2007 Q4 2007 Q4 2008 Q1 2008 Q1 2008 Q2 2008 Q2 2008 Q3 2008 Q3 2008 Q4 2008 Q4 2009 Q1 2009 Q1 2009 Q2 2009 Q2 2009 Q3 2009 Q

  5. Slide 5: Supply at Very Low Levels to Satisfy the Growing Demand

    Neinor Homes – Corporate Presentation 2 Supply at Very Low Levels to Satisfy the Growing Demand # of Transactions Recovering - Very low new 250.000 Housing starts 73% below the peak 0% 900.000 build transactions due to lack of supply -10% 200.000 -20% 800.000 Historic Balance 10% / 90% -30% 700.000

  6. Slide 6: Continued Flow of Accretive Acquisitions of Fully Permitted Land

    Neinor Homes – Corporate Presentation 3 Continued Flow of Accretive Acquisitions of Fully Permitted Land 9 weeks Launched WIP Delivery Land Marketing Plan Design / Procurement / Commercialisation Under Construction Post Acquisition Sale Land Acquisition as at the end of Q1 Land Acquisition during Q2

  7. Slide 7: Accelerated Launching of Sites

    Neinor Homes – Corporate Presentation 3 Accelerated Launching of Sites 6 weeks Launched 32 weeks WIP Delivery Land Design / Procurement / Commercialisation Under Construction Post Acquisition Marketing Plan Sale Development Activity as at the end of Q1 Q2 Development Activity Update The Global Pictu

  8. Slide 8: Strong Pre-Sales with an Order Book of ca. EUR 500m

    Neinor Homes – Corporate Presentation 3 Strong Pre-Sales with an Order Book of ca. EUR 500m Launched 32 weeks WIP Delivery Land Design / Procurement / Commercialisation Under Construction Post Acquisition Marketing Plan Sale Abra Homes: commercialization started in Q2 Pre-Sales Activity as at the en

  9. Slide 9: Building Sites with Over 2,000 Units Under Construction

    Neinor Homes – Corporate Presentation 3 31 Building Sites with Over 2,000 Units Under Construction Launched WIP 17-20 months Delivery Land Marketing Plan Design / Procurement / Commercialisation Under Construction Post Acquisition Sale Construction Activity as at the end of Q1 Q2 Construction Activi

  10. Slide 10: On Track and on Budget with 2017 Deliveries

    Neinor Homes – Corporate Presentation 3 On Track and on Budget with 2017 Deliveries Launched WIP Delivery Land Marketing Plan Design / Procurement / Commercialisation Under Construction Post Acquisition Sale Deliveries as at the end of Q1 Q2 Deliveries Update The Global Picture: 3 sites, 159 units f

  11. Slide 11: Ancillary Businesses Continue To Deliver Cash

    Neinor Homes – Corporate Presentation 3 Ancillary Businesses Continue To Deliver Cash Ancilliary Legacy Remaining BV and Business Q1Sales (EUR m) Quarterly Q2 Ancilliary Servicing Revenues Business Update and EBITDA evolution 250 Sales: EUR 57m LEGACY Remaining BV: EUR 163m 200 Quarter in line with

  12. Slide 12: Research Consensus

    Neinor Homes – Corporate Presentation 3 Research Consensus Eight research houses initiated coverage in May 7 out of 8 research analysts recommend to buy the stock Average target price of EUR 20.9 per share vs EUR 18.50 as at June 5th 12.9% upside to average target: 5.9% upside vs min (JPM) and 24.8%

  13. Slide 13: Non-Financial Reporting: Leading the Sector Transformation

    Neinor Homes – Corporate Presentation 4 Non-Financial Reporting: Leading the Sector Transformation Institutionalization • Land acquisitions: Company implemented in June the Code of Best Practices for land brokers • Half-year audit: Company to publish limited review conducted by Deloitte on presentin

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