Aedas Homes Sa · BME:AEDAS
Aedas Homes Sa — Q1 2020-21 Earnings Presentation
27 slides from Aedas Homes Sa's earnings presentation, May 20, 2020
Slide 1: 2020 Results Presentation
2020 Results Presentation 1 January – 31 March 2020 20 May 2020
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: Overview
Overview I II High visibility on revenues Strong solvency and liquidity 81% of new fiscal year 2020-21 deliveries and €136m total cash as of the end of March, 42% of 2021-22 are sold, giving the company including €50m in customer down payments strong visibility on future revenues. for developments u
Slide 4: Executive summary
Executive summary Jan-Mar • 167 units delivered, €70m in revenue • 28.4% gross margin, €7.9m in EBITDA 2020 • €22.7m in gross operating cashflow • €136m in cash (€86m in unrestricted cash) at end of March CASH • €267m of net financial debt at end of March • Loan-to-Value: 13% Escenario de demanda y
Slide 5: Activity update
Activity update1 Launches Sales 100% 100% 8% Under construction 91% Completed 81% 92% 42% 36% 16% 8% Reporting year 2020-21 Reporting year 2021-22 Reporting year 2022-23 Launches Sales Under construction Completed (1) Ratios calculated over number of expected deliveries AEDAS Homes - 2020 Results 5
Slide 6: 01 Operations Update
Piteas (Pozuelo de Alarcón, Madrid) 01 Operations Update
Slide 7: Operating activity prior to 14th March lockdown order (i)
Operating activity prior to 14th March lockdown order (i) VENTAS MENSUALES Monthly Sales (units) (Unidades) 169 1) Sales activity: 127 123 107 • 51% increase in pre-sales in 71 70 82 66 January-February 2020 vs 48 same period in 2019. January February March 2018 2019 2020 2) Construction and operati
Slide 8: Operating activity prior to 14th March lockdown order (ii)
Operating activity prior to 14th March lockdown order (ii) 3) Plans to diversify financing of the Secured debt (€m) 2020-23 Business Plan: Unsecured debt (€m) • Significant advances towards renewing 214 €150m Term Loan. 547 • Reviewing and renewing the €150m Commercial Paper Programme (MARF). • Spee
Slide 9: Operating activity after 14th March lockdown order (i)
Operating activity after 14th March lockdown order (i) I. Sales and marketing • The closing of sales offices (as of 14 March) resulted in a 55% drop in the units sold in March. • Deferment of April and May monthly payments requested by 18% of customers. • From 14 March-30 April, 32 units delivered,
Slide 10: Operating activity after 14th March lockdown order (ii)
Operating activity after 14th March lockdown order (ii) III. Financial area • Strong liquidity. €136m in available cash, of which €50m comes from customer down payments for developments currently under construction. • Developer loans. 4 new contracts signed totalling €46m, in line with previous cond
Slide 11: 02 Financial Results 2020
Hannon (San Adrián de Besós, Barcelona) 02 Financial Results 2020
Slide 12: Consolidated P&L: January – March 2020
Consolidated P&L: 1 January – 31 March 2020 Change Change (€m) 2020 Q1 2019 (€m) (%) Revenue from the sale of homes 70.0 14.0 56.0 399% Revenue from the sale of land - - - REVENUE 70.0 14.0 56.0 399% Cost of goods sold (50.1) (10.1) (40.0) 394% GROSS MARGIN 19.9 3.9 16.0 411% % Gross margin 28.4% 27
Slide 13: Balance sheet
Balance sheet Change Change (€m) 31 Mar 2020 31 Dec 2019 (€m) (%) Intangible assets 1.2 1.3 (0.1) -3.9% Property, plant & equipment 3.4 3.6 (0.2) -6.6% Other non-current assets 33.6 32.4 1.3 4.0% NON- CURRENT ASSETS 38.3 37.3 1.0 2.7% Inventories 1,343.9 1,275.4 68.5 5.4% Trade and other receivables
Slide 14: Net financial debt
Net financial debt (€m) 31 March 2020 31 December 2019 Change (€m) (A) Developer loans 135.3 79.3 56.0 (B) Corporate debt 218.2 233.4 (15.2) Syndicated loan 149.1 148.4 0.7 Commercial paper (MARF programme) 62.1 78.0 (15.9) Other corporate debt 7.0 6.9 0.1 Gross Financial Debt (A+B) 353.5 312.7 40.8
Slide 15: Financial leverage
Financial leverage 2020 2019 LTC1 19.9% 17.3% LTV2 13.3% 11.1% LTV1 including restricted cash 13.1% 12.7% Net financial debt / EBITDA (LTM) 4.0x 3.9x Average cost of debt 2.87% 2.90% Interest coverage 5.4x 6.9x Comfortably meeting all financial covenants: • Net financial debt / EBITDA LTM < 5x • L
Slide 16: Cashflow during the period
Cashflow during the period (€m) 2020 EBITDA 7.9 Cash recovered from landbank (delivered units) 16.7 Payment for financial costs (2.2) Payment of tax 0.3 GROSS OPERATING CASHFLOW 22.7 Payment for land investments (15.2) FREE FUNDS FROM OPERATIONS 7.5 Net investment in WIPs and developer loan drawdown
Slide 17: 03 Market Outlook
Bremond Son Moix (Palma de Mallorca) 03 Market Outlook
Slide 18: Market Outlook (i)
Market Outlook (i) 1 The Spanish homebuilding sector today is much better positioned to weather a challenging scenario than ten years ago. 2 Thanks to its superior geographical footprint, quality landbank and target market of mid and mid-high income clients, AEDAS Homes is well positioned to face th
Slide 19: Market Outlook (ii)
Market Outlook (ii) Housing Transactions TRANSACCIONES DE VIVIENDA Completed new-build homes INTENSIDAD DE INICIO DE VIVENDA NUEVA 1.000.000 per 1,000 (viviendas completadas inhabitants por (2018) 2018) cada 1.000 habitantes, 900.000 8 6,9 800.000 New-build Second hand 7 6,2 700.000 6 4,8 600.000 4,
Slide 20: 04 Appendix
Acosta (Bormujos, Seville) 04 Appendix
Slide 21: Landbank: 15,542 units
Landbank: 15,542 units CATALONIA 12% Barcelona – 1,437 units Tarragona - 221 units Zaragoza - 198 units Units launched = 5,625 + Future developments = 9,917 CENTRE 32% Landbank1,2 = 15,542 units Madrid – 4,698 units Valladolid - 230 units Navarra (Pamplona) - 80 units Pontevedra (Vigo) - 40 units EA
Slide 22: 5,625 units on the market as of end of March 2020
5,625 units on the market as of end of March 2020 1,2 200 units 1,247 units 2,635 units 5,625 units 2,265 units 1,772 units 2017 2018 2019 2020 Aggregated Launches as of 31 deliveries March 2020 (1) A project is considered launched when marketing kicks off. (2) Total aggregate launches. AEDAS Homes
Slide 23: Sales evolution: 2,911 units in Order Book (€964m)
Sales1 evolution: 2,911 units in Order Book (€964m) 81% of 2020 and 42% of 2021 deliveries sold €109m €433m €532m 340 units 1,247 units 1,663 units €347K/unit €320K/unit €321K/unit €964m 2,911 units €447m €331K/unit 1,240 units €316K/unit €310m 915 units €339K/unit 2017 2018 2019 2020 Aggregated Ord
Slide 24: Construction and permits
Construction and permits Units under construction 4,198 units 453 units 24 units 4,627 units As of 31 December 2019 Construction starts January-March Completed units Total under construction as of 31 2020 March 2020 Building permits 922 units 24 units 5,587 units 4,689 units As of 31 December 2019 J
Slide 25: Regional breakdown
Regional breakdown Permits granted Catalonia Aggregated Order Book 66 units 7% Centre Launches 309 units Andalusia 34% Andalusia 922 units Centre 339 units Centre 1,192 units 12% 1,984 units 1,100 units 18% East and 29% 38% Mallorca 547 units 59% Catalonia Catalonia 6,872 units 565 units 2,911 units
Slide 26: Cash Flow Statement
Cash Flow Statement Change (€m) 2020 2019 (€m) Profit before taxes 3.0 44.5 (41.5) Adjustments for finance income/costs 4.4 9.5 (5.1) Net finance results 4.5 20.3 (15.8) Borrowing costs capitalized in inventories (1.6) (11.0) 9.4 Change in fair value of financial instruments and exchange differences
Slide 27: Dampier El Masnou, Barcelona
Dampier El Masnou, Barcelona