Neinor Homes Sa · BME:HOME
Neinor Homes Sa — Shareholder Meeting (April 2020)
19 slides from Neinor Homes Sa's shareholder meeting presentation, Apr 1, 2020
Slide 1: General Shareholders Meeting
ATRIA HOMES – MADRID DELIVERED Q1 2019 GENERAL SHAREHOLDERS MEETING Chief Executive Officer Presentation 1st APRIL 2020
Slide 2: Borja García Egotxeaga, Chief Executive Officer
Borja García Egotxeaga Chief Executive Officer 1 2 3 A Resolution 2019 Launch of Appendix Proposals Results Neinor Rental Member of: IBEX MID CAP® 2
Slide 3: Resolution Proposals
1 Resolution Proposals AIGUADOLÇ HOMES – SITGES Delivered Q2 2019
Slide 4: Agenda: Annual Accounts and Board changes
AGENDA Approval of the 2019 Annual Accounts and distribution of the results, Board changes and renovations • Annual Accounts • Management Reports Formulation and • Management of the Board of Directors approval of the • Auditor Reelection Annual Accounts • Application of the Individual Result for the
Slide 5: Agenda: Incentive plans, remuneration and treasury shares
AGENDA Approval of the long term incentive plans, board of directors' remuneration and treasury share policy • Approval of the new Management Incentive Program (2020-2022) for the Items related to executive directors and management team remunerations • Approval of the director's remuneration policy,
Slide 6: 2019 Results
2 2019 Results RIVERSIDE HOMES – MADRID Delivered Q4 2019
Slide 7: Solid Performance in 2019
SOLID PERFORMANCE IN 2019 Proven profitability: €489m revenues and €64m Net Income Guidance exceeded: Developer gross margin: 30% vs. 28% target €104m EBITDA Adjusted vs. €70m target 80% of 11,000-unit land bank in production – High cash-flow visibility Strong asset base: NAV(1): €1,288m / NAV per s
Slide 8: 2019 Operating Highlights
2019 OPERATING HIGHLIGHTS DECEMBER 2019 SNAPSHOT FY 2019 PROGRESS Licenses Development 11,000+ units c. 5,000 units 2,200+ obtained 2,700+ 1,269 Activity LandBank WIP & FP 1,300+ acc. submitted(1) WIP Starts Deliveries 2,660 (c. €900m) 1,418 units c. 70% / 40% / 20% Orderbook units Pre-sold Pre-sale
Slide 9: 2019 Financial Highlights
2019 FINANCIAL HIGHLIGHTS 2019 performance allows anticipation of initial annual dividend of €40m, to be paid in 2020 Financial KPIs Year on Year Progress +41% Development Revenues P&L €489m €104m €64m 313 442 Revenues(1) EBITDA Adjusted Net Income FY2018 FY2019 €1.2bn 80% Balance Sheet Development
Slide 10: Launching Neinor Rental
Launching 3 Neinor Rental ABRA HOMES – VIZCAYA Delivered Q4 2019
Slide 11: Strategic Step into the Biggest Residential Opportunity
STRATEGIC STEP INTO THE BIGGEST RESIDENTIAL OPPORTUNITY • 23% of Spaniards rent, up from 16% in 2001 (1) THE PRIVATE • Limited supply: A rental unit is rented in just 1.5 months (1) RENTED SECTOR (PRS) • Affordability + generational choice: 75% of renters are under 35 years old(1) STRATEGIC • Initia
Slide 12: Neinor Rental Seed Portfolio: 1,200 Units
NEINOR RENTAL SEED PORTFOLIO: 1,200-UNITS • Selected locations with solid rental market economics ATTRACTIVE • Initial projects with high profitability ECONOMICS • Developed at 6-7% gross yield on cost • ROE of 15% • Launching fully-financed • No equity requirement A FLEXIBLE ADD-ON • Seed portfolio
Slide 13: Appendix
A Appendix RIVERSIDE HOMES – MADRID Delivered Q4 2019
Slide 14: Almost 1,300 Units Notarized in 2019
ALMOST 1,300 UNITS NOTARIZED IN 2019 High execution power across 5 different offices to surpass guidance • Sant Just Homes (Q3) • Abra Homes (Q4) 331 • Sant Just, Barcelona 28% • Santurtzi, Bizkaia Units • 118 Units • 76 Units 406 35% Units 247 21% Units • Riverside (Q4) • Madrid, Madrid • 30 Units
Slide 15: P&L: EBITDA Adjusted of €104M
P&L: EBITDA ADJUSTED OF €104M – C.2X VS 2018 Solid financial KPIs reflecting operational progress Summary P&L (in €M) FY'19 vs €M € 489 M REVENUES FY 2019 FY 2018 FY'18 Revenues 489.1 381.8 107.3 28% Gross Margin 160.4 121.7 38.7 32% Development Legacy Servicing €442.3m €14.6m €32.2m Gross Margin (%
Slide 16: Cash Flow: Accelerating Capex
CF I ACCELERATING CAPEX €130M+ OF FREE CASH FLOW AND NET CASH FLOW OF 57M Summary Cash Flow (in €M) FY'19 vs €M FY 2019 FY 2018 FY'18 Profit (Loss) before Tax(1) Adjustments 81.3 22.1 44.2 23.7 37.1 (1.6) 83.9% -6.7% +€143M OPERATING CASH FLOW VS €52 M IN 2018 Amortization 4.0 1.3 2.6 n.s. Finance C
Slide 17: Balance Sheet: €1.47BN Asset Base
BS I €1.47BN ASSET BASE Development stock of €1.2bn Summary Balance Sheet (in € m) €M FY 2019 FY 2018 FY'19 vs FY'18 PPE 7.2 7.7 (0.4) -5.8% Right of use assets 3.3 - 3.3 100.0% Investment Property 0.2 1.0 (0.8) -78.2% Other Non-Current Assets Deferred Tax assets 2.3 25.5 2.7 22.3 (0.4) 3.2 -16.2% 1
Slide 18: Continuing with Conservative Debt Ratios
CONTINUING WITH CONSERVATIVE DEBT RATIOS Debt in check as we delivered, paid and extended Corporate Debt and drew-down buy-back line Net debt (in € m) CONSERVATIVE DEBT RATIOS Change FY '19 vs €M FY 2019 FY 2018 FY'18 LTV AT 16% Gross Debt 365.7 380.5 (14.8) -3.9% Non-Current Bank Borrowing 50.0 - 5
Slide 19: The Leading Residential Group
The Leading Residential Group "When you think of a Home, think of Neinor Homes" Video ENG / ESP