Neinor Homes SA · BME:HOME
Neinor Homes SA — FY2021 Earnings Presentation
25 slides from Neinor Homes SA's earnings presentation, February 2022
Slide 1: FY21 Results Presentation
FY21 RESULTS PRESENTATION FEBRUARY 2022 IBEX MID CAP®
Slide 2: Disclaimer
DISCLAIMER This Presentation has been prepared by Neinor Homes, S.A. (“Neinor”) for information purposes only and it is not regulated information or other companies operating in the same sector and industry. This information has been derived from publicly-available sources and Neinor information whi
Slide 3: Agenda
01 02 03 04 A FY21 RESULTS: BUSINESS FINANCIAL FY21 RESULTS: APPENDIX KEY HIGHLIGHTS PERFORMANCE PERFORMANCE 2022 GUIDANCE REVIEW REVIEW 3
Slide 4: FY21 Results: Key Highlights
01 FY21 RESULTS: KEY HIGHLIGHTS RIBERA (BILBAO) I
Slide 5: Strong financial results amid intense commercialization and investment activity
FY21 RESULTS: KEY HIGHLIGHTS 01 STRONG FINANCIAL RESULTS AMID INTENSE COMMERCIALIZATION AND INVESTMENT ACTIVITY ▪ Consolidating market leadership position with 3,038# deliveries1 in FY21 (+90% YoY) 01 ▪ Exceeded our 2019-21 deliveries guidance by 12% (5,910# delivered vs 5,300#) ▪ Outstanding financ
Slide 6: FY21 Key Highlights: KPI summary
FY21 RESULTS: KEY HIGHLIGHTS 01 STRONG FINANCIAL RESULTS AMID INTENSE COMMERCIALIZATION AND INVESTMENT ACTIVITY DEVELOPMENT ACTIVITY RENTAL PLATFORM FINANCIALS c13,300# c10,500# C3,500# 1,125# €916mn €158mn LAND BANK LAND ACQUISITIONS LAND BANK HMB5 TOTAL REVENUES EBITDA10 6,404# 4,706# 1,995# 542#
Slide 7: Business Performance Review
02 BUSINESS PERFORMANCE REVIEW ARTOLA (MALAGA) I
Slide 8: Development Activity: Record commercialization activity
02 BUSINESS PERFORMANCE REVIEW: DEVELOPMENT ACTIVITY RECORD COMMERCIALIZATION ACTIVITY IN A POSITIVE PRICING ENVIRONMENT COMMERCIAL ACTIVITY MONTHLY NET ABSORPTION RATE1 (%) ▪ Absorption rate: Remained resilient during 2H21 6.7% continuing at record levels of 6-7% ▪ Orderbook: 80% of FY22 delivery t
Slide 9: Fully replenished land bank with c10,500# acquired
02 BUSINESS PERFORMANCE REVIEW: DEVELOPMENT ACTIVITY FULLY REPLENISHED LAND BANK WITH C10,500# ACQUIRED AND C€650MN DEPLOYED LAND ACQUISITIONS LAND INVESTMENT COMMITTED1 600 553 ▪ Total investment: Effectively doubled land bank with c10,500# acquired between opportunistic merger with Quabit and cher
Slide 10: Rental Platform: High ramp-up visibility towards c4,600#
02 BUSINESS PERFORMANCE REVIEW: RENTAL PLATFORM HIGH RAMP-UP VISIBILITY TOWARDS C4,600#, C€48MN GRI AND POTENTIAL C€1BN GAV OPERATING: 542# (21%) – GAV €102MN TOTAL: 2,537# NORTH: 158# SARDES HACIENDA GAV €341MN1 GAV: €26MN GRI: C€30MN LAUNCHED - 158# ▪ Hacienda was the first BTR delivery 6% ▪ Sky e
Slide 11: Rental Platform: Strong letting activity and Hacienda delivery
02 BUSINESS PERFORMANCE REVIEW: RENTAL PLATFORM STRONG LETTING ACTIVITY AND HACIENDA DELIVERY DRIVE PASSING GRI UPWARDS RENTAL ACTIVITY EVOLUTION OF PASSING GRI1 AND OCCUPANCY ▪ Sardes portfolio: Successful turnaround strategy 91% 94% 94% completed within one year of acquisition 88% 89% 81% 85% 88%
Slide 12: Financial Performance Review
03 FINANCIAL PERFORMANCE REVIEW MESAS HOMES (MÁLAGA) I
Slide 13: Financial Results Review: Strong cash flow generation
FINANCIAL RESULTS REVIEW 03 STRONG CASH FLOW GENERATION IN SPITE ADDITIONAL INVESTMENTS FY21 RESULTS Change Target Vs Target (€mn) FY20 FY21 (%) (€mn) (%) Total revenues 578.8 916.0 58% ▪ Total revenue: €916mn (+58% YoY) as development Gross profit 165.1 244.7 48% activity reached run-rate deliverie
Slide 14: FY21 Results: 2022 Guidance
04 FY21 RESULTS: 2022 GUIDANCE PORT FORUM HOMES IV (BARCELONA) I
Slide 15: High financial results visibility while pursuing optimal capital allocation
04 FY21 RESULTS: 2022 GUIDANCE HIGH FINANCIAL RESULTS VISIBILITY WHILE PURSUING A OPTIMAL CAPITAL ALLOCATION STRATEGY ▪ FY22 results: High visibility with 80% of target deliveries already pre-sold (Dec21) ▪ Deliveries: 2,500-3,000#1 ▪ Dividend: 50% payout ▪ Total Revenues: €800-900mn (ASP ~€300k/#)
Slide 16: Appendix
A APPENDIX SANT JUST III (BARCELONA) I
Slide 17: Income Statement
A APPENDIX INCOME STATEMENT 1 (€mn, unless stated otherwise) FY20 FY21 Change (%) FY21 REVENUE BRIDGE Revenues 578.8 916.0 58% Gross profit 165.1 244.7 48% Margin (%) 28.5% 26.7% -1.8 pp 916 Operating expenses -30.4 -67.0 120% +332 +3 +2 2 Overheads -24.2 -36.2 49% 27 Adj. EBITDA 110.4 141.6 28% BTR
Slide 18: P&L Statement – Development Activity and Rental Platform
A APPENDIX 1 P&L STATEMENT – DEVELOPMENT ACTIVITY AND RENTAL PLATFORM (€mn, unless stated otherwise) FY202 FY21 Change (%) (€mn, unless stated otherwise) FY20 FY21 Change (%) Land bank (#) 8,500 13,300 56% Total land bank (#) 1,200 3,500 191% BTR pipeline (#) 1,200 1,995 66% Active units (#) 4,500 6
Slide 19: Balance Sheet
A APPENDIX BALANCE SHEET (€mn, unless stated otherwise) FY20 FY21 Change (%) CHANGES IN BALANCE SHEET Investment property 0.2 105.6 N.M. Other non-current assets 22.2 36.7 65% Deferred tax assets 25.4 98.3 287% €1,967MN Non-current assets 47.7 240.7 405% Inventories 1,208.4 1,322.7 9% Other current
Slide 20: Cash Flow Statement
A APPENDIX CASH FLOW STATEMENT (€mn, unless stated otherwise) FY20 FY21 Change (%) CASH FLOW BRIDGE YTD EBT 90.7 123.1 36% Adjustments 19.0 50.3 165% CF from operating activities 109.7 173.5 58% Working capital change 48.9 -19.0 N.M. Change in inventories 0.2 136.5 N.M. Book value sold 413.7 671.3 6
Slide 21: Net Debt Position
A APPENDIX NET DEBT POSITION (€mn, unless stated otherwise) FY20 FY21 Change (%) LTV (%) LTC (%)1 Gross debt 335.6 558.6 66% 30% 30% 26% Non-current liabilities 73.2 342.5 368% 19.8% Bank borrowing 70.7 44.8 -37% 20% 20% Corporate financing 70.7 0.0 -100% 10% 10% 8.0% 10% Real Estate financing 0.0 4
Slide 22: Land Bank Snapshot by Activity and Geographical Breakdown
A APPENDIX LAND BANK SNAPSHOT BY ACTIVITY AND GEOGRAPHICAL BREAKDOWN TOTAL GAV €1,871MN1 GAV BY BUSINESS ACTIVITY GAV BY LAND TYPE C16,800# X% (% OF GAV) NORTH: C1,900# STRATEGIC EAST: C2,100# RENTAL 13% 20% 13% 9% DEVELOPMENT CENTRE: C6,800# 80% FULLY PERMITTED 87% 34% LEVANTE: C1,700# DEVELOPMENT
Slide 23: FY21 GAV Bridge
A APPENDIX FY21 GAV BRIDGE 1 1. Includes Savills appraisal of HMB 23
Slide 24: FY21 GAV to NAV and NNAV Bridge
A APPENDIX FY21 GAV TO NAV AND NNAV BRIDGE (€20.20/SH1) (€17.88/SH1) (€17.60/SH1) 1. Excludes treasury shares position. 24
Slide 25: The Leading Residential Group
THE LEADING RESIDENTIAL GROUP VIDEO ENG / ESP