Neinor Homes SA · BME:HOME
Neinor Homes SA — H1 2020 Earnings Presentation
18 slides from Neinor Homes SA's earnings presentation, Jul 30, 2020
Slide 1: H1 2020 Results Presentation
MAIRENA HOMES - SEVILLA DELIVERED Q2 2020 H1 2020 RESULTS PRESENTATION 30th JULY 2020
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 information which has been subject to prior registration or control by the Spanish Securities Market Commission. “Presentation” means this document, it
Slide 3: Presenters and agenda
Borja García Jordi Argemí Juan Gómez Vega Egotxeaga García Chief Investor Chief Executive Officer Relations Officer Deputy CEO / CFO 1 2 A Business & Q&A Appendix Financial Review Member of: IBEX MID CAP® 3
Slide 4: H1 2020 Executive Summary
H1 2020 EXECUTIVE SUMMARY Profitability despite the COVID outbreak: €100m+ revenues / 28% gross development margin / €15m EBITDA Sales and Construction Progress: Commercial activity recovery: pre-sales of 225 units in June (332 in Q2) 686 units pre-sold in H1 taking order book above 3,000 units 49 s
Slide 5: Short-term contingency plan executed
SHORT-TERM CONTINGENCY PLAN EXECUTED Capex and corporate financing: 100% developer financing committed for 2020, 2021 and most 2022 developments - c. €280m signed YTD (c. €250m since April1) New €40m corporate line to strengthen cash position Strong pre-sales: 332 units sold in Q2 (225 pre-sales in
Slide 6: Business & Financial Review
Business & Financial 1 Review ALBORADA HOMES – MALAGA Delivered Q2 2020
Slide 7: H1 2020 Operating Highlights
H1 2020 OPERATING HIGHLIGHTS JUNE 2020 SNAPSHOT H1 2020 PROGRESS Licenses Development 10,500+ units c. 5,000 units 500+ 254 600 obtained Activity LandBank WIP & FP 600+ acc. submitted(1) WIP Starts Deliveries 40% lead drop in 6,000 300 5,000 4,000 March / April 250 200 4,500+ leads(2) 3,000 150 In J
Slide 8: Development Status
DEVELOPMENT STATUS STATUS WIP STATUS1 REVENUE VISIBILITY 15% DELIVERED • c.600 units delivered or in delivery process LPO(3) 20% CURRENT PRE-SALES • 254 units delivered by Jun. 30th 2020 FAÇADE 57% WORKS 24% CFO(2) 83% • c.350 units in delivery process • Awaiting LPO3 for 400 units 100% WIP 100% LIC
Slide 9: H1 2020 Financials Highlights
H1 2020 FINANCIALS HIGHLIGHTS EBITDA of €15M and Net Income of €7M Quarterly Progress Financial KPIs Revenues P&L €101m €15m €7m 51 51 Revenues EBITDA Net Income Q1 2020 Q2 2020 EBITDA €1.3bn 82% Balance Sheet Development €133m 8 7 Of Development Cash¹ Stock Stock is Active Q1 2020 Q2 2020 Net Incom
Slide 10: Closing Remarks
CLOSING REMARKS H1 results: €100m+ revenues with €15m EBITDA and c.700 units pre-sold Rental Platform: 1,200-unit seed portfolio full on-track Short-term Contingency Plan successfully executed: 100% Capex Financed + new €40m Corporate Debt €130m+ Cash on Balance Sheet + High cash generation Digital
Slide 11: Q&A
2 Q&A MAIRENA HOMES – SEVILLA Delivered Q2 2020
Slide 12: Appendix
A Appendix ITURRIBARRI II - BILBAO Delivered Q2 2020
Slide 13: Detailed Order Book and Leads Evolution
DETAILED ORDER BOOK AND LEADS EVOLUTION Leads: weekly evolution 1,600 1,400 1,200 1,000 800 600 400 200 0 Leads Pre-sales: order book evolution during H1 13
Slide 14: Revenues of €101M with EBITDA reaching €15M
REVENUES OF €101M WITH EBITDA REACHING €15M Sharp decline in revenues YoY explained by the lock-down deferring site deliveries into H2 Summary P&L (in €M) €M H1 2020 H1 2019 H1'20 vs H1'19 € 101 M REVENUES Revenues 101.3 161.8 -60.5 -37% Gross Margin 36.0 50.6 (14.6) -29% Development Legacy Servicin
Slide 15: Cash Flow: Accelerating Capex
CF I ACCELERATING CAPEX Positive operating activities Cash Flow: c.€14M Summary Cash Flow (in €M) €M H1 2020 H1 2019 H1'20 vs H1'19 Profit (Loss) before Tax 9.6 17.1 (7.5) -43.6% Adjustments 3.9 6.6 (2.7) -40.7% c.€14M FROM OPERATING ACTIVITIES Amortization 1.9 2.1 (0.2) -11.9% Finance Costs/Revenue
Slide 16: Balance Sheet: €1.5bn Asset Base
BS I €1.5BN ASSET BASE Summary Balance Sheet (in € m) €M H1 2020 FY 2019 Q2'20 vs FY'19 PPE 6.5 7.2 (0.7) -9.7% Right of use assets 2.8 3.3 (0.5) -15.0% Investment Property 0.2 0.2 (0.0) -2.8% Other Non-Current Assets 2.0 2.3 (0.3) -13.7% Deferred Tax assets Non-Current Assets 25.5 37.0 25.5 38.5 -
Slide 17: Conservative Leverage: LTV at 19%
CONSERVATIVE LEVERAGE: LTV AT 19% Net debt (in € m) €M H1 2020 FY 2019 Q2'20 vs FY'19 Gross Debt 381.7 365.7 16.0 4.4% CONSERVATIVE DEBT RATIOS Non-Current Bank Borrowing 90.0 50.0 40.0 80.0% LTV AT 19% Corporate Financing 90.0 50.0 40.0 80.0% Current Bank Borrowing 291.7 315.7 (24.0) -7.6% Develope
Slide 18: The Leading Residential Group
The Leading Residential Group Video ENG / ESP