Metrovacesa Sa · BME:MVC
Metrovacesa Sa — Q3 2023 Earnings Presentation
16 slides from Metrovacesa Sa's earnings presentation, Oct 25, 2023
Slide 1: Trading update 3Q2023
Sol de Llevant (Palma de Mallorca) Trading update 3Q2023 October 25th, 2023
Slide 2: Disclaimer
Disclaimer This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA (“Metrovacesa”). This Presentation, as well as the information included th
Slide 3: Agenda
Agenda Table of Contents 1. Highlights 2. Business Update 3. Closing remarks Today’s Presenters Jorge Pérez de Leza Borja Tejada Juan Carlos Calvo CEO CFO Strategy & IR 3.
Slide 4: 1. Highlights
Nieremberg 14 (Madrid) 1. Highlights
Slide 5: Highlights
Highlights Housing demand is holding up Market • Good tone in residential demand, despite higher mortgage rates and a volatile macro context context Solid operational performance • 3Q is our strongest quarter in pre-sales so far this year (+37% YoY), despite the usual seasonality MVC • Backlog conti
Slide 6: 2. Business Update
La Sínia (Martorell, Barcelona) 2. Business Update
Slide 7: Key operational data
Key operational data as of September 30th, 2023 Active Deliveries / Land Construction Financials projects Sales portfolio Sales Backlog (1) Land Sales 3,591 €1,148m 4,650 units under 982 units €13.1m in P&L revenues €315m Sold units €320 k/unit ASP (2) construction (3) delivered €41.3m Total binding
Slide 8: Pre-sales
Pre-sales Continued positive demand dynamics in 3Q Net pre-sales: increase in volumes in 9M Monthly absorption rate (1) # units Pre-sales per quarter (# units) 5% 4% 1,402 1,341 178 3% BTR 2% Average 2019-2023 568 1% 483 494 412 425 361 318 0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4
Slide 9: Residential deliveries
Residential deliveries On track to meet FY23 targets 9M23 deliveries: increase in ASP and gross margin Revenues €346m €289m Confirmation of FY targets 1,400 1,200 1,327 1,000 Deliveries per quarter (2023) 800 982 600 • High concentration of # units 410 331 deliveries in 4Q this year due 400 241 to t
Slide 10: Operational activity
Operational activity Mid-term objective of >2,000 units p.a. Improved operational metrics Operational KPIs are a good indication of revenues for the next ~3 years 3,591 ✓ Future revenue of €1.1bn, with ASP Pre-sales 3,171 of €320k per unit (+2.9% vs Dec22) Presales coverage 3,033 (% of target delive
Slide 11: Land activity
Land activity Progress on land sales and acquisitions 9M23 Land sales in 9M23: €54.4m including sales backlog Land purchases in 9M23: €26m investment, +500 units Selective new land purchases: • As a top-up to complement our land portfolio • On commercially attractive locations €52m(1) €41.3 m (1) Ma
Slide 12: Operating results
Operating results Summary €m 9M 2022 9M 2023 Total revenues €302.1 m Revenues 351.8 302.1 Development 345.8 289.0 Land sales 6.0 13.1 Gross development margin Gross Profit 73.6 64.7 22.4% Development 73.5 64.9 % gross margin dev`t 21.2% 22.4% Land sales 0.1 -0.2 EBITDA €29.0 m EBITDA 34.1 29.0 12.
Slide 13: 3. Closing Remarks
Novo Ariza (Valladolid) 3. Closing Remarks
Slide 14: Dividend proposal and shareholders’ meeting
Dividend proposal and shareholders’ meeting New €50m payment in December • Dividend proposal, subject to approval in Next dividend the next shareholders’ meeting €0.33 • Payment by December 21st, 2023, against paid-in reserves (0% withholding tax) per share Shareholders’ Meeting Call: • Extraordinar
Slide 15: Closing remarks
Closing remarks Market trends: positive trend holding up Context still uncertain, need to adapt if trends change Strong visibility for our 2023-2025 deliveries Keeping up with our strategy and operational targets Reiterating our full-year guidance €100m to €150m cashflow in 2023 15.
Slide 16: Q & A
Villas del Mar, render (Benicasim, Castellón) Q &A