1 April 2022 - 31 March 2023
Presentation
FY 2022
Results
31 May 2023
Marina Real III (Denía, Alicante)
Legal Disclaimer
By attending this presentation (the "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 has been prepared by AEDAS Homes, S.A. (the "Company") and comprises slides for a corporate presentation to the market of the Company and its subsidiaries (the "Group").
For the purposes of this disclaimer, "Presentation" means this document, its contents or any part of it. This Presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient to any other person, for any purpose other than the aforementioned.
This Presentation has not been verified by independent third parties and therefore no representation, warranty or undertaking, express or implied, is made, nor is any guarantee given as to the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation.
None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss, damage or harm howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.
This Presentation is for informational purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company's publicly available information and, if applicable, the oral briefing provided by the Company. The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, no obligation is undertaken to amend, correct or update this Presentation or to provide access to any additional information that may arise in connection with it is undertaken.
Likewise, it is not the Company's intention to provide, nor can this material be deemed to provide, a complete and comprehensive analysis of the Company's financial or trading position or prospects.
This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company and the Group. You are solely responsible for seeking independent professional advice in relation to the Company and the Group. Neither the Company nor its affiliates, nor any of their employees, officers, directors, advisors, consultants or agents assumes any responsibility or liability for any information or action taken by you or any of your officers, employees, agents or associates based on such information.
This Presentation contains financial information regarding the businesses and assets of the Company and the Group. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and the Group and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total.
Certain statements in this Presentation are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions, many of which are generally beyond the Company's control, and could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future.
The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for informational purposes only.
The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions.
Neither this document nor any of the information contained herein constitutes or forms part of, and should not be construed as, an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, or any advice or recommendation with respect to such securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription for securities of the Company should be based solely on each investor's own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No decision should be based on this Presentation.
This document is a translation of a report originally issued in Spanish. In case of any discrepancy, the Spanish-language version will prevail.
The definition and purpose of the Alternative Performance Measures are available in the Company's website, in particular, in section "Shareholders and Investors >> Investor kit >> Alternative Performance Measures" https://www.aedashomes.com/en/investors/investor-kit/capital/contribution
AEDAS Homes | FY 2022 Results | 2 |
Gaetana (Torrejón de Ardoz, Madrid)
01
Highlights
Context remains volatile, but solid sector fundamentals support long-term growth
Economy showing positive signs
Positive growth outlook for Spain…
(OECD Report, March 2023)
5.5%
3.5%
1.7% | 1.7% | ||||||||
1.5% | |||||||||
0.8% | |||||||||
2022A | 2023E | Euro | 2024E | ||||||
Spain | area |
…with a stable labour market (20M+ in employment)
(evolution of workforce, INE, IMF April 2023)
21
20 | Unemployment rate: |
13.3% in Q1 2023 | |
19 | Unemployment rate |
2023E-24E:12%-13% | |
18
Households still financially resilient
Reduction in outstanding mortgage balance…
(€bn, Bank of Spain)
700 | 12 | ||||
600 | 10 | ||||
500 | 8 | ||||
6 | |||||
400 | 4 | ||||
300 | 2 | ||||
200 | 08/2011 | 12/2013 | 04/2016 | 08/2018 | 0 |
04/2009 | 12/2020 03/2023 | ||||
Outstanding mortgage balance | New mortgages |
…with new mortgages still with attractive conditions…
(fixed rate mortgage loans data except for tenure, March 2023, INE)
64% | 3.2% | 25 years |
Fixed rate | Interest rate | average term |
…and household savings at positive levels
(INE and Bank of Spain, 2022)
+6.5% | 7.2% | Net Financial |
Total payroll | Gross household | Wealth |
Stable in 2022 | ||
vs. 2021 | savings rate | |
Solid long-term fundamentals
Limited supply of new-build homes: fewer than 90,000 units completing construction annually
(thousands of new-build homes completed, MITMA)
87 | 94 | 89 | ||
Average 2017-22: 78k | ||||
78 | ||||
54 | 64 | |||
2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Household formation: the lever which supports growth in residential demand
(new households formed, in millions, INE)
21,7
+2,7M | 21,0 |
20,0
18,9
2022 | 2027 | 2032 | 2037 |
AEDAS Homes | FY 2022 Results | 4 |
Tier-1 landbank attractive to mid-high segment of demand
Diversified, high-quality and liquid landbank covering ~5 years of deliveries
Over 15,0001 units (€2.1Bn GAV), of which ~ 75% are active, located in the most dynamic regions of Spain
North (7%4)
Catalonia &
Aragon (16%4)
90%
ready-to- build land4
Madrid (26%4)
Discerning customer base with mid-to-high purchasing power
Retail customer | Product | |
profile2 | type2 | |
€385k | Foreigners | 67% |
Average | 28.7% | Primary |
Selling Price3 | Spanish | residence |
nationals | ||
71.3% | ||
46 years | 90% |
Design | Completed |
phase | |
product | |
21% | |
8% | |
>11,000+. 0
activeactiveunits units
Under
Marketingconstruction
20%51%
Andalusia & Canary
Islands (16%4)
Costa del Sol (16%4)
East & Mallorca (19%4)
20 provinces 60+ municipalities
Average | Multi-family | ||
customer age | Alone | product | |
19.5% | |||
With | |||
~60% | |||
30-35% | partner | ||
80.5% | |||
Settle 100% in | have | ||
sustainability | |||
cash | |||
high on their list | |||
Notes: (1) Landbank March 2022 (17,000 units) + new Investments completed in FY 2022 (1,428) + committed investments but pending to be executed in FY 2022 (496) - deliveries FY 2022 (2,730) - land sales (431) - share exchange (439) - adjustments (69) = 15,255 units; (2) Data 2022; (3) Average Selling Price of BTS units sold in FY 2022; (4) In terms of GAV for the landbank recorded in the balance sheet as of March 2023 and in terms of RtB cost for the committed investments as of March 2023
AEDAS Homes | FY 2022 Results | 5 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Aedas Homes SA published this content on 31 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 06:13:08 UTC.