Company presentation
September 2020
40years | ofHELMA | |
2020 | ||
- | ||
1980 |
- Investment case
- Business model
- Market environment
- Order book position
- Financial figures
- Forecast
- Share
- Annex
Disclaimer
Comment on forward-looking statements
The information published in this presentation relating to the future development of HELMA Eigenheimbau AG and its subsidiaries refers only to forecasts and estimates and thus not to given historic facts. This merely serves for information purposes and may contain words such as "intend", "aim", "expect", "plan", "forecast", "assume" or "appraise". These forward-looking statements rely on the information, facts and expectations available to us at present, and therefore only apply at the point in time of their publishing.
Forward-looking statements are generally prone to uncertainties and risk factors difficult to estimate in their impact. The actual results and development of the company could therefore materially deviate from the forecasts. HELMA Eigenheimbau AG and its subsidiaries intend to monitor and update the published data at all times. Nevertheless, the company is not responsible for adapting the forward-looking statements to later events and developments. As a result, it is neither expressly nor actually liable for and does not assume any guarantee for the timeliness, accuracy and completeness of this data and information.
Note on rounded amounts and percentages
Slight differences can occur in the summation of amounts and percentages in this presentation due to commercial rounding.
2 | Company presentation September 2020 |
1. Investment case
HELMA
ƒ … is a leading supplier of individual detached houses as well as preplanned semi-detached, terraced and multi-family houses as well as holiday properties in Germany.
- … invests on a large scale in land plots in major German cities and their suburbs as well as in attractive holiday regions.
ƒ … has a very high level of customer satisfaction, which is essential for continuous business expansion.
- ƒ … enjoys a long-termrevenue visibility due to a broadly diversified and extensive project pipeline, which is characterised by favourable entry conditions and is thereby also balanced.
- … strives for a long-term continuation of the profitable growth as soon as the market environment has been normalised, after the company's profits have already continuously grown significantly over the past ten years.
3 | Company presentation September 2020 |
2. Business model
Classic building services business - since 1980 (Group parent company)
- Individual detached houses built for private end-users according to the solid construction method ("brick on brick").
- Houses built on customers' land at locations almost all across Germany.
Total market: More than 80 % of owner-occupied houses in Germany are built using the solid construction method
Residential property development - since 1984 (93.9%-ownedsubsidiary)
Individual detached houses built utilising the solid construction method including land plots in attractive major German cities as well as their affluent suburbs for private end-users.
In the regions of Berlin / Potsdam, Hamburg / Hanover, Leipzig and Munich, additionally also preplanned semi-detached and terraced houses as well as owner-occupied apartments in each case including land plots for private end-users (focus) and institutional investors.
Holiday property development business - since 2011 (95.1%-ownedsubsidiary)
Development, planning and sale of holiday properties to private customers for own use or as high-yield capital investment.
Including land with current focus on the North Sea and Baltic Coast, German seaside locations, and the low mountain range.
Financial advice that is not tied to a specific bank - since 2010 (Wholly-ownedsubsidiary)
Financing and building insurance broking across the whole of Germany - especially for HELMA Group private customers.
4 | Company presentation September 2020 |
2. Business model | Büsum |
Kappeln
Rügen
Competitive strengths
ƒ Experienced: Several thousand references |
ƒ Attractive: Individual all-inclusive packages |
ƒ Value-retaining: Sustainable product quality |
Tossens Burhave
Dortmund
Hamburg
Hanover
Zerpenschleuse
Berlin
Potsdam
Magdeburg
ƒ | Personal: Regional presence |
ƒ | Secure: High creditworthiness and |
Dusseldorf
Lake Sorpe
Winterberg
Leipzig
Dresden
transparency |
Core region HELMA Eigenheimbau AG: individual detached houses |
excluding land plots |
Core region HELMA Wohnungsbau GmbH: individual detached |
houses, preplanned semi-detached and terraced houses as well as |
owner-occupied apartments in each case including land plots |
Extended core region HELMA Wohnungsbau GmbH: individual |
detached houses including land plots |
Project region HELMA Ferienimmobilien GmbH |
Sales location |
Cologne
Bonn
Gießen
Koblenz
Frankfurt
Mannheim
Chemnitz
Zella-Mehlis
Würzburg
Munich
Status as of June 30, 2020
5 | Company presentation September 2020 |
2. Business model
Value chain
Individually planned detached houses excluding land plots
- Supporting our customers in the search for land plots
- Providing advice on building law regulations
- Purchase of land by our customers
Individually planned detached houses including land plots
- Land acquisition
- Searching for attractive land plots
- Examination of land plots for utilisation and development possibilities
- Project development
- Planning of property areas
LAND PURCHASE Obtaining development plans
SALES LAUNCH
START OF CONSTRUCTION
- Individual planning
- Planning of individual solid construction houses together with our customers
- Financing and building insurance advice via Hausbau Finanz GmbH
- Sampling of various components
- Preparation of building application documents (construction drawings, structural analysis, German Energy Saving Ordinance certificates)
- Tendering and awarding of construction works to subcontractors
- Project realisation
- Coordination and monitoring of construction progress by HELMA site managers to ensure compliance with quality standards
- Acceptance of work components after completion
HANDOVER OF KEYS
6 | Company presentation September 2020 |
2. Business model
Value chain
Preplanned residential units in semi-detached, terraced, and multi-family houses including land plots
Preplanned holiday houses and apartments including land plots
01. Land acquisition
- Searching for attractive land plots
- Examination of land plots for utilisation and development possibilities
LAND PURCHASE
02. Project development
- Planning of property areas
- Obtaining planning permission
- Tendering and awarding of components to sub- or generalcontractors
PLANNING
03. Sale
-
Marketing to private customers and institutional investors before the start of
constructionand during the construction phase - Financing and building insurance advice via Hausbau Finanz GmbH
SALES LAUNCH
04. Project realisation
- Coordination and monitoring of construction progress by HELMA site managers to ensure compliance with quality standards
- Acceptance of work components after completion
START OF CONSTRUCTION
Optional all-inclusive package | |||
for holiday properties: | |||
rental, administration and | |||
caretaker service through | |||
integrating partner companies | |||
HANDOVER | OF KEYS | ||
7 | Company presentation September 2020 |
2. Business model
HELMA Eigenheimbau and HELMA Wohnungsbau: individual dream houses
8 | Company presentation September 2020 |
2. Business model
HELMA Wohnungsbau: Reference projects for property development business - individual detached houses (extract)
Dallgow-Döberitz (Berlin / Potsdam region; 90 units in detached houses | and | Berlin - Havelmarina (174 detached houses and 119 units in | Laatzen - Erdbeerhof (Hanover region; 167 units in detached houses, terraced | |||
terraced | houses in a total of 2 projects for sale / under construction) | terraced houses and multi-family houses for sale / under construction) | houses, and multi-family houses in planning / for sale / under construction) | |||
Berlin - Karlshorst (255 detached houses realised)Berlin - Pankow (110 detached houses realised)
9 | Company presentation September 2020 |
2. Business model
HELMA Wohnungsbau: Reference projects for property development business - preplanned semi-detached houses, terraced houses and owner-occupied apartments (extract)
Garbsen (Hanover region; 9 terraced houses and 58 apartments for sale / under construction) | Munich - Waldtrudering (2 semi-detached houses und 16 apartments for sale / under construction) |
Hennigsdorf (Berlin region; 4 semi-detached houses und 8 terraced houses under construction)Leipzig - Bleichertstraße (11 apartments under construction)
10 | Company presentation September 2020 |
2. Business model
HELMA Wohnungsbau: Reference projects for property development business - preplanned semi-detached houses, terraced houses and owner-occupied apartments (extract)
Gilching (Munich region; 13 apartments for sale / under construction) | Hamburg - Meiendorf (8 terraced houses realised) |
Hanover - Anderten (6 semi-detached houses and 25 terraced houses for sale / under construction)Berlin - Havelmarina (14 terraced houses realised)
11 | Company presentation September 2020 |
2. Business model
HELMA Ferienimmobilien: OstseeResort Olpenitz with 1,350 units in Schleswig-Holstein - around half of the units have already been completed
Construction phase V:
c. 210 Holiday apartments plus c. 50 commercial units
Construction phase III-A: | ||
Construction phase III-C: | c. 88 Holiday houses / | |
c. 10 Holiday apartments | Holiday apartments | |
Construction phase II-D: c. 10 Holiday apartments
Construction phase III-B: c. 60 Floating houses
Construction phase II-A: c. 125 Holiday houses
Construction phase I
c. 36 Holiday apartments
Construction phase VII-A: c. 64 Holiday houses
Construction phase VI: c. 405 Holiday houses / Holiday apartments
Construction phase II-C: | Construction phase VII-B: | |
c. 10 Holiday apartments | c. 16 Holiday apartments | |
Construction phase II-B: c. 134 Holiday apartments
Construction phase IV:
c. 134 Holiday apartments
12 | Company presentation September 2020 |
2. Business model
HELMA Ferienimmobilien: Projects on the North Sea and in the low mountain range (extract)
GebirgsResort Winterberg (82 units in planning) | NordseeResort Büsum (113 units for sale / under construction) |
NordseeResort Burhave (190 units in planning)SorpeseeResort (350 units in planning)
13 | Company presentation September 2020 |
2. Business model
Ecological and social responsibility
Reducing CO2 emissions
Compared to the 2007 standard for new buildings, the houses and apartments we realise each year achieve CO2 emission reductions of over 2,000 tonnes per year.
Sustainable resource utilisation
As a member of the German Working Group for Environmentally Conscious Management (B.A.U.M.) and the Sonnenhaus Institute, we actively participate in the development and application of sustainable and resource-conserving energy concepts.
Social responsibility
We are committed to supporting social institutions that assist children, young people and families in difficult situations.
Cottbus (2 energy self-sufficientmulti-family houses with a total of 14 units realised)
14 | Company presentation September 2020 |
3. Market environment
Basically positive framework data
- Trend towards living in conurbations centred on major German cities
- Housing shortage in large German cities due to high influx rates
- Low homeownership rate of 45 % in Germany
- Real estate enjoys high status as a retirement provision and as capital investment
- Very good financing terms
Residential building approvals and completions in Germany
400,000 | ||||
350,000 | ||||
300,000 | ||||
250,000 | ||||
200,000 | ||||
150,000 | ||||
100,000 | ||||
50,000 | ||||
0 | 2016 | 2017 | 2018 | 2019 |
Building approvals Building completions
Uncovered demand for newbuild dwellings per year between 2016 and 2019
Source: Federal Statistical Office / ifo
- Construction activity fell short of demand, especially in major cities and conurbation centres.
15 | Company presentation September 2020 |
4. Order book position
HELMA Group new order intake and order book position
k€ | ||||||||
300,000 | 296,486 | |||||||
278,576 | ||||||||
250,000 | ||||||||
200,000 | 202,712 | 197,405 | 199,775 | |||||
150,000 | + | 171,282 | ||||||
6 % | ||||||||
140,586 | + | |||||||
100,000 | 115,494 | + | 1 % | |||||
- | 18 % | |||||||
18 % | ||||||||
50,000 | ||||||||
0 | 2018 | 2019 | H1 2019 | H1 2020 | 12/31/2018 | 12/31/2019 | 06/30/2019 | 06/30/2020 |
New order intake, net | Order book, net |
- The record order book position as of December 31, 2019 comprised a good starting position for 2020.
- Order intake in H1 2020 significantly lower due to pandemic.
16 | Company presentation September 2020 |
4. Order book position
Group companies' contributions to consolidated new order intake
Share | Share | Share | Share | |||||||||||||
in k€ | 2019 | in % | 2018 | in % | H1 2020 | in % | H1 2019 | in % | ||||||||
HELMA Eigenheimbau AG | 121,737 | 41.1 | 105,771 | 38.0 | 51,365 | 44.5 | 63,436 | 45.1 | ||||||||
HELMA Wohnungsbau GmbH | 131,332 | 44.3 | 133,509 | 47.9 | 40,199 | 34.8 | 64,550 | 45.9 | ||||||||
HELMA Ferienimmobilien GmbH | 43,417 | 14.6 | 39,296 | 14.1 | 23,930 | 20.7 | 12,600 | 9.0 | ||||||||
Total | 296,486 | 100.0 | 278,576 | 100.0 | 115,494 | 100.0 | 140,586 | 100.0 | ||||||||
- New order intake of HELMA Eigenheimbau and HELMA Wohnungsbau in H1 2020 both significantly below previous year's strong figures.
- HELMA Ferienimmobilien continues unabated its positive order trend in H1 2020.
17 | Company presentation September 2020 |
4. Order book position
Effects of the COVID-19 pandemic on order intake
- Sales activities were tangibly impeded in H1 2020, particularly by the bans on face-to-face meetings.
- Depending on the course of the pandemic, it cannot be ruled out that renewed bans on face-to-face meetings, or the imposition of lockdowns, could lead to further significant adverse effects.
- The trend in the economy in Germany, and consequently in its labour market, as well as the willingness of banks to provide financing for private real estate purchases is of great importance for future demand for real estate.
- By contrast, a positive effect derived from the further increase in the value ascribed to owner- occupier properties in the residential area, and to holidaying within one's own country in the holiday property area.
- Higher in demand in all areas has been evident since June 2020.
18 | Company presentation September 2020 |
5. Financial figures
Fundamental risks of the COVID-19 pandemic on house planning and construction
- Employee absences at HELMA and/or its contractual partners
- Lockdowns and / or construction site bans
- Limited availability of building materials
- Changes in construction site procedures due to additional regulations such as compliance with social distancing rules
- Extensive home office working regulation for HELMA employees
- Restricted accessibility / staffing at authorities
Effects of the COVID-19 pandemic on house planning and construction
- Planning and construction progress in H1 2020 was only slightly affected by risks 1.- 3. mentioned above.
- Risks 4.- 6. mentioned above created a more difficult working environment in H1 2020. For this reason, the results that have been achieved are positive, even if they were moderately below the potential output in a normal working environment.
- Depending on the course of the pandemic, however, it cannot be ruled out that the greater occurrence of the aforementioned risks could have a significant adverse impact in the future.
19 | Company presentation September 2020 |
5. Financial figures
Sustained growth in earnings
k€ | AGR 6 % | ||||||
300,000 | C | ||||||
250,000 | 263,842 | 267,418 | 253,276 | 263,243 | |||
200,000 | 210,618 | ||||||
150,000 | + | + | |||||
+ | 1 % | - | 4 % | ||||
25 % | 5 % | 114,247 | |||||
100,000 | 110,306 | ||||||
+ | |||||||
50,000 | 4 % | ||||||
0 | 2015 | 2016 | 2017 | 2018 | 2019 | H1 2019 | H1 2020 |
Group revenue |
k€ | |||||||||
25,000 | 2 % | ||||||||
R | 1 | ||||||||
G | |||||||||
A | |||||||||
C | 23,594 | ||||||||
20,000 | 19,568 | 21,153 | |||||||
19,130 | |||||||||
15,000 | 14,956 | ||||||||
+ | - | + | + | ||||||
10,000 | 11 % | 12 % | |||||||
31 % | 2 % | ||||||||
7,479 | 6,606 | ||||||||
5,000 | - | ||||||||
12% | |||||||||
0 | 2015 | 2016 | 2017 | 2018 | 2019 | H1 2019 | H1 2020 | ||
Group EBT |
- Despite the mild winter, an even stronger increase in revenue in H1 2020 was hampered especially by the COVID-19-related decrease in orders.
- Earnings per share of € 4.04 in FY 2019 (FY 2018: € 3.62) or € 1.13 in H1 2020 (H1 2019 € 1.29).
20 | Company presentation September 2020 |
5. Financial figures
Contributions of Group companies to consolidated revenue
Share | Share | Share | Share | |||||||||||||
in k€ | 2019 | in % | 2018 | in % | H1 2020 | in % | H1 2019 | in % | ||||||||
HELMA Eigenheimbau AG | 98,336 | 37.4 | 85,560 | 33.8 | 48,701 | 42.6 | 41,960 | 38.0 | ||||||||
HELMA Wohnungsbau GmbH | 123,942 | 47.1 | 122,628 | 48.4 | 41,159 | 36.0 | 56,151 | 50.9 | ||||||||
HELMA Ferienimmobilien GmbH | 39,751 | 15.1 | 43,971 | 17.4 | 23,624 | 20.7 | 11,588 | 10.5 | ||||||||
Hausbau Finanz GmbH | 1,214 | 0.4 | 1,117 | 0.4 | 763 | 0.7 | 607 | 0.6 | ||||||||
Total | 263,243 | 100.0 | 253,276 | 100.0 | 114,247 | 100.0 | 110,306 | 100.0 | ||||||||
- HELMA Eigenheimbau, HELMA Ferienimmobilien and Hausbau Finanz all report significant revenue growth in H1 2020.
- Lower revenue at HELMA Wohnungsbau in H1 2020, particularly reflecting pandemic-related reductions in orders and slight postponements of various construction starts.
21 | Company presentation September 2020 |
5. Financial figures
Trends in cost ratios to revenue
% | |||||||||||||||
100 | |||||||||||||||
80 | 76.6 | 78.5 | 79.0 | ||||||||||||
76.2 | 75.5 | ||||||||||||||
60 | |||||||||||||||
40 | |||||||||||||||
20 | 8.3 | 7.5 | 7.8 | 9.4 | 9.5 | 6.7 | 5.7 | ||||||||
5.3 | 5.1 | 5.6 | |||||||||||||
0 | 2015 | 2016 | 2017 | 2018 | 2019 | 2015 | 2016 | 2017 | 2018 | 2019 | 2015 | 2016 | 2017 | 2018 | 2019 |
Adjusted materials expense ratio | Personnel expense ratio | Adjusted other operating expense ratio |
- Attractive initial terms for land plots for various projects currently being realised resulted again in a pleasingly low materials expense ratio in 2019.
- Increased personnel expenses in anticipation of a further rise in revenue to ensure the continued high-quality construction of our products.
22 | Company presentation September 2020 |
5. Financial figures
Trends in profit margins to revenue
% | ||||||||||||||||||||
25 | 24.5 | |||||||||||||||||||
23.4 | 23.8 | |||||||||||||||||||
20 | 21.5 | 21.0 | ||||||||||||||||||
15 | ||||||||||||||||||||
10 | 8.7 | 8.4 | 8.3 | 9.0 | 8.9 | 7.1 | 7.4 | 7.2 | 8.4 | 9.0 | ||||||||||
5.7 | 6.1 | |||||||||||||||||||
4.7 | 5.1 | 4.9 | ||||||||||||||||||
5 | ||||||||||||||||||||
0 | 2015 | 2016 | 2017 | 2018 | 2019 | 2015 | 2016 | 2017 | 2018 | 2019 | 2015 | 2016 | 2017 | 2018 | 2019 | 2015 | 2016 | 2017 | 2018 | 2019 |
Adjusted gross profit margin | Adjusted EBIT margin | EBT margin | Return on sales (ROS) |
- Further increase in gross profit margin due to above-average margins on various property development projects.
- EBT margin and return on sales in 2019 all reached their highest levels since the IPO.
23 | Company presentation September 2020 |
5. Financial figures
Strong financial position with equity ratio above the sector average
Consolidated balance sheet structure of assets
Share | Share | Share | ||||||||||||||
in k€ | 06/30/2020 | in % | 12/31/2019 | in % | 12/31/2018 | in % | ||||||||||
Non-current assets | 27,883 | 6.9 | 27,863 | 7.3 | 22,239 | 6.5 | ||||||||||
- of which property, plant and | 19,879 | 4.9 | 19,919 | 5.2 | 19,065 | 5.6 | ||||||||||
equipment | ||||||||||||||||
Current assets | 374,404 | 93.1 | 352,301 | 92.7 | 319,201 | 93.5 | ||||||||||
- of which inventories including land | 260,227 | 64.7 | 232,210 | 61.1 | 220,152 | 64.5 | ||||||||||
- of which cash and cash | 15,831 | 3.9 | 16,703 | 4.4 | 16,328 | 4.8 | ||||||||||
equivalents | ||||||||||||||||
Total Assets | 402,287 | 100.0 | 380,164 | 100.0 | 341,440 | 100.0 | ||||||||||
Consolidated balance sheet structure of equity and liabilities
Share | Share | Share | ||||||||||||
in k€ | 06/30/2020 | in % | 12/31/2019 | in % | 12/31/2018 | in % | ||||||||
Equity | 113,087 | 28.1 | 108,594 | 28.6 | 97,716 | 28.6 | ||||||||
Non-current liabilities | 184,848 | 46.0 | 167,050 | 43.9 | 152,708 | 44.7 | ||||||||
- of which non-current | 172,399 | 42.9 | 155,617 | 40.9 | 142,622 | 41.8 | ||||||||
financial liabilities | ||||||||||||||
Current liabilities | 104,352 | 25.9 | 104,520 | 27.5 | 91,016 | 26.7 | ||||||||
- of which current financial | 37,802 | 9.4 | 35,984 | 9.5 | 33,018 | 9.7 | ||||||||
liabilities | ||||||||||||||
Total equity and liabilities | 402,287 | 100.0 | 380,164 | 100.0 | 341,440 | 100.0 | ||||||||
- Increase in inventories - including land plots recognised as current assets at cost prices (principle of lowest value) - secures continued growth of high-margin property development business.
- Equity base well above the average sector level enables financing land purchases through land acquisition financing facilities and / or working capital facilities with favourable interest rates.
-
Current financial liabilities mainly comprise financing facilities for land and projects. As it is to be assumed that
these financing facilities will be repaid through the acquirer's purchase price payments within the next twelve months, these liabilities are to be presented as current financial liabilities irrespective of the actual financing term.
24 | Company presentation September 2020 |
5. Financial figures
in k€ | 2019 | 2018 | 2017 | 2016 | 2015 | H1 2020 | H1 2019 | |||||||
Cash flow from operating activities | -3,499 | 4,061 | -13,344 | -16,088 | -31,872 | -15,962 | -2,439 | |||||||
- of which cash earnings | 18,089 | 14,983 | 17,965 | 20,953 | 15,325 | 7,819 | 3,962 | |||||||
- of which change in working capital | -21,628 | -10,877 | -31,278 | -37,039 | -47,207 | -23,753 | -6,371 | |||||||
- of which gain / loss on disposal of fixed assets | -29 | -16 | -31 | -2 | 10 | -28 | -30 | |||||||
Cash flow from investing activities | -2,005 | -4,445 | -3,298 | -1,839 | -1,916 | -1,100 | -828 | |||||||
Cash flow from financing activities | 5,879 | 56 | 21,967 | 16,765 | 39,365 | 16,190 | 31 | |||||||
Cash and cash equivalents at the end of the period | 16,703 | 16,328 | 16,656 | 11,331 | 12,493 | 15,831 | 13,092 | |||||||
- Sustainably positive cash earnings from operating business.
- Forward-lookinginventory accumulation reflecting more land plot purchases increases working capital.
- Land plots held as inventory as well as further contractually secured land plots with a purchase price volume of € 40.9 million (as of June 30, 2020) form an excellent precondition to expand the high-margin property development business.
in k€ | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 06/30/2020 | 06/30/2019 | |||||||||
Inventories | 232,210 | 220,152 | 199,891 | 173,816 | 154,369 | 260,227 | 241,566 | |||||||||
- of which land | 192,496 | 185,853 | 172,429 | 124,272 | 125,652 | 208,016 | 203,652 | |||||||||
25 | Company presentation September 2020 |
6. Forecast
Kappeln
Revenue potential of € 1.7 billion from realised land purchases as of June 30, 2020
Büsum
Tossens Burhave
Rügen
Hamburg
Zerpenschleuse
Berlin
Holiday properties in total 1,735 units k€ 553,800
Berlin / Potsdam region 1,140 units k€ 532,500
Hanover | Potsdam |
Dortmund
Hamburg / Hanover region 620 units k€ 273,500
- Core region HELMA Wohnungsbau GmbH:
individual detached houses, preplanned semi-detached and terraced houses as well as owner-occupied apartments in each case including land plots - Extended core region HELMA Wohnungsbau GmbH: individual detached houses including land plots
- Project region HELMA Ferienimmobilien GmbH
Dusseldorf | Lake Sorpe | Leipzig |
Winterberg | ||
Cologne | ||
Bonn |
Frankfurt
Würzburg
Munich
Leipzig region 340 units k€ 133,400
Munich region 215 units k€ 161,000
Overall Portfolio
4,050 units k€ 1,654,200
26 | Company presentation September 2020 |
6. Forecast
Revenue potential of € 1.7 billion from realised land purchases as of June 30, 2020
Preplanned semi-detached and | |||||||||||||||
Individually planned | terraced houses and | ||||||||||||||
Total | detached houses | owner-occupied apartments | |||||||||||||
Number | Revenue | Number | Revenue | Number | Revenue | ||||||||||
of units | volume in k€ | of units | volume in k€ | of units | volume in k€ | ||||||||||
HELMA Wohnungsbau GmbH | 1,140 | 532,500 | 560 | 293,500 | 580 | 239,000 | |||||||||
Berlin / Potsdam region | |||||||||||||||
HELMA Wohnungsbau GmbH | 620 | 273,500 | 140 | 61,500 | 480 | 212,000 | |||||||||
Hamburg / Hanover region | |||||||||||||||
HELMA Wohnungsbau GmbH | 340 | 133,400 | 270 | 101,500 | 70 | 31,900 | |||||||||
Leipzig region | |||||||||||||||
HELMA Wohnungsbau GmbH | 215 | 161,000 | 0 | 0 | 215 | 161,000 | |||||||||
Munich region | |||||||||||||||
Total HELMA Wohnungsbau GmbH | 2,315 | 1,100,400 | 970 | 456,500 | 1,345 | 643,900 | |||||||||
Total HELMA Ferienimmobilien GmbH | 1,735 | 553,800 | 0 | 0 | 1,735 | 553,800 | |||||||||
Total HELMA Wohnungsbau | GmbH & | 4,050 | 1,654,200 | 970 | 456,500 | 3,080 | 1,197,700 | ||||||||
HELMA Ferienimmobilien GmbH | |||||||||||||||
- Property development subsidiaries exhibit € 1.7 billion of revenue potential; most of this can be realised within the next 7 years.
- HELMA Eigenheimbau AG is expected to contribute at least € 100 million per year to consolidated revenue in the medium-term,without any own land plots needed.
27 | Company presentation September 2020 |
6. Forecast
Group EBT 2010 - 2020e
k€ | ||||||||||||||
25,000 | ||||||||||||||
23,594 | ||||||||||||||
20,000 | 19,568 | 21,153 | ||||||||||||
19,130 | ||||||||||||||
17,000 | ||||||||||||||
+ | ||||||||||||||
15,000 | 14,956 | to | ||||||||||||
+ | 12 % | |||||||||||||
14,000 | ||||||||||||||
+ | - | |||||||||||||
11,690 | 11 % | |||||||||||||
10,000 | + | 31 % | 2 % | |||||||||||
+ | 28 % | |||||||||||||
8,271 | ||||||||||||||
+ | 41 % | |||||||||||||
5,000 | + | 5,755 | 44 % | |||||||||||
+ | 70 % | |||||||||||||
3,381 | ||||||||||||||
1,910 | 77 % | |||||||||||||
0 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020e | |||
Group EBT |
- Forecast for 2020 was withdrawn on March 23, 2020 due to developments surrounding the COVID-19 pandemic, and was no longer considered realistic.
- On the basis of the information on August 13, 2020 concerning risks and impairments arising from the pandemic, the new forecast for 2020 envisages consolidated EBT of € 14.0 million to € 17.0 million.
- A forecast for 2021 is not possible at the present time due to the high level of economic uncertainties, and will be issued at the earliest when the results for 2020 are announced in Q1 2021.
- However, in light of the attractive pipeline and assuming that the market environment stabilises, the HELMA Group has very good prospects of achieving higher results again in the medium term.
28 | Company presentation September 2020 |
6. Forecast
Financing strategy
Equity base well above the average sector level
- as basis for further corporate growth
Operating cash flow from current projects
- and retained profits
Land purchase finance arrangements
- with various, mainly long-standing, partner banks
Use of unsecured credit lines for temporary current financing
- made available by a broad spectrum of banks
Capital market transactions or promissory note issues
- comprise additional options where required
The average interest rate of the financial liabilities of the HELMA Group as of the balance sheet date was around 2.21 % p. a. and is thus clearly below the average financing costs of the relevant competition.
29 | Company presentation September 2020 |
7. Share
Performance of the HELMA share
€ | |||||
60.0 | |||||
55.0 | |||||
50.0 | |||||
45.0 | |||||
40.0 | |||||
35.0 | |||||
30.0 | |||||
25.0 | |||||
20.0 | |||||
15.0 | |||||
10.0 | |||||
5.0 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
08/25/2015 | 08/25/2020 |
- ISIN: DE000A0EQ578
- XETRA closing price on August 25, 2020: € 35.00
- Market capitalisation on August 25, 2020: € 140.0 million
- Free float market capitalisation on August 25, 2020: € 84.2 million
30 | Company presentation September 2020 |
7. Share
Dividend
in € | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||
Dividend per share | 0.20 | 0.35 | 0.53 | 0.63 | 0.79 | 1.10 | 1.40 | 1.30 |
2019 |
1.85 |
- Retention of predominant portion of earnings (> 50 %) forms important pillar to stabilize equity ratio at high level compared to sector average.
Shareholder structure
Supervisory Board / | Freefloat: 60.17 % |
Management Board: 39.83 % |
- Karl-HeinzMaerzke: 39.6 %
- Gerrit Janssen: 0.1 %
André Müller: 0.1 %
- Max Bode: 0.03 %
Status as of June 30, 2020 | |
31 | Company presentation September 2020 |
8. Annex
The HELMA Group at a glance
Earnings | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Revenue | in k€ | 263,243 | 253,276 | 267,418 | 263,842 | 210,618 | 170,497 | 138,018 | 113,988 | 103,588 | 74,535 | ||||||||||||
EBITDA | in k€ | 25,171 | 23,776 | 22,529 | 23,455 | 19,494 | 15,971 | 11,793 | 8,774 | 6,132 | 3,851 | ||||||||||||
Adjusted EBITDA* | in k€ | 25,878 | 24,883 | 24,433 | 23,949 | 20,076 | 16,301 | 11,843 | 8,774 | 6,132 | 3,851 | ||||||||||||
Operating earnings (EBIT) | in k€ | 22,782 | 21,784 | 20,232 | 21,662 | 17,774 | 14,167 | 10,286 | 7,335 | 4,786 | 2,724 | ||||||||||||
Adjusted operating earnings (EBIT)* | in k€ | 23,489 | 22,891 | 22,136 | 22,156 | 18,356 | 14,497 | 10,336 | 7,335 | 4,786 | 2,724 | ||||||||||||
Earnings before taxes (EBT) | in k€ | 23,594 | 21,153 | 19,130 | 19,568 | 14,956 | 11,690 | 8,271 | 5,755 | 3,381 | 1,910 | ||||||||||||
Net income after minority interests | in k€ | 16,144 | 14,487 | 12,993 | 13,498 | 9,952 | 8,132 | 5,606 | 3,799 | 2,310 | 1,302 | ||||||||||||
Cash earnings | in k€ | 18,089 | 14,983 | 17,965 | 20,953 | 15,325 | 16,302 | 11,752 | 8,524 | 5,939 | 3,721 | ||||||||||||
Earnings per share** | in € | 4.04 | 3.62 | 3.25 | 3.37 | 2.69 | 2.43 | 1.85 | 1.33 | 0.83 | 0.50 | ||||||||||||
Dividend per share | in € | 1.85 | 1.30 | 1.40 | 1.10 | 0.79 | 0.63 | 0.53 | 0.35 | 0.20 | 0.00 | ||||||||||||
Adjusted gross profit margin | in % | 24.5 | 23.8 | 21.0 | 21.5 | 23.4 | 24.4 | 24.1 | 23.7 | 21.4 | 21.6 | ||||||||||||
Adjusted EBIT margin* | in % | 8.9 | 9.0 | 8.3 | 8.4 | 8.7 | 8.5 | 7.5 | 6.4 | 4.6 | 3.7 | ||||||||||||
EBT margin | in % | 9.0 | 8.4 | 7.2 | 7.4 | 7.1 | 6.9 | 6.0 | 5.0 | 3.3 | 2.6 | ||||||||||||
Return on sales (ROS) | in % | 6.1 | 5.7 | 4.9 | 5.1 | 4.7 | 4.8 | 4.1 | 3.4 | 2.3 | 1.8 |
Sales performance | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
Net new order intake | in k€ | 296,486 | 278,576 | 245,393 | 286,815 | 269,386 | 193,005 | 158,979 | 131,398 | 106,828 | 97,629 | |||||||||||||
Selected balance sheet items and key figures | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | 12/31/2013 | 12/31/2012 | 12/31/2011 | 12/31/2010 | ||||||||||||||
Property, plant and equipment | in k€ | 19,919 | 19,065 | 16,621 | 16,398 | 16,342 | 16,139 | 15,760 | 15,022 | 16,311 | 14,568 | |||||||||||||
Inventories including land | in k€ | 232,210 | 220,152 | 199,891 | 173,816 | 154,369 | 96,054 | 78,408 | 35,816 | 19,830 | 8,628 | |||||||||||||
Cash and cash equivalents | in k€ | 16,703 | 16,328 | 16,656 | 11,331 | 12,493 | 6,916 | 6,821 | 1,540 | 3,793 | 3,074 | |||||||||||||
Equity | in k€ | 108,594 | 97,716 | 88,829 | 80,236 | 69,898 | 40,952 | 28,033 | 20,365 | 17,067 | 12,119 | |||||||||||||
Net debt | in k€ | 174,898 | 159,312 | 149,236 | 124,320 | 98,581 | 79,401 | 68,034 | 36,347 | 16,552 | 10,261 | |||||||||||||
Total assets | in k€ | 380,164 | 341,440 | 317,653 | 278,242 | 244,994 | 159,947 | 136,600 | 84,645 | 63,868 | 42,965 | |||||||||||||
Equity ratio | in % | 28.6 | 28.6 | 28.0 | 28.8 | 28.5 | 25.6 | 20.5 | 24.1 | 26.7 | 28.4 | |||||||||||||
Other data | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | 12/31/2014 | 12/31/2013 | 12/31/2012 | 12/31/2011 | 12/31/2010 | ||||||||||||||
Number of employees | 322 | 325 | 304 | 290 | 254 | 233 | 211 | 188 | 164 | 131 |
- Adjusted for the disposal of capitalised interest
- Relative to the average number of shares in circulation during the financial year
32 | Company presentation September 2020 |
8. Annex
Financial Calendar 2020
March 04, 2020 | Preliminary figures for the 2019 financial year |
March 23, 2020 | Publication Annual Report 2019 |
April 28 - 29, 2020 | Munich Capital Market Conference (Munich) |
July 03, 2020 | Annual General Meeting (Lehrte) |
August 18, 2020 | Publication Half-Year Report 2020 |
August 20, 2020 | 5th Hamburg Investors' Day - HIT (Hamburg) |
September 22, 2020 | Berenberg and Goldman Sachs German Corporate Conference (Munich) |
November 16 - 18, 2020 | German Equity Forum (Frankfurt am Main) |
IR contact
MBA | M.A., M.Sc. |
Elaine Heise | Daniel Weseloh |
Management Investor Relations | Investor Relations |
Zum Meersefeld 4
D-31275 Lehrte
Phone: +49 (0) 51 32 / 88 50 - 345
email: ir@HELMA.de
33 | Company presentation September 2020 |
8. Annex
We are HELMA
34 | Company presentation September 2020 |
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HELMA Eigenheimbau AG published this content on 26 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2020 13:41:02 UTC