8 May, 2019

Neinor Homes Q1 2019 Results

Deliveries on track with 30% Gross Margin producing €10m operating EBITDA

noticia

Neinor Homes has just released to the CNMV the Q1 results for 2019. A webcast to discuss the quarterly highlights will occur tonight at 7pm Madrid / 6pm London (see details below).

 

Highlights of Q1 2019 results

  • Deliveries: 147 notarized units, producing c. €50m of development revenues and a developer gross margin above 30%
  • Development Activity: 1,400+ WIP starts with 450+ licenses obtained during the quarter.
  • Pre-Sales Activity: Orderbook grew to 2,850 units (c. €950m) with 306 units sold during Q1 and coverage of future deliveries in line with BP expectations:
    • 2019 Deliveries: 85%+
    • 2020 Deliveries: 45%+
    • 2021 Deliveries: 25%+
  • Margin Protection: Expected Gross Margin for 2019FY of 28% and 2020FY of 26%, with the backdrop of observed HPA of 7% and observed cost inflation of 7-8%.
  • Main Financials:
  1. €61m revenues with €10m Operating EBITDA and €2.3m net income
  2. €1.2bn inventory and €287m Net Debt (€362m Adjusted Net Debt).

 

Full presentation and Webcast details

Presentation: you can find the full presentation on the following link

https://neinorhomes.com/shareholders-and-investors/financial-information/financial-reports

 

Conference call: Management will host a webcast to discuss the Q1 results tonight (May 8th) at 7pm Madrid / 6pm London time. You can register and participate of the webcast through the following link: https://edge.media-server.com/m6/p/m793p6qh. Phone access will be available for those investors willing to ask live questions during the Q&A session. Please contact the Investor Relations team to get dial-in details.

 

Next Conferences: Amsterdam, London and Madrid

The Company management will be attending some Conferences in the coming weeks, starting with the Goldman Sachs European Small and MidCap Symposium tomorrow, Thursday 9th, in London. The team will next attend the Fidentiis Annual Conference (22nd of May, Madrid), Kempen 17th European Property Seminar (23rd of May, Amsterdam), MedCap Forum (28th of May, Madrid) and the Morgan Stanley Europe and EEMEA Property Conference (20th of June, London). We hope to see you there.