AEDAS Homes closes the first nine months of the year with construction complete on 1,000 homes to be delivered

AEDAS Homes closes the first nine months of the year with construction complete on 1,000 homes to be deliveredWith three months left in the year, the company has met its operating targets with 1,033 units completed and 1,001 soldVisibility over targets remains strong, with 95% sales coverage for 2019 deliveries and 65% sales coverage for 2020 deliveriesThe homebuilder is confirming its forecasts for 2019, 2020 and 2021: €1.9 billion in revenue, Ebitda of €383 million, and cash generation of €460 million.November 2019.- AEDAS Homes, a leading residential developer in Spain’s new real estate cycle, has achieved its annual operating targets in the first nine months of the year, having completed construction on 1,033 homes, of which 95% have been sold. In this way, delivery to customers is now just a matter of weeks as First Occupancy Permits start being received. The company continues to enjoy a strong sales pace, with 95% of its 2019 deliveries and 65% of its 2020 deliveries already sold. These high percentages reaffirm the viability of the homebuilder’s Business Plan.Of the 1,224 sales transactions thus far this year, 452 were closed in the third quarter for a total of €148 million.Likewise, the company’s revenues are on a growth trajectory, and at the end of September stood at €60.8 million, a figure which comes exclusively from the delivery of finished units.Operations evolution in line with the Business PlanThe company has confirmed its forecasts for the next three years, which amount to €1.9 billion in revenue, an Ebitda of €383 million and cash generation of €460 million. The financial result of €-13.4 million in September is in line with Business Plan forecasts and is expected in this period of the company’s ramp-up phase, while in the first nine months of the year, the company accumulated expected revenues of €389 million coming from new sales, 27% more than the same period in 2018.   In light of these reported figures, David Martínez, CEO of AEDAS Homes, pointed out that “this forecast for cash generation of €460 million up through 2021 is almost half of the company’s current market capitalization of approximately €1 billion.”The company’s net financial debt stands at €297.9 million, which represents a low level of leverage, giving it a Loan-to-Value of 15%, which is in line with the ramp-up outlined in the company’s Business Plan. Of this debt, it should be noted that €62 million corresponds to the completed units (774) whose delivery is imminent and will be cancelled as soon as the revenue derived from these units is accounted for, and which was still pending as of 30th September.Additionally, regarding the treasury stock repurchase programme for up to €50 million, 672,173 shares for a total of €14,218,453.89 have been acquired between the time the programme was launched and 4th November, with the company having reached 27% of its target in just three months.About AEDAS HomesThe developer AEDAS Homes became a listed company in Madrid on October 20, 2017, with a market capitalization of over €1.5 billion and is a leader in the nation’s residential development industry. The company plays a key role in the new cycle of the Spanish real estate sector, a cycle which must be marked by professionalism and adherence to rigorous standards.AEDAS Homes has put over 6,000 units on the market and has a ready-to-build landbank of over 1.8 million sqm—the highest quality landbank in Spain, according to market analysts—to build over 15,500 homes in the nation’s key real estate markets and economic centres, and their surrounding areas: the Centre, Catalonia, the East & Balearic Islands, Andalucía and Costa del Sol.

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