Neinor Homes has just submitted to the CNMV the quarterly results for the period ended March 31^st, 2018. Highlights of the quarterly results:

Deliveries

• 2018 and 2019: on track to deliver c. 1,000 units this year and c. 2,000 units in 2019 – All licenses for 2019 have been obtained

• 2020 and 2021: key actions implemented for on-time delivery: 5,500+ units have been launched, and over 4,900 licenses have been requested, to cover the target for 2020 and part of 2021.

Pre-sales: 294 units / EUR 98 million pre-sold during the quarter. Pre-order book of EUR 828 million.

• Revenue visibility:  90%+ pre-sold on 2018 deliveries and 60%+ on 2019

• Commercialization starts: 1,000+ units started pre-sales towards the end of Q1 and 3,000+ will start pre-sales during the rest of the year

Expected gross margin on WIP c. 28%, above business plan: the 44 WIP sites have a cumulative gain of gross margin of c.2% vs the target set at IPO, thanks to a supportive HPA that is outstripping inflationary pressures on cost 

Land acquisitions: c.120 units / 3 plots of fully permitted land acquired for EUR 7.5 million.

Strategic land acquisitions: first Strategic Land transactions, securing accretive fully-permitted land for the future for over 1,400 units in a capital efficient way. Neinor will only spend the full EUR 194 million asset value when the land becomes fully permitted.

Financials: quarterly results showed EUR 19 million revenues, of which development revenues were EUR 4.1 million, as the first half deliveries will happen in Q2. The Operating EBITDA for the period was minus EUR 2.7 million.

Self-financed business plan: the base case business plan is fully self-financed, and the Company stresses that execution is a must prior to considering more ambitious goals. 

Results presentation: you can find the full presentation on the following link https://neinorhomes.com/uploads/informes_financieros/78/en/180508_Q1_2018_Presentation_EN_FINAL.pdf

Earnings call: Management will host a webcast to discuss the results tomorrow (Wednesday 9^th of May) at 1pm CET. You can register and participate of the webcast through the following link: https://edge.media-server.com/m6/p/qspn5492. 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.