Neinor Homes has just released the results for the 12 months ended 31st December 2018. A webcast to discuss the results will occur at 7pm CET tonight (see details below).

Highlights of the 2018 results

Neinor continues to execute on its plan, having delivered 1,000+ units in 2018.  We continue to see strong demand for our product, as evidenced by 8%+ HPA and strong delivery ramp up, and we are excited about the near and long term prospects of our company.

• Land bank secures deliveries through 2021: 13,000+ units, following the acquisition of EUR 56 million (1,000+ units) of fully-permitted and securing EUR 194 million (1,400+ units) of strategic land
• NAV Increase: third party appraisal with increased valuation yielding a 7% YoY increase in NAV to EUR 17.55 per share
• 2018: 1,036 units delivered and notarized during 2018, surpassing the 1,000 unit target (3x 2017 deliveries)
• 2019: pre-sales over 80%, all sites are WIP and 80% beyond structural works. 1 site already delivered (80 units)
• 2020 and beyond: 4,200+ licenses obtained, 3,300 WIP and pre-sales of c. 1,200 units
• Financials
  • Revenues: EUR 382 million (70% more than in FY2017), including EUR 313 million from the core development business
  • Gross margin:9% gross margin on development
  • EBITDA and Net Income: Adjusted EBITDA of EUR 56.4 million (~14x FY 2017) and Net Income of EUR 50 million (versus negative EUR 5 million in FY2017).
  • Net debt: at the end of 2018 the company had EUR 344 million of adjusted net debt (19% LTV)
  • Share repurchase program: following the closed period, the Company re-activates the share repurchase program to cover incentive plans and as a capital allocation decision considering the current market prices.

Appointment of new Independent Director and General Shareholder Meeting

Mr. Andreas Segal, the former deputy CEO and CFO of BUWOG, co-CEO and CFO of GSW and CFO of Deutsche Wohnen, has been appointed as independent board member, bringing his long experience in residential developers and capital markets to the Board and the Company.

The Board has agreed to call for the Annual General Shareholder Meeting that is expected to occur during the first days of April in Bilbao. Together with the approval of annual accounts, the appointment of Mr. Segal is to be ratified by shareholders in such meeting.

Other

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

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

Earnings call: Management will host a webcast to discuss the 2018 results tonight (Wednesday 27th February) at 7pm CET. You can register and participate of the webcast through the following link https://edge.media-server.com/m6/p/iqughdup. 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.

Best,

The Investor Relations Team at Neinor Homes