8 May, 2018
Neinor Homes has just submitted to the CNMV the quarterly results for the period ended March 31st, 2018. Highlights of the quarterly results:
Deliveries
Pre-sales: 294 units / EUR 98 million pre-sold during the quarter. Pre-order book of EUR 828 million.
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 9th 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.