Highlights of Q3 2019 results

• Deliveries: 572 notarized units as of 30/9, with €207.0m development revenues. In addition to this
• c.400 units in delivery process
• 300+units awaiting LPO (first occupancy license)
• Development Activity: 2,300+ WIP starts with 1500 licenses obtained YTD.
• Pre-Sales Activity: Orderbook of 3,072u (€1bn +) with 1,041 units sold during 9M and coverage of future deliveries in line with BP expectations:
• 2019 Deliveries: 95% (5% above goal)
• 2020 Deliveries: 60%+
• 2021 Deliveries: c.35%
• Margin Protection: gross margin YTD to Q3 of 31%+, expected gross margin for 2019FY of 28%
• Main Financials:
• €242m revenues with €44m EBITDA Adjusted (c.65% of yearly target)
• €1.3bn inventory and €305m Net Debt (€379m Adjusted Net Debt).
• Land Strategy:
• Acquisition of 2 land plots for 174 units in the Basque Country for c.€10m
• Sale of a €10.6m plot (1.8x book value) in Madrid

Full presentation and Webcast details
Presentation: you can find the full presentation on the following LINK.


Conference call: Management will host a webcast to discuss the Q3 results tomorrow afternoon (October 31st) at 13:00 Madrid / 12:00 London time. You can register and participate through the following link: https://edge.media-server.com/mmc/p/gbs3fu9y. Phone access will be available for those of you willing to ask live questions during the Q&A session. Please contact the Investor Relations team to get dial-in details at [email protected].

November Equity Conferences
Management will be attending Santander’s Real Estate conference in London on November 7th, BNP’s CEO Midcap event in Paris on the 26th and BBVA All Caps conference on the 27th at Bolsa de Madrid. Get in touch with the Investor Relations team to make sure you meet us as we travel to your city.