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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Metrovacesa S.A.    MVC   ES0105122024

METROVACESA S.A.

(MVC)
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Metrovacesa S A : 27/07/2020 – 2Q 2020 Results Presentation (PDF)

07/28/2020 | 01:25am EST

Results 1H2020

July 28th, 2020

Majestic Heights (Manilva, Málaga)

Disclaimer

This Presentation neither constitutes nor forms part of any offer for sale or invitation to purchase or subscribe for, or request for an offer of purchase or subscription, of the shares belonging to Metrovacesa, SA ("Metrovacesa"). This Presentation, as well as the information included therein, neither constitutes nor forms part of (i) any contract or commitment of purchase or subscription of shares in accordance with the Securities Market Law, or (ii) an offer of purchase, sale or exchange of shares, or a solicitation of any type of voting rights in the jurisdiction of Spain, UK, USA or any other. "Presentation" refers to this document and any part or content of this document; any oral presentation, brainstorming session and written or audio material processed or distributed during the meeting related to the Presentation or in any way associated with the Presentation. The Presentation and the information contained in the Presentation may not be reproduced, used, distributed or published, in whole or in part, in any case, except with regard to the information extracted from the Presentation and used for the preparation of analysts' reports in accordance with the applicable regulations. The breach of this obligation may result in a violation of the legislation applying to the securities market and this may lead to civil, administrative or criminal liability. In addition to information related to historical facts, this Presentation may contain forward-looking statements relative to Metrovacesa's sales and results and to other issues such as industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital investment, own resources and other operational and financial information. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not about historical facts. The terms "foresee", "expect", "anticipate", "estimate", "consider", "may" and other similar expressions may identify forward-looking statements. Other forward-looking statements can be identified based on their context. Forward-looking statements are based on numerous hypotheses and assumptions relating to Metrovacesa's present and future business strategy, as well as the environment in which Metrovacesa expects to operate in the future. Forward-looking statements include and involve known and unknown risks, uncertainties and other material factors that may affect the actual results and performance of Metrovacesa or the industry. Therefore, the result and the actual performance may differ materially from those expressed or implied in these statements. None of the forward-looking statements, expectations, or perspectives included in this Presentation should be construed as a prediction or a promise. Neither should it be understood that the forward-looking statements involve any demonstration, promise or warranty whatsoever of the accuracy or completeness of the assumptions or hypotheses which such forward-looking statements, expectations, estimates or forecasts are based on, or, in the case of the assumptions, their full inclusion in the Presentation. Numerous factors may cause Metrovacesa's results or actual performance to be materially different from any future results or performance expressly or implicitly included in any of the aforementioned forward-looking statements. In the event that one or several of the aforementioned risks or uncertainties were to materialise, or in the event that the assumptions prove incorrect, actual results may be materially different from those described, anticipated, expected or projected in the Presentation. Therefore, the recipient of this presentation should not unduly rely on these forward-looking statements and their ability to predict future outcomes. Present and future analysts, securities brokers and investors must operate based on their own judgement as to the suitability and adequacy of the securities in terms of the achievement of their particular goals, having taken into consideration what is specified in this notice and the public information available and having received all the professional advice, or of any other type, deemed necessary or merely convenient in these circumstances, without having relied solely on the information contained in the Presentation. The dissemination of this Presentation does not constitute advice or recommendation by Metrovacesa to buy, sell or trade with Metrovacesa shares, or with any other security. Analysts, securities brokers and investors should take into account that the estimates, projections and forecasts do not guarantee the performance, result, prices, margins, exchange rates and other facts relating to Metrovacesa, which are subject to risks, uncertainties or other variables that are not within Metrovacesa's control, in such a way that the future results and the actual performance could be materially different to that anticipated, projected and estimated. The information contained in this Presentation which is not intended to be all-inclusive, has not been verified by an independent third party and shall not be updated. The information of the Presentation, including the forward-looking statements, refers to the date of this document and does not imply any guarantee for future results. Metrovacesa expressly disclaims any obligation or undertaking to disseminate any updates or revisions of the information, including financial data and forward-looking statements. In this regard, Metrovacesa shall not publicly distribute any revision that may affect the information contained in the Presentation that is derived from changes in expectations, facts, conditions or circumstances on which is based the forward-looking statements, or any other change that occurred on the date of the Presentation or after this date. The data relating to the industry, the market and the competitive position of Metrovacesa contained in this Presentation that are not attributable to a specific source have been extracted from the analyses or estimates made by Metrovacesa and have not been independently verified. In addition, the Presentation may include information related to other companies operating in the same sector and industry. This information comes from public sources and Metrovacesa provides no express or implied representation or warranty, nor assumes any responsibility for the accuracy, completeness or verification of the aforementioned data. Certain statistical and financial information contained in the Presentation are subject to rounding adjustment. Therefore, any discrepancy between the total and the sum of the amounts reflected is due to this rounding off. Some of the indicators of financial and operational management included in this Presentation have not been subjected to a financial audit or verification by an independent third party. In addition, certain figures of the Presentation, which have not been subject to financial audit either, are pro forma figures. Metrovacesa and its employees, executives, directors, advisors, representatives, agents or affiliates assume no liability (for fault or negligence, direct or indirect, tort or contract) for damages that may arise from the use of this Presentation or its content or that, in any case, are related to this Presentation. The information contained in this Presentation does not constitute legal, accounting, regulatory, tax, financial or any other type of advice. The aforementioned information has not been prepared taking into consideration the needs or particular situations nor the investment, legal, accounting, regulatory, tax, or financial goals of the recipients of the information. Solely recipients shall be responsible for forming their own judgment and reaching their own opinions and conclusions with respect to these matters and the market, as well as for making an independent assessment of the information. Solely recipients shall be responsible for seeking independent professional advice in connection with the information contained in the Presentation and any action taken based on such information. No one takes responsibility for the information or for any actions taken by any recipient or any of its directors, executives, employees, agents or associates on the basis of the aforementioned information. Neither this presentation nor any part thereof are contractual in nature, and may not be used to form part of or constitute any kind of agreement. Upon receipt of or attendance to the Presentation, the recipient declares its conformity and, therefore, to be subject to the restrictions specified in the preceding paragraphs.

2.

Agenda

Table of Contents

  1. Highlights of the Semester
  2. Business Update
  3. Financial Overview
  4. Closing remarks Appendices

Today's Presenters

Jorge Perez de Leza CEO

Borja Tejada CFO

Juan Carlos Calvo IR

3.

Pórtico Simón Verde (Sevilla)

1. Highlights of thesemester

Highlights of the semester

Business activity impacted by Covid-19 in 1H

MVC's operational progress

Financial highlights

  • Slowdown in housing demand, construction works and administrative licenses in this period
  • Promising market dynamics in June-July
  • Sector outlook remains highly dependant on the macro recovery
  • Revenues up 15% YoY in 1H: delivery of 226 units and €49m in land sales
  • Pre-salesof 492 units gross and total backlog of €619m
  • Close monitoring of the project portfolio:
    • Fully prepared to address a changing environment
  • Strong financial situation maintained: 5% LTV and €302m in cash
  • P&L influenced by the appraisal value update
  • Updated NAV of €17.07/sh provides considerable support to the stock price

A remarkable progress in a tough context

5.

Oceana Views, Le Mirage III y IV (Estepona, Málaga)

2. Business update

Key operational data as of June, 2020

Business

7,893 activeunits

€310k/unit

5,084 units and

Sales Backlog (2)

active

ASP (1)

86 developments under

2,195

€619m

133 developments

commercialization

Sold units

€282k/unit ASP (1)

3,463 units under

44 developments

construction

under construction

units delivered

492 / 290

€49m

226 in 1H

units sold in 1H (3)

Land Sales

6.0 million sqm

c.36,000

81.6%(5)

Buildable

buildable

Fully

area

units (4)

permitted

Financials

€2.63Bn

€17.07 per share

5%

GAV June 2020

NAV June 2020

LTV

Notes:

  1. Average Selling Price, not including future HPA
  2. Defined as cummulative pre-sales (reservations + contracts) minus deliveries
  3. 492 gross units and 290 units net of cancellations in 1H,
  4. Estimated number of units may vary in time depending on the type of projects and maximum buildability
  5. Calculated on June 2020 appraisal values

7.

Covid update: MVC's view

Sector outlook:

still uncertain

  • Demand recovery in June/July is very promising. Both for traditional home buyers and institutional demand. Looking forward to confirmation in coming months
  • Still, the sector outlook remains uncertain and highly dependant on the shape of the economic recovery and health evolution
  • Housing sector fundamentals suggest a resilient performance and a limited impact on new house prices.
  • A cut in the sector's construction starts is likely, given banks' stricter financing criteria and developers' cautious approach

MVC's stance:

remains prudent for now

  • Maintained focus on cash preservation policies
  • Conservative approach on new launches or construction starts
  • Cost containment: savings of >€5m in overheads in 2020
  • Postponing €32m non-essential capex in land urbanisation

Close monitoring of MVC's project portfolio

  • Client orderbook
    • Major advance in transforming client's reservations into contracts: 542 contracts signed during 1H20. An important step ahead of the planned construction starts for 2H
    • Cancellations: 200 units in 1H20, a higher rate than usual due to the Covid-19 situation
  • Construction works
    • Works back to normal progress, after a period of slow production due to the Covid-19 restrictions: an impact of 1 to 3 months per project
    • Internal decision to stop works only in 2 projects (210 units)
  • Projects under commercialisation
    • 86 projects in commercialisation with 5,084 units, 43% of them already sold
  • Prepared to accelerate as soon as the visibility improves
    • 2,809 units already active in design phase, prior to commercialisation
    • Analysing a range of alternatives to boost activity volumes, and launch new units, depending on demand trends

Addressing the changing environment with flexibility

8.

Residential pre-sales: June demand near pre-Covid levels

MVC's commercial activity data in recent months

Rebased to 100 = FY19 monthly average

180

160

140

120

100

80

60

40

20

0

ene-20

feb-20

mar-20

abr-20

may-20

jun-20

Client visits

New contacts/leads

New pre-sales (gross)

FY2019 monthly avg = 100

MVC's monthly gross pre-sales

Number of units

146

108

112

61

47

18

Jan

Feb

Mar

Apr

May

Jun

2020

2019 (ex BtR)

Digital channels: growing importance to attract clients

% of leads from internet-based channels

78%

73%

62%

Year 2019

1Q20

2Q20

Gradual improvement in activity particularly visible in June:

  • MVC's June gross pre-sales of 112 units is near Jun19's or FY19's monthly average (ex BtR)
  • The number of client leads, visits and new contacts are all above 2019 monthly average
  • With unchanged pricing policy and despite an almost closed market for foreign buyers
  • Rising interest on dwellings with a terrace or a garden and in the periphery of large cities
  • Higher penetration of online channels: now 78% of MVC´s new leads

Encouraging signs of demand recovery

9.

# units

Sales backlog in June 2020

Sales backlog:

2,195 units and €619m in future revenues

sales value in € m

€619m

€597m

(202)

(226)

492

€271m

2,195

€135m

2,131

909

541

Dec.17

Dec.18

Dec.19

Presales gross

Cancellations Deliveries

Jun.2020

Barcelona

Rest

15%

31%

Sales backlog split by province

Madrid

Seville

11%

7%

Málaga

Valencia

27%

8%

Increased visibility of the orderbook:

  • Avg selling price of €282k per unit. Indicates a rising unit price in future deliveries
  • Contracts represent 80% of the backlog now (vs 70% in Dec 2019), a stronger client commitment than reservations (20%)
  • 43% of the total units in commercialisation are already pre- sold, compared to 40% in Dec 2019 or 24% in Dec 2018

Proportion of units presold

40%

43%

24%

2,931

3,247

2,899

909

2,131

2,195

Dec.2018

Dec.2019

June 2020

Pre-sold units

Unsold units

% pre-sold

10.

Visibility of projects: units in construction and in commercialisation

Projects in commercialisation and in construction

# of units

5,378

5,084

3,840

3,383

3,463

1,222

1,329

955

Dec.2017

Dec.2018

Dec.2019

June 2020

Units in commercialisation

Units in construction

Active portfolio summary

• To feed potential deliveries <24 months

• €553m of works contracted with 29 companies;

In

55% with large players

construction

• 510 units started works in 1H20

3,463

• Building licenses received: 751 units in 1H20;

In

A further 2,207 units under way

commerc.

• Average ASP of €304k; 43% already pre-sold

5,084

• 314 units started commercialisation in 1H20

Active

7,893

units

• Includes 2,809 units in design phase

  • 344 new units launched during 1H20 and 147 were de-activated

Split by province: units in commercialisation

% of units

Madrid

Rest-Tier 3

6%

14%

Barcelona

17%

Rest-Tier 1&2

17%

Málaga

Canary Is. 8%

25%

Seville 5%

Valencia

8%

Timing of construction projects

Units in construction, by # of months since start date

1,232

795

855

581

Avg construction

0 to 6

6 to 12

12 to 18

period 18 - 24 months

> 18

11.

Deliveries in 1H20

Delivered units in 1H

Delivered units in 1H

# of units

Split by province

226

Rest

13%

Barcelona

13%

32

1H 19

1H 20

Málaga

36%

Madrid

38%

Cancelada (Estepona, Málaga)

  • 226 units delivered during the first semester with revenues of €47.4m. This includes 80 units notarised in 2Q, despite the restrictions from the Covid-19 lockdown during part of the quarter
  • No new occupantion license (LPO) was received in 2Q, therefore all the notarisations are related to projects that initiated the delivery process prior to the March lockdown
  • The bulk of the deliveries took place in Madrid, Malaga and Barcelona: 87% of the total
  • Gross margin of 16%, which is expected to improve gradually in the coming quarters

Mirador de Guadarrama (Madrid)

12.

Land management: key milestones achieved recently

Land sales in 1H

  • Land sales of €48.9m in 1H20, mostly from 1Q
  • Sale price is in line with appraisal values (GAV)
  • 98% of the value is related to the sale of one plot of land in Valdebebas (Madrid) for office use. The rest are for residential use, in Logroño and Cádiz, where MVC was not planning to develop a project

Significant recent milestones in key plots

Clesa

Seda Papelera

(Madrid)

(Barcelona)

Albacerrado

(Tarifa, Cádiz)

Land portfolio by permitting stage

% GAV

Non-Fully Permitted (NFP)

18%

Fully Permitted (FP)

82%

Organised

4k units

24k resi units

Developable

6k units

Non-urban 2k units

------------

12k units

Clesa

Hospital

Ramón y Cajal

4 Torres

Business Area

BP

  • Provisional approval"of Modificationof General Plan
  • To change the use from industrial to commercial and hospitality
  • Located in Madrid city, in a consolidated area
  • GAV: c.4% of group total
  • Area: 88,792 sqm
  • Status: Fully-permitted

Plaza Europa

Barcelona

7 min.

City center

Seda -

Fira

20 min.

Barcelona

Papelera

7 min.

Train Station

Metro stop. 1 min.

  • Initial approval of Modification of General Plan
  • To change the use from industrial to residential (73%) & commercial (27%)
  • Located in el Prat, close to Barcelona airport
  • GAV: c.2% of group total
  • Area: 171,101 sqm (1) / 1,597 units
  • Status: NFP (developable) urbanization works expected to start in 2022

Albacerrado

N-340

Harbour

Playa de los

Lances

  • Transformed from Non-urban to Developable
  • Located in Tarifa (Cádiz), an established area for 2nd residence
  • GAV: <1% of group total
  • Area: 39,425 sqm (2), including hotel, commercial and residential uses (165 units)
  • Status:NFP (developable) urbanization works expected to start in 2021

Notes

13.

(1) Residential buildability: 124,641 sqm / Office buildability: 19,200 sqm / Hotel buildability: 8,068 sqm / Commercial buildability: 19,200 sqm

(2) Hotel buildabiliy 23,829 sqm / Commercial buildability: 6,499 sqm / Residential buildability: 9,098 sqm

Residencial Hespérides (Sevilla)

3. Financial Overview

Financial accounts: 1H 2020 highlights

Profit & Loss

Total revenues: €96.3m (+15% YoY)

Residential

Land Sales:

deliveries:

€48.9m

€47.4m

• 226 units

98% commercial

• Gross margin: 16%

2% residential

EBITDA: €(8.0)m

Appraisal value impact:

€(58.3)m

Net Income: €(75.9)m

Amura (Valencia)

Financial situation

LTV ratio: 5%

Net debt: €141.1m

Cash: €301.5m

Appraisal values

GAV: €2,626m

-4.3% LfL vs Dec19

NAV: €17.07 / sh

-5% vs Dec19

15.

Net Debt in June 2020

Citrea (Málaga)

Residencial Imspira (Lleida)

LTV ratio

Avg cost of debt

Total cash

5%

2.6%

€302m (1)

Eur m

Dec. 2019

June 2020

Change

Developer loans

48.8

110.9

62.1

Corporate debt

103.6

247.3

143.7

Gross Financial Debt

152.4

358.1

205.7

Unrestricted cash & S/T investments 74.7

217.0

142.3

Net Financial Debt

77.6

141.1

63.5

Restricted cash

67.4

87.2

% LTV

3%

5%

  • No significant debt maturities in the near term: €7m in 2H20. The corporate loan expires in Dec. 2022
  • €145m new loan facilities signed in 1H: €128m in new project loans and €17m in new corporate loans
  • Total signed and available project loan facilities of €325m

MVC continues to have a very solid financial situation

Notes:

16.

(1) Including advances from clients (restricted cash), which is not used for the calculation of reported net debt

Free Cash Flow for shareholders

Cash Flow analysis

Eur m

1H 2020

+ EBITDA

(8.0)

+ Book Value of land sold (1)

49.1

+

Book value of land in residential deliveries (2)

15.2

-

Net financial expenses paid

(3.7)

-

Corporate taxes paid

(0.0)

-

Contractual repayment of corporate debt (3)

(7.3)

-

Other working capital changes (4)

(20.1)

= Adj. Free Cash Flow to Equity

25.2

-

Capex in work in progress

(109.5)

-

Capex in land

(10.0)

- +/- Change in cash advances from clients

34.3

-

+/- Others

(3.5)

= Change in net debt: reduction / (increase)

(63.5)

Comments

  • Adj. Free Cashflow to Equity of €25.2m generated in the first semester
  • €42m expected to be cashed-in from receivables over the next 12 months from sales accounted for in the past

Positive FCF generation of €25.2m in 1H20

Notes:

17.

(1) Cash recovered from land sales, not included in EBITDA; (2) Land component in the cost-of-goods-sold, which represents cash flow generation assuming no need to replenish the land bank; (3) Based on the corporate loan agreement, 15% of the land

revenues will be used to anticípate the repayment of this loan; (4) Includes deferred collection of some sales accounted for in the past

GAV and NAV: June 2020 appraisal update

Net Asset Value calculation

Eur m

Dec. 2019

June 2020

Change %

Shareholders' funds

2,340.8

2,264.8

-3%

+/- Capital gains gross

363.4

299.1

+/- Other adjustments

9.5

25.6

= NAV gross

2,713.6

2,589.4

-5%

+/- Taxes on capital gains

-90.8

-74.8

+/- Other adjustments

-9.5

-8.0

= NAV net

2,613.3

2,506.7

-4%

Number of shares (m)

151.7

151.7

NAV per share (€)

17.89

17.07

-5%

NNAV per share (€)

17.23

16.53

-4%

Gross Asset Value (GAV) evolution

€ m

133 (95)

2,706 (117)

GAV

LFL

Capex

Sales

Dec. 19

change

2,626

GAV

Jun. 20

Land value in €/sqm

537

480

449

289

180

Residential

Residential Commercial MVC total

Implied with

FP

NFP

stock price (1)

GAV to GDV ratio (%)

23%

9%

MVC total Implied with stock price (1)

Like-for-like change

  • LFL decline of -4.3% vs Dec.2019. By segments:
    • Residential: -5.1%
    • Commercial: -2.0%
  • Covid-19effect: reflects lower visibility on demand, despite limited evidence on land transactions
  • Impact on NAV is €124m. Part of it, also reflected in lower book values through the P&L: €58.3m

NAV of €17.07/sh: provides considerable support to the stock price

Notes:

18.

(1) MVC stock price as of 24/07/2020

Altum Lezkairu (Pamplona, Navarra)

4. Closing remarks

Closing remarks

Prepared to accelerate as

soon as the visibility

improves

Shareholder remuneration

focus maintained

An attractive land portfolio

Strong financial situation

Addressing multiple buyer profiles

and segments

Prudent management approach

Share buyback

  • €50m buyback in progress
  • To date: 642,082 shares acquired and €4.9m invested (1)

Cash dividends

• Decision to be re-addressed in 2H, depending on visibility

Notes:

20

(1) Update as of 27/07/2020

Residencial Cornes (Santiago de Compostela)

Appendices

Financial accounts 1H 2020

Other data

Profit and Loss Account

Key considerations

(€m)

1H 2019

1H 2020

A

Revenues

83.8

96.3

Residential Development

7.4

47.4

A Total revenues of €93.6m, +15% YoY

Land Sales

76.4

48.9

COGS

(73.6)

(88.7)

• Residential revenues of €47.4m

COGs Developments

(5.5)

(39.7)

• Land sales of €48.9m

COGs Land Sales

(68.8)

(49.4)

B Gross margin of €7.6m

Others

0.6

0.5

B

• 16% margin in residential development

Gross Profit

4.0

7.6

% Gross Margin

12%

8%

Commercial Cost

(4.3)

(4.7)

C

Wages & Salaries

(8.0)

(7.9)

C

Overheads

(3.5)

(3.0)

EBITDA

(5.6)

(8.0)

D

(Impairment)/revaluation/ depreciation

15.6

(59.6)

EBIT

10.0

(67.6)

Net financial results

(3.0)

(5.4)

Others

(0.1)

(0.2)

EBT

7.0

(73.2)

Income Tax

(0.8)

(2.7)

Net Income

6.1

(75.9)

C Overhead plus personnel expenses of €10.9m

  • Decline of 5% reflecting cost containment

D Impairement impact of €58.3m

  • Decline in appraisal values which is partly reflected in lower book values
  1. Financial expenses of €5.4m
    • Increase driven by the full wihdrawal of the corporate loan and the mark-to-market impact of the equity swap

22

Balance Sheet

(€m)

Dec. 2019

A

Investment Property

334.1

Other non-current assets

254.0

Total non-current assets

588.1

A

Inventory

1,902.3

Land

1,215.5

WIP & finished product

686.8

B

Cash

139.7

Other current assets

48.2

Total current assets

2,090.2

Total assets

2,678.4

Provisions

10.1

C

Bank debt

95.0

Other non-current liabilities

23.4

Total non-current liabilities

128.4

Provisions

19.0

C

Bank debt

53.5

Other current liabilities

136.6

Total current liabilities

209.1

D

Shareholders' funds

2,340.8

Total equity + liabilities

2,678.4

Key considerations

Jun. 2020

329.0

249.9

A Book value of land portfolio and work in progress

578.9

1,890.3

• Decline in 1H due to asset sales and lower appraisal

1,115.9

values

774.5

• Increased proportion of work-in-progress and finished

301.5

product related to the active projects

70.6

2,262.4

B Cash balance of €301.5m

• Includes €214.3 unrestricted and €87.2m of advances

2,841.3

from clients

10.2

223.3

C Financial debt

25.5

• Increase due to the full withdrawal of the corporate loan

259.0

as well as higher use of project loans

16.7

131.5

D Shareholder´s funds

169.2

• Decline related to the provisions on lower book value of

317.5

the assets

2,264.9

2,841.3

23

Geographical Exposure: Presence in the Most Dynamic Locations

Geographical presence by GAV and tiers (1)(2)

Tier 1

Tier 2

Tier 3

GAV by use

GAV by land permitting (3)

Under permitting process

Commercial

18%

22%

Residential

Fully-Permitted

78%

82%

GAV by province

GAV by location tiers (2)

Madrid

Tier 3

Rest

16%

20%

31%

Tier 1

60%

Balearics 4%

Barcelona

Tier 2

24%

17%

Valencia 6%

Seville 6%

Málaga

16%

GAV in € m

Residential

Commercial

TOTAL

Fully permitted (3)

1,596

78%

548

94%

2,144

82%

Non fully-permitted

450

22%

32

6%

482

18%

TOTAL MVC

2,046

100%

580

100%

2,626

100%

Notes:

24

(1)

Map excludes provinces with a reduced presence, below €10m in GAV

(2)

MVC's internal classification by Tiers based on several economic, demographic and market metrics. In provinces with municipalities with different tiers, classification by province is weighted according to GAV

(3)

Fully permitted land defined as land with both urbanization and rezoning plans approved

Commercial portfolio: project summary

Progress in ongoing projects

Puerto de Somport office Project in Las Tablas, Madrid

  • Phase I of 20,000 sqm already under construction, to be completed in 2H 2021 (MVC 24% stake)

Commercial land by location (% GAV)

Rest 5%

Canary Island 5%

Cádiz 3%

Madrid

43%

Balearics 9%

Monteburgos II turnkey project

  • Building license already requested
  • Turnkey project to be delivered in late 2022

Barcelona

35%

Top 5 comercial land plots: 70% of MVC'scomercial portfolio by GAV

Project

Use

sqm

1

La City (Barcelona)

Office/Hotel

135,618

2

Clesa (Madrid)

Office/Mixed

88,702

3

Monteburgos 1 (Madrid)

Offices

42,310

4

Valdebebas (Madrid)

Offices

23,331

5

Loinsa (Barcelona)

Offices

32,819

Top 5 Comm. plots

322,780

Puerto de Somport office development (Madrid)

Link to project website

25

Marketing & ESG initiatives

BE SAFE

MVC Digital

Metrovacesa4u

insurance policy

Launch of

Agreement with

DE CONFIANZA

Google

  • Insurance policy to cover the payments from clients who are affected by the current health crisis by an ERE and even by an ERTE
  • The current circumstances caused by the health crisis and the travel restrictions have prompted MVC to work even closer to its customers than before

• Offers the possibility of

purchasing the home telematically, from the first visit and choice of furniture, to the signing of the reservation

  • 360º visits and free walk
  • Customers will be able to know in depth all the details-technical
    information, plans, quality specifications, furniture, location and surroundings- as if they were visiting a physical point of sale
  • Digital platform designed exclusively for the agent network, so that they can access detailed information on
    each project in commercialization.
  • Agents will also be entitled to incentives, privileges and incentive prizes
  • Clients can rapidly have access to all the information of a project by scanning a QR with their cell phone
  • In collaboration with Alastria, through Blockchain technology, the information of each project is verified by third parties: the financial institution, construction company, licenses granted…
  • Companies like Sacyr, Avintia, FCC and Ferrovial have joined
  • Goal: search offer focused on the preferences of each client
  • Metrovacesa will be able to optimize through machine learning the different real estate options in which the user is interested
  • Strengthens the company´s commitment to innovation, firmly betting on an open model of collaboration with both startups and leading companies

Awarded by the Ministry of Equality and managed by the Women´s Institute

This "seal" recognizes the equality plan "We build Equality" promoted since 2018 in order to develop practices and policies that integrate equal treatment and opportunities between men and women

26

Some project examples

Jardins de Llevant (Mallorca)

Villas de la Vega (Madrid)

Jardins de Can Gambús (Sabadell)

Mozart (Sagunto, Valencia)

  • In Palma, 7 min walk from the Paseo Marítimo
  • 114 units from 1 to 4 bedrooms
  • Panoramic-viewswimming pool in the rooftop, as well as common garden areas

Link to Jardins de Levant website

Link to location in Google maps

Located in the town of Villaviciosa de Odón,

In the new expansion area of Sabadell, these

Located in Puerto de Sagunto, 15 min walk from

29km from Madrid city center

60 units are spread in 2 multi-familiar blocks

the beach and 30km from Valencia city

39 individual units with private gardens and 2

29km from Barcelona city center

22 dettached units with 4 rooms and private

terraces in the upper floor, some of them with

Parking, storage rooms and common green

gardens

private swimming pool

areas and swimming pool

Common green areas and swimming pool

  • 3 parking spots for each unit

Link to Villas de Vega website

Link to Can Gambús website

Link to Mozart website

Link to location in Google maps

Link to location in Google maps

Link to location in Google maps

27

Data series: evolution of key operating data

# Units

FY 2017

FY 2018

FY 2019

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

Pre-sales in the period

512

888

1,511

88

157

238

405

417

424

263

407

263

177 / 27*

Backlog of presales (units)

541

909

2,131

593

675

931

909

1,312

1,718

1,882

2,131

2,248

2,195

Backlog of presales (€ m)

135

271

597

149

178

250

271

377

487

533

597

630

619

Active projects (# projects)

48

102

136

62

86

92

102

105

121

121

136

134

133

Active units total

2,141

5,565

7,962

2,959

4,546

4,912

5,565

5,834

7,436

7,340

7,962

8,054

7,893

Units in commercialisation

1,222

3,840

5,378

1,422

2,314

3,137

3,840

4,625

4,899

5,168

5,378

5,501

5,084

Units in construction

955

1,329

3,383

1,003

1,192

1,200

1,329

1,902

2,803

3,388

3,383

3,747

3,463

Units launched in the period

2,141

3,944

2,686

855

1,662

438

989

283

1,620

3

780

238

-81

Deliveries in the period

110

520

289

36

75

73

336

14

18

99

158

146

80

Note / Definitions: Pre-sales: number of reservations plus contracts signed in a period of time, net of cancellations; Sales backlog:balance of accumulated pre-sales minus deliveries

at a certain date; Units under commercialisation: total number of units in projects under commercialisation, including sold and unsold units; Active units:units in projects launched internally, including projects already under commercialisation and projects in design phase (prior to commercialisation)

* 117 gross units, before cancellations, and 27 net units, after cancellations

28

Residencial Ópera (Sagunto, Valencia)

Q&A

Disclaimer

Metrovacesa SA published this content on 27 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2020 05:25:06 UTC


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