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    MVC   ES0105122024

METROVACESA S.A.

(MVC)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Metrovacesa S A : FY 2020 – Results presentation (PDF)

02/23/2021 | 03:44am EDT

Residencial Montblanc / Palmas Altas (Sevilla)

Results

FY2020

February 23rd, 2021

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

  • 2. Business Update

  • 3. Financial Overview

Jorge Pérez de Leza

Borja Tejada

Juan Carlos Calvo

CEO

CFO

Strategy & IR

3.

Highlights of 2020

5.

Key operational data as of December 2020

Active projects

ConstructionDeliveries / SalesLand portfolio

Financials

Notes:

  • (1) Defined as cummulative pre-sales (reservations + contracts) minus deliveries

  • (2) Average Selling Price

  • (3) Pre-sales in the period, net of cancellations

  • (4) Estimated number of units may vary in time depending on the type of projects and maximum buildability

  • (5) Calculated on Dec 2020 appraisal values

7.

Market Dynamics in Spanish residential

2020: a year of two halves

  • 1H: impacted by the 3-month lockdown, on pre-sales and cancellation rates

  • 2H: a return to pre-Covid sales ratios in first residence

2020

2021

Medium term

  • Stable house prices, with a balanced supply-demand

  • New construction starts down 30%: cautious approach from banks and developers

  • Demand for land: very low during most of the year, but improving in 4Q

2021: A year for a gradual recovery

  • Full year activity should improve vs 2020 (presales, launches, land sales etc.) but still below a normalised year

    • Start of the year similar trends than 2H20

    • Improving confidence later in the year with vaccination, cross-border travelling, etc.

  • Less pressure on construction costs due to fewer construction starts

Mid-term: house market fundamentals remain very solid

  • Positive demographics, particularly in the MVC locations

  • Balanced affordability ratios, with historically low mortgage rates

  • Rental segment: growing interest from institutional investors

  • Lower construction starts in 2020/21 to create undersupply for 2022/23

  • An opportunity for larger players, with a good access to land and to financing, to gain market share and benefit from lower costs

House price appreciation: stable prices in 2020 (%, a/a)

10

8

-10 -12

-2

-4

-6

-8

6

4

2

0

INE

sep.-13 mar.-14 sep.-14 mar.-15 sep.-15 mar.-16 sep.-16 mar.-17 sep.-17 mar.-18 sep.-18 mar.-19 sep.-19 mar.-20 sep.-20

Construction starts: down 30% in 2020

TINSA

120,000

100,000

80,000

60,000

40,000

New housing starts L12MHousing completions L12M

Source: INE

8.

Operational activity in 2020

Pre-sales (net)

Increase in activity

# of units

# of units

2H: +11% yoy

1,511

2018

2019

1H2H

Pre-sales: a year of two halves

2020

Deliveries

# of units

601

2018

Units in commercialisation

2019

Units in Construction

Operational Ramp-up

2020

Backlog of pre-sales

2019

2020

Deliveries

  • Net pre-sales of 1,037 units in 2020, with 242 units in 4Q

  • 1H20: impacted by the pandemic lockdowns and higher cancellations than normal

  • 2H20: return to a more normalised market. Sales volume similar to pre-Covid levels, ex Costa del Sol and ex BTR

  • Gross pre-sales of 1,357 units

  • Backlog up 21% to 2,568 units

  • In Commercialisation: 90 projects with 5,440 units

    • 47% is already pre-sold

    • New commercial launches in 2020: 1,000 units

    • Plus 1,942 units active in design phase

  • In Construction: 3,550 units in progress or completed

    • New starts in 2020: 1,056 units

    • Completions in 2020: 949 units

    • Building licenses received: 1,196 units

  • 601 units delivered in 2020, +108% vs 2019, in line with recent guidance range

  • 4Q20: 312 units delivered

  • Total revenues of €131m (+111% YoY)

9.

Confidence on growing future deliveries

Sales backlog: up 21%

# unitssales value

€271m

Sales backlog

909

Sales backlog

€597m

Dec. 18

Dec. 19

Construction progress

Sales 2020

Total: 3,550 units, split by % of construction progress # units

Deliveries 2020

911

€744m

Sales backlog

Dec. 20

0-25%

754

25-50%

50-75%

>75%

Completed

Notes:

(1) FOL = First Occupation License, to initiate delivery

Build to Rent: growing buyers' interest

An important portfolio already in operation

5 BtR projects: 486 units (1)

Project

Balcón de Europa

Jardines de Tetuán

486

Terrasses de Llevant (Palma de Mallorca)

Location

Arganda del Rey, Madrid

Madrid

Units

120 65 98 115 88

Pau Concordia Sanitas (Manresa, Barcelona)

Notes:

(1) Total project units, including some units to be sold to Build-to-Sell clients

Buyer

Delivery

Ares

Under deliveryAres 2022

  • We see improved interest from institutional investors on BtR projects in recent months

  • More open now to locations outside of Madrid or Barcelona

MVC's approach

  • Forward-purchase or turnkey deals, on a case-by-case basis, is our preferred route to maximise returns

    • Portfolio deals generally implies higher price discounts

    • Becoming a rental operator is a different business model, delaying the monetisation of the portfolio, with extra return below our CoE

  • c.550+ units selected for future BtR transactions, and to initiate construction in 2021

  • Aimed for selling to BtR investors before completion

  • Locations: Valencia, Seville and Alicante

  • On top of this: more units identified for subsequent years

Land management: securing prime locations for future years' launches

Land is 83% fully permitted

Land porftolio: present in the most dynamic locations (1)

Geographical presence by asset size in GAV

  • 307 units transformed to fully permitted in 2020

  • Now 83% FP vs 74% at IPO

  • Several major milestones achieved to secure land available in the most attractive locations:

    Madrid: Arpo, Clesa

    Barcelona: 3 Chimneys, Seda-Papelera Seville: Palmas Altas

    Others: A Coruña (Percebeiras), Tarifa, etc.

Madrid: some key plots

Getting ready on prime locations

  • On track to transform major land plots to FP to feed future launches in 2022/23:

    +6k units expected to become FP by 2023 In key prime locations like Madrid,

    Barcelona or Valencia

    Capex: c.€60m in 2021 in land transformation

  • A clear competitive advantage: it is still very challenging to find quality land in good locations, similar to MVC's

Arpo / Pozuelo 256 units Fully-permitted

Los Cerros / Madrid 1,645 units

1%

GAV

La Estación / Getafe 433 units

1%

Under permittingMesena / Madrid 160 units Fully-permitted

Distrito Norte / Alcorcón

Under permitting

GAV

1%

GAV

2%

c.2,000 units Under permitting

4%

GAV

GAV

Barcelona

Valencia

Seville

3 Chimneys /BarcelonaSeda-Papelera / El Prat

Vinival / Valencia

Benimaclet / Valencia

477 units + mixed use

2%

1,558 units

2%

486 units

472 units

1%

Under permitting

GAV

Under permitting

GAV

Under permitting

Under permitting

GAV

GAV

1%

Palmas Altas / Seville 2,177 units

Fully permitted

5%

GAV

(1) Map excludes some provinces with a small presence, below €10m in GAV

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

Land sales

Land sales in 2020: €16m revenues

Palmas Altas (social housing)

El Puntal (UA 2)

Unipapel Logroño

Sevilla

Murcia

La Rioja

Residential

Residential

Residential

Palmas Altas (Seville)

276 27,600

117 12,922

44 3,769

Improving demand from 4Q20

  • Increased interest from 4Q20, more evident for residential use than for commercial uses

  • Sales in 2020:

    • Revenues of 16m, mostly in 4Q20

    • Confimation of the pipeline reported with 9M results

    • Sale price in line with the book value and appraisal values

  • Valdebebas land sale: excluded from the financial accounts, taking a conservative approach. After signing the sale in 1Q20(1), the buyer has failed to meet its contractual obligations

  • Total cash inflow of 45m from land sales in the year: includes 29m collection from sales signed in 2019

Outlook for land sales

  • Current pipeline: >€15m

  • We expect land liquidity to improve gradually during 2021, particularly for commercial land

(1) Land with a buildable area of 34,800 sqm for office use in Madrid. Included in the interim 1Q20 accounts for €48m revenues, with a very small impact on Ebitda or net earnings, as the price was similar to the book value

Commercial segment: ongoing projects

Commercial projects under development

79 % of Commercial GAV in Madrid & Barcelona

Madrid 48%

Name

Location

Sqm

% progress(1) Completion

Comments

  • Final approval of change of use in General Plan

    Clesa (Madrid)

  • 88,700 sqm of mixed use (offices, coliving, student accommodation, retail, etc.)

  • Works expected to start in 2021

Note: (1) Data as of January 31, 2020

Financial accounts: FY20 highlights

Novolérez (Pontevedra)Nereidas (Torremolinos, Málaga)

Profit & Loss

Total revenues: €146.1m

EBITDA: -9.0mNet Income: -163.5m

includes €137m impact from lower appraisal value of assets

Financial situation

LTV ratio: 8.5%Net debt: €228.4m

Cash: €334.0m

Appraisal values

GAV: €2,679m

Dec 2020

NAV: €16.48 / sh

Dec 2020

Net Debt in December 2020

Net debt details

Altum Lezkairu (Pamplona)Metropol Parc (Barcelona)

Eur m

Dec. 2019

Jun. 2020

Dec. 2020

Developer loans Corporate debt

48.8 110.9

103.6 247.3

178.8 257.1

Gross Financial Debt

152.4

358.1

435.9

Unrestricted cash & S/T invest.

74.8

217.0

207.4

Net Financial Debt

77.6

141.1

228.4

Restricted cash (1) % LTV

67.4 2.9%

87.2 5.4%

130.1 8.5%

  • • €299m new bank loans signed in 2020: project loans €282m and corporate loans €17m

  • Registered Commercial Paper Program in

    October of up to €100m. Open balance of €16m at year-end

  • Over €300m pre-agreed loans for new construction starts

Strong financial situation

LTV ratio 8.5%Total cash €334m

  • Increase in net debt reflects progress in the activity ramp-up, with LTV ratio well under control

  • Total cash of €334m, higher than normal due to conservative policy in the current context

  • • €367m in unused project loans

  • No significant debt maturities in the near term. Corporate loan expires in Dec. 2022

Notes:

(1) Restricted cash includes advances from clients, which is not used for the calculation of the net debt or LTV ratio

Free Cashflow to equity

Cash Flow detail

Eur m

FY 2020

+ EBITDA (9.0)

+ Book Value of land sold (1) 9.0

+ Book value of land in residential deliveries (2) 31.0

- Net financial expenses paid (7.7)

- Corporate taxes paid 0.0

- Contractual repayment of corporate debt (3) (14.0)

- Other working capital changes (4) 18.5

= Adj. Free Cashflow to Equity

27.8

- Capex in work in progress (280.2)

- Capex in land (19.3)

- Change in cash advances from clients (+/- ) 81.0

-Others (+/- ) 55.4

= Reduction (increase) in net debt

(135.4)

Positive FCF generation: €27.8m

  • Driven by monetisation of land in residential deliveries and land sales

  • Capex in construction WIP and land is financed with an increase in project loans and advances from clients

Residencial Aria (El Ejido, Almería)

Notes:

(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 cash collection of sales registered in other periods

Appraisal update: NAV of €16.48 per share

Net Asset Value calculation

Eur m

Dec.2019

Jun.2020

Dec.2020

2H %YoY %

Shareholders' funds +/- Capital gains gross +/- Other adjustments

2,340.8 2,264.8

363.4 299.1

9.5 25.6

2,179.8

265.4 54.2

-3.8%

-6.8%

= NAV gross

2,713.6

2,589.4

2,499.4

-3.4%

-7.9%

+/- Taxes on capital gains +/- Other adjustments

(90.8) (74.8)

(9.5) (8.0)

(66.4) (6.5)

= NAV net

2,613.3

2,506.7

2,426.6

-3.2%

-7.1%

Number of shares (m)

151.7

151.7

151.7

NAV per share (€)

17.89

17.07

16.48

-3.4%

-7.9%

NNAV per share (€)

17.23

16.53

16.00

-3.2%

-7.1%

Comments

  • LFL change of -7.5% vs Dec.2019 and -3.4% vs Jun.2020

  • Impact of €214m on NAV and €137m on P&L impairements, as appraisal values are close to book value (GAV to BV ratio of 1.1x)

  • GAV and NAV figures provide considerable upside at the current stock price

Land value in €/sqm

Portfolio breakdown (GAV) in € M

596

456

461

MVC total

GAV to GDV ratio %

Residential

FP

Residential

250

Residential

Commercial

Total

564

2,216

83%

31

463

17%

595

2,679

100%

22%

100%

78%

Fully permitted

1,652

195

Under permitting

432

Commercial

Implied with stock price (1)

GAV Total

NFP

2,084

Notes:

(1) MVC stock price as of 19/02/2021

RIVA (Marbella)

Shareholder remuneration

  • Policy to distribute 80% of FCF generation

  • Dividend figure for 2Q21 to be decided in late March for AGM approval

  • Cashflow in 2019+2020: €71m

    Cash payment will be higher than the €0.26/sh suggested last October

  • €15.4m invested to date(1), 1.67% of the share capital

  • Acquired with external financing, via equity swap

  • Total plan: up to €50m or 8m shares

Notes:

(1) Data as of 19/02/2021

Perspectives for 2021

Strategic priorities

at YE2020, for deliveries in 2021-2024

Key strategic priorities

Improve business returns

Consolidate the operational ramp-up in residential developmentCreate value through land management

Optimise size of the land portfolio

Focus on cashflow generation and shareholder remuneration

Medium term outlook

7,382 units active

Accelerate sale of land and optimise the portfolio

2021-2024

Current

FCF

>

market cap

Balcón de Europa (Arganda del Rey, Madrid)

Profit and Loss Account

(€m)

FY 2019

Revenues 170.1

Residential Development 63.2

Land Sales 106.9

COGS (146.1)

COGs Developments (51.5)

COGs Land Sales (94.9)

Others 0.3

BC

Gross Profit 24.0

% Gross Margin 14%

Commercial Cost (11.3)

Wages & Salaries (15.0)

Overheads (8.0)

EBITDA (10.3)

D

(Impairment)/revaluation/ depreciation 12.9

EBIT 2.6

Net financial results (4.8)

Others (0.2)

Pre-tax profit (2.4)

E

Income Tax (2.1)

Net Income (4.5)

FY 2020

146.1

130.3

15.8

(123.0)

(107.5)

(15.9)

0.3 23.1 16%

(10.9) (14.7)

(6.5)

(9.0)

(135.0)

(144.0)

(7.1)

(6.3)

(157.4)

(6.1)

(163.5)

A -Total revenues of €146.1m

  • Residential revenues of €130.3m

  • Land sales of €15.8m

  • B - Gross margin of €23.1m

    • 18% margin in residential development

    • 0% in land sale: price in line with book values

  • C - Overhead plus personnel expenses of €21.2m

    • 8% decline yoy

    • Expenses related to active projects rather than current deliveries

D - Impairement impact of €137m

  • Derived from the asset appraisal update in December

E - Income tax expense of €6.1m

  • Reduction of deferred tax assets associated with deliveries and appraisals

Balance Sheet

(€m)

Dec. 2019

Investment Property 334.1

Other non-current assets 254.0

Total non-current assets 588.1

ABCC

Inventory 1,902.3

Land 1,215.5

WIP & finished product 686.8

Cash 139.7

Other current assets 48.2

Total current assets

2,090.2

Total assets 2,678.4

Provisions 10.1

Bank debt 95.0

Other non-current liabilities 23.4

Total non-current liabilities 128.4

Provisions 19.0

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

Dec. 2020

321.3 154.0 475.3

1,982.6 1,097.7

884.9 334.0 133.7

2,450.3 2,925.6

14.6 217.4 30.4 262.4 26.6 215.9 241.0 483.5

2,179.8 2,925.6

A - Book value of real estate assets (inventory + investment property + others): €2.26bn

  • Ratio GAV to BV reduced to 1.1x from 1.16x

  • Increased proportion of work-in-progress and finished product: 45% of inventories now vs 36% the year before

  • B - Cash balance of €334.0m

    • An increase of €194.3m in the year

    • Includes €130.1m advances from clients and €203.9m unrestricted

  • C - Financial debt

    • Increase due higher volume of work in progress

  • D - Shareholders´ funds

    • Decline related to the impairment on asset values, based on the latest appraisal

Data series: evolution of key operating data

# Units

2017

2018

2019

2020

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

Pre-sales in the period

512

888

1,511

1,037

88

157

238

405

417

424

263

407

263

27

505

242

Backlog of presales (units)

541

909

2,131

2,568

593

675

840

909

1,312

1,718

1,882

2,131

2,248

2,195

2,637

2,568

Backlog of presales (€ m)

135

271

597

744

149

178

250

271

377

487

533

597

630

619

747

744

Active projects (# projects)

48

102

136

125

62

86

92

102

105

121

121

136

134

133

125

125

Active units total

2,141

5,565

7,962

7,382

2,959

4,546

4,912

5,565

5,834

7,436

7,340

7,962

8,054

7,893

7,429

7,382

Units in commercialisation

1,222

3,840

5,378

5,440

1,422

2,314

3,137

3,840

4,625

4,899

5,168

5,378

5,501

5,084

5,406

5,440

Units in construction

955

1,329

3,383

3,550

1,003

1,192

1,200

1,329

1,902

2,803

3,388

3,383

3,747

3,463

3,639

3,550

Deliveries in the period

110

520

289

601

36

75

73

336

14

18

99

158

146

80

63

312

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)

MVC clients & projects: profile by location, price, age and motivation

Range of selling prices: €k per residential unit

Targeting a wide range of prices, with an ASP of €303k/unit in commercialisation

44%

< 150 k

150-200k 200-3000k 300-400k 400-600k

> 600k

Notes

(1) Calculated as percentage of units in the sales backlog, excluding build-to-rent sales

Land management: recent milestones

Land transformation

  • Several major milestones achieved to secure land available in the most attractive locations:

    Madrid: Arpo, Clesa

    Barcelona: 3 Chimneys, Seda-Papelera

    Seville: Palmas Altas

    Others: A Coruña (Percebeiras), Tarifa, etc.

Land management: key recent milestones

Land portfolio: 83% fully permitted

Palmas Altas (Sevilla)

  • Urbanization plan approved in January, and 207 units (3 projects) to be launched commercially in 1Q21

  • Urbanization works starting soon, to be completed in 1Q 2023

Three Chimneys (Barcelona)

  • Initial approval of General

    Plan Modification in 3Q20

  • To become FP and

    Urbanization works expected to start in 2022

Seda-Papelera (Barcelona)

  • Initial approval of the

    General Plan Modification in 1H20; final approval in 4Q21

  • Urbanization works expected to start in 1Q23

Organised 4k units Developable 6k units Non-urban 2k units ----------12k units

Tarifa (Cádiz)

  • Transformed to developable in 1H20

  • Final approval of

    Urbanization works General Plan

  • Urbanization works expected to start in 2023

Percebeiras (A Coruña)

  • Issuance of environmental certification (after approval of draft masterplan)

  • Expected to become FP in 2023

Portfolio by provinces: strong presence in the key areas

Portfolio details by province, ranked by % of GAVGAV (%)

Location

TotalResid.

Commerc.

Number of residential units

TotalFully permittedUnder permitting

Madrid Barcelona Málaga Seville Valencia Cádiz Balearics Alicante A Coruña Canary Islands Rest of Spain

21%

14%

48%

4.8k

0.9k 3.9k

16%

12%

31%

4.2k

1.9k 2.3k

17%

22%

0%

2.6k

2.3k 0.3k

6%

8%

0%

2.5k

2.5k

-

6%

8%

0%

3.4k

2.1k 1.3k

5%

5%

3%

1.6k

1.1k 0.5k

4%

3%

7%

0.6k

0.6k

-

3%

4%

0%

1.6k

1.2k 0.4k

3%

4%

0%

2.0k

0.9k 1.1k

2%

3%

4%

2.2k

2.0k 0.2k

17% 100% 2,679

19% 100% 2,084

6% 100% 595

9.4k 34.9k

7.3k 2.1k

Total MVC

22.8k

12.1k

GAV (€m)

Corporate & ESG: initiatives and recognitions

ISO quality certifications

ISO 9001:2015

Metrovacesa obtained in Nov. 2020 the ISO 9001-2015 Quality certification, audited by AENOR

Sustainability initiatives will consolidate with the ISO 14001 in late 2021

Among 100 best companies to work in Spain

Metrovacesa has been included among the 100 best companies to work in Spain, training its employees with workshops in applications, skills and specific plans such as a master degree in real estate management

Equality in the company

Award

In June 2020, the distinction

"Equality in the company"

was awarded to MVC, for its plan for equal opportunities among women and men, avoiding the risks of discrimination based on sex and defining protocols to identify these situations

ASPRIMA - SIMA

Award

Metrovacesa's DE CONFIANZA project has won ASPRIMA-SIMA award for Best Innovation Initiative, recognizing its groundbreaking use of blockchain technology in the sector

European Green

Deal

Metrovacesa participates in a project led by the Norwegian University of Science and Technology for Climate Positive Circular Communities in Palma de Mallorca with the Llevant Innovation District

MVC- PROPTECH

TikTok

Metrovacesa and Proptech have joined forces to develop a platform that adapts their channels to current market demand, following the TikTok model, by interacting through short music videos showing the main details of its projects to attract customers

Metrovacesa supports entrepreneurs

Specialized advice on real estate assets free of charge to those entrepreneurs who are looking to buy/rent a property Collaboration of partners such as Alastria, Conector Startup Accelerator and InviertisMetrovacesa participates in the 4th edition of Inspiring Women Leaders in Digital Era, the biggest online talent event worldwide. Disruptive technologies (Blockchain, AI, DeepLearning, AR, VR, Nanotech, Robotics) are helping to activate the economy, changing business models

Housing demand and demographics

Demographics: projected household creation by region 2020-2035

Source: INE projections

258,550 240,474

204,816

137,296

96,394

61,481

Castilla y

57,541

Murcia

Asturias

León

23,392

21,306

19,908

14,868

País Vasco

4,293

Aragón

3,890

2,847

2,615

-14,514

-35,144

MadridAndalucía

MVC GAV %

CataluñaCom. ValencianaCanarias

Islas Baleares

Castilla-La Mancha

Navarra

La RiojaExtremaduraCantabriaGalicia

3%

2%

4%

1%

1%

-

1%

-

Demographics: total population and households (millions)

60

Housing transactions (units)

900,000

Affordability and effort ratios

80

10

20

55

50

45

40

35

30

25

20

15

10

5

0

1999

2000

2001

2002

2003

2004

2005

2006

2007

Total population (M) - LS

800,000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

18

16

14

12

10

8

6

4

2

0

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

70

60

50

40

30

20

10

0

Sep-20

Sep-90

9

8

7

6

5

4

3

2

1

0

Sep-91

Sep-92

Sep-93

Sep-94

Sep-95

Sep-96

Sep-97

Sep-98

Sep-99

Sep-00

Sep-01

Sep-02

Sep-03

Sep-04

Sep-05

Sep-06

Sep-07

Sep-08

Sep-09

Sep-10

Sep-11

Sep-12

Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18

Sep-19

Households (M) - RS

New

Used

Source: MFOM

Effort rate (% gross household income) - LSAffordability rate (# años) - RS

Source: MFOMSource: Bank of Spain

MVC project examples I

Novolérez (Pontrevedra)Mirador de la Albaida (Córdoba)

Link to project websiteLink to project website

Luz Lezkairu (Pamplona)RIVA (Marbella)

Link to project websiteLink to project website

MVC project examples II

Gaztelondo (Bilbao)

Link to project website

Metropol Parc (Barcelona)

Link to project website

Jarales (Algeciras)Oceana Views (Estepona, Málaga)

Link to project websiteLink to project website

Disclaimer

Metrovacesa SA published this content on 23 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2021 08:43:06 UTC.


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Financials
Sales 2021 446 M 529 M 529 M
Net income 2021 20,0 M 23,8 M 23,8 M
Net Debt 2021 141 M 167 M 167 M
P/E ratio 2021 41,3x
Yield 2021 8,18%
Capitalization 1 063 M 1 255 M 1 260 M
EV / Sales 2021 2,70x
EV / Sales 2022 2,07x
Nbr of Employees 195
Free-Float 20,2%
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Last Close Price 7,02 €
Average target price 8,03 €
Spread / Average Target 14,4%
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Managers and Directors
Jorge PÚrez de Leza Eguiguren Chief Executive Officer & Director
Borja Tejada Rendˇn-Luna Chief Financial Officer
Ignacio Moreno MartÝnez Chairman
Eduardo Carre˝o Chief Operating Officer
Beatriz Puente Ferreras Independent Director
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