AEDAS Homes ended the first nine months of its 2022-23 fiscal year (from April to December 2022) with revenues of €358 million, a gross margin of 28.8% in its Build to Sell (BTS) developments, and a overall blended gross margin of 26.3%, within the estimated range of its targets. The company is maintaining its goals of €900 million of annual revenue and €160 million of Ebitda, the highest historical figures reported by the developer.
Based on the operational and financial figures reported, AEDAS Homes is on track to achieve its annual targets, with most of its deliveries planned for the last quarter of its 2022-23 financial year, ending on 31 March.
In line with the objectives outlined in the Business Plan, as of 31 December 2022, the Spanish developer had 2,098 completed units (with Final Construction Certificates) ready to deliver. This large number of Final Construction Certificates, in addition to the 1,000+ units already delivered, provides the company with peace of mind and strong visibility on reaching its target of 2,600 homes delivered this year.
“The company's operating and financial figures confirm that AEDAS Homes is making steady progress, demonstrating its proven ability to execute, and continuing to grow on the back of demand that has demonstrated exceptional resilience", explained David Martínez, CEO of AEDAS Homes, pointing out that the average Build to Sell (BTS) sales price in the first nine months of the year was up 15% year-on-year, to €390,000.
Excellent visibility through 2025
AEDAS Homes has confirmed its exceptional visibility for this current fiscal year, as well as the next two, with an Order Book of 4,929 units (3,856 BTS and 1,073 BTR), valued at €1,565 million. The company’s very elevated sales levels cover 70% of the deliveries for FY 2023/24 and 25% of deliveries for FY 2024/25.
The company has also reported maximum levels of homes for sale, with more than 10,000 units on the market, up 30% over the same period last year. From April to December alone, AEDAS Homes put 3,026 units on the market, up significantly over the 2,398 units launched in the same period last year.
The company’s strong visibility also comes from the 4,437 units currently under construction—in addition to the 2,098 units that are completed and pending delivery (with Final Construction Certificates)—and in its large landbank, which guarantees its business up through FY 2026/27. This high quality landbank, most of which is ready to build plots, has a development capacity of 17,241 units across 13 autonomous communities and is based on prudent investments made following a selective approach and prioritizing optionality in resilient market segments.
Preserving solvency levels
AEDAS Homes ended the first nine months of the fiscal year preserving solvency levels, with €150 million in cash, another €30 million in a revolving credit facility, and limited exposure to variable interest rates.
"Despite the uncertainty of the current economic situation, AEDAS Homes' operating activity continues to evolve favorably. We have solid visibility on our targets, coming from the good levels of progress on our construction sites, a solid sales pace, and resilient demand in the mid-to-high segment of the market”, Mr. Martinez concluded.
