The promoter will pay a dividend of 0.33 euros in May and its pre-sales figure exceeds 1,000 million euros in value for the first time
MADRID, 26 Abr. (EUROPA PRESS) –
Metrovacesa registered net losses of 3.6 million euros in the first quarter of the year, in contrast to profits of 10.7 million euros in the same period of 2022, as reported by the real estate developer to the National Market Commission on Wednesday. of Securities (CNMV).
The company’s revenue figure reached 79.5 million between January and March, 43.6% less than in the same period last year. Most of the developer’s income (79.2 million euros) came from its residential business and the rest from the sale of land.
Metrovacesa’s developer gross margin rose to 21.5% in the first quarter, 1.3 points above that registered in the first quarter of 2022.
For its part, the gross operating result (Ebitda) of the real estate developer stood at 4.4 million euros, compared to 15.6 million euros in the first quarter of 2022.
Metrovacesa delivered 331 homes in the first quarter, in line with the company’s internal objectives and with its business plan. The company anticipates a higher volume of deliveries in the second half of the year, based on the completion schedule of the works in progress, as well as a higher average price per home delivered in the second half.
“Last year 2022 started strong in the first months, but as the year progressed the market context weakened. The figures for the first quarter of 2023 point to a gradual recovery in demand and make us confident in complying with our plan of business for the current financial year and subsequent ones”, stressed the CEO of Metrovacesa, Jorge Pérez de Leza.
The company approved yesterday at its general shareholders’ meeting a new dividend of 0.33 euros per share, payable on May 19, which is equivalent to a total amount of 50 million euros and a ‘pay-out’ of 85% of the cash flow generated in 2022.
“This distribution is justified by the adequate structure of our balance sheet and is consistent with the business plan exposed on the occasion of the IPO, which provided as a distribution policy the distribution of at least 80% of the generation of free cash flow in each year”, explained the CEO.
Metrovacesa’s net debt stood at 279.6 million euros at the end of March and its leverage ratio stood at 11.5%, remaining below the reference range set by the promoter (between 15% and 20 %).
Metrovacesa closed the first quarter of the year with a pre-sales figure of 425 units, which, for the company, shows “a significant recovery in demand compared to recent quarters”.
The promoter has highlighted that its accumulated pre-sales have exceeded 1,000 million euros in value for the first time, with a total of 3,625 units.
Metrovacesa has already pre-sold 85% of deliveries in 2023 and 60% of those scheduled for 2024 and has started works on 100% of the homes to be delivered in 2024 and more than 35% of those in 2025.
At the end of the first quarter, the promoter had 4,239 units under construction, having started work on 2,006 homes in the last twelve months. Additionally, it had 6,504 units on the market, after having launched 2,092 homes on the market in the last twelve months.
In this way, Metrovacesa has underlined that it continues to make progress in its objective of reaching a production rate of more than 2,000 homes per year. Likewise, the company has confirmed its annual objective of achieving a generation of free cash of between 100 and 150 million euros in 2023.
