Q2 2024 Metrovacesa SA Earnings Call Transcript
Key Points
- Metrovacesa SA (FRA:MS6N) reported a 42% growth in revenues for the first half of 2024, reaching EUR235 million.
- The company achieved a strong commercial activity with over 1,000 presales, marking a 15% growth compared to the previous year.
- Gross margins improved to above 24%, the highest since 2018, despite increases in salaries and construction costs.
- The company has a solid sales backlog of 3,700 units, translating to EUR1.2 billion in future revenues.
- Metrovacesa SA (FRA:MS6N) maintains a low loan-to-value ratio of 13.8%, indicating a solid financial structure.
- The land sales market remains challenging, with some sales potentially requiring discounts to book value.
- The commercial land portfolio saw a decrease of 6.7% in value due to higher yields required by the market.
- The company faces increased financing costs, which could impact future profitability.
- There is uncertainty in the office market, affecting the commercial land segment.
- The company is dependent on municipalities' approval for legislation changes that could impact land use and development opportunities.
Hello, good morning, and welcome to the webcast on Metrovacesa results for the first semester 2024. For my name is Juan Carlos Calvo. I am Director of Corporate Development and Investor Relations. And as usual, we also have in the call Jorge Perez De Leza, the main speaker, CEO of Metrovacesa; and Borja Tejada, Financial Director. We are going to present an overview of operating activity, our financial results for the first semester of the year.
The slides of this presentation have been released earlier to the market this morning, and they are available through the CNMV website as well as the company website. We have also send it by e-mail to our usual distribution list for analysts and investors.
(Event Instructions) Now I hand you over to our CEO to start the presentation. Please, Jorge.
Good morning, everybody, and welcome to our mid-year '24 results presentation.
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