The company reported on May 10th its financial results for the first quarter of 2018. The company recorded during this period 8.8 million euros revenue with a gross margin of 24.7% on its residential developments, in line with this year’s guidance. In the context of its rump-up phase, EBITDA was -6 million euros and net profit was -2.8 million euros (0.1 million euros of benefit discounting exceptional items), in line with the business plan guidance.
The group's financial position continues to stand out with 24 million euros net debt and a loan to value of 1%, aligned with the conservative objective of maintaining this magnitude below 25% in the long term.
In the first quarter of 2018, Metrovacesa launched 854 homes, while the number of deliveries reached 36 units. On the other hand, the company sold 88 units, closing the period with an accumulated pre-sale book of 149 million euros (equivalent to 593 units). Metrovacesa had as of March 31, 2018, 62 active promotions (2,959 units), of which 24 (1,003 units) are already under construction.
The figures recorded in the first quarter of 2018 establish a solid base in order to reach the objective of launching 3,500-4,000 units this year. And, in this way, move steadily towards the goal of deliveries of between 4,500 and 5,000 homes per year in 2021. In addition, it should be noted that the accumulated sales recorded until March 31, 2018 include the 72% of the deliveries planned for the whole year and represents the 42% of the units in the commercialization phase, which shows the company’s outstanding visibility to achieve 2018 goals.
Jorge Pérez de Leza, CEO of Metrovacesa, highlighted: «The results of the first quarter of 2018 mean a solid base to continue developing our business plan in an effective manner and achieving the expected objectives. We will continue to focus on both providing the best customer service through promotions that respond to market demands and an active management of the land».