9M 2020 Results

Quabit has delivered 575 units. The pre-sales portfolio as at 30 September 2020 is 1,447 homes

Quabit has focused its action in this period on facing the different consequences derived from the pandemic and the priority has been to adapt the activity and the structure of the Group to the reality with which it is having to live since March 2020 , with the objective of having both the organizational and financial structure prepared to return to the path of growth at the moment when the expected (and foreseeable) recovery of 2021 begins.

RESIDENTIAL DEVELOPMENT

  • Despite of the difficulties associated with COVID -19 pandemic, Grupo Quabit has delivered 575 units in the period of 9 months 2019 (an increase of 827.4% compared to the same period in 2019).
  • As at 30 September 2020 Grupo Quabit has under management 52 developments with a total of 3,471 homes and an estimated billing amount of EUR 765,3 million. The projects portfolio, its status and geographic distribution are detailed in section 1.4.1 of this Report.
  • The net pre-sales for the period have been affected by the impact of the COVID 19 pandemic and have reached 337 homes, representing a decrease of 42.6% compared to the same period in 2019.
  • The pre-sales portfolio as at 30 September 2020 (customers commitments through reservations and contracts) is 1,447 homes (a decrease of 9.6% compared to 30 September 2019) for a total billing amount of EUR 300 million.
  • During 9M 2020, Construction licenses were obtained for 5 developments that total 286 new homes.
  • During 9M 2020 First Occupancy Permit (FOP) were obtained for 733 homes and 216 were in process of obtaining FOP. The projects in the delivery or construction phase total 1,794 homes and 411,0 million euros of expected turnover as of 30 September 2020.

FINANCIAL PERFORMANCE

  • € 123.7 M billing (84% correspond to home deliveries).
  • Margins affected by strains on construction costs, higher financial costs and loss in land sales.
  • Savings in overhead costs (€ 2.3 M on budget to date).
  • Profit before tax affected by impairment provision of land portfolio of € 37.6 M and other provisions of € 2.7 M.