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March 2020 - AEDAS Homes, a residential developer in Spain, announced an ambitious shareholder remuneration policy of up to €1 billion between 2020 and 2023 during its FY 2019 Results presentation.
In addition to the distribution of a recurrent ordinary dividend, the company expects to distribute extraordinary dividends and expand its share buyback program, in accordance with forecasts for free cash flow generation and market conditions over the next four years.
AEDAS Homes’ first payout to shareholders, whose majority shareholder is U.S.-based investment firm Castlelake, will take place this year. Dividends will be distributed semi-annually, and a dividend of close to €50 million, or €1 per share, will be paid out of 2020 results, beginning with an interim dividend of €0.50 per share to be paid out in November 2020.
This first payment means a yield of above 5% with respect to the current share price. “Payment of the ordinary dividend will increase in line with the increase in free cash flow”, company sources reported.
Tripling the share buyback program from €50 million to €150 million
The Spanish homebuilder also plans to continue creating value for its shareholders through its share buyback program, having just approved the program’s expansion from €50 million to €150 million.
“The shareholder remuneration program that we are putting forward for approval at our Annual General Meeting is, without a doubt, very attractive”, explained CEO David Martinez, also noting the fact that the first payout of dividends was being moved forward to 2020.
Quadrupling of revenues, clear confirmation of the company’s successful ramp-up
The company made this announcement during its FY 2019 Results presentation. While still in its ramp-up phase, the developer reported revenues of €311.5 million, a gross margin of 32.7% and a net margin of €31.6 million.
2019 was the first year in which the homebuilder, founded in 2016 and one of the leaders of Spain’s new real estate cycle, made its first significant number of deliveries and confirmed its capacity to reach cruising speed with a target run-rate of 3,000 deliveries per year starting in 2022.
About AEDAS Homes
The developer AEDAS Homes became a listed company in Madrid on October 20, 2017, with a market capitalization of over €1.5 billion and is a leader in the nation’s residential development industry. The company plays a key role in the new cycle of the Spanish real estate sector, a cycle which must be marked by professionalism and adherence to rigorous standards.
AEDAS Homes has put over 6,000 units on the market and has a ready-to-build landbank of over 1.8 million sqm—the highest quality landbank in Spain, according to market analysts—to build over 15,500 homes in the nation’s key real estate markets and economic centres, and their surrounding areas: the Centre, Catalonia, the East & Balearic Islands, Andalucía and Costa del Sol.
For more information: aedashomes.com/en
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9 March 2020
