Today’s Project, Tomorrow’s Project.
INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY
INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY CAPABILITY STRENGTH SOLVENCY ENVIRONMENT FUTURE INNOVATION COMMITMENT RESPONSABILITY CONFIDENCE QUALITY GROWTH EXCELENCE PASSION TRANSPARENCY
ADANIA: 30 YEARS OF SOLID SUSTAINED GROWTH
Adania is a family business group, with more than 30 years experience in the housing industry. From our beginnings, we have been defined by our strong and clear beliefs, which support our identity:
We believe in social housing, today and always.
We believe in social rents, for limited incomes, this specially targeting the youth.
We believe in capitalization and strengthening the solvency of our group.
We believe in renewable energies.
We believe in collaboration with other institutions and socio economic agents, both public and private.
Despite the difficult times which our economy is going through, we still hold firm to our beliefs. The results have been and will keep on being very satisfactory.
Esteban Lizarraga Artola Adania’s CEO
OUR BUSINESS LINES· Real estate promotion, building and sales, mainly dwellings.
· Management and administration of real estate developments.
· Real estate promotion and renting, mainly dwellings.
· Renewable energies production.
Head office. Navarra
At the present moment, we carry out our ac-tivity in three regions: Navarre, where we are based, Alava and Madrid.
EACH OF THE PREVIOUS BUSINESS LINES IS INCORPORATED IN THE GROUP AS SEEN IN THE FOLLOWING GRAPH:
ADANIA GRUPO EMPRESARIAL, S.L.Holding company
ADANIA PATRIMONIO, S.L.U.• Renting of 893 social dwellings.
100%
ADANIA RESIDENCIAL, S.L.U.• Real estate promotion.• Building.• Real estate sales.
100%
ADANIA ENERGÍA, S.L.U.• Energy production: mini hydro-power plants and photovoltaic instalations.
100%
VITALQUILER, S.L.• Renting of 981 social dwellings.40%
SALBURUA Vitoria249 social dwellings (rented)
Unlike the general tendency in the housing sec-tor, our promotion activities have been marked, in the past and today, by our firm beliefs in pro-moting and building social housing.
WHAT DIFFERENCIATES US FROM OTHER REAL ESTATE OPERATORS?
Since we started our promotion and building activities 30 years ago, we have handed over 6.341 dwellings of which 4.896, 77% of them, were social dwellings. Also, out of the 2.081 dwellings handed over in the last 5 years, 89% were social dwellings.
And in the medium term, it will continue in the same way: in the next 3 years, Adania will hand over 806 dwellings, 100% will be social dwellings and 383 of them will be for rent. Geographically, our activity was developed in the Basque Country, 3.683 dwellings (58%), Navarre, 2.158 (34%) and Madrid, 500 (8%)
DWELLINGS IN THE 2008-2012 REGIME
Socialhousing89% 1.860
DWELLINGS IN 30 YEAR REGIME
Open market dwellings
23% 1.445
THE NEXT 3 YEARS 2013-2015
SALE52% 423
RENT48% 383
Socialhousing77% 4.896
Open market dwellings11% 221
SALBURUA Vitoria.81 social dwellings (for sale)
SALBURUA Vitoria53 dwellings for sale on the open market
A SOLVENT GROUP
As of the 31st December 2012, Adania boasted total consolidated assets of close to EUR 284 million. As a consequence of our firm belief in social renting since 1995, our growth is based on investment in social renting, in Navarre, Alava and, since 2010, in Madrid.
Our evolution is characterized by sustained growth of our activities, a continuous generation of positive results in the promoting and building areas and a firm belief in investment in dwellings for rent.
TOTAL ASSETS (€1000)
NET FIXED ASSETS (€1000)
0 2005 2006 2007 2008 2009 2010 2011 2012
350.000
300.000
250.000
200.000
150.000
100.000
50.000
105.411
131.679
216.170
271.612275.298
292.641
294.671
283.935
0 2005 2006 2007 2008 2009 2010 2011 2012
160.000
140.000
120.000
100.000
80.000
60.000
40.000
20.000
123.730132.854 136.372 136.194
56.782
72.962
87.565
147.354
LEZKAIRU Pamplona189 social dwellings (for sale or rent)
SALES (€1000)
PROFIT (€1000)
120.000
100.000
80.000
60.000
40.000
20.000
0
61.365
34.226
92.825
106.985
14.000
12.000
10.000
8.000
6.000
4.000
2.000
0
12.476
6.726
11.393
6.416
2005-2006 2007-2008 2008-2010 2011-2012
2005-2006 2007-2008 2008-2010 2011-2012
It should be pointed out that in the last two fiscal years, while most of the companies in the real estate sector have registered very significant economic losses, during 2011 and 2012 Adania obtained a joined net tax result of about € 6,4 million, basically due to the following points:
· We have achieved a significant volume of promoting activity having sold 558 dwellings in 2011 and 2012 which helped us reach a total turnover of just over € 100 million.
· Renting ensures Adania a stable source of incomes which very significantly contributes to the support of its business structure. As of 2012, Adania managed 1.874 rented social dwellings which mean an annual turnover of € 77 million in rents.
· Adania does not have relevant investment in land purchased at high prices or long term developments.
LOS MOLINOS Getafe (Madrid)154 social dwellings (for sale)
Our real estate sales activities have been defined by promoting social housing and securing relevant profits which allow us to finance our investment in dwellings to rent.
BUENAVISTA Getafe (Madrid)154 social dwellings (for sale)
RIPAGAINA Pamplona70 social dwellings (for sale)
2007 2008 2009 2010 2011 2012
On the other hand, Adania s net worth has gone from €53 million in 2005 to €78 million in 2012, with very suitable capital solvency levels (28% over assets). Apart from the capitalisation of the results of the group operations, investment have been undertaken by means of an appropriate structuring of our bank debt, which enabled to keep Adania’s financial solvency at very high levels.
In the 2013 to 2015 horizon, we forecast the handing over of 806 dwellings, of which 423 will be for sale and 383 to rent. This is a significant activity volume which will allow us to strengthen our solvency and deal with the next period from 2016 to 2018 successfully.
NET WORTH (€1000)100.000
80.000
60.000
40.000
20.000
0
64.718
76.216
82.629 83.35280.677
78.233
NET WORTH RATIO (assets / worth)45%
40%
35%
30%
25%
20%
15%
0
30%
28% 28%
31%
27% 28%
2007 2008 2009 2010 2011 2012
SALBURUA Vitoria81 social dwellings (for sale)
REAL ESTATE VALUE
LOECHES Madrid148 social dwellings (for rent)
One of the aspects which differentiate Adania from other operators in the sector has been its support of social housing on a rental basis. In 1995 Adania was the first private promoter to commit itself to a project to invest in rented social housing.
At Adania we are completely convinced that the rental of social housing should be an important segment in the housing industry, which complements the cycles of our promotional activities and contributes in an important way to the maintenance of our business structure.
Adania currently handles the rental of 1874 properties which in 2012 contributed €7.7 millions to the company.
By 2015 we should reach 2257 properties. Conscious of the importance of location, our dwellings are in the radial expansion zones in provincial capitals (principally Vitoria and Pamplona).
The current rate of occupation of our dwellings is 95% (technically, total occupation) which reflects a product with a high demand mainly in the younger segments of the population who in this way may be able to become independent from their parents.
NAVARRE45% 1.027
MADRID7% 148
BASQUE COUNTRY48% 1.082
Number of dwellings rented. Stock evolution
2.700
2.400
2.100
1.800
1.500
1.200
900
600
1.874 1.874 2.044
2.257
2012 2013 2014 2015
2.257 DWELLINGS RENTED
MÓSTOLES Madrid20 dwellings for sale (under construction)
THE KEYS FOR SOLID AND SUSTAINED GROWTH
· An very relevant investment sacrifice in recent years (rental dwellings).
· High level of promotion activity centred in social housing and with reasonable margins.
· A significant stock of dwellings for rent which facilitates the availability of a stable income which is configured to be an additional source of solvency for use in future projects.
· A current financial and asset situation in a very healthy situation which will allow sufficient solvency for the next 3 year cycle.
NAVARRAPolígono Industrial Cordovilla Calle B,nº 431191 Cordovilla (Navarra). SPAINT +34 948 213 131email: [email protected]
MADRIDParque Empresarial Rivas FuturaC/ Marie Curie, Edificio Alfa, Planta 5ª,Oficina 228521 Rivas - Madrid. SPAINT +34 915 644 801 email: [email protected]
ÁLAVAPlaza Amárica 5 bajo01005 Vitoria (Álava). SPAINT +34 945 143 308email: [email protected]
www.adania.es