MADRID, Feb. 20, 2019 /PRNewswire/ -- AEDAS Homes, a leading residential developer in Spain's new real estate cycle, reported €2.5 million in profits at the end of 2018 and total revenues of €79.8 million, a 106% increase compared to 2017, when it reported revenues of €38.6 million.
82% of the reported revenues in 2018 come from the delivery of housing units (€65.6 million), with 18% coming from the sale of non-strategic land (€14.2 million). The gross margin on these operations reached 29.8%, a figure that is at the upper end of the estimated range published at IPO, once again confirming AEDAS Homes as an attractive investment opportunity. Likewise, the net debt of the company at year end was €95.7 million, which implies a modest Loan to Value of 5%.
After the most recent valuation conducted by Savills on 31 December 2018, the GAV of AEDAS Homes is now up to €1.768 billion, which means a 20.4% increase over the company's GAV at the end of 2017, which was €1.475 billion. The company's NAV now stands at €1.616 billion, which translates into a NAV per share of €33.70, well above where it stood at the end of 2017, with a NAV per share of €31.30. Similarly, the like-for-like GAV grew by 7.5% over the course of 2018, reflecting an increase in the valuation of the company's land bank due to its quality and unparalleled locations.
Over the course of 2018, the company accelerated its ramp-up phase, launching 2,265 new homes, with a GDV of €708 million; in total, AEDAS Homes has put 4,038 units on the market since starting up in 2017, with a total GDV of €1.485 billion. Furthermore, AEDAS Homes delivered a total of 231 units in 2018, achieving the target set out in its Business Plan.
Moreover, the homebuilder is continuing on this path by offering excellent visibility on its business plan, with 77% of the deliveries scheduled for 2019 (a total of 1,055 units) already sold. Looking further down the road, the developer has secured 100% of the construction permits for the 1,986 new homes slated for delivery in 2020; 98% of these units are under construction, and 47% have been sold. In total, the company led by David Martinez closed out 2018 with 3,050 units under construction, having broken ground of 2,532 units in the 12-month period.
In the 12 months of 2018, it acquired plots to develop 2,616 units, two-and-a-half times what it had committed to with its shareholders for the same period (land for 1,042 units) and at an average cost per unit of €49,000, which reflects the company's strategy of identifying opportunities that adhere to strict investment directives, especially with regard to returns. More than a third of the total assets acquired are located in the Centre region.
AEDAS Homes ended 2018 with a total landbank of 14,892 units and a total investment of €111.7 million.