“As a result of the last valuation of assets, there is essentially a decrease in the valuation of the tertiary use portfolio“, they explain from Metrovacesa to justify the result of their income statement. The change in the value of their properties was a 1.3% growth in the housing division and a 4.2% decrease in higher education.
throughout 2022, the company 1,699 houses were deliveredIt has resulted in a cash flow of 151.8 million. Last year, it closed the pre-sales of 1,837 residences and reached 3,171 reserved units. “More than 80% of deliveries planned for 2023 and 60% of deliveries planned for 2024 have already been sold. The company continues to move steadily towards its medium-term operating target of around 2,000 units per year”, point. Metrovacesa now has 4,101 properties under construction after starting work on more than 1,000 units in the final months of 2022.
Net worth of assets per share fell 11.30% 14.04 euros, 49% discount compared to 7.16 euros where it was listed. Alongside the nearly 300 million drop in value, Metrovacesa increased its leverage by 3.2% to 9.4%, and they reveal 90% of the company’s debt is covered, or at a flat rate.
land sale
Metrovacesa assures that it “accelerated” the sale of non-strategic land in the last three months of the year. In total, it transferred plots of land with a capacity to build 1,520 houses in Alicante, Tenerife, Mallorca, Córdoba and Barcelona. But the organizer agreed to this. selling prices “slightly below book value”, 10% below average.
The company plans to continue acquiring finalist land in the coming years. Between 2023 and 2025, will complete the conversion of more than 5,000 houses in the land bank. Over the past year, it has closed small selective land purchases in Granada and Tenerife to “complement the existing portfolio when a good opportunity is identified in the market”.
dividend distribution
The listed company has distributed 250 million euros in dividends to its shareholders over the past year. This corresponds to 1.65 Euros for each share on the Metrovacesa stock exchange. Considering that the transaction price closed at 6.37 Euro on 30 December, dividend yield was 25.9%. Since its IPO in 2018, the organizer has distributed a total of 422 million euros, equivalent to 2.78 euros per share.
In the press release, the company confirms this. Will confirm a new distribution in March at the General Assembly, which will be delivered in the second quarter of this year.