2018 RESULTS

Quabit closes 2018 with a net profit of 6.8 million

Turnover grew by 596% to 39.7 million euros due to the significant increase in home delivery (190 compared to 6 in the previous period).

Quabit's residential portfolio consisted of 55 developments with 4,031 dwellings in different phases of construction, with an expected turnover of 839 million.

Since its growth plan began in 2017, the company has invested 186 million in residential land to build almost 4,800 units. 

The evolution of marketing rhythms also accompanies the performance of the Business Plan with 1,076 pre-sold homes for a total turnover of 224 million euros.

The projects in the delivery and construction phase total 1,547 dwellings and during 2018 the objective of completing and delivering the 4 promotions foreseen in the Business Plan has been met.

Madrid, February 28th, 2019.- 2018 has been a key year for Quabit Inmobiliaria. The company has reinforced the visibility of Business Plan 2017-2022 with the acquisition of new land and meeting the pre-sales milestones, the launch of new projects and developments under construction, all of which are key variables for achieving the delivery targets for 2018 and 2019.

A key year also for the consolidation and maturity of a business model that has certified Quabit's ability to create value. During 2018, the company chaired by Félix Abánades has launched 13 new developments with a total of 1,467 dwellings. Counting everything, as of December 31, 2018, Quabit's residential portfolio consisted of 55 developments with 4,031 dwellings in different phases of construction, with an expected turnover of 839 million.

The evolution of marketing rhythms also accompanies the performance of the Business Plan with 1,076 pre-sold homes for a total turnover of 224 million euros.

Quabit is thus advancing towards its objective of becoming one of the benchmarks of the development business in Spain. Currently, the projects in the delivery and construction phase total 1,547 dwellings and during 2018 the objective of completing and delivering the 4 promotions foreseen in the Business Plan has been met, with a total of 215 dwellings. It will be in this exercise when we reach about a thousand registered dwellings to reach the cruising speed of 3,000 deliveries / year in 2022.

At the same time, Quabit has closed in 2018 acquisitions of residential land with a buildability of nearly 125,000 square meters. In total, since its growth plan began in 2017, the company has invested 186 million in residential land to build almost 4,800 units which, added to the land in portfolio included in the Business Plan, means covering 95% of the home deliveries planned until 2021. After all these operations, Quabit consolidates its high quality land bank, which allows it to have 1.1 million square metres of buildable land where it can develop more than 8,500 homes.
In line with the above, turnover grew by 596% to 39.7 million euros due to the significant increase in home delivery (190 compared to 6 in the previous period).

In 2018, net profit was positive at 6.8 million euros, down 53% on the previous year's result, which is fully explained by the difference in the level of activated tax credits (5 million euros in 2018 vs. 26 million in 2017).

In spite of the investment effort in which the company is immersed, and due to the capital increase of 63 million euros closed with overdemand last May, the net financial debt has been reduced by 11%, from December 31, 2017, to 194 million euros, mainly due to the accounting of the outstanding debt release, which has been possible thanks to the good progress of the Business Plan.

As of December 31, Quabit's GAV had increased by 27% to 506 million due to the significant investment effort that results in a higher value of the land portfolio, and the progress in the Business Plan that translates into a higher value of the works in progress.