Integrated Annual Report FY 2021/22

Consolidated Management Report





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Table of Contents

1. Who we are

2. Governing bodies and organisational structure

3. Risk management

4. Non-financial information

5. Financial information

6. Share price performance and CNMV filings

7. Events after the reporting period

8. Appendices

Jardins de Castellarnau (Sabadell)

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1. Who we are

Monier (Madrid)

Who we are

1.1. AEDAS Homes at a glance

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1.1. AEDAS Homes at a glance

AEDAS Homes is a next-generation residential developer whose shares have been publicly traded in Spain since October 2017.

Since its founding, the Company has relied on a decentralised, scalable organisational structure, which has proven to be a highly efficient approach.

This decentralised structure comprises six Regional Branches that operate with a good deal of autonomy. By leveraging on the local know-how and experience of these regional teams, AEDAS Homes can offer customers a product that is tailored

01 to each micro market and generate loyalty among its partners and suppliers.

Critical business functions are carried out in-house, while non-critical functions are outsourced. As a result, the Company's team, made up of professionals with extensive experience in the sector, is highly efficient and capable of responding to market trends and scaling up objectives with ease and agility. Despite a substantial degree of externalisation, the Company builds long-term relationships with its partners, generating significant loyalty and mutual trust.

The Company has three business lines which differ primarily by customer type.

AEDAS Homes' core business, its Build-to-Sell (BTS) line, focuses on the development of new-build homes for individuals who are buying their primary or second residence or as an investor.

Through its Build-to-Rent (BTR) line, the Company develops turnkey projects designed specifically for the rental segment for institutional investors.

Lastly, the newly-created Real Estate Services line provides development and management services to third parties, potentially co-investing with them on occasion.

The AEDAS Homes product is defined by its focus on people and how they really live, meaning that it adapts not only to their current lifestyle but also to their future needs. These homes, in residential buildings that stand out for their modern, balanced and rational architecture, feature flexible layouts intended for high intensity use throughout their entire life cycle.

This "design for all" concept simplifies life, providing comfort and convenience for every kind of person, and places special emphasis on acoustic, thermal and lighting comfort, given how important and influential these factors are on

our health and well-being. The aim is to evoke a sense of home, with spaces open to nature with large windows and terraces that connect with gardens and carefully landscaped green areas. And, of course, these are homes that respect the environment in their design and construction and that make use of innovative technological systems in the interest of sustainability.

Who we are

1.1. AEDAS Homes at a glance

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This product definition meets the high

most AEDAS Homes customers share the

expectations of the typical AEDAS Homes'

purchase decision with someone else.

customer, who generally has already

This is a significant consideration as it

been through the homebuying process

brings a second or even a third opinion

before and therefore has become very

into the homebuying equation, increasing

discerning. These customers draw on their

expectations and requirements.

prior experience and informed by their

personal perspective and specific needs

As for its investment policy, the Company

as current homeowners, have a better

has consistently been very selective and

understanding of what they really need

disciplined, sticking to very high return

for their wellbeing. They are perfectly

thresholds and relying on its Regional

able to identify the unique attributes,

Branches to identify the most interesting

both indoors and outdoors, in the homes

investment opportunities that fit with

the Company develops. They are seeking

targets, customer profile and product

very high quality specifications not only

type. After exhaustive analysis, the

in the core aspects of their future home,

Investment Committee reviews each

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but also in the scope for personalisation.

opportunity and determines the final

They are also sensitive to environmental

offer. As a result, AEDAS Homes has been

and sustainability considerations and

able to maintain a truly high-quality land

value the fact that the nearly all the

bank, located across its six Regional

Company's homes developments have

Branches which operate in a total of 18

Energy Performance Certificates of A or

provinces, as shown below, with scope for

B. A second unique characteristic is that

the development of 17,000 units as of 31

March 2022.

AEDAS Homes in Spain

North

GAV: €133m

1,029 units

Catalonia & Aragon

GAV: €355m

Madrid

2,125 units

GAV: €595m

4,601 units

Regional Branches

East & Balearic Islands

Madrid

GAV: €366m

Catalonia & Aragon

3,488 units

East & Balearic Islands

Andalusia &

Andalusia & Canaries

Costa del Sol

Canaries

Costa del Sol

GAV: €271m

North

3,333 units

GAV: €354m

2,424 units

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Aedas Homes SA published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 07:11:25 UTC.