Helma Eigenheimbau - Macro uncertainty after strong FY19
Helma Eigenheimbau closed FY19 with improved revenues and new order intake, coupled with a lower cost of materials and third-party services ratio. It maintains a satisfactory equity ratio of 28.6%, assisted by its conservative dividend policy (which is aligned with its debt covenants). While Helma is well-positioned to continue to expand in the next few years with a strong order book and attractive land bank secured on relatively cheap prices, near-term growth remains uncertain given the likely recession triggered by COVID-19. Consequently, management has withdrawn its FY20 guidance.HELMA Eigenheimbau AG is a Germany-based company that specializes in design and construction of new private residential buildings and houses. The Company diversifies its activities into three business segments: building services business; property development business, and Other. The main area of operations of the building services business encompasses the planning and construction management of detached and semi-detached houses on the basis of customer orders. In the property development business, constructions are realized and marketed on the Company's own land. The Other business segment comprises the broking business for building-related financing and insurance. As of December 31, 2011, the Company had three wholly-owned subsidiaries: Hausbau Finanz GmbH, HELMA LUX SA, and HELMA Ferienimmobilien GmbH. It also held a 93.95-stake in HELMA Wohnungsbau GmbH.
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