Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — FY2023 Earnings Presentation
28 slides from Inmobiliaria Del Sur's earnings presentation, Feb 29, 2024
Slide 1: Results FY 2023 Presentation
RESULTS FY 2023 PRESENTATION FEBRUARY 29, 2024
Slide 2: Legal notice
FY23 RESULTS PRESENTATION 2 Legal notice This presentation is the exclusive property of INMOBILIARIA DEL SUR. S.A. (INSUR). Its total or partial reproduction is strictly prohibited and it is covered by current law. Offenders will legally prosecuted both in Spain and abroad. The use, copy, reproducti
Slide 3: Rationale behind the use of the proportionate method
FY23 RESULTS PRESENTATION 3 Rationale behind the use of the proportionate method Grupo INSUR (Insur) , whose parent company is Inmobiliaria del Sur, S.A., develops two main activities, housing development and rental. The rental activity is carried out by Insur Patrimonial, S.L.U. (IPAT), fully owned
Slide 4: Main Highlights FY23
FY23 RESULTS PRESENTATION 4 Main Highlights FY23 ‣ Revenues increased by 1.6% compared to 2022 to reach €119.8m despite not having been able to deliver 54 homes in 2023 (€25.0m proportionally) corresponding to two developments in Madrid due to delays in reception of the urbanization works, although
Slide 5: Main Highlights FY23 (figures)
FY23 RESULTS PRESENTATION 5 Main Highlights FY23 Figures by proportionate method €m = million Euros Var % y-o-y Financial data Revenues Homebuilding operating data Homebuilding ‣ €119.8m +1.6% Deliveries ‣ €84.7m +3.2% ‣ 309 units / ASP €262k EBITDA (1)(2) Building sales €71.9m -12.4% Pre-sales 2023
Slide 6: Homebuilding. Presales
FY23 RESULTS PRESENTATION 6 Homebuilding. Presales Pre-sales by quarter (units) Pre-sales by quarter (€m) Pre-sales by quarter (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % 46.5 161 38.3 40,6 35.6 120 83 28 29.5 29.7 99 105 27.6 23,3 25.6 27.3 26.6 96 23.4 88 85 13,5 16,2 17,1 21.6 21
Slide 7: Homebuilding. Accumulated pre-sales
FY23 RESULTS PRESENTATION 7 Homebuilding. Accumulated pre-sales Accumulated pre-sales (units) Accumulated pre-sales (€m) Accumulated pre-sales (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % +6.0% +16.6% +15.4% 680 721 235.6 419 418 202.1 165,6 164.7 171.7 303 261 101,3 100,8 101,3 101,
Slide 8: Homebuilding. Deliveries
FY23 RESULTS PRESENTATION 8 Homebuilding. Deliveries Homebuilding revenues (€m) -21.7% Deliveries (units) Deliveries by quarter (units) Owned 100% JV Owned 100% JV 195 -19.5% 103,4 81 42 384 309 153 2022 2023 145 114 74 85 19 ASP (€k)* 269.4 262.1 85 60 8 10 53 95 239 235 57 * ASP influenced by the
Slide 9: Residential land bank of 3,685 units
FY23 RESULTS PRESENTATION 9 Residential land bank of 3,685 units Pending construction start (11%) (38 owned; 185 JVs) Under a purchase option (51%) (880 owned) 223 Design phase (24%) 462 (131 owned; 331 JVs) 880 1.963 1.722 active units units 141 Completed (7%) 1.137 (61 owned; 80 JVs) 842 land port
Slide 10: Residential activity. Geographic breakdown
FY23 RESULTS PRESENTATION 10 Residential activity. Geographic breakdown Madrid 87 units under construction 75 units completed GRUPO INSUR Andalusia 1,050 units under construction 223 units pending contruction start 462 in design phase 66 units completed 1,722 in land portfolio and under a purchase o
Slide 11: P&L: Homebuilding
FY23 RESULTS PRESENTATION 11 P&L: Homebuilding €m (proportionate) 12.31.23 12.31.22 Var % Homebuilding revenues 71,9 82,0 -12,4% Cost of sales (56,1) (64,3) -12,8% Gross Margin 15,8 17,7 -10,9% % Gross Margin 22,0% 21,6% +0,4 p.p. Net Margin 11,4 11,6 -1,3% % Net Margin 15,9% 14,1% +1,8 p.p. Contrib
Slide 12: Tertiary promotion. Ongoing projects
FY23 RESULTS PRESENTATION 12 Terciary promotion Ongoing projects 119,954 sqm Total Fulfilling the objective established for 2021-2025: Total To grow in terms of tertiary 24,054 sqm offices developments in In portfolio Madrid and Malaga GRUPO INSUR 95,900 sqm Under development
Slide 13: Tertiary promotion. Ongoing projects. Malaga
FY23 RESULTS PRESENTATION Ágora project 13 (Malaga capital) Terciary promotion 9.500 sqm of offices Ongoing projects. Investment(1): €37m Under construction since 1Q23 Malaga In commercialization Martiricos project (Malaga capital) 10.900 sqm of offices GRUPO INSUR Investment(1): €37m Construction W
Slide 14: Tertiary promotion. Ongoing projects. Madrid
FY23 RESULTS PRESENTATION Project in Las Tablas 14 Madrid Nuevo Norte Terciary promotion 9.000 sqm of offices Ongoing projects. Investment(1): €39m Construction works started Madrid in 4Q23 Business Campus in Valdebebas 36.500 sqm of various tertiary uses Investment(1): €95m GRUPO INSUR In commercia
Slide 15: Tertiary promotion. Ongoing projects. Cadiz
FY23 RESULTS PRESENTATION 15 Terciary promotion Ongoing projects. Cadiz Hotel Project in Atlanterra (Tarifa) 30.000 sqm buildable Planned investment: €85m GRUPO INSUR
Slide 16: Rentals
FY23 RESULTS PRESENTATION 16 Rentals 122,000 sqm y 3,000 Rental Revenues parking spots -2,3% The annualized rental income* of the contracts in force on 31st December 17,5 17,1 13,7 13,3 15,4 2023 stood at €18.1m vs €18.9m at the end of 2022 due to asset turnover and contract terminations 2019 2020 2
Slide 17: Rentals. Commercial activity
FY23 RESULTS PRESENTATION 17 Rentals. Commercial activity Contract 2023 sqm Contracted New contracts terminations Renewals Release spread Offices 15.902 7.782 11.584 8.120 9,4% Hotels - - - - - Commercial premises 2.033 2.033 700 - - TOTAL 17.935 9.815 12.284 8.120 9,4% Seville 16.597 8.811 11.963 7
Slide 18: P&L: Rentals
FY23 RESULTS PRESENTATION 18 P&L: Rentals €m (proportionate) 12.31.23 12.31.22 Var % Rental revenues 17,1 17,5 -2,3% Operating expenses (2,9) (2,7) 8,7% Result on the sale of invetsment property 8,9 2,2 n.m. Ebitda 21,8 15,8 37,5% Adjusted Ebitda* 12,9 13,7 -5,9% % Adjusted Ebitda margin 75,4% 78,3%
Slide 19: GAV Total €593.0m
FY23 RESULTS PRESENTATION 19 GAV All figures in proportionate Total €593,0m* +1.5% vs 2022 Rental (-10.2%) Homebuilding (+21.0%) Seville 51% Madrid 27% Residential 75% Málaga 11% Offices(1) 82% Seville 71% Granada 6% €198m 55% Hotels 8% Madrid 20% Commercial premises 9% Huelva 6% 45% Cádiz 3% Córdob
Slide 20: NAV, LTV and debt
FY23 RESULTS PRESENTATION 20 LTV% NAV, LTV and debt All figures in proportionate +0.1 p.p. NAV Insur 40,6 40,5 €m 39,7 +1.5% 37,9 352,5 36,5 347,4 341,2 2019 2020 2021 2022 2023 325 317,1 NAV per share Net financial debt 4,2* 4,3* 4,2* 3,9* ‣ €18.7 +1.5% 2019 2020 2021 2022 2023 Stock Price as of 12
Slide 21: Conciliation between equity and proportionate method: P&L
FY23 RESULTS PRESENTATION 21 Conciliation between equity and proportionate method: Consolidated P&L (€m) FY23 FY22 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 138,2 (18,4) 119,8 116,5 1,3 117,9 1,6% Housebuilding 80,3 4,4 84,7 60,3 21,
Slide 22: Conciliation between equity and proportionate method: balance sheet
FY23 RESULTS PRESENTATION 22 Conciliation between equity and proportionate method: Consolidated balance sheet €m 12.31.23 12.31.22 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 206,6 0,0 206,6 216,3 0,0 216,3 Financial investments in JV
Slide 23: Plan fulfillment in figures
FY23 RESULTS PRESENTATION 23 Plan fulfillment in figures: STRATEGIC STRATEGIC PLAN ACCUMULATED PLAN ACCUMULATED 2021- 2025 2023 2021- 2025 2023 REVENUES €833 -925m €362.9m EBIT €170 -190m €67.8m HOMEBUILDING €600-675m €250.3m EBITDA €190-205m €80.9m FINANCIAL RENTAL €87-90m €50.0m €40-45m €19.9m RES
Slide 24: On the path of fulfilling the plan
FY23 RESULTS PRESENTATION 24 On the path of fulfilling the plan: 2021-2025 housing delivery target : ~ 2,500 ~ 43% Investment in land €220m 25% terciary ~ 46% Increase our development activity in Madrid (up to 27% of total revenues in 2025) Sale Price +4,4% vs CBRE Asset turnover €27m €30m valuation
Slide 25: ESG in 2023
FY23 RESULTS PRESENTATION 25 ESG in 2023: Environmental: o Reduce our carbon footprint by 5% o LEED and BREEAM certifications in our new tertiary buildings Communication of the o “BREEAM in Use” in at least 80% of our leasable area Strategic Sustainability Plan o Energy ratings A or B in our housing
Slide 26: ESG in 2023
FY23 RESULTS PRESENTATION 26 ESG in 2023: “Very high” performance Obtaining an ESG rating by Lighthouse (Instituto Español de Analistas) GRUPO INSUR
Slide 27: Q&A
27 GRUPO INSUR Insur Altos del Aire Mistral- Tomares (Sevilla)
Slide 28: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com