Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Investor Presentation (April 2024)
38 slides from Inmobiliaria Del Sur's investor presentation, April 2024
Slide 1: Corporate Presentation April 2024
CORPORATE PRESENTATION APRIL 2024
Slide 2: Legal notice
CORPORATE 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, reproduction
Slide 3: Rationale behind the use of the proportionate method
CORPORATE 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 by
Slide 4: Our history
CORPORATE PRESENTATION 4 Our history Costa del Sol expansion, Accelerated development Beginning of trading on of the leasing business Transformation of the Madrid Stock Foundation and obtaining ISO 9001 the financial model Exchange 1945 1984 2004 2012 60-80 1997-2000 2007 2014-2015 Start of activity
Slide 5: Our history
CORPORATE PRESENTATION 5 Our history Concretion of the Company's Strategy, From the outset, the Group adopts Increase in human capital, measures aimed at alleviating the Takeover of the company Enhancement of impacts of COVID 19. The Expansion of new territories Desarrollos Metropolitanos geographic
Slide 6: Business model
CORPORATE PRESENTATION 6 Business model ➢ A business model that sets us apart through Property Development the integration of development and property activity activity activity (GAV 55%)(1) (GAV 45%)(1) ➢ Shareholder stability and the alignment of property Debt sustainability and management → long-
Slide 7: Grupo Insur today
CORPORATE PRESENTATION 7 Grupo Insur today Development (1) Consolidated revenues (1) ✓ Listed company that carries out development 4% €264 m €235,6 m (2) (residential and tertiary, mainly through partnerships 11% GAV (4) 3.685 Pre-sales with third parties) and property activity Land bank 14% 71% ✓ C
Slide 8: Grupo Insur today
CORPORATE PRESENTATION 8 Grupo Insur today 1,19% Net financial debt (1) LTV 2023 (1) 29,91% €240,5€ 40,6% 68,90% Net financial debt maturities 31.12.23 (€m)(1) Free Float 56,4 24,0 50,3 12,5 13,0 139,2 Shares controlled by the Board Treasury stock 40,5 MARKET CAP 12.31.23 €130,7m GRUPO INSUR 98,7 SH
Slide 9: Homebuilding. Presales
CORPORATE PRESENTATION 9 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 21.1
Slide 10: Homebuilding. Accumulated pre-sales
CORPORATE PRESENTATION 10 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% 680 721 235.6 419 418 202.1 165,6 164.7 171.7 303 261 101,3 100,8 101,3 101,7
Slide 11: Homebuilding. Deliveries
CORPORATE PRESENTATION 11 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 de
Slide 12: Residential land bank of 3,685 units
CORPORATE PRESENTATION 12 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 portfo
Slide 13: Residential activity. Geographic breakdown
CORPORATE PRESENTATION 13 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 opti
Slide 14: P&L: Homebuilding
CORPORATE PRESENTATION 14 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. Contributi
Slide 15: Tertiary promotion. Ongoing projects
CORPORATE PRESENTATION 15 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 16: Tertiary promotion. Ongoing projects. Malaga
CORPORATE PRESENTATION Ágora project 16 (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 Work
Slide 17: Tertiary promotion. Ongoing projects. Madrid
CORPORATE PRESENTATION Project in Las Tablas 17 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 commercializ
Slide 18: Tertiary promotion. Ongoing projects. Cadiz
CORPORATE PRESENTATION 18 Terciary promotion Ongoing projects. Cadiz Hotel Project in Atlanterra (Tarifa) 30.000 sqm buildable Planned investment: €85m GRUPO INSUR
Slide 19: Rentals
CORPORATE PRESENTATION 19 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 2021
Slide 20: Rentals. Commercial activity
CORPORATE PRESENTATION 20 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 7.78
Slide 21: P&L: Rentals
CORPORATE PRESENTATION 21 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% -2
Slide 22: Main Highlights FY23
CORPORATE PRESENTATION 22 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 23: GAV Total €593,0m
CORPORATE PRESENTATION 23 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% Córdoba 2
Slide 24: NAV, LTV and debt
CORPORATE PRESENTATION 24 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 12.31
Slide 25: Plan fulfillment in figures
CORPORATE PRESENTATION 25 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 RESULT
Slide 26: On the path of fulfilling the plan
CORPORATE PRESENTATION 26 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 GR
Slide 27: ESG in 2023
CORPORATE PRESENTATION 27 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 de
Slide 28: ESG in 2023
CORPORATE PRESENTATION 28 ESG in 2023: “Very high” performance Obtaining an ESG rating by Lighthouse (Instituto Español de Analistas) GRUPO INSUR
Slide 29: Annexes
Annexes
Slide 30: Investees
Property activity Development activity CORPORATE PRESENTATION 30 Investees: INMOBILIARIA DEL SUR, S.A. Parent company Construction activity External partners - Joint Venture 100% 100% INSUR PATRIMONIAL, S.L.U. INSUR PROMOCIÓN INTEGRAL, S.L.U. 100% IDS Andalucía Patrimonial, S.L.U. IDS Montevilla Res
Slide 31: Shareholding structure
CORPORATE PRESENTATION 31 Shareholding structure: 68,90% 29,91% 1,19% GRUPO INSUR Board of Free Float Treasury stock directors
Slide 32: Composition of the Board of Directors
CORPORATE PRESENTATION 32 Composition of the Board of Directors Proprietary Directors Independent Directors Increcisa, S.L. (Ignacio Ybarra Osborne) Brita Hektoen Wergeland Augusto Sequeiros Pumar José Luis Galán González José Manuel Pumar López Mª Luisa García García Salvador Granell Balén Candelas
Slide 33: Management team
CORPORATE PRESENTATION 33 Management team Member of the board since 2001 and President of the Board of Directors since 2005. Ricardo Pumar Graduate in Law and Business Administration (ICADE) and Senior Management Program (San Telmo Institute). Chairman He has more than 20 years of experience in Busi
Slide 34: Management team
CORPORATE PRESENTATION 34 Management team Enrique Ayala He joined Grupo Insur in 2007. Director of development, Graduate in Law and Business Sciences (ICADE) and MBA (IESE). Madrid Previously, he was Head of Expansion and Development for the central area of Spain in an international shopping center
Slide 35: Management team
CORPORATE PRESENTATION 35 Management team He joined Grupo Insur in 2005. José Antonio Carrillo Graduate in Business Administration and Management (University of Seville) and Higher Expert Course in Urban Planning Law (Cajasol Director of Development and Studies Institute). Urban Planning He began hi
Slide 36: Conciliation between equity and proportionate method
CORPORATE PRESENTATION 36 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 21,7 8
Slide 37: Conciliation between equity and proportionate method
CORPORATE PRESENTATION 37 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 JVs 1
Slide 38: María Ferrer, Head of Investor Relations
María Ferrer Head of Investor Relations accionistas@grupoinsur.com