Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — 9M22 Earnings Presentation
16 slides from Inmobiliaria Del Sur's earnings presentation, Oct 27, 2022
Slide 1: 9M22 Results Presentation
GRUPO INSUR 9M22 RESULTS PRESENTATION 9M22 Results Presentation October 27th, 2022 Insur Altos del Aire Mistral (Tomares-Sevilla)
Slide 2: Disclaimer
GRUPO INSUR 9M22 RESULTS PRESENTATION 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: Grupo Insur activities and consolidation method
GRUPO INSUR 9M22 RESULTS PRESENTATION 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 Insur, as well as by other companies wh
Slide 4: Group turnover and Ebitda reflect lower housing deliveries in 9M22
GRUPO INSUR 9M22 RESULTS PRESENTATION ▶ Group turnover and Ebitda reflect the impact of lower housing deliveries in 9M22 vs 9M21, impact that will improve with deliveries scheduled in the 4Q22 amounting to €35.9m. ▶ Accumulated pre-sales amounted to €217.6m (€178.3m proportionally), 24.3% higher tha
Slide 5: Key figures: revenues, EBITDA, net profit, net debt
GRUPO INSUR 9M22 RESULTS PRESENTATION REVENUES €69.7m HOMEBUILDING €42.9m EBITDA €13.0m ADJUSTED EBITDA* €11.7m RENTAL €13.0m EBIT** €19.6m CONSTRUCTION €11.6m NET PROFIT** €12.0m NET FINANCIAL DEBT €258.8m SERVICES €2.2m TOTAL INVESTMENT €50.3m 5
Slide 6: DMS takeover investment and result
GRUPO INSUR 9M22 RESULTS PRESENTATION INVESTMENT: €13.7m ▪ Intragroup benefits eliminated prior to takeover: €3.9m ▪ Difference between fair value and cost of assets: €8.7m ▪ Difference between the 50% equity of DMS on the date of takeover and the price paid: (€0.07m) €9.4m 6
Slide 7: Homebuilding: pre-sales portfolio and revenues
GRUPO INSUR 9M22 RESULTS PRESENTATION o In 9M22 a total of 189 homes were delivered (85 homes in 3Q22) with an ASP(1) of €309,000, (86 owned and 103 through JV), compared to 220 homes delivered in 9M21 (87 homes in 3Q21), (59 owned and 161 Pre-sales portfolio 09.30.22 (€m) through JV) with an ASP(1)
Slide 8: Housing units under construction, development and land portfolio
GRUPO INSUR 9M22 RESULTS PRESENTATION 4,003 units UNDER CONSTRUCTION Planned start of constructionof 840 11 projects units (406 owned and 733 units 434 JVs) in the next six months (479 owned; 254 JVs) UNDER DEVELOPMENT 11 projects 1,065 units (425 owned; 640 JVs) LAND PORTFOLIO 2,205 units (1,941 ow
Slide 9: Homebuilding results
GRUPO INSUR 9M22 RESULTS PRESENTATION €m (proportionate) 09.30.2022 09.30.2021 Var % Homebuilding revenues 42,9 48,8 -12,2% Cost of sales* (33,6) (36,8) -8,7% Gross Margin 9,3 12,0 -22,8% % Gross Margin 21,7% 24,7% -3,0 p.p. Net Margin 6,1 8,1 -24,6% % Net Margin 14,2% 16,6% -2,4 p.p. Ebitda* 4,4 7,
Slide 10: Tertiary office developments in Madrid and Málaga
GRUPO INSUR 9M22 RESULTS PRESENTATION Fulfilling the objective established for 2021-2025 To grow in terms of terciary offices developments in Ágora project – Malaga capital Madrid and Málaga 9.500 sqm of offices Planned investment €31m UNDER Project in Las Tablas Madrid Nuevo DEVELOPMENT Building li
Slide 11: Rental revenues and square meters sold
GRUPO INSUR 9M22 RESULTS PRESENTATION o In 9M22, new areas were sold for a total of 6,920.2 sqm (3,634.6 sqm in 3Q22) and there have been contract terminations of 5,636.0 sqm (3,113.1 sqm in 3Q22). o Occupancy rate stood at 88.4%, +0.7 p.p. vs the rate in 2021 year end and +0.2 p.p. vs 1H22. €m Rent
Slide 12: Rental results
GRUPO INSUR 9M22 RESULTS PRESENTATION €m (proportionate) 09.30.2022 09.30.2021 Var % Rental revenues 13,0 10,8 20,8% Operating expenses (2,6) (1,7) 48,7% Result on the sale of investment property 1,1 2,0 -42,3% Ebitda 11,0 10,1 8,4% Adjusted Ebitda 9,8 8,2 20,7% % Adjusted Ebitda margin 75,7% 75,8%
Slide 13: GAV, NAV, LTV and net financial debt evolution
GRUPO INSUR 9M22 RESULTS PRESENTATION All figures in proportionate €m GAV INSUR* €m NAV INSUR €m LTV evolution % Housebuilding Rental 602,7 510,5 537,6 526,0 522,9 298,1 373,4 42,9 294 358,9 370,1 343,9 341,2 39,7 325,7 325,0 37,9 216,5 239,5 229,3 317,1 36,2 36,5 167,1 152,8 4,2 4,3 4,4 2018 2019 2
Slide 14: Income statement: equity method to proportionate
GRUPO INSUR 9M22 RESULTS PRESENTATION 9M22 9M21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 70,2 (0,5) 69,7 74,7 7,9 82,6 Housebuilding 27,0 15,9 42,9 28,1 20,7 48,8 Rental 12,9 0,1 13,0 11,0 0,1 11,1 Construction 27,7 (16,1) 11,6 32,1 (12,1) 20,0 Asset m
Slide 15: Balance sheet: equity method to proportionate
GRUPO INSUR 9M22 RESULTS PRESENTATION 09.30.22 12.31.21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 217,6 0,1 217,8 216,8 - 216,8 Financial investments in JVs 29,6 (29,1) 0,4 38,9 (38,4) 0,5 Inventory 135,3 77,9 213,2 47,6 88,3 135,9
Slide 16: Investor Relations contact
GRUPO INSUR 9M22 RESULTS PRESENTATION María Ferrer Investor Relations accionistas@grupoinsur.com