Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2020 Earnings Presentation
18 slides from Inmobiliaria Del Sur's earnings presentation, Jul 31, 2020
Slide 1: Grupo Insur 1H 20 Results Presentation
Grupo Insur 1H 20 Results Presentation July, 31st 2020
Slide 2: Legal Notice
“ 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 or sale of this publica
Slide 3: Rationale behind the use of the proportionate method
“ 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 Insur, as well as by o
Slide 4: Executive Summary. 1H 2020 Highlights
Executive Summary. 1H 2020 Highlights Figures by proportionate method REVENUES OPERATING PROFIT • EBITDA and Net Profit will increase at the end of the year due to the 43.3 M€ -7.7% 6.1 M€ -5.0% concentration of deliveries within the last semester EBITDA NET PROFIT • Housebuilding: good performance
Slide 5: Executive Summary. 1H 20 Results
Executive Summary. 1H 20 Results M€ All figures by proportionate method -7.7% REVENUE BREAKDOWN 46.9 43.3 +51.4% Housebuilding Rentals Construction Asset Management -60.5% 27.9 -4.6% 3% -44.1% 18.5 19.4 1H 19 18% 1H 20 6.7 7.7 64% 6.4 2.4 1.3 15% Revenues Housebuilding Rentals Construction Asset Man
Slide 6: Housebuilding
Housebuilding * Proportional method ** Owned developments and total JVs Revenues* • Excellent sales performance in the 1H20; despite the two months lockout, the sales figure in M€ the 1H20 is very similar to the one of 1H19 • The Group currently has 1.764 houses under development of which 560 are un
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,764 ongoing units 2,486 units ▪ 210 housing units completed of which 143 are pending to be ▪ 87,706 sqm of buildable plots for residential delivered and 67 pending to be sold. use, 816 units ▪ 27 ongoing developments (12 i
Slide 8: Finished developments
Finished developments Figures as of June 2020 100% owned developments Development Location Units Sold units Altos Castilleja VII Castilleja de la Cuesta (Sevilla) 1 Antonio Mairena Sevilla 4 1 Conde de Zamora Córdoba 20 3 Plaza del Teatro Málaga 44 41 Altos del Retiro Churriana (Málaga) 22 12 91 57
Slide 9: Finished developments pending start of delivery
Finished developments pending start of delivery# * Under comercialization Figures as of June 2020 JV developments Sales Volume Estimated Sold Development Location Units (M€) delivery units Boadilla Essences I* Boadilla del Monte (Madrid) 32 19.1 2020 31 32 19.1 31 (97%) 10 #Does not include the Sout
Slide 10: Developments under construction
Developments under construction Figures as of June 2020 * Under comercialization 100% owned developments Sales Volume Estimated Sold Development Location Units (M€) delivery units Residencial 75 Aniversario Sevilla 48 33.6 2020 28 48 33.6 28 (58.%) JV developments Sales Volume Estimated Sold Develop
Slide 11: Projects under development
Projects under development Figures as of June 2020 * Under comercialization 100% owned developments Development Location Units Estimated construction start date# Sold units Santa Aurelia Sevilla 104 2020 5 104 5 (5%) JV developments Development Location Units Estimated construction start date# Sold
Slide 12: Rentals
Rentals • In the 1H 20 the surface sold amounts to 2,004.82 sqm. Revenues • Occupancy rate rises to 88.87% . 55.5% of the unoccupied M€ surface is under reform • The annualized rental income of the contracts in force at 30th June 2020 (including incomes derived from the parking activity, the contrac
Slide 13: Construction and Project Management
Construction and Project Management 7.7 M€ CONSTRUCTION REVENUES 1.3 M€ MANAGEMENT REVENUES -60.5% DECREASE -44.1% DECREASE Main projects currently managed: ▪ Río 55 Madrid Business Park 28,000 sqm divided First Occupation Certificate. SOUTH BUILDING IDS MADRID MANZANARES, S.A. between 2 buildings)
Slide 14: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt LTV evolution % INSUR GAV * INSUR NAV** 38.9 36.2 36.5 38.6 39.0 25% 327.5*M€ 402.5 M€ 341.2 1Q 2019 333.8 75% 330.9 325.7 Real Estate development Rental 310.8 2017 2018 2019 1T 20 1S 1H20 20 INSUR GAV** Net financial debt evolution 1H 2018 FY 2018 FY 2019 1Q 2019 1H 2020 M€ 195
Slide 15: Share evolution
Share evolution Share Price 1H 2020 In 1H 2020 the share Price (ISUR) dropped by 33%. In that same period, the Ibex 35 decreased by 25.4% and the Ibex Small Caps decreased by 13.8%. However, in the 2Q 20 the share price recovered by 3.54%. The share closed at 7.04 € which implies a market cap of 119
Slide 16: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L Thousand € 1H 2020 1H 2019 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 35,370 7,905 43,276 56,430 (9,566) 46,864 a Housebuilding 12,372 15,568 27,939 9,532 8,928 18,460 Rentals 6
Slide 17: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method 30/06/2020 31/12/2019 Consolidated balance sheet Thousand € Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 150,897 77 150.974 146,646 100 146,746 a Financial investments in JVs
Slide 18: María Pérez-Mosso, Head of IR
María Pérez-Mosso Head of IR Tel: +34 671 497 670 mperezm@grupoinsur.com