Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Investor Presentation (May 2019)
33 slides from Inmobiliaria Del Sur's investor presentation, May 2019
Slide 1: Grupo Insur Company Overview
Grupo Insur Company Overview May 2019
Slide 2: Legal disclaimer
“ Legal disclaimer This presentation is the exclusive property of INMOBILIARIA DEL SUR (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 publicati
Slide 3: Content
Content Aviso legal 1. Who are we? • Rental • Homebuilding • Construction and Project Management 2. Real Estate sector evolution 3. Financial Results 4. Strategy 5. Share evolution 6. Annex 3
Slide 4: 1. Who are we?
1. Who are we? 4
Slide 5: Who are we?
Aviso legal Who are we? Real Estate Group founded in 1945 Strongly committed to the highest standards of Corporate Management, Quality and Environmental Protection First listed on the stock market in 1984. On the continuous market of the Spanish Stock Exchange since 2015 Experienced management team
Slide 6: Rental
Rental Geographic distribution by sqm ground area Distribution according to typology 2% 2% 3% 10% 1% 29% 69% 84% Sevilla Málaga Córdoba Huelva Madrid Offices Commercial Premises Other Portfolio of 115,868 sqm of offices and commercial premises and more than 2,500 parking spaces Significant buildings
Slide 7: Rental: prime area locations
Rental: prime area locations Ed. García Lovera (Córdoba) Aldi Joaquín Turina (Madrid) Capitán Haya 24-25 (Madrid) Madrid 2% Córdoba 3% Ed. Insur Huelva Sevilla 87% Ed. Insur (Sevilla) Ed. Insur Cartuja (Sevilla) Huelva 7% Málaga 1% Ed. IDS Huelva (Huelva) C.C. El Mirador (Sevilla) Ed. Capitolio (Sev
Slide 8: Rental
Rental Revenues • As of the first nine months of the year the surface M€ sold amounts to 1,557 sqm • Occupancy rate rises to 83.2% in line with the strategic plan which foresees a 90% occupancy rate at the end of 2020 • The annualized rental income of the contracts in +13.9% force at 31st March 2019
Slide 9: Homebuilding
Homebuilding Higher margins than those on the rental activity Operating in areas where we have extensive knowledge and expertise as it is a sector with local characteristics. Western Andalusia (mainly Seville), Malaga, Costa del Sol and Madrid Mid-high end segment housing mainly in areas with
Slide 10: Homebuilding
Homebuilding Revenues M€ • The Group currently has 1,991 houses under development of which 798 are under construction and 455 are already sold 100% owned developments JV • 15.5 M€ both from 100% owned developments and JVs have been delivered in the 1Q 2019 , vs 5.3 M€ delivered in the 1Q 2018. 62.9
Slide 11: Homebuilding: Ongoing Developments and Land Bank
Homebuilding Ongoing Developments Land Bank 1,991 ongoing units 2,652 units 93 housing units completed of which 56 are pending to be 95,000 sqm of buildable plots for delivered and 37 pending to be sold. residential use, 880 units 28 ongoing developments (13 in West Andalucía, 8 in Málaga 30
Slide 12: 100% owned developments
100% owned developments PROJECTS UNDER CONSTRUCTION Figures as of March 2019 * On marketing stage Building Sales volumen Development Location Nº of units Planned delivery Units sold potential (M€) Plaza del Teatro* Málaga 7.032 57 28,6 2019 45 Conde de Zamora* Córdoba 10.296 81 20,6 2019 41 Altos de
Slide 13: JV Developments
JV Developments PROJECTS UNDER CONSTRUCTION Figures as of March 2019 * On marketing stage Development Location Building Potential Nº of units Sales volume (M€) Planned delivery Units sold Pineda Parque 1ª fase* Sevilla 17.767 102 36,3 2019/2020 69 Boadilla Garden* Boadilla del Monte (Madrid) 13.868
Slide 14: Construction and Project Management
Construction and Project Management 15.8 M€ CONSTRUCTION REVENUES 1.5 M€ MANAGEMENT REVENUES 127.4% INCREASE 28.4% INCREASE Main projects currently managed: Río 55 Madrid Business Park 28,000 sqm UNDER CONSTRUCTION. SOUTH BUILDING IDS MADRID MANZANARES, S.A. divided between 2 buildings) SOLD. NORT
Slide 15: 2. Real Estate sector evolution
2. Real Estate sector evolution 15
Slide 16: Real Estate macro environment
Real Estate macro environment Shortage of new developments Sustainable growth, but with new challenges at short term New property sales still well below second hand homes sales Banks grant mortgages rigorously Land inflation Construction costs inflation Mortgage loan level decreasing New competitors
Slide 17: 3. Financial Results
3. Financial Results 17
Slide 18: Executive Summary. 1Q 2019 Highlights
Executive Summary. 1Q 2019 Highlights M€ = Million € REVENUES OPERATING PROFIT 24.0 M€ +52.1% 2.6 M€ +37.4% Total Revenues increase by 52.1% Total deliveries volume grows by 192.5% to 15.5 M€ in the EBITDA NET PROFIT 3.2 M€ +25.8% 1.1 M€ +441.5% 1Q 19 (including JVs deliveries) Deliveries to be conc
Slide 19: Executive Summary. 1Q 2019 Results
Executive Summary. 1Q 2019 Results M€ +52.1% REVENUE BREAKDOWN 24.0 +127.4% Development Rental Construction Project Management 15.8 15.8 -30.1% 6% +13.9% +28.4% 1Q 18 14% 7.0 1Q 19 4.7 14% 3.3 3.0 3.4 1.1 1.5 Revenues Real Estate Rental Construction Project 66% Development Management M€ +25.8% +25.8
Slide 20: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt ¥ valuation at 31/03/19 estimated from CBRE valuation at INSUR NAV LTV evolution % 31/12/18 and INSUR GAV ¥ (including JVs in the corresponding % of participation) revised with additions at 42.1 41.9 cost value and 41.6 disposals due 29% 40.7 to deliveries 327.5*M€ 39.0 408.4M€
Slide 21: 4. Share Price evolution
4. Share Price evolution 21
Slide 22: Share evolution
Share evolution Share Price 1Q 2019 In the 1Q 2019 the share Price (ISUR) grew by 10.2%, behaving better tan the Ibex Small Cap, which grew by 7.9%. The share closed at 11.35 € which implies a market cap of 192.6 M€ at the 31st of March 2019 Market Cap March 19 NAV March 19 Discount vs NAV 196.2 M€
Slide 23: 5. Strategy
5. Strategy 23
Slide 24: Strategy
Strategy Homebuilding Rental 1. Investment primarily in fully-permitted Land 1. Development of our assets from the ground 2. Operating in markets where we have extensive knowledge up 3. Project development in areas with proven demand (first residence 2. New investments located in Madrid in provincia
Slide 25: 6. Annex
6. Annex 25
Slide 26: History
History 1945 Foundation 1946 Acquisition of a land bank in Avda. República Argentina, Seville 60´-80´ Beginning of Rental activity 1984 Listing on the Madrid Stock Exchange 97/00 Geographic expansion. JV with Local Savings Banks 2004 Expansion in the Costa del Sol. Accelerated development in the ren
Slide 27: Corporate structure
Corporate structure Rental Housebuilding Construction JV 27
Slide 28: Corporate Governance
Corporate Governance Board of Directors with a strong commitment to the highest standards of corporate governance 1. The Board of Directors represents a 36.3% stake in the capital of Insur. Much of this participation is in the hands of the Pumar Family, which pledges a significant part of its herita
Slide 29: Board of Directors
Board of Directors Proprietary Directors Independent Directors Prudencio Hoyos-Limón Pumar Brita Hektoen Wergeland Augusto Sequeiros Pumar Jorge Segura Rodríguez Candelas Arranz Pumar José Luis Galán González Andrés Fernández Romero José Manuel Pumar López Salvador Granell Balén Inversiones Agrícola
Slide 30: Río 55 Madrid Business Park
Río 55 Madrid Business Park 2 buildings. 28,000 sqm offices 400 parking spaces, of which 40 have recharge points installed and 80, preinstalled 1,900 sqm floors which allow great versatility Excellent location, within M 30, and surrounded by services and good connections More tan 8,600 sqm of Green
Slide 31: Management Team
Management Team Ricardo Pumar Board member since 2001 and Chairman of the Management Board since 2005. Chairman Graduated in Law and Business Administration (ICADE) and Senior Management Programme (Instituto San Telmo). He has 20 years experience in Business Administration and Civil Law. He joined I
Slide 32: Equipo directivo
Equipo directivo He joined Insur in 1997 Pedro Candáu Technical Architect (Universidad de Sevilla), Real Estate Management Programme (CEU) and Business Administration Programme (Instituto San Telmo). Construction Director Since he joined the company, he has held various positions - director of proje
Slide 33: Slide 33