Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Q1 2023 Earnings Presentation
16 slides from Inmobiliaria Del Sur's earnings presentation, May 4, 2023
Slide 1: 1Q23 Results Presentation
RESULTS PRESENTATION 2 3 1Q 04 MAY 2023
Slide 2: Legal notice
1Q23 RESULTS PRESENTATION 02 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, reproduct
Slide 3: Rationale behind the use of the proportionate method
1Q23 RESULTS PRESENTATION 03 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 owne
Slide 4: Main highlights 1Q23
1Q23 RESULTS PRESENTATION 4 Main highlights 1Q23 ‣ Good commercial performance. Pre-sales formalized in the quarter for €28.0m, which allows recording a global amount of accumulated pre-sales at the end of 1Q23 of €215.8m, 6.8% more than at the end of 2022. ‣ Start of work on 649 homes and the Ágora
Slide 5: Executive summary 1Q23. Main highlights
1Q23 RESULTS PRESENTATION 5 Executive summary 1Q23. Main highlights Figures by proportionate method €m = million Euros Var % y-o-y Datos financieros Homebuilding operating data Deliveries Revenues Homebuilding ‣ 57 units ‣ €16,3m -14,2% ‣ €8,9m -3,9% Pre-sales 1Q23 EBITDA (1) Rentals ‣ 99 units ‣ €3
Slide 6: Homebuilding
1Q23 RESULTS PRESENTATION 6 Homebuilding revenues Homebuilding 83,6 82 ‣ In 1Q23 a total of 57 homes were delivered with an ASP(1) of €251,802 75 65,1 (14 owned and 43 through JV), compared to 60 homes delivered in -3,9% 1Q22 (4 owned and 56 through JV) with an ASP(1) of €272,000. ‣ Revenues stood a
Slide 7: 3,803 units: 1,640 units in active promotions
1Q23 RESULTS PRESENTATION 7 3,803 UNITS 1,640 units in active promotions Under construction 16 promotions 1,236 units (783 owned; 453 JVs) Under development 5 promotions 404 units (65 owned; 339 JVs) 2,163 units in land portfolio GRUPO INSUR (1,899 owned; 264 JVs) Andalucia Madrid 1,079 units under
Slide 8: P&L: Homebuilding
1Q23 RESULTS PRESENTATION 8 P&L: Homebuilding €m (proportionate) 31.03.2023 31.03.2022 Var % Homebuilding revenues 8,9 9,2 -3,9% Cost of sales* (6,9) (7,2) -4,8% Gross Margin 2,0 2,0 -0,5% % Gross Margin 22,6% 21,8% +0,8 p.p. Net Margin 1,1 1,4 -21,0% % Net Margin 12,4% 15,1% -2,7 p.p. Ebitda 0,9 1,
Slide 9: Tertiary promotion. Ongoing projects
1Q23 RESULTS PRESENTATION 9 Ágora project-Málaga capital 9,500 sqm of offices Terciary promotion. Planned investment €37m Construction works started in 1Q23 In commercialization Ongoing projects Martiricos project-Málaga capital 10,900 sqm of offices Planned investment €37m Estimated construction st
Slide 10: Rentals
1Q23 RESULTS PRESENTATION 10 Rental revenues Rentals +3,3% ‣ In 1Q23, new areas were sold for a total of 2,579.9 sqm and there have been contract terminations of 4,301.9 17,5 sqm. 15,4 13,7 13,3 ‣ Occupancy rate reached 90.1%, stable vs the rate in 4,3 4,5 2022 year end (-0.3 p.p.) 2019 2020 2021 20
Slide 11: P&L: Rentals
1Q23 RESULTS PRESENTATION 11 P&L: Rentals €m (proportionate) 31.03.2023 31.03.2022 Var % Rental revenues 4,5 4,3 3,3% Operating expenses (0,7) (0,7) 11,8% Result on the sale of invetsment property 0,0 1,2 n.m. Ebitda 3,5 4,6 -24,1% Adjusted Ebitda 3,5 3,5 1,4% % Adjusted Ebitda margin 78,4% 80,0% -1
Slide 12: GAV
1Q23 RESULTS PRESENTATION 12 GAV All figures in proportionate GAV INSUR* 60% €m Rental Housebuilding Rental +3,9% 537,6 526,0 522,9 584,4 607,0 €607,0m Total 358,9 370,1 366,2 366,9 298,1 239,5 240,1 218,2 167,1,0 152,8 40% Housebuilding GRUPO INSUR 2019 2020 2021 2022 1Q23 * valuation at 31/03/23 e
Slide 13: NAV, LTV and debt
1Q23 RESULTS PRESENTATION 13 LTV% NAV, LTV and debt All figures in proportionate +2,5p.p. NAV Insur 43,0* €m -0,5% 40,5 39,7 37,9 347,4 36,5 345,8 341,2 2019 2020 2021 2022 1Q23 325 *The market value of 1Q23 production has not been taken into account, which has been incorporated at cost 317,1 NAV pe
Slide 14: Conciliation between equity and proportionate method: P&L
1Q23 RESULTS PRESENTATION 14 Conciliation between equity and proportionate method: Consolidated P&L €m 1Q23 1Q22 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 15,5 0,8 16,3 17,1 1,9 19,0 -14,2% Homebuilding 3,4 5,5 8,9 1,8 7,4 9,2 -3,9%
Slide 15: Conciliation between equity and proportionate method: balance sheet
1Q23 RESULTS PRESENTATION 15 Conciliation between equity and proportionate method: Consolidated balance sheet €m 31.03.23 31.12.22 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 216,9 0,0 216,9 216,3 0,0 216,3 Financial investments in JV
Slide 16: María Ferrer
María Ferrer Investor Relations Manager accionistas@grupoinsur.com