Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Q1 2019 Earnings Presentation
16 slides from Inmobiliaria Del Sur's earnings presentation, May 6, 2019
Slide 1: Grupo Insur 1Q 2019 Results Presentation
Grupo Insur 1Q 2019 Results Presentation May 6th, 2019 1
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: 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 1Q 19 EBITDA NET PROFIT 3.2 M€ +25.8% 1.1 M€ +441.5% (including JVs deliveries) Deliveries to be conc
Slide 4: 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 3.4 14% 3.3 3.0 1.1 1.5 Revenues Real Estate Rental Construction Project 66% Development Management M€ +25.8% +25.8
Slide 5: Real Estate Development
Real Estate Development 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
Slide 6: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,991 ongoing units 2,652 units 93 housing units completed of which 56 are pending to be delivered 95,000 sqm of buildable plots for residential and 37 pending to be sold. use, 880 units 28 ongoing developments (13 in
Slide 7: 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 8: 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 9: Projects to be delivered in 2019
Projects to be delivered in 2019 FULLY OWNED PROJECTS Development Plaza del Teatro Development Jardines Santa Ana III Development Conde de Zamora Location Málaga Location Dos Hermanas Location Córdoba Sales volume 28,6M€ Sales volume 8,2M€ Sales volume 20,6M€ Units sold 43/57 Units sold 32/35 Units
Slide 10: 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 11: Rental
Rental Revenues • As of the first nine months of the year the surface sold M€ 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 force at 31st March 2019 (inclu
Slide 12: 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 divided UNDER CONSTRUCTION. SOUTH BUILDING IDS MADRID MANZANARES, S.A. between 2 buildings) SOLD. NORT
Slide 13: 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 14: 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 15: 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 16: 16
16