Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — FY2019 Earnings Presentation
20 slides from Inmobiliaria Del Sur's earnings presentation, Feb 27, 2020
Slide 1: Grupo Insur Results Presentation 2019
Grupo Insur Results Presentation 2019 27th February 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. (IPA), fully owned by Insur, as well as by ot
Slide 4: Executive Summary. 2019 Highlights
Executive Summary. 2019 Highlights Results by proportionate method REVENUES OPERATING PROFIT 122.8 M€ +7.8% 24.0 M€ +20.6% ADJUSTED EBITDA NET PROFIT without the effect of IFRS9 • All the business activities are expanding according to the Strategic Plan 22.4M€ +28.6% 13.3 M€ +31.6% • Real Estate Dev
Slide 5: Executive Summary. 2019 Results
Executive Summary. 2019 Results M€ Results by proportionate method +7.8% REVENUE BREAKDOWN Development Rental 122.8 -15.1% Construction Project Management 113.9 +83.1% 4% 76.6 +12.5% 65.1 +26.6% 2018 32% 39.6 2019 53% 21.6 12.2 13.7 3.5 4.5 11% Revenues Real Estate Rental Construction Project Develo
Slide 6: Real Estate Development
Real Estate Development Revenues Proportionate method • The Group currently has 1.769 houses under development of which 695 are under M€ construction, 488 are already sold and 150 completed • 347 houses have been delivered in 2019 of which 94 correspond to own developments and 253 to JVs • Commercia
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,769 ongoing units 2,590 units 150 housing units completed of which 79 are pending to be 100,000 sqm of buildable plots for residential delivered and 71 pending to be sold. use, 920 units 27 ongoing developments (13 i
Slide 8: 100% owned developments
100% owned developments PROJECTS UNDER CONSTRUCTION Figures as of January 2020 * On marketing stage Building Sales volumen Development Location Nº of units Planned delivery Units sold potential (M€) Plaza del Teatro Block I* Málaga 4,441 36 22.6 2020 31 Residencial 75 Aniversario* Sevilla 7,352 48 3
Slide 9: JV Developments
JV Developments PROYECTOS JVs EN CONSTRUCCIÓN Figures as of January 2020 * On marketing stage Development Location Building Potential Nº of units Sales volume (M€) Planned delivery Units sold Boadilla Essences I* Boadilla del Monte (Madrid) 6,480 32 19.1 2020 26 Elements Fase I* Marbella (Málaga) 6,
Slide 10: Projects delivered in 2019
Projects delivered in 2019 FULLY OWNED PROJECTS Development Plaza del Teatro I & II Development Jardines Santa Ana III Development Conde de Zamora Location Málaga Location Dos Hermanas Location Córdoba Sales volume 30,9 M€ Sales volume 8,2M€ Sales volume 20,3M€ Units sold 52/57 Units sold 34/35 Unit
Slide 11: Rental
Rental • In 2019 the surface sold amounts to 16,380 sqm. Proportionate method • Occupancy rate rises to 88.4% in line with the strategic Revenues plan which foresees a 90% occupancy rate at the end of M€ 2020 +12.5% • The annualized rental income of the contracts in force at 30th September 2019 (inc
Slide 12: Construction and Project Management
Construction and Project Management 39.6 M€ CONSTRUCTION REVENUES 4.5 M€ MANAGEMENT REVENUES 83.1% INCREASE 26.6% INCREASE Main projects currently managed: Río 55 Madrid Business Park 28,000 sqm divided UNDER CONSTRUCTION. SOUTH BUILDING SOLD. IDS MADRID MANZANARES, S.A. between 2 buildings) NORTH
Slide 13: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt * CBRE valuation at 31/12/19 LTV evolution % INSUR GAV * INSUR NAV** 42.1 41.9 44.0 39.0 40.7 25% 36.5 327.5*M€ 391.5 M€ 341.2 75% 1Q 2019 325.7 Real Estate development Rental 310.8 2015 2016 2017 2018 2019 2019** INSUR GAV** Net financial debt evolution 1H 2018 FY 2018 FY 2019
Slide 14: Share evolution
Share evolution Share Price 2019 In 2019 the share Price (ISUR) grew by 1.9%, behaving worse than the Ibex Small Cap, which grew by 9.4%. The share closed at 10.5€ which implies a market cap of 178.2 M€ at the 31st December 2019 Market Cap December 19 NAV December 19 Discount vs NAV 178.2 M€ 341.2 M
Slide 15: Financing
Financing During July 2019: • New Promissory Notes program at MARF with an outstanding balance of 50 M€ and expiry date July 11th 2020 Objective: financing sources diversification First drawdown 100 M€ 93,8 M€ to cancel bilateral banking loans with mortgage guarantees 3,2 M€ arrangement costs • Synd
Slide 16: Syndicated loan impact on the 2019 results
Syndicated loan impact on the 2019 results • The execution of the syndicated loan has led to having to register an additional 5.8 M€ financial expense in P&L as a consequence of the termination of specific bilateral loans which were cancelled previously to this financing. • The 5.8 M€ figure corresp
Slide 17: Proposed distribution of results and dividends
Proposed distribution of results and dividends • Individual Result of Inmobiliaria del Sur, S.A. distribution: To dividend: 6,279 Thousands of € 67.35% To legal reserve: - - To voluntary reserves and other 3,044 Thousands of € 32.65% Total 9,323 Thousands of € 71% over Net Consolidated Profit 2019 •
Slide 18: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L M€ 2019 2018 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 121.6 1.1 122.8 120.3 (6.4) 113.9 a Real Estate development 23.1 42.0 65.1 62.9 13.7 76.6 b Rental 13.6 0.1 13.7 12.1 0.1
Slide 19: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated balance sheet M€ 31/12/2019 31/12/ 2018 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 146.7 0.1 146.7 139.0 0.1 139.1 a Financial investments in JVs 42.8 (41.0) 1.
Slide 20: María Pérez-Mosso, Head of IR
María Pérez-Mosso Head of IR Tel: +34 671 497 670 mperezm@grupoinsur.com