Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — 9M23 Earnings Presentation
17 slides from Inmobiliaria Del Sur's earnings presentation, Oct 26, 2023
Slide 1: 9M23 Results Presentation
9M 23RESULTS PRESENTATION OCTOBER 26, 2023
Slide 2: Legal notice
9M23 RESULTS PRESENTATION 2 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, reproducti
Slide 3: Rationale behind the use of the proportionate method
9M23 RESULTS PRESENTATION 3 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
Slide 4: Main Highlights 9M23
9M23 RESULTS PRESENTATION 4 Main Highlights 9M23 ‣ Ebitda has increased by 53.9% due to the strong contribution of the result from asset rotation. ‣ Ebit and Net Income for 9M23 show drops of 27.5% and 49.8%, respectively, due to the registration in 9M22 of the result of the takeover of DMS. ‣ Homeb
Slide 5: Executive summary 9M23 Main highlights
9M23 RESULTS PRESENTATION 5 Executive summary 9M23 Main highlights Figures by proportionate method €m = million Euros Var % y-o-y Datos financieros Homebuilding operating data Deliveries Revenues* Homebuilding* ‣ 195 units ‣ €69,3m -0,6% ‣ €38,6m -10,0% Pre-sales 9M23 EBITDA (1)(2) Rentals ‣ 289 uni
Slide 6: Homebuilding
9M23 RESULTS PRESENTATION 6 Homebuilding revenues Homebuilding 83,6 82 -10,0% ‣ In 9M23 a total of 195 homes were delivered with an ASP(1) of 75 €236,007* (140 owned and 55 through JV), +3,2% compared to 189 65,1 homes delivered in 9M22 (86 owned and 103 through JV) with an ASP(1) of €309,180. (1) A
Slide 7: 3,626 units: 1,613 units in active promotions
9M23 RESULTS PRESENTATION 7 3,626 UNITS 1,613 units in active promotions Under construction 16 promotions 1,276 units (561 owned; 715 JVs) Under development 5 promotions 337 units (107 owned; 230 JVs) 2,013 units in land portfolio GRUPO INSUR (1,729 owned; 284 JVs) Andalusia Madrid 1,119 units under
Slide 8: P&L: Homebuilding
9M23 RESULTS PRESENTATION 8 P&L: Homebuilding €m (proportionate) 09.30.23 09.30.22 Var % Homebuilding revenues 38,6 42,9 -10,0% Cost of sales* (30,3) (33,6) -9,7% Gross Margin 8,3 9,3 -10,9% % Gross Margin 21,5% 21,7% -0,2 p.p. Net Margin 4,8 6,1 -22,0% % Net Margin 12,4% 14,3% -1,9 p.p. Contributio
Slide 9: Tertiary promotion: ongoing projects 119,954 sqm
9M23 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 sta
Slide 10: Rentals
9M23 RESULTS PRESENTATION 10 Rental Revenues Rentals ‣ In 9M23, new areas were sold for a total of 7,094 sqm (1,842 sqm in Q3) and there have been contract terminations of 11,750 sqm +0,8% (2,017 sqm in Q3) mainly due to the vacancy of the Suecia building on Isla de la Cartuja in Seville in 2Q23. 17
Slide 11: P&L: Rentals
9M23 RESULTS PRESENTATION 11 P&L: Rentals €m (proportionate) 09.30.23 09.30.22 Var % Rental revenues 13,1 13,0 0,8% Operating expenses (2,6) (2,6) 1,7% Result on the sale of invetsment property 9,0 1,1 n.m. Ebitda 18,7 10,9 71,4% Adjusted Ebitda* 9,8 9,8 -0,3% % Adjusted Ebitda margin 74,8% 75,6% -0
Slide 12: GAV
9M23 RESULTS PRESENTATION 12 GAV All figures in proportionate GAV INSUR* 57% €m Rental Housebuilding Rental +4,6% 537,6 526,0 522,9 584,4 611,0 €611,0 m Total 358,9 370,1 366,2 348,3 298,1 262,8 239,5 218,2 167,1 152,8 43% Housebuilding GRUPO INSUR 2019 2020 2021 2022 9M23 *valuation at 09/30/23 est
Slide 13: NAV, LTV and debt
9M23 RESULTS PRESENTATION 13 LTV% NAV, LTV and debt All figures in proportionate +0,5 p.p. NAV Insur €m 41,0 40,5 39,7 +3,8% 37,9 360,5 36,5 347,4 341,2 2019 2020 2021 2022 9M23 325 317,1 NAV per share Net financial debt ‣ €19,3 4,2* 4,3* 4,2* 4,0* +5,7% 2019 2020 2021 2022 9M23 Discount vs NAV* ‣ 6
Slide 14: ESG
9M23 RESULTS PRESENTATION 14 ESG Grupo Insur, in its commitment to Sustainability and transparency, requested to be qualified by Lighthouse (Spanish Institute of Analysts) in terms of ESG, obtaining the following qualification: “High performance” GRUPO INSUR
Slide 15: Conciliation between equity and proportionate method
9M23 RESULTS PRESENTATION 15 Conciliation between equity and proportionate method: 9M23 9M22 Var % Consolidated P&L (€m) Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 84,0 (14,8) 69,3 70,2 (0,5) 69,7 -0,6% Housebuilding 46,1 (1,5) 44,5 27,0 15
Slide 16: Conciliation between equity and proportionate method (balance sheet)
9M23 RESULTS PRESENTATION 16 Conciliation between equity and proportionate method: Consolidated balance sheet €m 09.30.23 12.31.22 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 212,4 0,0 212,4 216,3 0,0 216,3 Financial investments in JV
Slide 17: María Ferrer, Investor Relations Manager
María Ferrer Investor Relations Manager accionistas@grupoinsur.com