Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — FY2020 Earnings Presentation
17 slides from Inmobiliaria Del Sur's earnings presentation, Feb 26, 2021
Slide 1: FY 2020 Results Presentation
FY 2020 Results Presentation 26th February 2021
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. (IPAT), fully owned by Insur, as well as by o
Slide 4: Executive Summary. FY 2020 Highlights
Executive Summary. FY 2020 Highlights Figures by proportionate method M€ = Million Euros • Great number of deliveries; the homebuilding branch has delivered units 132.8 M€ 24.5 M€ 35.3 M€ 21.1 M€ amounting 161.3 M€ (98.0 M€ adjusted by the stake % in the JV) during the year. +8.2% ‐8.0% +47.1% +138.
Slide 5: Executive Summary. FY 2020 Results
Executive Summary. FY 2020 Results M€ All figures by proportionate method +8.2% REVENUE BREAKDOWN 132.8 +50.7% 122.8 Housebuilding Rentals Construction Asset Management 98.0 2% ‐53.2% 14% 65.1 2019 ‐3.0% ‐33.0% 10% 39.6 2020 13.7 13.3 18.5 4.5 3.0 74% Revenues Housebuilding Rentals Construction Asse
Slide 6: Housebuilding
Housebuilding * Proportional method ** Owned developments and total JVs • 355 houses have been delivered during 2020 (105 through own developments and 250 through Revenues* JVs). M€ • 2020 commercial sales reached 86.2 M€ (52.6 M€ adjusted by percentage of participation) • The Group currently has 2,
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 2,027 ongoing units 2,159 units 224 housing units completed of which 115 are pending to be 87,706 sqm of buildable plots for residential use, delivered and 109 pending to be sold. 816 units 33 ongoing developments (18
Slide 8: Finished developments
Finished developments Figures as of December 31st 100% owned developments Development Location Units Sold units Altos Castilleja 7ª fase Castilleja de la Cuesta (Sevilla) 1 Antonio Mairena Castilleja de la Cuesta (Sevilla) 3 1 Conde de Zamora Córdoba 17 2 Plaza del Teatro Málaga 7 2 Altos del Retiro
Slide 9: Developments under construction
Developments under construction Figures as of December 31st JV developments Sales Volume Estimated Sold Development Location Units (M€) delivery units Selecta Salobreña I Salobreña (Granada) 55 9.8 2021 31 Selecta Ares I Dos Hermanas (Sevilla) 76 17.8 2021 72 Mirador del Olivar Valdemoro (Madrid) 53
Slide 10: Projects under development
Figures as of December 31st Projects under development 100% owned developments * Under commercialization ** Optioned plot Development Location Units Estimated construction start date Sold units Santa Aurelia I* Sevilla 52 2020 9 Santa Aurelia II Sevilla 52 2021 JV Developments 104 9 (9%) Development
Slide 11: Rentals
Rentals • During 2020, 6,434 sqm have been sold and there have been contract terminations of 5,269 sqm. • Occupancy rate rises to 89.4%. Revenues • The annualized rental income of the contracts in force on 31st M€ ‐3% December 2020 (including incomes derived from the parking activity, the contract o
Slide 12: Construction and Project Management
Construction and Project Management 18.5 M€ CONSTRUCTION REVENUES 3.0 M€ MANAGEMENT REVENUES ‐53.2% DECREASE ‐33.0% DECREASE Main projects currently managed: FOC: (73 units): Selecta Hermes: 116 units (44 already delivered) Selecta Entrenúcleos (Sevilla), 2.100 units UNDER CONSTRUCTION (348 unit
Slide 13: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt LTV evolution %** INSUR GAV * INSUR NAV** 38.9 36.2 36.5 38.6 39.0 36.2 39.7 325.7 341.2 330.9 333.8 333.4 312.9 19% 327.5*M€ 436.8M€ 1Q 2019 81% Real Estate development Rental FY 2018 FY 2019 1Q 2020 1H 2020 9M 2020 FY 2020 2017 2018 2019 1T 20 1S 20 9M 20 FY 20 INSUR GAV** Net
Slide 14: Share evolution
Share evolution Share Price 2020 In 2020 the share Price (ISUR) decreased by 23%. In that same period, the Ibex 35 dropped by 17% and the Ibex Small Caps grew by 16%. The share closed at 8.12 € which implies a market cap of 137.8 M€ at the 31st December 2020. Market Cap December 2020 NAV December 20
Slide 15: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L M € 2020 2019 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 87.7 45.2 132.8 121.6 1.2 122.8 a Housebuilding 34.3 63.7 98.0 23.1 42.0 65.1 Rentals 12.8 0.5 13.3 13.6 0.1 13.7 b Cons
Slide 16: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method 2020 2019 Consolidated balance sheet M € Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 216.0 0.066 216.1 146.6 0.1 146.7 a Financial investments in JVs 38.4 (37.2) 1.2 42.8 (41
Slide 17: María Pérez-Mosso, Head of IR
María Pérez‐Mosso Head of IR Tel: +34 671 497 670 mperezm@grupoinsur.com