Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — 9M 2020 Earnings Presentation
17 slides from Inmobiliaria Del Sur's earnings presentation, Oct 28, 2020
Slide 1: Grupo Insur Results Presentation 9M 2020
Grupo Insur Results Presentation 9M 2020 October 28th 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. (IPAT), fully owned by Insur, as well as by o
Slide 4: Executive Summary. 9M 2020 Highlights
Executive Summary. 9M 2020 Highlights Figures by proportionate method • EBITDA and Net Profit show excellent performance due to the REVENUES OPERATING PROFIT concentration of deliveries within the last semester 105.4 M€ +68.3% 19.7 M€ +134.5% • Housebuilding: good performance after the end of the lo
Slide 5: Executive Summary. 9M 20 Results
Executive Summary. 9M 20 Results M€ All figures by proportionate method +68.3% REVENUE BREAKDOWN +298.9% 105.4 Housebuilding Rentals Construction Asset Management 2% 81.0 62.6 -57.4% 12% 9M 19 -0.2% -32.8% 9% 29.2 9M 20 20.3 9.7 9.7 12.4 3.4 2.3 64% Revenues Housebuilding Rentals Construction Asset
Slide 6: Housebuilding
Housebuilding * Proportional method ** Owned developments and total JVs Revenues* • 9M 20 commercial sales reached 65.7 M€ (39.7 M€ adjusted by percentage of participation) M€ • The Group currently has 1.742 houses under development of which 584 are under construction, 94 are completed and 444 alrea
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,742 ongoing units 2,486 units ▪ 94 housing units completed of which 38 are pending to be ▪ 87,706 sqm of buildable plots for residential delivered and 56 pending to be sold. use, 816 units ▪ 33 ongoing developments (17 in
Slide 8: Finished developments
Finished developments Figures as of September 2020 100% owned developments Development Location Units Sold units Altos Castilleja VII Castilleja de la Cuesta (Sevilla) 1 1 Antonio Mairena Sevilla 3 1 Conde de Zamora Córdoba 17 1 Plaza del Teatro Málaga 16 11 Altos del Retiro Churriana (Málaga) 12 5
Slide 9: Developments under construction
Developments under construction Figures as of September 2020 100% owned developments Sales Volume Estimated Sold Development Location Units (M€) delivery units Residencial 75 Aniversario Sevilla 48 33.6 2020 29 48 33.6 29 (60%) JV developments Sales Volume Estimated Sold Development Location Units (
Slide 10: Projects under development
Projects under development * Under commercialization 100% owned developments Figures as of September 2020 Development Location Units Estimated construction start date Sold units Santa Aurelia I Sevilla 52 2020 8 Santa Aurelia II Sevilla 52 2021 104 8 (8%) JV developments Development Location Units E
Slide 11: Rentals
Rentals • During 9M 20, 4,643.35 sqm have been sold and there Revenues have been contract terminations of 4,666.76 sqm M€ • Occupancy rate rises to 88.3% . 8,350.54 sqm of the 15,748.54 sqm pending to be rented correspond to spaces -0.2% that are being renewed • The annualized rental income of the c
Slide 12: Construction and Project Management
Construction and Project Management 12.4M€ CONSTRUCTION REVENUES 2.3 M€ MANAGEMENT REVENUES -57.4% DECREASE -32.8% DECREASE Main projects currently managed: FOC: (73 units): ▪ Selecta Conil: 73 units (71 already delivered) ▪ Selecta Entrenúcleos (Sevilla), 2.100 units ▪ Selecta Conil (Conil de la Fr
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 24% 327.5*M€ 408.6M€ 341.2 76% 1Q 2019 333.8 333.4 330.9 Real Estate development Rental 325.7 2017 2018 2019 1T 20 1S 20 9M20 1H 20 INSUR GAV** Net financial debt evolution FY 2018 FY 2019 1Q 2019 1H 2020 9M 2
Slide 14: Share evolution
Share evolution Share Price 9M 2020 In the 9M 2020 the share Price (ISUR) dropped by 36%. In that same period, the Ibex 35 decreased by 31% and the Ibex Small Caps decreased by 7%. The share closed at 6.7 € which implies a market cap of 113.7 M€ at the 30th September 2020 Market Cap September 2020 N
Slide 15: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L M € 9M 2020 9M 2019 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 66.3 39.1 105.4 80.6 (18.0) 62.6 a Housebuilding 27.9 53.1 81.0 10.5 9.8 20.3 Rentals 9.3 0.4 9.7 9.6 0.1 9.7 b Co
Slide 16: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method 30/09/2020 31/12/2019 Consolidated balance sheet M € Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 152.0 15.7 167.7 146.6 0.1 146.7 a Financial investments in JVs 44.3 (42.8) 1
Slide 17: María Pérez-Mosso, Head of IR
María Pérez-Mosso Head of IR Tel: +34 671 497 670 mperezm@grupoinsur.com