Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Q3 2017 Earnings Presentation
18 slides from Inmobiliaria Del Sur's earnings presentation, Oct 27, 2017
Slide 1: 3Q Results Presentation
3Q RESULTS PRESENTATION October, 27th 2017
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 publicati
Slide 3: Índice
ÍNDICE I. EXECUTIVE SUMMARY II. REAL ESTATE DEVELOPMENT ACTIVITY III. REAL ESTATE DEVELOPMENT ACTIVITY – INSUR MADRID RÍO ASSET IV. RENTAL ACTIVITY V. CONSTRUCTION AND PROJECT MANAGEMENT VI. NET FINANCIAL DEBT REDUCTION VII. STOCK MARKET INFORMATION VIII. MACRO ENVIRONMENT 3
Slide 4: Executive Summary: 3Q 2017 Highlights
I. EXECUTIVE SUMMARY 3Q 2017 HIGHLIGHTS 59.7M€ Revenues +82.2% 11.2M€ EBITDA +62.6% 9.3M€ OPERATING +83.5% PROFIT 3.7M€ NET PROFIT +536.3% • Clear recovery of the Real Estate Development segment REAL ESTATE DEVELOPMENT +43.1% ACTIVITY BOOST Pre-sales increase • Vacate ratio keep decreasing in the Re
Slide 5: Executive Summary: 3Q 2017 Results
I. EXECUTIVE SUMMARY 3Q 2017 RESULTS 3Q 2017 3Q 2016 Variation Revenues 59.7 32.8 82.2% Real Estate Development 32.4 21.0 54.3% Growth and profitability increase Rental 7.5 8.0 -6.0% Construction 18.3 3.1 492.8% +536% Project Management 1.5 0.7 119.9% EBITDA 11.2 6.9 62.6% ADJUSTED EBITDA 9.8 6.9 42
Slide 6: Development Activity: Sales Acceleration
II. DEVELOPMENT ACTIVITY SALES ACCELERATION M€ Real Estate Development Revenue M€ Real Estate Development Pre-sales Evolution Evolution* +43.1% +54.3% 43.0 43.1 40.0 124.0 32.4 86.7 69.9 76.2 17.7 21.0 40.0 24.9 2013 2014 2015 2016 3T 2016 3T 2017 2013 2014 2015 2016 3T 2016 3T 2017 • Real Estate De
Slide 7: Development Activity: Ongoing Developments and Land Portfolio
II. DEVELOPMENT ACTIVITY ONGOING DEVELOPMENTS AND LAND PORTFOLIO A B Ongoing Developments Land Portfolio 2,039 ongoing units 2,652 units 134 housing units completed pending sale or delivery 95.000 sqm of buildable plots for 31 ongoing developments (16 in West Andalucía, 11 in residential use,
Slide 8: Development Activity: Own Projects
II. DEVELOPMENT ACTIVITY OWN PROJECTS PROJECTS UNDER CONSTRUCTION Development Location Building potential No. of homes Volume of sales (M€) Planned delivery Jardines de Arco Norte 2 Dos Hermanas (Sevilla) 4.376 38 6.9 2017 Altos del Retiro 1ª fase Málaga 2.760 22 4.7 2017 Jardines de Arco Norte 3 Do
Slide 9: Development Activity: Projects in JVs
II. DEVELOPMENT ACTIVITY PROJECTS IN JVs JVS PROJECTS UNDER CONSTRUCTION Development Location Building potential No. of homes Volume of sales (M€) Planned delivery Selecta Rodas Dos Hermanas (Sevilla) 7,560 54 12.3 2018 Alminar II Marbella (Málaga) 8,074 44 21.5 2018 Pineda Parque 1ª fase Sevilla 17
Slide 10: Development Activity: New Investments
II. DEVELOPMENT ACTIVITY NEW INVESTMENTS Investments Sqm Buildable floor Housing units TOTAL 147,388 INVESTMENTS 1,045 2014-2017 53,373 74,548 283,440 416 339 sqm 8,131 73 1,873 2014 2015 2016 2017 HOUSING UNITS In 2017, Desarrollos Metropolitanos del Sur, S.L., JV of Insur and ANIDA (BBVA Group) ho
Slide 11: Development Activity – Insur Madrid Río Asset
III. DEVELOPMENT ACTIVITY – INSUR MADRID RÍO ASSET INSUR MADRID RÍO is a project developed by IDS Madrid Manzanares, S.A., a company founded in 2016 by Insur, which has a 50% stake, and two private investors. Beside the "Google Campus" and the Mahou Calderón urban project, in Madrid, a Business Park
Slide 12: Rental Activity: Revenue Evolution
IV. RENTAL ACTIVITY REVENUE EVOLUTION M€ Rental Revenues Evolution M€ Sales acceleration 13,384 11,763 11.8 -6.0% 10,590 11.6 9,292 11.53% 10.5 8.0 10.20% 7.5 9.20% 7.90% 2014 2015 2016 3T 2016 3T 2017 2014 2015 2016 3T 2017 sqm sold Sales over GLA The annualized rental income of the contracts in fo
Slide 13: Construction and Project Management
V. CONSTRUCTION AND PROJECT MANAGEMENT 18.3 M€ CONSTRUCTION REVENUES 1.5 M€ PROJECT MANAGEMENT REVENUES Increase of 492.8% Increase of 119.9% Main projects managed currently MARKETING STAGE: IDS BOADILLA GARDEN RESIDENCIAL. Boadilla Garden (Boadilla del Monte, Boadilla Garden: 74 homes S.A. Madr
Slide 14: Net Financial Debt Reduction
VI. NET FINANCIAL DEBT REDUCTION M€ Net financial debt evolution 189.6 187.1 Net financial debt reached 187.1 M€ (3Q2017) 184.1 171.6 from 189.6 M€ (3T2016), which implies 2.5 M€ 165.9 reduction in absolute terms and -1.31% in relative terms 2013* 2014 2015 2016 3Q 2017 * Includes net financial debt
Slide 15: Share Price Evolution
VII. SHARE PRICE EVOLUTION Share Price evolution 01/01/17 to 23/10/17 Insur Ibex 35 So far this year, Insur share Price has increased by 36.41%, while the IBEX 35 has grown by 7.32% 15
Slide 16: Macro Environment: Consolidation of the Industry Recovery (I)
VIII. MACRO ENVIRONMENT CONSOLIDATION OF THE INDUSTRY RECOVERY (I) Last year statistics confirm that the recovery of the real estate cycle in Spain is a reality Housing prices have increased for the third consecutive year by 5.5% (3Q2017) on an interannual basis Mortgage volumes have increased by 17
Slide 17: Entorno Económico: Consolidación de la Recuperación del Sector (II)
VIII. ENTORNO ECONÓMICO CONSOLIDACIÓN DE LA RECUPERACIÓN DEL SECTOR (II) Stock vs. Housing stock 2016 Evolution of house prices Increase of home mortgage loans New work approvals (Accumulated) 100% 80% 60% 40% 20% 0% -20% -40% -60% -80% 1T06 3T06 1T07 3T07 1T08 3T08 1T09 3T09 1T10 3T10 1T11 3T11 1T1
Slide 18: Ready to Grow with Profitability
Grupo Insur (Inmobiliaria del Sur, S.A.) — Q3 2017 Earnings Presentation on 6ix