Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Investor Presentation (March 2021)
36 slides from Inmobiliaria Del Sur's investor presentation, Mar 2, 2021
Slide 1: Grupo Insur Corporate Presentation March 2021
Grupo Insur Corporate Presentation March 2021
Slide 2: Legal disclaimer
“ Legal disclaimer This presentation is the exclusive property of INMOBILIARIA DEL SUR (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: 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: 1. Who are we?
1. Who are we? 4
Slide 5: Who are we?
Who are we? • 1945 Foundation; share capital 10 Million Pesetas • 1946 Acquisition of land plots at Av. República Argentina in Seville • 1947 50 Million Pesetas capital increase and entry of new partners • 1947-1982 Development of the Housebuilding branch by investing all the reserves in commercial
Slide 6: Business model
Business model Virtuous business model Combination of housebuilding and rental Rental Housebuilding UNIQUE BUSINESS MODEL… …SUSTAINABLE ON THE LONG TERM Sustainable debt Shareholding stability and alignment management and ownership → long term strategy Reasonable balance between both business lines
Slide 7: Rental
Rental Distribution by GAV Distribution according to typology 8% 2.2% 0.1% 0.7% 5.9% 23% 18.5% 72.6% 70% Sevilla Madrid Huelva Córdoba Málaga Jerez Offices Commercial Premises Other Portfolio of 134,213 sqm of offices and commercial premises and more than 2,500 parking spaces Significant buildings E
Slide 8: Rental: prime area locations
Rental: prime area locations Ed. García Lovera (Córdoba) Aldi Joaquín Turina (Madrid) Capitán Haya 24-25 (Madrid) Madrid 19% Córdoba 2% Ed. Insur Huelva Sevilla 73% Ed. Insur (Sevilla) Ed. Insur Cartuja (Sevilla) Huelva 6% Málaga 0.1% Jerez 0,7% Ed. IDS Huelva (Huelva) C.C. El Mirador (Sevilla) Ed.
Slide 9: 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 M€ -3% 31st December 2020 (including incomes derived from the parking activity, the contract o
Slide 10: Homebuilding
Homebuilding ▪ Higher margins than those on the rental activity ▪ Operating in areas where we have extensive knowledge and expertise as it is a sector with local characteristics. Western Andalusia (mainly Seville), Malaga, Costa del Sol and Madrid ▪ Mid-high end segment housing mainly in areas with
Slide 11: Housebuilding
Housebuilding * Proportional method ** Owned developments and total JVs • 355 houses have been delivered during 2020 (105 through own developments and 250 Revenues* through JVs). M€ • 2020 commercial sales reached 86.2 M€ (52.6 M€ adjusted by percentage of participation) • The Group currently has 2,
Slide 12: 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 delivered and 109 pending to be sold. use, 816 units ▪ 33 ongoing developments (18
Slide 13: 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 14: 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 15: 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 16: 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 17: 2. Covid-19 measures
2. Covid-19 measures 17
Slide 18: Measures taken after COVID-19
Measures taken after COVID-19 1 Human Resources Plan to protect employees and partners Evaluating alternatives in order to adapt the 2 Finance Special cash protection plan. Maximum stress scenarios 3 Real Estate Development All the works keep going structure and costs to the new environment Converti
Slide 19: 3. Financial Results
3. Financial Results 19
Slide 20: 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 +8.2% -8.0% +47.1% +138.6% yea
Slide 21: 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% 14% 65.1 -53.2% 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 22: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt LTV evolution %** INSUR GAV * INSUR NAV** 341.2 38.9 36.2 36.5 38.6 39.0 36.2 39.7 325.7 330.9 333.8 333.4 312.9 19% 327.5*M€ 436.8M€ 81% 1Q 2019 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 23: 4. Share Price evolution
4. Share Price evolution 23
Slide 24: 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 25: 5. Strategy
5. Strategy 25
Slide 26: Strategy
Strategy Homebuilding Rental 1. Investment primarily in fully-permitted Land 1. Development of our assets from the ground 2. Operating in markets where we have extensive knowledge up 3. Project development in areas with proven demand (first residence 2. New investments located in Madrid in provincia
Slide 27: 6. Annex
6. Annex 27
Slide 28: Corporate structure
Corporate structure Housebuilding Rental Construction JV 28
Slide 29: Corporate Governance
Corporate Governance Board of Directors with a strong commitment to the highest standards of corporate governance 1. The Board of Directors represents a 36.1% stake in the capital of Insur. Much of this participation is in the hands of the Pumar Family, which pledges a significant part of its herita
Slide 30: Board of Directors
Board of Directors Proprietary Directors Independent Directors Prudencio Hoyos-Limón Pumar Brita Hektoen Wergeland Augusto Sequeiros Pumar Jorge Segura Rodríguez Candelas Arranz Pumar José Luis Galán González Andrés Fernández Romero José Manuel Pumar López Salvador Granell Balén Inversiones Agrícola
Slide 31: Río 55 Madrid Business Park
Río 55 Madrid Business Park 2 buildings. 28,000 sqm offices 400 parking spaces, of which 40 have recharge points installed and 80, preinstalled 1,900 sqm floors which allow great versatility Excellent location, within M 30, and surrounded by services and good connections More tan 8,600 sqm of Green
Slide 32: Management Team
Management Team Ricardo Pumar Board member since 2001 and Chairman of the Management Board since 2005. Chairman Graduated in Law and Business Administration (ICADE) and Senior Management Programme (Instituto San Telmo). He has 20 years experience in Business Administration and Civil Law. He joined I
Slide 33: Management Team
Management Team He joined Insur in 1997 Pedro Candáu Technical Architect (Universidad de Sevilla), Real Estate Management Programme (CEU) and Business Administration Programme (Instituto San Telmo). Construction Director Since he joined the company, he has held various positions - director of projec
Slide 34: 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 35: 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 36: María Pérez-Mosso, Head of IR
María Pérez-Mosso Head of IR Tel: +34 671 497 670 mperezm@grupoinsur.com