Inmobiliaria Del Sur, S.a. · BME:ISUR

Inmobiliaria Del Sur — Grupo Insur — Q1 2022 Earnings Presentation

15 slides from Inmobiliaria Del Sur's earnings presentation, Apr 28, 2022

  1. Slide 1: 1Q 22 Results Presentation

    GRUPO INSUR 1Q22 RESULTS PRESENTATION 1Q 22 Results Presentation 28th April, 2022 Jardines del Olivar (Valdemoro-Madrid)

  2. Slide 2: Disclaimer

    GRUPO INSUR 1Q22 RESULTS PRESENTATION 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

  3. Slide 3: Group structure and activities: housing development and rental

    GRUPO INSUR 1Q22 RESULTS PRESENTATION 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 other companies wh

  4. Slide 4: Group turnover, ebitda, and net profit affected by lower deliveries

    GRUPO INSUR 1Q22 RESULTS PRESENTATION ▶ Group turnover, ebitda, and net profit have been greatly affected by the lower delivery of homes in 1Q22, which will be corrected in the coming quarters with estimated deliveries of 330 units. ▶ Homebuilding revenues stood at €9.2m, 60.9% lower than that regis

  5. Slide 5: Revenues, EBITDA and net profit key figures

    GRUPO INSUR 1Q22 RESULTS PRESENTATION REVENUES €19.0m HOMEBUILDING €9.2m EBITDA €4.8m ADJUSTED EBITDA* €3.5m RENTAL €4.3m EBIT €3.7m CONSTRUCTION €4.7m NET PROFIT €1.8m NET FINANCIAL DEBT €195.7m SERVICES €0.8m 5

  6. Slide 6: Pre-sales portfolio and homebuilding revenues

    GRUPO INSUR 1Q22 RESULTS PRESENTATION o 60 units (4 owned and 56 through JVs) were delivered in 1Q22 with an ASP(1) of €272,000 vs 84 units delivered in 1Q21 (32 owned and 52 through JVs). o 120 units sold in 1Q22 amounting €38,3m (€25,6m in proportionate), -15.7% vs 1Q21 but still Pre-sales portfol

  7. Slide 7: Units under construction, under development and land portfolio

    GRUPO INSUR 1Q22 RESULTS PRESENTATION 4,556 UNITS UNDER CONSTRUCTION 11 projects 733 units (196 owned; 537 JVs) UNDER DEVELOPMENT 13 projects 1,564 units (72 owned; 1,492 JVs) LAND PORTFOLIO 2,259 units (820 owned; 1,439 JVs) 1,178 units in commercializatión* (58% sold) *Includes units pending to be

  8. Slide 8: Homebuilding revenues and margins

    GRUPO INSUR 1Q22 RESULTS PRESENTATION €m (proportionate) 03.31.2022 03.31.2021 Var % ▶ Gross margin: 21.8% in 1Q22. Homebuilding revenues 9,2 23,6 -60,9% Cost of sales (7,3) (17,9) -59,7% ▶ Net margin: 15.1% in 1Q22. Gross Margin 2,0 5,7 -64,4% % Gross Margin 21,8% 24,0% -2,2 p.p. Net Margin 1,4 4,2

  9. Slide 9: 2021-2025 commitment: tertiary office developments in Madrid and Málaga

    GRUPO INSUR 1Q22 RESULTS PRESENTATION Ágora project – Malaga capital 9.500 sqm of offices Planned investment €31m UNDER DEVELOPMENT 50,400 sqm Martiricos project – Malaga capital TOTAL 10,900 sqm of offices 109.845 m² Planned investment €31m IN PORTFOLIO 59,445 sqm Hotel Project in Atlanterra – Tari

  10. Slide 10: Rental revenues and square meters sold

    GRUPO INSUR 1Q22 RESULTS PRESENTATION o In 1Q22, new areas were sold for a total of 2,488.27 sqm and there have been contract terminations of 1,533.54 sqm. o Occupancy rate stood at 88.3%, +0.6 p.p. vs the rate in 2021 year end. €m Rental Revenues o The annualized rental income of the contracts in f

  11. Slide 11: Rental revenues and results

    GRUPO INSUR 1Q22 RESULTS PRESENTATION €m (proportionate) 03.31.2022 03.31.2021 Var % Rental revenues 4,3 3,7 16,8% Operating expenses (0,7) (0,7) 0,7% Result on the sale of invetsment property 1,2 - n.s. Ebitda 4,6 2,8 63,0% Adjusted Ebitda 3,5 2,8 25,0% % Adjusted Ebitda margin 80,0% 76,5% 3,5 p.p.

  12. Slide 12: GAV, NAV, LTV and net financial debt evolution

    GRUPO INSUR 1Q22 RESULTS PRESENTATION All figures in proportionate €m GAV INSUR* €m NAV INSUR €m LTV % evolution Homebuilding Rental 537,6 526,0 522,9 518,9 510,5 294 298,1 358,9 370,1 366,4 39,7 341,2 37,9 37,7 239,5 325,7 325,0 323,2 36,2 36,5 216,5 167,1 152,8 152,5 317,1 4,2 4,3 4,4 2018 2019 20

  13. Slide 13: Income statement: equity method to proportionate reconciliation

    GRUPO INSUR 1Q22 RESULTS PRESENTATION 1Q22 1Q21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 17,1 1,9 19,0 33,4 1,7 35,1 Housebuilding 1,8 7,4 9,2 17,3 6,3 23,6 Rental 4,3 0,0 4,3 3,7 - 3,7 Construction 10,0 (5,3) 4,7 11,5 (4,4) 7,1 Asset management 1,0 (0

  14. Slide 14: Balance sheet: equity method to proportionate reconciliation

    GRUPO INSUR 1Q22 RESULTS PRESENTATION 03.31.12 12.31.21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 212,9 0,0 212,9 216,8 (0,0) 216,8 Financial investments in JVs 39,1 (38,7) 0,4 38,9 (38,4) 0,5 Inventory 47,7 88,9 136,6 47,6 88,3 135

  15. Slide 15: Investor Relations contact

    GRUPO INSUR 1Q22 RESULTS PRESENTATION María Ferrer Investor Relations accionistas@grupoinsur.com

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