Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — Q1 2020 Earnings Presentation
18 slides from Inmobiliaria Del Sur's earnings presentation, May 8, 2020
Slide 1: Grupo Insur Results Presentation 1Q 2020
Grupo Insur Results Presentation 1Q 2020 8th May 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. (IPA), fully owned by Insur, as well as by ot
Slide 4: 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 structure 2 Finance Special cash protection plan. Maximum stress scenarios 3 Real Estate Development All the works keep going and costs to the new environment Transfor
Slide 5: Executive Summary. 1Q 2020 Highlights
Executive Summary. 1Q 2020 Highlights Figures by proportionate method REVENUES OPERATING PROFIT 3.5 M€ +10.7% • EBITDA and Net Profit improvement due to the increased weight of the 20.6 M€ ‐9.6% activities with higher margin and the reduction of financial expenses ADJUSTED EBITDA NET PROFIT • Real E
Slide 6: Executive Summary. 1Q 20 Results
Executive Summary. 1Q 20 Results M€ Figures by proportionate method ‐9.6% REVENUE BREAKDOWN 22.8 Development Rental +36.4% 20.6 Construction Project Management ‐53.5% 3% 12.6 ‐0.8% ‐59.5% 1Q 19 9.2 8.7 19% 1Q 20 4.0 61% 3.4 3.4 1.5 0.6 17% Revenues Real Estate Rental Construction Project Development
Slide 7: Real Estate Development
Real Estate Development * Proportional method ** Owned developments and total JVs Revenues* • The Group currently has 1.842 houses under development of which 542 are under construction, M€ 288 are completed and 504 already sold • Presales amount to 202.2 M€ (126.2 M€ adjusted by the % of participati
Slide 8: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,842 ongoing units 2,486 units 288 housing units completed of which 209 are pending to be 87,706 sqm of buildable plots for residential use, delivered and 79 pending to be sold. 816 units 27 ongoing developments (12 i
Slide 9: Finished developments pending to be delivered
Finished developments pending to be delivered* Figures as of April 2020 100% owned developments Sales Volume Estimated Sold Development Location First Occupation License Units (M€) delivery units¥ Plaza del Teatro Bloque II Málaga Pending 21 8.3 2020 21 Plaza del Teatro Bloque I Málaga Pending 36 22
Slide 10: Developments under construction
Developments under construction Figures as of April 2020 100% owned developments Sales Volume Estimated Sold Development Location Units (M€) delivery units Residencial 75 Aniversario Sevilla 48 33.6 2020 28 48 33.6 28 (58.3%) JV developments Sales Volume Estimated Sold Development Location Units (M€
Slide 11: Projects under development
Projects under development Figures as of April 2020 100% owned developments Development Location Units Estimated construction start date# Santa Aurelia Sevilla 104 2020 104 JV developments Development Location Units Estimated construction start date# Elements Fase II* Marbella (Málaga) 66 2020 Quint
Slide 12: Rental
Rental • In the 1Q 20 the surface sold amounts to 1,414 sqm. • Occupancy rate rises to 88.5% in line with the strategic plan Revenues which foresees a 90% occupancy rate at the end of 2020 M€ • Of the 13,900 sqm pending to be commercialized, 8,350 sqm are being reformed • The annualized rental incom
Slide 13: Construction and Project Management
Construction and Project Management 4.0 M€ CONSTRUCTION REVENUES 0.6 M€ MANAGEMENT REVENUES ‐53.5% DECREASE ‐59.5% DECREASE Main projects currently managed: Río 55 Madrid Business Park 28,000 sqm divided between First Occupation Certificate. SOUTH BUILDING SOLD. IDS MADRID MANZANARES, S.A. 2 build
Slide 14: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt LTV evolution % INSUR GAV * INSUR NAV** 38.9 36.2 36.5 38.6 24% 327.5*M€ 393.1 M€ 341.2 1Q 2019 330.9 76% 325.7 Real Estate development Rental 310.8 2017 2018 2019 1T 20 1Q INSUR GAV** Net financial debt evolution 1H 2018 FY 2018 FY 2019 1Q 2020 M€ 195.3 184.8 196.4 208.1 44% 53
Slide 15: Share evolution
Share evolution Share Price 1Q 2020 In 1Q 2020 the share Price (ISUR) dropped by 35%, in line with the other indexes. In that same period, the Ibex 35 decreased by 30% and the Ibex Small Caps decreased by 27%. The share closed at 6.8€ which implies a market cap of 115.4 M€ at the 31st March 2020 Mar
Slide 16: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L Thousand € 1Q 2020 1Q 2019 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 16,214 4,382 20,596 23,981 (1,199) 22,782 a Real Estate development 3,811 8,792 12,603 3,273 5,967 9,239 Re
Slide 17: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method 31/03/2020 31/12/2019 Consolidated balance sheet Thousand € Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 148,514 89 148,603 146,646 100 146,746 a Financial investments in JVs
Slide 18: María Pérez-Mosso, Head of IR
María Pérez‐Mosso Head of IR Tel: +34 671 497 670 mperezm@grupoinsur.com