Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Q1 2024 Earnings Presentation
24 slides from Inmobiliaria Del Sur's earnings presentation, May 2, 2024
Slide 1: 1Q24 Results Presentation
1 Q 2 4 R E S U L T S P R E S E N T A T I O N Balance (Mijas-Málaga)
Slide 2: Legal notice
1Q24 RESULTS PRESENTATION Legal notice This presentation is the exclusive property of INMOBILIARIA DEL SUR. S.A. The information included in this document has not been checked or revised (INSUR). Its total or partial reproduction is strictly prohibited and it is covered by INSUR auditors. The Compan
Slide 3: Rationale behind the use of the proportionate method
1Q24 RESULTS PRESENTATION Rationale behind the use of the proportionate method Grupo INSUR (Insur) , whose parent company is Inmobiliaria del Sur, S.A., Accordingly, the IFRS consolidated financial statements do not include develops two main activities, housing development and rental. the proportion
Slide 4: Main Highlights
1Q24 RESULTS PRESENTATION Main Highlights ‣ Revenues increased by 121.3% compared to 1Q23 to reach €36.1m, driven by the growth of the Promotion, Construction and Services business lines. ‣ Ability to generate resources, with EBITDA increasing by 78.6% vs 1Q23 and standing at €6.4m. ‣ High operation
Slide 5: Executive summary 1Q24
1Q24 RESULTS PRESENTATION Executive summary 1Q24 Figures by proportionate method €m = million Euros Var % y-o-y ASP= Average sale price Financial data Homebuilding operating data Revenues Homebuilding Deliveries ‣ €36.1m +121.3% ‣ €25.0m +181.7% ‣ 69 units / ASP €461k EBITDA (1) Rentals Pre-sales ‣
Slide 6: Homebuilding. Pre-sales 1Q24
1Q24 RESULTS PRESENTATION Homebuilding. Pre-sales Pre-sales by quarter (units) Pre-sales by quarter (€m) Pre-sales by quarter (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % 105 35,6 99 32,8 95 85 27,6 23,3 29,7 59 54 64 23,3 45 61 17,1 21,6 26,6 16,2 22,5 23,3 21,1 44 16,9 14,3 14,9 9,
Slide 7: Homebuilding. Accumulated pre-sales
1Q24 RESULTS PRESENTATION Homebuilding. Accumulated pre-sales Accumulated pre-sales (units) Accumulated pre-sales (€m global ) Accumulated pre-sales (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % +3,6% +0,4% 721 747 -0,9% 235,6 236,7 418 431 165,6 161,6 171,7 170,1 303 316 101,7 95 75,
Slide 8: Homebuilding. Deliveries
1Q24 RESULTS PRESENTATION Homebuilding. Homebuilding revenues (€m global) Deliveries Deliveries by quarter (units) +121,7% Owned 100% JV 31,8 114 14,4 19 85 95 1Q23 1Q24 10 53 69 57 2 51 ASP (€k)* 251,8 461,1 43 75 51 *ASP includes the delivery in the quarter of housing developments in 14 18 Madrid
Slide 9: Residential land bank of 3,817 units
1Q24 RESULTS PRESENTATION Residential land bank of 3,817 units Pending construction start (9%) (38 owned; 134 JVs*) Under a purchase option (54%) 172 (880 owned; 124 JVs) 424 1.004 Design phase (22%) 1,971 (93 owned; 331 JVs) 1,846 active units units 72 1.303 Completed (4%) 842 (43 owned; 29 JVs) Un
Slide 10: Residential activity. Geographic breakdown
1Q24 RESULTS PRESENTATION Residential activity. Geographic breakdown Andalucía Madrid 1.216 units under construction 87 units under construction 172 units pending construction start 24 units completed 424 in design phase 48 units completed 1.846 in land portfolio and under a purchase option 10
Slide 11: P&L: Homebuilding
1Q24 RESULTS PRESENTATION P&L: Homebuilding €m (proportionate) 03.31.24 03.31.23 Var % Homebuilding revenues 25,0 8,9 181,7% Cost of sales (20,2) (6,9) 194,1% Gross Margin 4,8 2,0 139,0% % Gross Margin* 19,2% 22,6% -3,4 p.p. Net Margin 3,8 1,1 241,5% % Net Margin 15,1% 12,4% +2,6 p.p. Ebitda(1) 3,7
Slide 12: Tertiary promotion: 119,954 sqm ongoing projects
1Q24 RESULTS PRESENTATION Terciary promotion Ongoing projects Fulfilling the objective established for 119,954 sqm 2021-2025: Total To grow in terms of tertiary offices developments in Madrid and Málaga 95,900sqm Under development 24,054 sqm In portfolio 12
Slide 13: Tertiary promotion. Ongoing projects. Malaga
1Q24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Malaga Agora building (Malaga capital) 9,500 sqm of offices Investment(1): € 37m Under construction since 1Q23 In commercialization Noa Building (Malaga capital) 10,900 sqm of offices Investment(1): €37m Construction works started in 1Q
Slide 14: Tertiary promotion. Ongoing projects. Madrid
1Q24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Madrid Elever building (Las Tablas- Madrid Nuevo Norte) 9,000 sqm of offices Investment(1): € 39m Construction works started in 4Q23 Valdebebas 36,500 sqm of tertiary use Investment(1): € 95m In commercialization for various tertiary us
Slide 15: Tertiary promotion. Ongoing projects. Sevilla
1Q24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Sevilla IDS Nervion 8,665 sqm of tourist tertiary use. Planned investment: €39m 15
Slide 16: Tertiary promotion. Ongoing projects. Cadiz
1Q24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Cadiz Hotel Project in Atlanterra (Tarifa) 30,000 sqm buildable Planned investment: €85m 16
Slide 17: Rentals: 122,000 sqm and 3,000 parking spots
1Q24 RESULTS PRESENTATION Rentals Rental revenues 122,000 sqm y 3,000 parking spots 17,5 17,1 15,4 0% 13,3 The annualized income* of the contracts 4,5 4,5 in force as of 03/31/24 stands at 2020 2021 2022 2023 1Q23 1Q24 €18.5m vs €18.1m in 4Q23 motivated by new contracts and the increase in lease pri
Slide 18: Rentals. Commercial activity
1Q24 RESULTS PRESENTATION Rentals Comercial activity Contract Release 1Q24 sqm Contracted New contracts terminations Renewals spread Offices 2.290 1.836 780 454 10,0% Hotels - - - - - Commercial premises 1.562 563 424 999 9,3% TOTAL 3.852 2.399 1.205 1.453 9,7% Seville 3.549 2.096 937 1.453 9,7% Mad
Slide 19: P&L: Rentals
1Q24 RESULTS PRESENTATION P&L: Rentals €m (proportionate) 03.31.24 03.31.23 Var % Rental revenues 4,5 4,5 0,0% Operating expenses (0,7) (0,7) -2,2% Result on the sale of invetsment property 0,1 0,0 n.m. Ebitda 3,6 3,5 4,0% Adjusted Ebitda* 3,5 3,5 0,5% % Adjusted Ebitda margin 78,8% 78,4% +0,3 p.p.
Slide 20: GAV Total €595.1m
1Q24 RESULTS PRESENTATION GAV Total €595,1m* All figures in proportinate +0,3% vs FY23 Rentals (0,0%) Promotion (+0,8%) Seville 55% Madrid 20% Malaga 12% Residential 75% Seville 71% Granada 7% Offices(1) 82% €199,6m 45% Cadiz 3% 55% Hotels 8% Madrid 20% Cordoba 3% Commercial premises 9% Huelva 6% €
Slide 21: NAV, LTV and debt
1Q24 RESULTS PRESENTATION NAV, LTV and debt All figures in proportionate LTV% NAV Insur €m -0,8 p.p. NAV per share +1,7% 40,5 40,6 ‣ €19.0 39,7 39,8 358,5 352,5 37,9 347,4 Stock Price as of 03.31.24 2020 2021 2022 2023 1Q24 325 ‣ €7.2 317,1 4,2* 4,3* 4,2* 3,9* 4,0* Net financial debt 2020 2021 2022
Slide 22: Conciliation between equity and proportionate method: P&L
1Q24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated P&L (€m) 1Q24 1Q23 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 24,3 11,8 36,1 15,5 0,8 16,3 121,3% Housebuilding 4,4 20,5 25,0 3,4 5,5 8,9 181
Slide 23: Conciliation between equity and proportionate method: balance sheet
1Q24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated balance sheet €m 03.31.24 12.31.23 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 201,9 0,0 201,9 206,6 0,0 206,6 Financial investments in JVs 1
Slide 24: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com
Grupo Insur (Inmobiliaria del Sur, S.A.) — Q1 2024 Earnings Presentation on 6ix