Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2023 Earnings Presentation
18 slides from Inmobiliaria Del Sur's earnings presentation, Jul 27, 2023
Slide 1: 1H23 Results Presentation
1H 23RESULTS PRESENTATION JULY 27, 2023
Slide 2: Legal notice
1H23 RESULTS PRESENTATION 02 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, reproduct
Slide 3: Rationale behind the use of the proportionate method
1H23 RESULTS PRESENTATION 03 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 owne
Slide 4: Main highlights 1H23
1H23 RESULTS PRESENTATION 4 Main highlights 1H23 ‣ Revenues driven by increases in homebuilding (+36.4%) and rental (+3.1%) activities. ‣ Ebitda has increased by 115.4% due to the strong contribution of the result from asset turnover. ‣ Operating Income and Net Profit for 1H23 show falls of 13.6% an
Slide 5: Executive summary 1H23 Main highlights
1H23 RESULTS PRESENTATION 5 Executive summary 1H23 Main highlights Figures by proportionate method €m = million Euros Var % y-o-y Datos financieros Homebuilding operating data Deliveries Revenues Homebuilding ‣ 142 units ‣ €45,7m +9,5% ‣ €29,7m +36,4% Pre-sales 1H23 EBITDA (1)(2) Rentals ‣ 204 units
Slide 6: Homebuilding
1H23 RESULTS PRESENTATION 6 Homebuilding revenues Homebuilding ‣ In 1H23 a total of 142 homes were delivered with an ASP(1) of 83,6 82 75 €258,846 (89 owned and 53 through JV), +36,5% compared to 104 65,1 +36,4% homes delivered in 1H22 (9 owned and 95 through JV) with an ASP(1) of €343,807. (1) Aver
Slide 7: 3,727 units: 1,564 units in active promotions
1H23 RESULTS PRESENTATION 7 3,727 UNITS 1,564 units in active promotions Under construction 15 promotions 1,160 units (707 owned; 453 JVs) Under development 5 promotions 404 units (65 owned; 339 JVs) 2,163 units in land portfolio GRUPO INSUR (1,899 owned; 264 JVs) Andalucia Madrid 1,003 units under
Slide 8: P&L: Homebuilding
1H23 RESULTS PRESENTATION 8 P&L: Homebuilding €m (proportionate) 30.06.2023 30.06.2022 Var % Homebuilding revenues 29,7 21,7 36,4% Cost of sales* (22,9) (16,9) 35,6% Gross Margin 6,8 4,9 39,0% % Gross Margin 22,8% 22,4% +0,4 p.p. Net Margin 3,8 2,4 59,6% % Net Margin 12,9% 11,0% +1,9 p.p. Ebitda 3,7
Slide 9: Tertiary promotion. Ongoing projects 119,954 sqm
1H23 RESULTS PRESENTATION 9 Ágora project-Málaga capital 9,500 sqm of offices Terciary promotion. Planned investment €37m Construction works started in 1Q23 In commercialization Ongoing projects Martiricos project-Málaga capital 10,900 sqm of offices Planned investment €37m Estimated construction st
Slide 10: Rentals
1H23 RESULTS PRESENTATION 10 Rental revenues Rentals ‣ In 1H23, new areas were sold for a total of 5,252 sqm +3,1% (2,672 sqm in Q2) and there have been contract terminations of 9,733 sqm (5,431 sqm in Q2 mainly due 17,5 to the vacancy of the Suecia building on Isla de la 15,4 13,7 13,3 Cartuja in S
Slide 11: P&L: Rentals
1H23 RESULTS PRESENTATION 11 P&L: Rentals €m (proportionate) 30.06.2023 30.06.2022 Var % Rental revenues 9,1 8,8 3,1% Operating expenses (1,5) (1,7) -10,7% Result on the sale of invetsment property 8,7 1,1 n.m. Ebitda 15,8 7,9 101,1% Adjusted Ebitda* 7,1 6,7 5,9% % Adjusted Ebitda margin 78,6% 76,5%
Slide 12: GAV
1H23 RESULTS PRESENTATION 12 GAV All figures in proportionate GAV INSUR* 58% €m Rental Housebuilding Rental +3,7% 537,6 526,0 522,9 584,4 606,0 €606,0m Total 358,9 370,1 366,2 349,5 298,1 256,5 239,5 218,2 167,1 152,8 42% Housebuilding GRUPO INSUR 2019 2020 2021 2022 1H23 *CBRE valuation at 30.06.23
Slide 13: NAV, LTV and debt
1H23 RESULTS PRESENTATION 13 LTV% NAV, LTV and debt All figures in proportionate -0,3 p.p. NAV Insur 40,5 €m 40,2 39,7 +4,2% 37,9 362,1 36,5 347,4 341,2 2019 2020 2021 2022 1H23 325 317,1 NAV per share Net financial debt ‣ €19,4 4,2* 4,3* 4,2* 4,0* +2,9% 2019 2020 2021 2022 1H23 Discount vs NAV* ‣ 6
Slide 14: Financing formalized in 1H23
1H23 RESULTS PRESENTATION 14 Financing formalized in 1H23 Financing capacity of projects for the promotion and obtaining/renewal of working lines €m Global amount developer mortgage loans formalized for €96,0m residential projects Formalization of long-term financing (17 years) for the €20,8m Agora
Slide 15: Conciliation between equity and proportionate method: P&L
1H23 RESULTS PRESENTATION 15 Conciliation between equity and proportionate method: Consolidated P&L (€m) 1H23 1H22 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 49,0 (3,2) 45,7 39,5 2,2 41,8 9,5% Housebuilding 22,5 7,1 29,7 7,4 14,3 21,7
Slide 16: Conciliation between equity and proportionate method: balance sheet
1H23 RESULTS PRESENTATION 16 Conciliation between equity and proportionate method: Consolidated balance sheet €m 30.06.23 31.12.22 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 214,3 0,0 214,3 216,3 0,0 216,3 Financial investments in JV
Slide 17: Strategic Sustainability Plan 2023-2025
1H23 RESULTS PRESENTATION 17 Strategic Sustainability Plan 2023-2025 Following our commitment to ESG criteria, Grupo Insur has recently approved its 2023-2025 Strategic Sustainability Plan, with the following strategic lines: Environmental: o Neutrality and climate adaptation o Sustainability of dev
Slide 18: María Ferrer, Investor Relations Manager
María Ferrer Investor Relations Manager accionistas@grupoinsur.com