Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — FY2021 Earnings Presentation
19 slides from Inmobiliaria Del Sur's earnings presentation, Feb 24, 2022
Slide 1: 2021 Results Presentation
2021 Results Presentation 24th February 2022 Montevilla Exclusive (Villaviciosa de Odón- Madrid)
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. (IPAT), fully owned by Insur, as well as by o
Slide 4: 2021 Key highlights
2021 Key highlights Year of recovery, with pre-sales record (61% higher than 2019) Well positioned to capture the good forecasts of the Spanish real estate sector Completion of the transformation of our rental assets (Investment of €8.5 M) Ambitious Strategic Plan 2021-2025 underway Successful bond
Slide 5: Executive Summary. FY 2021 Highlights
Executive Summary. FY 2021 Highlights Figures by proportionate method ➢ Homebilding revenues grew by 11.4% compared to 2020 and excluding €m = million Euros Var % y-o-y the effect of the delivery in 2020 of the South building of Rio 55. HOMEBUILDING €83.6m +11.4%* ➢ Excellent comercial performance i
Slide 6: Housebuilding
Housebuilding Pre-sales portfolio 12.31.21 ➢ In 2021, 380 units (71 owned and 309 through JVs) were delivered with an ASP(1) of €320,000, against 355 units with an ASP of €324,800 in 2020. €m ∑ 197,5 ∑ 196,9 +43.5% ➢ 580 units sold in 2021, amounting €174,6m, (€111,9m in proportionate), +102.7% vs ∑
Slide 7: Active residential developments and land portfolio
Active residential developments and land portfolio Under Under LAND 4.602 units CONTRUCTION 13 projects + DEVELOPMENT 23 projects + PORTFOLIO 597 units 1.691 units 2.314 units (104 owned; 493 JVs) ( 92 owned; 1,599 JVs) (888 owned; 1,426 JVs) MADRID • 58 units under construction 996 units • 121 unit
Slide 8: P&L: Homebuilding
P&L: Homebuilding €m (proportionate) 12.31.2021 12.31.2020 Var % Homebuilding revenues 83,6 75,0 11,4% Cost of sales (63,8) (58,4) 9,4% Gross Margin 19,8 16,7 18,6% % Gross Margin 23,6% 22,2% +1,4 p.p. % Gross Margin owned 28,2% 15,2% +13,0 p.p. % Gross Margin JVs 19,5% 28,2% -8,7 p.p. Net Margin 17
Slide 9: Terciary promotion
Terciary promotion Under development Total Ágora project (offices) Hotel project 9,500 sqm in Málaga city 30,000 sqm in Atlanterra 98,945 sqm In portfolio 59,445 sqm 2021-2025 commitment To grow in terms of tertiary office development in the Community of Madrid and in the city of Malaga 9
Slide 10: Rentals
Rentals ➢ During 2021, 10,172,91 sqm have been sold and there have been contract terminations of 11,362.20 sqm (5,652 sqm correspond to the Media Markt and Endesa Huelva contracts already announced last Rental revenues €m year). +16.0% ➢ Occupancy rate stood at 87.7%, -1.7 p.p. vs the rate in 2020 y
Slide 11: P&L: Rental business
P&L: Rental business €m (proportionate) 12.31.2021 12.31.2020 Var % Rental revenues 15,4 13,3 16,0% Operating expenses (2,6) (2,3) 13,0% Result on the sale of invetsment property 3,8 0,3 n.s. Ebitda 15,6 10,1 53,5% Adjusted Ebitda 11,8 9,9 19,6% % Adjusted Ebitda margin 76,7% 74,4% 2,3 p.p. Profit b
Slide 12: GAV, NAV, LTV & debt
GAV, NAV, LTV & debt €m All figures in proportionate GAV INSUR* NAV INSUR LTV evolution% 38,9 36,2 36,5 39,7 37,9 510,5 537,6 526,0 522,9 305,7 325,7 341,2 312,9 325,0 501,0 333,0 M€ 294 298,1 300,7 358,9 370,1 1S 2019 200,3 216,5 239,5 167,1 152,8 4.2 4.3 2017 2018 2019 2020 2021 2017 2018 2019 202
Slide 13: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L €m FY2021 FY2020 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 105,4 19,9 125,3 87,7 45,2 132,8 a Housebuilding 40,0 43,6 83,6 34,3 63,7 98,0 Rental 15,3 0,1 15,4 12,8 0,5 13,3 b C
Slide 14: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated balance sheet €m 12.31.21 12.31.20 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 216,8 - 216,8 216,0 0,1 216,1 a Financial investments in JVs 38,9 (38,4) 0,5 38,4
Slide 15: Plan 2021-2025 figures and ratios updated with the bond issue
Plan 2021-2025 figures and ratios updated with the bond issue EUR million (Data based on proportional consolidation method) Including the €30M bond issue already carried out and assuming the execution of the €60M capital increase at the end of 2025, with effects on the balance sheet, but not on the
Slide 16: Driving sustainable growth
Driving sustainable growth E ISO 14001 Sustainable building Photovoltaic Energy rating Objective of Priority objective Environmental with BREEAM installations target A in all measuring of Certification and certification in newly in our office new the Carbon industrialization Environmental built offi
Slide 17: On the path to meet our goals set for 2021-2025
On the path to meet our goals set for 2021-2025 2021-2025 2021 Housing delivery target for 2021-2025: ~ 2,900 ~ 13% Investment in land €220m 15-20% terciary ~ 16% 80-85% housing Increase our residential development activity in Madrid (up to 40% of the total revenues in 2025) ~ 14% Sale price +17% As
Slide 18: Q&A
Quintessence (Marbella –Málaga) Q&A
Slide 19: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com