Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2022 Earnings Presentation
18 slides from Inmobiliaria Del Sur's earnings presentation, Jul 28, 2022
Slide 1: 1H22 Results Presentation
GRUPO INSUR 1H22 RESULTS PRESENTATION 1H22 Results Presentation July 28th, 2022 Terrazas de Santa Rosa II (Córdoba) Jardines del Olivar (Valdemoro-Madrid)
Slide 2: Disclaimer
GRUPO INSUR 1H22 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
Slide 3: Group structure and activities: housing development and rental
GRUPO INSUR 1H22 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
Slide 4: Group turnover and Ebitda reflect lower housing deliveries in 1H22
GRUPO INSUR 1H22 RESULTS PRESENTATION ▶ Group turnover and Ebitda reflect the impact of lower housing deliveries in 1H22 vs 1H21, which will be corrected in the second half of the year, given that scheduled deliveries in 2H22 amount to €58.8m. ▶ Excellent commercial performance for another quarter.
Slide 5: 1H22 key figures
GRUPO INSUR 1H22 RESULTS PRESENTATION REVENUES €41.8m HOMEBUILDING €21.7m EBITDA €8.0m ADJUSTED EBITDA* €6.8m RENTAL €8.8m EBIT** €17.9m CONSTRUCTION €9.5m NET PROFIT** €11.5m NET FINANCIAL DEBT €259.0m SERVICES €1.7m TOTAL INVESTMENT €47.1m 5
Slide 6: Investment in DMS takeover
GRUPO INSUR 1H22 RESULTS PRESENTATION INVESTMENT: €13.7m ▪ Internal benefits eliminated prior to takeover: €3.9m ▪ Difference between fair value and cost of assets: €8.7m ▪ Difference between the 50% equity of DMS on the date of takeover and the price paid: (€0.07m) €9.4m 6
Slide 7: Homebuilding: pre-sales portfolio and revenues
GRUPO INSUR 1H22 RESULTS PRESENTATION o In 1H22 a total of 104 homes were delivered (44 homes in 2Q22) with an ASP(1) of €344,000, (9 owned and 95 through JV), compared to 133 homes delivered in 1H21 (49 homes in 2Q21), (47 owned and 86 through JV) with an ASP(1) of €332,000. (Scheduled deliveries i
Slide 8: Homebuilding units under construction, development and land portfolio
GRUPO INSUR 1H22 RESULTS PRESENTATION 4,083 UNITS UNDER CONSTRUCTION 10 projects Construction of 518 units 709 units through JVs (559 owned; 150 JVs) expected to start in 2H22 UNDER DEVELOPMENT 14 projects 1,283 units (539 owned; 744 JVs) LAND PORTFOLIO 2,091 units (1.327 owned; 764 JVs) 1,542 units
Slide 9: Homebuilding results (proportionate)
GRUPO INSUR 1H22 RESULTS PRESENTATION €m (proportionate) 30.06.2022 30.06.2021 Var % ▶ Gross margin: 22.4% in 1H22. Homebuilding revenues 21,7 33,8 -35,7% Cost of sales* (16,9) (26,2) -35,6% Gross Margin 4,9 7,6 -36,1% ▶ Net margin of 11.0% and Ebitda margin % Gross Margin 22,4% 22,5% -0,1 p.p. of 7
Slide 10: Tertiary office developments in Malaga and hotel project
GRUPO INSUR 1H22 RESULTS PRESENTATION Ágora project – Malaga capital 9.500 sqm of offices Planned investment €31m UNDER Fulfilling the objective DEVELOPMENT established for 2021-2025 95,900 sqm Martiricos project – Malaga capital 10,900 sqm of offices TOTAL To grow in terms of terciary Planned inves
Slide 11: Las Tablas Madrid Nuevo Norte office project
GRUPO INSUR 1H22 RESULTS PRESENTATION PROYECT IN LAS TABLAS MADRID NUEVO NORTE - MADRID 9,000 sqm of offices Estimated investment €39m 11
Slide 12: Business campus in Valdebebas, Madrid
GRUPO INSUR 1H22 RESULTS PRESENTATION BUSINESS CAMPUS IN VALDEBEBAS – MADRID 36,500 sqm of offices Estimated investment €100m ✓ Energy efficient complex ✓ Good communication by both private and public transport ✓ Prime office area with the future City of Justice of Madrid and its "Fintech District"
Slide 13: Rental revenues and occupancy
GRUPO INSUR 1H22 RESULTS PRESENTATION o In 1H22, new areas were sold for a total of 3,286.0 sqm (797.7 sqm in 2Q22) and there have been contract terminations of 2,522.93 sqm (989,39 sqm in 2Q22). o Occupancy rate stood at 88.2%, +0.5 p.p. vs the rate in 2021 year end and stable vs €m Rental Revenues
Slide 14: Rental results (proportionate)
GRUPO INSUR 1H22 RESULTS PRESENTATION €m (proportionate) 30.06.2022 30.06.2021 Var % Rental revenues 8,8 7,3 19,9% Operating expenses (1,7) (1,4) 16,1% Result on the sale of investment property 1,1 - n.s. Ebitda 7,9 5,2 51,2% Adjusted Ebitda 6,7 5,2 29,5% % Adjusted Ebitda margin 76,5% 73,2% 3,3 p.p
Slide 15: GAV, NAV, LTV and net financial debt evolution
GRUPO INSUR 1H22 RESULTS PRESENTATION All figures in proportionate €m GAV INSUR* €m NAV INSUR €m LTV % evolution Homebuilding Rental 537,6 526,0 522,9 600,8 510,5 372,3 43,1 294 298,1 358,9 370,1 341,2 341,9 39,7 325,7 37,9 325,0 36,2 36,5 216,5 239,5 167,1 152,8 228,5 317,1 4,2 4,3 4,4 2018 2019 20
Slide 16: Income statement: equity method to proportionate reconciliation
GRUPO INSUR 1H22 RESULTS PRESENTATION 1H22 1H21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 39,5 2,2 41,8 55,1 1,7 56,8 Housebuilding 7,4 14,3 21,7 23,5 10,3 33,8 Rental 8,8 0,0 8,8 7,3 0,1 7,3 Construction 21,3 (11,8) 9,5 22,2 (8,3) 13,9 Asset management
Slide 17: Balance sheet: equity method to proportionate reconciliation
GRUPO INSUR 1H22 RESULTS PRESENTATION 30.06.22 31.12.21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 217,7 0,0 217,7 216,8 (0,0) 216,8 Financial investments in JVs 30,8 (30,4) 0,4 38,9 (38,4) 0,5 Inventory 141,8 73,3 215,1 47,6 88,3 13
Slide 18: Investor Relations contact
GRUPO INSUR 1H22 RESULTS PRESENTATION María Ferrer Investor Relations accionistas@grupoinsur.com