Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — 9M24 Earnings Presentation
28 slides from Inmobiliaria Del Sur's earnings presentation, Oct 30, 2024
Slide 1: 9M24 Results Presentation
9M24 RESULTS PRESENTATION Savia (Mijas-Malaga)
Slide 2: Legal notice
9M24 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
9M24 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
9M24 RESULTS PRESENTATION Main ‣ Strong growth in turnover by 46.4% vs 9M23, reaching €101.4m, mainly due to increases in promotion (+42.5%) and construction (+136.2%) activities. Highlights ‣ Extraordinary commercial performance in the development activity in 3Q24, once again registering a new reco
Slide 5: Executive summary 9M24
9M24 RESULTS PRESENTATION Executive summary 9M24 Figures by proportionate method €m = million Euros Var % y-o-y ASP= Average sale price Financial data Homebuilding operating data Revenues Homebuilding Deliveries ‣ €101.4m +46.4% ‣ €63.5m +64.5%* ‣ 189 units / ASP €416k EBITDA Rentals Pre-sales ‣ €23
Slide 6: Homebuilding. Pre-sales 9M24
9M24 RESULTS PRESENTATION Homebuilding. Pre-sales Pre-sales by quarter (units) Pre-sales by quarter (€m global) Pre-sales by quarter (€m proportionate) Owned 100% JV Owned 100% JV Owned JV in % 44,6 202 66,2 60,0 38,8 173 24,9 130 46,5 45,9 24,7 122 22,5 23,3 95 29,7 32,8 85 14,9 61 21,6 9,9 13,8 64
Slide 7: Homebuilding. Accumulated pre-sales
9M24 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 % +38,9% +34,2% 721 1.002 316,2 +25,0% 235,6 222,8 171,7 214,9 617 165,6 121,6 418 101,7 93,
Slide 8: Homebuilding. Deliveries
9M24 RESULTS PRESENTATION Homebuilding. Homebuilding revenues (€m global) Deliveries +70,9% Deliveries by quarter (units) Owned 100% JV 78,6 114 46,0 19 69 9M23 9M24 53 60 60 2 95 25 41 ASP (€k)* 235,9 415,8 51 51 35 *ASP includes the delivery in the first half of housing developments in 19 Madrid w
Slide 9: Residential land bank of 3,836 units
9M24 RESULTS PRESENTATION Residential land bank of 3,836 units Pending construction start (25%) (103 owned; 429 JVs*) Under a purchase option (51%) (880 owned) Design phase (15%) 532 (28 owned; 298** JVs) 326 880 2,114 Active 63 1,722 units units 1.193 Completed (3%) (30 owned; 33 JVs) 842 Under con
Slide 10: Residential activity. Geographic breakdown
9M24 RESULTS PRESENTATION Residential activity. Geographic breakdown Andalusia Madrid 1.176 units under construction 17 units under construction 532 units pending construction start 31 units completed 326 in design phase 32 units completed 1.722 in land portfolio and under a purchase option 10
Slide 11: P&L: Homebuilding
9M24 RESULTS PRESENTATION P&L: Homebuilding €m (proportionate) 09.30.24 09.30.23 Var % Homebuilding revenues 63,5 38,6 64,5% Cost of sales (51,6) (30,3) 70,3% Gross Margin 11,9 8,3 43,3% % Gross Margin* 18,7% 21,5% -2,8 p.p. Net Margin 8,7 4,8 80,9% % Net Margin 13,7% 12,4% +1,3 p.p. Contribution fr
Slide 12: Tertiary promotion. Ongoing projects (128,619 sqm)
9M24 RESULTS PRESENTATION Terciary promotion Ongoing projects Fulfilling the objective established for 128,619 sqm 2021-2025: Total To grow in terms of tertiary offices developments in Madrid and Málaga 104,565 sqm Under development 24,054 sqm In portfolio 12
Slide 13: Tertiary promotion. Ongoing projects. Malaga (Agora)
9M24 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 (1) Planned investment 13
Slide 14: Tertiary promotion. Ongoing projects. Malaga (Noa)
9M24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Malaga Noa Building (Malaga capital) 10,900 sqm of offices Investment(1): €37m Under construction since 1Q24 In commercialization (1) Planned investment 14
Slide 15: Tertiary promotion. Ongoing projects. Madrid (Elever)
9M24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Madrid Elever building (Las Tablas- Madrid Nuevo Norte) 9,990 sqm of offices Investment(1): € 44m Under construction since 4Q23 (1) Planned investment 15
Slide 16: Tertiary promotion. Ongoing projects. Madrid (Valdebebas)
9M24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Madrid Valdebebas 36,500 sqm of tertiary use Investment(1): € 95m In commercialization for various tertiary uses (1) Planned investment 16
Slide 17: Tertiary promotion. Ongoing projects. Seville
9M24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Seville IDS Nervion 8,665 sqm of tourist tertiary use. Planned investment: €39m 17
Slide 18: Tertiary promotion. Ongoing projects. Cadiz
9M24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Cadiz Hotel Project in Atlanterra (Tarifa) 30,000 sqm buildable Planned investment: €85m 18
Slide 19: Rentals 118,000 sqm and 3,000 parking spots
9M24 RESULTS PRESENTATION Rentals Rental revenues 118,000 sqm y 3,000 parking spots +4.0% 17,5 17,1 The annualized income* of the contracts 15,4 13,6 13,3 13,1 in force as of 09/30/24 stands at €18.6m slightly above the figure 2020 2021 2022 2023 9M23 9M24 registered in the 1H24. *Calculated as 12 m
Slide 20: Rentals Commercial activity
9M24 RESULTS PRESENTATION Rentals Comercial activity Contract Release 9M24 sqm Contracted New contracts terminations Renewals spread Offices 6.903 4.038 1.340 2.865 9,7% Hotels - - - - - Commercial premises 1.719 563 424 1.156 8,5% TOTAL 8.622 4.601 1.764 4.021 9,3% Seville 7.494 3.473 1.378 4.021 9
Slide 21: P&L: Rentals
9M24 RESULTS PRESENTATION P&L: Rentals €m (proportionate) 09.30.24 09.30.23 Var % Rental revenues 13,6 13,1 4,0% Operating expenses (2,3) (2,6) -12,9% Result on the sale of invetsment property 6,3 9,0 -29,5% Ebitda 16,9 18,7 -9,7% Adjusted Ebitda* 10,6 9,8 8,4% % Adjusted Ebitda margin 78,0% 74,8% +
Slide 22: GAV Total €600.9m
9M24 RESULTS PRESENTATION GAV Total €600,9m* All figures in proportinate +1.6% vs 1H24 Rentals (-0.1%) Promotion (+5.2%) Seville 60% Malaga 15% Granada 11% Residential 72% Seville 70% Madrid 8% Offices(1) 82% €207.5m 48% Cordoba 4% 52% Hotels 9% Madrid 20% Cadiz 2% Commercial premises 8% Huelva 6% €
Slide 23: NAV, LTV and debt
9M24 RESULTS PRESENTATION NAV, LTV and debt All figures in proportionate LTV% NAV Insur(1) €m -2,5 p.p. NAV per share +5,5% 40,5 40,6 ‣ 19.7€ 39,7 371,9 38,1 37,9 352,5 347,4 Stock Price as of 09.30.24 2020 2021 2022 2023 9M24 325 317,1 ‣ 8.65€ 4,2* 4,3* 4,2* 3,9* 4,2* Net financial debt 2020 2021 2
Slide 24: Conciliation between equity and proportionate method: P&L
9M24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated P&L (€m) 9M24 9M23 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 86,7 14,7 101,4 84,0 (14,8) 69,3 46,4% Housebuilding 19,9 43,5 63,5 46,1 (1,5)
Slide 25: Conciliation between equity and proportionate method: balance sheet
9M24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated balance sheet €m 09.30.24 31.12.23 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 195,9 0,0 195,9 206,6 0,0 206,6 Financial investments in JVs 2
Slide 26: Annexes
9M24 RESULTS PRESENTATION ANNEXES 26
Slide 27: Figures in global terms 9M24
9M24 RESULTS PRESENTATION Figures in global terms 9M24 Pre-sales by quarter (units) Accumulated pre-sales (€m) Homebuilding revenues (€m) Owned 100% JV Owned 100% JV +70.9% +34.2% 202 316.2 173 235.6 222,8 130 122 85 95 165,6 61 56,2 45 64 93,3 36,8 72 70 44 51 40 17 31 3Q23 4Q23 1Q24 2Q24 3Q24 2023
Slide 28: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com