Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2024 Earnings Presentation
27 slides from Inmobiliaria Del Sur's earnings presentation, Jul 30, 2024
Slide 1: 1H24 Results Presentation
1H24 RESULTS PRESENTATION Las Terrazas de Macenas (Mojácar-Almería)
Slide 2: Legal notice
1H24 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
1H24 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
1H24 RESULTS PRESENTATION Main ‣ Strong increase in turnover, increasing by 53.3% vs 1H23, reaching €70.1M, mainly due to increases in promotion activities (+54.1%) and construction (+148.0%). Highlights ‣ Extraordinary commercial performance in promotional activity in 2Q24 registering the best quar
Slide 5: Executive summary 1H24
1H24 RESULTS PRESENTATION Executive summary 1H24 Figures by proportionate method €m = million Euros Var % y-o-y ASP= Average sale price Financial data Homebuilding operating data Revenues Homebuilding Deliveries ‣ €70.1m +53.3% ‣ €45.7m +54.1% ‣ 129 units / ASP €436k EBITDA (1) Rentals Pre-sales ‣ €
Slide 6: Homebuilding. Pre-sales 1H24
1H24 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 % 173 60,0 38,8 122 45,9 24,7 105 26,6 85 95 35,6 22,5 23,3 29,7 32,8 59 61 14,3 64 23,3 21,6 9,9 14,9 13,8 45 23,3
Slide 7: Homebuilding. Accumulated pre-sales
1H24 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 % +19,3% +15,6% 721 860 +9,5% 235,6 272,4 528 171,7 188,1 193,4 418 165,6 332 101,7 109,2 30
Slide 8: Homebuilding. Deliveries
1H24 RESULTS PRESENTATION Homebuilding. Homebuilding revenues (€m global) Deliveries +52.9% Deliveries by quarter (units) Owned 100% JV 56,2 114 36,8 19 85 95 1H23 1H24 10 53 69 60 2 51 ASP (€k)* 25 258.8 435.7 75 51 35 *ASP includes the delivery in the first half of housing developments in Madrid w
Slide 9: Residential land bank of 3,757 units
1H24 RESULTS PRESENTATION Residential land bank of 3,757 units Pending construction start (14%) (38 owned; 223 JVs*) Under a purchase option (54%) 261 (880 owned; 124 JVs) 335 1.004 Design phase (17%) 1,911 (93 owned; 242 JVs) 1,846 active units 90 units Completed (5%) 842 1.225 (48 owned; 42 JVs) U
Slide 10: Residential activity. Geographic breakdown
1H24 RESULTS PRESENTATION Residential activity. Geographic breakdown Andalucia Madrid 1.176 units under construction 49 units under construction 261 units pending construction start 39 units completed 335 in design phase 51 units completed 1.846 in land portfolio and under a purchase option 10
Slide 11: P&L: Homebuilding
1H24 RESULTS PRESENTATION P&L: Homebuilding €m (proportionate) 06.30.24 06.30.23 Var % Homebuilding revenues 45,7 29,7 54,1% Cost of sales (37,1) (22,9) 62,0% Gross Margin 8,6 6,8 27,3% % Gross Margin* 18,8% 22,8% -4,0 p.p. Net Margin 6,5 3,8 69,2% % Net Margin 14,2% 12,9% +1,3 p.p. Ebitda(1) 7,2 3,
Slide 12: Tertiary promotion: 128,619 sqm
1H24 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
1H24 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 Under construction since 1Q24 In
Slide 14: Tertiary promotion. Ongoing projects. Madrid
1H24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Madrid Elever building (Las Tablas- Madrid Nuevo Norte) 9,000 sqm of offices Investment(1): € 39m Under construction since 4Q23 Valdebebas 36,500 sqm of tertiary use Investment(1): € 95m In commercialization for various tertiary uses (1
Slide 15: Tertiary promotion. Ongoing projects. Sevilla
1H24 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
1H24 RESULTS PRESENTATION Tertiary promotion. Ongoing projects. Cadiz Hotel Project in Atlanterra (Tarifa) 30,000 sqm buildable Planned investment: €85m 16
Slide 17: Rentals: 119,000 sqm and 3,000 parking spots
1H24 RESULTS PRESENTATION Rentals Rental revenues 119,000 sqm y 3,000 parking spots 17,5 -0.4% 17,1 The annualized income* of the contracts 15,4 13,3 in force as of 06/30/24 stands at 9,1 9,0 €18.5m stable vs 1Q24 in line with that 2020 2021 2022 2023 1H23 1H24 registered in 1Q24 as new contracts an
Slide 18: Rentals. Commercial activity
1H24 RESULTS PRESENTATION Rentals Comercial activity Contract Release 1H24 sqm Contracted New contracts terminations Renewals spread Offices 4.680 2.868 1.097 1.811 7,0% Hotels - - - - - Commercial premises 1.719 563 424 1.156 8,5% TOTAL 6.398 3.431 1.521 2.967 7,6% Seville 5.894 2.926 1.253 2.967 7
Slide 19: P&L: Rentals
1H24 RESULTS PRESENTATION P&L: Rentals €m (proportionate) 06.30.24 06.30.23 Var % Rental revenues 9,0 9,1 -0,4% Operating expenses (1,3) (1,5) -10,1% Result on the sale of invetsment property 6,2 8,7 -28,6% Ebitda 13,4 15,8 -15,1% Adjusted Ebitda* 7,2 7,1 1,4% % Adjusted Ebitda margin 80,0% 78,6% +1
Slide 20: GAV Total €591.3m
1H24 RESULTS PRESENTATION GAV Total €591,3m* All figures in proportinate -0.6% vs 1Q24 Rentals (-4.6%) Promotion (+5.2%) Seville 57% Madrid 14% Malaga 14% Residential 73% Seville 70% Granada 10% Offices(1) 82% €201.8m 47% Cordoba 3% 53% Hotels 9% Madrid 20% Cadiz 2% Commercial premises 8% Huelva 6%
Slide 21: NAV, LTV and debt
1H24 RESULTS PRESENTATION NAV, LTV and debt All figures in proportionate LTV% NAV Insur €m -2.8 p.p. NAV per share 40,5 40,6 +4.2% ‣ €19.5 39,7 367,2 37,9 37,8 352,5 347,4 Stock Price as of 06.30.24 2020 2021 2022 2023 1H24 325 ‣ €8.25 317,1 4,2* 4,3* 4,2* 3,9* 3.8* Net financial debt 2020 2021 2022
Slide 22: Conciliation between equity and proportionate method: P&L
1H24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated P&L (€m) 1H24 1H23 Var % Equity method Adjustments Proportionate Equity method Adjustments Proportionate Proportionate Revenues 57,9 12,2 70,1 49,0 (3,2) 45,7 53,3% Housebuilding 14,6 31,0 45,7 22,5 7,1 29,7
Slide 23: Conciliation between equity and proportionate method: balance sheet
1H24 RESULTS PRESENTATION Conciliation between equity and proportionate method: Consolidated balance sheet €m 30.06.24 31.12.23 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 197,1 0,0 197,1 206,6 0,0 206,6 Financial investments in JVs 1
Slide 24: ESG rating 2024
1H24 RESULTS PRESENTATION ESG rating 2024 Improved ESG rating by Lighthouse (Spanish Institute of Analysts) due to notable progress in the environmental pillar (E). 2023 2024 “Very high” “Very high” performance performance 24
Slide 25: Annexes
1H24 RESULTS PRESENTATION ANNEXES 25
Slide 26: Figures in global terms 1H24
1H24 RESULTS PRESENTATION Figures in global terms 1H24 Pre-sales by quarter (units) Accumulated pre-sales (€m ) Homebuilding revenues (€m) Owned 100% JV Owned 100% JV +52.9% 173 +15.6% 122 272.4 105 235.6 85 95 193,4 59 165,6 61 64 56,2 45 36,8 44 79 46 51 70 40 31 17 2Q23 3Q23 4Q23 1Q24 2Q24 2023 1
Slide 27: María Ferrer, Investor Relations
María Ferrer Investor Relations accionistas@grupoinsur.com