Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2019 Earnings Presentation
18 slides from Inmobiliaria Del Sur's earnings presentation, Jul 30, 2019
Slide 1: Grupo Insur Results Presentation 1H 2019
Grupo Insur Results Presentation 1H 2019 30th July 2019
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. (IPA), fully owned by Insur, as well as by ot
Slide 4: Executive Summary. 1H 2019 Highlights
Executive Summary. 1H 2019 Highlights Results by proportionate method REVENUES OPERATING PROFIT 46.9 M€ +20.2% 6.5 M€ -5.1% Total Revenues increase by 20.2% ADJUSTED EBITDA NET PROFIT 7.9 M€ +24.7% 2.7 M€ -13.0% Deliveries to be concentrated in the second half of the year REAL ESTATE Occupancy rate
Slide 5: Executive Summary. 1H 2019 Results
Executive Summary. 1H 2019 Results M€ Results by proportionate method +20.2% REVENUE BREAKDOWN 46.9 Development Rental Construction Project Management 39.0 -15.4% +108.7% 5% +12.5% 21.8 19.4 +19.0% 1H 18 18.5 39% 1H 19 9.3 42% 5.9 6.7 2.0 2.4 14% Revenues Real Estate Rental Construction Project Deve
Slide 6: Real Estate Development
Real Estate Development Revenues M€ • The Group currently has 1,948 houses under development of which 798 are under construction and 524 are already sold Proportionate method • 110 houses have been delivered in the 1H 19 vs 125 of the 1H 18 • From the 216.6 M€ presales figure, 102.7 M€ will be deliv
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,948 ongoing units 2,614 units 50 housing units completed of which 21 are pending to be 100,000 sqm of buildable plots for delivered and 29 pending to be sold. residential use, 920 units 28 ongoing developments (13 in
Slide 8: 100% owned developments
100% owned developments PROJECTS UNDER CONSTRUCTION Figures as of June 2019 * On marketing stage Building Sales volumen Development Location Nº of units Planned delivery Units sold potential (M€) Plaza del Teatro* Málaga 7,032 57 29.3 2019 48 Conde de Zamora* Córdoba 10,296 81 20.3 2019 48 Altos del
Slide 9: JV Developments
JV Developments PROJECTS UNDER CONSTRUCTION Figures as of June 2019 * On marketing stage Development Location Building Potential Nº of units Sales volume (M€) Planned delivery Units sold Pineda Parque 1ª fase* Sevilla 17,767 102 37.4 2019/2020 82 Boadilla Garden* Boadilla del Monte (Madrid) 13,868 7
Slide 10: Projects to be delivered in 2019
Projects to be delivered in 2019 FULLY OWNED PROJECTS Development Plaza del Teatro Development Jardines Santa Ana III Development Conde de Zamora Location Málaga Location Dos Hermanas Location Córdoba Sales volume 29.3 M€ Sales volume 8,2M€ Sales volume 20,3M€ Units sold 48/57 Units sold 33/35 Units
Slide 11: Rental
Rental Revenues • As of the first half of the year the surface sold amounts M€ Proportionate method to 7,573 sqm. There have been terminations totaling 3,245 sqm • Occupancy rate rises to 86.1% in line with the strategic +12.5% plan which foresees a 90% occupancy rate at the end of 2020 • The annual
Slide 12: Construction and Project Management
Construction and Project Management 19.4 M€ CONSTRUCTION REVENUES 2.4 M€ MANAGEMENT REVENUES 108.7% INCREASE 19.0% INCREASE Main projects currently managed: Río 55 Madrid Business Park 28,000 sqm UNDER CONSTRUCTION. SOUTH BUILDING IDS MADRID MANZANARES, S.A. divided between 2 buildings) SOLD. NORT
Slide 13: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt ¥ valuation at 30/06/19 estimated from CBRE valuation at LTV evolution % 31/12/18 and INSUR GAV ¥ INSUR NAV* revised with additions at 42.1 41.9 cost value and disposals due 29% 40.7 40.7 to deliveries 327.5*M€ 409.9 M€ 39.0 332.6 37.4 71% 1Q325.7 2019 Real Estate development Re
Slide 14: Financing
Financing After the closing two facts took place: • New Promissory Notes program at MARF with an outstanding balance of 50 M€ and expiry date July 11th 2020 Objective: financing sources diversification 100 M€ to cancel bilateral banking loans with mortgage guarantees • Syndicated loan of 110 M€ 10 M
Slide 15: Share evolution
Share evolution Share Price 1H 2019 In the 1H 2019 the share Price (ISUR) grew by 8.7%, behaving better tan the Ibex Small Cap, which grew by 6.5%. The share closed at 11.20€ which implies a market cap of 190.1 M€ at the 30Th June 2019 Market CapJune 19 NAV June 19 Discount vs NAV 190.1 M€ 332.6 M€
Slide 16: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L 1H 2019 1H 2018 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 56,430 (9,568) 46,862 47,648 (8,650) 38,998 a Real Estate development 9,532 8,928 18,460 21,813 - 21,813 Rental 6,618
Slide 17: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method 1H2019 Dec 18 Consolidated balance sheet Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 140,766 107 140,873 138,977 115 139,092 a Financial investments in JVs 31,321 (29,882) 1,
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