Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo INSUR — Q1 2021 Earnings Presentation
17 slides from Inmobiliaria Del Sur's earnings presentation, Apr 30, 2021
Slide 1: 1Q2021 Results Presentation
1Q2021 Results Presentation April 30, 2021
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: Executive Summary. 1Q 2021 Highlights
Executive Summary. 1Q 2021 Highlights Figures by proportionate method M€ = Million Euros • Great number of deliveries; the homebuilding branch has delivered units 35.1 M€ 6.7 M€ 5.7 M€ 3.2 M€ amounting 29.8 M€ (23.6 M€ adjusted by the stake % in the JV). +70.5% +55.5% +62.1% +97.0% • Good commercial
Slide 5: Executive Summary. FY 2020 Results
Executive Summary. FY 2020 Results M€ All figures by proportionate method +70.5% REVENUE BREAKDOWN +86.9% 35.1 Housebuilding Rentals Construction Asset Management 2% 23.6 20.6 +76.7% 20% 1T20 12.6 +10.0% +23.7% 1T21 7.1 4.0 11% 3.4 3.7 0.6 0.7 67% Revenues Housebuilding Rentals Construction Asset Ma
Slide 6: Housebuilding
Housebuilding * Proportional method ** Owned developments and total JVs • 140 houses have been delivered during 1Q 21 (32 through own developments and 52 through JVs). Revenues* • 1Q 21 commercial sales reached 45.4 M€ (27.5 M€ adjusted by percentage of participation) M€ • The Group currently has 1,
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 1,943 ongoing units 2,159 units ▪ 2140 housing units completed of which 52 are pending to be ▪ 87,706 sqm of buildable plots for residential use, delivered and 88 pending to be sold. 816 units ▪ 31 ongoing developments (18 i
Slide 8: Finished developments
Finished developments Figures as of March 31st 100% owned developments Development Location Units Sold units Altos Castilleja 7ª fase Castilleja de la Cuesta (Sevilla) 1 Antonio Mairena Castilleja de la Cuesta (Sevilla) 3 Conde de Zamora Córdoba 15 7 Plaza del Teatro Málaga 7 1 Altos del Retiro Chur
Slide 9: Developments under construction
Developments under construction Figures as of March 31st JV developments Sales Volume Estimated Sold Development Location Units (M€) delivery units Selecta Salobreña I Salobreña (Granada) 55 9.8 2021 38 Selecta Ares I Dos Hermanas (Sevilla) 76 17.8 2021 75 Mirador del Olivar Valdemoro (Madrid) 53 13
Slide 10: Projects under development
Figures as of March 31st Projects under development 100% owned developments * Under commercialization ** Optioned plot Development Location Units Estimated construction start date Sold units Santa Aurelia I* Sevilla 52 2020 16 Santa Aurelia II* Sevilla 52 2021 3 JV Developments 104 19 (18%) Developm
Slide 11: Rentals
Rentals • During 1Q 21, 1,487 sqm have been sold and there have been contract terminations of 6,173 sqm. • Occupancy rate rises to 85.9%. The decrease in occupancy Revenues compared to 31.12.20 is mainly due to the termination of the M€ contract with Media Markt in the El Mirador, Seville, not motiv
Slide 12: Construction and Project Management
Construction and Project Management 7.1 M€ CONSTRUCTION REVENUES 0.7 M€ MANAGEMENT REVENUES +76.7% DECREASE +23.7% DECREASE Main projects currently managed: FOC: (73 units): ▪ Selecta Hermes: 116 units (84 already delivered) ▪ Selecta Entrenúcleos (Sevilla), 2.100 units UNDER CONSTRUCTION (348 units
Slide 13: NAV, GAV, LTV & debt
NAV, GAV, LTV & debt LTV evolution %** INSUR GAV * INSUR NAV** 38.9 36.2 36.5 39.7 39.5 325.7 341.2 312.9 307.4 * valuation at 15% 31/03/21 estimated from 327.5*M€ CBRE valuation al 424.1 M€ 31/12/20 and revised with additions at cost value and 1Q 2019 85% disposals due to deliveries Real Estate dev
Slide 14: Share evolution
Share evolution Share Price 2020 In 2020 the share Price (ISUR) decreased by 3%. In that same period, the Ibex 35 grew by 6% and the Ibex Small Caps grew by 9%. The share closed at 7.84 € which implies a market cap of 133.1 M€ at the 31st March 2020. Market Cap March 2021 NAV March 2021 Discount vs
Slide 15: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L M € 1Q 2021 1Q 2020 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 33.4 1.7 35.1 16.2 4.4 20.6 a Housebuilding 17.3 6.6 23.6 3.8 8.8 12.6 Rentals 3.7 - 3.7 3.3 - 3.3 b Construction
Slide 16: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method 31.03.2021 31.12.2020 Consolidated balance sheet M € Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 219.3 (0.2) 219.1 216.0 0.066 216.1 a Financial investments in JVs 38.2 (36.9
Slide 17: Domingo González, Financial Director
Domingo González Financial Director accionistas@grupoinsur.com C/ Ángel Gelán 2, Sevilla 41013 954 278 446