Inmobiliaria Del Sur, S.a. · BME:ISUR
Inmobiliaria Del Sur — Grupo Insur — H1 2021 Earnings Presentation
21 slides from Inmobiliaria Del Sur's earnings presentation, Jul 29, 2021
Slide 1: 1H2021 Results Presentation
1H2021 Results Presentation July 29th, 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. 1H 2021 Highlights
Executive Summary. 1H 2021 Highlights Figures by proportionate method M€ = Million Euros ➢ High volume of deliveries. In the first half of 2021, the homebuilding Var % y-o-y branch delivered units for a value of 44.1 M€ (33.8M€ adjusted by the Homebuilding 33.8 M€ +21.1% stake % in the JV). ➢ Excell
Slide 5: Executive Summary. 1H 2021 Results
Executive Summary. 1H 2021 Results M€ All figures by proportionate method +30.1% REVENUE BREAKDOWN 56.8 +21.1% Housebuilding Rentals Construction Asset Management 43.6 3% 33.8 27.9 +81.0% 1S20 24% +15.6% +1.9% 13.9 1S21 6.4 7.3 7.7 60% 1.7 1.7 13% Revenues Housebuilding Rentals Construction Asset Ma
Slide 6: Housebuilding
Housebuilding M€ ➢ In 1H 21, a total of 182 homes were delivered, a number much higher than the 140 homes Revenues* and 2 business premises delivered in 1H 20. ➢ The Group currently has 2,523 homes under development, of which 757 are already under construction, 91 completed and 600 sold. ➢ Total pre
Slide 7: Ongoing developments and land portfolio
Ongoing developments and land portfolio Ongoing Developments Land Portfolio 2,523 ongoing units 2,113 units and 38,238 sqm buildable in comercial assets ▪ 91 housing units completed of which 17 are pending to be ▪ 87,706 sqm of buildable plots for residential delivered and 74 pending to be sold. use
Slide 8: Finished developments
Finished developments Figures as of June, 30th , 2021 100% owned developments Sold units pending Development Location Total units developed Sold units Units pending to be sold to be delivered Altos Castilleja 7ªfase Castilleja de la Cuesta (Sevilla) 34 33 1 Antonio Mairena Castilleja de la Cuesta (S
Slide 9: Developments under construction
Developments under construction Figures as of June, 30th , 2021 JV developments Development Location Units Sales volume (M€) Estimated delivery Sold units Selecta Salobreña Fase 1 Salobreña (Granada) 55 9.8 2021 50 Selecta Salobreña Fase 2 Salobreña (Granada) 55 9.8 2022 33 Selecta Ares I Dos Herman
Slide 10: Projects under development
Projects under development Figures as of June, 30th , 2021 * Under commercialization 100% owned developments ** Optioned plot Development Location Units Estimated construction start date Sold units Santa Aurelia 1ªf* Sevilla 52 2021 23 Santa Aurelia 2ªf* Sevilla 52 2021 9 Ares III Dos Hermanas (Sevi
Slide 11: Parque Aljarafe: real estate development in Tomares (Seville)
Parque Aljarafe: real estate development in Tomares (Seville) ➢ New real estate development in Tomares (Seville) that will become a benchmark for clients seeking tranquility and comfort, design and efficiency. ➢ Unique and sustainable urban project that gives continuity to other previous development
Slide 12: Jardines del Olivar: new project in Valdemoro (Madrid)
Jardines del Olivar: new project in Valdemoro (Madrid) ➢ New development in Valdemoro (Madrid) aimed at meeting the demand already contrasted in the Mirador del Olivar development (53 units) which has been a commercial success and whose delivery is scheduled for 4Q2021. ➢ Located in El Restón, just
Slide 13: Ares III: new project in Dos Hermanas (Seville)
Ares III: new project in Dos Hermanas (Seville) ➢ New promotion in Entrenúcleos (Dos Hermanas, Seville) aimed at satisfying the demand already contrasted in the Ares I and Ares II promotions that have been a commercial success and whose delivery is scheduled for 4Q2020 and 2021. ➢ 12,259 sqm for 92
Slide 14: Rentals
Rentals ➢ During 1H 21, 6,125.9 sqm have been sold and there have Rental revenues been contract terminations of 6,890 sqm. M€ ➢ Occupancy rate stood at 88.3%, -1.1 p.p. vs the rate in 2020 +15.6% year end, although it rose +2.4 p.p. compared to 1Q 21. The hotel in Avda. República Argentina (Seville)
Slide 15: Ágora: new office project in Málaga
Ágora: new office project in Málaga ➢ Project promoted by IDS Pacífico Patrimonial, S.A., a 50% owned company between Grupo Insur and a private investor. Work is scheduled to begin in 2022. ➢ Unbeatable location, Paseo Marítimo de Poniente de Málaga, surrounded by services and good communications. ➢
Slide 16: Construction and Project Management
Construction and Project Management CONSTRUCTION REVENUES: 13.9 M€ (+81.0% y-o-y) MANAGEMENT REVENUES: 1.7 M€ (+1.9% y-o-y) Main projects currently managed FOC (116 units): Selecta Hermes: 116 units (107 delivered) • Selecta Entrenúcleos (Sevilla), 2,503 units UNDER CONSTRUCTION (474 units): • Selec
Slide 17: GAV, NAV, LTV & debt
GAV, NAV, LTV & debt INSUR GAV* INSUR NAV** LTV evolution %** 38.9 36.2 36.5 39.7 42,0 14% 325.7 341.2 312.9 307.2 333,0 M€ 427.4 M€ * valuation at 30/06/21 86% 1S 2019 estimated from CBRE valuation at 31/12/20 and revised with Real Estate development Rental disposals due to 2018 2019 2020 1H 2021 2
Slide 18: Share Price evolution
Share Price evolution Share Price performance 1H 2021 In the 1H 21 the share Price (ISUR) decreased by 4.9%. In that same period, the Ibex 35 grew by 9.3% and the Ibex Small Caps increased by 8.8%. The share closed at 7.72 € which implies a market cap of 144.1* M€ at the 30th June, 2021. * Including
Slide 19: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated P&L M€ 1H2021 1H2020 Equity method Adjustments Proportionate Equity method Adjustments Proportionate a Revenues 55.1 1.7 56.8 35.4 7.9 43.3 Housebuilding 23.5 10.3 33.8 12.4 15.6 27.9 Rental 7.3 0.1 7.3 6.3 0.1 6.4 b Constructi
Slide 20: Conciliation between equity method and proportionate method
Conciliation between equity method and proportionate method Consolidated balance sheet M€ 30.06.21 31.12.20 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 223.1 0.1 223.2 216.0 0.1 216.1 a Financial investments in JVs 40.0 (38.7) 1.2 38.
Slide 21: María Ferrer, Investor Relations Manager
María Ferrer Investor Relations Manager accionistas@grupoinsur.com