Inmobiliaria del Sur, S.A. · BME:ISUR

Inmobiliaria del Sur — FY2022 Earnings Presentation

21 slides from Inmobiliaria del Sur's earnings presentation, Feb 28, 2023

  1. Slide 1: FY 2022 Results Presentation

    GRUPO INSUR FY22 RESULTS PRESENTATION FY 2022 Results Presentation 28th February 2023 Quintessence (Marbella-Málaga)

  2. Slide 2: Disclaimer

    GRUPO INSUR FY22 RESULTS PRESENTATION 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

  3. Slide 3: Group structure and proportionate consolidation method

    GRUPO INSUR FY22 RESULTS PRESENTATION 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 other companies wh

  4. Slide 4: Resilient company in a turbulent year

    GRUPO INSUR FY22 RESULTS PRESENTATION Resilient company in a turbulent year. Deliveries 2022 in line with 2021 and a good starting point for 2023. Desarrollos Metropolitanos del Sur, S.L. (DMS) takeover. Excellent performance of the rental activity. Relevant investment effort for the promotion of te

  5. Slide 5: Operating and financial data

    GRUPO INSUR FY22 RESULTS PRESENTATION FINANCIAL DATA OPERATING DATA REVENUES €117.9m DELIVERIES 384 units HOMEBUILDING €82.0m EBITDA €23.2m PRE-SALES 680 units CONSTRUCTION €15.1m PORTFOLIO ADJUSTED EBITDA* €21.2m EBIT** €22.1m IN PORTFOLIO 2.163 units SERVICES €3.3m NET PROFIT** €15.1m NFD €237.0m

  6. Slide 6: Homebuilding revenues and pre-sales portfolio

    GRUPO INSUR FY22 RESULTS PRESENTATION o In 2022 a total of 384 homes were delivered (195 homes in 4Q22) with an ASP(1) of €269,352, (239 owned and 145 through JV), compared to 380 homes delivered in 2021 (72 owned and 308 through JV) with an ASP(1) of €320,116. Pre-sales portfolio 12.31.22 (€m) o Re

  7. Slide 7: Units under construction, development and land portfolio

    GRUPO INSUR FY22 RESULTS PRESENTATION 3,871 units UNDER CONSTRUCTION 11 projects 655 units (430 owned; 225 JVs) UNDER DEVELOPMENT 12 projects 1,053 units (418 owned; 635 JVs) LAND PORTFOLIO 2,163 units (1,899 owned; 264 JVs) 1,581 units in commercialization* (42.9% sold) * Includes units pending to

  8. Slide 8: Homebuilding results

    GRUPO INSUR FY22 RESULTS PRESENTATION €m (proportionate) 12.31.2022 12.31.2021 Var % Homebuilding revenues 82,0 83,6 -1,8% Cost of sales* (64,3) (63,8) 0,8% Gross Margin 17,7 19,8 -10,3% % Gross Margin 21,6% 23,6% -2,0 p.p. Net Margin 11,6 14,4 -19,4% % Net Margin 14,1% 17,2% -3,1 p.p. Ebitda* 11,6

  9. Slide 9: Tertiary office developments in Madrid and Málaga

    GRUPO INSUR FY22 RESULTS PRESENTATION Fulfilling the objective established for 2021-2025 To grow in terms of terciary offices developments in Ágora project – Malaga capital Madrid and Málaga 9.500 sqm of offices Planned investment €37m Project in Las Tablas Madrid Nuevo UNDER Norte – Madrid DEVELOPM

  10. Slide 10: Rental revenues and square meters sold

    GRUPO INSUR FY22 RESULTS PRESENTATION o In 2022, new areas were sold for a total of 11,158.6 sqm (4,238.0 sqm in 4Q22) and there have been contract terminations of 6,566.8 sqm (930.8 sqm in 4Q22). o Occupancy rate reached 90.4%, +2.7 p.p. vs the rate in 2021, year end and +2.0 p.p. vs 9M22. €m Renta

  11. Slide 11: Rental results

    GRUPO INSUR FY22 RESULTS PRESENTATION €m (proportionate) 12.31.2022 12.31.2021 Var % Rental revenues 17,5 15,4 13,5% Operating expenses (2,7) (2,6) 5,6% Result on the sale of investment property 2,2 3,8 -42,7% Ebitda 16,3 15,6 4,3% Adjusted Ebitda 14,1 11,8 19,2% % Adjusted Ebitda margin 80,6% 76,7%

  12. Slide 12: GAV, NAV, LTV and net financial debt

    GRUPO INSUR FY22 RESULTS PRESENTATION All figures in proportionate €m GAV INSUR* €m NAV INSUR LTV % Housebuilding Rental +11,8% +6,9% +2,6 p.p. 584,4 510,5 537,6 526,0 522,9 294 298,1 366,2 347,4 40,5 358,9 370,1 341,2 39,7 325,7 325,0 37,9 216,5 239,5 167,1 152,8 218,2 317,1 36,2 36,5 4,2 4,3 4,2 2

  13. Slide 13: Income statement: equity method vs proportionate

    GRUPO INSUR FY22 RESULTS PRESENTATION FY2022 FY2021 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Revenues 116,5 1,3 117,9 105,4 19,9 125,3 Housebuilding 60,3 21,7 82,0 40,0 43,6 83,6 Rental 17,4 0,1 17,5 15,3 0,1 15,4 Construction 34,7 (19,7) 15,1 44,7 (22,0) 22,7

  14. Slide 14: Balance sheet: equity method vs proportionate

    GRUPO INSUR FY22 RESULTS PRESENTATION 12.31.22 12.31.21 Equity method Adjustments Proportionate Equity method Adjustments Proportionate Property, Plant and Equipment 216,3 0,0 216,3 216,8 (0,0) 216,8 Financial investments in JVs 25,4 (25,1) 0,3 38,9 (38,4) 0,5 Inventory 116,5 82,1 198,6 47,6 88,3 13

  15. Slide 15: Updating our 2021-2025 targets

    GRUPO INSUR FY22 RESULTS PRESENTATION Updating our 2021-2025 targets to reflect the impact of the DMS acquisition and macroeconomic uncertainty €m (Data based on proportional consolidation method) STRATEGIC STRATEGIC UPDATE ACCUMULATED 2022 UPDATE ACCUMULATED 2022 PLAN PLAN REVENUES €955,2m €833 -92

  16. Slide 16: 2021-2025 strategic targets

    GRUPO INSUR FY22 RESULTS PRESENTATION 2021-2025 housing delivery target : ~ 2,500 ~ 31% Investment in land €220m 25% terciary ~ 40% Increase our development activity in Madrid Up to 27% of total revenues in 2025 Sale Price +10,7% vs CBRE Asset turnover €27m ~ 58% valuation Adjusted Ebitda margin imp

  17. Slide 17: Sustainability

    GRUPO INSUR FY22 RESULTS PRESENTATION SUSTAINABILITY ENVIRONMENTAL SOCIAL GOVERNANCE ✓ Measurement of our Carbon ✓ Support for entrepreneurship, with a Footprint corresponding to rise in 2022 of 7.32% compared to 2021, corporate and patrimonial activity and which has represented ✓ ESG targets for va

  18. Slide 18: Q&A

    GRUPO INSUR FY22 RESULTS PRESENTATION Insur Escala (Estepona-Málaga) Q&A

  19. Slide 19: Annexes

    GRUPO INSUR FY22 RESULTS PRESENTATION Annexes

  20. Slide 20: DMS takeover investment

    GRUPO INSUR FY22 RESULTS PRESENTATION INVESTMENT: €13.7m ▪ Intragroup benefits eliminated prior to takeover: €3.9m ▪ Difference between fair value and cost of assets: €8.7m ▪ Difference between the 50% equity of DMS on the date of takeover and the price paid: (€0.07m) €9.4m 20

  21. Slide 21: María Ferrer, Investor Relations

    GRUPO INSUR FY22 RESULTS PRESENTATION María Ferrer Investor Relations [email protected]

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