Inmobiliaria del Sur, S.A. · BME:ISUR
Inmobiliaria del Sur — Q3 2018 Earnings Presentation
18 slides from Inmobiliaria del Sur's earnings presentation, Oct 26, 2018
Slide 1: Results Presentation 3Q 2018
RESULTS PRESENTATION 3Q 2018 26th October 2018
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 publicati
Slide 3: Index
Index I. EXECUTIVE SUMMARY II. REAL ESTATE DEVELOPMENT ACTIVITY III. RIO 55 MADRID BUSINESS PARK IV. RENTAL ACTIVITY V. CONSTRUCTION AND PROJECT MANAGEMENT VI. DEBT, GAV, NAV & LTV VII. SHARE PRICE EVOLUTION VIII. MACRO ENVIRONMENT 3
Slide 4: Executive Summary. 3Q 18 Highlights
Executive Summary. 3Q 18 Highlights 85.0 M€ REVENUES +42.5% 13.3 M€ EBITDA +18.7% 11.3 M€ OPERATING +21.6% • Remarkable increase of the Real Estate PROFIT Development segment revenue figure 5.1 M€ (+35.8%). Presales keep increasing NET PROFIT +38.0% reflecting the recovery of the industry +71.8% • T
Slide 5: Executive Summary. 3Q 2018 Results
Executive Summary. 3Q 2018 Results I. EXECUTIVE SUMMARY 3Q 2018 M€ 3Q 2017 Variation Revenues 85.0 59.7 42.5% Real Estate Development 44.0 32.4 35.8% 2017 RESULTS Rental 8.9 7.5 17.9% Construction 29.6 18.3 62.1% Project Management 2.5 1.5 70.5% EBITDA 13.3 11.2 18.7% ADJUSTED EBITDA 11.3 9.8 15.2%
Slide 6: Real Estate Development Activity boost shown in presales figure
Real Estate Development Activity boost shown in presales figure M€ Real Estate Development Revenues M€ Real Estate Development Pre-sales Evolution Evolution* +35.8% Nº houses 46.0 44.0 43.0 43.1 40.0 +71.8% 213.1 32.4 135.4 124.0 69.9 76.2 40.0 541 2014 2015 2016 2017 3Q 2017 3Q 2018 2014 2015 2016
Slide 7: Ongoing developments and land portfolio
Real Estate Development Ongoing developments and land portfolio A B Ongoing Developments Land Portfolio 2,303 ongoing units 2,652 units 294 housing units completed of which 223 are being delivered and 71 95,000 sqm of buildable plots for pending to be sold. residential use, 880 units 27 ongoin
Slide 8: Own projects
Real Estate Development Own projects Figures as of 3Q 2018 PROJECTS UNDER CONSTRUCTION Building Volume of sales Development Location No. of homes Planned delivery Units sold potential (M€) Plaza del Teatro* Málaga 7,032 57 28.6 2019 37 Jardines de Santa Ana III* Dos Hermanas (Sevilla) 4,862 35 8.2 2
Slide 9: Projects in JV
Real Estate Development Projects in JV * On marketing stage Figures as of 3Q 2018 JVS PROJECTS UNDER CONSTRUCTION Development Location Building potential No. of homes Volume of sales (M€) Planned delivery Units sold Pineda Parque 1ª fase* Sevilla 17,767 102 36.3 2019 54 Boadilla Garden* Boadilla del
Slide 10: Projects to be delivered in 2H 2018
Real Estate Development Projects to be delivered in 2H 2018 FULLY OWNED PROJECTS Development Jardines Arco Development La Reserva Development Edificio Galileo Development Moscatelares Norte III El Rompido Location Mairena del Location S. Sebastián de Location Dos Hermanas Location Cartaya Aljarafe l
Slide 11: Río 55 Madrid Business Park
Río 55 Madrid Business Park 2 buildings. 28,000 sqm offices 400 parking spaces, of which 40 have recharge points installed and 80, preinstalled 1,900 sqm floors which allow great versatility Excellent location, within M 30, and surrounded by services and good connections More tan 8,600 sqm of Green
Slide 12: Rental activity. Occupancy rate recovery
Rental activity Occupancy rate recovery Sqm M€ Rental Revenues Evolution Sqm sold 14,100 13,384 11,763 12,055 11.6 11.8 +17.9% 10,590 10.5 10.4 9,292 8.9 7.5 2014 2015 2016 2017 3Q 2017 3Q 2018 2014 2015 2016 2017 3Q 2017 3Q 2018 GAV of the assets aimed both at rental and own use 118,657 sqm office
Slide 13: Construction and Project Management
Construction and Project Management 29.6 M€ CONSTRUCTION REVENUES 2.5 M€ PROJECT MANAGEMENT REVENUES Increase of 62.1% Increase of 70.5% Main projects managed currently IDS MADRID MANZANARES S.A. Insur Madrid Río – Business Park (28,000 UNDER CONSTRUCTION. SOUTH Partners: Private investors (50%) s
Slide 14: Net Financial Debt
Net Financial Debt M€ Net Financial Debt Evolution LTV 42.7% 189.6 LTV 39.6%* 184.1 -1.0% 177.6 175.9 171.6 Assets unencumbered All of these allow and without the Group to obtain associated the required 2014 2015 2016 2017 3Q 2018 funding with financing needed to market value of develop the real 67.
Slide 15: GAV, NAV & LTV
GAV, NAV & LTV ¥ valuation at GAV Insur¥ 30/09/18 estimated M€ NAV¥ from CBRE valuation at 306.3 27% 31/12/17 and revised with additions at cost value and 411.5M€ disposals due to deliveries 73% 3Q 2018* Real Estate Development Rental LTV % Evolution¥ 42.7 GAV Insur including subsidiaries at 50%¥ 42
Slide 16: Share Price evolution
Share Price evolution Share Price evolution 01/01/18 to 30/09/18 At September 30th 2018 the share price (ISUR) grew by 11.8%,surpassing the Ibex Small Cap, in which Insur is included since June, which rised by 8.9%. The share closed at 11.65 €, which implies a market capitalization of 197,722,018 €
Slide 17: Macro environment
Macro environment Experts argue that in 2018 the industry will consolidate its recovery, with sustained growth rates, but behaving irregularly depending on the geographic areas Housing prices keep increasing. In the 1H 2018, they grew 6.8% year on year Mortgage volumes in the first seven months of t
Slide 18: Ready to grow with profitability
READY TO GROW WITH PROFITABILITY grupoinsur.com
Inmobiliaria del Sur, S.A. (Grupo Insur) — Q3 2018 Earnings Presentation on 6ix